# EDGAR Filing Document

**Accession Number:** 0000822977
**File Stem:** 0001752724-23-043623
**Filing Date:** 2023-2
**Character Count:** 877219
**Document Hash:** 031b161c81c0c3d7c74f0f040e87064c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-043623.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-043623

**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:** 23675950

**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 Investment Grade Credit Fund (Series ID: S000009307)

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

## Nport-Ex

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Sovereign Debt Obligations – 64.0%** | **Sovereign Debt Obligations – 64.0%** | **Sovereign Debt Obligations – 64.0%** | **Sovereign Debt Obligations – 64.0%** | **Sovereign Debt Obligations – 64.0%** |
|  **Angola – 1.4%** | **Angola – 1.4%** | **Angola – 1.4%** | **Angola – 1.4%** | **Angola – 1.4%** |
|  Angolan Government International Bond (NR/B3) | Angolan Government International Bond (NR/B3) | Angolan Government International Bond (NR/B3) | Angolan Government International Bond (NR/B3) | Angolan Government International Bond (NR/B3) |
|  $ | 470000 | 8.250% | 05/09/28 | $425350 |
|  Republic of Angola (NR/B3) | Republic of Angola (NR/B3) | Republic of Angola (NR/B3) | Republic of Angola (NR/B3) | Republic of Angola (NR/B3) |
|  | 910000 | 9.500 | 11/12/25 | 937300 |
|  | 4090000 | 8.250 <sup>(a)</sup> | 05/09/28 | 3701450 |
|  Republic of Angola (B-/B3) | Republic of Angola (B-/B3) | Republic of Angola (B-/B3) | Republic of Angola (B-/B3) | Republic of Angola (B-/B3) |
|  | 1740000 | 8.000 | 11/26/29 | 1531200 |
|  | 1840000 | 8.750 <sup>(a)</sup> | 04/14/32 | 1591600 |
|  |  |  |  | 8186900 |
|  **Argentina<sup>(b)</sup> – 1.1%** | **Argentina<sup>(b)</sup> – 1.1%** | **Argentina<sup>(b)</sup> – 1.1%** | **Argentina<sup>(b)</sup> – 1.1%** | **Argentina<sup>(b)</sup> – 1.1%** |
|  Republic of Argentina (CCC+/NR) | Republic of Argentina (CCC+/NR) | Republic of Argentina (CCC+/NR) | Republic of Argentina (CCC+/NR) | Republic of Argentina (CCC+/NR) |
|  EUR | 120088 | 0.500 | 07/09/29 | 31197 |
|  $ | 1479348 | 1.000 | 07/09/29 | 392027 |
|  EUR | 3559900 | 0.125 | 07/09/30 | 921235 |
|  $ | 6884677 | 0.500 <sup>(c)</sup> | 07/09/30 | 1862305 |
|  | 10164166 | 1.500 <sup>(c)</sup> | 07/09/35 | 2561370 |
|  | 840000 | 3.875 <sup>(c)</sup> | 01/09/38 | 264495 |
|  | 1294455 | 3.500 <sup>(c)</sup> | 07/09/41 | 366331 |
|  |  |  |  | 6398960 |
|  **Azerbaijan – 0.3%** | **Azerbaijan – 0.3%** | **Azerbaijan – 0.3%** | **Azerbaijan – 0.3%** | **Azerbaijan – 0.3%** |
|  Republic of Azerbaijan (NR/Ba1u) | Republic of Azerbaijan (NR/Ba1u) | Republic of Azerbaijan (NR/Ba1u) | Republic of Azerbaijan (NR/Ba1u) | Republic of Azerbaijan (NR/Ba1u) |
|  | 684000 | 4.750 | 03/18/24 | 674723 |
|  | 1640000 | 3.500 | 09/01/32 | 1360995 |
|  |  |  |  | 2035718 |
|  **Bahrain – 2.6%** | **Bahrain – 2.6%** | **Bahrain – 2.6%** | **Bahrain – 2.6%** | **Bahrain – 2.6%** |
|  Bahrain Government International Bond (B+/NR) | Bahrain Government International Bond (B+/NR) | Bahrain Government International Bond (B+/NR) | Bahrain Government International Bond (B+/NR) | Bahrain Government International Bond (B+/NR) |
|  | 2800000 | 6.750 | 09/20/29 | 2774275 |
|  CBB International Sukuk Programme Co. SPC (B+/B2u) | CBB International Sukuk Programme Co. SPC (B+/B2u) | CBB International Sukuk Programme Co. SPC (B+/B2u) | CBB International Sukuk Programme Co. SPC (B+/B2u) | CBB International Sukuk Programme Co. SPC (B+/B2u) |
|  | 2670000 | 3.950 <sup>(a)</sup> | 09/16/27 | 2552019 |
|  Kingdom of Bahrain (B+/NR) | Kingdom of Bahrain (B+/NR) | Kingdom of Bahrain (B+/NR) | Kingdom of Bahrain (B+/NR) | Kingdom of Bahrain (B+/NR) |
|  | 1950000 | 4.250 <sup>(a)</sup> | 01/25/28 | 1780350 |
|  | 480000 | 4.250 | 01/25/28 | 438240 |
|  | 1650000 | 5.250 <sup>(a)</sup> | 01/25/33 | 1404563 |
|  | 1930000 | 5.250 | 01/25/33 | 1642912 |
|  | 1360000 | 5.625 <sup>(a)</sup> | 05/18/34 | 1170705 |
|  Kingdom of Bahrain (B+/B2u) | Kingdom of Bahrain (B+/B2u) | Kingdom of Bahrain (B+/B2u) | Kingdom of Bahrain (B+/B2u) | Kingdom of Bahrain (B+/B2u) |
|  | 1510000 | 7.375 <sup>(a)</sup> | 05/14/30 | 1527743 |
|  | 1320000 | 5.625 <sup>(a)</sup> | 09/30/31 | 1200210 |
|  | 680000 | 5.450 | 09/16/32 | 597890 |
|  | 820000 | 5.450 <sup>(a)</sup> | 09/16/32 | 720985 |
|  |  |  |  | 15809892 |
|  **Benin – 0.4%** | **Benin – 0.4%** | **Benin – 0.4%** | **Benin – 0.4%** | **Benin – 0.4%** |
|  Benin Government International Bond (B+/NR) | Benin Government International Bond (B+/NR) | Benin Government International Bond (B+/NR) | Benin Government International Bond (B+/NR) | Benin Government International Bond (B+/NR) |
|  EUR | 2190000 | 4.875 <sup>(a)</sup> | 01/19/32 | 1805099 |
|  | 280000 | 6.875 | 01/19/52 | 216421 |
|  Benin Government International Bond (B+/B1) | Benin Government International Bond (B+/B1) | Benin Government International Bond (B+/B1) | Benin Government International Bond (B+/B1) | Benin Government International Bond (B+/B1) |
|  | 590000 | 4.950 | 01/22/35 | 457411 |
|  | 280000 | 4.950 <sup>(a)</sup> | 01/22/35 | 217076 |
|  |  |  |  | 2696007 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  **Brazil – 0.7%** | **Brazil – 0.7%** | **Brazil – 0.7%** | **Brazil – 0.7%** | **Brazil – 0.7%** |
|  Republic of Brazil (BB-/Ba2) | Republic of Brazil (BB-/Ba2) | Republic of Brazil (BB-/Ba2) | Republic of Brazil (BB-/Ba2) | Republic of Brazil (BB-/Ba2) |
|  $ | 1635000 | 3.875% | 06/12/30 | $1415092 |
|  | 3610000 | 4.750 <sup>(b)</sup> | 01/14/50 | 2508499 |
|  |  |  |  | 3923591 |
|  **Cameroon<sup>(a)</sup> – 0.2%** | **Cameroon<sup>(a)</sup> – 0.2%** | **Cameroon<sup>(a)</sup> – 0.2%** | **Cameroon<sup>(a)</sup> – 0.2%** | **Cameroon<sup>(a)</sup> – 0.2%** |
|  Republic Of Cameroon (B-/B2u) | Republic Of Cameroon (B-/B2u) | Republic Of Cameroon (B-/B2u) | Republic Of Cameroon (B-/B2u) | Republic Of Cameroon (B-/B2u) |
|  EUR | 1550000 | 5.950 | 07/07/32 | 1222413 |
|  **Chile<sup>(b)</sup> – 2.2%** | **Chile<sup>(b)</sup> – 2.2%** | **Chile<sup>(b)</sup> – 2.2%** | **Chile<sup>(b)</sup> – 2.2%** | **Chile<sup>(b)</sup> – 2.2%** |
|  Republic of Chile (A/A2) | Republic of Chile (A/A2) | Republic of Chile (A/A2) | Republic of Chile (A/A2) | Republic of Chile (A/A2) |
|  $ | 4970000 | 3.500 | 01/31/34 | 4226985 |
|  | 1440000 | 4.340 | 03/07/42 | 1213020 |
|  | 390000 | 3.500 | 01/25/50 | 280873 |
|  | 2960000 | 4.000 | 01/31/52 | 2278830 |
|  | 2180000 | 3.100 | 01/22/61 | 1354734 |
|  | 6080000 | 3.250 | 09/21/71 | 3742240 |
|  |  |  |  | 13096682 |
|  **Colombia<sup>(b)</sup> – 3.0%** | **Colombia<sup>(b)</sup> – 3.0%** | **Colombia<sup>(b)</sup> – 3.0%** | **Colombia<sup>(b)</sup> – 3.0%** | **Colombia<sup>(b)</sup> – 3.0%** |
|  Colombia Government International Bond (BB+/Baa2) | Colombia Government International Bond (BB+/Baa2) | Colombia Government International Bond (BB+/Baa2) | Colombia Government International Bond (BB+/Baa2) | Colombia Government International Bond (BB+/Baa2) |
|  | 1010000 | 8.000 | 04/20/33 | 1007980 |
|  Republic of Colombia (BB+/Baa2) | Republic of Colombia (BB+/Baa2) | Republic of Colombia (BB+/Baa2) | Republic of Colombia (BB+/Baa2) | Republic of Colombia (BB+/Baa2) |
|  | 480000 | 3.875 | 04/25/27 | 423690 |
|  | 1990000 | 4.500 | 03/15/29 | 1715504 |
|  | 4270000 | 3.000 | 01/30/30 | 3262280 |
|  | 3990000 | 3.125 | 04/15/31 | 2957089 |
|  | 1300000 | 3.250 | 04/22/32 | 943150 |
|  | 920000 | 5.625 | 02/26/44 | 674360 |
|  | 1660000 | 5.000 | 06/15/45 | 1138968 |
|  | 4260000 | 4.125 | 05/15/51 | 2554136 |
|  | 5810000 | 3.875 | 02/15/61 | 3238349 |
|  |  |  |  | 17915506 |
|  **Costa Rica – 0.2%** | **Costa Rica – 0.2%** | **Costa Rica – 0.2%** | **Costa Rica – 0.2%** | **Costa Rica – 0.2%** |
|  Republic of Costa Rica (B/B2) | Republic of Costa Rica (B/B2) | Republic of Costa Rica (B/B2) | Republic of Costa Rica (B/B2) | Republic of Costa Rica (B/B2) |
|  | 880000 | 6.125 | 02/19/31 | 851565 |
|  | 470000 | 5.625 | 04/30/43 | 381816 |
|  |  |  |  | 1233381 |
|  **Dominican Republic – 2.1%** | **Dominican Republic – 2.1%** | **Dominican Republic – 2.1%** | **Dominican Republic – 2.1%** | **Dominican Republic – 2.1%** |
|  Dominican Republic (BB/Ba3) | Dominican Republic (BB/Ba3) | Dominican Republic (BB/Ba3) | Dominican Republic (BB/Ba3) | Dominican Republic (BB/Ba3) |
|  | 450000 | 6.875 | 01/29/26 | 453459 |
|  | 1310000 | 5.950 | 01/25/27 | 1278314 |
|  | 1500000 | 8.625 | 04/20/27 | 1555125 |
|  | 1640000 | 5.500 <sup>(a)(b)</sup> | 02/22/29 | 1501933 |
|  | 3290000 | 4.500 <sup>(a)</sup> | 01/30/30 | 2790948 |
|  | 199000 | 6.850 | 01/27/45 | 171986 |
|  | 2700000 | 6.500 <sup>(a)</sup> | 02/15/48 | 2217881 |
|  | 360000 | 6.400 <sup>(a)</sup> | 06/05/49 | 289868 |
|  | 3360000 | 5.875 | 01/30/60 | 2455530 |
|  |  |  |  | 12715044 |
|  **Ecuador – 2.0%** | **Ecuador – 2.0%** | **Ecuador – 2.0%** | **Ecuador – 2.0%** | **Ecuador – 2.0%** |
|  Republic of Ecuador (B-/NR) | Republic of Ecuador (B-/NR) | Republic of Ecuador (B-/NR) | Republic of Ecuador (B-/NR) | Republic of Ecuador (B-/NR) |
|  | 3532360 | 0.000 <sup>(a)(d)</sup> | 07/31/30 | 1367244 |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT 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)** |
| **Ecuador – (continued)** | **Ecuador – (continued)** | **Ecuador – (continued)** | **Ecuador – (continued)** |
| Republic of Ecuador (B-/NR) – (continued) | Republic of Ecuador (B-/NR) – (continued) | Republic of Ecuador (B-/NR) – (continued) | Republic of Ecuador (B-/NR) – (continued) |
| 1620000 | 0.000 %<sup>(d)</sup> | 07/31/30 | $627041 |
| 993040 | 5.500 <sup>(a)(c)</sup> | 07/31/30 | 631698 |
| 5900000 | 5.500 <sup>(c)</sup> | 07/31/30 | 3753137 |
| 12508455 | 2.500 <sup>(a)(c)</sup> | 07/31/35 | 5721055 |
|  |  |  | 12100175 |
| **Egypt – 2.2%** | **Egypt – 2.2%** | **Egypt – 2.2%** | **Egypt – 2.2%** |
| Egypt Government International Bond (B/B2u) | Egypt Government International Bond (B/B2u) | Egypt Government International Bond (B/B2u) | Egypt Government International Bond (B/B2u) |
| 1300000 | 8.875 | 05/29/50 | 866125 |
| Republic of Egypt (B/NR) | Republic of Egypt (B/NR) | Republic of Egypt (B/NR) | Republic of Egypt (B/NR) |
| 139000 | 6.375 | 04/11/31 | 102295 |
| 670000 | 6.375 <sup>(a)</sup> | 04/11/31 | 493076 |
| Republic of Egypt (B/B2) | Republic of Egypt (B/B2) | Republic of Egypt (B/B2) | Republic of Egypt (B/B2) |
| 980000 | 5.800 | 09/30/27 | 808500 |
| 3153000 | 5.875 | 02/16/31 | 2180102 |
| 1430000 | 7.300 | 09/30/33 | 1015300 |
| Republic of Egypt (B/B2u) | Republic of Egypt (B/B2u) | Republic of Egypt (B/B2u) | Republic of Egypt (B/B2u) |
| 1550000 | 6.588 | 02/21/28 | 1265188 |
| 3020000 | 7.625 <sup>(a)</sup> | 05/29/32 | 2224041 |
| 2690000 | 8.700 | 03/01/49 | 1768675 |
| 1190000 | 8.700 <sup>(a)</sup> | 03/01/49 | 782425 |
| 2960000 | 8.875 <sup>(a)</sup> | 05/29/50 | 1972100 |
|  |  |  | 13477827 |
| **El Salvador – 0.8%** | **El Salvador – 0.8%** | **El Salvador – 0.8%** | **El Salvador – 0.8%** |
| Republic of El Salvador (CCC+/Caa3u) | Republic of El Salvador (CCC+/Caa3u) | Republic of El Salvador (CCC+/Caa3u) | Republic of El Salvador (CCC+/Caa3u) |
| 26000 | 7.750 <sup>(e)</sup> | 01/24/23 | 25006 |
| 2930000 | 5.875 | 01/30/25 | 1854690 |
| 580000 | 6.375 | 01/18/27 | 251140 |
| 710000 | 8.250 | 04/10/32 | 306542 |
| 1230000 | 7.625 | 02/01/41 | 471090 |
| 610000 | 7.125 <sup>(b)</sup> | 01/20/50 | 231724 |
| 2260000 | 9.500 <sup>(a)(b)</sup> | 07/15/52 | 971517 |
| 1440000 | 9.500 <sup>(b)</sup> | 07/15/52 | 619020 |
|  |  |  | 4730729 |
| **Ethiopia – 0.1%** | **Ethiopia – 0.1%** | **Ethiopia – 0.1%** | **Ethiopia – 0.1%** |
| Ethiopia International Bond (CCC/Caa2) | Ethiopia International Bond (CCC/Caa2) | Ethiopia International Bond (CCC/Caa2) | Ethiopia International Bond (CCC/Caa2) |
| 940000 | 6.625 | 12/11/24 | 580039 |
| **Gabon – 0.5%** | **Gabon – 0.5%** | **Gabon – 0.5%** | **Gabon – 0.5%** |
| Gabon Government International Bond (NR/Caa1) | Gabon Government International Bond (NR/Caa1) | Gabon Government International Bond (NR/Caa1) | Gabon Government International Bond (NR/Caa1) |
| 710000 | 6.625 | 02/06/31 | 579227 |
| Republic of Gabon (NR/Caa1) | Republic of Gabon (NR/Caa1) | Republic of Gabon (NR/Caa1) | Republic of Gabon (NR/Caa1) |
| 2150000 | 7.000 <sup>(a)(b)</sup> | 11/24/31 | 1759372 |
| Republic of Gabon (NR/NR) | Republic of Gabon (NR/NR) | Republic of Gabon (NR/NR) | Republic of Gabon (NR/NR) |
| 836079 | 6.375 | 12/12/24 | 781890 |
|  |  |  | 3120489 |
| **Ghana – 0.9%** | **Ghana – 0.9%** | **Ghana – 0.9%** | **Ghana – 0.9%** |
| Republic of Ghana (NR/Caa3) | Republic of Ghana (NR/Caa3) | Republic of Ghana (NR/Caa3) | Republic of Ghana (NR/Caa3) |
| 1970000 | 10.750 | 10/14/30 | 1379000 |
| Republic of Ghana (CC/Ca) | Republic of Ghana (CC/Ca) | Republic of Ghana (CC/Ca) | Republic of Ghana (CC/Ca) |
| 1756000 | 6.375 | 02/11/27 | 658500 |
| 750000 | 6.375 <sup>(a)</sup> | 02/11/27 | 281250 |
| 660000 | 7.625 | 05/16/29 | 237600 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  **Ghana – (continued)** | **Ghana – (continued)** | **Ghana – (continued)** | **Ghana – (continued)** | **Ghana – (continued)** |
|  Republic of Ghana (CC/Ca) – (continued) | Republic of Ghana (CC/Ca) – (continued) | Republic of Ghana (CC/Ca) – (continued) | Republic of Ghana (CC/Ca) – (continued) | Republic of Ghana (CC/Ca) – (continued) |
|  $ | 1120000 | 8.125 %<sup>(a)</sup> | 03/26/32 | $396200 |
|  | 4150000 | 8.625 | 04/07/34 | 1472731 |
|  | 410000 | 8.625 <sup>(a)</sup> | 04/07/34 | 145499 |
|  | 280000 | 7.875 | 02/11/35 | 97965 |
|  | 410000 | 8.875 | 05/07/42 | 141450 |
|  | 1410000 | 8.875 <sup>(a)</sup> | 05/07/42 | 486450 |
|  | 210000 | 8.627 <sup>(a)</sup> | 06/16/49 | 71925 |
|  | 379000 | 8.627 | 06/16/49 | 129808 |
|  | 440000 | 8.950 | 03/26/51 | 151607 |
|  |  |  |  | 5649985 |
|  **Guatemala – 1.6%** | **Guatemala – 1.6%** | **Guatemala – 1.6%** | **Guatemala – 1.6%** | **Guatemala – 1.6%** |
|  Guatemala Government Bond (BB-/Ba1)<sup>(b)</sup> | Guatemala Government Bond (BB-/Ba1)<sup>(b)</sup> | Guatemala Government Bond (BB-/Ba1)<sup>(b)</sup> | Guatemala Government Bond (BB-/Ba1)<sup>(b)</sup> | Guatemala Government Bond (BB-/Ba1)<sup>(b)</sup> |
|  | 600000 | 6.125 | 06/01/50 | 562425 |
|  Republic of Guatemala (BB-/NR)<sup>(b)</sup> | Republic of Guatemala (BB-/NR)<sup>(b)</sup> | Republic of Guatemala (BB-/NR)<sup>(b)</sup> | Republic of Guatemala (BB-/NR)<sup>(b)</sup> | Republic of Guatemala (BB-/NR)<sup>(b)</sup> |
|  | 550000 | 4.650 | 10/07/41 | 440103 |
|  Republic of Guatemala (BB-/Ba1) | Republic of Guatemala (BB-/Ba1) | Republic of Guatemala (BB-/Ba1) | Republic of Guatemala (BB-/Ba1) | Republic of Guatemala (BB-/Ba1) |
|  | 6260000 | 4.375 <sup>(a)</sup> | 06/05/27 | 5901224 |
|  | 1330000 | 5.250 <sup>(a)(b)</sup> | 08/10/29 | 1275802 |
|  | 1290000 | 6.125 <sup>(a)(b)</sup> | 06/01/50 | 1209214 |
|  |  |  |  | 9388768 |
|  **Honduras<sup>(a)(b)</sup> – 0.1%** | **Honduras<sup>(a)(b)</sup> – 0.1%** | **Honduras<sup>(a)(b)</sup> – 0.1%** | **Honduras<sup>(a)(b)</sup> – 0.1%** | **Honduras<sup>(a)(b)</sup> – 0.1%** |
|  Republic of Honduras (BB-/B1) | Republic of Honduras (BB-/B1) | Republic of Honduras (BB-/B1) | Republic of Honduras (BB-/B1) | Republic of Honduras (BB-/B1) |
|  | 710000 | 5.625 | 06/24/30 | 567911 |
|  **Hungary – 1.5%** | **Hungary – 1.5%** | **Hungary – 1.5%** | **Hungary – 1.5%** | **Hungary – 1.5%** |
|  Hungary Government Bond (BBB/Baa2) | Hungary Government Bond (BBB/Baa2) | Hungary Government Bond (BBB/Baa2) | Hungary Government Bond (BBB/Baa2) | Hungary Government Bond (BBB/Baa2) |
|  EUR | 940000 | 5.000 | 02/22/27 | 996426 |
|  $ | 2300000 | 5.500 <sup>(a)</sup> | 06/16/34 | 2142306 |
|  Hungary Government International Bond (BBB/Baa2) | Hungary Government International Bond (BBB/Baa2) | Hungary Government International Bond (BBB/Baa2) | Hungary Government International Bond (BBB/Baa2) | Hungary Government International Bond (BBB/Baa2) |
|  | 3540000 | 5.250 <sup>(a)</sup> | 06/16/29 | 3365876 |
|  | 1570000 | 2.125 | 09/22/31 | 1153754 |
|  | 2420000 | 3.125 | 09/21/51 | 1442623 |
|  |  |  |  | 9100985 |
|  **Indonesia – 2.5%** | **Indonesia – 2.5%** | **Indonesia – 2.5%** | **Indonesia – 2.5%** | **Indonesia – 2.5%** |
|  Indonesia Government International Bond (BBB/Baa2)<sup>(b)</sup> | Indonesia Government International Bond (BBB/Baa2)<sup>(b)</sup> | Indonesia Government International Bond (BBB/Baa2)<sup>(b)</sup> | Indonesia Government International Bond (BBB/Baa2)<sup>(b)</sup> | Indonesia Government International Bond (BBB/Baa2)<sup>(b)</sup> |
|  | 800000 | 3.200 | 09/23/61 | 548088 |
|  Perusahaan Penerbit SBSN Indonesia III (BBB/Baa2) | Perusahaan Penerbit SBSN Indonesia III (BBB/Baa2) | Perusahaan Penerbit SBSN Indonesia III (BBB/Baa2) | Perusahaan Penerbit SBSN Indonesia III (BBB/Baa2) | Perusahaan Penerbit SBSN Indonesia III (BBB/Baa2) |
|  | 1032000 | 3.800 <sup>(a)</sup> | 06/23/50 | 797334 |
|  | 1460000 | 3.800 | 06/23/50 | 1128011 |
|  Republic of Indonesia (BBB/Baa2) | Republic of Indonesia (BBB/Baa2) | Republic of Indonesia (BBB/Baa2) | Republic of Indonesia (BBB/Baa2) | Republic of Indonesia (BBB/Baa2) |
|  | 1380000 | 4.150 <sup>(b)</sup> | 09/20/27 | 1352552 |
|  | 2380000 | 3.850 | 10/15/30 | 2231696 |
|  | 5630000 | 4.650 <sup>(b)</sup> | 09/20/32 | 5518019 |
|  EUR | 870000 | 1.100 | 03/12/33 | 676525 |
|  $ | 350000 | 4.625 | 04/15/43 | 318539 |
|  | 1520000 | 3.050 | 03/12/51 | 1098367 |
|  | 890000 | 4.450 | 04/15/70 | 744360 |
|  | 1490000 | 3.350 | 03/12/71 | 996601 |
|  |  |  |  | 15410092 |
|  **Iraq – 0.3%** | **Iraq – 0.3%** | **Iraq – 0.3%** | **Iraq – 0.3%** | **Iraq – 0.3%** |
|  Republic of Iraq (NR/NR) | Republic of Iraq (NR/NR) | Republic of Iraq (NR/NR) | Republic of Iraq (NR/NR) | Republic of Iraq (NR/NR) |
|  | 343750 | 5.800 <sup>(b)</sup> | 01/15/28 | 315777 |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

*December 31, 2022 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** |
|  **Iraq – (continued)** | **Iraq – (continued)** | **Iraq – (continued)** | **Iraq – (continued)** | **Iraq – (continued)** |
|  Republic of Iraq (B-/Caa1u) | Republic of Iraq (B-/Caa1u) | Republic of Iraq (B-/Caa1u) | Republic of Iraq (B-/Caa1u) | Republic of Iraq (B-/Caa1u) |
|  $ | 1790000 | 6.752% | 03/09/23 | $1763486 |
|  |  |  |  | 2079263 |
|  **Israel<sup>(d)</sup> – 1.0%** | **Israel<sup>(d)</sup> – 1.0%** | **Israel<sup>(d)</sup> – 1.0%** | **Israel<sup>(d)</sup> – 1.0%** | **Israel<sup>(d)</sup> – 1.0%** |
|  Bank of Israel Bill - Makam (NR/NR) | Bank of Israel Bill - Makam (NR/NR) | Bank of Israel Bill - Makam (NR/NR) | Bank of Israel Bill - Makam (NR/NR) | Bank of Israel Bill - Makam (NR/NR) |
|  ILS | 21725000 | 0.000 | 02/08/23 | 6150812 |
|  **Ivory Coast – 0.8%** | **Ivory Coast – 0.8%** | **Ivory Coast – 0.8%** | **Ivory Coast – 0.8%** | **Ivory Coast – 0.8%** |
|  Republic of Ivory Coast (BB-/Ba3) | Republic of Ivory Coast (BB-/Ba3) | Republic of Ivory Coast (BB-/Ba3) | Republic of Ivory Coast (BB-/Ba3) | Republic of Ivory Coast (BB-/Ba3) |
|  EUR | 3020000 | 5.250 | 03/22/30 | 2723194 |
|  | 1320000 | 4.875 <sup>(a)</sup> | 01/30/32 | 1112114 |
|  $ | 920000 | 6.125 | 06/15/33 | 818800 |
|  EUR | 310000 | 6.625 <sup>(a)</sup> | 03/22/48 | 233283 |
|  |  |  |  | 4887391 |
|  **Jamaica – 0.2%** | **Jamaica – 0.2%** | **Jamaica – 0.2%** | **Jamaica – 0.2%** | **Jamaica – 0.2%** |
|  Jamaica Government International Bond (B+/B2) | Jamaica Government International Bond (B+/B2) | Jamaica Government International Bond (B+/B2) | Jamaica Government International Bond (B+/B2) | Jamaica Government International Bond (B+/B2) |
|  $ | 1140000 | 7.875 | 07/28/45 | 1277726 |
|  **Jordan – 0.9%** | **Jordan – 0.9%** | **Jordan – 0.9%** | **Jordan – 0.9%** | **Jordan – 0.9%** |
|  Kingdom of Jordan (B+/B1) | Kingdom of Jordan (B+/B1) | Kingdom of Jordan (B+/B1) | Kingdom of Jordan (B+/B1) | Kingdom of Jordan (B+/B1) |
|  | 1725000 | 5.750 | 01/31/27 | 1653089 |
|  | 2160000 | 5.850 <sup>(a)</sup> | 07/07/30 | 1920105 |
|  | 1790000 | 5.850 | 07/07/30 | 1591198 |
|  |  |  |  | 5164392 |
|  **Kenya – 0.9%** | **Kenya – 0.9%** | **Kenya – 0.9%** | **Kenya – 0.9%** | **Kenya – 0.9%** |
|  Republic of Kenya (B/B2u) | Republic of Kenya (B/B2u) | Republic of Kenya (B/B2u) | Republic of Kenya (B/B2u) | Republic of Kenya (B/B2u) |
|  | 2470000 | 7.000 <sup>(a)</sup> | 05/22/27 | 2213738 |
|  | 550000 | 7.250 | 02/28/28 | 484000 |
|  | 750000 | 7.250 <sup>(a)</sup> | 02/28/28 | 660000 |
|  | 2200000 | 8.000 <sup>(a)</sup> | 05/22/32 | 1886500 |
|  |  |  |  | 5244238 |
|  **Lebanon<sup>(f)</sup> – 0.3%** | **Lebanon<sup>(f)</sup> – 0.3%** | **Lebanon<sup>(f)</sup> – 0.3%** | **Lebanon<sup>(f)</sup> – 0.3%** | **Lebanon<sup>(f)</sup> – 0.3%** |
|  Republic of Lebanon (NR/NR) | Republic of Lebanon (NR/NR) | Republic of Lebanon (NR/NR) | Republic of Lebanon (NR/NR) | Republic of Lebanon (NR/NR) |
|  | 3663000 | 6.750 | 11/29/27 | 207875 |
|  Republic of Lebanon (D/NR) | Republic of Lebanon (D/NR) | Republic of Lebanon (D/NR) | Republic of Lebanon (D/NR) | Republic of Lebanon (D/NR) |
|  | 2710000 | 8.250 | 04/12/21 | 162600 |
|  | 3990000 | 6.200 | 02/26/25 | 226432 |
|  Republic of Lebanon (D/NR) | Republic of Lebanon (D/NR) | Republic of Lebanon (D/NR) | Republic of Lebanon (D/NR) | Republic of Lebanon (D/NR) |
|  | 2020000 | 6.650 | 04/22/24 | 114635 |
|  | 130000 | 6.600 | 11/27/26 | 7378 |
|  | 710000 | 6.850 | 03/23/27 | 40071 |
|  | 750000 | 6.650 | 11/03/28 | 42563 |
|  | 5764000 | 6.850 | 05/25/29 | 325306 |
|  | 6874000 | 6.650 | 02/26/30 | 390099 |
|  | 1520000 | 7.050 | 11/02/35 | 85785 |
|  Republic of Lebanon (D/WR) | Republic of Lebanon (D/WR) | Republic of Lebanon (D/WR) | Republic of Lebanon (D/WR) | Republic of Lebanon (D/WR) |
|  | 310000 | 6.100 | 10/04/22 | 17825 |
|  |  |  |  | 1620569 |
|  **Macedonia<sup>(a)</sup> – 0.7%** | **Macedonia<sup>(a)</sup> – 0.7%** | **Macedonia<sup>(a)</sup> – 0.7%** | **Macedonia<sup>(a)</sup> – 0.7%** | **Macedonia<sup>(a)</sup> – 0.7%** |
|  Republic of North Macedonia (BB-/NR) | Republic of North Macedonia (BB-/NR) | Republic of North Macedonia (BB-/NR) | Republic of North Macedonia (BB-/NR) | Republic of North Macedonia (BB-/NR) |
|  EUR | 4140000 | 2.750 | 01/18/25 | 4125045 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  **Maldives<sup>(a)</sup> – 0.1%** | **Maldives<sup>(a)</sup> – 0.1%** | **Maldives<sup>(a)</sup> – 0.1%** | **Maldives<sup>(a)</sup> – 0.1%** | **Maldives<sup>(a)</sup> – 0.1%** |
|  Maldives Sukuk Issuance Ltd. (NR/Caa1) | Maldives Sukuk Issuance Ltd. (NR/Caa1) | Maldives Sukuk Issuance Ltd. (NR/Caa1) | Maldives Sukuk Issuance Ltd. (NR/Caa1) | Maldives Sukuk Issuance Ltd. (NR/Caa1) |
|  $ | 600000 | 9.875% | 04/08/26 | $458738 |
|  **Mexico<sup>(b)</sup> – 2.6%** | **Mexico<sup>(b)</sup> – 2.6%** | **Mexico<sup>(b)</sup> – 2.6%** | **Mexico<sup>(b)</sup> – 2.6%** | **Mexico<sup>(b)</sup> – 2.6%** |
|  Mexico Government International Bond (BBB/Baa2) | Mexico Government International Bond (BBB/Baa2) | Mexico Government International Bond (BBB/Baa2) | Mexico Government International Bond (BBB/Baa2) | Mexico Government International Bond (BBB/Baa2) |
|  | 250000 | 4.750 | 04/27/32 | 233797 |
|  | 710000 | 4.875 | 05/19/33 | 653910 |
|  EUR | 3990000 | 2.250 | 08/12/36 | 3027938 |
|  $ | 1240000 | 4.280 | 08/14/41 | 953095 |
|  EUR | 1110000 | 2.125 | 10/25/51 | 653732 |
|  United Mexican States (BBB/Baa2) | United Mexican States (BBB/Baa2) | United Mexican States (BBB/Baa2) | United Mexican States (BBB/Baa2) | United Mexican States (BBB/Baa2) |
|  $ | 5490000 | 2.659 | 05/24/31 | 4435920 |
|  | 9209000 | 3.771 | 05/24/61 | 5832175 |
|  |  |  |  | 15790567 |
|  **Mongolia – 0.3%** | **Mongolia – 0.3%** | **Mongolia – 0.3%** | **Mongolia – 0.3%** | **Mongolia – 0.3%** |
|  Mongolia Government International Bond (B/B3u) | Mongolia Government International Bond (B/B3u) | Mongolia Government International Bond (B/B3u) | Mongolia Government International Bond (B/B3u) | Mongolia Government International Bond (B/B3u) |
|  | 1400000 | 5.625 | 05/01/23 | 1359904 |
|  | 460000 | 3.500 <sup>(a)</sup> | 07/07/27 | 365750 |
|  Republic of Mongolia (B/B3) | Republic of Mongolia (B/B3) | Republic of Mongolia (B/B3) | Republic of Mongolia (B/B3) | Republic of Mongolia (B/B3) |
|  | 280000 | 5.125 <sup>(a)</sup> | 04/07/26 | 240831 |
|  |  |  |  | 1966485 |
|  **Morocco – 0.9%** | **Morocco – 0.9%** | **Morocco – 0.9%** | **Morocco – 0.9%** | **Morocco – 0.9%** |
|  Morocco Government International Bond (BB+/Ba1u) | Morocco Government International Bond (BB+/Ba1u) | Morocco Government International Bond (BB+/Ba1u) | Morocco Government International Bond (BB+/Ba1u) | Morocco Government International Bond (BB+/Ba1u) |
|  | 1390000 | 3.000 <sup>(a)</sup> | 12/15/32 | 1097926 |
|  Republic of Morocco (BB+/Ba1u) | Republic of Morocco (BB+/Ba1u) | Republic of Morocco (BB+/Ba1u) | Republic of Morocco (BB+/Ba1u) | Republic of Morocco (BB+/Ba1u) |
|  | 1160000 | 2.375 <sup>(a)</sup> | 12/15/27 | 1004705 |
|  | 1440000 | 2.375 | 12/15/27 | 1247220 |
|  EUR | 1010000 | 1.500 <sup>(a)</sup> | 11/27/31 | 794851 |
|  $ | 810000 | 4.000 <sup>(a)</sup> | 12/15/50 | 549686 |
|  | 1230000 | 4.000 | 12/15/50 | 834709 |
|  |  |  |  | 5529097 |
|  **Mozambique<sup>(c)</sup> – 0.1%** | **Mozambique<sup>(c)</sup> – 0.1%** | **Mozambique<sup>(c)</sup> – 0.1%** | **Mozambique<sup>(c)</sup> – 0.1%** | **Mozambique<sup>(c)</sup> – 0.1%** |
|  Republic of Mozambique (NR/Caa2u) | Republic of Mozambique (NR/Caa2u) | Republic of Mozambique (NR/Caa2u) | Republic of Mozambique (NR/Caa2u) | Republic of Mozambique (NR/Caa2u) |
|  | 980000 | 5.000 | 09/15/31 | 742840 |
|  **Nigeria – 2.3%** | **Nigeria – 2.3%** | **Nigeria – 2.3%** | **Nigeria – 2.3%** | **Nigeria – 2.3%** |
|  Republic of Nigeria (B-/B3) | Republic of Nigeria (B-/B3) | Republic of Nigeria (B-/B3) | Republic of Nigeria (B-/B3) | Republic of Nigeria (B-/B3) |
|  | 3140000 | 6.500 | 11/28/27 | 2523775 |
|  | 630000 | 6.125 <sup>(a)</sup> | 09/28/28 | 485100 |
|  | 3000000 | 6.125 | 09/28/28 | 2310000 |
|  | 1380000 | 8.375 | 03/24/29 | 1138500 |
|  | 2550000 | 7.143 | 02/23/30 | 1947562 |
|  | 610000 | 8.747 | 01/21/31 | 497913 |
|  | 4060000 | 7.875 | 02/16/32 | 3045000 |
|  | 2540000 | 7.696 <sup>(a)</sup> | 02/23/38 | 1717358 |
|  |  |  |  | 13665208 |
|  **Oman – 3.5%** | **Oman – 3.5%** | **Oman – 3.5%** | **Oman – 3.5%** | **Oman – 3.5%** |
|  Republic of Oman (NR/Ba3) | Republic of Oman (NR/Ba3) | Republic of Oman (NR/Ba3) | Republic of Oman (NR/Ba3) | Republic of Oman (NR/Ba3) |
|  | 2680000 | 6.750 <sup>(a)</sup> | 10/28/27 | 2768440 |
|  | 880000 | 6.750 | 10/28/27 | 909040 |
|  | 5790000 | 5.625 | 01/17/28 | 5696998 |
|  | 1270000 | 6.000 | 08/01/29 | 1267857 |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT 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)** |
| **Oman – (continued)** | **Oman – (continued)** | **Oman – (continued)** | **Oman – (continued)** |
| Republic of Oman (NR/Ba3) – (continued) | Republic of Oman (NR/Ba3) – (continued) | Republic of Oman (NR/Ba3) – (continued) | Republic of Oman (NR/Ba3) – (continued) |
| 3260000 | 6.250 %<sup>(a)</sup> | 01/25/31 | $3267743 |
| 810000 | 6.250 | 01/25/31 | 811924 |
| 1390000 | 7.375 <sup>(a)</sup> | 10/28/32 | 1503198 |
| 2230000 | 6.750 <sup>(a)</sup> | 01/17/48 | 2075712 |
| 500000 | 7.000 | 01/25/51 | 480875 |
| Republic of Oman (BB/Ba3) | Republic of Oman (BB/Ba3) | Republic of Oman (BB/Ba3) | Republic of Oman (BB/Ba3) |
| 1430000 | 4.750 | 06/15/26 | 1376196 |
| 1030000 | 5.375 | 03/08/27 | 1004443 |
| 330000 | 6.500 | 03/08/47 | 299475 |
|  |  |  | 21461901 |
| **Pakistan – 0.7%** | **Pakistan – 0.7%** | **Pakistan – 0.7%** | **Pakistan – 0.7%** |
| Pakistan Government International Bond (CCC+/Caa1) | Pakistan Government International Bond (CCC+/Caa1) | Pakistan Government International Bond (CCC+/Caa1) | Pakistan Government International Bond (CCC+/Caa1) |
| 200000 | 8.250 | 04/15/24 | 106022 |
| Pakistan Water & Power Development Authority (CCC+/NR) | Pakistan Water & Power Development Authority (CCC+/NR) | Pakistan Water & Power Development Authority (CCC+/NR) | Pakistan Water & Power Development Authority (CCC+/NR) |
| 940000 | 7.500 | 06/04/31 | 266314 |
| Republic of Pakistan (NR/Caa1) | Republic of Pakistan (NR/Caa1) | Republic of Pakistan (NR/Caa1) | Republic of Pakistan (NR/Caa1) |
| 790000 | 6.000 <sup>(a)</sup> | 04/08/26 | 316087 |
| 1594000 | 6.000 | 04/08/26 | 637775 |
| 420000 | 7.375 <sup>(a)</sup> | 04/08/31 | 148096 |
| 980000 | 7.375 | 04/08/31 | 345558 |
| 3340000 | 8.875 | 04/08/51 | 1144317 |
| Republic of Pakistan (CCC+/Caa1) | Republic of Pakistan (CCC+/Caa1) | Republic of Pakistan (CCC+/Caa1) | Republic of Pakistan (CCC+/Caa1) |
| 3287000 | 6.875 | 12/05/27 | 1265857 |
|  |  |  | 4230026 |
| **Panama – 1.8%** | **Panama – 1.8%** | **Panama – 1.8%** | **Panama – 1.8%** |
| Panama Government International Bond (BBB/Baa2)<sup>(b)</sup> | Panama Government International Bond (BBB/Baa2)<sup>(b)</sup> | Panama Government International Bond (BBB/Baa2)<sup>(b)</sup> | Panama Government International Bond (BBB/Baa2)<sup>(b)</sup> |
| 370000 | 6.400 | 02/14/35 | 375272 |
| Panama Notas del Tesoro (BBB/Baa2) | Panama Notas del Tesoro (BBB/Baa2) | Panama Notas del Tesoro (BBB/Baa2) | Panama Notas del Tesoro (BBB/Baa2) |
| 2560000 | 3.750 | 04/17/26 | 2405280 |
| Republic of Panama (BBB/Baa2) | Republic of Panama (BBB/Baa2) | Republic of Panama (BBB/Baa2) | Republic of Panama (BBB/Baa2) |
| 3460000 | 4.500 <sup>(b)</sup> | 04/16/50 | 2609705 |
| 1990000 | 4.500 <sup>(b)</sup> | 04/01/56 | 1459292 |
| 3680000 | 3.870 <sup>(b)</sup> | 07/23/60 | 2370840 |
| 1950000 | 4.500 <sup>(b)</sup> | 01/19/63 | 1375725 |
|  |  |  | 10596114 |
| **Papua New Guinea<sup>(a)</sup> – 0.1%** | **Papua New Guinea<sup>(a)</sup> – 0.1%** | **Papua New Guinea<sup>(a)</sup> – 0.1%** | **Papua New Guinea<sup>(a)</sup> – 0.1%** |
| Papua New Guinea Government International Bond (B-/B2) | Papua New Guinea Government International Bond (B-/B2) | Papua New Guinea Government International Bond (B-/B2) | Papua New Guinea Government International Bond (B-/B2) |
| 490000 | 8.375 | 10/04/28 | 416898 |
| **Paraguay – 1.5%** | **Paraguay – 1.5%** | **Paraguay – 1.5%** | **Paraguay – 1.5%** |
| Paraguay Government International Bond (BB/Ba1)<sup>(b)</sup> | Paraguay Government International Bond (BB/Ba1)<sup>(b)</sup> | Paraguay Government International Bond (BB/Ba1)<sup>(b)</sup> | Paraguay Government International Bond (BB/Ba1)<sup>(b)</sup> |
| 670000 | 5.400 | 03/30/50 | 575279 |
| Republic of Paraguay (BB/Ba1) | Republic of Paraguay (BB/Ba1) | Republic of Paraguay (BB/Ba1) | Republic of Paraguay (BB/Ba1) |
| 610000 | 5.000 <sup>(a)</sup> | 04/15/26 | 607636 |
| 2440000 | 4.700 <sup>(a)</sup> | 03/27/27 | 2392420 |
| 400000 | 4.950 <sup>(b)</sup> | 04/28/31 | 386075 |
| 340000 | 4.950 <sup>(a)(b)</sup> | 04/28/31 | 328164 |
| 6339000 | 2.739 <sup>(a)(b)</sup> | 01/29/33 | 5060503 |
|  |  |  | 9350077 |
| **Peru<sup>(b)</sup> – 1.3%** | **Peru<sup>(b)</sup> – 1.3%** | **Peru<sup>(b)</sup> – 1.3%** | **Peru<sup>(b)</sup> – 1.3%** |
| Republic of Peru (BBB/Baa1) | Republic of Peru (BBB/Baa1) | Republic of Peru (BBB/Baa1) | Republic of Peru (BBB/Baa1) |
| 540000 | 2.783 | 01/23/31 | 446445 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  **Peru<sup>(b) –</sup> (continued)** | **Peru<sup>(b) –</sup> (continued)** | **Peru<sup>(b) –</sup> (continued)** | **Peru<sup>(b) –</sup> (continued)** | **Peru<sup>(b) –</sup> (continued)** |
|  Republic of Peru (BBB/Baa1) – (continued) | Republic of Peru (BBB/Baa1) – (continued) | Republic of Peru (BBB/Baa1) – (continued) | Republic of Peru (BBB/Baa1) – (continued) | Republic of Peru (BBB/Baa1) – (continued) |
|  EUR | 580000 | 1.250% | 03/11/33 | $432585 |
|  $ | 1620000 | 3.000 | 01/15/34 | 1275547 |
|  | 3440000 | 2.780 | 12/01/60 | 2011970 |
|  | 900000 | 3.600 | 01/15/72 | 585450 |
|  | 5740000 | 3.230 <sup>(g)</sup> | 07/28/21 | 3346420 |
|  |  |  |  | 8098417 |
|  **Philippines – 0.9%** | **Philippines – 0.9%** | **Philippines – 0.9%** | **Philippines – 0.9%** | **Philippines – 0.9%** |
|  Philippines Government International Bond (BBB+/Baa2) | Philippines Government International Bond (BBB+/Baa2) | Philippines Government International Bond (BBB+/Baa2) | Philippines Government International Bond (BBB+/Baa2) | Philippines Government International Bond (BBB+/Baa2) |
|  | 2740000 | 5.609 | 04/13/33 | 2891001 |
|  | 1320000 | 5.950 | 10/13/47 | 1419145 |
|  Republic of Philippines (BBB+/Baa2) | Republic of Philippines (BBB+/Baa2) | Republic of Philippines (BBB+/Baa2) | Republic of Philippines (BBB+/Baa2) | Republic of Philippines (BBB+/Baa2) |
|  | 1870000 | 3.200 | 07/06/46 | 1355956 |
|  |  |  |  | 5666102 |
|  **Poland – 0.3%** | **Poland – 0.3%** | **Poland – 0.3%** | **Poland – 0.3%** | **Poland – 0.3%** |
|  Republic of Poland Government International Bond (A-/A2)<sup>(b)</sup> | Republic of Poland Government International Bond (A-/A2)<sup>(b)</sup> | Republic of Poland Government International Bond (A-/A2)<sup>(b)</sup> | Republic of Poland Government International Bond (A-/A2)<sup>(b)</sup> | Republic of Poland Government International Bond (A-/A2)<sup>(b)</sup> |
|  | 240000 | 5.500 | 11/16/27 | 245383 |
|  | 1680000 | 5.750 | 11/16/32 | 1780448 |
|  |  |  |  | 2025831 |
|  **Qatar<sup>(a)</sup> – 0.2%** | **Qatar<sup>(a)</sup> – 0.2%** | **Qatar<sup>(a)</sup> – 0.2%** | **Qatar<sup>(a)</sup> – 0.2%** | **Qatar<sup>(a)</sup> – 0.2%** |
|  Republic of Qatar (AA/Aa3) | Republic of Qatar (AA/Aa3) | Republic of Qatar (AA/Aa3) | Republic of Qatar (AA/Aa3) | Republic of Qatar (AA/Aa3) |
|  | 1290000 | 4.400 | 04/16/50 | 1174142 |
|  **Romania – 2.0%** | **Romania – 2.0%** | **Romania – 2.0%** | **Romania – 2.0%** | **Romania – 2.0%** |
|  Republic of Romania (BBB-/Baa3) | Republic of Romania (BBB-/Baa3) | Republic of Romania (BBB-/Baa3) | Republic of Romania (BBB-/Baa3) | Republic of Romania (BBB-/Baa3) |
|  EUR | 880000 | 2.375 <sup>(a)</sup> | 04/19/27 | 840319 |
|  | 600000 | 2.875 | 05/26/28 | 554279 |
|  | 1130000 | 1.750 <sup>(a)</sup> | 07/13/30 | 838258 |
|  | 700000 | 2.124 <sup>(a)</sup> | 07/16/31 | 514826 |
|  $ | 50000 | 3.625 <sup>(a)</sup> | 03/27/32 | 39650 |
|  | 2520000 | 3.625 | 03/27/32 | 1998360 |
|  EUR | 420000 | 2.000 | 04/14/33 | 287119 |
|  | 3280000 | 2.000 <sup>(a)</sup> | 04/14/33 | 2242260 |
|  | 590000 | 2.750 | 04/14/41 | 352611 |
|  | 1190000 | 3.375 | 01/28/50 | 730305 |
|  $ | 800000 | 4.000 | 02/14/51 | 525400 |
|  Republic of Romania (BBB-/Baa3) | Republic of Romania (BBB-/Baa3) | Republic of Romania (BBB-/Baa3) | Republic of Romania (BBB-/Baa3) | Republic of Romania (BBB-/Baa3) |
|  | 1520000 | 3.000 <sup>(a)</sup> | 02/27/27 | 1342160 |
|  Republic of Romania (BBB-/Baa3) | Republic of Romania (BBB-/Baa3) | Republic of Romania (BBB-/Baa3) | Republic of Romania (BBB-/Baa3) | Republic of Romania (BBB-/Baa3) |
|  | 2070000 | 3.000 <sup>(a)</sup> | 02/14/31 | 1622104 |
|  Romanian Government International Bond (BBB-/Baa3) | Romanian Government International Bond (BBB-/Baa3) | Romanian Government International Bond (BBB-/Baa3) | Romanian Government International Bond (BBB-/Baa3) | Romanian Government International Bond (BBB-/Baa3) |
|  | 350000 | 5.250 | 11/25/27 | 334862 |
|  |  |  |  | 12222513 |
|  **Russia – 0.9%** | **Russia – 0.9%** | **Russia – 0.9%** | **Russia – 0.9%** | **Russia – 0.9%** |
|  Russian Federation Bond (NR/NR) | Russian Federation Bond (NR/NR) | Russian Federation Bond (NR/NR) | Russian Federation Bond (NR/NR) | Russian Federation Bond (NR/NR) |
|  | 3200000 | 4.375 <sup>(a)</sup> | 03/21/29 | 832000 |
|  EUR | 10800000 | 1.850 | 11/20/32 | 2890214 |
|  $ | 1000000 | 5.100 | 03/28/35 | 290000 |
|  | 2400000 | 5.100 <sup>(a)</sup> | 03/28/35 | 696000 |
|  | 1800000 | 5.100 <sup>(a)</sup> | 03/28/35 | 522000 |
|  |  |  |  | 5230214 |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

*December 31, 2022 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** |
|  **Saudi Arabia – 1.8%** | **Saudi Arabia – 1.8%** | **Saudi Arabia – 1.8%** | **Saudi Arabia – 1.8%** | **Saudi Arabia – 1.8%** |
|  Saudi Government International Bond (NR/A1) | Saudi Government International Bond (NR/A1) | Saudi Government International Bond (NR/A1) | Saudi Government International Bond (NR/A1) | Saudi Government International Bond (NR/A1) |
|  $ | 2060000 | 5.500 %<sup>(a)</sup> | 10/25/32 | $2181540 |
|  | 1380000 | 5.000 | 04/17/49 | 1296596 |
|  | 410000 | 3.750 | 01/21/55 | 321158 |
|  | 1770000 | 3.750 <sup>(a)</sup> | 01/21/55 | 1386463 |
|  | 5460000 | 4.500 <sup>(a)</sup> | 04/22/60 | 4822887 |
|  | 1650000 | 3.450 | 02/02/61 | 1173872 |
|  |  |  |  | 11182516 |
|  **Senegal – 0.5%** | **Senegal – 0.5%** | **Senegal – 0.5%** | **Senegal – 0.5%** | **Senegal – 0.5%** |
|  Republic of Senegal (B+/Ba3) | Republic of Senegal (B+/Ba3) | Republic of Senegal (B+/Ba3) | Republic of Senegal (B+/Ba3) | Republic of Senegal (B+/Ba3) |
|  EUR | 3170000 | 4.750 <sup>(a)</sup> | 03/13/28 | 2926743 |
|  $ | 390000 | 6.750 | 03/13/48 | 273926 |
|  |  |  |  | 3200669 |
|  **Serbia – 0.7%** | **Serbia – 0.7%** | **Serbia – 0.7%** | **Serbia – 0.7%** | **Serbia – 0.7%** |
|  Republic of Serbia (NR/Ba2) | Republic of Serbia (NR/Ba2) | Republic of Serbia (NR/Ba2) | Republic of Serbia (NR/Ba2) | Republic of Serbia (NR/Ba2) |
|  EUR | 1620000 | 3.125 | 05/15/27 | 1487340 |
|  Republic of Serbia (BB+/Ba2) | Republic of Serbia (BB+/Ba2) | Republic of Serbia (BB+/Ba2) | Republic of Serbia (BB+/Ba2) | Republic of Serbia (BB+/Ba2) |
|  | 1170000 | 1.000 <sup>(a)</sup> | 09/23/28 | 897285 |
|  $ | 1190000 | 2.125 | 12/01/30 | 850701 |
|  EUR | 520000 | 1.650 | 03/03/33 | 336694 |
|  | 290000 | 2.050 | 09/23/36 | 174384 |
|  Serbia International Bond (BB+/Ba2) | Serbia International Bond (BB+/Ba2) | Serbia International Bond (BB+/Ba2) | Serbia International Bond (BB+/Ba2) | Serbia International Bond (BB+/Ba2) |
|  | 420000 | 1.000 | 09/23/28 | 322103 |
|  |  |  |  | 4068507 |
|  **South Africa – 2.4%** | **South Africa – 2.4%** | **South Africa – 2.4%** | **South Africa – 2.4%** | **South Africa – 2.4%** |
|  Republic of South Africa (NR/Ba2) | Republic of South Africa (NR/Ba2) | Republic of South Africa (NR/Ba2) | Republic of South Africa (NR/Ba2) | Republic of South Africa (NR/Ba2) |
|  $ | 280000 | 4.850 | 09/27/27 | 264915 |
|  | 2770000 | 5.650 | 09/27/47 | 2035950 |
|  Republic of South Africa (BB-/Ba2) | Republic of South Africa (BB-/Ba2) | Republic of South Africa (BB-/Ba2) | Republic of South Africa (BB-/Ba2) | Republic of South Africa (BB-/Ba2) |
|  | 2470000 | 4.300 | 10/12/28 | 2194132 |
|  | 5270000 | 4.850 | 09/30/29 | 4676466 |
|  | 1280000 | 5.875 | 04/20/32 | 1150400 |
|  | 530000 | 6.250 | 03/08/41 | 448612 |
|  | 940000 | 5.375 | 07/24/44 | 706058 |
|  | 1100000 | 5.000 | 10/12/46 | 766425 |
|  | 2460000 | 5.750 | 09/30/49 | 1801950 |
|  | 890000 | 7.300 | 04/20/52 | 762062 |
|  |  |  |  | 14806970 |
|  **Sri Lanka – 0.5%** | **Sri Lanka – 0.5%** | **Sri Lanka – 0.5%** | **Sri Lanka – 0.5%** | **Sri Lanka – 0.5%** |
|  Republic of Sri Lanka (D/Ca) | Republic of Sri Lanka (D/Ca) | Republic of Sri Lanka (D/Ca) | Republic of Sri Lanka (D/Ca) | Republic of Sri Lanka (D/Ca) |
|  | 690000 | 6.125 | 06/03/25 | 212520 |
|  | 1600000 | 6.850 | 11/03/25 | 480300 |
|  | 3770000 | 6.850 <sup>(a)</sup> | 11/03/25 | 1131707 |
|  | 1690000 | 6.750 <sup>(a)</sup> | 04/18/28 | 504676 |
|  | 3010000 | 7.550 <sup>(a)</sup> | 03/28/30 | 876286 |
|  |  |  |  | 3205489 |
|  **Trinidad and Tobago<sup>(a)(b)</sup> – 0.2%** | **Trinidad and Tobago<sup>(a)(b)</sup> – 0.2%** | **Trinidad and Tobago<sup>(a)(b)</sup> – 0.2%** | **Trinidad and Tobago<sup>(a)(b)</sup> – 0.2%** | **Trinidad and Tobago<sup>(a)(b)</sup> – 0.2%** |
|  Republic of Trinidad & Tobago (BBB-/Ba2) | Republic of Trinidad & Tobago (BBB-/Ba2) | Republic of Trinidad & Tobago (BBB-/Ba2) | Republic of Trinidad & Tobago (BBB-/Ba2) | Republic of Trinidad & Tobago (BBB-/Ba2) |
|  | 1560000 | 4.500 | 06/26/30 | 1469130 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  **Tunisia – 0.4%** | **Tunisia – 0.4%** | **Tunisia – 0.4%** | **Tunisia – 0.4%** | **Tunisia – 0.4%** |
|  Tunisian Republic (NR/Caa1) | Tunisian Republic (NR/Caa1) | Tunisian Republic (NR/Caa1) | Tunisian Republic (NR/Caa1) | Tunisian Republic (NR/Caa1) |
|  EUR | 660000 | 6.750% | 10/31/23 | $589395 |
|  | 460000 | 5.625 | 02/17/24 | 386324 |
|  $ | 700000 | 5.750 | 01/30/25 | 474819 |
|  EUR | 1150000 | 6.375 | 07/15/26 | 769231 |
|  |  |  |  | 2219769 |
|  **Turkey – 3.6%** | **Turkey – 3.6%** | **Turkey – 3.6%** | **Turkey – 3.6%** | **Turkey – 3.6%** |
|  Republic of Turkey (NR/B3) | Republic of Turkey (NR/B3) | Republic of Turkey (NR/B3) | Republic of Turkey (NR/B3) | Republic of Turkey (NR/B3) |
|  $ | 1040000 | 4.250 | 03/13/25 | 972400 |
|  | 1200000 | 4.875 | 10/09/26 | 1071000 |
|  | 3970000 | 6.000 | 03/25/27 | 3627587 |
|  | 6670000 | 5.250 | 03/13/30 | 5369350 |
|  | 1200000 | 5.950 | 01/15/31 | 996000 |
|  | 880000 | 5.875 | 06/26/31 | 721600 |
|  | 2670000 | 6.500 | 09/20/33 | 2210760 |
|  | 450000 | 5.750 | 05/11/47 | 305241 |
|  Republic of Turkey (NR/B3) | Republic of Turkey (NR/B3) | Republic of Turkey (NR/B3) | Republic of Turkey (NR/B3) | Republic of Turkey (NR/B3) |
|  | 999000 | 7.375 | 02/05/25 | 1001498 |
|  | 1750000 | 6.000 | 01/14/41 | 1264375 |
|  Turkey Government International Bond (NR/B3) | Turkey Government International Bond (NR/B3) | Turkey Government International Bond (NR/B3) | Turkey Government International Bond (NR/B3) | Turkey Government International Bond (NR/B3) |
|  | 3900000 | 9.875 | 01/15/28 | 4036500 |
|  |  |  |  | 21576311 |
|  **Ukraine – 0.8%** | **Ukraine – 0.8%** | **Ukraine – 0.8%** | **Ukraine – 0.8%** | **Ukraine – 0.8%** |
|  Ukraine Government Bond (CCC+/NR) | Ukraine Government Bond (CCC+/NR) | Ukraine Government Bond (CCC+/NR) | Ukraine Government Bond (CCC+/NR) | Ukraine Government Bond (CCC+/NR) |
|  EUR | 2890000 | 6.750 | 06/20/28 | 555494 |
|  $ | 910000 | 6.876 | 05/21/31 | 172218 |
|  EUR | 2210000 | 4.375 <sup>(a)</sup> | 01/27/32 | 416953 |
|  | 970000 | 4.375 | 01/27/32 | 183007 |
|  $ | 4490000 | 7.375 | 09/25/34 | 831492 |
|  | 873000 | 7.253 <sup>(a)</sup> | 03/15/35 | 162760 |
|  | 3120000 | 7.253 | 03/15/35 | 581685 |
|  | 1478000 | 0.000 <sup>(h)</sup> | 08/01/41 | 421045 |
|  Ukraine Government Bond (CCC+/Caa3u) | Ukraine Government Bond (CCC+/Caa3u) | Ukraine Government Bond (CCC+/Caa3u) | Ukraine Government Bond (CCC+/Caa3u) | Ukraine Government Bond (CCC+/Caa3u) |
|  | 630000 | 7.750 | 09/01/27 | 130646 |
|  | 5600000 | 7.750 | 09/01/28 | 1195600 |
|  | 1220000 | 7.750 | 09/01/29 | 259098 |
|  |  |  |  | 4909998 |
|  **United Arab Emirates<sup>(a)</sup> – 0.4%** | **United Arab Emirates<sup>(a)</sup> – 0.4%** | **United Arab Emirates<sup>(a)</sup> – 0.4%** | **United Arab Emirates<sup>(a)</sup> – 0.4%** | **United Arab Emirates<sup>(a)</sup> – 0.4%** |
|  Finance Department Government of Sharjah (BBB-/Ba1) | Finance Department Government of Sharjah (BBB-/Ba1) | Finance Department Government of Sharjah (BBB-/Ba1) | Finance Department Government of Sharjah (BBB-/Ba1) | Finance Department Government of Sharjah (BBB-/Ba1) |
|  | 490000 | 3.625 | 03/10/33 | 404801 |
|  | 2881000 | 4.000 | 07/28/50 | 1881293 |
|  |  |  |  | 2286094 |
|  **Uruguay – 0.7%** | **Uruguay – 0.7%** | **Uruguay – 0.7%** | **Uruguay – 0.7%** | **Uruguay – 0.7%** |
|  Republic of Uruguay (BBB/Baa2) | Republic of Uruguay (BBB/Baa2) | Republic of Uruguay (BBB/Baa2) | Republic of Uruguay (BBB/Baa2) | Republic of Uruguay (BBB/Baa2) |
|  | 569610 | 4.375 <sup>(b)</sup> | 01/23/31 | 567047 |
|  | 1705920 | 5.750 <sup>(b)</sup> | 10/28/34 | 1852629 |
|  | 1890000 | 4.975 | 04/20/55 | 1819125 |
|  |  |  |  | 4238801 |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT 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)** |
| **Uzbekistan – 0.5%** | **Uzbekistan – 0.5%** | **Uzbekistan – 0.5%** | **Uzbekistan – 0.5%** |
| National Bank of Uzbekistan (BB-/NR) | National Bank of Uzbekistan (BB-/NR) | National Bank of Uzbekistan (BB-/NR) | National Bank of Uzbekistan (BB-/NR) |
| 1560000 | 4.850% | 10/21/25 | $1406242 |
| Republic of Uzbekistan (BB-/NR) | Republic of Uzbekistan (BB-/NR) | Republic of Uzbekistan (BB-/NR) | Republic of Uzbekistan (BB-/NR) |
| 990000 | 5.375 <sup>(a)</sup> | 02/20/29 | 915317 |
| 1160000 | 3.700 <sup>(a)</sup> | 11/25/30 | 963380 |
|  |  |  | 3284939 |
| **Vietnam<sup>(b)(i)(j)</sup> – 0.3%** | **Vietnam<sup>(b)(i)(j)</sup> – 0.3%** | **Vietnam<sup>(b)(i)(j)</sup> – 0.3%** | **Vietnam<sup>(b)(i)(j)</sup> – 0.3%** |
| Debt and Asset Trading Corp. (NR/NR) | Debt and Asset Trading Corp. (NR/NR) | Debt and Asset Trading Corp. (NR/NR) | Debt and Asset Trading Corp. (NR/NR) |
| 2160000 | 1.000 | 10/10/25 | 1784430 |
| **Zambia – 0.2%** | **Zambia – 0.2%** | **Zambia – 0.2%** | **Zambia – 0.2%** |
| Republic of Zambia (D/NR) | Republic of Zambia (D/NR) | Republic of Zambia (D/NR) | Republic of Zambia (D/NR) |
| 2462000 | 5.375 | 09/20/22 | 1021730 |
| 520000 | 8.500 | 04/14/24 | 234000 |
|  |  |  | 1255730 |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $521,219,422)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $521,219,422)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $521,219,422)** | $388025053 |
| **Corporate Obligations – 22.5%** | **Corporate Obligations – 22.5%** | **Corporate Obligations – 22.5%** | **Corporate Obligations – 22.5%** |
| **Azerbaijan – 0.2%** | **Azerbaijan – 0.2%** | **Azerbaijan – 0.2%** | **Azerbaijan – 0.2%** |
| State Oil Co. of the Azerbaijan Republic (BB-/NR) | State Oil Co. of the Azerbaijan Republic (BB-/NR) | State Oil Co. of the Azerbaijan Republic (BB-/NR) | State Oil Co. of the Azerbaijan Republic (BB-/NR) |
| 1040000 | 6.950% | 03/18/30 | $1069445 |
| **Bermuda<sup>(a)(b)</sup> – 0.2%** | **Bermuda<sup>(a)(b)</sup> – 0.2%** | **Bermuda<sup>(a)(b)</sup> – 0.2%** | **Bermuda<sup>(a)(b)</sup> – 0.2%** |
| Tengizchevroil Finance Co. International Ltd. (BB+/Baa2) | Tengizchevroil Finance Co. International Ltd. (BB+/Baa2) | Tengizchevroil Finance Co. International Ltd. (BB+/Baa2) | Tengizchevroil Finance Co. International Ltd. (BB+/Baa2) |
| 1690000 | 2.625 | 08/15/25 | 1444950 |
| **Brazil – 0.5%** | **Brazil – 0.5%** | **Brazil – 0.5%** | **Brazil – 0.5%** |
| Banco do Brasil SA (CCC+/NR) (10 year CMT + 4.398%) | Banco do Brasil SA (CCC+/NR) (10 year CMT + 4.398%) | Banco do Brasil SA (CCC+/NR) (10 year CMT + 4.398%) | Banco do Brasil SA (CCC+/NR) (10 year CMT + 4.398%) |
| 1980000 | 6.250 <sup>(b)(h)</sup> | 10/29/49 | 1773090 |
| Banco do Brasil SA (CCC+/B2) (10 year CMT + 6.362%) | Banco do Brasil SA (CCC+/B2) (10 year CMT + 6.362%) | Banco do Brasil SA (CCC+/B2) (10 year CMT + 6.362%) | Banco do Brasil SA (CCC+/B2) (10 year CMT + 6.362%) |
| 290000 | 9.000 <sup>(b)(h)</sup> | 06/29/49 | 287789 |
| Samarco Mineracao SA (NR/WR) | Samarco Mineracao SA (NR/WR) | Samarco Mineracao SA (NR/WR) | Samarco Mineracao SA (NR/WR) |
| 775000 | 4.125 <sup>(f)</sup> | 11/01/22 | 328794 |
| 430000 | 5.750 <sup>(f)</sup> | 10/24/23 | 196805 |
| 800000 | 5.375 <sup>(f)</sup> | 09/26/24 | 361400 |
|  |  |  | 2947878 |
| **British Virgin Islands – 0.2%** | **British Virgin Islands – 0.2%** | **British Virgin Islands – 0.2%** | **British Virgin Islands – 0.2%** |
| Easy Tactic Ltd. (NR/NR)<sup>(k)</sup> | Easy Tactic Ltd. (NR/NR)<sup>(k)</sup> | Easy Tactic Ltd. (NR/NR)<sup>(k)</sup> | Easy Tactic Ltd. (NR/NR)<sup>(k)</sup> |
| 395437 | 7.500 <sup>(b)</sup> | 07/11/28 | 75331 |
| Huarong Finance 2017 Co. Ltd. (NR/Baa3) | Huarong Finance 2017 Co. Ltd. (NR/Baa3) | Huarong Finance 2017 Co. Ltd. (NR/Baa3) | Huarong Finance 2017 Co. Ltd. (NR/Baa3) |
| 480000 | 4.750 | 04/27/27 | 419790 |
| 290000 | 4.250 | 11/07/27 | 245050 |
| SF Holding Investment 2021 Ltd. (A-/A3) | SF Holding Investment 2021 Ltd. (A-/A3) | SF Holding Investment 2021 Ltd. (A-/A3) | SF Holding Investment 2021 Ltd. (A-/A3) |
| 390000 | 2.375 | 11/17/26 | 349974 |
| 360000 | 3.125 | 11/17/31 | 295510 |
|  |  |  | 1385655 |
| **Burundi – 1.1%** | **Burundi – 1.1%** | **Burundi – 1.1%** | **Burundi – 1.1%** |
| The African Export-Import Bank (NR/Baa1) | The African Export-Import Bank (NR/Baa1) | The African Export-Import Bank (NR/Baa1) | The African Export-Import Bank (NR/Baa1) |
| 2022000 | 2.634 <sup>(a)(b)</sup> | 05/17/26 | 1792544 |
| 1740000 | 3.798 <sup>(a)(b)</sup> | 05/17/31 | 1435587 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Burundi – (continued)** | **Burundi – (continued)** | **Burundi – (continued)** | **Burundi – (continued)** |
| The Eastern & Southern African Trade & Development Bank (NR/Baa3) | The Eastern & Southern African Trade & Development Bank (NR/Baa3) | The Eastern & Southern African Trade & Development Bank (NR/Baa3) | The Eastern & Southern African Trade & Development Bank (NR/Baa3) |
| 3740000 | 4.875% | 05/23/24 | $3584827 |
|  |  |  | 6812958 |
| **Cayman Islands – 1.3%** | **Cayman Islands – 1.3%** | **Cayman Islands – 1.3%** | **Cayman Islands – 1.3%** |
| Gaci First Investment Co. (NR/A1)<sup>(b)</sup> | Gaci First Investment Co. (NR/A1)<sup>(b)</sup> | Gaci First Investment Co. (NR/A1)<sup>(b)</sup> | Gaci First Investment Co. (NR/A1)<sup>(b)</sup> |
| 5610000 | 5.000 | 10/13/27 | 5610785 |
| KSA Sukuk Ltd. (NR/A1) | KSA Sukuk Ltd. (NR/A1) | KSA Sukuk Ltd. (NR/A1) | KSA Sukuk Ltd. (NR/A1) |
| 2170000 | 5.268 <sup>(a)</sup> | 10/25/28 | 2257668 |
|  |  |  | 7868453 |
| **Chile – 0.5%** | **Chile – 0.5%** | **Chile – 0.5%** | **Chile – 0.5%** |
| Embotelladora Andina SA (BBB/NR) | Embotelladora Andina SA (BBB/NR) | Embotelladora Andina SA (BBB/NR) | Embotelladora Andina SA (BBB/NR) |
| 506000 | 5.000 <sup>(a)</sup> | 10/01/23 | 502142 |
| Empresa de los Ferrocarriles del Estado (A/NR) | Empresa de los Ferrocarriles del Estado (A/NR) | Empresa de los Ferrocarriles del Estado (A/NR) | Empresa de los Ferrocarriles del Estado (A/NR) |
| 600000 | 3.068 <sup>(a)(b)</sup> | 08/18/50 | 370988 |
| Empresa de Transporte de Pasajeros Metro SA (NR/A3) | Empresa de Transporte de Pasajeros Metro SA (NR/A3) | Empresa de Transporte de Pasajeros Metro SA (NR/A3) | Empresa de Transporte de Pasajeros Metro SA (NR/A3) |
| 830000 | 3.650 <sup>(a)(b)</sup> | 05/07/30 | 752084 |
| GNL Quintero SA (BBB/Baa2) | GNL Quintero SA (BBB/Baa2) | GNL Quintero SA (BBB/Baa2) | GNL Quintero SA (BBB/Baa2) |
| 873016 | 4.634 | 07/31/29 | 842078 |
| Inversiones CMPC SA (BBB-/NR) | Inversiones CMPC SA (BBB-/NR) | Inversiones CMPC SA (BBB-/NR) | Inversiones CMPC SA (BBB-/NR) |
| 660000 | 4.375 <sup>(a)(b)</sup> | 05/15/23 | 654142 |
|  |  |  | 3121434 |
| **China – 0.2%** | **China – 0.2%** | **China – 0.2%** | **China – 0.2%** |
| China Aoyuan Group Ltd. (NR/NR) | China Aoyuan Group Ltd. (NR/NR) | China Aoyuan Group Ltd. (NR/NR) | China Aoyuan Group Ltd. (NR/NR) |
| 370000 | 5.980 <sup>(b)</sup> | 08/18/25 | 28675 |
| Fantasia Holdings Group Co. Ltd. (NR/NR) | Fantasia Holdings Group Co. Ltd. (NR/NR) | Fantasia Holdings Group Co. Ltd. (NR/NR) | Fantasia Holdings Group Co. Ltd. (NR/NR) |
| 340000 | 10.875 <sup>(b)</sup> | 03/02/24 | 26350 |
| Fantasia Holdings Group Co. Ltd. (NR/WR) | Fantasia Holdings Group Co. Ltd. (NR/WR) | Fantasia Holdings Group Co. Ltd. (NR/WR) | Fantasia Holdings Group Co. Ltd. (NR/WR) |
| 200000 | 11.875 <sup>(b)</sup> | 06/01/23 | 15500 |
| Meituan (BBB-/Baa3) | Meituan (BBB-/Baa3) | Meituan (BBB-/Baa3) | Meituan (BBB-/Baa3) |
| 310000 | 3.050 <sup>(b)</sup> | 10/28/30 | 236433 |
| NIO, Inc. (NR/NR) | NIO, Inc. (NR/NR) | NIO, Inc. (NR/NR) | NIO, Inc. (NR/NR) |
| 90000 | 0.000 <sup>(d)(e)</sup> | 02/01/26 | 77721 |
| 360000 | 0.500 <sup>(e)</sup> | 02/01/27 | 272569 |
| Redsun Properties Group Ltd. (NR/Caa3u) | Redsun Properties Group Ltd. (NR/Caa3u) | Redsun Properties Group Ltd. (NR/Caa3u) | Redsun Properties Group Ltd. (NR/Caa3u) |
| 220000 | 9.700 <sup>(b)</sup> | 04/16/23 | 20350 |
| Sunac China Holdings Ltd. (NR/WR) | Sunac China Holdings Ltd. (NR/WR) | Sunac China Holdings Ltd. (NR/WR) | Sunac China Holdings Ltd. (NR/WR) |
| 350000 | 6.500 <sup>(b)</sup> | 07/09/23 | 72625 |
| 600000 | 6.650 <sup>(b)</sup> | 08/03/24 | 124500 |
| Yuzhou Group Holdings Co. Ltd. (NR/Cu) (-1x 5 Year CMT + 8.527%) | Yuzhou Group Holdings Co. Ltd. (NR/Cu) (-1x 5 Year CMT + 8.527%) | Yuzhou Group Holdings Co. Ltd. (NR/Cu) (-1x 5 Year CMT + 8.527%) | Yuzhou Group Holdings Co. Ltd. (NR/Cu) (-1x 5 Year CMT + 8.527%) |
| 410000 | 5.375 <sup>(b)</sup> | 12/31/99 | 22550 |
|  |  |  | 897273 |
| **Colombia – 0.3%** | **Colombia – 0.3%** | **Colombia – 0.3%** | **Colombia – 0.3%** |
| Banco de Bogota SA (NR/Ba2) | Banco de Bogota SA (NR/Ba2) | Banco de Bogota SA (NR/Ba2) | Banco de Bogota SA (NR/Ba2) |
| 350000 | 6.250 <sup>(a)</sup> | 05/12/26 | 341534 |
| Ecopetrol SA (BB+/Baa3)<sup>(b)</sup> | Ecopetrol SA (BB+/Baa3)<sup>(b)</sup> | Ecopetrol SA (BB+/Baa3)<sup>(b)</sup> | Ecopetrol SA (BB+/Baa3)<sup>(b)</sup> |
| 1470000 | 4.625 | 11/02/31 | 1120875 |
|  |  |  | 1462409 |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT 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)** |
| **Cyprus – 0.1%** | **Cyprus – 0.1%** | **Cyprus – 0.1%** | **Cyprus – 0.1%** |
| MHP SE (D/NR) | MHP SE (D/NR) | MHP SE (D/NR) | MHP SE (D/NR) |
| 1430000 | 7.750% | 05/10/24 | $687294 |
| **Dominican Republic<sup>(a)(b)</sup> – 0.4%** | **Dominican Republic<sup>(a)(b)</sup> – 0.4%** | **Dominican Republic<sup>(a)(b)</sup> – 0.4%** | **Dominican Republic<sup>(a)(b)</sup> – 0.4%** |
| Aeropuertos Dominicanos Siglo XXI SA (BB-/Ba3) | Aeropuertos Dominicanos Siglo XXI SA (BB-/Ba3) | Aeropuertos Dominicanos Siglo XXI SA (BB-/Ba3) | Aeropuertos Dominicanos Siglo XXI SA (BB-/Ba3) |
| 2420000 | 6.750 | 03/30/29 | 2344375 |
| **Hong Kong – 0.4%** | **Hong Kong – 0.4%** | **Hong Kong – 0.4%** | **Hong Kong – 0.4%** |
| CNAC HK Finbridge Co. Ltd (NR/Baa2) | CNAC HK Finbridge Co. Ltd (NR/Baa2) | CNAC HK Finbridge Co. Ltd (NR/Baa2) | CNAC HK Finbridge Co. Ltd (NR/Baa2) |
| 1840000 | 3.875 | 06/19/29 | 1635245 |
| CNAC HK Finbridge Co. Ltd (A-/NR) | CNAC HK Finbridge Co. Ltd (A-/NR) | CNAC HK Finbridge Co. Ltd (A-/NR) | CNAC HK Finbridge Co. Ltd (A-/NR) |
| 800000 | 5.125 | 03/14/28 | 767650 |
|  |  |  | 2402895 |
| **India – 0.4%** | **India – 0.4%** | **India – 0.4%** | **India – 0.4%** |
| Adani Electricity Mumbai Ltd. (BBB-/Baa3) | Adani Electricity Mumbai Ltd. (BBB-/Baa3) | Adani Electricity Mumbai Ltd. (BBB-/Baa3) | Adani Electricity Mumbai Ltd. (BBB-/Baa3) |
| 960000 | 3.949 | 02/12/30 | 724380 |
| Adani Ports & Special Economic Zone Ltd. (BBB-/Baa3) | Adani Ports & Special Economic Zone Ltd. (BBB-/Baa3) | Adani Ports & Special Economic Zone Ltd. (BBB-/Baa3) | Adani Ports & Special Economic Zone Ltd. (BBB-/Baa3) |
| 570000 | 4.200 <sup>(b)</sup> | 08/04/27 | 499926 |
| 270000 | 4.375 | 07/03/29 | 225923 |
| Reliance Industries Ltd. (BBB+/Baa2) | Reliance Industries Ltd. (BBB+/Baa2) | Reliance Industries Ltd. (BBB+/Baa2) | Reliance Industries Ltd. (BBB+/Baa2) |
| 1480000 | 2.875 <sup>(a)</sup> | 01/12/32 | 1208538 |
|  |  |  | 2658767 |
| **Indonesia – 1.3%** | **Indonesia – 1.3%** | **Indonesia – 1.3%** | **Indonesia – 1.3%** |
| Bank Negara Indonesia Persero Tbk PT (NR/Ba3) (5 year CMT + 3.466%) | Bank Negara Indonesia Persero Tbk PT (NR/Ba3) (5 year CMT + 3.466%) | Bank Negara Indonesia Persero Tbk PT (NR/Ba3) (5 year CMT + 3.466%) | Bank Negara Indonesia Persero Tbk PT (NR/Ba3) (5 year CMT + 3.466%) |
| 1060000 | 4.300 <sup>(b)(h)</sup> | 12/31/99 | 832217 |
| Freeport Indonesia PT (NR/Baa3) | Freeport Indonesia PT (NR/Baa3) | Freeport Indonesia PT (NR/Baa3) | Freeport Indonesia PT (NR/Baa3) |
| 910000 | 5.315 <sup>(a)(b)</sup> | 04/14/32 | 835025 |
| Indofood CBP Sukses Makmur Tbk PT (NR/Baa3) | Indofood CBP Sukses Makmur Tbk PT (NR/Baa3) | Indofood CBP Sukses Makmur Tbk PT (NR/Baa3) | Indofood CBP Sukses Makmur Tbk PT (NR/Baa3) |
| 510000 | 3.398 <sup>(b)</sup> | 06/09/31 | 420169 |
| 380000 | 3.541 <sup>(b)</sup> | 04/27/32 | 309742 |
| Indonesia Asahan Aluminium Persero PT (NR/Baa2) | Indonesia Asahan Aluminium Persero PT (NR/Baa2) | Indonesia Asahan Aluminium Persero PT (NR/Baa2) | Indonesia Asahan Aluminium Persero PT (NR/Baa2) |
| 1180000 | 5.450 <sup>(b)</sup> | 05/15/30 | 1125646 |
| 560000 | 5.800 <sup>(a)(b)</sup> | 05/15/50 | 464555 |
| Pertamina Persero PT (NR/Baa2) | Pertamina Persero PT (NR/Baa2) | Pertamina Persero PT (NR/Baa2) | Pertamina Persero PT (NR/Baa2) |
| 2040000 | 2.300 <sup>(b)</sup> | 02/09/31 | 1642424 |
| Pertamina Persero PT (BBB/Baa2) | Pertamina Persero PT (BBB/Baa2) | Pertamina Persero PT (BBB/Baa2) | Pertamina Persero PT (BBB/Baa2) |
| 690000 | 6.500 | 05/27/41 | 696814 |
| 1500000 | 6.000 | 05/03/42 | 1417312 |
|  |  |  | 7743904 |
| **Israel<sup>(a)(b)</sup> – 0.4%** | **Israel<sup>(a)(b)</sup> – 0.4%** | **Israel<sup>(a)(b)</sup> – 0.4%** | **Israel<sup>(a)(b)</sup> – 0.4%** |
| Leviathan Bond Ltd. (BB-/Ba3) | Leviathan Bond Ltd. (BB-/Ba3) | Leviathan Bond Ltd. (BB-/Ba3) | Leviathan Bond Ltd. (BB-/Ba3) |
| 2360000 | 5.750 | 06/30/23 | 2343480 |
| **Ivory Coast<sup>(a)(i)(j)</sup> – 0.3%** | **Ivory Coast<sup>(a)(i)(j)</sup> – 0.3%** | **Ivory Coast<sup>(a)(i)(j)</sup> – 0.3%** | **Ivory Coast<sup>(a)(i)(j)</sup> – 0.3%** |
| Brazil Minas SPE via State of Minas Gerais (BB-/NR) | Brazil Minas SPE via State of Minas Gerais (BB-/NR) | Brazil Minas SPE via State of Minas Gerais (BB-/NR) | Brazil Minas SPE via State of Minas Gerais (BB-/NR) |
| 2100000 | 5.333 | 02/15/28 | 2032144 |
| **Kazakhstan – 0.9%** | **Kazakhstan – 0.9%** | **Kazakhstan – 0.9%** | **Kazakhstan – 0.9%** |
| KazMunayGas National Co. JSC (NR/Baa2) | KazMunayGas National Co. JSC (NR/Baa2) | KazMunayGas National Co. JSC (NR/Baa2) | KazMunayGas National Co. JSC (NR/Baa2) |
| 1570000 | 3.500 <sup>(a)(b)</sup> | 04/14/33 | 1155716 |
| KazMunayGas National Co. JSC (BB+/Baa2) | KazMunayGas National Co. JSC (BB+/Baa2) | KazMunayGas National Co. JSC (BB+/Baa2) | KazMunayGas National Co. JSC (BB+/Baa2) |
| 4392000 | 4.750 | 04/19/27 | 4012641 |
|  |  |  | 5168357 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Luxembourg<sup>(b)</sup> – 0.3%** | **Luxembourg<sup>(b)</sup> – 0.3%** | **Luxembourg<sup>(b)</sup> – 0.3%** | **Luxembourg<sup>(b)</sup> – 0.3%** |
| Altice Financing SA (B/B2) | Altice Financing SA (B/B2) | Altice Financing SA (B/B2) | Altice Financing SA (B/B2) |
| 1320000 | 4.250 %<sup>(a)</sup> | 08/15/29 | $1142575 |
| Puma International Financing SA (NR/B1) | Puma International Financing SA (NR/B1) | Puma International Financing SA (NR/B1) | Puma International Financing SA (NR/B1) |
| 200000 | 5.000 | 01/24/26 | 172038 |
| Rede D'or Finance S.a.r.l. (BB/NR) | Rede D'or Finance S.a.r.l. (BB/NR) | Rede D'or Finance S.a.r.l. (BB/NR) | Rede D'or Finance S.a.r.l. (BB/NR) |
| 256000 | 4.500 <sup>(a)</sup> | 01/22/30 | 220240 |
| 552000 | 4.500 | 01/22/30 | 474892 |
|  |  |  | 2009745 |
| **Malaysia<sup>(a)(b)</sup> – 0.8%** | **Malaysia<sup>(a)(b)</sup> – 0.8%** | **Malaysia<sup>(a)(b)</sup> – 0.8%** | **Malaysia<sup>(a)(b)</sup> – 0.8%** |
| Genm Capital Labuan Ltd. (BBB-/NR) | Genm Capital Labuan Ltd. (BBB-/NR) | Genm Capital Labuan Ltd. (BBB-/NR) | Genm Capital Labuan Ltd. (BBB-/NR) |
| 1150000 | 3.882 | 04/19/31 | 868250 |
| Petronas Capital Ltd. (A-/A2) | Petronas Capital Ltd. (A-/A2) | Petronas Capital Ltd. (A-/A2) | Petronas Capital Ltd. (A-/A2) |
| 3390000 | 4.550 | 04/21/50 | 2996930 |
| 1040000 | 4.800 | 04/21/60 | 937820 |
|  |  |  | 4803000 |
| **Mauritius – 0.3%** | **Mauritius – 0.3%** | **Mauritius – 0.3%** | **Mauritius – 0.3%** |
| Greenko Power II Ltd. (NR/Ba2) | Greenko Power II Ltd. (NR/Ba2) | Greenko Power II Ltd. (NR/Ba2) | Greenko Power II Ltd. (NR/Ba2) |
| 821300 | 4.300 <sup>(a)(b)</sup> | 12/13/28 | 685785 |
| India Airport Infra (NR/B1) | India Airport Infra (NR/B1) | India Airport Infra (NR/B1) | India Airport Infra (NR/B1) |
| 250000 | 6.250 <sup>(a)(b)</sup> | 10/25/25 | 235313 |
| India Green Power Holdings (NR/Ba3) | India Green Power Holdings (NR/Ba3) | India Green Power Holdings (NR/Ba3) | India Green Power Holdings (NR/Ba3) |
| 420000 | 4.000 <sup>(a)(b)</sup> | 02/22/27 | 358050 |
| MTN Mauritius Investments Ltd. (BB-/Ba2) | MTN Mauritius Investments Ltd. (BB-/Ba2) | MTN Mauritius Investments Ltd. (BB-/Ba2) | MTN Mauritius Investments Ltd. (BB-/Ba2) |
| 727000 | 4.755 | 11/11/24 | 704190 |
|  |  |  | 1983338 |
| **Mexico – 4.6%** | **Mexico – 4.6%** | **Mexico – 4.6%** | **Mexico – 4.6%** |
| Banco Mercantil del Norte SA (BB-/Ba2) | Banco Mercantil del Norte SA (BB-/Ba2) | Banco Mercantil del Norte SA (BB-/Ba2) | Banco Mercantil del Norte SA (BB-/Ba2) |
| (5 year CMT + 4.643%) | (5 year CMT + 4.643%) | (5 year CMT + 4.643%) | (5 year CMT + 4.643%) |
| 1210000 | 5.875 <sup>(a)(b)(h)</sup> | 12/31/99 | 1077505 |
| (5 year CMT + 4.967%) | (5 year CMT + 4.967%) | (5 year CMT + 4.967%) | (5 year CMT + 4.967%) |
| 1159000 | 6.750 <sup>(a)(b)(h)</sup> | 12/31/99 | 1128793 |
| Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand (NR/Baa3) (5 year CMT + 2.995%) | Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand (NR/Baa3) (5 year CMT + 2.995%) | Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand (NR/Baa3) (5 year CMT + 2.995%) | Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand (NR/Baa3) (5 year CMT + 2.995%) |
| 890000 | 5.950 <sup>(a)(b)(h)</sup> | 10/01/28 | 885161 |
| BBVA Bancomer SA (BB/NR) (5 year CMT + 2.650%) | BBVA Bancomer SA (BB/NR) (5 year CMT + 2.650%) | BBVA Bancomer SA (BB/NR) (5 year CMT + 2.650%) | BBVA Bancomer SA (BB/NR) (5 year CMT + 2.650%) |
| 1310000 | 5.125 <sup>(a)(b)(h)</sup> | 01/18/33 | 1175152 |
| Mexico City Airport Trust (BBB/Baa3) | Mexico City Airport Trust (BBB/Baa3) | Mexico City Airport Trust (BBB/Baa3) | Mexico City Airport Trust (BBB/Baa3) |
| 980000 | 4.250 <sup>(a)(b)</sup> | 10/31/26 | 930571 |
| 2190000 | 3.875 <sup>(a)(b)</sup> | 04/30/28 | 1993995 |
| 1300000 | 5.500 <sup>(a)(b)</sup> | 10/31/46 | 997587 |
| 722000 | 5.500 <sup>(b)</sup> | 10/31/46 | 554045 |
| 1389000 | 5.500 <sup>(b)</sup> | 07/31/47 | 1069530 |
| Petroleos Mexicanos (BBB/B1) | Petroleos Mexicanos (BBB/B1) | Petroleos Mexicanos (BBB/B1) | Petroleos Mexicanos (BBB/B1) |
| 8600000 | 5.125 | 03/15/23 | 9217373 |
| 760000 | 6.875 | 08/04/26 | 722380 |
| 1320000 | 6.490 <sup>(b)</sup> | 01/23/27 | 1205160 |
| 760000 | 5.350 | 02/12/28 | 639160 |
| 2264000 | 5.950 <sup>(b)</sup> | 01/28/31 | 1711584 |
| 370000 | 6.700 <sup>(b)</sup> | 02/16/32 | 289987 |
| 290000 | 5.625 | 01/23/46 | 167620 |
| 560000 | 6.750 | 09/21/47 | 356653 |
| 1730000 | 6.350 | 02/12/48 | 1050218 |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT 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)** |
| **Mexico – (continued)** | **Mexico – (continued)** | **Mexico – (continued)** | **Mexico – (continued)** |
| Petroleos Mexicanos (BBB/B1) – (continued) | Petroleos Mexicanos (BBB/B1) – (continued) | Petroleos Mexicanos (BBB/B1) – (continued) | Petroleos Mexicanos (BBB/B1) – (continued) |
| 843000 | 7.690 %<sup>(b)</sup> | 01/23/50 | $582724 |
| 3653000 | 6.950 <sup>(b)</sup> | 01/28/60 | 2311436 |
|  |  |  | 28066634 |
| **Netherlands – 0.7%** | **Netherlands – 0.7%** | **Netherlands – 0.7%** | **Netherlands – 0.7%** |
| IHS Netherlands Holdco B.V. (B/B3) | IHS Netherlands Holdco B.V. (B/B3) | IHS Netherlands Holdco B.V. (B/B3) | IHS Netherlands Holdco B.V. (B/B3) |
| 400000 | 8.000 <sup>(a)(b)</sup> | 09/18/27 | 351450 |
| Metinvest B.V. (NR/NR) | Metinvest B.V. (NR/NR) | Metinvest B.V. (NR/NR) | Metinvest B.V. (NR/NR) |
| 301000 | 7.750 <sup>(a)(b)</sup> | 04/23/23 | 240988 |
| 200000 | 7.750 <sup>(b)</sup> | 04/23/23 | 160125 |
| 500000 | 8.500 <sup>(b)</sup> | 04/23/26 | 259000 |
| Minejesa Capital B.V. (NR/Baa3) | Minejesa Capital B.V. (NR/Baa3) | Minejesa Capital B.V. (NR/Baa3) | Minejesa Capital B.V. (NR/Baa3) |
| 370000 | 4.625 | 08/10/30 | 321941 |
| MV24 Capital B.V. (BB/NR) | MV24 Capital B.V. (BB/NR) | MV24 Capital B.V. (BB/NR) | MV24 Capital B.V. (BB/NR) |
| 1104885 | 6.748 <sup>(a)</sup> | 06/01/34 | 1009105 |
| NE Property B.V. (BBB/NR) | NE Property B.V. (BBB/NR) | NE Property B.V. (BBB/NR) | NE Property B.V. (BBB/NR) |
| 1540000 | 3.375 <sup>(b)</sup> | 07/14/27 | 1411831 |
| Prosus NV (BBB/Baa3) | Prosus NV (BBB/Baa3) | Prosus NV (BBB/Baa3) | Prosus NV (BBB/Baa3) |
| 310000 | 3.257 <sup>(a)(b)</sup> | 01/19/27 | 278225 |
| 280000 | 3.680 <sup>(b)</sup> | 01/21/30 | 232102 |
|  |  |  | 4264767 |
| **Panama<sup>(a)</sup> – 1.2%** | **Panama<sup>(a)</sup> – 1.2%** | **Panama<sup>(a)</sup> – 1.2%** | **Panama<sup>(a)</sup> – 1.2%** |
| Aeropuerto Internacional de Tocumen SA (BBB/Baa2) | Aeropuerto Internacional de Tocumen SA (BBB/Baa2) | Aeropuerto Internacional de Tocumen SA (BBB/Baa2) | Aeropuerto Internacional de Tocumen SA (BBB/Baa2) |
| 1190000 | 4.000 <sup>(b)</sup> | 08/11/41 | 979742 |
| 2920000 | 5.125 <sup>(b)</sup> | 08/11/61 | 2389472 |
| Autoridad del Canal de Panama (A-/A2) | Autoridad del Canal de Panama (A-/A2) | Autoridad del Canal de Panama (A-/A2) | Autoridad del Canal de Panama (A-/A2) |
| 380000 | 4.950 | 07/29/35 | 348246 |
| Banco Latinoamericano de Comercio Exterior SA (BBB/Baa2) | Banco Latinoamericano de Comercio Exterior SA (BBB/Baa2) | Banco Latinoamericano de Comercio Exterior SA (BBB/Baa2) | Banco Latinoamericano de Comercio Exterior SA (BBB/Baa2) |
| 2430000 | 2.375 <sup>(b)</sup> | 09/14/25 | 2218590 |
| Banco Nacional de Panama (BBB/Baa2) | Banco Nacional de Panama (BBB/Baa2) | Banco Nacional de Panama (BBB/Baa2) | Banco Nacional de Panama (BBB/Baa2) |
| 1490000 | 2.500 <sup>(b)</sup> | 08/11/30 | 1189486 |
|  |  |  | 7125536 |
| **Peru – 0.2%** | **Peru – 0.2%** | **Peru – 0.2%** | **Peru – 0.2%** |
| Atlantica Transmision Sur SA (BBB/NR) | Atlantica Transmision Sur SA (BBB/NR) | Atlantica Transmision Sur SA (BBB/NR) | Atlantica Transmision Sur SA (BBB/NR) |
| 724570 | 6.875 <sup>(a)</sup> | 04/30/43 | 645094 |
| Black Sea Trade & Development Bank (A-/Baa1) | Black Sea Trade & Development Bank (A-/Baa1) | Black Sea Trade & Development Bank (A-/Baa1) | Black Sea Trade & Development Bank (A-/Baa1) |
| 240000 | 3.500 | 06/25/24 | 217142 |
| Corp. Lindley SA (BBB+/NR) | Corp. Lindley SA (BBB+/NR) | Corp. Lindley SA (BBB+/NR) | Corp. Lindley SA (BBB+/NR) |
| 30000 | 4.625 <sup>(a)</sup> | 04/12/23 | 29621 |
|  |  |  | 891857 |
| **Qatar<sup>(a)(b)</sup> – 0.7%** | **Qatar<sup>(a)(b)</sup> – 0.7%** | **Qatar<sup>(a)(b)</sup> – 0.7%** | **Qatar<sup>(a)(b)</sup> – 0.7%** |
| Qatar Energy (AA/Aa3) | Qatar Energy (AA/Aa3) | Qatar Energy (AA/Aa3) | Qatar Energy (AA/Aa3) |
| 6097000 | 3.300 | 07/12/51 | 4463385 |
| **South Africa – 0.8%** | **South Africa – 0.8%** | **South Africa – 0.8%** | **South Africa – 0.8%** |
| Eskom Holdings SOC Ltd. (BB-/Ba2)<sup>(i)</sup> | Eskom Holdings SOC Ltd. (BB-/Ba2)<sup>(i)</sup> | Eskom Holdings SOC Ltd. (BB-/Ba2)<sup>(i)</sup> | Eskom Holdings SOC Ltd. (BB-/Ba2)<sup>(i)</sup> |
| 2100000 | 6.350 <sup>(j)</sup> | 08/10/28 | 1937250 |
| Eskom Holdings SOC Ltd. (CCC+/Caa2) | Eskom Holdings SOC Ltd. (CCC+/Caa2) | Eskom Holdings SOC Ltd. (CCC+/Caa2) | Eskom Holdings SOC Ltd. (CCC+/Caa2) |
| 940000 | 6.750 | 08/06/23 | 901989 |
| 520000 | 6.750 | 08/06/23 | 498972 |
| 1800000 | 7.125 | 02/11/25 | 1633275 |
|  |  |  | 4971486 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Thailand<sup>(a)(b)</sup> – 0.5%** | **Thailand<sup>(a)(b)</sup> – 0.5%** | **Thailand<sup>(a)(b)</sup> – 0.5%** | **Thailand<sup>(a)(b)</sup> – 0.5%** |
| GC Treasury Center Co. Ltd. (BBB/Baa2) | GC Treasury Center Co. Ltd. (BBB/Baa2) | GC Treasury Center Co. Ltd. (BBB/Baa2) | GC Treasury Center Co. Ltd. (BBB/Baa2) |
| 1540000 | 2.980% | 03/18/31 | $1236139 |
| 250000 | 4.300 | 03/18/51 | 171687 |
| PTT Treasury Center Co. Ltd. (BBB+/Baa1) | PTT Treasury Center Co. Ltd. (BBB+/Baa1) | PTT Treasury Center Co. Ltd. (BBB+/Baa1) | PTT Treasury Center Co. Ltd. (BBB+/Baa1) |
| 2410000 | 3.700 | 07/16/70 | 1495405 |
|  |  |  | 2903231 |
| **Turkey – 0.3%** | **Turkey – 0.3%** | **Turkey – 0.3%** | **Turkey – 0.3%** |
| Yapi ve Kredi Bankasi A/S (NR/B3) | Yapi ve Kredi Bankasi A/S (NR/B3) | Yapi ve Kredi Bankasi A/S (NR/B3) | Yapi ve Kredi Bankasi A/S (NR/B3) |
| 200000 | 5.850 | 06/21/24 | 196038 |
| Yapi ve Kredi Bankasi A/S (NR/Caa3u) (5 year USD Swap + 11.245%) | Yapi ve Kredi Bankasi A/S (NR/Caa3u) (5 year USD Swap + 11.245%) | Yapi ve Kredi Bankasi A/S (NR/Caa3u) (5 year USD Swap + 11.245%) | Yapi ve Kredi Bankasi A/S (NR/Caa3u) (5 year USD Swap + 11.245%) |
| 1700000 | 13.875 <sup>(b)(h)</sup> | 12/31/99 | 1775756 |
|  |  |  | 1971794 |
| **Ukraine<sup>(i)(j)</sup> – 0.0%** | **Ukraine<sup>(i)(j)</sup> – 0.0%** | **Ukraine<sup>(i)(j)</sup> – 0.0%** | **Ukraine<sup>(i)(j)</sup> – 0.0%** |
| NPC Ukrenergo (NR/Caa3) | NPC Ukrenergo (NR/Caa3) | NPC Ukrenergo (NR/Caa3) | NPC Ukrenergo (NR/Caa3) |
| 346000 | 6.875 | 11/09/28 | 57912 |
| **United Arab Emirates – 1.1%** | **United Arab Emirates – 1.1%** | **United Arab Emirates – 1.1%** | **United Arab Emirates – 1.1%** |
| Abu Dhabi Crude Oil Pipeline LLC (AA/NR) | Abu Dhabi Crude Oil Pipeline LLC (AA/NR) | Abu Dhabi Crude Oil Pipeline LLC (AA/NR) | Abu Dhabi Crude Oil Pipeline LLC (AA/NR) |
| 3610000 | 4.600 <sup>(a)</sup> | 11/02/47 | 3308339 |
| DP World Crescent Ltd. (NR/Baa3) | DP World Crescent Ltd. (NR/Baa3) | DP World Crescent Ltd. (NR/Baa3) | DP World Crescent Ltd. (NR/Baa3) |
| 880000 | 3.750 <sup>(b)</sup> | 01/30/30 | 809215 |
| DP World Ltd. (NR/Baa3) | DP World Ltd. (NR/Baa3) | DP World Ltd. (NR/Baa3) | DP World Ltd. (NR/Baa3) |
| 310000 | 5.625 | 09/25/48 | 289424 |
| Galaxy Pipeline Assets Bidco Ltd. (NR/Aa2) | Galaxy Pipeline Assets Bidco Ltd. (NR/Aa2) | Galaxy Pipeline Assets Bidco Ltd. (NR/Aa2) | Galaxy Pipeline Assets Bidco Ltd. (NR/Aa2) |
| 471577 | 2.160 <sup>(a)</sup> | 03/31/34 | 400251 |
| NBK Tier 1 Financing 2 Ltd. (NR/Baa3) (6 Year USD Swap + 2.832%) | NBK Tier 1 Financing 2 Ltd. (NR/Baa3) (6 Year USD Swap + 2.832%) | NBK Tier 1 Financing 2 Ltd. (NR/Baa3) (6 Year USD Swap + 2.832%) | NBK Tier 1 Financing 2 Ltd. (NR/Baa3) (6 Year USD Swap + 2.832%) |
| 2010000 | 4.500 <sup>(a)(b)(h)</sup> | 12/31/99 | 1843924 |
|  |  |  | 6651153 |
| **United Kingdom – 0.3%** | **United Kingdom – 0.3%** | **United Kingdom – 0.3%** | **United Kingdom – 0.3%** |
| IHS Holding Ltd. (B/NR) | IHS Holding Ltd. (B/NR) | IHS Holding Ltd. (B/NR) | IHS Holding Ltd. (B/NR) |
| 480000 | 5.625 <sup>(a)(b)</sup> | 11/29/26 | 398340 |
| 400000 | 6.250 <sup>(a)(b)</sup> | 11/29/28 | 321575 |
| Prudential PLC (A-/A3) (5 year CMT + 1.517%) | Prudential PLC (A-/A3) (5 year CMT + 1.517%) | Prudential PLC (A-/A3) (5 year CMT + 1.517%) | Prudential PLC (A-/A3) (5 year CMT + 1.517%) |
| 1000000 | 2.950 <sup>(b)(h)</sup> | 11/03/33 | 815000 |
| Ukraine Railways Via Rail Capital Markets PLC (NR/NR) | Ukraine Railways Via Rail Capital Markets PLC (NR/NR) | Ukraine Railways Via Rail Capital Markets PLC (NR/NR) | Ukraine Railways Via Rail Capital Markets PLC (NR/NR) |
| 410000 | 8.250 | 07/09/24 | 74056 |
| Vedanta Resources Finance II PLC (B-/NR) | Vedanta Resources Finance II PLC (B-/NR) | Vedanta Resources Finance II PLC (B-/NR) | Vedanta Resources Finance II PLC (B-/NR) |
| 670000 | 8.950 <sup>(b)</sup> | 03/11/25 | 453088 |
|  |  |  | 2062059 |
| **United States – 0.9%** | **United States – 0.9%** | **United States – 0.9%** | **United States – 0.9%** |
| Brazil Loan Trust 1 (BB-/NR)<sup>(i)</sup> | Brazil Loan Trust 1 (BB-/NR)<sup>(i)</sup> | Brazil Loan Trust 1 (BB-/NR)<sup>(i)</sup> | Brazil Loan Trust 1 (BB-/NR)<sup>(i)</sup> |
| 1735928 | 5.477 <sup>(a)(j)</sup> | 07/24/23 | 1728659 |
| Kosmos Energy Ltd. (B/Caa1u) | Kosmos Energy Ltd. (B/Caa1u) | Kosmos Energy Ltd. (B/Caa1u) | Kosmos Energy Ltd. (B/Caa1u) |
| 930000 | 7.750 <sup>(a)(b)</sup> | 05/01/27 | 770621 |
| Sasol Financing USA LLC (BB+/Ba2) | Sasol Financing USA LLC (BB+/Ba2) | Sasol Financing USA LLC (BB+/Ba2) | Sasol Financing USA LLC (BB+/Ba2) |
| 2780000 | 5.875 <sup>(b)</sup> | 03/27/24 | 2710500 |
|  |  |  | 5209780 |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT 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)** |
| **Venezuela<sup>(f)</sup> – 1.1%** | **Venezuela<sup>(f)</sup> – 1.1%** | **Venezuela<sup>(f)</sup> – 1.1%** | **Venezuela<sup>(f)</sup> – 1.1%** |
| Petroleos de Venezuela SA (NR/NR)<sup>(l)</sup> | Petroleos de Venezuela SA (NR/NR)<sup>(l)</sup> | Petroleos de Venezuela SA (NR/NR)<sup>(l)</sup> | Petroleos de Venezuela SA (NR/NR)<sup>(l)</sup> |
| 138210000 | 6.000% | 10/28/22 | $3317040 |
| Petroleos de Venezuela SA (CCC-/NR) | Petroleos de Venezuela SA (CCC-/NR) | Petroleos de Venezuela SA (CCC-/NR) |  |
| 2180000 | 5.500 | 04/12/37 | 92650 |
| Petroleos de Venezuela SA (NR/NR) | Petroleos de Venezuela SA (NR/NR) | Petroleos de Venezuela SA (NR/NR) | Petroleos de Venezuela SA (NR/NR) |
| 41690000 | 6.000 | 05/16/24 | 1980275 |
| 3387934 | 6.000 | 11/15/26 | 143987 |
| 17520000 | 5.375 | 04/12/27 | 797160 |
| 1650000 | 5.375 | 04/12/27 | 75075 |
|  |  |  | 6406187 |
| **TOTAL CORPORATE OBLIGATIONS<br>(Cost $218,699,309)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $218,699,309)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $218,699,309)** | $136233535 |
| **Shares** | **Dividend**<br> **Rate** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(m)</sup> – 7.3%** | **Investment Company<sup>(m)</sup> – 7.3%** | **Investment Company<sup>(m)</sup> – 7.3%** | **Investment Company<sup>(m)</sup> – 7.3%** |
| Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
| 44380328 | 4.159% | 4.159% | $44380328 |
| **(Cost $44,380,328)** | **(Cost $44,380,328)** | **(Cost $44,380,328)** |  |
| **TOTAL INVESTMENTS – 93.8%<br>(Cost $784,299,059)** | **TOTAL INVESTMENTS – 93.8%<br>(Cost $784,299,059)** | **TOTAL INVESTMENTS – 93.8%<br>(Cost $784,299,059)** | $568638916 |
| **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 6.2%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 6.2%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 6.2%** | 37496793 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $606135709 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (b) | Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates. |
| (c) | Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on December 31, 2022. |
| (d) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (e) | Security with "Put" features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on December 31, 2022. |
| (f) | Security is currently in default and/or non-income producing. |
| (g) | Actual maturity date is April 03, 2120. |
| (h) | Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2022. |
| (i) | Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $7,540,395, which represents approximately 1% of the Fund's net assets as of December 31, 2022. |
| (j) | Guaranteed by a foreign government until maturity. |
| (k) | Pay-in-kind securities. |
| (l) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3. |
| (m) | Represents an Affiliated Issuer. |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT 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 | 4907800 | NZD | 5220663 | 01/25/23 | $29246 |
|  | AUD | 773163 | NZD | 827853 | 03/15/23 | 1991 |
|  | AUD | 3014928 | USD | 2026800 | 01/17/23 | 27425 |
|  | BRL | 2744621 | USD | 510736 | 01/04/23 | 8646 |
|  | CAD | 2462646 | USD | 1809652 | 03/15/23 | 10225 |
|  | CHF | 1182979 | EUR | 1198000 | 03/15/23 | 872 |
|  | CLP | 1161399900 | USD | 1334231 | 01/03/23 | 34533 |
|  | CLP | 720021631 | USD | 778498 | 01/10/23 | 69509 |
|  | COP | 3954312241 | USD | 778479 | 01/23/23 | 33486 |
|  | CZK | 29463120 | EUR | 1209818 | 01/25/23 | 4230 |
|  | CZK | 34808 | USD | 1506 | 03/15/23 | 28 |
|  | EUR | 1735197 | CHF | 1707658 | 01/25/23 | 8590 |
|  | EUR | 492000 | CHF | 485151 | 03/15/23 | 383 |
|  | EUR | 604405 | GBP | 523645 | 03/15/23 | 16100 |
|  | EUR | 611599 | NZD | 1020043 | 03/15/23 | 9942 |
|  | EUR | 1939237 | SEK | 21385056 | 01/25/23 | 27082 |
|  | EUR | 933399 | SEK | 10300036 | 03/15/23 | 12999 |
|  | EUR | 18092700 | USD | 18533336 | 01/06/23 | 842234 |
|  | EUR | 6867078 | USD | 7319700 | 01/17/23 | 40193 |
|  | EUR | 67507898 | USD | 71781331 | 03/15/23 | 858066 |
|  | GBP | 545724 | USD | 654403 | 01/03/23 | 5402 |
|  | GBP | 531058 | USD | 641168 | 02/23/23 | 1731 |
|  | JPY | 78401255 | USD | 595741 | 03/15/23 | 7766 |
|  | NOK | 23325130 | USD | 2342795 | 03/15/23 | 45921 |
|  | NZD | 2389808 | USD | 1357485 | 01/11/23 | 160047 |
|  | NZD | 727620 | USD | 456912 | 01/25/23 | 5234 |
|  | NZD | 113062 | USD | 71262 | 03/15/23 | 579 |
|  | PLN | 41187263 | USD | 9169660 | 03/15/23 | 170809 |
|  | SGD | 1997889 | USD | 1481388 | 01/25/23 | 10974 |
|  | SGD | 1531517 | USD | 1135758 | 03/15/23 | 9082 |
|  | TWD | 20648043 | USD | 670914 | 01/03/23 | 1352 |
|  | USD | 1968866 | BRL | 10288641 | 01/04/23 | 21884 |
|  | USD | 500877 | BRL | 2605038 | 02/02/23 | 10680 |
|  | USD | 2477920 | EUR | 2300417 | 01/17/23 | 12413 |
|  | USD | 650746 | EUR | 604405 | 03/15/23 | 398 |
|  | USD | 912369 | GBP | 744016 | 01/03/23 | 12819 |
|  | USD | 3059725 | GBP | 2492727 | 03/15/23 | 40495 |
|  | USD | 6385750 | ILS | 21609423 | 02/08/23 | 226927 |
|  | USD | 2017226 | ILS | 6884775 | 03/15/23 | 50316 |
|  | USD | 607688 | INR | 50204765 | 02/16/23 | 2467 |
|  | USD | 3212969 | NZD | 5014757 | 03/15/23 | 26537 |
|  | USD | 1481383 | SEK | 15278832 | 03/15/23 | 10833 |
|  | USD | 556808 | TRY | 10854947 | 03/15/23 | 8518 |
|  | USD | 654295 | TWD | 20031231 | 01/03/23 | 2111 |
|  | ZAR | 62522844 | USD | 3478290 | 01/05/23 | 199903 |
|  | ZAR | 10670751 | USD | 620262 | 03/15/23 | 3731 |
|  **TOTAL** | **TOTAL** | **TOTAL** | **TOTAL** | **TOTAL** | **TOTAL** | $3084709 |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT 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. | AUD | 567600 | NZD | 609239 | 01/25/23 | $(83) |
|  | BRL | 9165305 | USD | 1762074 | 01/04/23 | (27669) |
|  | BRL | 2744621 | USD | 523338 | 02/02/23 | (6875) |
|  | CHF | 2981164 | EUR | 3030871 | 01/25/23 | (16749) |
|  | CHF | 591451 | USD | 645499 | 03/15/23 | (573) |
|  | COP | 1113703504 | USD | 229819 | 01/23/23 | (1135) |
|  | EUR | 1198000 | CHF | 1185385 | 01/25/23 | (1008) |
|  | EUR | 1212873 | CZK | 29463120 | 01/25/23 | (952) |
|  | EUR | 591863 | NZD | 1002964 | 03/15/23 | (443) |
|  | GBP | 74685 | USD | 91202 | 01/03/23 | (904) |
|  | ILS | 865450 | USD | 251877 | 03/15/23 | (4627) |
|  | ILS | 1839429 | USD | 535312 | 03/17/23 | (9732) |
|  | INR | 176885 | USD | 2139 | 02/16/23 | (7) |
|  | NZD | 4627826 | AUD | 4348017 | 01/25/23 | (24238) |
|  | NZD | 1513365 | AUD | 1418230 | 03/15/23 | (6946) |
|  | NZD | 1001661 | EUR | 597733 | 03/15/23 | (6702) |
|  | SEK | 21385056 | EUR | 1947501 | 01/25/23 | (35943) |
|  | SEK | 7033081 | EUR | 646839 | 03/15/23 | (19091) |
|  | TWD | 20648042 | USD | 676143 | 01/03/23 | (3876) |
|  | TWD | 616812 | USD | 20360 | 03/27/23 | (99) |
|  | USD | 1472690 | AUD | 2182650 | 01/17/23 | (14462) |
|  | USD | 710614 | AUD | 1043265 | 03/15/23 | (1866) |
|  | USD | 302479 | BRL | 1621285 | 01/04/23 | (4327) |
|  | USD | 1079763 | CHF | 998334 | 03/15/23 | (8833) |
|  | USD | 1313582 | CLP | 1161399900 | 01/03/23 | (55181) |
|  | USD | 771566 | CLP | 693822895 | 01/10/23 | (45585) |
|  | USD | 1595402 | CNH | 11068555 | 03/15/23 | (13323) |
|  | USD | 1505744 | COP | 7518875430 | 01/23/23 | (38157) |
|  | USD | 133499514 | EUR | 134278907 | 01/06/23 | (10300498) |
|  | USD | 4340025 | EUR | 4066708 | 01/17/23 | (18531) |
|  | USD | 650968 | EUR | 607042 | 03/15/23 | (2218) |
|  | USD | 524594 | GBP | 437478 | 01/03/23 | (4338) |
|  | USD | 649505 | GBP | 538813 | 02/23/23 | (2783) |
|  | USD | 878153 | KRW | 1134837209 | 03/16/23 | (24681) |
|  | USD | 93345 | MXN | 1875895 | 03/15/23 | (1600) |
|  | USD | 527304 | NOK | 5630026 | 01/04/23 | (47476) |
|  | USD | 377181 | NOK | 3694189 | 03/15/23 | (1139) |
|  | USD | 574831 | NOK | 5630026 | 03/30/23 | (2153) |
|  | USD | 8494480 | PLN | 42207041 | 01/13/23 | (1128927) |
|  | USD | 1484210 | SGD | 1997889 | 01/25/23 | (8153) |
|  | USD | 690985 | TWD | 21264854 | 01/03/23 | (1365) |
|  | USD | 3944639 | ZAR | 68999610 | 03/15/23 | (90248) |
|  **TOTAL** |  |  |  |  |  | $(11983496) |

---

**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 | 97 | 03/22/23 | $10892797 | $(15755) |
|  2 Year U.S. Treasury Notes | 230 | 03/31/23 | 47167969 | 53768 |
|  5 Year U.S. Treasury Notes | 377 | 03/31/23 | 40689492 | (256865) |
|  Ultra Long U.S. Treasury Bonds | 341 | 03/22/23 | 43361063 | (1208877) |
|  **Total** |  |  |  | $(1427729) |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

*December 31, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

------

**FUTURES CONTRACTS (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br>**Contracts** | **Expiration**<br>**Date** | **Notional**<br>**Amount** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
|  **Short position contracts:** |  |  |  |  |
|  10 Year U.S. Treasury Notes | (68) | 03/22/23 | $(8043125) | $168280 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $(1259449) |

---

**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> &nbsp;&nbsp;&nbsp;&nbsp;10.565%<sup>(a)</sup> | 01/02/23 | &nbsp;&nbsp;&nbsp;&nbsp;14880 | $(34367) | $— | $(34367) |
|  1M BID Average<sup>(a)</sup><br> 12.400<sup>(a)</sup> | 01/02/23 | 14140 | 16138 | 61 | 16077 |
|  5.800%<sup>(a)</sup><br> 1M BID Average<sup>(a)</sup> | 01/02/23 | 130700 | 1365550 | (6420) | 1371970 |
|  1M BID Average<sup>(b)</sup><br> 7.200<sup>(b)</sup> | 01/02/23 | 141640 | (1211502) | (10) | (1211492) |
|  1M BID Average<sup>(b)</sup><br> 11.814<sup>(b)</sup> | 01/02/24 | 21053 | (54938) | (18427) | (36511) |
|  1M BID Average<sup>(a)</sup><br> 12.300<sup>(a)</sup> | 01/02/24 | 6140 | (5004) | (21023) | 16019 |
|  1M BID Average<sup>(a)</sup><br> 13.950<sup>(a)</sup> | 01/02/24 | 95570 | 80393 | (4760) | 85153 |
| 12.795<sup>(a)</sup><br> 1M BID Average<sup>(a)</sup> | 01/02/24 | 30650 | 37388 |  | 37388 |
|  1M BID Average<sup>(a)</sup><br> 11.488<sup>(a)</sup> | 01/02/25 | 29290 | (110984) | (3444) | (107540) |
| 10.950<sup>(a)</sup><br> 1M BID Average<sup>(a)</sup> | 01/02/25 | 3600 | 24729 | 607 | 24122 |
| 13.300<sup>(a)</sup><br> 1M BID Average<sup>(a)</sup> | 01/02/25 | 27000 | (47432) | (207) | (47225) |
| 9.250<sup>(a)</sup><br> Mexico Interbank TIIE 28 Days<sup>(a)</sup> | 03/12/25 | &nbsp;&nbsp;&nbsp;&nbsp;128705 <sup>(c)</sup> | 38089 | (12482) | 50571 |
| 8.250<sup>(d)</sup><br> 3M JIBAR<sup>(d)</sup> | 03/15/25 | 204175 <sup>(c)</sup> | (84853) | (65804) | (19049) |
| 3.000<sup>(e)</sup><br> 6M EURO<sup>(f)</sup> | 03/15/25 | 6200 <sup>(c)</sup> | 63038 | 30536 | 32502 |
| 4.500<sup>(d)</sup><br> 3M KWCDC<sup>(d)</sup> | 03/17/25 | 10035650 <sup>(c)</sup> | (115123) | (93464) | (21659) |
|  3M LIBOR<sup>(f)</sup><br> 3.388<sup>(f)</sup> | 11/15/26 | $32800 <sup>(c)</sup> | 85516 | 199527 | (114011) |
| 11.230<sup>(a)</sup><br> 1M BID Average<sup>(a)</sup> | 01/04/27 | 28730 | 179625 | 208175 | (28550) |
|  3M LIBOR<sup>(f)</sup><br> 3.350<sup>(f)</sup> | 10/06/27 | $30370 <sup>(c)</sup> | 76080 | (108894) | 184974 |
|  3M CNRR<sup>(d)</sup><br> 2.500<sup>(d)</sup> | 03/15/28 | 72490 <sup>(c)</sup> | (158882) | (202395) | 43513 |
|  3M KWCDC<sup>(d)</sup><br> 4.500<sup>(d)</sup> | 03/15/28 | 17484450 <sup>(c)</sup> | 596693 | 678790 | (82097) |
| 3.000<sup>(e)</sup><br> 6M EURO<sup>(f)</sup> | 03/15/28 | 6380 <sup>(c)</sup> | 86218 | (127683) | 213901 |
| 3.000<sup>(e)</sup><br> 6M EURO<sup>(f)</sup> | 03/15/30 | 4560 <sup>(c)</sup> | 66654 | (135518) | 202172 |
|  Mexico Interbank TIIE 28 Days<sup>(a)</sup><br> 8.250<sup>(a)</sup> | 03/02/33 | 55315 <sup>(c)</sup> | (76611) | (7385) | (69226) |
| 4.250<sup>(d)</sup><br> 3M KWCDC<sup>(d)</sup> | 03/15/33 | 5798440 <sup>(c)</sup> | (305071) | (324794) | 19723 |
| 3.750<sup>(f)</sup><br> 3M LIBOR<sup>(f)</sup> | 03/15/33 | $11400 <sup>(c)</sup> | (206988) | (456901) | 249913 |
|  6M WIBOR<sup>(f)</sup><br> 5.500<sup>(e)</sup> | 03/15/33 | 32175 <sup>(c)</sup> | (333990) | (38529) | (295461) |
| 3.000<sup>(e)</sup><br> 6M EURO<sup>(f)</sup> | 03/15/33 | 3250 <sup>(c)</sup> | 64015 | (22900) | 86915 |
|  3M JIBAR<sup>(d)</sup><br> 9.500<sup>(d)</sup> | 03/15/33 | 76600 <sup>(c)</sup> | 74564 | 16654 | 57910 |
| 3.500<sup>(f)</sup><br> 3M LIBOR<sup>(f)</sup> | 11/15/34 | $7270 <sup>(c)</sup> | (101069) | (218870) | 117801 |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT 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)** |
|  3.240%<sup>(f)</sup><br> 3M LIBOR<sup>(f)</sup> | 10/06/35 | $7070 <sup>(c)</sup> | $52027 | $182591 | $(130564) |
| 3.000<sup>(e)</sup><br> 6M EURO<sup>(f)</sup> | 03/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;7920 <sup>(c)</sup> | 142399 | (447103) | 589502 |
|  **TOTAL** |  |  | $202302 | $(1000072) | $1202374 |

---

(a) Payments made at monthly.

(b) Payments made at maturity.

(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 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 Purchased:** | **Protection Purchased:** | **Protection Purchased:** | **Protection Purchased:** | **Protection Purchased:** |  |  |  |
| Republic of Colombia | (1.000)% | &nbsp;&nbsp;&nbsp;&nbsp;2.706% | 12/20/27 | $3790 | $273847 | $310484 | $(36637) |
| Republic of South Africa | (1.000) | &nbsp;&nbsp;&nbsp;&nbsp;2.472 | 12/20/27 | 3240 | 203947 | 219956 | (16009) |
|  **Protection Sold:** |  |  |  |  |  |  |  |
| Argentine Republic, 1.000%, 07/09/29 | 5.000 | 43.072 | 12/20/25 | 560 | (340333) | (70231) | (270102) |
| Federative Republic of Brazil | 1.000 | &nbsp;&nbsp;&nbsp;&nbsp;2.509 | 12/20/27 | 5840 | (376452) | (440435) | 63983 |
| Republic of Chile, 3.240%, 12/20/2027 | 1.000 | &nbsp;&nbsp;&nbsp;&nbsp;1.070 | 12/20/27 | 5340 | (14893) | (137199) | 122306 |
| Republic of Indonesia, 5.875%, 12/20/2027 | 1.000 | &nbsp;&nbsp;&nbsp;&nbsp;1.018 | 12/20/27 | 10840 | (5230) | (97737) | 92507 |
| Republic of Panama, 8.875%, 12/20/2027 | 1.000 | &nbsp;&nbsp;&nbsp;&nbsp;1.171 | 12/20/27 | 3410 | (24676) | (75819) | 51143 |
| Republic of Panama, 8.875%, 06/20/2027 | 1.000 | &nbsp;&nbsp;&nbsp;&nbsp;1.076 | 06/20/27 | 1210 | (3347) | (13140) | 9793 |
| Republic of Peru, 8.750%, 06/20/2027 | 1.000 | &nbsp;&nbsp;&nbsp;&nbsp;1.195 | 12/20/27 | 4280 | (35544) | (28382) | (7162) |
| Republic of Peru, 8.750%, 06/20/2027 | 1.000 | &nbsp;&nbsp;&nbsp;&nbsp;1.100 | 06/20/27 | 3140 | (11734) | (29509) | 17775 |
| Republic of the Philippines, 10.625%, 12/20/2027 | 1.000 | &nbsp;&nbsp;&nbsp;&nbsp;0.990 | 12/20/27 | 8170 | 6473 | (103106) | 109579 |
| Republic of Turkey | 1.000 | &nbsp;&nbsp;&nbsp;&nbsp;5.059 | 12/20/27 | 2370 | (380240) | (399923) | 19683 |
| United Mexican States, 4.150%, 12/20/2027 | 1.000 | &nbsp;&nbsp;&nbsp;&nbsp;1.299 | 12/20/27 | 11170 | (143502) | (315475) | 171973 |
| **TOTAL** |  |  |  |  | $(851684) | $(1180516) | $328832 |

---

(a) Payments made quarterly.

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

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

*December 31, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

------

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums 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 | 4900000 | $4900000 | $28116 | $164150 | $(136034) |
|  1Y IRS | Deutsche Bank AG (London) | 2.700 | 04/28/2023 | 6050000 | 6050000 | 26124 | 224661 | (198537) |
|  |  |  |  | 10950000 | $10950000 | $54240 | $388811 | $(334571) |
|  **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** |
|  1Y IRS | Deutsche Bank AG (London) | 3.000 | 05/05/2023 | 5920000 | 5920000 | 301437 | 207104 | 94334 |
|  1Y IRS | Deutsche Bank AG (London) | 2.960 | 09/05/2023 | 5090000 | 5090000 | 289328 | 198154 | 91174 |
|  1Y IRS | JPMorgan Securities, Inc. | 2.800 | 08/23/2023 | 5090000 | 5090000 | 335677 | 183772 | 151905 |
|  |  |  |  | 16100000 | $16100000 | $926442 | $589030 | $337413 |
|  **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** | 27050000 | $27050000 | $980682 | $977841 | $2842 |
|  **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** |
|  1Y IRS | Citibank NA | 1.750 | 07/28/2023 | (4900000) | (4900000) | (8162) | (61250) | 53088 |
|  1Y IRS | Citibank NA | 2.075 | 07/28/2023 | (4900000) | (4900000) | (15343) | (102900) | 87558 |
|  1Y IRS | Deutsche Bank AG (London) | 2.013 | 04/28/2023 | (6050000) | (6050000) | (4129) | (85585) | 81456 |
|  1Y IRS | Deutsche Bank AG (London) | 2.356 | 04/28/2023 | (6050000) | (6050000) | (10733) | (139076) | 128342 |
|  |  |  |  | (21900000) | $(21900000) | $(38367) | $(388811) | $350444 |
|  **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** |
|  1Y IRS | Deutsche Bank AG (London) | 3.891 | 05/05/2023 | (5920000) | (5920000) | (77351) | (76079) | (1272) |
|  1Y IRS | Deutsche Bank AG (London) | 3.446 | 05/05/2023 | (5920000) | (5920000) | (162810) | (131025) | (31785) |
|  1Y IRS | Deutsche Bank AG (London) | 3.405 | 09/05/2023 | (5090000) | (5090000) | (181166) | (121449) | (59716) |
|  1Y IRS | Deutsche Bank AG (London) | 3.850 | 09/05/2023 | (5090000) | (5090000) | (107270) | (76705) | (30566) |
|  1Y IRS | JPMorgan Securities, Inc. | 3.660 | 08/23/2023 | (5090000) | (5090000) | (132266) | (70313) | (61954) |
|  1Y IRS | JPMorgan Securities, Inc. | 3.230 | 08/23/2023 | (5090000) | (5090000) | (217683) | (113459) | (104224) |
|  |  |  |  | (32200000) | $(32200000) | $(878546) | $(589030) | $(289517) |
|  **Total written option contracts** | **Total written option contracts** | **Total written option contracts** | **Total written option contracts** | (54100000) | $(54100000) | $(916913) | $(977841) | $60927 |
|  **TOTAL** | **TOTAL** | **TOTAL** | **TOTAL** | (27050000) | $(27050000) | $63769 | $— | $63769 |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT 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 |
| ILS | — Israeli Shekel |
| INR | — Indian Rupee |
| JPY | — Japanese Yen |
| KRW | — South Korean Won |
| MXN | — Mexican Peso |
| NOK | — Norwegian Krone |
| NZD | — New Zealand Dollar |
| PLN | — Polish Zloty |
| SEK | — Swedish Krona |
| SGD | — Singapore Dollar |
| TRY | — Turkish Lira |
| TWD | — Taiwan Dollar |
| USD | — U.S. Dollar |
| ZAR | — South African Rand |
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| CMT | — Constant Maturity Treasury Indexes |
| LLC | — Limited Liability Company |
| MTN | — Medium Term Note |
| NR | — Not Rated |
| PLC | — Public Limited Company |
| WR | — Withdrawn Rating |
| **Abbreviations:** | **Abbreviations:** |
| 1M IRS | — 1 Month Interest Rate Swaptions |
| 1Y IRS | — 1 Year Interest Rate Swaptions |
| EURO | — Euro Offered Rate |
| JIBAR | — Johannesburg Interbank Agreed Rate |
| KWCDC | — South Korean Won Certificate of Deposit |
| LIBOR | — London Interbank Offered Rate |
| TIIE | — La Tasa de Interbank Equilibrium Interest Rate |
| WIBOR | — Warsaw Interbank Offered Rate |

---

------

GOLDMAN SACHS HIGH YIELD FUND

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – 88.2%** | **Corporate Obligations – 88.2%** | **Corporate Obligations – 88.2%** | **Corporate Obligations – 88.2%** |
| **Advertising<sup>(a)</sup> – 0.4%** | **Advertising<sup>(a)</sup> – 0.4%** | **Advertising<sup>(a)</sup> – 0.4%** | **Advertising<sup>(a)</sup> – 0.4%** |
| Lamar Media Corp. | Lamar Media Corp. | Lamar Media Corp. | Lamar Media Corp. |
| 3289000 | 3.625% | 01/15/31 | $2721286 |
| Outfront Media Capital LLC/Outfront Media Capital Corp.<sup>(b)</sup> | Outfront Media Capital LLC/Outfront Media Capital Corp.<sup>(b)</sup> | Outfront Media Capital LLC/Outfront Media Capital Corp.<sup>(b)</sup> | Outfront Media Capital LLC/Outfront Media Capital Corp.<sup>(b)</sup> |
| 1609000 | 4.250 | 01/15/29 | 1334633 |
| 2829000 | 4.625 | 03/15/30 | 2346090 |
|  |  |  | 6402009 |
| **Aerospace & Defense<sup>(a)</sup> – 2.9%** | **Aerospace & Defense<sup>(a)</sup> – 2.9%** | **Aerospace & Defense<sup>(a)</sup> – 2.9%** | **Aerospace & Defense<sup>(a)</sup> – 2.9%** |
| Bombardier, Inc. | Bombardier, Inc. | Bombardier, Inc. | Bombardier, Inc. |
| 1900000 | 7.500 <sup>(b)</sup> | 12/01/24 | 1903534 |
| Howmet Aerospace, Inc. | Howmet Aerospace, Inc. | Howmet Aerospace, Inc. | Howmet Aerospace, Inc. |
| 39000 | 6.875 | 05/01/25 | 40055 |
| 3040000 | 3.000 | 01/15/29 | 2569347 |
| Moog, Inc. | Moog, Inc. | Moog, Inc. | Moog, Inc. |
| 3004000 | 4.250 <sup>(b)</sup> | 12/15/27 | 2775155 |
| Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. |
| 4849000 | 7.500 <sup>(b)</sup> | 04/15/25 | 4791782 |
| 2285000 | 4.600 | 06/15/28 | 1850667 |
| 1755000 | 9.375 | 11/30/29 | 1849472 |
| TransDigm UK Holdings PLC | TransDigm UK Holdings PLC | TransDigm UK Holdings PLC | TransDigm UK Holdings PLC |
| 220000 | 6.875 | 05/15/26 | 215602 |
| TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
| 1200000 | 7.500 | 03/15/27 | 1188936 |
| 5048000 | 5.500 | 11/15/27 | 4740324 |
| 3570000 | 4.625 | 01/15/29 | 3136888 |
| 8868000 | 4.875 | 05/01/29 | 7731743 |
| Triumph Group, Inc.<sup>(c)</sup> | Triumph Group, Inc.<sup>(c)</sup> | Triumph Group, Inc.<sup>(c)</sup> | Triumph Group, Inc.<sup>(c)</sup> |
| 3886000 | 6.250 <sup>(b)</sup> | 09/15/24 | 3673397 |
| 5955000 | 7.750 | 08/15/25 | 5071576 |
|  |  |  | 41538478 |
| **Airlines – 0.9%** | **Airlines – 0.9%** | **Airlines – 0.9%** | **Airlines – 0.9%** |
| Allegiant Travel Co. | Allegiant Travel Co. | Allegiant Travel Co. | Allegiant Travel Co. |
| 2430000 | 7.250 <sup>(a)(b)</sup> | 08/15/27 | 2313117 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(b)</sup> | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(b)</sup> | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(b)</sup> | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(b)</sup> |
| 2370000 | 5.500 | 04/20/26 | 2279134 |
| Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. | Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. | Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. | Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. |
| 6807223 | 5.750 <sup>(a)(b)</sup> | 01/20/26 | 6159107 |
| United Continental Holdings, Inc. | United Continental Holdings, Inc. | United Continental Holdings, Inc. | United Continental Holdings, Inc. |
| 2875000 | 5.000 | 02/01/24 | 2842944 |
|  |  |  | 13594302 |
| **Automotive – 4.2%** | **Automotive – 4.2%** | **Automotive – 4.2%** | **Automotive – 4.2%** |
| American Axle & Manufacturing, Inc.<sup>(a)</sup> | American Axle & Manufacturing, Inc.<sup>(a)</sup> | American Axle & Manufacturing, Inc.<sup>(a)</sup> | American Axle & Manufacturing, Inc.<sup>(a)</sup> |
| 101000 | 6.250 | 03/15/26 | 94804 |
| 3110000 | 5.000 <sup>(c)</sup> | 10/01/29 | 2494469 |
| Clarios Global LP/Clarios U.S. Finance Co. | Clarios Global LP/Clarios U.S. Finance Co. | Clarios Global LP/Clarios U.S. Finance Co. | Clarios Global LP/Clarios U.S. Finance Co. |
| 2952000 | 8.500 <sup>(a)(b)</sup> | 05/15/27 | 2888001 |
| Clarios Global LP/Clarios US Finance Co. | Clarios Global LP/Clarios US Finance Co. | Clarios Global LP/Clarios US Finance Co. | Clarios Global LP/Clarios US Finance Co. |
|  | 4.375 <sup>(a)</sup> | 05/15/26 |  |
| Dana Financing Luxembourg S.a.r.l. | Dana Financing Luxembourg S.a.r.l. | Dana Financing Luxembourg S.a.r.l. | Dana Financing Luxembourg S.a.r.l. |
| 1175000 | 3.000 <sup>(a)(b)</sup> | 07/15/29 | 961722 |
| Dana, Inc.<sup>(a)</sup> | Dana, Inc.<sup>(a)</sup> | Dana, Inc.<sup>(a)</sup> | Dana, Inc.<sup>(a)</sup> |
| 4243000 | 5.375 | 11/15/27 | 3934788 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Automotive – (continued)** | **Automotive – (continued)** | **Automotive – (continued)** | **Automotive – (continued)** |
| Dana, Inc.<sup>(a)</sup> – (continued) | Dana, Inc.<sup>(a)</sup> – (continued) | Dana, Inc.<sup>(a)</sup> – (continued) | Dana, Inc.<sup>(a)</sup> – (continued) |
| 1205000 | 4.250% | 09/01/30 | $971025 |
| Dealer Tire LLC/DT Issuer LLC | Dealer Tire LLC/DT Issuer LLC | Dealer Tire LLC/DT Issuer LLC | Dealer Tire LLC/DT Issuer LLC |
| 5849000 | 8.000 <sup>(a)(b)</sup> | 02/01/28 | 4983933 |
| Dornoch Debt Merger Sub, Inc. | Dornoch Debt Merger Sub, Inc. | Dornoch Debt Merger Sub, Inc. | Dornoch Debt Merger Sub, Inc. |
| 5333000 | 6.625 <sup>(a)(b)</sup> | 10/15/29 | 3770378 |
| Ford Motor Co. | Ford Motor Co. | Ford Motor Co. | Ford Motor Co. |
| 2567000 | 3.250 <sup>(a)</sup> | 02/12/32 | 1931539 |
| 7341000 | 4.750 | 01/15/43 | 5311140 |
| Ford Motor Credit Co. LLC<sup>(a)</sup> | Ford Motor Credit Co. LLC<sup>(a)</sup> | Ford Motor Credit Co. LLC<sup>(a)</sup> | Ford Motor Credit Co. LLC<sup>(a)</sup> |
| 1350000 | 4.687 | 06/09/25 | 1289101 |
| 3020000 | 3.375 | 11/13/25 | 2735425 |
| 5425000 | 4.950 | 05/28/27 | 5067058 |
| 2803000 | 3.815 | 11/02/27 | 2470929 |
| 2010000 | 2.900 | 02/16/28 | 1660863 |
| 2380000 | 4.000 | 11/13/30 | 1954742 |
| 4307000 | 3.625 | 06/17/31 | 3390901 |
| General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
| 1915000 | 2.350 <sup>(a)</sup> | 01/08/31 | 1446361 |
| IHO Verwaltungs GmbH<sup>(a)(b)(d)</sup> | IHO Verwaltungs GmbH<sup>(a)(b)(d)</sup> | IHO Verwaltungs GmbH<sup>(a)(b)(d)</sup> | IHO Verwaltungs GmbH<sup>(a)(b)(d)</sup> |
| 900000 | 6.000 | 05/15/27 | 791451 |
| 2985000 | 6.375 | 05/15/29 | 2519788 |
| (PIK 5.500%, Cash 4.750%) | (PIK 5.500%, Cash 4.750%) | (PIK 5.500%, Cash 4.750%) | (PIK 5.500%, Cash 4.750%) |
| 2695000 | 4.750 | 09/15/26 | 2335783 |
| The Goodyear Tire & Rubber Co.<sup>(a)</sup> | The Goodyear Tire & Rubber Co.<sup>(a)</sup> | The Goodyear Tire & Rubber Co.<sup>(a)</sup> | The Goodyear Tire & Rubber Co.<sup>(a)</sup> |
| 3830000 | 9.500 | 05/31/25 | 3960718 |
| 2371000 | 5.000 <sup>(c)</sup> | 07/15/29 | 1977770 |
| 2371000 | 5.250 | 07/15/31 | 1940403 |
|  |  |  | 60883092 |
| **Banks – 2.7%** | **Banks – 2.7%** | **Banks – 2.7%** | **Banks – 2.7%** |
| 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%) |
| 1580000 | 5.875 <sup>(a)(b)(e)</sup> | 12/31/99 | 1406990 |
| Bank of America Corp. (5 year CMT + 1.200%) | Bank of America Corp. (5 year CMT + 1.200%) | Bank of America Corp. (5 year CMT + 1.200%) | Bank of America Corp. (5 year CMT + 1.200%) |
| 3565000 | 2.482 <sup>(a)(e)</sup> | 09/21/36 | 2628154 |
| Barclays PLC (5 year CMT + 5.672%) | Barclays PLC (5 year CMT + 5.672%) | Barclays PLC (5 year CMT + 5.672%) | Barclays PLC (5 year CMT + 5.672%) |
| 3937000 | 8.000 <sup>(a)(e)</sup> | 12/31/99 | 3830110 |
| Citigroup, Inc.<sup>(a)(e)</sup> | Citigroup, Inc.<sup>(a)(e)</sup> | Citigroup, Inc.<sup>(a)(e)</sup> | Citigroup, Inc.<sup>(a)(e)</sup> |
| (3M USD LIBOR + 3.423%) | (3M USD LIBOR + 3.423%) | (3M USD LIBOR + 3.423%) | (3M USD LIBOR + 3.423%) |
| 4002000 | 6.300 | 12/29/49 | 3794616 |
| (5 year CMT + 3.597%) | (5 year CMT + 3.597%) | (5 year CMT + 3.597%) | (5 year CMT + 3.597%) |
| 931000 | 4.000 | 12/31/99 | 812083 |
| Comerica, Inc. (5 year CMT + 5.291%) | Comerica, Inc. (5 year CMT + 5.291%) | Comerica, Inc. (5 year CMT + 5.291%) | Comerica, Inc. (5 year CMT + 5.291%) |
| 1550000 | 5.625 <sup>(a)(e)</sup> | 12/31/99 | 1502183 |
| Credit Suisse Group AG<sup>(a)(e)</sup> | Credit Suisse Group AG<sup>(a)(e)</sup> | Credit Suisse Group AG<sup>(a)(e)</sup> | Credit Suisse Group AG<sup>(a)(e)</sup> |
| (5 year CMT + 3.554%) | (5 year CMT + 3.554%) | (5 year CMT + 3.554%) | (5 year CMT + 3.554%) |
| 900000 | 4.500 <sup>(b)</sup> | 12/31/99 | 513027 |
| (5 year CMT + 4.889%) | (5 year CMT + 4.889%) | (5 year CMT + 4.889%) | (5 year CMT + 4.889%) |
| 1075000 | 5.250 <sup>(b)</sup> | 12/31/99 | 705920 |
| (5 year USD Swap + 3.455%) | (5 year USD Swap + 3.455%) | (5 year USD Swap + 3.455%) | (5 year USD Swap + 3.455%) |
| 1129000 | 6.250 | 12/29/49 | 886852 |
| Deutsche Bank AG<sup>(a)(e)</sup> | Deutsche Bank AG<sup>(a)(e)</sup> | Deutsche Bank AG<sup>(a)(e)</sup> | Deutsche Bank AG<sup>(a)(e)</sup> |
| (5 year CMT + 4.524%) | (5 year CMT + 4.524%) | (5 year CMT + 4.524%) | (5 year CMT + 4.524%) |
| 1800000 | 6.000 | 12/31/99 | 1531404 |
| (SOFR + 2.757%) | (SOFR + 2.757%) | (SOFR + 2.757%) | (SOFR + 2.757%) |
| 2225000 | 3.729 | 01/14/32 | 1638668 |

---

------

GOLDMAN SACHS HIGH YIELD 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)** |
| Intesa Sanpaolo SpA<sup>(b)</sup> | Intesa Sanpaolo SpA<sup>(b)</sup> | Intesa Sanpaolo SpA<sup>(b)</sup> | Intesa Sanpaolo SpA<sup>(b)</sup> |
| 2350000 | 5.017% | 06/26/24 | $2269113 |
| 3120000 | 5.710 | 01/15/26 | 3006401 |
| Morgan Stanley, Inc. (SOFR + 1.360%) | Morgan Stanley, Inc. (SOFR + 1.360%) | Morgan Stanley, Inc. (SOFR + 1.360%) | Morgan Stanley, Inc. (SOFR + 1.360%) |
| 3575000 | 2.484 <sup>(a)(e)</sup> | 09/16/36 | 2607712 |
| Standard Chartered PLC (5 year CMT + 3.805%) | Standard Chartered PLC (5 year CMT + 3.805%) | Standard Chartered PLC (5 year CMT + 3.805%) | Standard Chartered PLC (5 year CMT + 3.805%) |
| 2610000 | 4.750 <sup>(a)(b)(e)</sup> | 12/31/99 | 2006672 |
| The Bank of New York Mellon Corp. (5 year CMT + 4.358%) | The Bank of New York Mellon Corp. (5 year CMT + 4.358%) | The Bank of New York Mellon Corp. (5 year CMT + 4.358%) | The Bank of New York Mellon Corp. (5 year CMT + 4.358%) |
| 1550000 | 4.700 <sup>(a)(e)</sup> | 12/31/99 | 1484931 |
| 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%) |
| 2445000 | 6.200 <sup>(a)(e)</sup> | 12/31/99 | 2394560 |
| The Toronto-Dominion Bank (5 year CMT + 4.075%) | The Toronto-Dominion Bank (5 year CMT + 4.075%) | The Toronto-Dominion Bank (5 year CMT + 4.075%) | The Toronto-Dominion Bank (5 year CMT + 4.075%) |
| 1475000 | 8.125 <sup>(a)(e)</sup> | 10/31/82 | 1535327 |
| UniCredit SpA (5 year CMT + 4.750%) | UniCredit SpA (5 year CMT + 4.750%) | UniCredit SpA (5 year CMT + 4.750%) | UniCredit SpA (5 year CMT + 4.750%) |
| 3415000 | 5.459 <sup>(a)(b)(e)</sup> | 06/30/35 | 2775166 |
| Wells Fargo & Co. (3M USD LIBOR + 3.990%) | Wells Fargo & Co. (3M USD LIBOR + 3.990%) | Wells Fargo & Co. (3M USD LIBOR + 3.990%) | Wells Fargo & Co. (3M USD LIBOR + 3.990%) |
| 1550000 | 5.875 <sup>(a)(e)</sup> | 12/29/49 | 1506182 |
|  |  |  | 38836071 |
| **Beverages<sup>(a)(b)</sup> – 0.2%** | **Beverages<sup>(a)(b)</sup> – 0.2%** | **Beverages<sup>(a)(b)</sup> – 0.2%** | **Beverages<sup>(a)(b)</sup> – 0.2%** |
| Primo Water Holdings, Inc. | Primo Water Holdings, Inc. | Primo Water Holdings, Inc. | Primo Water Holdings, Inc. |
| 3300000 | 4.375 | 04/30/29 | 2850012 |
| **Building Materials<sup>(a)</sup> – 2.0%** | **Building Materials<sup>(a)</sup> – 2.0%** | **Building Materials<sup>(a)</sup> – 2.0%** | **Building Materials<sup>(a)</sup> – 2.0%** |
| Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. |
| 5180000 | 5.000 <sup>(b)</sup> | 03/01/30 | 4617763 |
| Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. |
| 1910000 | 3.377 | 04/05/40 | 1447073 |
| CP Atlas Buyer, Inc. | CP Atlas Buyer, Inc. | CP Atlas Buyer, Inc. | CP Atlas Buyer, Inc. |
| 7292000 | 7.000 <sup>(b)(c)</sup> | 12/01/28 | 5459083 |
| James Hardie International Finance DAC | James Hardie International Finance DAC | James Hardie International Finance DAC | James Hardie International Finance DAC |
| 2850000 | 5.000 <sup>(b)</sup> | 01/15/28 | 2648590 |
| JELD-WEN, Inc. | JELD-WEN, Inc. | JELD-WEN, Inc. | JELD-WEN, Inc. |
| 2088000 | 4.875 <sup>(b)</sup> | 12/15/27 | 1574603 |
| Masonite International Corp.<sup>(b)</sup> | Masonite International Corp.<sup>(b)</sup> | Masonite International Corp.<sup>(b)</sup> | Masonite International Corp.<sup>(b)</sup> |
| 3939000 | 5.375 | 02/01/28 | 3648459 |
| 1241000 | 3.500 | 02/15/30 | 1006401 |
| SRM Escrow Issuer LLC | SRM Escrow Issuer LLC | SRM Escrow Issuer LLC | SRM Escrow Issuer LLC |
| 6599000 | 6.000 <sup>(b)</sup> | 11/01/28 | 5901090 |
| Standard Industries, Inc.<sup>(b)</sup> | Standard Industries, Inc.<sup>(b)</sup> | Standard Industries, Inc.<sup>(b)</sup> | Standard Industries, Inc.<sup>(b)</sup> |
| 1880000 | 5.000 | 02/15/27 | 1738868 |
| 950000 | 4.750 | 01/15/28 | 854896 |
|  |  |  | 28896826 |
| **Capital Goods<sup>(a)</sup> – 0.2%** | **Capital Goods<sup>(a)</sup> – 0.2%** | **Capital Goods<sup>(a)</sup> – 0.2%** | **Capital Goods<sup>(a)</sup> – 0.2%** |
| Cirsa Finance International S.a.r.l. | Cirsa Finance International S.a.r.l. | Cirsa Finance International S.a.r.l. | Cirsa Finance International S.a.r.l. |
| 2040000 | 10.375 | 11/30/27 | 2237153 |
| **Chemicals – 4.5%** | **Chemicals – 4.5%** | **Chemicals – 4.5%** | **Chemicals – 4.5%** |
| Ashland LLC | Ashland LLC | Ashland LLC | Ashland LLC |
| 2340000 | 3.375 <sup>(a)(b)</sup> | 09/01/31 | 1861985 |
| ASP Unifrax Holdings, Inc. | ASP Unifrax Holdings, Inc. | ASP Unifrax Holdings, Inc. | ASP Unifrax Holdings, Inc. |
| 5076000 | 7.500 <sup>(a)(b)(c)</sup> | 09/30/29 | 3224986 |
| Avient Corp. | Avient Corp. | Avient Corp. | Avient Corp. |
| 2660000 | 7.125 <sup>(a)(b)</sup> | 08/01/30 | 2616403 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Chemicals – (continued)** | **Chemicals – (continued)** | **Chemicals – (continued)** | **Chemicals – (continued)** |
| Axalta Coating Systems LLC | Axalta Coating Systems LLC | Axalta Coating Systems LLC | Axalta Coating Systems LLC |
| 2760000 | 3.375 %<sup>(a)(b)</sup> | 02/15/29 | $2290386 |
| Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B B.V. | Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B B.V. | Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B B.V. | Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B B.V. |
| 2930000 | 4.750 <sup>(a)(b)(c)</sup> | 06/15/27 | 2707525 |
| Diamond BC BV | Diamond BC BV | Diamond BC BV | Diamond BC BV |
| 2625000 | 4.625 <sup>(a)(b)</sup> | 10/01/29 | 2106116 |
| Herens Holdco S.a.r.l. | Herens Holdco S.a.r.l. | Herens Holdco S.a.r.l. | Herens Holdco S.a.r.l. |
| 6437000 | 4.750 <sup>(a)(b)</sup> | 05/15/28 | 5147991 |
| Ingevity Corp. | Ingevity Corp. | Ingevity Corp. | Ingevity Corp. |
| 2946000 | 3.875 <sup>(a)(b)</sup> | 11/01/28 | 2541367 |
| Minerals Technologies, Inc. | Minerals Technologies, Inc. | Minerals Technologies, Inc. | Minerals Technologies, Inc. |
| 3421000 | 5.000 <sup>(a)(b)</sup> | 07/01/28 | 3096723 |
| Olympus Water US Holding Corp.<sup>(a)(b)</sup> | Olympus Water US Holding Corp.<sup>(a)(b)</sup> | Olympus Water US Holding Corp.<sup>(a)(b)</sup> | Olympus Water US Holding Corp.<sup>(a)(b)</sup> |
| 750000 | 3.875 | 10/01/28 | 654762 |
| 4335000 | 4.250 | 10/01/28 | 3551926 |
| 658000 | 6.250 | 10/01/29 | 500008 |
| Polar US Borrower LLC/Schenectady International Group, Inc. | Polar US Borrower LLC/Schenectady International Group, Inc. | Polar US Borrower LLC/Schenectady International Group, Inc. | Polar US Borrower LLC/Schenectady International Group, Inc. |
| 5619000 | 6.750 <sup>(a)(b)</sup> | 05/15/26 | 2119711 |
| SPCM SA<sup>(a)(b)</sup> | SPCM SA<sup>(a)(b)</sup> | SPCM SA<sup>(a)(b)</sup> | SPCM SA<sup>(a)(b)</sup> |
| 1555000 | 3.125 | 03/15/27 | 1345604 |
| 3870000 | 3.375 | 03/15/30 | 3152850 |
| The Chemours Co.<sup>(a)</sup> | The Chemours Co.<sup>(a)</sup> | The Chemours Co.<sup>(a)</sup> | The Chemours Co.<sup>(a)</sup> |
| 263000 | 5.375 | 05/15/27 | 242360 |
| 1415000 | 5.750 <sup>(b)</sup> | 11/15/28 | 1270557 |
| 5700000 | 4.625 <sup>(b)</sup> | 11/15/29 | 4674057 |
| Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc.<sup>(a)(b)</sup> | Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc.<sup>(a)(b)</sup> | Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc.<sup>(a)(b)</sup> | Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc.<sup>(a)(b)</sup> |
| 1840000 | 5.375 | 09/01/25 | 1515240 |
| 3325000 | 5.125 | 04/01/29 | 2155930 |
| Tronox, Inc. | Tronox, Inc. | Tronox, Inc. | Tronox, Inc. |
| 5297000 | 4.625 <sup>(a)(b)</sup> | 03/15/29 | 4401012 |
| Valvoline, Inc.<sup>(a)(b)</sup> | Valvoline, Inc.<sup>(a)(b)</sup> | Valvoline, Inc.<sup>(a)(b)</sup> | Valvoline, Inc.<sup>(a)(b)</sup> |
| 2095000 | 4.250 | 02/15/30 | 2044091 |
| 1946000 | 3.625 | 06/15/31 | 1596187 |
| Vibrantz Technologies, Inc. | Vibrantz Technologies, Inc. | Vibrantz Technologies, Inc. | Vibrantz Technologies, Inc. |
| 2910000 | 9.000 <sup>(a)(b)</sup> | 02/15/30 | 2212124 |
| WR Grace Holdings LLC<sup>(b)</sup> | WR Grace Holdings LLC<sup>(b)</sup> | WR Grace Holdings LLC<sup>(b)</sup> | WR Grace Holdings LLC<sup>(b)</sup> |
| 4548000 | 5.625 | 10/01/24 | 4494334 |
| 2278000 | 4.875 <sup>(a)</sup> | 06/15/27 | 2018057 |
| 950000 | 5.625 <sup>(a)</sup> | 08/15/29 | 768569 |
|  |  |  | 64310861 |
| **Commercial Services – 4.0%** | **Commercial Services – 4.0%** | **Commercial Services – 4.0%** | **Commercial Services – 4.0%** |
| Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>(a)(b)</sup> | Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>(a)(b)</sup> | Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>(a)(b)</sup> | Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>(a)(b)</sup> |
| 4498000 | 9.750 | 07/15/27 | 3948255 |
| 955000 | 6.000 | 06/01/29 | 698669 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 S.a.r.l.<sup>(a)(b)</sup> | Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 S.a.r.l.<sup>(a)(b)</sup> | Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 S.a.r.l.<sup>(a)(b)</sup> | Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 S.a.r.l.<sup>(a)(b)</sup> |
| 1474000 | 4.625 | 06/01/28 | 1218202 |
| 2626000 | 4.625 | 06/01/28 | 2198934 |
| 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> |
| 5388000 | 4.125 | 07/15/29 | 4555392 |
| 1804000 | 4.750 | 10/15/29 | 1580142 |

---

------

GOLDMAN SACHS HIGH YIELD 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)** |
| **Commercial Services – (continued)** | **Commercial Services – (continued)** | **Commercial Services – (continued)** | **Commercial Services – (continued)** |
| APX Group, Inc.<sup>(a)(b)</sup> | APX Group, Inc.<sup>(a)(b)</sup> | APX Group, Inc.<sup>(a)(b)</sup> | APX Group, Inc.<sup>(a)(b)</sup> |
| 1200000 | 6.750% | 02/15/27 | $1156020 |
| 7395000 | 5.750 | 07/15/29 | 6131195 |
| Autostrade per l'Italia SpA | Autostrade per l'Italia SpA | Autostrade per l'Italia SpA | Autostrade per l'Italia SpA |
| 2690000 | 2.000 <sup>(a)</sup> | 12/04/28 | 2370959 |
| BCP V Modular Services Finance II PLC | BCP V Modular Services Finance II PLC | BCP V Modular Services Finance II PLC | BCP V Modular Services Finance II PLC |
| 1780000 | 4.750 <sup>(a)(b)</sup> | 11/30/28 | 1591543 |
| Gartner, Inc. | Gartner, Inc. | Gartner, Inc. | Gartner, Inc. |
| 2202000 | 3.625 <sup>(a)(b)</sup> | 06/15/29 | 1930251 |
| Herc Holdings, Inc. | Herc Holdings, Inc. | Herc Holdings, Inc. | Herc Holdings, Inc. |
| 3019000 | 5.500 <sup>(a)(b)</sup> | 07/15/27 | 2814614 |
| MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC |
| 8662000 | 5.750 <sup>(a)(b)(c)</sup> | 11/01/28 | 5756765 |
| NESCO Holdings II, Inc. | NESCO Holdings II, Inc. | NESCO Holdings II, Inc. | NESCO Holdings II, Inc. |
| 3800000 | 5.500 <sup>(a)(b)</sup> | 04/15/29 | 3350650 |
| Paysafe Finance PLC/Paysafe Holdings U.S. Corp. | Paysafe Finance PLC/Paysafe Holdings U.S. Corp. | Paysafe Finance PLC/Paysafe Holdings U.S. Corp. | Paysafe Finance PLC/Paysafe Holdings U.S. Corp. |
| 3400000 | 4.000 <sup>(a)(b)</sup> | 06/15/29 | 2606644 |
| Prime Security Services Borrower LLC/Prime Finance, Inc.<sup>(b)</sup> | Prime Security Services Borrower LLC/Prime Finance, Inc.<sup>(b)</sup> | Prime Security Services Borrower LLC/Prime Finance, Inc.<sup>(b)</sup> | Prime Security Services Borrower LLC/Prime Finance, Inc.<sup>(b)</sup> |
| 1853000 | 5.250 | 04/15/24 | 1822407 |
| 4553000 | 3.375 <sup>(a)</sup> | 08/31/27 | 3956420 |
| 2002000 | 6.250 <sup>(a)</sup> | 01/15/28 | 1828046 |
| PROG Holdings, Inc. | PROG Holdings, Inc. | PROG Holdings, Inc. | PROG Holdings, Inc. |
| 3295000 | 6.000 <sup>(a)(b)</sup> | 11/15/29 | 2652211 |
| The ADT Security Corp. | The ADT Security Corp. | The ADT Security Corp. | The ADT Security Corp. |
| 2026000 | 4.125 <sup>(a)(b)</sup> | 08/01/29 | 1736748 |
| The Brink's Co. | The Brink's Co. | The Brink's Co. | The Brink's Co. |
| &nbsp;&nbsp;&nbsp;&nbsp;639000 | 4.625 <sup>(a)(b)</sup> | 10/15/27 | 584410 |
| TriNet Group, Inc. | TriNet Group, Inc. | TriNet Group, Inc. | TriNet Group, Inc. |
| 3191000 | 3.500 <sup>(a)(b)</sup> | 03/01/29 | 2643169 |
| Verisure Holding AB | Verisure Holding AB | Verisure Holding AB | Verisure Holding AB |
| 650000 | 3.250 <sup>(a)(b)</sup> | 02/15/27 | 602521 |
| Verisure Midholding AB | Verisure Midholding AB | Verisure Midholding AB | Verisure Midholding AB |
| &nbsp;&nbsp;&nbsp;&nbsp;725000 | 5.250 <sup>(a)(b)</sup> | 02/15/29 | 622816 |
|  |  |  | 58356983 |
| **Computers<sup>(a)</sup> – 1.2%** | **Computers<sup>(a)</sup> – 1.2%** | **Computers<sup>(a)</sup> – 1.2%** | **Computers<sup>(a)</sup> – 1.2%** |
| Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. |
| 2625000 | 4.000 <sup>(b)</sup> | 07/01/29 | 2326406 |
| Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. |
| 4771000 | 3.000 <sup>(c)</sup> | 02/15/29 | 4036218 |
| KBR, Inc. | KBR, Inc. | KBR, Inc. | KBR, Inc. |
| 2613000 | 4.750 <sup>(b)</sup> | 09/30/28 | 2287237 |
| Presidio Holdings, Inc. | Presidio Holdings, Inc. | Presidio Holdings, Inc. | Presidio Holdings, Inc. |
| 1442000 | 8.250 <sup>(b)</sup> | 02/01/28 | 1336359 |
| Science Applications International Corp. | Science Applications International Corp. | Science Applications International Corp. | Science Applications International Corp. |
| 2354000 | 4.875 <sup>(b)</sup> | 04/01/28 | 2187902 |
| Seagate HDD Cayman | Seagate HDD Cayman | Seagate HDD Cayman | Seagate HDD Cayman |
| 2561220 | 9.625 | 12/01/32 | 2808506 |
| Virtusa Corp. | Virtusa Corp. | Virtusa Corp. | Virtusa Corp. |
| 2960000 | 7.125 <sup>(b)</sup> | 12/15/28 | 2270942 |
|  |  |  | 17253570 |
| **Distribution & Wholesale<sup>(a)(b)</sup> – 1.3%** | **Distribution & Wholesale<sup>(a)(b)</sup> – 1.3%** | **Distribution & Wholesale<sup>(a)(b)</sup> – 1.3%** | **Distribution & Wholesale<sup>(a)(b)</sup> – 1.3%** |
| American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. |
| 9064000 | 3.875 | 11/15/29 | 7407735 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Distribution & Wholesale<sup>(a)(b)</sup> – (continued)** | **Distribution & Wholesale<sup>(a)(b)</sup> – (continued)** | **Distribution & Wholesale<sup>(a)(b)</sup> – (continued)** | **Distribution & Wholesale<sup>(a)(b)</sup> – (continued)** |
| BCPE Empire Holdings, Inc. | BCPE Empire Holdings, Inc. | BCPE Empire Holdings, Inc. | BCPE Empire Holdings, Inc. |
| 6762000 | 7.625% | 05/01/27 | $6066326 |
| H&E Equipment Services, Inc. | H&E Equipment Services, Inc. | H&E Equipment Services, Inc. | H&E Equipment Services, Inc. |
| 2165000 | 3.875 | 12/15/28 | 1843151 |
| Resideo Funding, Inc. | Resideo Funding, Inc. | Resideo Funding, Inc. | Resideo Funding, Inc. |
| 2285000 | 4.000 | 09/01/29 | 1843538 |
| Univar Solutions USA, Inc. | Univar Solutions USA, Inc. | Univar Solutions USA, Inc. | Univar Solutions USA, Inc. |
| 2270000 | 5.125 | 12/01/27 | 2155456 |
|  |  |  | 19316206 |
| **Diversified Financial Services – 3.9%** | **Diversified Financial Services – 3.9%** | **Diversified Financial Services – 3.9%** | **Diversified Financial Services – 3.9%** |
| 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%) |
| 3115000 | 5.875 <sup>(a)(c)(e)</sup> | 10/10/79 | 2846892 |
| Ally Financial, Inc. (5 year CMT + 3.868%) | Ally Financial, Inc. (5 year CMT + 3.868%) | Ally Financial, Inc. (5 year CMT + 3.868%) | Ally Financial, Inc. (5 year CMT + 3.868%) |
| 3325000 | 4.700 <sup>(a)(e)</sup> | 12/31/99 | 2231973 |
| Capital One Financial Corp. (5 year CMT + 3.157%) | Capital One Financial Corp. (5 year CMT + 3.157%) | Capital One Financial Corp. (5 year CMT + 3.157%) | Capital One Financial Corp. (5 year CMT + 3.157%) |
| 2085000 | 3.950 <sup>(a)(e)</sup> | 12/31/99 | 1646233 |
| Castlelake Aviation Finance DAC | Castlelake Aviation Finance DAC | Castlelake Aviation Finance DAC | Castlelake Aviation Finance DAC |
| 1755000 | 5.000 <sup>(a)(b)(c)</sup> | 04/15/27 | 1522866 |
| Global Aircraft Leasing Co. Ltd.<sup>(d)</sup> (PIK 7.250%, Cash 6.500%) | Global Aircraft Leasing Co. Ltd.<sup>(d)</sup> (PIK 7.250%, Cash 6.500%) | Global Aircraft Leasing Co. Ltd.<sup>(d)</sup> (PIK 7.250%, Cash 6.500%) | Global Aircraft Leasing Co. Ltd.<sup>(d)</sup> (PIK 7.250%, Cash 6.500%) |
| 5404559 | 6.500 <sup>(a)(b)</sup> | 09/15/24 | 4606684 |
| Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. |
| 2731000 | 4.500 <sup>(a)(b)</sup> | 11/15/29 | 2385474 |
| Jefferies Finance LLC/JFIN Co-Issuer Corp. | Jefferies Finance LLC/JFIN Co-Issuer Corp. | Jefferies Finance LLC/JFIN Co-Issuer Corp. | Jefferies Finance LLC/JFIN Co-Issuer Corp. |
| 3928000 | 5.000 <sup>(a)(b)</sup> | 08/15/28 | 3207723 |
| LD Holdings Group LLC | LD Holdings Group LLC | LD Holdings Group LLC | LD Holdings Group LLC |
| 3685000 | 6.500 <sup>(a)(b)</sup> | 11/01/25 | 2511807 |
| Lincoln Financing S.a.r.l. | Lincoln Financing S.a.r.l. | Lincoln Financing S.a.r.l. | Lincoln Financing S.a.r.l. |
| 3125000 | 3.625 <sup>(a)(b)</sup> | 04/01/24 | 3286079 |
| LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. |
| 1620000 | 4.625 <sup>(a)(b)</sup> | 11/15/27 | 1520613 |
| Navient Corp. | Navient Corp. | Navient Corp. | Navient Corp. |
| 2000000 | 6.750 | 06/15/26 | 1910200 |
| 5413000 | 5.000 <sup>(a)</sup> | 03/15/27 | 4734480 |
| 3153000 | 4.875 <sup>(a)</sup> | 03/15/28 | 2588203 |
| 4060000 | 5.500 <sup>(a)</sup> | 03/15/29 | 3329565 |
| NFP Corp. | NFP Corp. | NFP Corp. | NFP Corp. |
| 2960000 | 6.875 <sup>(a)(b)</sup> | 08/15/28 | 2450850 |
| OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
| 2970000 | 6.125 <sup>(a)</sup> | 03/15/24 | 2872792 |
| 2523000 | 7.125 | 03/15/26 | 2398919 |
| 1458000 | 3.500 <sup>(a)</sup> | 01/15/27 | 1207880 |
| 2254000 | 4.000 <sup>(a)</sup> | 09/15/30 | 1684820 |
| United Wholesale Mortgage LLC | United Wholesale Mortgage LLC | United Wholesale Mortgage LLC | United Wholesale Mortgage LLC |
| 3641000 | 5.500 <sup>(a)(b)</sup> | 04/15/29 | 2902714 |
| VistaJet Malta Finance PLC/XO Management Holding, Inc.<sup>(a)(b)</sup> | VistaJet Malta Finance PLC/XO Management Holding, Inc.<sup>(a)(b)</sup> | VistaJet Malta Finance PLC/XO Management Holding, Inc.<sup>(a)(b)</sup> | VistaJet Malta Finance PLC/XO Management Holding, Inc.<sup>(a)(b)</sup> |
| 2565000 | 7.875 | 05/01/27 | 2321274 |
| 3035000 | 6.375 | 02/01/30 | 2438015 |
|  |  |  | 56606056 |

---

------

GOLDMAN SACHS HIGH YIELD 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<sup>(a)</sup> – 0.5%** | **Electrical<sup>(a)</sup> – 0.5%** | **Electrical<sup>(a)</sup> – 0.5%** | **Electrical<sup>(a)</sup> – 0.5%** |
| Edison International (5 year CMT + 4.698%) | Edison International (5 year CMT + 4.698%) | Edison International (5 year CMT + 4.698%) | Edison International (5 year CMT + 4.698%) |
| 4285000 | 5.375 <sup>%(e)</sup> | 12/31/99 | $3514428 |
| Pike Corp. | Pike Corp. | Pike Corp. | Pike Corp. |
| 4370000 | 5.500 <sup>(b)</sup> | 09/01/28 | 3819817 |
|  |  |  | 7334245 |
| **Electrical Components & Equipment<sup>(a)(b)</sup> – 0.2%** | **Electrical Components & Equipment<sup>(a)(b)</sup> – 0.2%** | **Electrical Components & Equipment<sup>(a)(b)</sup> – 0.2%** | **Electrical Components & Equipment<sup>(a)(b)</sup> – 0.2%** |
| Energizer Holdings, Inc. | Energizer Holdings, Inc. | Energizer Holdings, Inc. | Energizer Holdings, Inc. |
| 1085000 | 6.500 | 12/31/27 | 1034917 |
| Wesco Distribution, Inc. | Wesco Distribution, Inc. | Wesco Distribution, Inc. | Wesco Distribution, Inc. |
| 2015000 | 7.125 | 06/15/25 | 2042565 |
|  |  |  | 3077482 |
| **Electronics<sup>(b)</sup> – 1.1%** | **Electronics<sup>(b)</sup> – 1.1%** | **Electronics<sup>(b)</sup> – 1.1%** | **Electronics<sup>(b)</sup> – 1.1%** |
| Atkore, Inc. | Atkore, Inc. | Atkore, Inc. | Atkore, Inc. |
| 2593000 | 4.250 <sup>(a)</sup> | 06/01/31 | 2242634 |
| Coherent Corp. | Coherent Corp. | Coherent Corp. | Coherent Corp. |
| 4470000 | 5.000 <sup>(a)</sup> | 12/15/29 | 3867578 |
| Imola Merger Corp. | Imola Merger Corp. | Imola Merger Corp. | Imola Merger Corp. |
| 2775000 | 4.750 <sup>(a)</sup> | 05/15/29 | 2404371 |
| Sensata Technologies B.V. | Sensata Technologies B.V. | Sensata Technologies B.V. | Sensata Technologies B.V. |
| 1014000 | 5.000 | 10/01/25 | 991955 |
| 1135000 | 4.000 <sup>(a)</sup> | 04/15/29 | 978983 |
| 1800000 | 5.875 <sup>(a)</sup> | 09/01/30 | 1705014 |
| Sensata Technologies, Inc.<sup>(a)</sup> | Sensata Technologies, Inc.<sup>(a)</sup> | Sensata Technologies, Inc.<sup>(a)</sup> | Sensata Technologies, Inc.<sup>(a)</sup> |
| 3389000 | 4.375 | 02/15/30 | 2981168 |
| 1519000 | 3.750 | 02/15/31 | 1256927 |
|  |  |  | 16428630 |
| **Engineering & Construction<sup>(a)</sup> – 0.6%** | **Engineering & Construction<sup>(a)</sup> – 0.6%** | **Engineering & Construction<sup>(a)</sup> – 0.6%** | **Engineering & Construction<sup>(a)</sup> – 0.6%** |
| AECOM | AECOM | AECOM | AECOM |
| 2692000 | 5.125 | 03/15/27 | 2605802 |
| Global Infrastructure Solutions, Inc.<sup>(b)</sup> | Global Infrastructure Solutions, Inc.<sup>(b)</sup> | Global Infrastructure Solutions, Inc.<sup>(b)</sup> | Global Infrastructure Solutions, Inc.<sup>(b)</sup> |
| 4213000 | 5.625 | 06/01/29 | 3285087 |
| 2915000 | 7.500 | 04/15/32 | 2344155 |
|  |  |  | 8235044 |
| **Entertainment<sup>(a)</sup> – 2.4%** | **Entertainment<sup>(a)</sup> – 2.4%** | **Entertainment<sup>(a)</sup> – 2.4%** | **Entertainment<sup>(a)</sup> – 2.4%** |
| 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. |
| 7844000 | 10.500 <sup>(b)</sup> | 02/15/28 | 2982289 |
| Banijay Group SAS | Banijay Group SAS | Banijay Group SAS | Banijay Group SAS |
| 1275000 | 6.500 <sup>(b)</sup> | 03/01/26 | 1284367 |
| Boyne USA, Inc. | Boyne USA, Inc. | Boyne USA, Inc. | Boyne USA, Inc. |
| 1055000 | 4.750 <sup>(b)</sup> | 05/15/29 | 944594 |
| Cinemark USA, Inc. | Cinemark USA, Inc. | Cinemark USA, Inc. | Cinemark USA, Inc. |
| 1925000 | 5.250 <sup>(b)</sup> | 07/15/28 | 1429851 |
| Everi Holdings, Inc. | Everi Holdings, Inc. | Everi Holdings, Inc. | Everi Holdings, Inc. |
| 3190000 | 5.000 <sup>(b)</sup> | 07/15/29 | 2749142 |
| International Game Technology PLC | International Game Technology PLC | International Game Technology PLC | International Game Technology PLC |
| 2364000 | 2.375 | 04/15/28 | 2184263 |
| 945000 | 5.250 <sup>(b)</sup> | 01/15/29 | 886996 |
| Lions Gate Capital Holdings LLC | Lions Gate Capital Holdings LLC | Lions Gate Capital Holdings LLC | Lions Gate Capital Holdings LLC |
| 3735000 | 5.500 <sup>(b)</sup> | 04/15/29 | 2162005 |
| Motion Bondco DAC | Motion Bondco DAC | Motion Bondco DAC | Motion Bondco DAC |
| 2235000 | 6.625 <sup>(b)</sup> | 11/15/27 | 1930973 |
| Penn Entertainment, Inc.<sup>(b)</sup> | Penn Entertainment, Inc.<sup>(b)</sup> | Penn Entertainment, Inc.<sup>(b)</sup> | Penn Entertainment, Inc.<sup>(b)</sup> |
| 2900000 | 5.625 | 01/15/27 | 2627139 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Entertainment<sup>(a)</sup> – (continued)** | **Entertainment<sup>(a)</sup> – (continued)** | **Entertainment<sup>(a)</sup> – (continued)** | **Entertainment<sup>(a)</sup> – (continued)** |
| Penn Entertainment, Inc.<sup>(b)</sup> – (continued) | Penn Entertainment, Inc.<sup>(b)</sup> – (continued) | Penn Entertainment, Inc.<sup>(b)</sup> – (continued) | Penn Entertainment, Inc.<sup>(b)</sup> – (continued) |
| 1580000 | 4.125% | 07/01/29 | $1249938 |
| Pinewood Finance Co. Ltd. | Pinewood Finance Co. Ltd. | Pinewood Finance Co. Ltd. | Pinewood Finance Co. Ltd. |
| 2125000 | 3.250 <sup>(b)</sup> | 09/30/25 | 2365450 |
| 1525000 | 3.250 | 09/30/25 | 1697558 |
| Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. | Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. | Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. | Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. |
| 2595000 | 5.625 <sup>(b)</sup> | 09/01/29 | 1909375 |
| SeaWorld Parks & Entertainment, Inc. | SeaWorld Parks & Entertainment, Inc. | SeaWorld Parks & Entertainment, Inc. | SeaWorld Parks & Entertainment, Inc. |
| 4150000 | 5.250 <sup>(b)(c)</sup> | 08/15/29 | 3619796 |
| Six Flags Theme Parks, Inc. | Six Flags Theme Parks, Inc. | Six Flags Theme Parks, Inc. | Six Flags Theme Parks, Inc. |
| 840000 | 7.000 <sup>(b)(c)</sup> | 07/01/25 | 847031 |
| WMG Acquisition Corp.<sup>(b)</sup> | WMG Acquisition Corp.<sup>(b)</sup> | WMG Acquisition Corp.<sup>(b)</sup> | WMG Acquisition Corp.<sup>(b)</sup> |
| 1200000 | 3.875 | 07/15/30 | 1034136 |
| 2922000 | 3.000 | 02/15/31 | 2337921 |
|  |  |  | 34242824 |
| **Environmental<sup>(a)(b)</sup> – 0.3%** | **Environmental<sup>(a)(b)</sup> – 0.3%** | **Environmental<sup>(a)(b)</sup> – 0.3%** | **Environmental<sup>(a)(b)</sup> – 0.3%** |
| GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
| 2216000 | 4.000 | 08/01/28 | 1927876 |
| 3460000 | 3.500 | 09/01/28 | 3044177 |
|  |  |  | 4972053 |
| **Food & Drug Retailing – 2.0%** | **Food & Drug Retailing – 2.0%** | **Food & Drug Retailing – 2.0%** | **Food & Drug Retailing – 2.0%** |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertson's<br>LLC<sup>(a)(b)</sup> | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertson's<br>LLC<sup>(a)(b)</sup> | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertson's<br>LLC<sup>(a)(b)</sup> | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertson's<br>LLC<sup>(a)(b)</sup> |
| 7000 | 4.625 | 01/15/27 | 6514 |
| 3744000 | 3.500 | 03/15/29 | 3139494 |
| Chobani LLC/Chobani Finance Corp., Inc. | Chobani LLC/Chobani Finance Corp., Inc. | Chobani LLC/Chobani Finance Corp., Inc. | Chobani LLC/Chobani Finance Corp., Inc. |
| 2363000 | 7.500 <sup>(a)(b)(c)</sup> | 04/15/25 | 2301137 |
| New Albertsons LP | New Albertsons LP | New Albertsons LP | New Albertsons LP |
| 3100000 | 7.450 | 08/01/29 | 3103317 |
| Performance Food Group, Inc. | Performance Food Group, Inc. | Performance Food Group, Inc. | Performance Food Group, Inc. |
| 6255000 | 4.250 <sup>(a)(b)</sup> | 08/01/29 | 5418644 |
| Post Holdings, Inc.<sup>(a)(b)</sup> | Post Holdings, Inc.<sup>(a)(b)</sup> | Post Holdings, Inc.<sup>(a)(b)</sup> | Post Holdings, Inc.<sup>(a)(b)</sup> |
| 2456000 | 5.750 | 03/01/27 | 2378243 |
| 3000 | 5.625 | 01/15/28 | 2836 |
| 588000 | 5.500 | 12/15/29 | 532716 |
| 3980000 | 4.625 | 04/15/30 | 3433705 |
| Sigma Holdco B.V. | Sigma Holdco B.V. | Sigma Holdco B.V. | Sigma Holdco B.V. |
| 8342000 | 7.875 <sup>(a)(b)</sup> | 05/15/26 | 5906219 |
| US Foods, Inc. | US Foods, Inc. | US Foods, Inc. | US Foods, Inc. |
| 2181000 | 6.250 <sup>(a)(b)</sup> | 04/15/25 | 2163312 |
|  |  |  | 28386137 |
| **Forest Products&Paper<sup>(a)</sup> – 0.1%** | **Forest Products&Paper<sup>(a)</sup> – 0.1%** | **Forest Products&Paper<sup>(a)</sup> – 0.1%** | **Forest Products&Paper<sup>(a)</sup> – 0.1%** |
| Mercer International, Inc. | Mercer International, Inc. | Mercer International, Inc. | Mercer International, Inc. |
| 2248000 | 5.500 | 01/15/26 | 2135892 |
| **Gaming<sup>(a)</sup> – 1.1%** | **Gaming<sup>(a)</sup> – 1.1%** | **Gaming<sup>(a)</sup> – 1.1%** | **Gaming<sup>(a)</sup> – 1.1%** |
| Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
| 6859000 | 3.200 | 08/08/24 | 6482852 |
| MGM Resorts International | MGM Resorts International | MGM Resorts International | MGM Resorts International |
| 4760000 | 5.500 | 04/15/27 | 4424325 |
| 6260000 | 4.750 | 10/15/28 | 5465418 |
|  |  |  | 16372595 |

---

------

GOLDMAN SACHS HIGH YIELD 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)** |
| **Gas<sup>(a)</sup> – 0.5%** | **Gas<sup>(a)</sup> – 0.5%** | **Gas<sup>(a)</sup> – 0.5%** | **Gas<sup>(a)</sup> – 0.5%** |
| AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. |
| 7393000 | 5.750% | 05/20/27 | $6911346 |
| **Healthcare Providers & Services<sup>(a)</sup> – 2.6%** | **Healthcare Providers & Services<sup>(a)</sup> – 2.6%** | **Healthcare Providers & Services<sup>(a)</sup> – 2.6%** | **Healthcare Providers & Services<sup>(a)</sup> – 2.6%** |
| Catalent Pharma Solutions, Inc. | Catalent Pharma Solutions, Inc. | Catalent Pharma Solutions, Inc. | Catalent Pharma Solutions, Inc. |
| 5539000 | 3.500 <sup>(b)</sup> | 04/01/30 | 4368831 |
| Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. |
| 12000 | 4.625 | 12/15/29 | 11004 |
| 2570000 | 3.375 | 02/15/30 | 2175120 |
| 4574000 | 2.500 | 03/01/31 | 3578560 |
| 911000 | 2.625 | 08/01/31 | 715545 |
| CHS/Community Health Systems, Inc.<sup>(b)</sup> | CHS/Community Health Systems, Inc.<sup>(b)</sup> | CHS/Community Health Systems, Inc.<sup>(b)</sup> | CHS/Community Health Systems, Inc.<sup>(b)</sup> |
| 2003000 | 8.000 | 03/15/26 | 1826075 |
| 4019000 | 5.625 | 03/15/27 | 3448382 |
| 1325000 | 5.250 | 05/15/30 | 1000746 |
| Global Medical Response, Inc. | Global Medical Response, Inc. | Global Medical Response, Inc. | Global Medical Response, Inc. |
| 3404000 | 6.500 <sup>(b)</sup> | 10/01/25 | 2481788 |
| Laboratoire Eimer Selas | Laboratoire Eimer Selas | Laboratoire Eimer Selas | Laboratoire Eimer Selas |
| 600000 | 5.000 <sup>(b)</sup> | 02/01/29 | 491227 |
| Medline Borrower LP<sup>(b)</sup> | Medline Borrower LP<sup>(b)</sup> | Medline Borrower LP<sup>(b)</sup> | Medline Borrower LP<sup>(b)</sup> |
| 3153000 | 3.875 | 04/01/29 | 2541192 |
| 2072000 | 5.250 | 10/01/29 | 1646784 |
| RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc. | RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc. | RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc. | RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc. |
| 2871000 | 9.750 <sup>(b)</sup> | 12/01/26 | 2311327 |
| Team Health Holdings, Inc. | Team Health Holdings, Inc. | Team Health Holdings, Inc. | Team Health Holdings, Inc. |
| 3485000 | 6.375 <sup>(b)(c)</sup> | 02/01/25 | 2013598 |
| Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
| 994000 | 4.625 | 07/15/24 | 971496 |
| 585000 | 6.250 <sup>(b)</sup> | 02/01/27 | 561898 |
| 4097000 | 4.625 <sup>(b)</sup> | 06/15/28 | 3672141 |
| 3270000 | 4.250 <sup>(b)</sup> | 06/01/29 | 2831199 |
| 1592000 | 6.125 <sup>(b)</sup> | 06/15/30 | 1516237 |
|  |  |  | 38163150 |
| **Home Builders<sup>(a)</sup> – 0.7%** | **Home Builders<sup>(a)</sup> – 0.7%** | **Home Builders<sup>(a)</sup> – 0.7%** | **Home Builders<sup>(a)</sup> – 0.7%** |
| Brookfield Residential Properties, Inc./Brookfield Residential US LLC<sup>(b)</sup> | Brookfield Residential Properties, Inc./Brookfield Residential US LLC<sup>(b)</sup> | Brookfield Residential Properties, Inc./Brookfield Residential US LLC<sup>(b)</sup> | Brookfield Residential Properties, Inc./Brookfield Residential US LLC<sup>(b)</sup> |
| 1645000 | 5.000 | 06/15/29 | 1303893 |
| 1031000 | 4.875 | 02/15/30 | 805097 |
| LGI Homes, Inc. | LGI Homes, Inc. | LGI Homes, Inc. | LGI Homes, Inc. |
| 2141000 | 4.000 <sup>(b)</sup> | 07/15/29 | 1652274 |
| Thor Industries, Inc. | Thor Industries, Inc. | Thor Industries, Inc. | Thor Industries, Inc. |
| 5540000 | 4.000 <sup>(b)</sup> | 10/15/29 | 4370118 |
| Tri Pointe Homes, Inc. | Tri Pointe Homes, Inc. | Tri Pointe Homes, Inc. | Tri Pointe Homes, Inc. |
| 1863000 | 5.250 | 06/01/27 | 1662914 |
|  |  |  | 9794296 |
| **Household Products<sup>(a)</sup> – 0.4%** | **Household Products<sup>(a)</sup> – 0.4%** | **Household Products<sup>(a)</sup> – 0.4%** | **Household Products<sup>(a)</sup> – 0.4%** |
| Central Garden & Pet Co. | Central Garden & Pet Co. | Central Garden & Pet Co. | Central Garden & Pet Co. |
| 2307000 | 4.125 | 10/15/30 | 1898476 |
| 1000000 | 4.125 <sup>(b)</sup> | 04/30/31 | 828590 |
| Spectrum Brands, Inc. | Spectrum Brands, Inc. | Spectrum Brands, Inc. | Spectrum Brands, Inc. |
| 149000 | 5.750 | 07/15/25 | 147458 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Household Products<sup>(a)</sup> – (continued)** | **Household Products<sup>(a)</sup> – (continued)** | **Household Products<sup>(a)</sup> – (continued)** | **Household Products<sup>(a)</sup> – (continued)** |
| Spectrum Brands, Inc. – (continued) | Spectrum Brands, Inc. – (continued) | Spectrum Brands, Inc. – (continued) | Spectrum Brands, Inc. – (continued) |
| 3719000 | 3.875 %<sup>(b)</sup> | 03/15/31 | $2907589 |
|  |  |  | 5782113 |
| **Housewares<sup>(a)</sup> – 0.3%** | **Housewares<sup>(a)</sup> – 0.3%** | **Housewares<sup>(a)</sup> – 0.3%** | **Housewares<sup>(a)</sup> – 0.3%** |
| Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. |
| 1017000 | 4.875 | 06/01/25 | 992175 |
| 1745000 | 5.750 | 04/01/46 | 1372006 |
| The Scotts Miracle-Gro Co. | The Scotts Miracle-Gro Co. | The Scotts Miracle-Gro Co. | The Scotts Miracle-Gro Co. |
| 1602000 | 4.000 | 04/01/31 | 1230176 |
|  |  |  | 3594357 |
| **Insurance<sup>(a)</sup> – 1.1%** | **Insurance<sup>(a)</sup> – 1.1%** | **Insurance<sup>(a)</sup> – 1.1%** | **Insurance<sup>(a)</sup> – 1.1%** |
| Acrisure LLC/Acrisure Finance, Inc.<sup>(b)</sup> | Acrisure LLC/Acrisure Finance, Inc.<sup>(b)</sup> | Acrisure LLC/Acrisure Finance, Inc.<sup>(b)</sup> | Acrisure LLC/Acrisure Finance, Inc.<sup>(b)</sup> |
| 7023000 | 4.250 | 02/15/29 | 5830144 |
| 1140000 | 6.000 | 08/01/29 | 917461 |
| 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 |
| 2884000 | 6.750 <sup>(b)</sup> | 10/15/27 | 2598599 |
| HUB International Ltd. | HUB International Ltd. | HUB International Ltd. | HUB International Ltd. |
| 3692000 | 7.000 <sup>(b)</sup> | 05/01/26 | 3624104 |
| Prudential Financial, Inc. (3M USD LIBOR + 3.920%) | Prudential Financial, Inc. (3M USD LIBOR + 3.920%) | Prudential Financial, Inc. (3M USD LIBOR + 3.920%) | Prudential Financial, Inc. (3M USD LIBOR + 3.920%) |
| 1525000 | 5.625 <sup>(e)</sup> | 06/15/43 | 1502125 |
| Voya Financial, Inc. (5 year CMT + 3.358%) | Voya Financial, Inc. (5 year CMT + 3.358%) | Voya Financial, Inc. (5 year CMT + 3.358%) | Voya Financial, Inc. (5 year CMT + 3.358%) |
| 1550000 | 6.125 <sup>(e)</sup> | 12/31/99 | 1511126 |
|  |  |  | 15983559 |
| **Internet<sup>(a)(b)</sup> – 1.8%** | **Internet<sup>(a)(b)</sup> – 1.8%** | **Internet<sup>(a)(b)</sup> – 1.8%** | **Internet<sup>(a)(b)</sup> – 1.8%** |
| ANGI Group LLC | ANGI Group LLC | ANGI Group LLC | ANGI Group LLC |
| 3624000 | 3.875 | 08/15/28 | 2731807 |
| Cars.com, Inc. | Cars.com, Inc. | Cars.com, Inc. | Cars.com, Inc. |
| 3260000 | 6.375 | 11/01/28 | 2904758 |
| Endurance International Group Holdings, Inc. | Endurance International Group Holdings, Inc. | Endurance International Group Holdings, Inc. | Endurance International Group Holdings, Inc. |
| 4281000 | 6.000 | 02/15/29 | 2786417 |
| Getty Images, Inc. | Getty Images, Inc. | Getty Images, Inc. | Getty Images, Inc. |
| 1489000 | 9.750 | 03/01/27 | 1468005 |
| ION Trading Technologies Sarl | ION Trading Technologies Sarl | ION Trading Technologies Sarl | ION Trading Technologies Sarl |
| 2087000 | 5.750 | 05/15/28 | 1742061 |
| Match Group Holdings II LLC | Match Group Holdings II LLC | Match Group Holdings II LLC | Match Group Holdings II LLC |
| 2033000 | 4.625 | 06/01/28 | 1818153 |
| 2269000 | 3.625 | 10/01/31 | 1738145 |
| NortonLifeLock, Inc. | NortonLifeLock, Inc. | NortonLifeLock, Inc. | NortonLifeLock, Inc. |
| 3730000 | 6.750 | 09/30/27 | 3662263 |
| Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. |
| 219000 | 8.000 | 11/01/26 | 220662 |
| 712000 | 6.250 <sup>(c)</sup> | 01/15/28 | 685962 |
| 2990000 | 4.500 | 08/15/29 | 2606742 |
| Ziff Davis, Inc | Ziff Davis, Inc | Ziff Davis, Inc | Ziff Davis, Inc |
| 4653000 | 4.625 <sup>(c)</sup> | 10/15/30 | 3939835 |
|  |  |  | 26304810 |
| **Iron/Steel<sup>(a)(b)</sup> – 0.3%** | **Iron/Steel<sup>(a)(b)</sup> – 0.3%** | **Iron/Steel<sup>(a)(b)</sup> – 0.3%** | **Iron/Steel<sup>(a)(b)</sup> – 0.3%** |
| Mineral Resources Ltd. | Mineral Resources Ltd. | Mineral Resources Ltd. | Mineral Resources Ltd. |
| 4610000 | 8.000 | 11/01/27 | 4707963 |
| **Leisure Time<sup>(a)</sup> – 2.0%** | **Leisure Time<sup>(a)</sup> – 2.0%** | **Leisure Time<sup>(a)</sup> – 2.0%** | **Leisure Time<sup>(a)</sup> – 2.0%** |
| Carnival Corp. | Carnival Corp. | Carnival Corp. | Carnival Corp. |
| 1000000 | 10.125 | 02/01/26 | 1065097 |

---

------

GOLDMAN SACHS HIGH YIELD 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)** |
| **Leisure Time<sup>(a)</sup> – (continued)** | **Leisure Time<sup>(a)</sup> – (continued)** | **Leisure Time<sup>(a)</sup> – (continued)** | **Leisure Time<sup>(a)</sup> – (continued)** |
| Carnival Corp. – (continued) | Carnival Corp. – (continued) | Carnival Corp. – (continued) | Carnival Corp. – (continued) |
| 1034000 | 7.625 %<sup>(b)</sup> | 03/01/26 | $825835 |
| 5106000 | 5.750 <sup>(b)</sup> | 03/01/27 | 3643080 |
| 1327000 | 9.875 <sup>(b)</sup> | 08/01/27 | 1257001 |
| Lindblad Expeditions LLC | Lindblad Expeditions LLC | Lindblad Expeditions LLC | Lindblad Expeditions LLC |
| 905000 | 6.750 <sup>(b)</sup> | 02/15/27 | 821079 |
| MajorDrive Holdings IV LLC | MajorDrive Holdings IV LLC | MajorDrive Holdings IV LLC | MajorDrive Holdings IV LLC |
| 5000000 | 6.375 <sup>(b)</sup> | 06/01/29 | 3734100 |
| NCL Corp. Ltd.<sup>(b)</sup> | NCL Corp. Ltd.<sup>(b)</sup> | NCL Corp. Ltd.<sup>(b)</sup> | NCL Corp. Ltd.<sup>(b)</sup> |
| 2269000 | 3.625 | 12/15/24 | 1943172 |
| 5222000 | 5.875 | 03/15/26 | 4110027 |
| 310000 | 7.750 | 02/15/29 | 233291 |
| Royal Caribbean Cruises Ltd.<sup>(b)</sup> | Royal Caribbean Cruises Ltd.<sup>(b)</sup> | Royal Caribbean Cruises Ltd.<sup>(b)</sup> | Royal Caribbean Cruises Ltd.<sup>(b)</sup> |
| 4540000 | 4.250 | 07/01/26 | 3675993 |
| 3280000 | 5.500 | 08/31/26 | 2759595 |
| 2855000 | 5.375 | 07/15/27 | 2322514 |
| 2565000 | 11.625 | 08/15/27 | 2578594 |
| TUI Cruises GmbH | TUI Cruises GmbH | TUI Cruises GmbH | TUI Cruises GmbH |
| 575000 | 6.500 <sup>(b)</sup> | 05/15/26 | 510872 |
|  |  |  | 29480250 |
| **Lodging<sup>(a)</sup> – 1.8%** | **Lodging<sup>(a)</sup> – 1.8%** | **Lodging<sup>(a)</sup> – 1.8%** | **Lodging<sup>(a)</sup> – 1.8%** |
| Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
| 1922000 | 4.875 | 01/15/30 | 1743869 |
| 1460000 | 4.000 <sup>(b)</sup> | 05/01/31 | 1229670 |
| 2295000 | 3.625 <sup>(b)</sup> | 02/15/32 | 1836941 |
| Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc<sup>(b)</sup> | Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc<sup>(b)</sup> | Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc<sup>(b)</sup> | Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc<sup>(b)</sup> |
| 5050000 | 5.000 | 06/01/29 | 4384057 |
| 2913000 | 4.875 | 07/01/31 | 2384145 |
| Marriott Ownership Resorts, Inc. | Marriott Ownership Resorts, Inc. | Marriott Ownership Resorts, Inc. | Marriott Ownership Resorts, Inc. |
| 2574000 | 4.750 | 01/15/28 | 2236909 |
| 2585000 | 4.500 <sup>(b)</sup> | 06/15/29 | 2151082 |
| Travel & Leisure Co. | Travel & Leisure Co. | Travel & Leisure Co. | Travel & Leisure Co. |
| 2610000 | 4.500 <sup>(b)</sup> | 12/01/29 | 2127385 |
| Travel + Leisure Co. | Travel + Leisure Co. | Travel + Leisure Co. | Travel + Leisure Co. |
| 3430000 | 6.625 <sup>(b)</sup> | 07/31/26 | 3359136 |
| 2397000 | 6.000 | 04/01/27 | 2279667 |
| 3287000 | 4.625 <sup>(b)</sup> | 03/01/30 | 2739090 |
|  |  |  | 26471951 |
| **Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.9%** | **Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.9%** | **Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.9%** | **Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.9%** |
| BWX Technologies, Inc. | BWX Technologies, Inc. | BWX Technologies, Inc. | BWX Technologies, Inc. |
| 4375000 | 4.125 | 04/15/29 | 3790806 |
| The Manitowoc Co., Inc. | The Manitowoc Co., Inc. | The Manitowoc Co., Inc. | The Manitowoc Co., Inc. |
| 4355000 | 9.000 | 04/01/26 | 4073014 |
| Vertiv Group Corp. | Vertiv Group Corp. | Vertiv Group Corp. | Vertiv Group Corp. |
| 5321000 | 4.125 | 11/15/28 | 4540409 |
|  |  |  | 12404229 |
| **Machinery-Diversified<sup>(b)</sup> – 1.0%** | **Machinery-Diversified<sup>(b)</sup> – 1.0%** | **Machinery-Diversified<sup>(b)</sup> – 1.0%** | **Machinery-Diversified<sup>(b)</sup> – 1.0%** |
| Chart Industries, Inc. | Chart Industries, Inc. | Chart Industries, Inc. | Chart Industries, Inc. |
| 1230000 | 7.500 | 01/01/30 | 1235104 |
| Husky III Holding Ltd.<sup>(d)</sup> | Husky III Holding Ltd.<sup>(d)</sup> | Husky III Holding Ltd.<sup>(d)</sup> | Husky III Holding Ltd.<sup>(d)</sup> |
| 4283000 | 13.000 <sup>(a)</sup> | 02/15/25 | 3792982 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Machinery-Diversified<sup>(b)</sup> – (continued)** | **Machinery-Diversified<sup>(b)</sup> – (continued)** | **Machinery-Diversified<sup>(b)</sup> – (continued)** | **Machinery-Diversified<sup>(b)</sup> – (continued)** |
| Mueller Water Products, Inc. | Mueller Water Products, Inc. | Mueller Water Products, Inc. | Mueller Water Products, Inc. |
| 3183000 | 4.000 %<sup>(a)</sup> | 06/15/29 | $2798303 |
| 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 |
| 2414000 | 7.750 <sup>(a)</sup> | 04/15/26 | 2179866 |
| TK Elevator Holdco GmbH | TK Elevator Holdco GmbH | TK Elevator Holdco GmbH | TK Elevator Holdco GmbH |
| 4672000 | 7.625 <sup>(a)(c)</sup> | 07/15/28 | 3828564 |
|  |  |  | 13834819 |
| **Media – 6.3%** | **Media – 6.3%** | **Media – 6.3%** | **Media – 6.3%** |
| Altice Financing SA<sup>(a)(b)</sup> | Altice Financing SA<sup>(a)(b)</sup> | Altice Financing SA<sup>(a)(b)</sup> | Altice Financing SA<sup>(a)(b)</sup> |
| 5695000 | 5.000 | 01/15/28 | 4602585 |
| 2425000 | 4.250 | 08/15/29 | 2099048 |
| Altice Finco SA | Altice Finco SA | Altice Finco SA | Altice Finco SA |
| 1800000 | 4.750 <sup>(a)</sup> | 01/15/28 | 1434413 |
| Audacy Capital Corp. | Audacy Capital Corp. | Audacy Capital Corp. | Audacy Capital Corp. |
| 3855000 | 6.500 <sup>(a)(b)</sup> | 05/01/27 | 731756 |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(a)</sup> | CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(a)</sup> | CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(a)</sup> | CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(a)</sup> |
| 1975000 | 5.500 <sup>(b)</sup> | 05/01/26 | 1912728 |
| 2731000 | 4.750 <sup>(b)</sup> | 03/01/30 | 2358737 |
| 6131000 | 4.500 <sup>(b)</sup> | 08/15/30 | 5076591 |
| 15352000 | 4.250 <sup>(b)</sup> | 02/01/31 | 12325814 |
| 2804000 | 4.500 | 05/01/32 | 2231984 |
| CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC |
| 10000 | 5.250 | 06/01/24 | 9321 |
| 2306000 | 4.625 <sup>(a)(b)</sup> | 12/01/30 | 1268969 |
| Cumulus Media New Holdings, Inc. | Cumulus Media New Holdings, Inc. | Cumulus Media New Holdings, Inc. | Cumulus Media New Holdings, Inc. |
| 2657000 | 6.750 <sup>(a)(b)</sup> | 07/01/26 | 2231481 |
| Diamond Sports Group LLC/Diamond Sports Finance Co.<sup>(a)(b)</sup> | Diamond Sports Group LLC/Diamond Sports Finance Co.<sup>(a)(b)</sup> | Diamond Sports Group LLC/Diamond Sports Finance Co.<sup>(a)(b)</sup> | Diamond Sports Group LLC/Diamond Sports Finance Co.<sup>(a)(b)</sup> |
| 4800000 | 5.375 | 08/15/26 | 571488 |
| 3812000 | 6.625 | 08/15/27 | 42618 |
| 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. |
| 3040000 | 5.875 <sup>(a)(b)</sup> | 08/15/27 | 2726181 |
| DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. |
| 4125000 | 5.875 | 11/15/24 | 3847387 |
| 9000 | 7.750 | 07/01/26 | 7263 |
| 2675000 | 5.250 <sup>(a)(b)</sup> | 12/01/26 | 2256443 |
| DISH Network Corp. | DISH Network Corp. | DISH Network Corp. | DISH Network Corp. |
| 3640000 | 11.750 <sup>(a)(b)</sup> | 11/15/27 | 3743158 |
| Gray Escrow II, Inc. | Gray Escrow II, Inc. | Gray Escrow II, Inc. | Gray Escrow II, Inc. |
| 3012000 | 5.375 <sup>(a)(b)</sup> | 11/15/31 | 2179935 |
| iHeartCommunications, Inc.<sup>(a)</sup> | iHeartCommunications, Inc.<sup>(a)</sup> | iHeartCommunications, Inc.<sup>(a)</sup> | iHeartCommunications, Inc.<sup>(a)</sup> |
| 6985000 | 8.375 <sup>(c)</sup> | 05/01/27 | 5949124 |
| 1024000 | 4.750 <sup>(b)</sup> | 01/15/28 | 832850 |
| McGraw-Hill Education, Inc | McGraw-Hill Education, Inc | McGraw-Hill Education, Inc | McGraw-Hill Education, Inc |
| 2610000 | 8.000 <sup>(a)(b)</sup> | 08/01/29 | 2160088 |
| Sinclair Television Group, Inc. | Sinclair Television Group, Inc. | Sinclair Television Group, Inc. | Sinclair Television Group, Inc. |
| 3102000 | 4.125 <sup>(a)(b)</sup> | 12/01/30 | 2315984 |
| Sirius XM Radio, Inc.<sup>(a)(b)</sup> | Sirius XM Radio, Inc.<sup>(a)(b)</sup> | Sirius XM Radio, Inc.<sup>(a)(b)</sup> | Sirius XM Radio, Inc.<sup>(a)(b)</sup> |
| 1520000 | 3.125 | 09/01/26 | 1349578 |
| 3359000 | 5.000 | 08/01/27 | 3108217 |
| 850000 | 4.000 | 07/15/28 | 737911 |
| TEGNA, Inc.<sup>(a)</sup> | TEGNA, Inc.<sup>(a)</sup> | TEGNA, Inc.<sup>(a)</sup> | TEGNA, Inc.<sup>(a)</sup> |
| 742000 | 4.750 <sup>(b)</sup> | 03/15/26 | 722330 |
| 3365000 | 4.625 | 03/15/28 | 3195337 |

---

------

GOLDMAN SACHS HIGH YIELD 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)** |
| UPC Holding B.V. | UPC Holding B.V. | UPC Holding B.V. | UPC Holding B.V. |
| 3025000 | 5.500 %<sup>(a)(b)</sup> | 01/15/28 | $2715482 |
| Urban One, Inc. | Urban One, Inc. | Urban One, Inc. | Urban One, Inc. |
| 4719000 | 7.375 <sup>(a)(b)</sup> | 02/01/28 | 3989867 |
| Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC |
| 2150000 | 5.500 <sup>(a)(b)</sup> | 05/15/29 | 1932140 |
| Virgin Media Vendor Financing Notes IV DAC | Virgin Media Vendor Financing Notes IV DAC | Virgin Media Vendor Financing Notes IV DAC | Virgin Media Vendor Financing Notes IV DAC |
| 1850000 | 5.000 <sup>(a)(b)</sup> | 07/15/28 | 1616918 |
| VZ Secured Financing B.V. | VZ Secured Financing B.V. | VZ Secured Financing B.V. | VZ Secured Financing B.V. |
| 2320000 | 5.000 <sup>(a)(b)</sup> | 01/15/32 | 1891566 |
| Ziggo B.V. | Ziggo B.V. | Ziggo B.V. | Ziggo B.V. |
| 2122000 | 4.875 <sup>(a)(b)</sup> | 01/15/30 | 1774310 |
| Ziggo Bond Co. B.V.<sup>(a)</sup> | Ziggo Bond Co. B.V.<sup>(a)</sup> | Ziggo Bond Co. B.V.<sup>(a)</sup> | Ziggo Bond Co. B.V.<sup>(a)</sup> |
| 2175000 | 3.375 <sup>(b)</sup> | 02/28/30 | 1678489 |
| 1725000 | 3.375 | 02/28/30 | 1331216 |
| 1725000 | 5.125 <sup>(b)</sup> | 02/28/30 | 1399424 |
|  |  |  | 90358731 |
| **Metal Fabricate & Hardware<sup>(a)(b)</sup> – 0.2%** | **Metal Fabricate & Hardware<sup>(a)(b)</sup> – 0.2%** | **Metal Fabricate & Hardware<sup>(a)(b)</sup> – 0.2%** | **Metal Fabricate & Hardware<sup>(a)(b)</sup> – 0.2%** |
| Roller Bearing Co of America, Inc. | Roller Bearing Co of America, Inc. | Roller Bearing Co of America, Inc. | Roller Bearing Co of America, Inc. |
| 3142000 | 4.375 | 10/15/29 | 2716290 |
| **Mining<sup>(a)(b)</sup> – 0.7%** | **Mining<sup>(a)(b)</sup> – 0.7%** | **Mining<sup>(a)(b)</sup> – 0.7%** | **Mining<sup>(a)(b)</sup> – 0.7%** |
| Constellium SE | Constellium SE | Constellium SE | Constellium SE |
| 2200000 | 3.750 | 04/15/29 | 1791350 |
| FMG Resources August Pty. Ltd. | FMG Resources August Pty. Ltd. | FMG Resources August Pty. Ltd. | FMG Resources August Pty. Ltd. |
| 2785000 | 5.875 | 04/15/30 | 2614892 |
| Novelis Corp. | Novelis Corp. | Novelis Corp. | Novelis Corp. |
| 7113000 | 4.750 | 01/30/30 | 6288746 |
|  |  |  | 10694988 |
| **Miscellaneous Manufacturing<sup>(a)</sup> – 0.5%** | **Miscellaneous Manufacturing<sup>(a)</sup> – 0.5%** | **Miscellaneous Manufacturing<sup>(a)</sup> – 0.5%** | **Miscellaneous Manufacturing<sup>(a)</sup> – 0.5%** |
| Amsted Industries, Inc. | Amsted Industries, Inc. | Amsted Industries, Inc. | Amsted Industries, Inc. |
| 3007000 | 5.625 <sup>(b)</sup> | 07/01/27 | 2872256 |
| Hillenbrand, Inc. | Hillenbrand, Inc. | Hillenbrand, Inc. | Hillenbrand, Inc. |
| 649000 | 5.750 | 06/15/25 | 650292 |
| 4364000 | 3.750 | 03/01/31 | 3598423 |
|  |  |  | 7120971 |
| **Office & Business Equipment<sup>(a)(b)</sup> – 0.2%** | **Office & Business Equipment<sup>(a)(b)</sup> – 0.2%** | **Office & Business Equipment<sup>(a)(b)</sup> – 0.2%** | **Office & Business Equipment<sup>(a)(b)</sup> – 0.2%** |
| Xerox Holdings Corp. | Xerox Holdings Corp. | Xerox Holdings Corp. | Xerox Holdings Corp. |
| 2500000 | 5.000 | 08/15/25 | 2301125 |
| **Oil Field Services – 6.2%** | **Oil Field Services – 6.2%** | **Oil Field Services – 6.2%** | **Oil Field Services – 6.2%** |
| Archrock Partners LP/Archrock Partners Finance Corp. | Archrock Partners LP/Archrock Partners Finance Corp. | Archrock Partners LP/Archrock Partners Finance Corp. | Archrock Partners LP/Archrock Partners Finance Corp. |
| 2599000 | 6.250 <sup>(a)(b)</sup> | 04/01/28 | 2388741 |
| Berry Petroleum Co. LLC | Berry Petroleum Co. LLC | Berry Petroleum Co. LLC | Berry Petroleum Co. LLC |
| 2916000 | 7.000 <sup>(a)(b)</sup> | 02/15/26 | 2694821 |
| California Resources Corp. | California Resources Corp. | California Resources Corp. | California Resources Corp. |
| 2565000 | 7.125 <sup>(a)(b)</sup> | 02/01/26 | 2446728 |
| Callon Petroleum Co. | Callon Petroleum Co. | Callon Petroleum Co. | Callon Petroleum Co. |
| 930000 | 7.500 <sup>(a)(b)</sup> | 06/15/30 | 853759 |
| Chord Energy Corp. | Chord Energy Corp. | Chord Energy Corp. | Chord Energy Corp. |
| 2150000 | 6.375 <sup>(a)(b)</sup> | 06/01/26 | 2082920 |
| Civitas Resources, Inc | Civitas Resources, Inc | Civitas Resources, Inc | Civitas Resources, Inc |
| 3270000 | 5.000 <sup>(a)(b)</sup> | 10/15/26 | 3005097 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Oil Field Services – (continued)** | **Oil Field Services – (continued)** | **Oil Field Services – (continued)** | **Oil Field Services – (continued)** |
| CNX Resources Corp.<sup>(a)(b)</sup> | CNX Resources Corp.<sup>(a)(b)</sup> | CNX Resources Corp.<sup>(a)(b)</sup> | CNX Resources Corp.<sup>(a)(b)</sup> |
| 375000 | 7.250% | 03/14/27 | $373853 |
| 2915000 | 7.375 | 01/15/31 | 2796942 |
| Comstock Resources, Inc. | Comstock Resources, Inc. | Comstock Resources, Inc. | Comstock Resources, Inc. |
| 3340000 | 6.750 <sup>(a)(b)</sup> | 03/01/29 | 3015519 |
| Continental Resources, Inc. | Continental Resources, Inc. | Continental Resources, Inc. | Continental Resources, Inc. |
| 2470000 | 4.375 <sup>(a)</sup> | 01/15/28 | 2249701 |
| CrownRock LP/CrownRock Finance, Inc.<sup>(a)(b)</sup> | CrownRock LP/CrownRock Finance, Inc.<sup>(a)(b)</sup> | CrownRock LP/CrownRock Finance, Inc.<sup>(a)(b)</sup> | CrownRock LP/CrownRock Finance, Inc.<sup>(a)(b)</sup> |
| 3248000 | 5.625 | 10/15/25 | 3134320 |
| 1035000 | 5.000 | 05/01/29 | 927774 |
| MEG Energy Corp. | MEG Energy Corp. | MEG Energy Corp. | MEG Energy Corp. |
| 3838000 | 7.125 <sup>(a)(b)</sup> | 02/01/27 | 3916756 |
| Nabors Industries Ltd. | Nabors Industries Ltd. | Nabors Industries Ltd. | Nabors Industries Ltd. |
| 336000 | 7.250 <sup>(a)(b)</sup> | 01/15/26 | 318071 |
| 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> |
| 2848000 | 9.000 | 02/01/25 | 2897071 |
| 5465000 | 7.375 | 05/15/27 | 5354826 |
| Noble Finance Co.<sup>(a)(d)</sup> | Noble Finance Co.<sup>(a)(d)</sup> | Noble Finance Co.<sup>(a)(d)</sup> | Noble Finance Co.<sup>(a)(d)</sup> |
| (PIK 15.000%, Cash 11.000%) | (PIK 15.000%, Cash 11.000%) | (PIK 15.000%, Cash 11.000%) | (PIK 15.000%, Cash 11.000%) |
| 63401 | 11.000 <sup>(b)</sup> | 02/15/28 | 69530 |
| (PIK 15.000%, Cash 11.000%) | (PIK 15.000%, Cash 11.000%) | (PIK 15.000%, Cash 11.000%) | (PIK 15.000%, Cash 11.000%) |
| 1004220 | 11.000 | 02/15/28 | 1101298 |
| Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
| 1071000 | 5.875 <sup>(a)</sup> | 09/01/25 | 1072628 |
| 775000 | 5.500 <sup>(a)</sup> | 12/01/25 | 772954 |
| 4488000 | 6.450 | 09/15/36 | 4578658 |
| 10146000 | 4.400 <sup>(a)</sup> | 04/15/46 | 7966741 |
| Range Resources Corp.<sup>(a)</sup> | Range Resources Corp.<sup>(a)</sup> | Range Resources Corp.<sup>(a)</sup> | Range Resources Corp.<sup>(a)</sup> |
| 2130000 | 4.875 | 05/15/25 | 2030231 |
| 565000 | 4.750 <sup>(b)</sup> | 02/15/30 | 499856 |
| SM Energy Co. | SM Energy Co. | SM Energy Co. | SM Energy Co. |
| 875000 | 6.500 <sup>(a)(c)</sup> | 07/15/28 | 836290 |
| Southwestern Energy Co.<sup>(a)</sup> | Southwestern Energy Co.<sup>(a)</sup> | Southwestern Energy Co.<sup>(a)</sup> | Southwestern Energy Co.<sup>(a)</sup> |
| 2643000 | 7.750 | 10/01/27 | 2728897 |
| 5358000 | 5.375 | 02/01/29 | 4962740 |
| 1160000 | 5.375 | 03/15/30 | 1054939 |
| 525000 | 4.750 | 02/01/32 | 448261 |
| Sunoco LP/Sunoco Finance Corp. | Sunoco LP/Sunoco Finance Corp. | Sunoco LP/Sunoco Finance Corp. | Sunoco LP/Sunoco Finance Corp. |
| 4425000 | 4.500 <sup>(a)</sup> | 04/30/30 | 3842714 |
| TechnipFMC PLC | TechnipFMC PLC | TechnipFMC PLC | TechnipFMC PLC |
| 1240000 | 6.500 <sup>(a)(b)</sup> | 02/01/26 | 1211492 |
| Transocean Poseidon Ltd. | Transocean Poseidon Ltd. | Transocean Poseidon Ltd. | Transocean Poseidon Ltd. |
| 2716875 | 6.875 <sup>(a)(b)(c)</sup> | 02/01/27 | 2647241 |
| Transocean, Inc.<sup>(a)(b)</sup> | Transocean, Inc.<sup>(a)(b)</sup> | Transocean, Inc.<sup>(a)(b)</sup> | Transocean, Inc.<sup>(a)(b)</sup> |
| 3457000 | 7.500 | 01/15/26 | 2912764 |
| 5014000 | 11.500 | 01/30/27 | 5035911 |
| 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. |
| 7569000 | 6.875 <sup>(a)</sup> | 04/01/26 | 7271614 |
|  |  |  | 89501658 |
| **Packaging<sup>(a)</sup> – 3.0%** | **Packaging<sup>(a)</sup> – 3.0%** | **Packaging<sup>(a)</sup> – 3.0%** | **Packaging<sup>(a)</sup> – 3.0%** |
| ARD Finance SA<sup>(d)</sup> | ARD Finance SA<sup>(d)</sup> | ARD Finance SA<sup>(d)</sup> | ARD Finance SA<sup>(d)</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%) |
| 2294375 | 5.000 | 06/30/27 | 1642336 |

---

------

GOLDMAN SACHS HIGH YIELD 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>(a)</sup> – (continued)** | **Packaging<sup>(a)</sup> – (continued)** | **Packaging<sup>(a)</sup> – (continued)** | **Packaging<sup>(a)</sup> – (continued)** |
| (PIK 7.250%, Cash 6.500%) | (PIK 7.250%, Cash 6.500%) | (PIK 7.250%, Cash 6.500%) | (PIK 7.250%, Cash 6.500%) |
| 2435107 | 6.500 %<sup>(b)</sup> | 06/30/27 | $1702529 |
| 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 |
| 704000 | 6.000 <sup>(b)</sup> | 06/15/27 | 689758 |
| 1545000 | 3.000 | 09/01/29 | 1207306 |
| 4443000 | 4.000 <sup>(b)</sup> | 09/01/29 | 3524276 |
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.<sup>(b)</sup> | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.<sup>(b)</sup> | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.<sup>(b)</sup> | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.<sup>(b)</sup> |
| 3989000 | 5.250 | 08/15/27 | 3008145 |
| 6557000 | 5.250 | 08/15/27 | 4820838 |
| Ball Corp. | Ball Corp. | Ball Corp. | Ball Corp. |
| 2270000 | 6.875 | 03/15/28 | 2333401 |
| 2925000 | 2.875 | 08/15/30 | 2334501 |
| Crown Americas LLC | Crown Americas LLC | Crown Americas LLC | Crown Americas LLC |
| 1625000 | 5.250 <sup>(b)</sup> | 04/01/30 | 1533740 |
| Kleopatra Finco S.a.r.l. | Kleopatra Finco S.a.r.l. | Kleopatra Finco S.a.r.l. | Kleopatra Finco S.a.r.l. |
| 1986000 | 4.250 | 03/01/26 | 1653748 |
| Kleopatra Holdings 2 SCA | Kleopatra Holdings 2 SCA | Kleopatra Holdings 2 SCA | Kleopatra Holdings 2 SCA |
| 2825000 | 6.500 <sup>(b)</sup> | 09/01/26 | 1660278 |
| 1900000 | 6.500 | 09/01/26 | 1116647 |
| LABL, Inc. | LABL, Inc. | LABL, Inc. | LABL, Inc. |
| 4030000 | 10.500 <sup>(b)</sup> | 07/15/27 | 3739840 |
| Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. |
| 4572000 | 5.500 <sup>(b)</sup> | 04/15/24 | 4448373 |
| Owens-Brockway Glass Container, Inc. | Owens-Brockway Glass Container, Inc. | Owens-Brockway Glass Container, Inc. | Owens-Brockway Glass Container, Inc. |
| 2818000 | 6.625 <sup>(b)</sup> | 05/13/27 | 2742759 |
| Trident TPI Holdings, Inc. | Trident TPI Holdings, Inc. | Trident TPI Holdings, Inc. | Trident TPI Holdings, Inc. |
| 2456000 | 6.625 <sup>(b)</sup> | 11/01/25 | 2161747 |
| TriMas Corp. | TriMas Corp. | TriMas Corp. | TriMas Corp. |
| 2865000 | 4.125 <sup>(b)</sup> | 04/15/29 | 2513321 |
|  |  |  | 42833543 |
| **Pharmaceuticals – 2.3%** | **Pharmaceuticals – 2.3%** | **Pharmaceuticals – 2.3%** | **Pharmaceuticals – 2.3%** |
| AdaptHealth LLC<sup>(a)(b)</sup> | AdaptHealth LLC<sup>(a)(b)</sup> | AdaptHealth LLC<sup>(a)(b)</sup> | AdaptHealth LLC<sup>(a)(b)</sup> |
| 961000 | 6.125 | 08/01/28 | 888541 |
| 1565000 | 5.125 | 03/01/30 | 1332003 |
| Bausch Health Cos., Inc. | Bausch Health Cos., Inc. | Bausch Health Cos., Inc. | Bausch Health Cos., Inc. |
| 454000 | 5.500 <sup>(a)(b)</sup> | 11/01/25 | 386545 |
| 1465000 | 6.125 <sup>(a)(b)</sup> | 02/01/27 | 1007817 |
| 100 | 11.000 <sup>(b)</sup> | 09/30/28 | 79 |
| 804000 | 14.000 <sup>(a)</sup> | 10/15/30 | 477608 |
| Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH |
| 4494000 | 5.500 <sup>(a)(b)</sup> | 01/15/28 | 3786824 |
| Herbalife Nutrition Ltd./HLF Financing, Inc. | Herbalife Nutrition Ltd./HLF Financing, Inc. | Herbalife Nutrition Ltd./HLF Financing, Inc. | Herbalife Nutrition Ltd./HLF Financing, Inc. |
| 3608000 | 7.875 <sup>(a)(b)</sup> | 09/01/25 | 3203471 |
| Jazz Securities DAC | Jazz Securities DAC | Jazz Securities DAC | Jazz Securities DAC |
| 4300000 | 4.375 <sup>(a)(b)</sup> | 01/15/29 | 3859852 |
| Organon & Co./Organon Foreign Debt Co.-Issuer BV<sup>(a)(b)</sup> | Organon & Co./Organon Foreign Debt Co.-Issuer BV<sup>(a)(b)</sup> | Organon & Co./Organon Foreign Debt Co.-Issuer BV<sup>(a)(b)</sup> | Organon & Co./Organon Foreign Debt Co.-Issuer BV<sup>(a)(b)</sup> |
| 5900000 | 4.125 | 04/30/28 | 5223978 |
| 5380000 | 5.125 | 04/30/31 | 4660263 |
| Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. |
| 6986000 | 4.400 <sup>(a)</sup> | 06/15/30 | 5967162 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Pharmaceuticals – (continued)** | **Pharmaceuticals – (continued)** | **Pharmaceuticals – (continued)** | **Pharmaceuticals – (continued)** |
| Prestige Brands, Inc. | Prestige Brands, Inc. | Prestige Brands, Inc. | Prestige Brands, Inc. |
| 2014000 | 3.750 %<sup>(a)(b)</sup> | 04/01/31 | $1665860 |
|  |  |  | 32460003 |
| **Pipelines<sup>(a)</sup> – 4.2%** | **Pipelines<sup>(a)</sup> – 4.2%** | **Pipelines<sup>(a)</sup> – 4.2%** | **Pipelines<sup>(a)</sup> – 4.2%** |
| Buckeye Partners LP | Buckeye Partners LP | Buckeye Partners LP | Buckeye Partners LP |
| 600000 | 4.350 | 10/15/24 | 577320 |
| 3545000 | 3.950 | 12/01/26 | 3168486 |
| 839000 | 4.125 | 12/01/27 | 735300 |
| 1534000 | 4.500 <sup>(b)</sup> | 03/01/28 | 1347803 |
| Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP |
| 4394000 | 4.000 | 03/01/31 | 3763593 |
| Cheniere Energy, Inc. | Cheniere Energy, Inc. | Cheniere Energy, Inc. | Cheniere Energy, Inc. |
| 2464000 | 4.625 | 10/15/28 | 2234454 |
| CNX Midstream Partners LP | CNX Midstream Partners LP | CNX Midstream Partners LP | CNX Midstream Partners LP |
| 2751000 | 4.750 <sup>(b)</sup> | 04/15/30 | 2270868 |
| DT Midstream, Inc. | DT Midstream, Inc. | DT Midstream, Inc. | DT Midstream, Inc. |
| 3150000 | 4.375 <sup>(b)</sup> | 06/15/31 | 2634534 |
| EnLink Midstream LLC | EnLink Midstream LLC | EnLink Midstream LLC | EnLink Midstream LLC |
| 2429000 | 5.375 | 06/01/29 | 2254865 |
| EQM Midstream Partners LP | EQM Midstream Partners LP | EQM Midstream Partners LP | EQM Midstream Partners LP |
| 3140000 | 7.500 <sup>(b)</sup> | 06/01/27 | 3076195 |
| Genesis Energy LP/Genesis Energy Finance Corp. | Genesis Energy LP/Genesis Energy Finance Corp. | Genesis Energy LP/Genesis Energy Finance Corp. | Genesis Energy LP/Genesis Energy Finance Corp. |
| 1621000 | 5.625 | 06/15/24 | 1575028 |
| 5624000 | 8.000 | 01/15/27 | 5293084 |
| Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. |
| 912000 | 7.000 | 08/01/27 | 870358 |
| 1383000 | 6.875 | 01/15/29 | 1252611 |
| Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC |
| 5010000 | 6.750 <sup>(b)</sup> | 01/15/27 | 4841413 |
| Kinetik Holdings LP | Kinetik Holdings LP | Kinetik Holdings LP | Kinetik Holdings LP |
| 4315000 | 5.875 <sup>(b)</sup> | 06/15/30 | 4043802 |
| NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP |
| 2721000 | 5.750 | 10/01/25 | 2628540 |
| 3336000 | 5.625 | 04/28/27 | 3136007 |
| 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. |
| 4601000 | 5.750 <sup>(c)</sup> | 04/15/25 | 3873904 |
| 2010000 | 8.500 <sup>(b)</sup> | 10/15/26 | 1908435 |
| 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. |
| 3675000 | 6.000 <sup>(b)</sup> | 09/01/31 | 3165094 |
| Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP |
| 6070000 | 4.300 | 02/01/30 | 5316834 |
|  |  |  | 59968528 |
| **Real Estate – 0.5%** | **Real Estate – 0.5%** | **Real Estate – 0.5%** | **Real Estate – 0.5%** |
| Kennedy-Wilson, Inc.<sup>(a)</sup> | Kennedy-Wilson, Inc.<sup>(a)</sup> | Kennedy-Wilson, Inc.<sup>(a)</sup> | Kennedy-Wilson, Inc.<sup>(a)</sup> |
| 5850000 | 4.750 | 02/01/30 | 4473378 |
| 1514000 | 5.000 | 03/01/31 | 1157816 |
| Redfin Corp. | Redfin Corp. | Redfin Corp. | Redfin Corp. |
| 2115000 | 0.500 | 04/01/27 | 966555 |
|  |  |  | 6597749 |

---

------

GOLDMAN SACHS HIGH YIELD 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>(a)</sup> – 1.0%** | **Real Estate Investment Trust<sup>(a)</sup> – 1.0%** | **Real Estate Investment Trust<sup>(a)</sup> – 1.0%** | **Real Estate Investment Trust<sup>(a)</sup> – 1.0%** |
| CTR Partnership LP/CareTrust Capital Corp. | CTR Partnership LP/CareTrust Capital Corp. | CTR Partnership LP/CareTrust Capital Corp. | CTR Partnership LP/CareTrust Capital Corp. |
| 1045000 | 3.875 %<sup>(b)</sup> | 06/30/28 | $882450 |
| 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. |
| 2225000 | 3.692 | 06/05/28 | 1972702 |
| 1644000 | 4.625 | 08/01/29 | 1273558 |
| 4565000 | 3.500 | 03/15/31 | 3140583 |
| SBA Communications Corp. | SBA Communications Corp. | SBA Communications Corp. | SBA Communications Corp. |
| 3142000 | 3.125 | 02/01/29 | 2616532 |
| Service Properties Trust | Service Properties Trust | Service Properties Trust | Service Properties Trust |
| 3253000 | 4.500 | 03/15/25 | 2828061 |
| 1493000 | 7.500 | 09/15/25 | 1425770 |
|  |  |  | 14139656 |
| **Retailing – 6.2%** | **Retailing – 6.2%** | **Retailing – 6.2%** | **Retailing – 6.2%** |
| 1011778 BC ULC/New Red Finance, Inc.<sup>(a)(b)</sup> | 1011778 BC ULC/New Red Finance, Inc.<sup>(a)(b)</sup> | 1011778 BC ULC/New Red Finance, Inc.<sup>(a)(b)</sup> | 1011778 BC ULC/New Red Finance, Inc.<sup>(a)(b)</sup> |
| 2475000 | 4.375 | 01/15/28 | 2225743 |
| 4166000 | 4.000 | 10/15/30 | 3383000 |
| Arko Corp. | Arko Corp. | Arko Corp. | Arko Corp. |
| 7875000 | 5.125 <sup>(a)(b)</sup> | 11/15/29 | 6177150 |
| 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> |
| 288000 | 4.500 | 03/01/28 | 253616 |
| 1832000 | 4.625 <sup>(b)</sup> | 11/15/29 | 1545695 |
| 185000 | 4.750 | 03/01/30 | 155298 |
| 1014000 | 5.000 <sup>(b)</sup> | 02/15/32 | 836509 |
| Beacon Roofing Supply, Inc. | Beacon Roofing Supply, Inc. | Beacon Roofing Supply, Inc. | Beacon Roofing Supply, Inc. |
| 8090000 | 4.125 <sup>(a)(b)</sup> | 05/15/29 | 6753047 |
| Carvana Co. | Carvana Co. | Carvana Co. | Carvana Co. |
| 1605000 | 5.500 <sup>(a)(b)(c)</sup> | 04/15/27 | 625950 |
| eG Global Finance PLC<sup>(a)(b)</sup> | eG Global Finance PLC<sup>(a)(b)</sup> | eG Global Finance PLC<sup>(a)(b)</sup> | eG Global Finance PLC<sup>(a)(b)</sup> |
| 4290000 | 6.750 | 02/07/25 | 3766148 |
| 2210000 | 8.500 | 10/30/25 | 2069952 |
| Foundation Building Materials, Inc. | Foundation Building Materials, Inc. | Foundation Building Materials, Inc. | Foundation Building Materials, Inc. |
| 2772000 | 6.000 <sup>(a)(b)</sup> | 03/01/29 | 2081606 |
| Group 1 Automotive, Inc. | Group 1 Automotive, Inc. | Group 1 Automotive, Inc. | Group 1 Automotive, Inc. |
| 2208000 | 4.000 <sup>(a)(b)</sup> | 08/15/28 | 1877242 |
| GYP Holdings III Corp. | GYP Holdings III Corp. | GYP Holdings III Corp. | GYP Holdings III Corp. |
| 5862000 | 4.625 <sup>(a)(b)</sup> | 05/01/29 | 4812057 |
| Ken Garff Automotive LLC | Ken Garff Automotive LLC | Ken Garff Automotive LLC | Ken Garff Automotive LLC |
| 4008000 | 4.875 <sup>(a)(b)</sup> | 09/15/28 | 3359946 |
| LCM Investments Holdings II LLC | LCM Investments Holdings II LLC | LCM Investments Holdings II LLC | LCM Investments Holdings II LLC |
| 5325000 | 4.875 <sup>(a)(b)</sup> | 05/01/29 | 4301109 |
| Lithia Motors, Inc.<sup>(a)(b)</sup> | Lithia Motors, Inc.<sup>(a)(b)</sup> | Lithia Motors, Inc.<sup>(a)(b)</sup> | Lithia Motors, Inc.<sup>(a)(b)</sup> |
| 1258000 | 3.875 | 06/01/29 | 1036831 |
| 853000 | 4.375 | 01/15/31 | 699997 |
| Matalan Finance PLC | Matalan Finance PLC | Matalan Finance PLC | Matalan Finance PLC |
| 1875000 | 6.750 <sup>(a)</sup> | 07/31/23 | 2086232 |
| Murphy Oil USA, Inc. | Murphy Oil USA, Inc. | Murphy Oil USA, Inc. | Murphy Oil USA, Inc. |
| 3341000 | 3.750 <sup>(a)(b)</sup> | 02/15/31 | 2781850 |
| Nordstrom, Inc. | Nordstrom, Inc. | Nordstrom, Inc. | Nordstrom, Inc. |
| 3270000 | 4.375 <sup>(a)</sup> | 04/01/30 | 2454724 |
| Penske Automotive Group, Inc.<sup>(a)</sup> | Penske Automotive Group, Inc.<sup>(a)</sup> | Penske Automotive Group, Inc.<sup>(a)</sup> | Penske Automotive Group, Inc.<sup>(a)</sup> |
| 3097000 | 3.500 | 09/01/25 | 2884917 |
| 3469000 | 3.750 | 06/15/29 | 2817348 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
|  **Retailing – (continued)** | **Retailing – (continued)** | **Retailing – (continued)** | **Retailing – (continued)** | **Retailing – (continued)** |
|  Sonic Automotive, Inc.<sup>(a)(b)</sup> | Sonic Automotive, Inc.<sup>(a)(b)</sup> | Sonic Automotive, Inc.<sup>(a)(b)</sup> | Sonic Automotive, Inc.<sup>(a)(b)</sup> | Sonic Automotive, Inc.<sup>(a)(b)</sup> |
|  $ | 4082000 | 4.625% | 11/15/29 | $3291480 |
|  | 2092000 | 4.875 <sup>(c)</sup> | 11/15/31 | 1647011 |
|  SRS Distribution, Inc.<sup>(a)(b)</sup> | SRS Distribution, Inc.<sup>(a)(b)</sup> | SRS Distribution, Inc.<sup>(a)(b)</sup> | SRS Distribution, Inc.<sup>(a)(b)</sup> | SRS Distribution, Inc.<sup>(a)(b)</sup> |
|  | 2238000 | 6.125 | 07/01/29 | 1816473 |
|  | 5520000 | 6.000 | 12/01/29 | 4414786 |
|  Staples, Inc.<sup>(a)(b)</sup> | Staples, Inc.<sup>(a)(b)</sup> | Staples, Inc.<sup>(a)(b)</sup> | Staples, Inc.<sup>(a)(b)</sup> | Staples, Inc.<sup>(a)(b)</sup> |
|  | 2435000 | 7.500 | 04/15/26 | 2096121 |
|  | 6979000 | 10.750 <sup>(c)</sup> | 04/15/27 | 5026625 |
|  Stonegate Pub Co. Financing 2019 PLC | Stonegate Pub Co. Financing 2019 PLC | Stonegate Pub Co. Financing 2019 PLC | Stonegate Pub Co. Financing 2019 PLC | Stonegate Pub Co. Financing 2019 PLC |
|  GBP | 1750000 | 8.250 <sup>(a)(b)</sup> | 07/31/25 | 1912390 |
|  Suburban Propane Partners LP/Suburban Energy Finance Corp.<sup>(a)</sup> | Suburban Propane Partners LP/Suburban Energy Finance Corp.<sup>(a)</sup> | Suburban Propane Partners LP/Suburban Energy Finance Corp.<sup>(a)</sup> | Suburban Propane Partners LP/Suburban Energy Finance Corp.<sup>(a)</sup> | Suburban Propane Partners LP/Suburban Energy Finance Corp.<sup>(a)</sup> |
|  $ | 2121000 | 5.875 | 03/01/27 | 2029203 |
|  | 3272000 | 5.000 <sup>(b)</sup> | 06/01/31 | 2800897 |
|  The Cheesecake Factory, Inc. | The Cheesecake Factory, Inc. | The Cheesecake Factory, Inc. | The Cheesecake Factory, Inc. | The Cheesecake Factory, Inc. |
|  | 2188000 | 0.375 <sup>(c)</sup> | 06/15/26 | 1792793 |
|  Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. |
|  | 4248000 | 3.625 <sup>(a)</sup> | 03/15/31 | 3559867 |
|  |  |  |  | 89373613 |
|  **Semiconductors<sup>(a)</sup> – 0.7%** | **Semiconductors<sup>(a)</sup> – 0.7%** | **Semiconductors<sup>(a)</sup> – 0.7%** | **Semiconductors<sup>(a)</sup> – 0.7%** | **Semiconductors<sup>(a)</sup> – 0.7%** |
|  Amkor Technology, Inc. | Amkor Technology, Inc. | Amkor Technology, Inc. | Amkor Technology, Inc. | Amkor Technology, Inc. |
|  | 3403000 | 6.625 <sup>(b)</sup> | 09/15/27 | 3384658 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  | 3590000 | 3.137 <sup>(b)</sup> | 11/15/35 | 2633839 |
|  Entegris Escrow Corp. | Entegris Escrow Corp. | Entegris Escrow Corp. | Entegris Escrow Corp. | Entegris Escrow Corp. |
|  | 3240000 | 4.750 <sup>(b)</sup> | 04/15/29 | 2963434 |
|  Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. |
|  | 1940000 | 2.703 | 04/15/32 | 1455388 |
|  |  |  |  | 10437319 |
|  **Software<sup>(a)</sup> – 1.6%** | **Software<sup>(a)</sup> – 1.6%** | **Software<sup>(a)</sup> – 1.6%** | **Software<sup>(a)</sup> – 1.6%** | **Software<sup>(a)</sup> – 1.6%** |
|  AthenaHealth Group, Inc. | AthenaHealth Group, Inc. | AthenaHealth Group, Inc. | AthenaHealth Group, Inc. | AthenaHealth Group, Inc. |
|  | 3635000 | 6.500 <sup>(b)(c)</sup> | 02/15/30 | 2692917 |
|  Camelot Finance SA | Camelot Finance SA | Camelot Finance SA | Camelot Finance SA | Camelot Finance SA |
|  | 375000 | 4.500 <sup>(b)</sup> | 11/01/26 | 352552 |
|  Castle U.S. Holding Corp. | Castle U.S. Holding Corp. | Castle U.S. Holding Corp. | Castle U.S. Holding Corp. | Castle U.S. Holding Corp. |
|  | 2900000 | 9.500 <sup>(b)</sup> | 02/15/28 | 1140541 |
|  Elastic NV | Elastic NV | Elastic NV | Elastic NV | Elastic NV |
|  | 3315000 | 4.125 <sup>(b)</sup> | 07/15/29 | 2676498 |
|  MSCI, Inc. | MSCI, Inc. | MSCI, Inc. | MSCI, Inc. | MSCI, Inc. |
|  | 1770000 | 3.625 <sup>(b)</sup> | 09/01/30 | 1474658 |
|  Open Text Corp. | Open Text Corp. | Open Text Corp. | Open Text Corp. | Open Text Corp. |
|  | 2350000 | 6.900 | 12/01/27 | 2369458 |
|  | 1770000 | 3.875 <sup>(b)</sup> | 02/15/28 | 1519067 |
|  | 2995000 | 3.875 <sup>(b)</sup> | 12/01/29 | 2410975 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  | 1955000 | 3.600 | 04/01/40 | 1443631 |
|  ROBLOX Corp. | ROBLOX Corp. | ROBLOX Corp. | ROBLOX Corp. | ROBLOX Corp. |
|  | 1769000 | 3.875 <sup>(b)</sup> | 05/01/30 | 1393459 |
|  SS&C Technologies, Inc. | SS&C Technologies, Inc. | SS&C Technologies, Inc. | SS&C Technologies, Inc. | SS&C Technologies, Inc. |
|  | 2950000 | 5.500 <sup>(b)</sup> | 09/30/27 | 2777130 |
|  TeamSystem SpA | TeamSystem SpA | TeamSystem SpA | TeamSystem SpA | TeamSystem SpA |
|  EUR | 1075000 | 3.500 <sup>(b)</sup> | 02/15/28 | 961886 |

---

------

GOLDMAN SACHS HIGH YIELD 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>(a)</sup> – (continued)** | **Software<sup>(a)</sup> – (continued)** | **Software<sup>(a)</sup> – (continued)** | **Software<sup>(a)</sup> – (continued)** |
| ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. |
| 2060000 | 3.875 %<sup>(b)</sup> | 02/01/29 | $1735921 |
|  |  |  | 22948693 |
| **Telecommunication Services – 3.5%** | **Telecommunication Services – 3.5%** | **Telecommunication Services – 3.5%** | **Telecommunication Services – 3.5%** |
| Altice France Holding SA | Altice France Holding SA | Altice France Holding SA | Altice France Holding SA |
| 4555000 | 10.500 <sup>(a)(b)</sup> | 05/15/27 | 3472778 |
| 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> |
| 4710000 | 8.125 | 02/01/27 | 4299665 |
| 225000 | 5.500 | 01/15/28 | 176654 |
| 664000 | 5.125 | 01/15/29 | 505483 |
| 4764000 | 5.500 | 10/15/29 | 3647509 |
| AT&T, Inc. | AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
| 1947000 | 3.500 <sup>(a)</sup> | 06/01/41 | 1453085 |
| Frontier Communications Holdings LLC<sup>(a)(b)</sup> | Frontier Communications Holdings LLC<sup>(a)(b)</sup> | Frontier Communications Holdings LLC<sup>(a)(b)</sup> | Frontier Communications Holdings LLC<sup>(a)(b)</sup> |
| 4856000 | 5.875 | 10/15/27 | 4519528 |
| 4745000 | 6.000 | 01/15/30 | 3733508 |
| Intelsat Jackson Holdings SA<sup>(f)</sup> | Intelsat Jackson Holdings SA<sup>(f)</sup> | Intelsat Jackson Holdings SA<sup>(f)</sup> | Intelsat Jackson Holdings SA<sup>(f)</sup> |
| 8485000 | 0.000 | 10/15/24 |  |
| 15490000 | 0.000 | 07/15/25 |  |
| Level 3 Financing, Inc.<sup>(a)(b)</sup> | Level 3 Financing, Inc.<sup>(a)(b)</sup> | Level 3 Financing, Inc.<sup>(a)(b)</sup> | Level 3 Financing, Inc.<sup>(a)(b)</sup> |
| 1896000 | 4.625 | 09/15/27 | 1582288 |
| 5804000 | 4.250 | 07/01/28 | 4572275 |
| 1124000 | 3.625 | 01/15/29 | 822318 |
| 900000 | 3.875 | 11/15/29 | 709398 |
| Lorca Telecom Bondco SA | Lorca Telecom Bondco SA | Lorca Telecom Bondco SA | Lorca Telecom Bondco SA |
| 2555000 | 4.000 <sup>(a)(b)</sup> | 09/18/27 | 2447468 |
| Lumen Technologies, Inc. | Lumen Technologies, Inc. | Lumen Technologies, Inc. | Lumen Technologies, Inc. |
| 961000 | 4.500 <sup>(a)(b)</sup> | 01/15/29 | 663859 |
| Nokia of America Corp. | Nokia of America Corp. | Nokia of America Corp. | Nokia of America Corp. |
| 5200000 | 6.450 | 03/15/29 | 5017584 |
| Sprint Corp.<sup>(a)</sup> | Sprint Corp.<sup>(a)</sup> | Sprint Corp.<sup>(a)</sup> | Sprint Corp.<sup>(a)</sup> |
| 4762000 | 7.625 | 02/15/25 | 4930718 |
| 2836000 | 7.625 | 03/01/26 | 2984351 |
| Telecom Italia Capital SA | Telecom Italia Capital SA | Telecom Italia Capital SA | Telecom Italia Capital SA |
| 2040000 | 6.000 | 09/30/34 | 1562110 |
| 3746000 | 7.200 | 07/18/36 | 3040628 |
|  |  |  | 50141207 |
| **Toys/Games/Hobbies<sup>(a)(b)</sup> – 0.4%** | **Toys/Games/Hobbies<sup>(a)(b)</sup> – 0.4%** | **Toys/Games/Hobbies<sup>(a)(b)</sup> – 0.4%** | **Toys/Games/Hobbies<sup>(a)(b)</sup> – 0.4%** |
| Mattel, Inc. | Mattel, Inc. | Mattel, Inc. | Mattel, Inc. |
| 1439000 | 3.375 | 04/01/26 | 1325909 |
| 5107000 | 3.750 | 04/01/29 | 4488747 |
|  |  |  | 5814656 |
| **Transportation<sup>(a)(b)</sup> – 0.2%** | **Transportation<sup>(a)(b)</sup> – 0.2%** | **Transportation<sup>(a)(b)</sup> – 0.2%** | **Transportation<sup>(a)(b)</sup> – 0.2%** |
| Cargo Aircraft Management, Inc. | Cargo Aircraft Management, Inc. | Cargo Aircraft Management, Inc. | Cargo Aircraft Management, Inc. |
| 2360000 | 4.750 | 02/01/28 | 2140190 |
| **Water<sup>(a)(b)</sup> – 0.4%** | **Water<sup>(a)(b)</sup> – 0.4%** | **Water<sup>(a)(b)</sup> – 0.4%** | **Water<sup>(a)(b)</sup> – 0.4%** |
| Solaris Midstream Holdings LLC | Solaris Midstream Holdings LLC | Solaris Midstream Holdings LLC | Solaris Midstream Holdings LLC |
| 6085000 | 7.625 | 04/01/26 | 6059260 |
| **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $1,470,566,208)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $1,470,566,208)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $1,470,566,208)** | $1271307544 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans – 6.0%** | **Bank Loans – 6.0%** | **Bank Loans – 6.0%** | **Bank Loans – 6.0%** |
| **Aerospace & Defense<sup>(e)</sup> – 0.0%** | **Aerospace & Defense<sup>(e)</sup> – 0.0%** | **Aerospace & Defense<sup>(e)</sup> – 0.0%** | **Aerospace & Defense<sup>(e)</sup> – 0.0%** |
| 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%) |
|  | 10.139% | 03/19/26 | $— |
| **Airlines<sup>(e)</sup> – 0.6%** | **Airlines<sup>(e)</sup> – 0.6%** | **Airlines<sup>(e)</sup> – 0.6%** | **Airlines<sup>(e)</sup> – 0.6%** |
| Air Canada (3M USD LIBOR + 3.500%) | Air Canada (3M USD LIBOR + 3.500%) | Air Canada (3M USD LIBOR + 3.500%) | Air Canada (3M USD LIBOR + 3.500%) |
| 3840351 | 8.130 | 08/11/28 | 3787546 |
| United Airlines, Inc. (1M USD LIBOR + 3.750%) | United Airlines, Inc. (1M USD LIBOR + 3.750%) | United Airlines, Inc. (1M USD LIBOR + 3.750%) | United Airlines, Inc. (1M USD LIBOR + 3.750%) |
| 5310917 | 2.836 | 10/01/25 | 5234228 |
|  |  |  | 9021774 |
| **Building & Construction Materials<sup>(e)</sup> – 0.2%** | **Building & Construction Materials<sup>(e)</sup> – 0.2%** | **Building & Construction Materials<sup>(e)</sup> – 0.2%** | **Building & Construction Materials<sup>(e)</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%) |
| 2444295 | 7.134 | 10/02/28 | 2407240 |
| **Building Materials<sup>(e)</sup> – 0.2%** | **Building Materials<sup>(e)</sup> – 0.2%** | **Building Materials<sup>(e)</sup> – 0.2%** | **Building Materials<sup>(e)</sup> – 0.2%** |
| 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%) |
|  | 7.634 | 11/03/28 |  |
| Quikrete Holdings, Inc. (3M USD LIBOR + 2.625%) | Quikrete Holdings, Inc. (3M USD LIBOR + 2.625%) | Quikrete Holdings, Inc. (3M USD LIBOR + 2.625%) | Quikrete Holdings, Inc. (3M USD LIBOR + 2.625%) |
| 2467171 | 7.009 | 11/03/25 | 2436331 |
|  |  |  | 2436331 |
| **Chemicals<sup>(e)</sup> – 0.4%** | **Chemicals<sup>(e)</sup> – 0.4%** | **Chemicals<sup>(e)</sup> – 0.4%** | **Chemicals<sup>(e)</sup> – 0.4%** |
| Cyanco Intermediate Corp. (1M USD LIBOR + 3.500%) | Cyanco Intermediate Corp. (1M USD LIBOR + 3.500%) | Cyanco Intermediate Corp. (1M USD LIBOR + 3.500%) | Cyanco Intermediate Corp. (1M USD LIBOR + 3.500%) |
| 2010714 | 7.884 | 03/16/25 | 1925259 |
| 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%) |
| 3866664 | 7.165 | 11/03/25 | 3806730 |
| Trident TPI Holdings, Inc. | Trident TPI Holdings, Inc. | Trident TPI Holdings, Inc. | Trident TPI Holdings, Inc. |
| (1M SOFR + 5.250%) | (1M SOFR + 5.250%) | (1M SOFR + 5.250%) | (1M SOFR + 5.250%) |
|  | 3.000 | 04/29/20 |  |
| (3M USD LIBOR + 4.000%) | (3M USD LIBOR + 4.000%) | (3M USD LIBOR + 4.000%) | (3M USD LIBOR + 4.000%) |
|  | 8.730 | 09/15/28 |  |
|  |  |  | 5731989 |
| **Consumer Cyclical Services<sup>(e)</sup> – 0.4%** | **Consumer Cyclical Services<sup>(e)</sup> – 0.4%** | **Consumer Cyclical Services<sup>(e)</sup> – 0.4%** | **Consumer Cyclical Services<sup>(e)</sup> – 0.4%** |
| Prime Security Services Borrower LLC (3M USD LIBOR + 2.750%) | Prime Security Services Borrower LLC (3M USD LIBOR + 2.750%) | Prime Security Services Borrower LLC (3M USD LIBOR + 2.750%) | Prime Security Services Borrower LLC (3M USD LIBOR + 2.750%) |
| 3852710 | 3.500 | 08/31/28 | 3814568 |
| 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%) |
| 1781926 | 7.630 | 06/30/28 | 1743062 |
| (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) |
| 340938 | 7.630 | 06/30/28 | 333502 |
|  |  |  | 5891132 |
| **Diversified Manufacturing<sup>(e)</sup> – 0.3%** | **Diversified Manufacturing<sup>(e)</sup> – 0.3%** | **Diversified Manufacturing<sup>(e)</sup> – 0.3%** | **Diversified Manufacturing<sup>(e)</sup> – 0.3%** |
| Vertical US Newco, Inc. (3M USD LIBOR + 3.500%) | Vertical US Newco, Inc. (3M USD LIBOR + 3.500%) | Vertical US Newco, Inc. (3M USD LIBOR + 3.500%) | Vertical US Newco, Inc. (3M USD LIBOR + 3.500%) |
| 4112470 | 6.871 | 10/01/25 | 3950562 |
| **Electrical<sup>(e)</sup> – 0.1%** | **Electrical<sup>(e)</sup> – 0.1%** | **Electrical<sup>(e)</sup> – 0.1%** | **Electrical<sup>(e)</sup> – 0.1%** |
| Pacific Gas & Electric Co. (3M USD LIBOR + 3.000%) | Pacific Gas & Electric Co. (3M USD LIBOR + 3.000%) | Pacific Gas & Electric Co. (3M USD LIBOR + 3.000%) | Pacific Gas & Electric Co. (3M USD LIBOR + 3.000%) |
| 2276549 | 4.250 | 09/23/26 | 2255924 |
| **Entertainment<sup>(e)</sup> – 0.3%** | **Entertainment<sup>(e)</sup> – 0.3%** | **Entertainment<sup>(e)</sup> – 0.3%** | **Entertainment<sup>(e)</sup> – 0.3%** |
| SeaWorld Parks & Entertainment, Inc. (1M USD LIBOR + 3.000%) | SeaWorld Parks & Entertainment, Inc. (1M USD LIBOR + 3.000%) | SeaWorld Parks & Entertainment, Inc. (1M USD LIBOR + 3.000%) | SeaWorld Parks & Entertainment, Inc. (1M USD LIBOR + 3.000%) |
| 3890152 | 7.438 | 08/25/28 | 3815110 |

---

------

GOLDMAN SACHS HIGH YIELD FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans – (continued)** | **Bank Loans – (continued)** | **Bank Loans – (continued)** | **Bank Loans – (continued)** |
| **Environmental<sup>(e)</sup> – 0.3%** | **Environmental<sup>(e)</sup> – 0.3%** | **Environmental<sup>(e)</sup> – 0.3%** | **Environmental<sup>(e)</sup> – 0.3%** |
| GFL Environmental, Inc. (3M USD LIBOR + 3.000%) | GFL Environmental, Inc. (3M USD LIBOR + 3.000%) | GFL Environmental, Inc. (3M USD LIBOR + 3.000%) | GFL Environmental, Inc. (3M USD LIBOR + 3.000%) |
| 3815267 | 5.806% | 05/30/25 | $3814199 |
| **Health Care<sup>(e)</sup> – 0.3%** | **Health Care<sup>(e)</sup> – 0.3%** | **Health Care<sup>(e)</sup> – 0.3%** | **Health Care<sup>(e)</sup> – 0.3%** |
| Jazz Financing Lux S.a.r.l. (1M USD LIBOR + 3.500%) | Jazz Financing Lux S.a.r.l. (1M USD LIBOR + 3.500%) | Jazz Financing Lux S.a.r.l. (1M USD LIBOR + 3.500%) | Jazz Financing Lux S.a.r.l. (1M USD LIBOR + 3.500%) |
| 3834919 | 7.884 | 10/02/28 | 3795956 |
| **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. (3M USD LIBOR + 3.750%) | RegionalCare Hospital Partners Holdings, Inc. (3M USD LIBOR + 3.750%) | RegionalCare Hospital Partners Holdings, Inc. (3M USD LIBOR + 3.750%) | RegionalCare Hospital Partners Holdings, Inc. (3M USD LIBOR + 3.750%) |
| 7103293 | 8.165 | 11/03/25 | 6680647 |
| **Household Products<sup>(e)</sup> – 0.1%** | **Household Products<sup>(e)</sup> – 0.1%** | **Household Products<sup>(e)</sup> – 0.1%** | **Household Products<sup>(e)</sup> – 0.1%** |
| Knight Health Holdings LLC (1M USD LIBOR + 5.250%) | Knight Health Holdings LLC (1M USD LIBOR + 5.250%) | Knight Health Holdings LLC (1M USD LIBOR + 5.250%) | Knight Health Holdings LLC (1M USD LIBOR + 5.250%) |
| 3168000 | 9.634 | 12/23/28 | 1845360 |
| **Machinery-Diversified<sup>(e)</sup> – 0.2%** | **Machinery-Diversified<sup>(e)</sup> – 0.2%** | **Machinery-Diversified<sup>(e)</sup> – 0.2%** | **Machinery-Diversified<sup>(e)</sup> – 0.2%** |
| Project Castle, Inc. (3M SOFR CME + 5.500%) | Project Castle, Inc. (3M SOFR CME + 5.500%) | Project Castle, Inc. (3M SOFR CME + 5.500%) | Project Castle, Inc. (3M SOFR CME + 5.500%) |
| 3865312 | 10.080 | 06/01/29 | 3106745 |
| **Media - Cable<sup>(e)</sup> – 0.3%** | **Media - Cable<sup>(e)</sup> – 0.3%** | **Media - Cable<sup>(e)</sup> – 0.3%** | **Media - Cable<sup>(e)</sup> – 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%) |
| 3850003 | 9.384 | 08/02/27 | 3740124 |
| **Media - Non Cable<sup>(e)</sup> – 0.4%** | **Media - Non Cable<sup>(e)</sup> – 0.4%** | **Media - Non Cable<sup>(e)</sup> – 0.4%** | **Media - Non Cable<sup>(e)</sup> – 0.4%** |
| 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%) |
| 482036 | 12.317 | 05/25/26 | 455124 |
| Entercom Media Corp. (1M USD LIBOR + 2.500%) | Entercom Media Corp. (1M USD LIBOR + 2.500%) | Entercom Media Corp. (1M USD LIBOR + 2.500%) | Entercom Media Corp. (1M USD LIBOR + 2.500%) |
| 1775000 | 6.889 | 11/18/24 | 1256771 |
| 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%) |
| 4100000 | 7.384 | 05/01/26 | 3750229 |
|  |  |  | 5462124 |
| **Packaging<sup>(e)</sup> – 0.0%** | **Packaging<sup>(e)</sup> – 0.0%** | **Packaging<sup>(e)</sup> – 0.0%** | **Packaging<sup>(e)</sup> – 0.0%** |
| 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%) |
|  | 9.384 | 10/29/28 |  |
| **Pharmaceuticals<sup>(e)</sup> – 0.1%** | **Pharmaceuticals<sup>(e)</sup> – 0.1%** | **Pharmaceuticals<sup>(e)</sup> – 0.1%** | **Pharmaceuticals<sup>(e)</sup> – 0.1%** |
| Gainwell Acquisition Corp. (3M USD LIBOR + 4.000%) | Gainwell Acquisition Corp. (3M USD LIBOR + 4.000%) | Gainwell Acquisition Corp. (3M USD LIBOR + 4.000%) | Gainwell Acquisition Corp. (3M USD LIBOR + 4.000%) |
| 2166834 | 8.730 | 10/01/27 | 2028698 |
| **Retailers<sup>(e)</sup> – 0.1%** | **Retailers<sup>(e)</sup> – 0.1%** | **Retailers<sup>(e)</sup> – 0.1%** | **Retailers<sup>(e)</sup> – 0.1%** |
| Staples, Inc. (3M USD LIBOR + 5.000%) | Staples, Inc. (3M USD LIBOR + 5.000%) | Staples, Inc. (3M USD LIBOR + 5.000%) | Staples, Inc. (3M USD LIBOR + 5.000%) |
| 2412500 | 7.959 | 11/03/25 | 2226207 |
| **Retailing<sup>(e)</sup> – 0.2%** | **Retailing<sup>(e)</sup> – 0.2%** | **Retailing<sup>(e)</sup> – 0.2%** | **Retailing<sup>(e)</sup> – 0.2%** |
| RC Buyer, Inc. (3M USD LIBOR + 3.500%) | RC Buyer, Inc. (3M USD LIBOR + 3.500%) | RC Buyer, Inc. (3M USD LIBOR + 3.500%) | RC Buyer, Inc. (3M USD LIBOR + 3.500%) |
| 2518125 | 8.230 | 07/28/28 | 2346590 |
| **Technology<sup>(e)</sup> – 0.3%** | **Technology<sup>(e)</sup> – 0.3%** | **Technology<sup>(e)</sup> – 0.3%** | **Technology<sup>(e)</sup> – 0.3%** |
| Uber Technologies, Inc. (3M USD LIBOR + 3.500%) | Uber Technologies, Inc. (3M USD LIBOR + 3.500%) | Uber Technologies, Inc. (3M USD LIBOR + 3.500%) | Uber Technologies, Inc. (3M USD LIBOR + 3.500%) |
| 3815013 | 7.165 | 12/11/26 | 3810244 |
| **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%) |
| 3881028 | 7.384 <sup>(e)</sup> | 10/30/26 | 3814080 |
| The Dun & Bradstreet Corp. (1M USD LIBOR + 3.250%) | The Dun & Bradstreet Corp. (1M USD LIBOR + 3.250%) | The Dun & Bradstreet Corp. (1M USD LIBOR + 3.250%) | The Dun & Bradstreet Corp. (1M USD LIBOR + 3.250%) |
|  | 7.639 <sup>(e)</sup> | 02/06/26 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans – (continued)** | **Bank Loans – (continued)** | **Bank Loans – (continued)** | **Bank Loans – (continued)** |
| **Technology - Software – (continued)** | **Technology - Software – (continued)** | **Technology - Software – (continued)** | **Technology - Software – (continued)** |
| 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%) |
| 2549011 | 4.500% | 11/03/25 | $2548731 |
|  |  |  | 6362811 |
| **Technology - Software/Services<sup>(e)</sup> – 0.3%** | **Technology - Software/Services<sup>(e)</sup> – 0.3%** | **Technology - Software/Services<sup>(e)</sup> – 0.3%** | **Technology - Software/Services<sup>(e)</sup> – 0.3%** |
| 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%) |
| 1873125 | 8.884 | 11/03/27 | 744567 |
| Peraton Corp. (3M USD LIBOR + 3.750%) | Peraton Corp. (3M USD LIBOR + 3.750%) | Peraton Corp. (3M USD LIBOR + 3.750%) | Peraton Corp. (3M USD LIBOR + 3.750%) |
| 2218850 | 4.250 | 09/23/26 | 2162913 |
| Physician Partners LLC (1M SOFR + 4.000%) | Physician Partners LLC (1M SOFR + 4.000%) | Physician Partners LLC (1M SOFR + 4.000%) | Physician Partners LLC (1M SOFR + 4.000%) |
| 2332375 | 4.250 | 09/23/26 | 2216923 |
|  |  |  | 5124403 |
| **TOTAL BANK LOANS<br>(Cost $90,607,089)** | **TOTAL BANK LOANS<br>(Cost $90,607,089)** | **TOTAL BANK LOANS<br>(Cost $90,607,089)** | $85854170 |
| **Shares** | **Description** | **Description** | **Value** |
| **Common Stocks – 0.7%** | **Common Stocks – 0.7%** | **Common Stocks – 0.7%** | **Common Stocks – 0.7%** |
| **Auto Components – 0.0%** | **Auto Components – 0.0%** | **Auto Components – 0.0%** | **Auto Components – 0.0%** |
| 1229 | Lear Corp. | Lear Corp. | $152421 |
| **Chemicals – 0.0%** | **Chemicals – 0.0%** | **Chemicals – 0.0%** | **Chemicals – 0.0%** |
| 321 | LyondellBasell Industries NV<br>Class A | LyondellBasell Industries NV<br>Class A | 26653 |
| 90 | LyondellBasell Industries<br>NV Class A<sup>(f)</sup> | LyondellBasell Industries<br>NV Class A<sup>(f)</sup> |  |
|  |  |  | 26653 |
| **Commerical Services & Supplies<sup>(f)(g)</sup> – 0.0%** | **Commerical Services & Supplies<sup>(f)(g)</sup> – 0.0%** | **Commerical Services & Supplies<sup>(f)(g)</sup> – 0.0%** | **Commerical Services & Supplies<sup>(f)(g)</sup> – 0.0%** |
| 7179000 | Reorganized ISA SA | Reorganized ISA SA |  |
| **Communications Equipment<sup>(g)</sup> – 0.4%** | **Communications Equipment<sup>(g)</sup> – 0.4%** | **Communications Equipment<sup>(g)</sup> – 0.4%** | **Communications Equipment<sup>(g)</sup> – 0.4%** |
| 229164 | Intelsat Emergence SA | Intelsat Emergence SA | 5156190 |
| **Energy Equipment & Services<sup>(g)</sup> – 0.1%** | **Energy Equipment & Services<sup>(g)</sup> – 0.1%** | **Energy Equipment & Services<sup>(g)</sup> – 0.1%** | **Energy Equipment & Services<sup>(g)</sup> – 0.1%** |
| 56705 | Noble Corp. PLC | Noble Corp. PLC | 2138345 |
| **Oil, Gas & Consumable Fuels<sup>(g)</sup> – 0.2%** | **Oil, Gas & Consumable Fuels<sup>(g)</sup> – 0.2%** | **Oil, Gas & Consumable Fuels<sup>(g)</sup> – 0.2%** | **Oil, Gas & Consumable Fuels<sup>(g)</sup> – 0.2%** |
| 127001 | Summit Midstream Partners LP | Summit Midstream Partners LP | 2118377 |
| 18791 | Valaris Ltd. | Valaris Ltd. | 1270647 |
|  |  |  | 3389024 |
| **TOTAL COMMON STOCKS**<br> **(Cost $22,991,264)** | **TOTAL COMMON STOCKS**<br> **(Cost $22,991,264)** | **TOTAL COMMON STOCKS**<br> **(Cost $22,991,264)** | $10862633 |

---

------

GOLDMAN SACHS HIGH YIELD FUND

*December 31, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Units** | **Expiration**<br> **Date** | **Value** |
| **Rights<sup>(g)</sup> – 0.0%** | **Rights<sup>(g)</sup> – 0.0%** | **Rights<sup>(g)</sup> – 0.0%** |
|  Intelsat Jackson Holdings SA | Intelsat Jackson Holdings SA | Intelsat Jackson Holdings SA |
| 23998 | 12/05/25 | $123998 |
| 23998 | 12/05/25 | $101991 |
| **TOTAL RIGHTS**<br> **(Cost $—)** | **TOTAL RIGHTS**<br> **(Cost $—)** | $225989 |
| **Warrants<sup>(g)</sup> – 0.0%** | **Warrants<sup>(g)</sup> – 0.0%** | **Warrants<sup>(g)</sup> – 0.0%** |
|  Intelsat Emergence SA | Intelsat Emergence SA | Intelsat Emergence SA |
| 6089 | 02/17/27 | $6089 |
|  Noble Corp. | Noble Corp. | Noble Corp. |
| 4596 | 02/05/28 | 89162 |
| **TOTAL WARRANTS**<br> **(Cost $3,316,784)** | **TOTAL WARRANTS**<br> **(Cost $3,316,784)** | $95251 |
| **Shares** | **Description** | **Value** |
| **Exchange Traded Funds – 1.1%** | **Exchange Traded Funds – 1.1%** | **Exchange Traded Funds – 1.1%** |
| 321391 | iShares Broad USD High Yield |  |
|  | Corporate Bond ETF | $11097631 |
| 63576 | iShares iBoxx High Yield |  |
|  | Corporate Bond ETF | 4681101 |
| **TOTAL EXCHANGE TRADED FUNDS (Cost $16,676,952)** | **TOTAL EXCHANGE TRADED FUNDS (Cost $16,676,952)** | $15778732 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(h)</sup> – 2.0%** | **Investment Company<sup>(h)</sup> – 2.0%** | **Investment Company<sup>(h)</sup> – 2.0%** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
| 28812177 | 4.159% | $28812177 |
| **(Cost $28,812,177)** | **(Cost $28,812,177)** | **(Cost $28,812,177)** |
| **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT – 98.0%<br>(Cost $1,632,970,474)** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT – 98.0%<br>(Cost $1,632,970,474)** | $1412936496 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Securities Lending Reinvestment Vehicle<sup>(h)</sup> – 4.4%** | **Securities Lending Reinvestment Vehicle<sup>(h)</sup> – 4.4%** | **Securities Lending Reinvestment Vehicle<sup>(h)</sup> – 4.4%** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
| 63469395 | 4.159% | $63469395 |
| **(Cost $63,469,395)** | **(Cost $63,469,395)** | **(Cost $63,469,395)** |
| **TOTAL INVESTMENTS – 102.4%<br>(Cost $1,696,439,869)** | **TOTAL INVESTMENTS – 102.4%<br>(Cost $1,696,439,869)** | $1476405891 |
| **LIABILITIES IN EXCESS OF<br> OTHER ASSETS – (2.4)%** | **LIABILITIES IN EXCESS OF<br> OTHER ASSETS – (2.4)%** | (34335797) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $1442070094 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates. |
| (b) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (c) | All or a portion of security is on loan. |
| (d) | Pay-in-kind securities. |
| (e) | Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on 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. |
| (h) | Represents an Affiliated Issuer. |

---

------

GOLDMAN SACHS HIGH YIELD 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 | 10004922 | GBP | 8115530 | 02/23/23 | $180250 |
|  JPMorgan Securities, Inc. | EUR | 780683 | USD | 830708 | 01/06/23 | 5330 |
|  MS & Co. Int. PLC | EUR | 57359 | USD | 61125 | 01/06/23 | 302 |
|  **TOTAL** | **TOTAL** | **TOTAL** | **TOTAL** |  |  | $185882 |

---

**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 | 39437645 | EUR | 39727656 | 01/06/23 | $(3106920) |
|  MS & Co. Int. PLC | USD | 1380527 | EUR | 1374185 | 01/06/23 | (91095) |
|  UBS AG (London) | USD | 1910832 | EUR | 1951892 | 01/06/23 | (179460) |
|  **TOTAL** | **TOTAL** | **TOTAL** | **TOTAL** |  |  | $(3377475) |

---

**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:** |
|  2 Year U.S. Treasury Notes | 611 | 03/31/23 | $125302735 | $139331 |
|  5 Year U.S. Treasury Notes | 320 | 03/31/23 | 34537500 | (69569) |
|  **Total** | **Total** | **Total** | **Total** | $69762 |
|  **Short position contracts:** |  |  |  |  |
|  10 Year U.S. Treasury Notes | (85) | 03/22/23 | (9784609) | 73766 |
|  20 Year U.S. Treasury Bonds | (9) | 03/22/23 | (1128094) | (4889) |
|  5 Year German Euro-Bobl | (137) | 03/08/23 | (16974920) | 536542 |
|  Ultra Long U.S. Treasury Bonds | (11) | 03/22/23 | (1477438) | (5134) |
|  **Total** | **Total** | **Total** | **Total** | $600285 |
|  **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | $670047 |

---

**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)** |
|  12M LIBOR<sup>(b)</sup><br> 3.388%<sup>(b)</sup> | 11/15/26 | $19900 | $51884 | $89858 | $(37974) |
|  12M LIBOR<sup>(b)</sup><br> 3.350<sup>(b)</sup> | 10/06/27 | 26720 | 66936 | 14541 | 52395 |
|  3.750%<sup>(b)</sup><br> 12M LIBOR<sup>(b)</sup> | 03/15/33 | 2980 | (54107) | (119436) | 65329 |
| 3.500<sup>(b)</sup> <br> 12M LIBOR<sup>(b)</sup> | 11/15/34 | 4470 | (62143) | (89406) | 27263 |
|  3.240%<sup>(b)</sup><br> 12M LIBOR<sup>(b)</sup> | 10/06/35 | 6040 | 44447 | 36 | 44411 |
|  **TOTAL** |  |  | $47017 | $(104407) | $151424 |

---

(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.

------

GOLDMAN SACHS HIGH YIELD 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 Purchased:** | **Protection Purchased:** | **Protection Purchased:** | **Protection Purchased:** | **Protection Purchased:** | **Protection Purchased:** | **Protection Purchased:** | **Protection Purchased:** |
| CDX.NA.HY Index 39 | (5.000)% | 4.832% | 12/20/27 | $7300 | $(59637) | $(144960) | $85323 |
|  **Protection Sold:** |  |  |  |  |  |  |  |
| CDX.NA.HY Index 34 | 5.000 | 3.900 | 06/20/25 | 46911 | 1216828 | 1514191 | (297363) |
|  **TOTAL** |  |  |  |  | $1157191 | $1369231 | $(212040) |

---

(a) Payments made quarterly.

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

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  1Y IRS | Citibank NA | 2.400% | 07/28/2023 | 5700000 | $5700000 | $32707 | $190950 | $(158243) |
|  **Puts** |  |  |  |  |  |  |  |  |
|  1Y IRS | Deutsche Bank AG (London) | 2.960 | 09/05/2023 | 5930000 | 5930000 | 337075 | 230855 | 106220 |
|  1Y IRS | JPMorgan Securities, Inc. | 2.800 | 08/23/2023 | 5930000 | 5930000 | 391073 | 214099 | 176974 |
|  |  |  |  | 11860000 | $11860000 | $728148 | $444954 | $283194 |
|  **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** |  | 17560000 | $17560000 | $760855 | $635904 | $124951 |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  1Y IRS | Citibank NA | 1.750 | 07/28/2023 | (5700000) | (5700000) | (9494) | (71250) | 61756 |
|  1Y IRS | Citibank NA | 2.075 | 07/28/2023 | (5700000) | (5700000) | (17847) | (119700) | 101853 |
|  |  |  |  | (11400000) | $(11400000) | $(27341) | $(190950) | $163609 |

---

------

GOLDMAN SACHS HIGH YIELD FUND

*December 31, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

------

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Puts** |  |  |  |  |  |  |  |  |
|  1Y IRS | Deutsche Bank AG (London) | 3.405% | 09/05/2023 | (5930000) | $(5930000) | $(211063) | $(141492) | $(69571) |
|  1Y IRS | Deutsche Bank AG (London) | 3.850 | 09/05/2023 | (5930000) | (5930000) | (124973) | (89363) | (35610) |
|  1Y IRS | JPMorgan Securities, Inc. | 3.660 | 08/23/2023 | (5930000) | (5930000) | (154094) | (81916) | (72178) |
|  1Y IRS | JPMorgan Securities, Inc. | 3.230 | 08/23/2023 | (5930000) | (5930000) | (253607) | (132183) | (121424) |
|  |  |  |  | (23720000) | $(23720000) | $(743737) | $(444954) | $(298783) |
|  **Total written option contracts** | **Total written option contracts** | **Total written option contracts** |  | (35120000) | $(35120000) | $(771078) | $(635904) | $(135174) |
|  **TOTAL** |  |  |  | (17560000) | $(17560000) | $(10223) | $— | $(10223) |

---

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| EUR | — Euro |
| GBP | — British Pound |
| USD | — U.S. Dollar |
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| CMT | — Constant Maturity Treasury Indexes |
| ETF | — Exchange Traded Fund |
| 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 |
| WR | — Withdrawn Rating |
| **Abbreviations:** | **Abbreviations:** |
| 1M IRS | — 1 Month Interest Rate Swaptions |
| 1Y IRS | — 1 Year Interest Rate Swaptions |
| LIBOR | — London Interbank Offered Rate |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans<sup>(a)</sup> – 89.0%** | **Bank Loans<sup>(a)</sup> – 89.0%** | **Bank Loans<sup>(a)</sup> – 89.0%** | **Bank Loans<sup>(a)</sup> – 89.0%** |
| **Aerospace & Defense<sup>(b)</sup> – 2.4%** | **Aerospace & Defense<sup>(b)</sup> – 2.4%** | **Aerospace & Defense<sup>(b)</sup> – 2.4%** | **Aerospace & Defense<sup>(b)</sup> – 2.4%** |
| 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%) |
| 15023376 | 10.139% | 03/19/26 | $13408363 |
| Brown Group Holding LLC (B+/B1)<br> (1M SOFR + 3.750%) | Brown Group Holding LLC (B+/B1)<br> (1M SOFR + 3.750%) | Brown Group Holding LLC (B+/B1)<br> (1M SOFR + 3.750%) | Brown Group Holding LLC (B+/B1)<br> (1M SOFR + 3.750%) |
| 3241875 | 7.989 | 07/02/29 | 3227189 |
| (1M USD LIBOR + 2.500%) | (1M USD LIBOR + 2.500%) | (1M USD LIBOR + 2.500%) | (1M USD LIBOR + 2.500%) |
| 11109585 | 6.884 | 06/07/28 | 10888949 |
| Castlelake Aviation Limited (BB/Ba3) (3M USD LIBOR + 2.750%) | Castlelake Aviation Limited (BB/Ba3) (3M USD LIBOR + 2.750%) | Castlelake Aviation Limited (BB/Ba3) (3M USD LIBOR + 2.750%) | Castlelake Aviation Limited (BB/Ba3) (3M USD LIBOR + 2.750%) |
| 14269056 | 7.519 | 10/22/26 | 14123797 |
| Propulsion (BC) Finco S.a.r.l. (B/B2) (3M SOFR CME + 4.000%) | Propulsion (BC) Finco S.a.r.l. (B/B2) (3M SOFR CME + 4.000%) | Propulsion (BC) Finco S.a.r.l. (B/B2) (3M SOFR CME + 4.000%) | Propulsion (BC) Finco S.a.r.l. (B/B2) (3M SOFR CME + 4.000%) |
| 8652000 | 8.580 | 09/14/29 | 8392440 |
| Spirit Aerosystems, Inc. (BB-/Ba2) (1M SOFR + 4.500%) | Spirit Aerosystems, Inc. (BB-/Ba2) (1M SOFR + 4.500%) | Spirit Aerosystems, Inc. (BB-/Ba2) (1M SOFR + 4.500%) | Spirit Aerosystems, Inc. (BB-/Ba2) (1M SOFR + 4.500%) |
| 8104688 | 8.823 | 01/15/27 | 8031259 |
| TransDigm, Inc. (NR/Ba3) (3M USD SOFR CME + 3.250%) | TransDigm, Inc. (NR/Ba3) (3M USD SOFR CME + 3.250%) | TransDigm, Inc. (NR/Ba3) (3M USD SOFR CME + 3.250%) | TransDigm, Inc. (NR/Ba3) (3M USD SOFR CME + 3.250%) |
| 2002793 | 7.830 | 02/22/27 | 1993040 |
| TransDigm, Inc. (B+/Ba3)<br> (3M USD LIBOR + 2.250%) | TransDigm, Inc. (B+/Ba3)<br> (3M USD LIBOR + 2.250%) | TransDigm, Inc. (B+/Ba3)<br> (3M USD LIBOR + 2.250%) | TransDigm, Inc. (B+/Ba3)<br> (3M USD LIBOR + 2.250%) |
| 1172865 | 6.980 | 05/30/25 | 1159037 |
| (3M USD LIBOR + 2.250%) | (3M USD LIBOR + 2.250%) | (3M USD LIBOR + 2.250%) | (3M USD LIBOR + 2.250%) |
| 6345658 | 6.980 | 12/09/25 | 6260499 |
|  |  |  | 67484573 |
| **Airlines<sup>(b)</sup> – 1.7%** | **Airlines<sup>(b)</sup> – 1.7%** | **Airlines<sup>(b)</sup> – 1.7%** | **Airlines<sup>(b)</sup> – 1.7%** |
| 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%) |
| 10969875 | 8.130 | 08/11/28 | 10819039 |
| American Airlines, Inc. (B/Ba3) (1M USD LIBOR + 1.750%) | American Airlines, Inc. (B/Ba3) (1M USD LIBOR + 1.750%) | American Airlines, Inc. (B/Ba3) (1M USD LIBOR + 1.750%) | American Airlines, Inc. (B/Ba3) (1M USD LIBOR + 1.750%) |
| 8187101 | 6.137 | 01/29/27 | 7748518 |
| American Airlines, Inc. (NR/Ba2) (3M USD LIBOR + 4.750%) | American Airlines, Inc. (NR/Ba2) (3M USD LIBOR + 4.750%) | American Airlines, Inc. (NR/Ba2) (3M USD LIBOR + 4.750%) | American Airlines, Inc. (NR/Ba2) (3M USD LIBOR + 4.750%) |
| 6600000 | 8.993 | 04/20/28 | 6563898 |
| 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%) |
| 24747950 | 2.836 | 10/01/25 | 24390590 |
|  |  |  | 49522045 |
| **Automotive<sup>(b)</sup> – 0.8%** | **Automotive<sup>(b)</sup> – 0.8%** | **Automotive<sup>(b)</sup> – 0.8%** | **Automotive<sup>(b)</sup> – 0.8%** |
| DexKo Global, Inc. (B-/B2) (3M USD LIBOR + 3.750%) | DexKo Global, Inc. (B-/B2) (3M USD LIBOR + 3.750%) | DexKo Global, Inc. (B-/B2) (3M USD LIBOR + 3.750%) | DexKo Global, Inc. (B-/B2) (3M USD LIBOR + 3.750%) |
| 9925000 | 8.480 | 10/04/28 | 8873248 |
| First Brands Group LLC (B-/Caa1) (3M USD LIBOR + 8.500%) | First Brands Group LLC (B-/Caa1) (3M USD LIBOR + 8.500%) | First Brands Group LLC (B-/Caa1) (3M USD LIBOR + 8.500%) | First Brands Group LLC (B-/Caa1) (3M USD LIBOR + 8.500%) |
| 3850000 | 11.871 | 03/30/28 | 3452179 |
| 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%) |
| 12275659 | 8.369 | 03/30/27 | 11588222 |
|  |  |  | 23913649 |
| **Automotive - Distributors<sup>(b)</sup> – 1.5%** | **Automotive - Distributors<sup>(b)</sup> – 1.5%** | **Automotive - Distributors<sup>(b)</sup> – 1.5%** | **Automotive - Distributors<sup>(b)</sup> – 1.5%** |
| Highline Aftermarket Acquisition LLC (B/B2) (1M USD LIBOR + 4.500%) | Highline Aftermarket Acquisition LLC (B/B2) (1M USD LIBOR + 4.500%) | Highline Aftermarket Acquisition LLC (B/B2) (1M USD LIBOR + 4.500%) | Highline Aftermarket Acquisition LLC (B/B2) (1M USD LIBOR + 4.500%) |
| 4826520 | 8.884 | 11/09/27 | 4386100 |
| SRAM, LLC (BB-/B1) (1M USD LIBOR + 2.750%) | SRAM, LLC (BB-/B1) (1M USD LIBOR + 2.750%) | SRAM, LLC (BB-/B1) (1M USD LIBOR + 2.750%) | SRAM, LLC (BB-/B1) (1M USD LIBOR + 2.750%) |
| 15166794 | 7.134 | 05/18/28 | 14730749 |
| 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%) |
| 15838229 | 8.134 | 01/31/28 | 13521888 |
| Wand NewCo 3, Inc. (B-/B2) (1M USD LIBOR + 3.000%) | Wand NewCo 3, Inc. (B-/B2) (1M USD LIBOR + 3.000%) | Wand NewCo 3, Inc. (B-/B2) (1M USD LIBOR + 3.000%) | Wand NewCo 3, Inc. (B-/B2) (1M USD LIBOR + 3.000%) |
| 10120070 | 7.384 | 02/05/26 | 9574294 |
|  |  |  | 42213031 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | |
| **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Value** |
| **Automotive - Parts<sup>(b)</sup> – 4.2%** | **Automotive - Parts<sup>(b)</sup> – 4.2%** | **Automotive - Parts<sup>(b)</sup> – 4.2%** | **Automotive - Parts<sup>(b)</sup> – 4.2%** |
| Adient US LLC (BB+/Ba3) (1M USD LIBOR + 3.250%) | Adient US LLC (BB+/Ba3) (1M USD LIBOR + 3.250%) | Adient US LLC (BB+/Ba3) (1M USD LIBOR + 3.250%) | Adient US LLC (BB+/Ba3) (1M USD LIBOR + 3.250%) |
| 10175287 | 7.634% | 04/10/28 | $10051250 |
| American Axle and Manufacturing, Inc. (BB+/Ba1) (1M SOFR + 3.500%) | American Axle and Manufacturing, Inc. (BB+/Ba1) (1M SOFR + 3.500%) | American Axle and Manufacturing, Inc. (BB+/Ba1) (1M SOFR + 3.500%) | American Axle and Manufacturing, Inc. (BB+/Ba1) (1M SOFR + 3.500%) |
| 11550000 | 7.898 | 12/13/29 | 11280539 |
| Autokiniton US Holdings, Inc. (B/B2) (1M USD LIBOR + 4.500%) | Autokiniton US Holdings, Inc. (B/B2) (1M USD LIBOR + 4.500%) | Autokiniton US Holdings, Inc. (B/B2) (1M USD LIBOR + 4.500%) | Autokiniton US Holdings, Inc. (B/B2) (1M USD LIBOR + 4.500%) |
| 12751445 | 8.792 | 04/06/28 | 12313178 |
| Belron Finance US LLC (BB+/Ba2)<br> (3M USD LIBOR + 2.250%) | Belron Finance US LLC (BB+/Ba2)<br> (3M USD LIBOR + 2.250%) | Belron Finance US LLC (BB+/Ba2)<br> (3M USD LIBOR + 2.250%) | Belron Finance US LLC (BB+/Ba2)<br> (3M USD LIBOR + 2.250%) |
| 4536855 | 6.688 | 10/30/26 | 4508500 |
| (3M USD LIBOR + 2.500%) | (3M USD LIBOR + 2.500%) | (3M USD LIBOR + 2.500%) | (3M USD LIBOR + 2.500%) |
| 13626292 | 7.063 | 04/13/28 | 13468772 |
| Clarios Global LP (B/B1)<br> (1M EURIBOR + 3.250%) | Clarios Global LP (B/B1)<br> (1M EURIBOR + 3.250%) | Clarios Global LP (B/B1)<br> (1M EURIBOR + 3.250%) | Clarios Global LP (B/B1)<br> (1M EURIBOR + 3.250%) |
| 3490751 | 5.148 | 04/30/26 | 3578910 |
| (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) |
| 14406670 | 7.634 | 04/30/26 | 14088570 |
| 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%) |
| 2600000 | 9.358 | 03/30/27 | 2447250 |
| Garrett LX I S.a.r.l. (B+/Ba2) (3M USD LIBOR + 3.250%) | Garrett LX I S.a.r.l. (B+/Ba2) (3M USD LIBOR + 3.250%) | Garrett LX I S.a.r.l. (B+/Ba2) (3M USD LIBOR + 3.250%) | Garrett LX I S.a.r.l. (B+/Ba2) (3M USD LIBOR + 3.250%) |
| 13864537 | 7.670 | 04/30/28 | 13552585 |
| Gates Global LLC (B+/Ba3)<br> (1M SOFR + 3.500%) | Gates Global LLC (B+/Ba3)<br> (1M SOFR + 3.500%) | Gates Global LLC (B+/Ba3)<br> (1M SOFR + 3.500%) | Gates Global LLC (B+/Ba3)<br> (1M SOFR + 3.500%) |
| 1670813 | 7.823 | 11/16/29 | 1656193 |
| (1M USD LIBOR + 2.500%) | (1M USD LIBOR + 2.500%) | (1M USD LIBOR + 2.500%) | (1M USD LIBOR + 2.500%) |
| 6882819 | 6.884 | 03/31/27 | 6725615 |
| 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%) |
| 7212423 | 8.424 | 11/17/28 | 6225259 |
| IXS Holdings, Inc. (CCC+/Caa1) (3M USD LIBOR + 4.250%) | IXS Holdings, Inc. (CCC+/Caa1) (3M USD LIBOR + 4.250%) | IXS Holdings, Inc. (CCC+/Caa1) (3M USD LIBOR + 4.250%) | IXS Holdings, Inc. (CCC+/Caa1) (3M USD LIBOR + 4.250%) |
| 7588310 | 7.816 | 03/05/27 | 5941647 |
| 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%) |
| 8954397 | 8.500 | 05/04/28 | 8525840 |
| 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%) |
| 9421427 | 8.825 | 05/11/28 | 6323002 |
|  |  |  | 120687110 |
| **Beverages<sup>(b)</sup> – 0.4%** | **Beverages<sup>(b)</sup> – 0.4%** | **Beverages<sup>(b)</sup> – 0.4%** | **Beverages<sup>(b)</sup> – 0.4%** |
| Sunshine Investments B.V. (B+/B2) (3M SOFR CME + 4.250%) | Sunshine Investments B.V. (B+/B2) (3M SOFR CME + 4.250%) | Sunshine Investments B.V. (B+/B2) (3M SOFR CME + 4.250%) | Sunshine Investments B.V. (B+/B2) (3M SOFR CME + 4.250%) |
| 10335303 | 8.515 | 07/12/29 | 9960648 |
| **Building & Construction Materials<sup>(b)</sup> – 1.8%** | **Building & Construction Materials<sup>(b)</sup> – 1.8%** | **Building & Construction Materials<sup>(b)</sup> – 1.8%** | **Building & Construction Materials<sup>(b)</sup> – 1.8%** |
| 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%) |
| 9150929 | 8.073 | 03/31/28 | 8739137 |
| DG Investment Intermediate Holdings 2, Inc. (CCC/Caa2) (1M USD LIBOR + 6.750%) | DG Investment Intermediate Holdings 2, Inc. (CCC/Caa2) (1M USD LIBOR + 6.750%) | DG Investment Intermediate Holdings 2, Inc. (CCC/Caa2) (1M USD LIBOR + 6.750%) | DG Investment Intermediate Holdings 2, Inc. (CCC/Caa2) (1M USD LIBOR + 6.750%) |
| 600000 | 11.073 | 03/30/29 | 526998 |
| 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%) |
| 9007051 | 8.134 | 12/08/28 | 8588223 |
| 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%) |
| 7450000 | 11.134 <sup>(c)</sup> | 12/07/29 | 6816750 |
| KKR Apple Bidco LLC (B+/B1) (3M USD LIBOR + 2.750%) | KKR Apple Bidco LLC (B+/B1) (3M USD LIBOR + 2.750%) | KKR Apple Bidco LLC (B+/B1) (3M USD LIBOR + 2.750%) | KKR Apple Bidco LLC (B+/B1) (3M USD LIBOR + 2.750%) |
| 14021479 | 7.134 | 10/02/28 | 13808914 |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** |
| **Building & Construction Materials<sup>(b)</sup> – (continued)** | **Building & Construction Materials<sup>(b)</sup> – (continued)** | **Building & Construction Materials<sup>(b)</sup> – (continued)** | **Building & Construction Materials<sup>(b)</sup> – (continued)** |
| KKR Apple Bidco LLC (CCC+/Caa1) (1M USD LIBOR + 5.750%) | KKR Apple Bidco LLC (CCC+/Caa1) (1M USD LIBOR + 5.750%) | KKR Apple Bidco LLC (CCC+/Caa1) (1M USD LIBOR + 5.750%) | KKR Apple Bidco LLC (CCC+/Caa1) (1M USD LIBOR + 5.750%) |
| 6228572 | 10.134% | 09/21/29 | $5988335 |
| Rockwood Service Corp. (B/B2) (1M USD LIBOR + 4.250%) | Rockwood Service Corp. (B/B2) (1M USD LIBOR + 4.250%) | Rockwood Service Corp. (B/B2) (1M USD LIBOR + 4.250%) | Rockwood Service Corp. (B/B2) (1M USD LIBOR + 4.250%) |
| 6362104 | 8.634 | 01/23/27 | 6262728 |
|  |  |  | 50731085 |
| **Building Materials<sup>(b)</sup> – 4.1%** | **Building Materials<sup>(b)</sup> – 4.1%** | **Building Materials<sup>(b)</sup> – 4.1%** | **Building Materials<sup>(b)</sup> – 4.1%** |
| ACProducts, Inc. (B-/B3) (3M USD LIBOR + 4.250%) | ACProducts, Inc. (B-/B3) (3M USD LIBOR + 4.250%) | ACProducts, Inc. (B-/B3) (3M USD LIBOR + 4.250%) | ACProducts, Inc. (B-/B3) (3M USD LIBOR + 4.250%) |
| 5860252 | 8.980 | 05/17/28 | 4362548 |
| Associated Materials Inc. (B/NR) (1M SOFR + 6.000%) | Associated Materials Inc. (B/NR) (1M SOFR + 6.000%) | Associated Materials Inc. (B/NR) (1M SOFR + 6.000%) | Associated Materials Inc. (B/NR) (1M SOFR + 6.000%) |
| 9346392 | 10.323 | 03/08/29 | 7967799 |
| Chamberlain Group Inc (B/B2) (1M USD LIBOR + 3.250%) | Chamberlain Group Inc (B/B2) (1M USD LIBOR + 3.250%) | Chamberlain Group Inc (B/B2) (1M USD LIBOR + 3.250%) | Chamberlain Group Inc (B/B2) (1M USD LIBOR + 3.250%) |
| 18195437 | 7.634 | 11/03/28 | 17118813 |
| Cornerstone Building Brands, Inc. (B/B2) (1M USD LIBOR + 3.250%) | Cornerstone Building Brands, Inc. (B/B2) (1M USD LIBOR + 3.250%) | Cornerstone Building Brands, Inc. (B/B2) (1M USD LIBOR + 3.250%) | Cornerstone Building Brands, Inc. (B/B2) (1M USD LIBOR + 3.250%) |
| 6720395 | 7.568 | 04/12/28 | 6007562 |
| 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%) |
| 13591071 | 7.884 | 11/23/27 | 11867723 |
| GYP Holdings III Corp. (BB-/Ba2) (1M USD LIBOR + 2.500%) | GYP Holdings III Corp. (BB-/Ba2) (1M USD LIBOR + 2.500%) | GYP Holdings III Corp. (BB-/Ba2) (1M USD LIBOR + 2.500%) | GYP Holdings III Corp. (BB-/Ba2) (1M USD LIBOR + 2.500%) |
| 7255650 | 6.938 | 06/01/25 | 7234463 |
| 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%) |
| 5413796 | 8.230 | 12/22/28 | 4980693 |
| 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%) |
| 1525000 | 11.480 | 12/21/29 | 1342000 |
| LBM Acquisition LLC (B-/B3) (6M USD LIBOR + 3.750%) | LBM Acquisition LLC (B-/B3) (6M USD LIBOR + 3.750%) | LBM Acquisition LLC (B-/B3) (6M USD LIBOR + 3.750%) | LBM Acquisition LLC (B-/B3) (6M USD LIBOR + 3.750%) |
| 14543711 | 7.121 | 12/17/27 | 12575802 |
| Oscar AcquisitionCo, LLC (B/B1) (3M SOFR + 4.500%) | Oscar AcquisitionCo, LLC (B/B1) (3M SOFR + 4.500%) | Oscar AcquisitionCo, LLC (B/B1) (3M SOFR + 4.500%) | Oscar AcquisitionCo, LLC (B/B1) (3M SOFR + 4.500%) |
| 10473750 | 9.180 | 04/29/29 | 9891200 |
| Quikrete Holdings, Inc. (BB-/Ba2) (3M USD LIBOR + 2.625%) | Quikrete Holdings, Inc. (BB-/Ba2) (3M USD LIBOR + 2.625%) | Quikrete Holdings, Inc. (BB-/Ba2) (3M USD LIBOR + 2.625%) | Quikrete Holdings, Inc. (BB-/Ba2) (3M USD LIBOR + 2.625%) |
| 9222974 | 7.009 | 11/03/25 | 9107687 |
| Solis IV B.V. (B+/B1) (3M SOFR + 3.500%) | Solis IV B.V. (B+/B1) (3M SOFR + 3.500%) | Solis IV B.V. (B+/B1) (3M SOFR + 3.500%) | Solis IV B.V. (B+/B1) (3M SOFR + 3.500%) |
| 10202366 | 7.859 | 02/26/29 | 8936150 |
| SRS Distribution Inc. (B-/B3) (1M USD LIBOR + 3.500%) | SRS Distribution Inc. (B-/B3) (1M USD LIBOR + 3.500%) | SRS Distribution Inc. (B-/B3) (1M USD LIBOR + 3.500%) | SRS Distribution Inc. (B-/B3) (1M USD LIBOR + 3.500%) |
| 8196955 | 7.884 | 06/02/28 | 7820797 |
| Vector WP Holdco, Inc. (B/B2)<sup>(c)</sup> (1M USD LIBOR + 5.000%) | Vector WP Holdco, Inc. (B/B2)<sup>(c)</sup> (1M USD LIBOR + 5.000%) | Vector WP Holdco, Inc. (B/B2)<sup>(c)</sup> (1M USD LIBOR + 5.000%) | Vector WP Holdco, Inc. (B/B2)<sup>(c)</sup> (1M USD LIBOR + 5.000%) |
| 6806250 | 9.375 | 10/12/28 | 6636094 |
|  |  |  | 115849331 |
| **Capital Goods - Others<sup>(b)</sup> – 1.3%** | **Capital Goods - Others<sup>(b)</sup> – 1.3%** | **Capital Goods - Others<sup>(b)</sup> – 1.3%** | **Capital Goods - Others<sup>(b)</sup> – 1.3%** |
| AI Aqua Merger Sub, Inc. (B/B3) (3M SOFR + 3.750%) | AI Aqua Merger Sub, Inc. (B/B3) (3M SOFR + 3.750%) | AI Aqua Merger Sub, Inc. (B/B3) (3M SOFR + 3.750%) | AI Aqua Merger Sub, Inc. (B/B3) (3M SOFR + 3.750%) |
| 1783 | 7.844 | 07/31/28 | 1632 |
| ASP Unifrax Holdings, Inc. (B-/B2) (3M USD LIBOR + 3.750%) | ASP Unifrax Holdings, Inc. (B-/B2) (3M USD LIBOR + 3.750%) | ASP Unifrax Holdings, Inc. (B-/B2) (3M USD LIBOR + 3.750%) | ASP Unifrax Holdings, Inc. (B-/B2) (3M USD LIBOR + 3.750%) |
| 13342398 | 8.480 | 12/12/25 | 11777468 |
| 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%) |
| 5367178 | 8.480 | 05/19/28 | 5186035 |
| Engineered Machinery Holdings, Inc. (CCC+/Caa1) (3M USD LIBOR + 6.500%) | Engineered Machinery Holdings, Inc. (CCC+/Caa1) (3M USD LIBOR + 6.500%) | Engineered Machinery Holdings, Inc. (CCC+/Caa1) (3M USD LIBOR + 6.500%) | Engineered Machinery Holdings, Inc. (CCC+/Caa1) (3M USD LIBOR + 6.500%) |
| 2000000 | 11.230 | 05/21/29 | 1806660 |
| 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%) |
| 3376280 | 5.952 | 05/21/28 | 3410842 |
| Engineered Machinery Holdings, Inc. (NR/Caa1) (3M USD LIBOR + 6.000%) | Engineered Machinery Holdings, Inc. (NR/Caa1) (3M USD LIBOR + 6.000%) | Engineered Machinery Holdings, Inc. (NR/Caa1) (3M USD LIBOR + 6.000%) | Engineered Machinery Holdings, Inc. (NR/Caa1) (3M USD LIBOR + 6.000%) |
| 500000 | 10.730 | 05/21/29 | 455000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** |
| **Capital Goods - Others<sup>(b)</sup> – (continued)** | **Capital Goods - Others<sup>(b)</sup> – (continued)** | **Capital Goods - Others<sup>(b)</sup> – (continued)** | **Capital Goods - Others<sup>(b)</sup> – (continued)** |
| Team Health Holdings, Inc. (CCC+/Caa2) (1M SOFR + 5.250%) | Team Health Holdings, Inc. (CCC+/Caa2) (1M SOFR + 5.250%) | Team Health Holdings, Inc. (CCC+/Caa2) (1M SOFR + 5.250%) | Team Health Holdings, Inc. (CCC+/Caa2) (1M SOFR + 5.250%) |
| 8491455 | 9.573% | 03/02/27 | $6347362 |
| Tempo Acquisition LLC (BB-/Ba3) (1M SOFR + 3.000%) | Tempo Acquisition LLC (BB-/Ba3) (1M SOFR + 3.000%) | Tempo Acquisition LLC (BB-/Ba3) (1M SOFR + 3.000%) | Tempo Acquisition LLC (BB-/Ba3) (1M SOFR + 3.000%) |
| 9272597 | 7.323 | 08/31/28 | 9235507 |
|  |  |  | 38220506 |
| **Chemicals<sup>(b)</sup> – 5.4%** | **Chemicals<sup>(b)</sup> – 5.4%** | **Chemicals<sup>(b)</sup> – 5.4%** | **Chemicals<sup>(b)</sup> – 5.4%** |
| Albaugh, LLC (BB/Ba3) (3M SOFR + 3.500%) | Albaugh, LLC (BB/Ba3) (3M SOFR + 3.500%) | Albaugh, LLC (BB/Ba3) (3M SOFR + 3.500%) | Albaugh, LLC (BB/Ba3) (3M SOFR + 3.500%) |
| 8138500 | 7.594 | 04/06/29 | 8002831 |
| Ascend Performance Materials Operations LLC (BB-/Ba3) (6M SOFR + 4.750%) | Ascend Performance Materials Operations LLC (BB-/Ba3) (6M SOFR + 4.750%) | Ascend Performance Materials Operations LLC (BB-/Ba3) (6M SOFR + 4.750%) | Ascend Performance Materials Operations LLC (BB-/Ba3) (6M SOFR + 4.750%) |
| 6038355 | 8.831 | 08/27/26 | 5671525 |
| Consolidated Energy Finance SA (BB-/B1) (1M USD LIBOR + 2.500%) | Consolidated Energy Finance SA (BB-/B1) (1M USD LIBOR + 2.500%) | Consolidated Energy Finance SA (BB-/B1) (1M USD LIBOR + 2.500%) | Consolidated Energy Finance SA (BB-/B1) (1M USD LIBOR + 2.500%) |
| 7226345 | 6.884 | 05/07/25 | 7054719 |
| Cyanco Intermediate Corp. (B/B2) (1M USD LIBOR + 3.500%) | Cyanco Intermediate Corp. (B/B2) (1M USD LIBOR + 3.500%) | Cyanco Intermediate Corp. (B/B2) (1M USD LIBOR + 3.500%) | Cyanco Intermediate Corp. (B/B2) (1M USD LIBOR + 3.500%) |
| 11083164 | 7.884 | 03/16/25 | 10612130 |
| Diamond (BC) B.V. (B/Ba3) (3M USD LIBOR + 2.750%) | Diamond (BC) B.V. (B/Ba3) (3M USD LIBOR + 2.750%) | Diamond (BC) B.V. (B/Ba3) (3M USD LIBOR + 2.750%) | Diamond (BC) B.V. (B/Ba3) (3M USD LIBOR + 2.750%) |
| 10174557 | 7.165 | 09/29/28 | 9818447 |
| 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%) |
| 9062554 | 7.884 | 06/30/27 | 8662805 |
| INEOS Enterprises Holdings US Finco LLC (BB/Ba3) (3M USD LIBOR + 3.500%) | INEOS Enterprises Holdings US Finco LLC (BB/Ba3) (3M USD LIBOR + 3.500%) | INEOS Enterprises Holdings US Finco LLC (BB/Ba3) (3M USD LIBOR + 3.500%) | INEOS Enterprises Holdings US Finco LLC (BB/Ba3) (3M USD LIBOR + 3.500%) |
| 11912423 | 8.235 | 08/28/26 | 11398759 |
| INEOS Styrolution US Holding LLC (BB/Ba3) (1M USD LIBOR + 2.750%) | INEOS Styrolution US Holding LLC (BB/Ba3) (1M USD LIBOR + 2.750%) | INEOS Styrolution US Holding LLC (BB/Ba3) (1M USD LIBOR + 2.750%) | INEOS Styrolution US Holding LLC (BB/Ba3) (1M USD LIBOR + 2.750%) |
| 8850517 | 7.134 | 01/29/26 | 8680144 |
| LSF11 A5 Holdco LLC (B/B1) (1M SOFR + 3.500%) | LSF11 A5 Holdco LLC (B/B1) (1M SOFR + 3.500%) | LSF11 A5 Holdco LLC (B/B1) (1M SOFR + 3.500%) | LSF11 A5 Holdco LLC (B/B1) (1M SOFR + 3.500%) |
| 11251658 | 8.052 | 10/15/28 | 10855037 |
| Momentive Performance Materials, Inc. (B+/B1) (1M USD LIBOR + 3.250%) | Momentive Performance Materials, Inc. (B+/B1) (1M USD LIBOR + 3.250%) | Momentive Performance Materials, Inc. (B+/B1) (1M USD LIBOR + 3.250%) | Momentive Performance Materials, Inc. (B+/B1) (1M USD LIBOR + 3.250%) |
| 10917826 | 7.640 | 05/15/24 | 10870116 |
| NIC Acquisition Corp. (B-/Caa1) (3M USD LIBOR + 3.750%) | NIC Acquisition Corp. (B-/Caa1) (3M USD LIBOR + 3.750%) | NIC Acquisition Corp. (B-/Caa1) (3M USD LIBOR + 3.750%) | NIC Acquisition Corp. (B-/Caa1) (3M USD LIBOR + 3.750%) |
| 3708938 | 8.480 | 12/29/27 | 2666726 |
| Polar US Borrower LLC (B-/B3) (2M USD LIBOR + 4.750%) | Polar US Borrower LLC (B-/B3) (2M USD LIBOR + 4.750%) | Polar US Borrower LLC (B-/B3) (2M USD LIBOR + 4.750%) | Polar US Borrower LLC (B-/B3) (2M USD LIBOR + 4.750%) |
| 10282598 | 9.021 | 10/15/25 | 8256927 |
| PQ Corporation (BB-/B1) (3M USD LIBOR + 2.500%) | PQ Corporation (BB-/B1) (3M USD LIBOR + 2.500%) | PQ Corporation (BB-/B1) (3M USD LIBOR + 2.500%) | PQ Corporation (BB-/B1) (3M USD LIBOR + 2.500%) |
| 7073608 | 6.915 | 06/09/28 | 6952791 |
| Starfruit Finco B.V. (B+/B2) | Starfruit Finco B.V. (B+/B2) | Starfruit Finco B.V. (B+/B2) | Starfruit Finco B.V. (B+/B2) |
| 2395000 | 0.000 <sup>(d)(e)</sup> | 10/01/25 | 2435540 |
| (3M USD LIBOR + 2.750%) | (3M USD LIBOR + 2.750%) | (3M USD LIBOR + 2.750%) | (3M USD LIBOR + 2.750%) |
| 13836089 | 7.165 | 11/03/25 | 13621630 |
| Trident TPI Holdings, Inc. (B-/B2)<br> (1M SOFR + 5.250%) | Trident TPI Holdings, Inc. (B-/B2)<br> (1M SOFR + 5.250%) | Trident TPI Holdings, Inc. (B-/B2)<br> (1M SOFR + 5.250%) | Trident TPI Holdings, Inc. (B-/B2)<br> (1M SOFR + 5.250%) |
| 1500000 | 3.000 | 04/29/20 | 1441875 |
| (3M USD LIBOR + 3.250%) | (3M USD LIBOR + 3.250%) | (3M USD LIBOR + 3.250%) | (3M USD LIBOR + 3.250%) |
| 4623021 | 7.980 | 10/17/24 | 4560888 |
| (3M USD LIBOR + 4.000%) | (3M USD LIBOR + 4.000%) | (3M USD LIBOR + 4.000%) | (3M USD LIBOR + 4.000%) |
| 4564790 | 8.730 | 09/15/28 | 4375670 |
| Trinseo Materials Operating S.C.A. (B+/Ba2) (1M USD LIBOR + 2.500%) | Trinseo Materials Operating S.C.A. (B+/Ba2) (1M USD LIBOR + 2.500%) | Trinseo Materials Operating S.C.A. (B+/Ba2) (1M USD LIBOR + 2.500%) | Trinseo Materials Operating S.C.A. (B+/Ba2) (1M USD LIBOR + 2.500%) |
| 6107000 | 6.884 | 05/03/28 | 5671876 |
| W.R. Grace & Co.-Conn. (B/B1) (3M USD LIBOR + 3.750%) | W.R. Grace & Co.-Conn. (B/B1) (3M USD LIBOR + 3.750%) | W.R. Grace & Co.-Conn. (B/B1) (3M USD LIBOR + 3.750%) | W.R. Grace & Co.-Conn. (B/B1) (3M USD LIBOR + 3.750%) |
| 13497756 | 8.500 | 09/22/28 | 13219432 |
|  |  |  | 154829868 |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** |
| **Coal<sup>(b)</sup> – 0.5%** | **Coal<sup>(b)</sup> – 0.5%** | **Coal<sup>(b)</sup> – 0.5%** | **Coal<sup>(b)</sup> – 0.5%** |
| 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%) |
| 15755871 | 8.980% | 10/17/25 | $15633763 |
| **Commercial Services<sup>(b)</sup> – 5.4%** | **Commercial Services<sup>(b)</sup> – 5.4%** | **Commercial Services<sup>(b)</sup> – 5.4%** | **Commercial Services<sup>(b)</sup> – 5.4%** |
| Albion Financing 3 S.a.r l. (BB-/B1) (3M USD LIBOR + 5.250%) | Albion Financing 3 S.a.r l. (BB-/B1) (3M USD LIBOR + 5.250%) | Albion Financing 3 S.a.r l. (BB-/B1) (3M USD LIBOR + 5.250%) | Albion Financing 3 S.a.r l. (BB-/B1) (3M USD LIBOR + 5.250%) |
| 8167500 | 9.575 | 08/17/26 | 7701299 |
| Allied Universal Holdco LLC (B/B2)<br> (1M EURIBOR + 3.750%) | Allied Universal Holdco LLC (B/B2)<br> (1M EURIBOR + 3.750%) | Allied Universal Holdco LLC (B/B2)<br> (1M EURIBOR + 3.750%) | Allied Universal Holdco LLC (B/B2)<br> (1M EURIBOR + 3.750%) |
| 666562 | 5.648 | 05/12/28 | 662127 |
| (1M USD LIBOR + 3.750%) | (1M USD LIBOR + 3.750%) | (1M USD LIBOR + 3.750%) | (1M USD LIBOR + 3.750%) |
| 11024092 | 8.173 | 05/12/28 | 10452272 |
| Amentum Government Services Holdings LLC (B/B1)<br> (3M USD LIBOR + 4.000%) | Amentum Government Services Holdings LLC (B/B1)<br> (3M USD LIBOR + 4.000%) | Amentum Government Services Holdings LLC (B/B1)<br> (3M USD LIBOR + 4.000%) | Amentum Government Services Holdings LLC (B/B1)<br> (3M USD LIBOR + 4.000%) |
| 3472970 | 8.277 | 01/29/27 | 3389028 |
| (3M USD SOFR CME + 4.000%) | (3M USD SOFR CME + 4.000%) | (3M USD SOFR CME + 4.000%) | (3M USD SOFR CME + 4.000%) |
| 12166042 | 8.764 | 02/15/29 | 11827704 |
| Ankura Consulting Group LLC (B-/B2) (1M SOFR + 4.500%) | Ankura Consulting Group LLC (B-/B2) (1M SOFR + 4.500%) | Ankura Consulting Group LLC (B-/B2) (1M SOFR + 4.500%) | Ankura Consulting Group LLC (B-/B2) (1M SOFR + 4.500%) |
| 6068189 | 8.938 | 03/17/28 | 5688927 |
| Ankura Consulting Group LLC (CCC/Caa2) (3M USD LIBOR + 8.000%) | Ankura Consulting Group LLC (CCC/Caa2) (3M USD LIBOR + 8.000%) | Ankura Consulting Group LLC (CCC/Caa2) (3M USD LIBOR + 8.000%) | Ankura Consulting Group LLC (CCC/Caa2) (3M USD LIBOR + 8.000%) |
| 5650000 | 12.358 | 03/19/29 | 4717750 |
| Anticimex International AB (B/B2)<br> (3M USD LIBOR + 3.500%) | Anticimex International AB (B/B2)<br> (3M USD LIBOR + 3.500%) | Anticimex International AB (B/B2)<br> (3M USD LIBOR + 3.500%) | Anticimex International AB (B/B2)<br> (3M USD LIBOR + 3.500%) |
| 6484500 | 8.235 | 11/16/28 | 6241331 |
| (3M USD LIBOR + 4.000%) | (3M USD LIBOR + 4.000%) | (3M USD LIBOR + 4.000%) | (3M USD LIBOR + 4.000%) |
| 891000 | 8.735 | 11/16/28 | 862043 |
| APi Group DE, Inc. (BB-/Ba1) (1M USD LIBOR + 2.750%) | APi Group DE, Inc. (BB-/Ba1) (1M USD LIBOR + 2.750%) | APi Group DE, Inc. (BB-/Ba1) (1M USD LIBOR + 2.750%) | APi Group DE, Inc. (BB-/Ba1) (1M USD LIBOR + 2.750%) |
| 10966670 | 7.134 | 01/03/29 | 10862486 |
| Belron Luxembourg S.a r.l. (BB+/Ba2) (3M EURIBOR + 2.500%) | Belron Luxembourg S.a r.l. (BB+/Ba2) (3M EURIBOR + 2.500%) | Belron Luxembourg S.a r.l. (BB+/Ba2) (3M EURIBOR + 2.500%) | Belron Luxembourg S.a r.l. (BB+/Ba2) (3M EURIBOR + 2.500%) |
| 1595000 | 4.232 | 04/13/28 | 1651024 |
| CAB (NR/NR) (3M EURIBOR + 3.250%) | CAB (NR/NR) (3M EURIBOR + 3.250%) | CAB (NR/NR) (3M EURIBOR + 3.250%) | CAB (NR/NR) (3M EURIBOR + 3.250%) |
| 1350000 | 4.992 | 02/09/28 | 1329730 |
| Conservice Midco LLC (B/B2) (1M USD LIBOR + 4.250%) | Conservice Midco LLC (B/B2) (1M USD LIBOR + 4.250%) | Conservice Midco LLC (B/B2) (1M USD LIBOR + 4.250%) | Conservice Midco LLC (B/B2) (1M USD LIBOR + 4.250%) |
| 8415698 | 8.634 | 05/13/27 | 8145722 |
| Da Vinci Purchaser Corp. (B/B2) (3M USD LIBOR + 4.000%) | Da Vinci Purchaser Corp. (B/B2) (3M USD LIBOR + 4.000%) | Da Vinci Purchaser Corp. (B/B2) (3M USD LIBOR + 4.000%) | Da Vinci Purchaser Corp. (B/B2) (3M USD LIBOR + 4.000%) |
| 11490521 | 8.384 | 01/08/27 | 10398922 |
| Garda World Security Corp. (B/B2)<br> (3M SOFR + 4.250%) | Garda World Security Corp. (B/B2)<br> (3M SOFR + 4.250%) | Garda World Security Corp. (B/B2)<br> (3M SOFR + 4.250%) | Garda World Security Corp. (B/B2)<br> (3M SOFR + 4.250%) |
| 10723125 | 8.535 | 02/01/29 | 10294200 |
| (3M USD LIBOR + 4.250%) | (3M USD LIBOR + 4.250%) | (3M USD LIBOR + 4.250%) | (3M USD LIBOR + 4.250%) |
| 4600000 | 8.930 | 10/30/26 | 4464300 |
| Holding Socotec (B/B2)<br> (3M EURIBOR + 3.500%) | Holding Socotec (B/B2)<br> (3M EURIBOR + 3.500%) | Holding Socotec (B/B2)<br> (3M EURIBOR + 3.500%) | Holding Socotec (B/B2)<br> (3M EURIBOR + 3.500%) |
| 1025000 | 5.702 | 06/02/28 | 1030829 |
| (3M USD LIBOR + 3.500%) | (3M USD LIBOR + 3.500%) | (3M USD LIBOR + 3.500%) | (3M USD LIBOR + 3.500%) |
| 8376588 | 8.730 | 06/30/28 | 7853051 |
| Thevelia (US) LLC (B/B2) (3M SOFR + 4.000%) | Thevelia (US) LLC (B/B2) (3M SOFR + 4.000%) | Thevelia (US) LLC (B/B2) (3M SOFR + 4.000%) | Thevelia (US) LLC (B/B2) (3M SOFR + 4.000%) |
| 12764519 | 8.730 | 06/18/29 | 12317761 |
| Trans Union, LLC (BBB-/Ba2) (1M USD LIBOR + 2.250%) | Trans Union, LLC (BBB-/Ba2) (1M USD LIBOR + 2.250%) | Trans Union, LLC (BBB-/Ba2) (1M USD LIBOR + 2.250%) | Trans Union, LLC (BBB-/Ba2) (1M USD LIBOR + 2.250%) |
| 7984427 | 6.634 | 12/01/28 | 7895720 |
| Vaco Holdings LLC (B/B2) (3M SOFR CME + 5.000%) | Vaco Holdings LLC (B/B2) (3M SOFR CME + 5.000%) | Vaco Holdings LLC (B/B2) (3M SOFR CME + 5.000%) | Vaco Holdings LLC (B/B2) (3M SOFR CME + 5.000%) |
| 7112120 | 9.730 | 01/21/29 | 6833539 |
| Verisure Holding AB (B/B1) (3M EURIBOR + 3.250%) | Verisure Holding AB (B/B1) (3M EURIBOR + 3.250%) | Verisure Holding AB (B/B1) (3M EURIBOR + 3.250%) | Verisure Holding AB (B/B1) (3M EURIBOR + 3.250%) |
| 12040000 | 5.378 | 03/27/28 | 11931907 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** |
| **Commercial Services<sup>(b)</sup> – (continued)** | **Commercial Services<sup>(b)</sup> – (continued)** | **Commercial Services<sup>(b)</sup> – (continued)** | **Commercial Services<sup>(b)</sup> – (continued)** |
| Verscend Holding Corp. (B+/B2) (1M USD LIBOR + 4.000%) | Verscend Holding Corp. (B+/B2) (1M USD LIBOR + 4.000%) | Verscend Holding Corp. (B+/B2) (1M USD LIBOR + 4.000%) | Verscend Holding Corp. (B+/B2) (1M USD LIBOR + 4.000%) |
| 7694814 | 8.384% | 08/27/25 | $7630254 |
|  |  | 154181926 | 154181926 |
| **Consumer Cyclical Services<sup>(b)</sup> – 2.0%** | **Consumer Cyclical Services<sup>(b)</sup> – 2.0%** | **Consumer Cyclical Services<sup>(b)</sup> – 2.0%** | **Consumer Cyclical Services<sup>(b)</sup> – 2.0%** |
| APX Group, Inc. (B/B1) (3M USD LIBOR + 3.250%) | APX Group, Inc. (B/B1) (3M USD LIBOR + 3.250%) | APX Group, Inc. (B/B1) (3M USD LIBOR + 3.250%) | APX Group, Inc. (B/B1) (3M USD LIBOR + 3.250%) |
| 12653642 | 6.730 | 07/10/28 | 12467760 |
| Asurion LLC (B/B3) (1M USD LIBOR + 5.250%) | Asurion LLC (B/B3) (1M USD LIBOR + 5.250%) | Asurion LLC (B/B3) (1M USD LIBOR + 5.250%) | Asurion LLC (B/B3) (1M USD LIBOR + 5.250%) |
| 3950000 | 9.634 | 01/31/28 | 3064528 |
| Asurion LLC (B+/Ba3)<br> (1M USD LIBOR + 3.000%) | Asurion LLC (B+/Ba3)<br> (1M USD LIBOR + 3.000%) | Asurion LLC (B+/Ba3)<br> (1M USD LIBOR + 3.000%) | Asurion LLC (B+/Ba3)<br> (1M USD LIBOR + 3.000%) |
| 4612726 | 7.384 | 11/03/24 | 4470239 |
| (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) |
| 3430234 | 7.634 | 12/23/26 | 3050782 |
| 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%) |
| 3354094 | 9.330 | 03/31/28 | 3211545 |
| Sabre GLBL Inc. (B/Ba3) (1M USD LIBOR + 3.500%) | Sabre GLBL Inc. (B/Ba3) (1M USD LIBOR + 3.500%) | Sabre GLBL Inc. (B/Ba3) (1M USD LIBOR + 3.500%) | Sabre GLBL Inc. (B/Ba3) (1M USD LIBOR + 3.500%) |
| 8409567 | 7.884% | 12/17/27 | 7631682 |
| Stats Intermediate Holdings LLC (B-/B2) (3M USD LIBOR + | Stats Intermediate Holdings LLC (B-/B2) (3M USD LIBOR + | Stats Intermediate Holdings LLC (B-/B2) (3M USD LIBOR + | Stats Intermediate Holdings LLC (B-/B2) (3M USD LIBOR + |
| 5.250%) |  |  |  |
| 8828881 | 9.900 | 07/10/26 | 8107826 |
| 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%) |
| 14772768 | 7.630% | 06/30/28 | 14450574 |
|  |  |  | 56454936 |
| **Consumer Products<sup>(b)</sup> – 1.1%** | **Consumer Products<sup>(b)</sup> – 1.1%** | **Consumer Products<sup>(b)</sup> – 1.1%** | **Consumer Products<sup>(b)</sup> – 1.1%** |
| Kronos Acquisition Holdings, Inc. (B-/B2) (3M USD LIBOR + 3.750%) | Kronos Acquisition Holdings, Inc. (B-/B2) (3M USD LIBOR + 3.750%) | Kronos Acquisition Holdings, Inc. (B-/B2) (3M USD LIBOR + 3.750%) | Kronos Acquisition Holdings, Inc. (B-/B2) (3M USD LIBOR + 3.750%) |
| 14142025 | 8.485 | 12/22/26 | 13417246 |
| Proampac PG Borrower LLC (B-/B3) (3M USD LIBOR + 3.750%) | Proampac PG Borrower LLC (B-/B3) (3M USD LIBOR + 3.750%) | Proampac PG Borrower LLC (B-/B3) (3M USD LIBOR + 3.750%) | Proampac PG Borrower LLC (B-/B3) (3M USD LIBOR + 3.750%) |
| 11407390 | 7.934 | 11/03/25 | 10889267 |
| 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%) |
| 7503724 | 8.753 | 10/06/28 | 6111783 |
|  |  |  | 30418296 |
| **Distributors<sup>(b)</sup> – 0.3%** | **Distributors<sup>(b)</sup> – 0.3%** | **Distributors<sup>(b)</sup> – 0.3%** | **Distributors<sup>(b)</sup> – 0.3%** |
| UGI Energy Services LLC (NR/Ba3) (1M USD LIBOR + 3.500%) | UGI Energy Services LLC (NR/Ba3) (1M USD LIBOR + 3.500%) | UGI Energy Services LLC (NR/Ba3) (1M USD LIBOR + 3.500%) | UGI Energy Services LLC (NR/Ba3) (1M USD LIBOR + 3.500%) |
| 8136675 | 7.884 | 08/13/26 | 8097457 |
| **Diversified Financial Services<sup>(b)</sup> – 1.7%** | **Diversified Financial Services<sup>(b)</sup> – 1.7%** | **Diversified Financial Services<sup>(b)</sup> – 1.7%** | **Diversified Financial Services<sup>(b)</sup> – 1.7%** |
| AllSpring Buyer LLC (BB-/Ba2)<br> (3M SOFR CME + 3.750%) | AllSpring Buyer LLC (BB-/Ba2)<br> (3M SOFR CME + 3.750%) | AllSpring Buyer LLC (BB-/Ba2)<br> (3M SOFR CME + 3.750%) | AllSpring Buyer LLC (BB-/Ba2)<br> (3M SOFR CME + 3.750%) |
| 3067312 | 8.330 | 11/01/28 | 3025137 |
| (3M USD LIBOR + 3.250%) | (3M USD LIBOR + 3.250%) | (3M USD LIBOR + 3.250%) | (3M USD LIBOR + 3.250%) |
| 6625338 | 7.750 | 11/01/28 | 6524301 |
| 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%) |
| 9476868 | 8.480 | 06/05/28 | 9420291 |
| 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%) |
| 10306199 | 8.134 | 03/01/28 | 10016389 |
| Edelman Financial Center LLC (B/B2) (1M USD LIBOR + 3.500%) | Edelman Financial Center LLC (B/B2) (1M USD LIBOR + 3.500%) | Edelman Financial Center LLC (B/B2) (1M USD LIBOR + 3.500%) | Edelman Financial Center LLC (B/B2) (1M USD LIBOR + 3.500%) |
| 2115803 | 7.884 | 04/07/28 | 1969284 |
| Paysafe Holdings (US) Corp. (B/B2) (1M USD LIBOR + 2.750%) | Paysafe Holdings (US) Corp. (B/B2) (1M USD LIBOR + 2.750%) | Paysafe Holdings (US) Corp. (B/B2) (1M USD LIBOR + 2.750%) | Paysafe Holdings (US) Corp. (B/B2) (1M USD LIBOR + 2.750%) |
| 5898234 | 7.134 | 06/28/28 | 5611934 |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** |
| **Diversified Financial Services<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)** |
| Syncapay, Inc. (B/B2) (3M USD LIBOR + 6.500%) | Syncapay, Inc. (B/B2) (3M USD LIBOR + 6.500%) | Syncapay, Inc. (B/B2) (3M USD LIBOR + 6.500%) | Syncapay, Inc. (B/B2) (3M USD LIBOR + 6.500%) |
| 4415986 | 11.230% | 12/10/27 | $4363568 |
| VFH Parent LLC (NR/NR) (1M SOFR + 3.000%) | VFH Parent LLC (NR/NR) (1M SOFR + 3.000%) | VFH Parent LLC (NR/NR) (1M SOFR + 3.000%) | VFH Parent LLC (NR/NR) (1M SOFR + 3.000%) |
| 8000000 | 7.421 | 01/13/29 | 7772000 |
|  |  |  | 48702904 |
| **Diversified Manufacturing – 3.5%** | **Diversified Manufacturing – 3.5%** | **Diversified Manufacturing – 3.5%** | **Diversified Manufacturing – 3.5%** |
| Anvil International LLC (B-/B3) (3M USD LIBOR + 5.000%) | Anvil International LLC (B-/B3) (3M USD LIBOR + 5.000%) | Anvil International LLC (B-/B3) (3M USD LIBOR + 5.000%) | Anvil International LLC (B-/B3) (3M USD LIBOR + 5.000%) |
| 6803969 | 9.420 <sup>(b)</sup> | 05/28/26 | 6123571 |
| 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%) |
| 16072512 | 9.667 <sup>(b)</sup> | 02/08/29 | 13719336 |
| CeramTec AcquiCo GmbH (B/B2) (3M EURIBOR + 3.750%) | CeramTec AcquiCo GmbH (B/B2) (3M EURIBOR + 3.750%) | CeramTec AcquiCo GmbH (B/B2) (3M EURIBOR + 3.750%) | CeramTec AcquiCo GmbH (B/B2) (3M EURIBOR + 3.750%) |
| 9800000 | 5.704 <sup>(b)</sup> | 03/16/29 | 9844616 |
| Crosby US Acquisition Corp. (B-/B2) (3M USD LIBOR + 4.750%) | Crosby US Acquisition Corp. (B-/B2) (3M USD LIBOR + 4.750%) | Crosby US Acquisition Corp. (B-/B2) (3M USD LIBOR + 4.750%) | Crosby US Acquisition Corp. (B-/B2) (3M USD LIBOR + 4.750%) |
| 8229281 | 9.503 <sup>(b)</sup> | 06/26/26 | 7843575 |
| Dynacast International LLC (NR/NR) (3M USD LIBOR + 4.500%) | Dynacast International LLC (NR/NR) (3M USD LIBOR + 4.500%) | Dynacast International LLC (NR/NR) (3M USD LIBOR + 4.500%) | Dynacast International LLC (NR/NR) (3M USD LIBOR + 4.500%) |
| 10909609 | 9.199 | 07/22/25 | 9395901 |
| Fluid-Flow Products, Inc. (B-/B2) (3M USD LIBOR + 3.750%) | Fluid-Flow Products, Inc. (B-/B2) (3M USD LIBOR + 3.750%) | Fluid-Flow Products, Inc. (B-/B2) (3M USD LIBOR + 3.750%) | Fluid-Flow Products, Inc. (B-/B2) (3M USD LIBOR + 3.750%) |
| 7158448 | 8.480 <sup>(b)</sup> | 03/31/28 | 6791577 |
| Pelican Products, Inc. (B-/B2) (3M USD LIBOR + 4.250%) | Pelican Products, Inc. (B-/B2) (3M USD LIBOR + 4.250%) | Pelican Products, Inc. (B-/B2) (3M USD LIBOR + 4.250%) | Pelican Products, Inc. (B-/B2) (3M USD LIBOR + 4.250%) |
| 7276500 | 8.700 <sup>(b)</sup> | 12/29/28 | 6476085 |
| Rohm Holding GmbH (B-/B3) (3M USD LIBOR + 4.750%) | Rohm Holding GmbH (B-/B3) (3M USD LIBOR + 4.750%) | Rohm Holding GmbH (B-/B3) (3M USD LIBOR + 4.750%) | Rohm Holding GmbH (B-/B3) (3M USD LIBOR + 4.750%) |
| 5199612 | 8.371 <sup>(b)</sup> | 07/31/26 | 4302679 |
| Titan Acquisition Ltd. (B-/B2) (6M USD LIBOR + 3.000%) | Titan Acquisition Ltd. (B-/B2) (6M USD LIBOR + 3.000%) | Titan Acquisition Ltd. (B-/B2) (6M USD LIBOR + 3.000%) | Titan Acquisition Ltd. (B-/B2) (6M USD LIBOR + 3.000%) |
| 12888339 | 8.151 <sup>(b)</sup> | 03/28/25 | 12012319 |
| 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%) |
| 17641329 | 6.871 <sup>(b)</sup> | 10/01/25 | 16946790 |
| Victory Buyer LLC (CCC+/B3) (1M USD LIBOR + 3.750%) | Victory Buyer LLC (CCC+/B3) (1M USD LIBOR + 3.750%) | Victory Buyer LLC (CCC+/B3) (1M USD LIBOR + 3.750%) | Victory Buyer LLC (CCC+/B3) (1M USD LIBOR + 3.750%) |
| 8131465 | 8.104 <sup>(b)</sup> | 11/19/28 | 6789773 |
|  |  |  | 100246222 |
| **Electric<sup>(b)</sup> – 0.2%** | **Electric<sup>(b)</sup> – 0.2%** | **Electric<sup>(b)</sup> – 0.2%** | **Electric<sup>(b)</sup> – 0.2%** |
| Centuri Group, Inc (B+/Ba2) (1M USD LIBOR + 2.500%) | Centuri Group, Inc (B+/Ba2) (1M USD LIBOR + 2.500%) | Centuri Group, Inc (B+/Ba2) (1M USD LIBOR + 2.500%) | Centuri Group, Inc (B+/Ba2) (1M USD LIBOR + 2.500%) |
| 6348325 | 7.059 | 08/27/28 | 6227707 |
| **Electrical<sup>(b)</sup> – 1.1%** | **Electrical<sup>(b)</sup> – 1.1%** | **Electrical<sup>(b)</sup> – 1.1%** | **Electrical<sup>(b)</sup> – 1.1%** |
| Calpine Corp. (BB+/Ba2)<br> (1M USD LIBOR + 2.000%) | Calpine Corp. (BB+/Ba2)<br> (1M USD LIBOR + 2.000%) | Calpine Corp. (BB+/Ba2)<br> (1M USD LIBOR + 2.000%) | Calpine Corp. (BB+/Ba2)<br> (1M USD LIBOR + 2.000%) |
| 3390238 | 6.384 | 08/12/26 | 3342368 |
| (1M USD LIBOR + 2.500%) | (1M USD LIBOR + 2.500%) | (1M USD LIBOR + 2.500%) | (1M USD LIBOR + 2.500%) |
| 2313121 | 6.890 | 12/16/27 | 2286844 |
| Pacific Gas & Electric Co. (BB-/B1) (3M USD LIBOR + 3.000%) | Pacific Gas & Electric Co. (BB-/B1) (3M USD LIBOR + 3.000%) | Pacific Gas & Electric Co. (BB-/B1) (3M USD LIBOR + 3.000%) | Pacific Gas & Electric Co. (BB-/B1) (3M USD LIBOR + 3.000%) |
| 9661712 | 4.250 | 09/23/26 | 9574177 |
| Pike Corp. (B/Ba3)<br> (1M SOFR + 3.500%) | Pike Corp. (B/Ba3)<br> (1M SOFR + 3.500%) | Pike Corp. (B/Ba3)<br> (1M SOFR + 3.500%) | Pike Corp. (B/Ba3)<br> (1M SOFR + 3.500%) |
| 1620938 | 7.823 | 01/21/28 | 1605409 |
| (1M USD LIBOR + 3.000%) | (1M USD LIBOR + 3.000%) | (1M USD LIBOR + 3.000%) | (1M USD LIBOR + 3.000%) |
| 3780822 | 7.390 | 01/21/28 | 3723505 |
| 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%) |
| 10149000 | 7.430 | 05/21/29 | 10060196 |
|  |  |  | 30592499 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** |
| **Energy<sup>(b)</sup> – 0.3%** | **Energy<sup>(b)</sup> – 0.3%** | **Energy<sup>(b)</sup> – 0.3%** | **Energy<sup>(b)</sup> – 0.3%** |
| Parkway Generation, LLC (BB/Ba3)<br> (1M SOFR + 4.750%) | Parkway Generation, LLC (BB/Ba3)<br> (1M SOFR + 4.750%) | Parkway Generation, LLC (BB/Ba3)<br> (1M SOFR + 4.750%) | Parkway Generation, LLC (BB/Ba3)<br> (1M SOFR + 4.750%) |
| 1025919 | 9.073% | 02/18/29 | $1011382 |
| (1M USD LIBOR + 4.750%) | (1M USD LIBOR + 4.750%) | (1M USD LIBOR + 4.750%) | (1M USD LIBOR + 4.750%) |
| 7821253 | 9.073 | 02/18/29 | 7670694 |
|  |  |  | 8682076 |
| **Entertainment<sup>(b)</sup> – 3.5%** | **Entertainment<sup>(b)</sup> – 3.5%** | **Entertainment<sup>(b)</sup> – 3.5%** | **Entertainment<sup>(b)</sup> – 3.5%** |
| 888 Acquisitions Ltd. (NR/B1) (3M SOFR CME + 5.250%) | 888 Acquisitions Ltd. (NR/B1) (3M SOFR CME + 5.250%) | 888 Acquisitions Ltd. (NR/B1) (3M SOFR CME + 5.250%) | 888 Acquisitions Ltd. (NR/B1) (3M SOFR CME + 5.250%) |
| 10477174 | 9.930 | 07/08/28 | 9280995 |
| Alterra Mountain Company (B+/B1) (1M USD LIBOR + 3.500%) | Alterra Mountain Company (B+/B1) (1M USD LIBOR + 3.500%) | Alterra Mountain Company (B+/B1) (1M USD LIBOR + 3.500%) | Alterra Mountain Company (B+/B1) (1M USD LIBOR + 3.500%) |
| 11796335 | 7.884 | 08/17/28 | 11626821 |
| AMC Entertainment Holdings, Inc. (B-/Caa1) (1M USD LIBOR + 3.000%) | AMC Entertainment Holdings, Inc. (B-/Caa1) (1M USD LIBOR + 3.000%) | AMC Entertainment Holdings, Inc. (B-/Caa1) (1M USD LIBOR + 3.000%) | AMC Entertainment Holdings, Inc. (B-/Caa1) (1M USD LIBOR + 3.000%) |
| 7954351 | 7.274 | 04/22/26 | 4283736 |
| Banijay Entertainment S.A.S (B+/B1) (1M USD LIBOR + 3.750%) | Banijay Entertainment S.A.S (B+/B1) (1M USD LIBOR + 3.750%) | Banijay Entertainment S.A.S (B+/B1) (1M USD LIBOR + 3.750%) | Banijay Entertainment S.A.S (B+/B1) (1M USD LIBOR + 3.750%) |
| 4782998 | 7.892 | 03/01/25 | 4759082 |
| Crown Finance US, Inc. (D/WR)<sup>(f)</sup><br> (3M USD LIBOR + 2.500%) | Crown Finance US, Inc. (D/WR)<sup>(f)</sup><br> (3M USD LIBOR + 2.500%) | Crown Finance US, Inc. (D/WR)<sup>(f)</sup><br> (3M USD LIBOR + 2.500%) | Crown Finance US, Inc. (D/WR)<sup>(f)</sup><br> (3M USD LIBOR + 2.500%) |
| 4568163 | 4.000 | 02/28/25 | 813910 |
| (3M USD LIBOR + 2.750%) | (3M USD LIBOR + 2.750%) | (3M USD LIBOR + 2.750%) | (3M USD LIBOR + 2.750%) |
| 2800339 | 4.250 | 09/30/26 | 484403 |
| Crown Finance US, Inc. (NR/WR) (3M SOFR + 10.000%) | Crown Finance US, Inc. (NR/WR) (3M SOFR + 10.000%) | Crown Finance US, Inc. (NR/WR) (3M SOFR + 10.000%) | Crown Finance US, Inc. (NR/WR) (3M SOFR + 10.000%) |
| 3616679 | 14.349 | 09/07/23 | 3543224 |
| Fender Musical Instruments Corp. (B-/B3)<sup>(c)</sup> (3M SOFR + 4.000%) | Fender Musical Instruments Corp. (B-/B3)<sup>(c)</sup> (3M SOFR + 4.000%) | Fender Musical Instruments Corp. (B-/B3)<sup>(c)</sup> (3M SOFR + 4.000%) | Fender Musical Instruments Corp. (B-/B3)<sup>(c)</sup> (3M SOFR + 4.000%) |
| 8484156 | 8.417 | 12/01/28 | 6829746 |
| GVC Holdings (Gibraltar) Ltd. (BB/Ba1) (3M SOFR + 3.500%) | GVC Holdings (Gibraltar) Ltd. (BB/Ba1) (3M SOFR + 3.500%) | GVC Holdings (Gibraltar) Ltd. (BB/Ba1) (3M SOFR + 3.500%) | GVC Holdings (Gibraltar) Ltd. (BB/Ba1) (3M SOFR + 3.500%) |
| 6700000 | 8.180 | 10/31/29 | 6660939 |
| GVC Holdings (Gibraltar) Ltd. (BB/NR) (3M USD LIBOR + 3.500%) | GVC Holdings (Gibraltar) Ltd. (BB/NR) (3M USD LIBOR + 3.500%) | GVC Holdings (Gibraltar) Ltd. (BB/NR) (3M USD LIBOR + 3.500%) | GVC Holdings (Gibraltar) Ltd. (BB/NR) (3M USD LIBOR + 3.500%) |
| 5868156 | 7.230 | 03/29/27 | 5822326 |
| Luna III S.a r.l. (BB-/B1) (3M EURIBOR + 4.175%) | Luna III S.a r.l. (BB-/B1) (3M EURIBOR + 4.175%) | Luna III S.a r.l. (BB-/B1) (3M EURIBOR + 4.175%) | Luna III S.a r.l. (BB-/B1) (3M EURIBOR + 4.175%) |
| 14500000 | 6.502 | 10/23/28 | 15060218 |
| Motion Finco S.a.r.l. (B/B2) (3M USD LIBOR + 3.250%) | Motion Finco S.a.r.l. (B/B2) (3M USD LIBOR + 3.250%) | Motion Finco S.a.r.l. (B/B2) (3M USD LIBOR + 3.250%) | Motion Finco S.a.r.l. (B/B2) (3M USD LIBOR + 3.250%) |
| 10839258 | 7.980% | 11/12/26 | 10304124 |
| National CineMedia, LLC (CCC/Caa2)<br> (1M SOFR + 8.114%) | National CineMedia, LLC (CCC/Caa2)<br> (1M SOFR + 8.114%) | National CineMedia, LLC (CCC/Caa2)<br> (1M SOFR + 8.114%) | National CineMedia, LLC (CCC/Caa2)<br> (1M SOFR + 8.114%) |
| 984380 | 11.914 | 06/20/23 | 243634 |
| (3M USD LIBOR + 4.000%) | (3M USD LIBOR + 4.000%) | (3M USD LIBOR + 4.000%) | (3M USD LIBOR + 4.000%) |
| 5502835 | 8.500 | 06/20/25 | 1334437 |
| Playtika Holding Corp. (BB+/Ba2) (1M USD LIBOR + 2.750%) | Playtika Holding Corp. (BB+/Ba2) (1M USD LIBOR + 2.750%) | Playtika Holding Corp. (BB+/Ba2) (1M USD LIBOR + 2.750%) | Playtika Holding Corp. (BB+/Ba2) (1M USD LIBOR + 2.750%) |
| 8569026 | 7.134 | 03/13/28 | 8162940 |
| SeaWorld Parks & Entertainment, Inc. (BB/Ba3) (1M USD LIBOR + 3.000%) | SeaWorld Parks & Entertainment, Inc. (BB/Ba3) (1M USD LIBOR + 3.000%) | SeaWorld Parks & Entertainment, Inc. (BB/Ba3) (1M USD LIBOR + 3.000%) | SeaWorld Parks & Entertainment, Inc. (BB/Ba3) (1M USD LIBOR + 3.000%) |
| 9913786 | 7.438 | 08/25/28 | 9722550 |
|  |  |  | 98933085 |
| **Environmental<sup>(b)</sup> – 0.1%** | **Environmental<sup>(b)</sup> – 0.1%** | **Environmental<sup>(b)</sup> – 0.1%** | **Environmental<sup>(b)</sup> – 0.1%** |
| Northstar Group Services, INC. (B/B2) (1M USD LIBOR + 5.500%) | Northstar Group Services, INC. (B/B2) (1M USD LIBOR + 5.500%) | Northstar Group Services, INC. (B/B2) (1M USD LIBOR + 5.500%) | Northstar Group Services, INC. (B/B2) (1M USD LIBOR + 5.500%) |
| 3933781 | 9.938 | 11/12/26 | 3861675 |
| **Environmental Services<sup>(b)</sup> – 0.2%** | **Environmental Services<sup>(b)</sup> – 0.2%** | **Environmental Services<sup>(b)</sup> – 0.2%** | **Environmental Services<sup>(b)</sup> – 0.2%** |
| Covanta Holding Corp. (BB/Ba1) (1M SOFR CME + 2.500%) | Covanta Holding Corp. (BB/Ba1) (1M SOFR CME + 2.500%) | Covanta Holding Corp. (BB/Ba1) (1M SOFR CME + 2.500%) | Covanta Holding Corp. (BB/Ba1) (1M SOFR CME + 2.500%) |
| 5720542 | 6.823% | 11/30/28 | 5672547 |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** |
| **Food & Beverage<sup>(b)</sup> – 0.5%** | **Food & Beverage<sup>(b)</sup> – 0.5%** | **Food & Beverage<sup>(b)</sup> – 0.5%** | **Food & Beverage<sup>(b)</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%) |
| 10070968 | 7.884% | 10/25/27 | $9852730 |
| The Chef's Warehouse Leasing Co. LLC (B+/B2) (1M SOFR + 4.750%) | The Chef's Warehouse Leasing Co. LLC (B+/B2) (1M SOFR + 4.750%) | The Chef's Warehouse Leasing Co. LLC (B+/B2) (1M SOFR + 4.750%) | The Chef's Warehouse Leasing Co. LLC (B+/B2) (1M SOFR + 4.750%) |
| &nbsp;&nbsp;&nbsp;&nbsp;3491250 | 9.173 | 08/23/29 | 3451973 |
|  |  |  | 13304703 |
| **Food & Beverages<sup>(b)</sup> – 0.5%** | **Food & Beverages<sup>(b)</sup> – 0.5%** | **Food & Beverages<sup>(b)</sup> – 0.5%** | **Food & Beverages<sup>(b)</sup> – 0.5%** |
| Sigma Bidco B.V. (B-/B2) (6M USD LIBOR + 3.000%) | Sigma Bidco B.V. (B-/B2) (6M USD LIBOR + 3.000%) | Sigma Bidco B.V. (B-/B2) (6M USD LIBOR + 3.000%) | Sigma Bidco B.V. (B-/B2) (6M USD LIBOR + 3.000%) |
| 15955858 | 7.767 | 07/02/25 | 14398247 |
| **Food & Drug Retailing<sup>(b)</sup> – 0.3%** | **Food & Drug Retailing<sup>(b)</sup> – 0.3%** | **Food & Drug Retailing<sup>(b)</sup> – 0.3%** | **Food & Drug Retailing<sup>(b)</sup> – 0.3%** |
| Casino Guichard-Perrachon SA (B-/B2) (3M EURIBOR + 4.000%) | Casino Guichard-Perrachon SA (B-/B2) (3M EURIBOR + 4.000%) | Casino Guichard-Perrachon SA (B-/B2) (3M EURIBOR + 4.000%) | Casino Guichard-Perrachon SA (B-/B2) (3M EURIBOR + 4.000%) |
| 8775000 | 5.340 | 08/31/25 | 7902025 |
| **Health Care<sup>(b)</sup> – 1.6%** | **Health Care<sup>(b)</sup> – 1.6%** | **Health Care<sup>(b)</sup> – 1.6%** | **Health Care<sup>(b)</sup> – 1.6%** |
| 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%) |
| 17167699 | 7.884 | 10/02/28 | 16993276 |
| Matrix Medical Network of Arizona LLC (B-/B3) (1M USD LIBOR + 4.750%) | Matrix Medical Network of Arizona LLC (B-/B3) (1M USD LIBOR + 4.750%) | Matrix Medical Network of Arizona LLC (B-/B3) (1M USD LIBOR + 4.750%) | Matrix Medical Network of Arizona LLC (B-/B3) (1M USD LIBOR + 4.750%) |
| 3004672 | 9.134 | 02/17/25 | 2358667 |
| 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%) |
| 9774080 | 9.165 | 02/28/28 | 8676646 |
| Sotera Health Holdings LLC (BB-/B1) (3M USD LIBOR + 2.750%) | Sotera Health Holdings LLC (BB-/B1) (3M USD LIBOR + 2.750%) | Sotera Health Holdings LLC (BB-/B1) (3M USD LIBOR + 2.750%) | Sotera Health Holdings LLC (BB-/B1) (3M USD LIBOR + 2.750%) |
| 13275000 | 7.165 | 12/11/26 | 12213000 |
| U.S. Renal Care, Inc. (CCC+/B3)<br> (1M USD LIBOR + 5.000%) | U.S. Renal Care, Inc. (CCC+/B3)<br> (1M USD LIBOR + 5.000%) | U.S. Renal Care, Inc. (CCC+/B3)<br> (1M USD LIBOR + 5.000%) | U.S. Renal Care, Inc. (CCC+/B3)<br> (1M USD LIBOR + 5.000%) |
| 5244886 | 9.438 | 06/26/26 | 2905824 |
| (1M USD LIBOR + 5.500%) | (1M USD LIBOR + 5.500%) | (1M USD LIBOR + 5.500%) | (1M USD LIBOR + 5.500%) |
| 3698670 | 9.938 | 06/26/26 | 2049174 |
|  |  |  | 45196587 |
| **Health Care - Services<sup>(b)</sup> – 4.1%** | **Health Care - Services<sup>(b)</sup> – 4.1%** | **Health Care - Services<sup>(b)</sup> – 4.1%** | **Health Care - Services<sup>(b)</sup> – 4.1%** |
| Accelerated Health Systems, LLC (B/B3) (3M SOFR + 4.250%) | Accelerated Health Systems, LLC (B/B3) (3M SOFR + 4.250%) | Accelerated Health Systems, LLC (B/B3) (3M SOFR + 4.250%) | Accelerated Health Systems, LLC (B/B3) (3M SOFR + 4.250%) |
| 12188750 | 8.980 | 02/15/29 | 9857651 |
| Biogroup-LCD (B/B2) (3M EURIBOR + 2.750%) | Biogroup-LCD (B/B2) (3M EURIBOR + 2.750%) | Biogroup-LCD (B/B2) (3M EURIBOR + 2.750%) | Biogroup-LCD (B/B2) (3M EURIBOR + 2.750%) |
| 3875000 | 4.742 | 02/09/28 | 3722823 |
| Envision Healthcare Corp. (CC/C) (1M USD LIBOR + 3.750%) | Envision Healthcare Corp. (CC/C) (1M USD LIBOR + 3.750%) | Envision Healthcare Corp. (CC/C) (1M USD LIBOR + 3.750%) | Envision Healthcare Corp. (CC/C) (1M USD LIBOR + 3.750%) |
| 10144400 | 8.480 | 10/10/25 | 2905965 |
| Global Medical Response, Inc. (B-/B3)<br> (1M USD LIBOR + 4.250%) | Global Medical Response, Inc. (B-/B3)<br> (1M USD LIBOR + 4.250%) | Global Medical Response, Inc. (B-/B3)<br> (1M USD LIBOR + 4.250%) | Global Medical Response, Inc. (B-/B3)<br> (1M USD LIBOR + 4.250%) |
| 8892559 | 8.634 | 03/14/25 | 6258138 |
| (1M USD LIBOR + 4.250%) | (1M USD LIBOR + 4.250%) | (1M USD LIBOR + 4.250%) | (1M USD LIBOR + 4.250%) |
| 9975885 | 8.422 | 10/02/25 | 6951995 |
| Help At Home, Inc. (B-/B1) (1M SOFR CME + 5.000%) | Help At Home, Inc. (B-/B1) (1M SOFR CME + 5.000%) | Help At Home, Inc. (B-/B1) (1M SOFR CME + 5.000%) | Help At Home, Inc. (B-/B1) (1M SOFR CME + 5.000%) |
| 1561270 | 5.000 | 10/29/27 | 1485158 |
| (1M SOFR CME + 5.000%) | (1M SOFR CME + 5.000%) | (1M SOFR CME + 5.000%) | (1M SOFR CME + 5.000%) |
| 12338664 | 9.430 | 10/29/27 | 11737154 |
| Help At Home, Inc. 2022 Incremental Term Loan (B-/B1) (1M SOFR + 5.000%) | Help At Home, Inc. 2022 Incremental Term Loan (B-/B1) (1M SOFR + 5.000%) | Help At Home, Inc. 2022 Incremental Term Loan (B-/B1) (1M SOFR + 5.000%) | Help At Home, Inc. 2022 Incremental Term Loan (B-/B1) (1M SOFR + 5.000%) |
| 2084250 | 9.430 | 10/29/27 | 1982643 |
| Iris BidCo GmbH (NR/B3) (3M EURIBOR + 5.000%) | Iris BidCo GmbH (NR/B3) (3M EURIBOR + 5.000%) | Iris BidCo GmbH (NR/B3) (3M EURIBOR + 5.000%) | Iris BidCo GmbH (NR/B3) (3M EURIBOR + 5.000%) |
| 10525000 | 6.605 | 06/29/28 | 9677118 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** |
| **Health Care - Services<sup>(b)</sup> – (continued)** | **Health Care - Services<sup>(b)</sup> – (continued)** | **Health Care - Services<sup>(b)</sup> – (continued)** | **Health Care - Services<sup>(b)</sup> – (continued)** |
| Lonza Group AG (B-/B2) (3M USD LIBOR + 4.000%) | Lonza Group AG (B-/B2) (3M USD LIBOR + 4.000%) | Lonza Group AG (B-/B2) (3M USD LIBOR + 4.000%) | Lonza Group AG (B-/B2) (3M USD LIBOR + 4.000%) |
| 8663110 | 8.730% | 07/03/28 | $7915917 |
| NAPA Management Services Corp. (B/B2) (1M SOFR + 5.250%) | NAPA Management Services Corp. (B/B2) (1M SOFR + 5.250%) | NAPA Management Services Corp. (B/B2) (1M SOFR + 5.250%) | NAPA Management Services Corp. (B/B2) (1M SOFR + 5.250%) |
| 6649750 | 9.673 | 02/23/29 | 5375924 |
| 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%) |
| 17450427 | 8.165 | 11/03/25 | 16412126 |
| Sedgwick Claims Management Services, Inc. (B/B2) (1M USD LIBOR + 3.250%) | Sedgwick Claims Management Services, Inc. (B/B2) (1M USD LIBOR + 3.250%) | Sedgwick Claims Management Services, Inc. (B/B2) (1M USD LIBOR + 3.250%) | Sedgwick Claims Management Services, Inc. (B/B2) (1M USD LIBOR + 3.250%) |
| 11260304 | 7.634 | 12/31/25 | 10938372 |
| Summit Behavioral Healthcare LLC (B-/B2)<sup>(c)</sup> (3M USD LIBOR +4.750%) | Summit Behavioral Healthcare LLC (B-/B2)<sup>(c)</sup> (3M USD LIBOR +4.750%) | Summit Behavioral Healthcare LLC (B-/B2)<sup>(c)</sup> (3M USD LIBOR +4.750%) | Summit Behavioral Healthcare LLC (B-/B2)<sup>(c)</sup> (3M USD LIBOR +4.750%) |
| 7245250 | 9.449 | 11/24/28 | 6810535 |
| Summit Behavioral Healthcare LLC (CCC/Caa2)<sup>(c)</sup> (3M USD LIBOR + 7.750%) | Summit Behavioral Healthcare LLC (CCC/Caa2)<sup>(c)</sup> (3M USD LIBOR + 7.750%) | Summit Behavioral Healthcare LLC (CCC/Caa2)<sup>(c)</sup> (3M USD LIBOR + 7.750%) | Summit Behavioral Healthcare LLC (CCC/Caa2)<sup>(c)</sup> (3M USD LIBOR + 7.750%) |
| 3800000 | 12.449 | 11/26/29 | 3344000 |
| US Radiology Specialists, Inc. (B-/B3) (3M USD LIBOR + 5.250%) | US Radiology Specialists, Inc. (B-/B3) (3M USD LIBOR + 5.250%) | US Radiology Specialists, Inc. (B-/B3) (3M USD LIBOR + 5.250%) | US Radiology Specialists, Inc. (B-/B3) (3M USD LIBOR + 5.250%) |
| 11261250 | 9.634 | 12/15/27 | 10143909 |
|  |  |  | 115519428 |
| **Health Care Products<sup>(b)</sup> – 0.3%** | **Health Care Products<sup>(b)</sup> – 0.3%** | **Health Care Products<sup>(b)</sup> – 0.3%** | **Health Care Products<sup>(b)</sup> – 0.3%** |
| Medline Borrower, LP (B+/B1) (1M USD LIBOR + 3.250%) | Medline Borrower, LP (B+/B1) (1M USD LIBOR + 3.250%) | Medline Borrower, LP (B+/B1) (1M USD LIBOR + 3.250%) | Medline Borrower, LP (B+/B1) (1M USD LIBOR + 3.250%) |
| 9515594 | 7.634 | 10/23/28 | 9030108 |
| **Home Construction<sup>(b)</sup> – 0.9%** | **Home Construction<sup>(b)</sup> – 0.9%** | **Home Construction<sup>(b)</sup> – 0.9%** | **Home Construction<sup>(b)</sup> – 0.9%** |
| Core & Main LP (B+/B1) (6M USD LIBOR + 2.500%) | Core & Main LP (B+/B1) (6M USD LIBOR + 2.500%) | Core & Main LP (B+/B1) (6M USD LIBOR + 2.500%) | Core & Main LP (B+/B1) (6M USD LIBOR + 2.500%) |
| 13176390 | 7.152 | 07/27/28 | 12982830 |
| Foundation Building Materials Holding Co. LLC (B/B2) (3M USD LIBOR + 3.250%) | Foundation Building Materials Holding Co. LLC (B/B2) (3M USD LIBOR + 3.250%) | Foundation Building Materials Holding Co. LLC (B/B2) (3M USD LIBOR + 3.250%) | Foundation Building Materials Holding Co. LLC (B/B2) (3M USD LIBOR + 3.250%) |
| 3479943 | 7.665 | 01/31/28 | 3285936 |
| Packers Holdings LLC (B-/B2) (3M USD LIBOR + 3.250%) | Packers Holdings LLC (B-/B2) (3M USD LIBOR + 3.250%) | Packers Holdings LLC (B-/B2) (3M USD LIBOR + 3.250%) | Packers Holdings LLC (B-/B2) (3M USD LIBOR + 3.250%) |
| 9157208 | 7.542 | 03/09/28 | 7972540 |
| Petmate (B-/Caa1) (3M USD LIBOR + 5.500%) | Petmate (B-/Caa1) (3M USD LIBOR + 5.500%) | Petmate (B-/Caa1) (3M USD LIBOR + 5.500%) | Petmate (B-/Caa1) (3M USD LIBOR + 5.500%) |
| 2178000 | 10.230 | 09/15/28 | 1626247 |
|  |  |  | 25867553 |
| **Household Products<sup>(b)</sup> – 0.1%** | **Household Products<sup>(b)</sup> – 0.1%** | **Household Products<sup>(b)</sup> – 0.1%** | **Household Products<sup>(b)</sup> – 0.1%** |
| Knight Health Holdings LLC (B-/B3) (1M USD LIBOR + 5.250%) | Knight Health Holdings LLC (B-/B3) (1M USD LIBOR + 5.250%) | Knight Health Holdings LLC (B-/B3) (1M USD LIBOR + 5.250%) | Knight Health Holdings LLC (B-/B3) (1M USD LIBOR + 5.250%) |
| 5073750 | 9.634 | 12/23/28 | 2955459 |
| **Insurance<sup>(b)</sup> – 1.6%** | **Insurance<sup>(b)</sup> – 1.6%** | **Insurance<sup>(b)</sup> – 1.6%** | **Insurance<sup>(b)</sup> – 1.6%** |
| 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%) |
| 13096094 | 7.884 | 02/15/27 | 12261218 |
| Alliant Holdings Intermediate LLC (B/B2) (1M USD LIBOR + 3.500%) | Alliant Holdings Intermediate LLC (B/B2) (1M USD LIBOR + 3.500%) | Alliant Holdings Intermediate LLC (B/B2) (1M USD LIBOR + 3.500%) | Alliant Holdings Intermediate LLC (B/B2) (1M USD LIBOR + 3.500%) |
| 960 | 7.854 | 11/06/27 | 938 |
| Alliant Holdings Intermediate LLC (NR/B2) (1M USD LIBOR + 3.250%) | Alliant Holdings Intermediate LLC (NR/B2) (1M USD LIBOR + 3.250%) | Alliant Holdings Intermediate LLC (NR/B2) (1M USD LIBOR + 3.250%) | Alliant Holdings Intermediate LLC (NR/B2) (1M USD LIBOR + 3.250%) |
| 12302203 | 7.634% | 05/09/25 | 12127554 |
| Hyperion Insurance Group Ltd. (B/B2) (1M USD LIBOR + 3.250%) | Hyperion Insurance Group Ltd. (B/B2) (1M USD LIBOR + 3.250%) | Hyperion Insurance Group Ltd. (B/B2) (1M USD LIBOR + 3.250%) | Hyperion Insurance Group Ltd. (B/B2) (1M USD LIBOR + 3.250%) |
| 7420884 | 7.688 | 11/12/27 | 7215474 |
| OneDigital Borrower LLC (B/B3) (3M SOFR + 4.250%) | OneDigital Borrower LLC (B/B3) (3M SOFR + 4.250%) | OneDigital Borrower LLC (B/B3) (3M SOFR + 4.250%) | OneDigital Borrower LLC (B/B3) (3M SOFR + 4.250%) |
| 6653631 | 8.494 | 11/16/27 | 6271047 |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** |
| **Insurance<sup>(b)</sup> – (continued)** | **Insurance<sup>(b)</sup> – (continued)** | **Insurance<sup>(b)</sup> – (continued)** | **Insurance<sup>(b)</sup> – (continued)** |
| USI, Inc. (B/B1) (1M SOFR + 3.750%) | USI, Inc. (B/B1) (1M SOFR + 3.750%) | USI, Inc. (B/B1) (1M SOFR + 3.750%) | USI, Inc. (B/B1) (1M SOFR + 3.750%) |
| 7290942 | 8.330% | 11/22/29 | $7212856 |
|  |  |  | 45089087 |
| **Lodging<sup>(b)</sup> – 0.6%** | **Lodging<sup>(b)</sup> – 0.6%** | **Lodging<sup>(b)</sup> – 0.6%** | **Lodging<sup>(b)</sup> – 0.6%** |
| Hilton Grand Vacations Borrower LLC (BB+/Ba1) (1M USD LIBOR + 3.000%) | Hilton Grand Vacations Borrower LLC (BB+/Ba1) (1M USD LIBOR + 3.000%) | Hilton Grand Vacations Borrower LLC (BB+/Ba1) (1M USD LIBOR + 3.000%) | Hilton Grand Vacations Borrower LLC (BB+/Ba1) (1M USD LIBOR + 3.000%) |
| 16835628 | 7.384 | 08/02/28 | 16709361 |
| **Machinery<sup>(b)</sup> – 0.7%** | **Machinery<sup>(b)</sup> – 0.7%** | **Machinery<sup>(b)</sup> – 0.7%** | **Machinery<sup>(b)</sup> – 0.7%** |
| Cimpress PLC (BB-/B1) (1M USD LIBOR + 3.500%) | Cimpress PLC (BB-/B1) (1M USD LIBOR + 3.500%) | Cimpress PLC (BB-/B1) (1M USD LIBOR + 3.500%) | Cimpress PLC (BB-/B1) (1M USD LIBOR + 3.500%) |
| 8717250 | 7.884 | 05/17/28 | 7798800 |
| Shape Technologies Group, Inc. (B-/B3) (1M USD LIBOR + 3.000%) | Shape Technologies Group, Inc. (B-/B3) (1M USD LIBOR + 3.000%) | Shape Technologies Group, Inc. (B-/B3) (1M USD LIBOR + 3.000%) | Shape Technologies Group, Inc. (B-/B3) (1M USD LIBOR + 3.000%) |
| 2810504 | 7.384 | 04/21/25 | 2561775 |
| 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%) | SPX Flow, Inc. (B-/B2) (1M SOFR + 4.500%) |
| 7855313 | 8.923 | 04/05/29 | 7319502 |
| TK Elevator Topco GmbH (B+/B1) | TK Elevator Topco GmbH (B+/B1) | TK Elevator Topco GmbH (B+/B1) | TK Elevator Topco GmbH (B+/B1) |
| 1605000 | 0.000 <sup>(d)(e)</sup> | 07/29/27 | 1614987 |
|  |  |  | 19295064 |
| **Machinery-Diversified<sup>(b)</sup> – 0.5%** | **Machinery-Diversified<sup>(b)</sup> – 0.5%** | **Machinery-Diversified<sup>(b)</sup> – 0.5%** | **Machinery-Diversified<sup>(b)</sup> – 0.5%** |
| Chart Industries, Inc. (B+/Ba3) | Chart Industries, Inc. (B+/Ba3) | Chart Industries, Inc. (B+/Ba3) | Chart Industries, Inc. (B+/Ba3) |
| 4425000 | 0.000 <sup>(d)(e)</sup> | 12/07/29 | 4372475 |
| Project Castle, Inc. (B-/B3) (3M SOFR CME + 5.500%) | Project Castle, Inc. (B-/B3) (3M SOFR CME + 5.500%) | Project Castle, Inc. (B-/B3) (3M SOFR CME + 5.500%) | Project Castle, Inc. (B-/B3) (3M SOFR CME + 5.500%) |
| 10997437 | 10.080 | 06/01/29 | 8839191 |
|  |  |  | 13211666 |
| **Media - Cable – 1.9%** | **Media - Cable – 1.9%** | **Media - Cable – 1.9%** | **Media - Cable – 1.9%** |
| Altice Financing SA (NR/NR) (1M SOFR + 5.000%) | Altice Financing SA (NR/NR) (1M SOFR + 5.000%) | Altice Financing SA (NR/NR) (1M SOFR + 5.000%) | Altice Financing SA (NR/NR) (1M SOFR + 5.000%) |
| 12763387 | 9.566 | 10/31/27 | 12763386 |
| Altice Financing SA (B/B2) (3M EURIBOR + 2.750%) | Altice Financing SA (B/B2) (3M EURIBOR + 2.750%) | Altice Financing SA (B/B2) (3M EURIBOR + 2.750%) | Altice Financing SA (B/B2) (3M EURIBOR + 2.750%) |
| 1981398 | 4.128 <sup>(b)</sup> | 01/31/26 | 2025543 |
| CSC Holdings LLC (B+/B1) (1M USD LIBOR + 2.500%) | CSC Holdings LLC (B+/B1) (1M USD LIBOR + 2.500%) | CSC Holdings LLC (B+/B1) (1M USD LIBOR + 2.500%) | CSC Holdings LLC (B+/B1) (1M USD LIBOR + 2.500%) |
| 8778207 | 6.818 <sup>(b)</sup> | 04/15/27 | 7812604 |
| 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%) |
| 8575365 | 9.384 <sup>(b)</sup> | 08/02/27 | 8330624 |
| Virgin Media Bristol LLC (BB-/Ba3)<br> (1M USD LIBOR + 2.500%) | Virgin Media Bristol LLC (BB-/Ba3)<br> (1M USD LIBOR + 2.500%) | Virgin Media Bristol LLC (BB-/Ba3)<br> (1M USD LIBOR + 2.500%) | Virgin Media Bristol LLC (BB-/Ba3)<br> (1M USD LIBOR + 2.500%) |
| 10583080 | 6.818 <sup>(b)</sup> | 01/31/28 | 10390362 |
| (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) |
| 11800000 | 7.568 <sup>(b)</sup> | 01/31/29 | 11673150 |
|  |  |  | 52995669 |
| **Media - Non Cable<sup>(b)</sup> – 3.3%** | **Media - Non Cable<sup>(b)</sup> – 3.3%** | **Media - Non Cable<sup>(b)</sup> – 3.3%** | **Media - Non Cable<sup>(b)</sup> – 3.3%** |
| 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%) |
| 12115471 | 10.230 | 02/10/27 | 9881741 |
| 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%) |
| 13463670 | 8.230 | 12/17/26 | 12576549 |
| Diamond Sports Group LLC (CCC-/Caa2) (1M SOFR + 3.250%) | Diamond Sports Group LLC (CCC-/Caa2) (1M SOFR + 3.250%) | Diamond Sports Group LLC (CCC-/Caa2) (1M SOFR + 3.250%) | Diamond Sports Group LLC (CCC-/Caa2) (1M SOFR + 3.250%) |
| 2687115 | 7.567 | 08/24/26 | 322454 |
| Diamond Sports Group LLC (CCC+/B2) (1M SOFR + 8.100%) | Diamond Sports Group LLC (CCC+/B2) (1M SOFR + 8.100%) | Diamond Sports Group LLC (CCC+/B2) (1M SOFR + 8.100%) | Diamond Sports Group LLC (CCC+/B2) (1M SOFR + 8.100%) |
| 1154804 | 12.317 | 05/25/26 | 1090332 |
| Entercom Media Corp. (B/B2) (1M USD LIBOR + 2.500%) | Entercom Media Corp. (B/B2) (1M USD LIBOR + 2.500%) | Entercom Media Corp. (B/B2) (1M USD LIBOR + 2.500%) | Entercom Media Corp. (B/B2) (1M USD LIBOR + 2.500%) |
| 8622099 | 6.889 | 11/18/24 | 6104791 |
| Getty Images, Inc. (BB-/B1) (1M USD LIBOR + 4.500%) | Getty Images, Inc. (BB-/B1) (1M USD LIBOR + 4.500%) | Getty Images, Inc. (BB-/B1) (1M USD LIBOR + 4.500%) | Getty Images, Inc. (BB-/B1) (1M USD LIBOR + 4.500%) |
| 13061174 | 8.938 | 02/19/26 | 13028521 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** |
| **Media - Non Cable<sup>(b)</sup> – (continued)** | **Media - Non Cable<sup>(b)</sup> – (continued)** | **Media - Non Cable<sup>(b)</sup> – (continued)** | **Media - Non Cable<sup>(b)</sup> – (continued)** |
| Gray Television, Inc. (BB/Ba2)<br> (1M USD LIBOR + 2.500%) | Gray Television, Inc. (BB/Ba2)<br> (1M USD LIBOR + 2.500%) | Gray Television, Inc. (BB/Ba2)<br> (1M USD LIBOR + 2.500%) | Gray Television, Inc. (BB/Ba2)<br> (1M USD LIBOR + 2.500%) |
| 4650000 | 6.620% | 01/02/26 | $4517614 |
| (1M USD LIBOR + 3.000%) | (1M USD LIBOR + 3.000%) | (1M USD LIBOR + 3.000%) | (1M USD LIBOR + 3.000%) |
| 7082231 | 7.120 | 12/01/28 | 6862399 |
| Hubbard Radio LLC (B/B3) (1M USD LIBOR + 4.250%) | Hubbard Radio LLC (B/B3) (1M USD LIBOR + 4.250%) | Hubbard Radio LLC (B/B3) (1M USD LIBOR + 4.250%) | Hubbard Radio LLC (B/B3) (1M USD LIBOR + 4.250%) |
| 4854139 | 8.640 | 03/28/25 | 4263536 |
| iHeartCommunications, Inc. (BB-/B1)<br> (1M USD LIBOR + 3.000%) | iHeartCommunications, Inc. (BB-/B1)<br> (1M USD LIBOR + 3.000%) | iHeartCommunications, Inc. (BB-/B1)<br> (1M USD LIBOR + 3.000%) | iHeartCommunications, Inc. (BB-/B1)<br> (1M USD LIBOR + 3.000%) |
| 12683982 | 7.384 | 05/01/26 | 11601912 |
| (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) |
| 6777591 | 7.634 | 05/01/26 | 6229012 |
| NEP/NCP Holdco, Inc. (CCC/Caa2) (1M USD LIBOR + 7.000%) | NEP/NCP Holdco, Inc. (CCC/Caa2) (1M USD LIBOR + 7.000%) | NEP/NCP Holdco, Inc. (CCC/Caa2) (1M USD LIBOR + 7.000%) | NEP/NCP Holdco, Inc. (CCC/Caa2) (1M USD LIBOR + 7.000%) |
| 3200000 | 11.384 | 10/19/26 | 2324000 |
| Taboola.com Ltd. (BB-/B1) (1M USD LIBOR + 4.000%) | Taboola.com Ltd. (BB-/B1) (1M USD LIBOR + 4.000%) | Taboola.com Ltd. (BB-/B1) (1M USD LIBOR + 4.000%) | Taboola.com Ltd. (BB-/B1) (1M USD LIBOR + 4.000%) |
| 6373657 | 8.387 | 09/01/28 | 6182448 |
| Voyage Digital (NZ) Ltd. (B+/Ba3)<sup>(c)</sup> (3M SOFR + 4.500%) | Voyage Digital (NZ) Ltd. (B+/Ba3)<sup>(c)</sup> (3M SOFR + 4.500%) | Voyage Digital (NZ) Ltd. (B+/Ba3)<sup>(c)</sup> (3M SOFR + 4.500%) | Voyage Digital (NZ) Ltd. (B+/Ba3)<sup>(c)</sup> (3M SOFR + 4.500%) |
| 10149000 | 8.785 | 05/11/29 | 9971392 |
|  |  |  | 94956701 |
| **Metals & Mining<sup>(b)</sup> – 0.4%** | **Metals & Mining<sup>(b)</sup> – 0.4%** | **Metals & Mining<sup>(b)</sup> – 0.4%** | **Metals & Mining<sup>(b)</sup> – 0.4%** |
| PMHC II, Inc. (B-/B3) (3M SOFR + 4.250%) | PMHC II, Inc. (B-/B3) (3M SOFR + 4.250%) | PMHC II, Inc. (B-/B3) (3M SOFR + 4.250%) | PMHC II, Inc. (B-/B3) (3M SOFR + 4.250%) |
| 13067250 | 8.494 | 04/23/29 | 11010465 |
| **Midstream<sup>(b)</sup> – 1.4%** | **Midstream<sup>(b)</sup> – 1.4%** | **Midstream<sup>(b)</sup> – 1.4%** | **Midstream<sup>(b)</sup> – 1.4%** |
| AL GCX Holdings, LLC (B+/Ba3) (3M SOFR + 3.750%) | AL GCX Holdings, LLC (B+/Ba3) (3M SOFR + 3.750%) | AL GCX Holdings, LLC (B+/Ba3) (3M SOFR + 3.750%) | AL GCX Holdings, LLC (B+/Ba3) (3M SOFR + 3.750%) |
| 10872750 | 7.566 | 05/17/29 | 10764022 |
| 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%) |
| 6142742 | 7.534 | 04/14/28 | 6056744 |
| Buckeye Partners LP (BBB-/Ba1) (1M USD LIBOR + 2.250%) | Buckeye Partners LP (BBB-/Ba1) (1M USD LIBOR + 2.250%) | Buckeye Partners LP (BBB-/Ba1) (1M USD LIBOR + 2.250%) | Buckeye Partners LP (BBB-/Ba1) (1M USD LIBOR + 2.250%) |
| 8764086 | 6.634 | 11/01/26 | 8706330 |
| 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%) |
| 4912687 | 9.158 | 09/19/29 | 4908070 |
| Oryx Midstream Services Permian Basin LLC (BB-/Ba3) (3M USD LIBOR + 3.250%) | Oryx Midstream Services Permian Basin LLC (BB-/Ba3) (3M USD LIBOR + 3.250%) | Oryx Midstream Services Permian Basin LLC (BB-/Ba3) (3M USD LIBOR + 3.250%) | Oryx Midstream Services Permian Basin LLC (BB-/Ba3) (3M USD LIBOR + 3.250%) |
| 9314961 | 7.924 | 10/05/28 | 9191258 |
|  |  |  | 39626424 |
| **Non Captive<sup>(b)</sup> – 0.6%** | **Non Captive<sup>(b)</sup> – 0.6%** | **Non Captive<sup>(b)</sup> – 0.6%** | **Non Captive<sup>(b)</sup> – 0.6%** |
| HUB International Ltd. (B/B2)<br> (3M USD LIBOR + 3.000%) | HUB International Ltd. (B/B2)<br> (3M USD LIBOR + 3.000%) | HUB International Ltd. (B/B2)<br> (3M USD LIBOR + 3.000%) | HUB International Ltd. (B/B2)<br> (3M USD LIBOR + 3.000%) |
| 10975023 | 7.327 | 04/25/25 | 10842445 |
| (3M USD LIBOR + 3.250%) | (3M USD LIBOR + 3.250%) | (3M USD LIBOR + 3.250%) | (3M USD LIBOR + 3.250%) |
| 7253226 | 7.528 | 04/25/25 | 7179026 |
|  |  |  | 18021471 |
| **Oil Field Services<sup>(b)</sup> – 0.5%** | **Oil Field Services<sup>(b)</sup> – 0.5%** | **Oil Field Services<sup>(b)</sup> – 0.5%** | **Oil Field Services<sup>(b)</sup> – 0.5%** |
| 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%) |
| 13092187 | 7.567 | 06/07/29 | 13010361 |
| **Oil, Gas & Consumable Fuels<sup>(b)</sup> – 0.3%** | **Oil, Gas & Consumable Fuels<sup>(b)</sup> – 0.3%** | **Oil, Gas & Consumable Fuels<sup>(b)</sup> – 0.3%** | **Oil, Gas & Consumable Fuels<sup>(b)</sup> – 0.3%** |
| Delek US Holdings, Inc. (BB+/B1) (1M SOFR + 3.500%) | Delek US Holdings, Inc. (BB+/B1) (1M SOFR + 3.500%) | Delek US Holdings, Inc. (BB+/B1) (1M SOFR + 3.500%) | Delek US Holdings, Inc. (BB+/B1) (1M SOFR + 3.500%) |
| 10103922 | 7.923 | 11/19/29 | 9702291 |
| **Packaging<sup>(b)</sup> – 2.9%** | **Packaging<sup>(b)</sup> – 2.9%** | **Packaging<sup>(b)</sup> – 2.9%** | **Packaging<sup>(b)</sup> – 2.9%** |
| Berlin Packaging LLC (B-/B2) (3M USD LIBOR + 3.250%) | Berlin Packaging LLC (B-/B2) (3M USD LIBOR + 3.250%) | Berlin Packaging LLC (B-/B2) (3M USD LIBOR + 3.250%) | Berlin Packaging LLC (B-/B2) (3M USD LIBOR + 3.250%) |
| 8889306 | 7.680 | 03/11/28 | 8441641 |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** |
| **Packaging<sup>(b)</sup> – (continued)** | **Packaging<sup>(b)</sup> – (continued)** | **Packaging<sup>(b)</sup> – (continued)** | **Packaging<sup>(b)</sup> – (continued)** |
| Canister International Group, Inc. (B/B2) (1M USD LIBOR + 4.750%) | Canister International Group, Inc. (B/B2) (1M USD LIBOR + 4.750%) | Canister International Group, Inc. (B/B2) (1M USD LIBOR + 4.750%) | Canister International Group, Inc. (B/B2) (1M USD LIBOR + 4.750%) |
| 3319224 | 9.134% | 12/21/26 | $3292272 |
| 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%) |
| 11044274 | 8.134 | 12/01/27 | 10709522 |
| 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%) |
| 6175172 | 8.598 | 04/13/29 | 5869007 |
| Klockner-Pentaplast of America, Inc. (B/B2) (6M USD LIBOR + 4.750%) | Klockner-Pentaplast of America, Inc. (B/B2) (6M USD LIBOR + 4.750%) | Klockner-Pentaplast of America, Inc. (B/B2) (6M USD LIBOR + 4.750%) | Klockner-Pentaplast of America, Inc. (B/B2) (6M USD LIBOR + 4.750%) |
| 6858410 | 8.259 | 02/12/26 | 6063245 |
| KP Germany Erste GmbH (NR/B2) (6M EURIBOR + 4.750%) | KP Germany Erste GmbH (NR/B2) (6M EURIBOR + 4.750%) | KP Germany Erste GmbH (NR/B2) (6M EURIBOR + 4.750%) | KP Germany Erste GmbH (NR/B2) (6M EURIBOR + 4.750%) |
| 3425000 | 5.827 | 02/12/26 | 3211046 |
| 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%) |
| 12567938 | 9.384 | 10/29/28 | 11895930 |
| Pretium PKG Holdings, Inc. (B-/B3) (3M USD LIBOR + 4.000%) | Pretium PKG Holdings, Inc. (B-/B3) (3M USD LIBOR + 4.000%) | Pretium PKG Holdings, Inc. (B-/B3) (3M USD LIBOR + 4.000%) | Pretium PKG Holdings, Inc. (B-/B3) (3M USD LIBOR + 4.000%) |
| 9861355 | 8.073 | 10/02/28 | 7832776 |
| Reynolds Group Holdings, Inc. (B+/B1) (1M USD LIBOR + 3.250%) | Reynolds Group Holdings, Inc. (B+/B1) (1M USD LIBOR + 3.250%) | Reynolds Group Holdings, Inc. (B+/B1) (1M USD LIBOR + 3.250%) | Reynolds Group Holdings, Inc. (B+/B1) (1M USD LIBOR + 3.250%) |
| 7680858 | 7.634 | 02/05/26 | 7577627 |
| Tosca Services LLC (B-/B3) (1M USD LIBOR + 3.500%) | Tosca Services LLC (B-/B3) (1M USD LIBOR + 3.500%) | Tosca Services LLC (B-/B3) (1M USD LIBOR + 3.500%) | Tosca Services LLC (B-/B3) (1M USD LIBOR + 3.500%) |
| 13721751 | 7.938 | 08/18/27 | 10977401 |
| TricorBraun Holdings, Inc. (B-/B2) (1M USD LIBOR + 3.250%) | TricorBraun Holdings, Inc. (B-/B2) (1M USD LIBOR + 3.250%) | TricorBraun Holdings, Inc. (B-/B2) (1M USD LIBOR + 3.250%) | TricorBraun Holdings, Inc. (B-/B2) (1M USD LIBOR + 3.250%) |
| 7333823 | 7.634 | 03/03/28 | 6981653 |
|  |  |  | 82852120 |
| **Paper<sup>(b)</sup> – 0.3%** | **Paper<sup>(b)</sup> – 0.3%** | **Paper<sup>(b)</sup> – 0.3%** | **Paper<sup>(b)</sup> – 0.3%** |
| Pregis TopCo Corp. (B-/B2)<br> (1M USD LIBOR + 3.750%) | Pregis TopCo Corp. (B-/B2)<br> (1M USD LIBOR + 3.750%) | Pregis TopCo Corp. (B-/B2)<br> (1M USD LIBOR + 3.750%) | Pregis TopCo Corp. (B-/B2)<br> (1M USD LIBOR + 3.750%) |
| 7393362 | 8.188 | 07/31/26 | 7173409 |
| (1M USD LIBOR + 4.000%) | (1M USD LIBOR + 4.000%) | (1M USD LIBOR + 4.000%) | (1M USD LIBOR + 4.000%) |
| 1861325 | 8.134 | 07/31/26 | 1800833 |
|  |  |  | 8974242 |
| **Pharmaceuticals<sup>(b)</sup> – 1.2%** | **Pharmaceuticals<sup>(b)</sup> – 1.2%** | **Pharmaceuticals<sup>(b)</sup> – 1.2%** | **Pharmaceuticals<sup>(b)</sup> – 1.2%** |
| Covetrus, Inc. (B-/B1) (3M SOFR + 5.000%) | Covetrus, Inc. (B-/B1) (3M SOFR + 5.000%) | Covetrus, Inc. (B-/B1) (3M SOFR + 5.000%) | Covetrus, Inc. (B-/B1) (3M SOFR + 5.000%) |
| 11725000 | 9.580 | 10/13/29 | 10957012 |
| 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%) |
| 9483319 | 8.730 | 10/01/27 | 8878757 |
| Organon & Co. (BB/Ba2)<br> (3M EURIBOR + 3.000%) | Organon & Co. (BB/Ba2)<br> (3M EURIBOR + 3.000%) | Organon & Co. (BB/Ba2)<br> (3M EURIBOR + 3.000%) | Organon & Co. (BB/Ba2)<br> (3M EURIBOR + 3.000%) |
| 798244 | 4.975 | 06/02/28 | 834400 |
| (3M USD LIBOR + 3.000%) | (3M USD LIBOR + 3.000%) | (3M USD LIBOR + 3.000%) | (3M USD LIBOR + 3.000%) |
| 13852781 | 7.750 | 06/02/28 | 13696937 |
|  |  |  | 34367106 |
| **Pipelines<sup>(b)</sup> – 0.3%** | **Pipelines<sup>(b)</sup> – 0.3%** | **Pipelines<sup>(b)</sup> – 0.3%** | **Pipelines<sup>(b)</sup> – 0.3%** |
| ITT Holdings LLC (BB/Ba2) (1M USD LIBOR + 2.750%) | ITT Holdings LLC (BB/Ba2) (1M USD LIBOR + 2.750%) | ITT Holdings LLC (BB/Ba2) (1M USD LIBOR + 2.750%) | ITT Holdings LLC (BB/Ba2) (1M USD LIBOR + 2.750%) |
| 8801404 | 7.134 | 07/10/28 | 8669383 |
| **Real Estate Investment Trust<sup>(b)</sup> – 0.3%** | **Real Estate Investment Trust<sup>(b)</sup> – 0.3%** | **Real Estate Investment Trust<sup>(b)</sup> – 0.3%** | **Real Estate Investment Trust<sup>(b)</sup> – 0.3%** |
| Forest City Enterprises LP (B+/B3) (1M USD LIBOR + 3.500%) | Forest City Enterprises LP (B+/B3) (1M USD LIBOR + 3.500%) | Forest City Enterprises LP (B+/B3) (1M USD LIBOR + 3.500%) | Forest City Enterprises LP (B+/B3) (1M USD LIBOR + 3.500%) |
| 7473084 | 7.884 | 12/08/25 | 7176477 |
| **Restaurants<sup>(b)</sup> – 1.0%** | **Restaurants<sup>(b)</sup> – 1.0%** | **Restaurants<sup>(b)</sup> – 1.0%** | **Restaurants<sup>(b)</sup> – 1.0%** |
| 1011778 B.C. Unlimited Liability Co. (BB+/Ba2) (3M USD LIBOR + 1.750%) | 1011778 B.C. Unlimited Liability Co. (BB+/Ba2) (3M USD LIBOR + 1.750%) | 1011778 B.C. Unlimited Liability Co. (BB+/Ba2) (3M USD LIBOR + 1.750%) | 1011778 B.C. Unlimited Liability Co. (BB+/Ba2) (3M USD LIBOR + 1.750%) |
| 9289668 | 6.149 | 11/19/26 | 9115487 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | |
| **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Value** |
|  **Restaurants<sup>(b)</sup> – (continued)** | **Restaurants<sup>(b)</sup> – (continued)** | **Restaurants<sup>(b)</sup> – (continued)** | **Restaurants<sup>(b)</sup> – (continued)** | **Restaurants<sup>(b)</sup> – (continued)** |
|  IRB Holding Corp (B+/B2) (1M SOFR + 3.000%) | IRB Holding Corp (B+/B2) (1M SOFR + 3.000%) | IRB Holding Corp (B+/B2) (1M SOFR + 3.000%) | IRB Holding Corp (B+/B2) (1M SOFR + 3.000%) | IRB Holding Corp (B+/B2) (1M SOFR + 3.000%) |
|  $ | 15912708 | 7.317% | 12/15/27 | $15423393 |
|  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%) | IRB Holding Corp. (B+/B2) (1M USD LIBOR + 2.750%) |
|  | 5002593 | 7.134 | 02/05/25 | 4951766 |
|  |  |  |  | 29490646 |
|  **Retailers<sup>(b)</sup> – 4.9%** | **Retailers<sup>(b)</sup> – 4.9%** | **Retailers<sup>(b)</sup> – 4.9%** | **Retailers<sup>(b)</sup> – 4.9%** | **Retailers<sup>(b)</sup> – 4.9%** |
|  AppLovin Corp. (BB-/Ba3)<br> (1M USD LIBOR + 3.250%) | AppLovin Corp. (BB-/Ba3)<br> (1M USD LIBOR + 3.250%) | AppLovin Corp. (BB-/Ba3)<br> (1M USD LIBOR + 3.250%) | AppLovin Corp. (BB-/Ba3)<br> (1M USD LIBOR + 3.250%) | AppLovin Corp. (BB-/Ba3)<br> (1M USD LIBOR + 3.250%) |
|  | 10416230 | 7.634 | 08/15/25 | 10001768 |
|  (3M USD LIBOR + 3.000%) | (3M USD LIBOR + 3.000%) | (3M USD LIBOR + 3.000%) | (3M USD LIBOR + 3.000%) | (3M USD LIBOR + 3.000%) |
|  | 13860175 | 7.730 | 10/25/28 | 13132516 |
|  BCPE Empire Holdings, Inc. (B-/B3)<br> (1M SOFR + 4.625%) | BCPE Empire Holdings, Inc. (B-/B3)<br> (1M SOFR + 4.625%) | BCPE Empire Holdings, Inc. (B-/B3)<br> (1M SOFR + 4.625%) | BCPE Empire Holdings, Inc. (B-/B3)<br> (1M SOFR + 4.625%) | BCPE Empire Holdings, Inc. (B-/B3)<br> (1M SOFR + 4.625%) |
|  | 2977500 | 9.048 | 06/11/26 | 2888175 |
|  (1M USD LIBOR + 4.000%) | (1M USD LIBOR + 4.000%) | (1M USD LIBOR + 4.000%) | (1M USD LIBOR + 4.000%) | (1M USD LIBOR + 4.000%) |
|  | 10982668 | 8.384 | 06/11/26 | 10630893 |
|  CNT Holdings I Corp. (B/B2) (3M SOFR CME + 3.500%) | CNT Holdings I Corp. (B/B2) (3M SOFR CME + 3.500%) | CNT Holdings I Corp. (B/B2) (3M SOFR CME + 3.500%) | CNT Holdings I Corp. (B/B2) (3M SOFR CME + 3.500%) | CNT Holdings I Corp. (B/B2) (3M SOFR CME + 3.500%) |
|  | 6759351 | 7.239 | 11/08/27 | 6531223 |
|  Constellation Automotive Ltd. (NR/B2) (3M EURIBOR + 4.000%) | Constellation Automotive Ltd. (NR/B2) (3M EURIBOR + 4.000%) | Constellation Automotive Ltd. (NR/B2) (3M EURIBOR + 4.000%) | Constellation Automotive Ltd. (NR/B2) (3M EURIBOR + 4.000%) | Constellation Automotive Ltd. (NR/B2) (3M EURIBOR + 4.000%) |
|  EUR | 2800000 | 6.436 | 07/28/28 | 2171154 |
|  Constellation Automotive Ltd. (NR/Caa2) (SONIA + 7.500%) | Constellation Automotive Ltd. (NR/Caa2) (SONIA + 7.500%) | Constellation Automotive Ltd. (NR/Caa2) (SONIA + 7.500%) | Constellation Automotive Ltd. (NR/Caa2) (SONIA + 7.500%) | Constellation Automotive Ltd. (NR/Caa2) (SONIA + 7.500%) |
|  GBP | 700000 | 9.190 | 07/27/29 | 333065 |
|  Dealer Tire Financial, LLC (NR/NR) (1M USD SOFR CME + 4.500%) | Dealer Tire Financial, LLC (NR/NR) (1M USD SOFR CME + 4.500%) | Dealer Tire Financial, LLC (NR/NR) (1M USD SOFR CME + 4.500%) | Dealer Tire Financial, LLC (NR/NR) (1M USD SOFR CME + 4.500%) | Dealer Tire Financial, LLC (NR/NR) (1M USD SOFR CME + 4.500%) |
|  $ | 12147495 | 8.823 | 12/14/27 | 11971356 |
|  EG America LLC (B-/B3) (3M USD LIBOR + 4.000%) | EG America LLC (B-/B3) (3M USD LIBOR + 4.000%) | EG America LLC (B-/B3) (3M USD LIBOR + 4.000%) | EG America LLC (B-/B3) (3M USD LIBOR + 4.000%) | EG America LLC (B-/B3) (3M USD LIBOR + 4.000%) |
|  | 9838660 | 8.730 | 02/07/25 | 9266837 |
|  EG Group Ltd. (B-/B3)<br> (3M USD LIBOR + 4.000%) | EG Group Ltd. (B-/B3)<br> (3M USD LIBOR + 4.000%) | EG Group Ltd. (B-/B3)<br> (3M USD LIBOR + 4.000%) | EG Group Ltd. (B-/B3)<br> (3M USD LIBOR + 4.000%) | EG Group Ltd. (B-/B3)<br> (3M USD LIBOR + 4.000%) |
|  | 4102880 | 9.151 | 02/07/25 | 3864420 |
|  (3M USD LIBOR + 4.250%) | (3M USD LIBOR + 4.250%) | (3M USD LIBOR + 4.250%) | (3M USD LIBOR + 4.250%) | (3M USD LIBOR + 4.250%) |
|  | 3436911 | 0.000 <sup>(d)</sup> | 03/31/26 | 3204919 |
|  Harbor Freight Tools USA, Inc. (BB-/B2) (1M USD LIBOR + 2.750%) | Harbor Freight Tools USA, Inc. (BB-/B2) (1M USD LIBOR + 2.750%) | Harbor Freight Tools USA, Inc. (BB-/B2) (1M USD LIBOR + 2.750%) | Harbor Freight Tools USA, Inc. (BB-/B2) (1M USD LIBOR + 2.750%) | Harbor Freight Tools USA, Inc. (BB-/B2) (1M USD LIBOR + 2.750%) |
|  | 9349897 | 7.134 | 10/19/27 | 8888760 |
|  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%) | New Era Cap Co., Inc. (B+/B2) (3M USD LIBOR + 6.000%) |
|  | 9384375 | 9.941 | 07/13/27 | 8727469 |
|  Restoration Hardware, Inc. (BB/Ba3) (1M USD LIBOR + 2.500%) | Restoration Hardware, Inc. (BB/Ba3) (1M USD LIBOR + 2.500%) | Restoration Hardware, Inc. (BB/Ba3) (1M USD LIBOR + 2.500%) | Restoration Hardware, Inc. (BB/Ba3) (1M USD LIBOR + 2.500%) | Restoration Hardware, Inc. (BB/Ba3) (1M USD LIBOR + 2.500%) |
|  | 13151570 | 6.884 | 10/20/28 | 12069853 |
|  Shutterfly, Inc. (CCC/B2) (1M USD LIBOR + 5.000%) | Shutterfly, Inc. (CCC/B2) (1M USD LIBOR + 5.000%) | Shutterfly, Inc. (CCC/B2) (1M USD LIBOR + 5.000%) | Shutterfly, Inc. (CCC/B2) (1M USD LIBOR + 5.000%) | Shutterfly, Inc. (CCC/B2) (1M USD LIBOR + 5.000%) |
|  | 15598581 | 9.384 | 09/25/26 | 8786369 |
|  Staples, Inc. (B/B3) (3M USD LIBOR + 5.000%) | Staples, Inc. (B/B3) (3M USD LIBOR + 5.000%) | Staples, Inc. (B/B3) (3M USD LIBOR + 5.000%) | Staples, Inc. (B/B3) (3M USD LIBOR + 5.000%) | Staples, Inc. (B/B3) (3M USD LIBOR + 5.000%) |
|  | 23290190 | 7.959 | 11/03/25 | 21491722 |
|  TruGreen LP (B/B2) (1M USD LIBOR + 4.000%) | TruGreen LP (B/B2) (1M USD LIBOR + 4.000%) | TruGreen LP (B/B2) (1M USD LIBOR + 4.000%) | TruGreen LP (B/B2) (1M USD LIBOR + 4.000%) | TruGreen LP (B/B2) (1M USD LIBOR + 4.000%) |
|  | 5149628 | 8.384 | 11/02/27 | 4560665 |
|  TruGreen LP (CCC+/Caa2) (3M USD LIBOR + 8.500%) | TruGreen LP (CCC+/Caa2) (3M USD LIBOR + 8.500%) | TruGreen LP (CCC+/Caa2) (3M USD LIBOR + 8.500%) | TruGreen LP (CCC+/Caa2) (3M USD LIBOR + 8.500%) | TruGreen LP (CCC+/Caa2) (3M USD LIBOR + 8.500%) |
|  | 2200000 | 13.431 | 11/02/28 | 1606000 |
|  |  |  |  | 140127164 |
|  **Retailing<sup>(b)</sup> – 0.3%** | **Retailing<sup>(b)</sup> – 0.3%** | **Retailing<sup>(b)</sup> – 0.3%** | **Retailing<sup>(b)</sup> – 0.3%** | **Retailing<sup>(b)</sup> – 0.3%** |
|  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%) | RC Buyer, Inc. (B-/B1) (3M USD LIBOR + 3.500%) |
|  | 8986562 | 8.230 | 07/28/28 | 8374398 |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** |
| **Retailing<sup>(b)</sup> – (continued)** | **Retailing<sup>(b)</sup> – (continued)** | **Retailing<sup>(b)</sup> – (continued)** | **Retailing<sup>(b)</sup> – (continued)** |
| 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%) |
| 1650000 | 11.230% | 07/30/29 | $1479505 |
|  |  |  | 9853903 |
| **Technology<sup>(b)</sup> – 1.4%** | **Technology<sup>(b)</sup> – 1.4%** | **Technology<sup>(b)</sup> – 1.4%** | **Technology<sup>(b)</sup> – 1.4%** |
| ICON Luxembourg S.a.r.l. (BB+/Ba1) (3M USD LIBOR + 2.250%) | ICON Luxembourg S.a.r.l. (BB+/Ba1) (3M USD LIBOR + 2.250%) | ICON Luxembourg S.a.r.l. (BB+/Ba1) (3M USD LIBOR + 2.250%) | ICON Luxembourg S.a.r.l. (BB+/Ba1) (3M USD LIBOR + 2.250%) |
| 11898903 | 7.000 | 07/03/28 | 11852854 |
| Ingram Micro Inc. (BB-/B1) (3M USD LIBOR + 3.500%) | Ingram Micro Inc. (BB-/B1) (3M USD LIBOR + 3.500%) | Ingram Micro Inc. (BB-/B1) (3M USD LIBOR + 3.500%) | Ingram Micro Inc. (BB-/B1) (3M USD LIBOR + 3.500%) |
| 6424727 | 8.230 | 06/30/28 | 6312294 |
| PRA Health Sciences, Inc. (BB+/Ba1) (3M USD LIBOR + | PRA Health Sciences, Inc. (BB+/Ba1) (3M USD LIBOR + | PRA Health Sciences, Inc. (BB+/Ba1) (3M USD LIBOR + | PRA Health Sciences, Inc. (BB+/Ba1) (3M USD LIBOR + |
| 2.250%) |  |  |  |
| 2964619 | 7.000 | 07/03/28 | 2953146 |
| Uber Technologies, Inc. (B+/Ba3)<br> (3M USD LIBOR + 3.500%) | Uber Technologies, Inc. (B+/Ba3)<br> (3M USD LIBOR + 3.500%) | Uber Technologies, Inc. (B+/Ba3)<br> (3M USD LIBOR + 3.500%) | Uber Technologies, Inc. (B+/Ba3)<br> (3M USD LIBOR + 3.500%) |
| 4627076 | 7.165 | 12/11/26 | 4621292 |
| (3M USD LIBOR + 3.500%) | (3M USD LIBOR + 3.500%) | (3M USD LIBOR + 3.500%) | (3M USD LIBOR + 3.500%) |
| 7281866 | 8.235 | 02/25/27 | 7262350 |
| Ultra Clean Holdings, Inc. (B+/B1) (1M USD LIBOR + 3.750%) | Ultra Clean Holdings, Inc. (B+/B1) (1M USD LIBOR + 3.750%) | Ultra Clean Holdings, Inc. (B+/B1) (1M USD LIBOR + 3.750%) | Ultra Clean Holdings, Inc. (B+/B1) (1M USD LIBOR + 3.750%) |
| 6516585 | 8.134 | 08/27/25 | 6475857 |
|  |  |  | 39477793 |
| **Technology - Hardware<sup>(b)</sup> – 1.3%** | **Technology - Hardware<sup>(b)</sup> – 1.3%** | **Technology - Hardware<sup>(b)</sup> – 1.3%** | **Technology - Hardware<sup>(b)</sup> – 1.3%** |
| Entegris, Inc. (BB+/Baa3) (1M SOFR + 3.000%) | Entegris, Inc. (BB+/Baa3) (1M SOFR + 3.000%) | Entegris, Inc. (BB+/Baa3) (1M SOFR + 3.000%) | Entegris, Inc. (BB+/Baa3) (1M SOFR + 3.000%) |
| 12125000 | 7.452 | 07/06/29 | 12079531 |
| II-VI Incorporated (BB-/Ba2) (3M USD LIBOR + 2.750%) | II-VI Incorporated (BB-/Ba2) (3M USD LIBOR + 2.750%) | II-VI Incorporated (BB-/Ba2) (3M USD LIBOR + 2.750%) | II-VI Incorporated (BB-/Ba2) (3M USD LIBOR + 2.750%) |
| 13029250 | 7.134 | 07/02/29 | 12863127 |
| MKS Instruments, Inc. (BB/Ba1)<br> (1M SOFR + 2.750%) | MKS Instruments, Inc. (BB/Ba1)<br> (1M SOFR + 2.750%) | MKS Instruments, Inc. (BB/Ba1)<br> (1M SOFR + 2.750%) | MKS Instruments, Inc. (BB/Ba1)<br> (1M SOFR + 2.750%) |
| 5735625 | 7.171 | 08/17/29 | 5656760 |
| (3M EURIBOR + 3.000%) | (3M EURIBOR + 3.000%) | (3M EURIBOR + 3.000%) | (3M EURIBOR + 3.000%) |
| 798000 | 4.797 | 08/17/29 | 829660 |
| (3M SOFR + 2.500%) | (3M SOFR + 2.500%) | (3M SOFR + 2.500%) | (3M SOFR + 2.500%) |
| 4865906 | 6.921 | 08/17/27 | 4788879 |
|  |  |  | 36217957 |
| **Technology - Software – 3.1%** | **Technology - Software – 3.1%** | **Technology - Software – 3.1%** | **Technology - Software – 3.1%** |
| Atlas Purchaser, Inc. (CCC+/Caa2) (3M USD LIBOR + 9.000%) | Atlas Purchaser, Inc. (CCC+/Caa2) (3M USD LIBOR + 9.000%) | Atlas Purchaser, Inc. (CCC+/Caa2) (3M USD LIBOR + 9.000%) | Atlas Purchaser, Inc. (CCC+/Caa2) (3M USD LIBOR + 9.000%) |
| 1225000 | 14.202 <sup>(b)</sup> | 05/07/29 | 814625 |
| 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%) |
| 10917772 | 7.384 %<sup>(b)</sup> | 10/30/26 | 10735361 |
| 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%) |
| 15020327 | 8.134 <sup>(b)</sup> | 01/29/27 | 9143624 |
| CentralSquare Technologies LLC (B-/Caa1) (3M USD LIBOR + 3.750%) | CentralSquare Technologies LLC (B-/Caa1) (3M USD LIBOR + 3.750%) | CentralSquare Technologies LLC (B-/Caa1) (3M USD LIBOR + 3.750%) | CentralSquare Technologies LLC (B-/Caa1) (3M USD LIBOR + 3.750%) |
| 15719210 | 8.480 <sup>(b)</sup> | 08/29/25 | 13459573 |
| Ceridian HCM Holding, Inc. (B+/B1) (1M USD LIBOR + 2.500%) | Ceridian HCM Holding, Inc. (B+/B1) (1M USD LIBOR + 2.500%) | Ceridian HCM Holding, Inc. (B+/B1) (1M USD LIBOR + 2.500%) | Ceridian HCM Holding, Inc. (B+/B1) (1M USD LIBOR + 2.500%) |
| 9120 | 6.884 <sup>(b)</sup> | 04/30/25 | 8949 |
| Grab Holdings, Inc. (B-/B2) (1M USD LIBOR + 4.500%) | Grab Holdings, Inc. (B-/B2) (1M USD LIBOR + 4.500%) | Grab Holdings, Inc. (B-/B2) (1M USD LIBOR + 4.500%) | Grab Holdings, Inc. (B-/B2) (1M USD LIBOR + 4.500%) |
| 19046403 | 8.890 <sup>(b)</sup> | 01/29/26 | 18760707 |
| Magenta Buyer LLC (B-/B2) (3M USD LIBOR + 4.750%) | Magenta Buyer LLC (B-/B2) (3M USD LIBOR + 4.750%) | Magenta Buyer LLC (B-/B2) (3M USD LIBOR + 4.750%) | Magenta Buyer LLC (B-/B2) (3M USD LIBOR + 4.750%) |
| 6861000 | 9.170 <sup>(b)</sup> | 07/27/28 | 5840426 |
| Magenta Buyer LLC (CCC/Caa2) (3M USD LIBOR + 8.250%) | Magenta Buyer LLC (CCC/Caa2) (3M USD LIBOR + 8.250%) | Magenta Buyer LLC (CCC/Caa2) (3M USD LIBOR + 8.250%) | Magenta Buyer LLC (CCC/Caa2) (3M USD LIBOR + 8.250%) |
| 1300000 | 12.670 <sup>(b)</sup> | 07/27/29 | 1018329 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** |
| **Technology - Software – (continued)** | **Technology - Software – (continued)** | **Technology - Software – (continued)** | **Technology - Software – (continued)** |
| Severin Acquisition LLC (B-/B2) (3M SOFR + 3.000%) | Severin Acquisition LLC (B-/B2) (3M SOFR + 3.000%) | Severin Acquisition LLC (B-/B2) (3M SOFR + 3.000%) | Severin Acquisition LLC (B-/B2) (3M SOFR + 3.000%) |
| 6688609 | 7.094 %<sup>(b)</sup> | 08/01/25 | $6632157 |
| The Dun & Bradstreet Corp. (B+/B1) (1M USD LIBOR + 3.250%) | The Dun & Bradstreet Corp. (B+/B1) (1M USD LIBOR + 3.250%) | The Dun & Bradstreet Corp. (B+/B1) (1M USD LIBOR + 3.250%) | The Dun & Bradstreet Corp. (B+/B1) (1M USD LIBOR + 3.250%) |
| 3588130 | 7.639 <sup>(b)</sup> | 02/06/26 | 3549056 |
| Travelport Finance (Luxembourg) S.a.r.l. (B-/B3) (PIK 1.750%, Cash 5.000%) | Travelport Finance (Luxembourg) S.a.r.l. (B-/B3) (PIK 1.750%, Cash 5.000%) | Travelport Finance (Luxembourg) S.a.r.l. (B-/B3) (PIK 1.750%, Cash 5.000%) | Travelport Finance (Luxembourg) S.a.r.l. (B-/B3) (PIK 1.750%, Cash 5.000%) |
| 3435985 | 4.500 | 11/03/25 | 3435607 |
| Travelport Finance (Luxembourg) S.a.r.l. (CCC-/Caa3) (3M USD LIBOR + 6.750%) | Travelport Finance (Luxembourg) S.a.r.l. (CCC-/Caa3) (3M USD LIBOR + 6.750%) | Travelport Finance (Luxembourg) S.a.r.l. (CCC-/Caa3) (3M USD LIBOR + 6.750%) | Travelport Finance (Luxembourg) S.a.r.l. (CCC-/Caa3) (3M USD LIBOR + 6.750%) |
| 1226565 | 9.730 <sup>(b)</sup> | 05/29/26 | 828949 |
| VS Buyer LLC (B/B1) (1M USD LIBOR + 3.000%) | VS Buyer LLC (B/B1) (1M USD LIBOR + 3.000%) | VS Buyer LLC (B/B1) (1M USD LIBOR + 3.000%) | VS Buyer LLC (B/B1) (1M USD LIBOR + 3.000%) |
| 8246476 | 7.384 <sup>(b)</sup> | 02/28/27 | 7988774 |
| ZoomInfo LLC (BB+/Ba1) (1M USD LIBOR + 3.000%) | ZoomInfo LLC (BB+/Ba1) (1M USD LIBOR + 3.000%) | ZoomInfo LLC (BB+/Ba1) (1M USD LIBOR + 3.000%) | ZoomInfo LLC (BB+/Ba1) (1M USD LIBOR + 3.000%) |
| 4716243 | 7.484 <sup>(b)</sup> | 02/02/26 | 4694124 |
|  |  |  | 86910261 |
| **Technology - Software/Services<sup>(b)</sup> – 2.7%** | **Technology - Software/Services<sup>(b)</sup> – 2.7%** | **Technology - Software/Services<sup>(b)</sup> – 2.7%** | **Technology - Software/Services<sup>(b)</sup> – 2.7%** |
| 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%) |
| 7496060 | 8.480 | 10/18/27 | 7224328 |
| 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%) |
| 9484832 | 8.696 | 10/16/26 | 9149448 |
| 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%) |
| 1700000 | 11.696 | 02/19/29 | 1545300 |
| 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%) |
| 12332400 | 8.884 <sup>(c)</sup> | 11/03/27 | 4902129 |
| NortonLifeLock, Inc. (BB/Ba1) (1M SOFR + 2.000%) | NortonLifeLock, Inc. (BB/Ba1) (1M SOFR + 2.000%) | NortonLifeLock, Inc. (BB/Ba1) (1M SOFR + 2.000%) | NortonLifeLock, Inc. (BB/Ba1) (1M SOFR + 2.000%) |
| 6275000 | 6.423 | 09/12/29 | 6158662 |
| Peraton Corp. (B+/B1) (3M USD LIBOR + 3.750%) | Peraton Corp. (B+/B1) (3M USD LIBOR + 3.750%) | Peraton Corp. (B+/B1) (3M USD LIBOR + 3.750%) | Peraton Corp. (B+/B1) (3M USD LIBOR + 3.750%) |
| 22179874 | 4.250 | 09/23/26 | 21620719 |
| Peraton Corp. (NR/NR) (1M USD LIBOR + 7.750%) | Peraton Corp. (NR/NR) (1M USD LIBOR + 7.750%) | Peraton Corp. (NR/NR) (1M USD LIBOR + 7.750%) | Peraton Corp. (NR/NR) (1M USD LIBOR + 7.750%) |
| 5436527 | 12.089 | 02/01/29 | 5156546 |
| Physician Partners LLC (B/B2) (1M SOFR + 4.000%) | Physician Partners LLC (B/B2) (1M SOFR + 4.000%) | Physician Partners LLC (B/B2) (1M SOFR + 4.000%) | Physician Partners LLC (B/B2) (1M SOFR + 4.000%) |
| 11314500 | 4.250 | 09/23/26 | 10754432 |
| 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%) |
| 9610492 | 8.134 | 02/11/28 | 9250098 |
|  |  |  | 75761662 |
| **Telecommunications<sup>(b)</sup> – 3.9%** | **Telecommunications<sup>(b)</sup> – 3.9%** | **Telecommunications<sup>(b)</sup> – 3.9%** | **Telecommunications<sup>(b)</sup> – 3.9%** |
| Adevinta ASA (BB-/Ba3)<br> (3M EURIBOR + 3.000%) | Adevinta ASA (BB-/Ba3)<br> (3M EURIBOR + 3.000%) | Adevinta ASA (BB-/Ba3)<br> (3M EURIBOR + 3.000%) | Adevinta ASA (BB-/Ba3)<br> (3M EURIBOR + 3.000%) |
| 6333250 | 5.202 | 06/26/28 | 6586414 |
| (3M USD LIBOR + 2.750%) | (3M USD LIBOR + 2.750%) | (3M USD LIBOR + 2.750%) | (3M USD LIBOR + 2.750%) |
| 6504217 | 7.480 | 06/26/28 | 6418036 |
| Altice France SA (B/B2) (3M USD LIBOR + 3.688%) | Altice France SA (B/B2) (3M USD LIBOR + 3.688%) | Altice France SA (B/B2) (3M USD LIBOR + 3.688%) | Altice France SA (B/B2) (3M USD LIBOR + 3.688%) |
| 9028178 | 7.767 | 01/31/26 | 8343571 |
| Barracuda Networks, Inc. (B/B2) (3M SOFR CME + 4.500%) | Barracuda Networks, Inc. (B/B2) (3M SOFR CME + 4.500%) | Barracuda Networks, Inc. (B/B2) (3M SOFR CME + 4.500%) | Barracuda Networks, Inc. (B/B2) (3M SOFR CME + 4.500%) |
| 10325000 | 8.594 | 08/15/29 | 9939258 |
| Buzz Merger Sub Ltd. (B/B1) (1M USD LIBOR + 2.750%) | Buzz Merger Sub Ltd. (B/B1) (1M USD LIBOR + 2.750%) | Buzz Merger Sub Ltd. (B/B1) (1M USD LIBOR + 2.750%) | Buzz Merger Sub Ltd. (B/B1) (1M USD LIBOR + 2.750%) |
| 9221644 | 7.134 | 01/29/27 | 9054548 |
| (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) |
| 267727 | 7.634 | 01/29/27 | 262373 |
| Endure Digital Inc. (B/B2) (1M USD LIBOR + 3.500%) | Endure Digital Inc. (B/B2) (1M USD LIBOR + 3.500%) | Endure Digital Inc. (B/B2) (1M USD LIBOR + 3.500%) | Endure Digital Inc. (B/B2) (1M USD LIBOR + 3.500%) |
| 8853619 | 7.717 | 02/10/28 | 7935056 |
| 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%) |
| 11975040 | 9.139 | 08/31/27 | 7655044 |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** |
| **Telecommunications<sup>(b)</sup> – (continued)** | **Telecommunications<sup>(b)</sup> – (continued)** | **Telecommunications<sup>(b)</sup> – (continued)** | **Telecommunications<sup>(b)</sup> – (continued)** |
| Imperva, Inc. (B-/B2) (3M USD LIBOR + 4.000%) | Imperva, Inc. (B-/B2) (3M USD LIBOR + 4.000%) | Imperva, Inc. (B-/B2) (3M USD LIBOR + 4.000%) | Imperva, Inc. (B-/B2) (3M USD LIBOR + 4.000%) |
| 12079245 | 8.592% | 01/12/26 | $9856664 |
| 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%) |
| 17046109 | 7.445 | 02/01/29 | 16425120 |
| Lorca Holdco Ltd. (NR/B1) (3M EURIBOR + 3.7500%) | Lorca Holdco Ltd. (NR/B1) (3M EURIBOR + 3.7500%) | Lorca Holdco Ltd. (NR/B1) (3M EURIBOR + 3.7500%) | Lorca Holdco Ltd. (NR/B1) (3M EURIBOR + 3.7500%) |
| 7000000 | 6.319 | 09/17/27 | 7139545 |
| MLN US Holding Co. LLC (CCC-/Ca) (3M USD LIBOR + 4.500%) | MLN US Holding Co. LLC (CCC-/Ca) (3M USD LIBOR + 4.500%) | MLN US Holding Co. LLC (CCC-/Ca) (3M USD LIBOR + 4.500%) | MLN US Holding Co. LLC (CCC-/Ca) (3M USD LIBOR + 4.500%) |
| 2674726 | 8.252 | 11/30/25 | 835852 |
| Numericable Group SA (B/B2) (3M USD LIBOR + 2.750%) | Numericable Group SA (B/B2) (3M USD LIBOR + 2.750%) | Numericable Group SA (B/B2) (3M USD LIBOR + 2.750%) | Numericable Group SA (B/B2) (3M USD LIBOR + 2.750%) |
| 8870288 | 7.165 | 07/31/25 | 8393510 |
| Project Alpha Intermediate Holding, Inc. (B/B3) (1M USD LIBOR + 4.000%) | Project Alpha Intermediate Holding, Inc. (B/B3) (1M USD LIBOR + 4.000%) | Project Alpha Intermediate Holding, Inc. (B/B3) (1M USD LIBOR + 4.000%) | Project Alpha Intermediate Holding, Inc. (B/B3) (1M USD LIBOR + 4.000%) |
| 4968445 | 8.390 | 04/26/24 | 4838024 |
| PUG LLC (B-/B3) (1M USD LIBOR + 3.500%) | PUG LLC (B-/B3) (1M USD LIBOR + 3.500%) | PUG LLC (B-/B3) (1M USD LIBOR + 3.500%) | PUG LLC (B-/B3) (1M USD LIBOR + 3.500%) |
| 9029957 | 7.884 | 02/12/27 | 7434634 |
|  |  |  | 111117649 |
| **Textiles<sup>(b)</sup> – 0.5%** | **Textiles<sup>(b)</sup> – 0.5%** | **Textiles<sup>(b)</sup> – 0.5%** | **Textiles<sup>(b)</sup> – 0.5%** |
| CBI Buyer, Inc. (B-/Caa1) (3M USD LIBOR + 3.250%) | CBI Buyer, Inc. (B-/Caa1) (3M USD LIBOR + 3.250%) | CBI Buyer, Inc. (B-/Caa1) (3M USD LIBOR + 3.250%) | CBI Buyer, Inc. (B-/Caa1) (3M USD LIBOR + 3.250%) |
| 6533031 | 7.588 | 01/06/28 | 4491459 |
| CBI Buyer, Inc. (CCC/Caa3) (1M USD LIBOR + 7.250%) | CBI Buyer, Inc. (CCC/Caa3) (1M USD LIBOR + 7.250%) | CBI Buyer, Inc. (CCC/Caa3) (1M USD LIBOR + 7.250%) | CBI Buyer, Inc. (CCC/Caa3) (1M USD LIBOR + 7.250%) |
| 1100000 | 11.634 | 01/05/29 | 715000 |
| Fanatics Commerce Intermediate Holdco, LLC (BB-/Ba3) (1M USD LIBOR + 3.250%) | Fanatics Commerce Intermediate Holdco, LLC (BB-/Ba3) (1M USD LIBOR + 3.250%) | Fanatics Commerce Intermediate Holdco, LLC (BB-/Ba3) (1M USD LIBOR + 3.250%) | Fanatics Commerce Intermediate Holdco, LLC (BB-/Ba3) (1M USD LIBOR + 3.250%) |
| 10117800 | 7.634 | 11/24/28 | 9915444 |
|  |  |  | 15121903 |
| **Transportation Services<sup>(b)</sup> – 1.3%** | **Transportation Services<sup>(b)</sup> – 1.3%** | **Transportation Services<sup>(b)</sup> – 1.3%** | **Transportation Services<sup>(b)</sup> – 1.3%** |
| Dynasty Acquisition Co., Inc. (B-/B3) (1M USD LIBOR + 3.500%) | Dynasty Acquisition Co., Inc. (B-/B3) (1M USD LIBOR + 3.500%) | Dynasty Acquisition Co., Inc. (B-/B3) (1M USD LIBOR + 3.500%) | Dynasty Acquisition Co., Inc. (B-/B3) (1M USD LIBOR + 3.500%) |
| 9963762 | 7.923% | 04/06/26 | 9479025 |
| Kenan Advantage Group, Inc. (B/B2) (1M USD LIBOR + 3.750%) | Kenan Advantage Group, Inc. (B/B2) (1M USD LIBOR + 3.750%) | Kenan Advantage Group, Inc. (B/B2) (1M USD LIBOR + 3.750%) | Kenan Advantage Group, Inc. (B/B2) (1M USD LIBOR + 3.750%) |
| 7447193 | 8.134 | 03/24/26 | 7242396 |
| Kenan Advantage Group, Inc. (CCC+/Caa2) (1M USD LIBOR + 7.250%) | Kenan Advantage Group, Inc. (CCC+/Caa2) (1M USD LIBOR + 7.250%) | Kenan Advantage Group, Inc. (CCC+/Caa2) (1M USD LIBOR + 7.250%) | Kenan Advantage Group, Inc. (CCC+/Caa2) (1M USD LIBOR + 7.250%) |
| 2050000 | 11.634 | 09/01/27 | 1880875 |
| LaserShip, Inc. (B-/B2) (3M USD LIBOR + 4.500%) | LaserShip, Inc. (B-/B2) (3M USD LIBOR + 4.500%) | LaserShip, Inc. (B-/B2) (3M USD LIBOR + 4.500%) | LaserShip, Inc. (B-/B2) (3M USD LIBOR + 4.500%) |
| 10314599 | 9.230 | 05/07/28 | 7344819 |
| LaserShip, Inc. (CCC/Caa2) (3M USD LIBOR + 7.500%) | LaserShip, Inc. (CCC/Caa2) (3M USD LIBOR + 7.500%) | LaserShip, Inc. (CCC/Caa2) (3M USD LIBOR + 7.500%) | LaserShip, Inc. (CCC/Caa2) (3M USD LIBOR + 7.500%) |
| 7181288 | 12.230 | 05/07/29 | 4236960 |
| MH Sub I LLC (B/B2) (1M USD LIBOR + 3.750%) | MH Sub I LLC (B/B2) (1M USD LIBOR + 3.750%) | MH Sub I LLC (B/B2) (1M USD LIBOR + 3.750%) | MH Sub I LLC (B/B2) (1M USD LIBOR + 3.750%) |
| 7351960 | 8.134 | 09/13/24 | 7132430 |
| MH Sub I LLC (CCC+/Caa2) (3M SOFR CME + 6.250%) | MH Sub I LLC (CCC+/Caa2) (3M SOFR CME + 6.250%) | MH Sub I LLC (CCC+/Caa2) (3M SOFR CME + 6.250%) | MH Sub I LLC (CCC+/Caa2) (3M SOFR CME + 6.250%) |
| 600000 | 10.649 | 02/23/29 | 534750 |
|  |  |  | 37851255 |
| **TOTAL BANK LOANS<br>(Cost $2,736,920,739)** | **TOTAL BANK LOANS<br>(Cost $2,736,920,739)** | **TOTAL BANK LOANS<br>(Cost $2,736,920,739)** | $2532889130 |
| **Corporate Obligations – 4.4%** | **Corporate Obligations – 4.4%** | **Corporate Obligations – 4.4%** | **Corporate Obligations – 4.4%** |
| **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%** |
| Spirit AeroSystems, Inc. (CCC+/Caa1) | Spirit AeroSystems, Inc. (CCC+/Caa1) | Spirit AeroSystems, Inc. (CCC+/Caa1) | Spirit AeroSystems, Inc. (CCC+/Caa1) |
| 2790000 | 4.600% | 06/15/28 | $2259677 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Value** |
| **Automotive – 0.7%** | **Automotive – 0.7%** | **Automotive – 0.7%** | **Automotive – 0.7%** |
| Dornoch Debt Merger Sub, Inc. (CCC/Caa2) | Dornoch Debt Merger Sub, Inc. (CCC/Caa2) | Dornoch Debt Merger Sub, Inc. (CCC/Caa2) | Dornoch Debt Merger Sub, Inc. (CCC/Caa2) |
| 5970000 | 6.625 %<sup>(g)(h)</sup> | 10/15/29 | $4220730 |
| Ford Motor Co. (BB+/Ba2) | Ford Motor Co. (BB+/Ba2) | Ford Motor Co. (BB+/Ba2) | Ford Motor Co. (BB+/Ba2) |
| 1331000 | 0.000 <sup>(d)</sup> | 03/15/26 | 1255798 |
| Ford Motor Credit Co. LLC (BB+/Ba2) | Ford Motor Credit Co. LLC (BB+/Ba2) | Ford Motor Credit Co. LLC (BB+/Ba2) | Ford Motor Credit Co. LLC (BB+/Ba2) |
| 650000 | 4.687 <sup>(g)</sup> | 06/09/25 | 620679 |
| 4677000 | 4.950 <sup>(g)</sup> | 05/28/27 | 4368412 |
| 8415000 | 7.350 <sup>(g)</sup> | 11/04/27 | 8622850 |
|  |  |  | 19088469 |
| **Banks<sup>(g)(h)</sup> – 0.1%** | **Banks<sup>(g)(h)</sup> – 0.1%** | **Banks<sup>(g)(h)</sup> – 0.1%** | **Banks<sup>(g)(h)</sup> – 0.1%** |
| Freedom Mortgage Corp. (B/B2) | Freedom Mortgage Corp. (B/B2) | Freedom Mortgage Corp. (B/B2) | Freedom Mortgage Corp. (B/B2) |
| 3120000 | 6.625 | 01/15/27 | 2437282 |
| **Chemicals<sup>(g)(h)</sup> – 0.3%** | **Chemicals<sup>(g)(h)</sup> – 0.3%** | **Chemicals<sup>(g)(h)</sup> – 0.3%** | **Chemicals<sup>(g)(h)</sup> – 0.3%** |
| 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) |
| 4200000 | 4.750 | 05/15/28 | 3358950 |
| Illuminate Buyer LLC/Illuminate Holdings IV, Inc. (B-/Caa1) | Illuminate Buyer LLC/Illuminate Holdings IV, Inc. (B-/Caa1) | Illuminate Buyer LLC/Illuminate Holdings IV, Inc. (B-/Caa1) | Illuminate Buyer LLC/Illuminate Holdings IV, Inc. (B-/Caa1) |
| 553000 | 9.000 | 07/01/28 | 465405 |
| Polar US Borrower LLC/Schenectady International Group, Inc. (CCC+/Caa2) | Polar US Borrower LLC/Schenectady International Group, Inc. (CCC+/Caa2) | Polar US Borrower LLC/Schenectady International Group, Inc. (CCC+/Caa2) | Polar US Borrower LLC/Schenectady International Group, Inc. (CCC+/Caa2) |
| 9085000 | 6.750 <sup>(i)</sup> | 05/15/26 | 3427226 |
| Rayonier AM Products, Inc. (B+/B1) | Rayonier AM Products, Inc. (B+/B1) | Rayonier AM Products, Inc. (B+/B1) | Rayonier AM Products, Inc. (B+/B1) |
| 240000 | 7.625 | 01/15/26 | 230731 |
| Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. (B-/B2) | Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. (B-/B2) | Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. (B-/B2) | Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. (B-/B2) |
| 2795000 | 5.125 | 04/01/29 | 1812278 |
|  |  |  | 9294590 |
| **Commercial Services<sup>(g)(h)</sup> – 0.2%** | **Commercial Services<sup>(g)(h)</sup> – 0.2%** | **Commercial Services<sup>(g)(h)</sup> – 0.2%** | **Commercial Services<sup>(g)(h)</sup> – 0.2%** |
| APX Group, Inc. (CCC/Caa1) | APX Group, Inc. (CCC/Caa1) | APX Group, Inc. (CCC/Caa1) | APX Group, Inc. (CCC/Caa1) |
| 1928000 | 5.750 | 07/15/29 | 1598505 |
| Paysafe Finance PLC/Paysafe Holdings U.S. Corp. (B/B2) | Paysafe Finance PLC/Paysafe Holdings U.S. Corp. (B/B2) | Paysafe Finance PLC/Paysafe Holdings U.S. Corp. (B/B2) | Paysafe Finance PLC/Paysafe Holdings U.S. Corp. (B/B2) |
| 3450000 | 4.000 | 06/15/29 | 2644977 |
| Verisure Midholding AB (CCC+/Caa1) | Verisure Midholding AB (CCC+/Caa1) | Verisure Midholding AB (CCC+/Caa1) | Verisure Midholding AB (CCC+/Caa1) |
| 1075000 | 5.250 | 02/15/29 | 923486 |
|  |  |  | 5166968 |
| **Diversified Financial Services<sup>(g)(h)</sup> – 0.5%** | **Diversified Financial Services<sup>(g)(h)</sup> – 0.5%** | **Diversified Financial Services<sup>(g)(h)</sup> – 0.5%** | **Diversified Financial Services<sup>(g)(h)</sup> – 0.5%** |
| LPL Holdings, Inc. (BB/Baa3) | LPL Holdings, Inc. (BB/Baa3) | LPL Holdings, Inc. (BB/Baa3) | LPL Holdings, Inc. (BB/Baa3) |
| 2489000 | 4.000 | 03/15/29 | 2165903 |
| PennyMac Financial Services, Inc. (B+/Ba3) | PennyMac Financial Services, Inc. (B+/Ba3) | PennyMac Financial Services, Inc. (B+/Ba3) | PennyMac Financial Services, Inc. (B+/Ba3) |
| 2330000 | 4.250 | 02/15/29 | 1821291 |
| United Wholesale Mortgage LLC (NR/Ba3) | United Wholesale Mortgage LLC (NR/Ba3) | United Wholesale Mortgage LLC (NR/Ba3) | United Wholesale Mortgage LLC (NR/Ba3) |
| 3330000 | 5.500 | 04/15/29 | 2654776 |
| VistaJet Malta Finance PLC/XO Management Holding, Inc. (B-/Caa1) | VistaJet Malta Finance PLC/XO Management Holding, Inc. (B-/Caa1) | VistaJet Malta Finance PLC/XO Management Holding, Inc. (B-/Caa1) | VistaJet Malta Finance PLC/XO Management Holding, Inc. (B-/Caa1) |
| 6805000 | 7.875 | 05/01/27 | 6158389 |
| 2965000 | 6.375 | 02/01/30 | 2381784 |
|  |  |  | 15182143 |
| **Entertainment<sup>(g)(h)</sup> – 0.1%** | **Entertainment<sup>(g)(h)</sup> – 0.1%** | **Entertainment<sup>(g)(h)</sup> – 0.1%** | **Entertainment<sup>(g)(h)</sup> – 0.1%** |
| Lions Gate Capital Holdings LLC (CCC+/B3) | Lions Gate Capital Holdings LLC (CCC+/B3) | Lions Gate Capital Holdings LLC (CCC+/B3) | Lions Gate Capital Holdings LLC (CCC+/B3) |
| 4015000 | 5.500 | 04/15/29 | 2324083 |
| **Healthcare Providers & Services<sup>(g)(h)</sup> – 0.4%** | **Healthcare Providers & Services<sup>(g)(h)</sup> – 0.4%** | **Healthcare Providers & Services<sup>(g)(h)</sup> – 0.4%** | **Healthcare Providers & Services<sup>(g)(h)</sup> – 0.4%** |
| 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) |
| 5150000 | 5.250 | 05/15/30 | 3889692 |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE 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<sup>(g)(h)</sup> – (continued)** | **Healthcare Providers & Services<sup>(g)(h)</sup> – (continued)** | **Healthcare Providers & Services<sup>(g)(h)</sup> – (continued)** | **Healthcare Providers & Services<sup>(g)(h)</sup> – (continued)** |
| CHS/Community Health Systems, Inc. (CCC/Caa2) | CHS/Community Health Systems, Inc. (CCC/Caa2) | CHS/Community Health Systems, Inc. (CCC/Caa2) | CHS/Community Health Systems, Inc. (CCC/Caa2) |
| 1125000 | 6.125% | 04/01/30 | $566460 |
| Medline Borrower LP (B+/B1) | Medline Borrower LP (B+/B1) | Medline Borrower LP (B+/B1) | Medline Borrower LP (B+/B1) |
| 10100000 | 3.875 | 04/01/29 | 8140196 |
|  |  |  | 12596348 |
| **Internet<sup>(g)(h)</sup> – 0.1%** | **Internet<sup>(g)(h)</sup> – 0.1%** | **Internet<sup>(g)(h)</sup> – 0.1%** | **Internet<sup>(g)(h)</sup> – 0.1%** |
| ANGI Group LLC (B/B2) | ANGI Group LLC (B/B2) | ANGI Group LLC (B/B2) | ANGI Group LLC (B/B2) |
| 1055000 | 3.875 | 08/15/28 | 795269 |
| Go Daddy Operating Co. LLC/GD Finance Co., Inc. (BB-/Ba3) | Go Daddy Operating Co. LLC/GD Finance Co., Inc. (BB-/Ba3) | Go Daddy Operating Co. LLC/GD Finance Co., Inc. (BB-/Ba3) | Go Daddy Operating Co. LLC/GD Finance Co., Inc. (BB-/Ba3) |
| 1942000 | 3.500 | 03/01/29 | 1638271 |
| Match Group Holdings II LLC (BB/Ba3) | Match Group Holdings II LLC (BB/Ba3) | Match Group Holdings II LLC (BB/Ba3) | Match Group Holdings II LLC (BB/Ba3) |
| 665000 | 3.625 | 10/01/31 | 509417 |
|  |  |  | 2942957 |
| **Leisure Time<sup>(g)(h)</sup> – 0.1%** | **Leisure Time<sup>(g)(h)</sup> – 0.1%** | **Leisure Time<sup>(g)(h)</sup> – 0.1%** | **Leisure Time<sup>(g)(h)</sup> – 0.1%** |
| Carnival Corp. (B/B3) | Carnival Corp. (B/B3) | Carnival Corp. (B/B3) | Carnival Corp. (B/B3) |
| 960000 | 5.750 | 03/01/27 | 684950 |
| MajorDrive Holdings IV LLC (CCC+/Caa2) | MajorDrive Holdings IV LLC (CCC+/Caa2) | MajorDrive Holdings IV LLC (CCC+/Caa2) | MajorDrive Holdings IV LLC (CCC+/Caa2) |
| 2543000 | 6.375 | 06/01/29 | 1899163 |
| Royal Caribbean Cruises Ltd. (B/B3) | Royal Caribbean Cruises Ltd. (B/B3) | Royal Caribbean Cruises Ltd. (B/B3) | Royal Caribbean Cruises Ltd. (B/B3) |
| 1860000 | 5.500 | 04/01/28 | 1485787 |
|  |  |  | 4069900 |
| **Lodging<sup>(g)(h)</sup> – 0.1%** | **Lodging<sup>(g)(h)</sup> – 0.1%** | **Lodging<sup>(g)(h)</sup> – 0.1%** | **Lodging<sup>(g)(h)</sup> – 0.1%** |
| Travel & Leisure Co. (BB-/Ba3) | Travel & Leisure Co. (BB-/Ba3) | Travel & Leisure Co. (BB-/Ba3) | Travel & Leisure Co. (BB-/Ba3) |
| 4332000 | 4.500 | 12/01/29 | 3530970 |
| **Machinery - Construction & Mining<sup>(g)(h)</sup> – 0.3%** | **Machinery - Construction & Mining<sup>(g)(h)</sup> – 0.3%** | **Machinery - Construction & Mining<sup>(g)(h)</sup> – 0.3%** | **Machinery - Construction & Mining<sup>(g)(h)</sup> – 0.3%** |
| Vertiv Group Corp. (BB-/B1) | Vertiv Group Corp. (BB-/B1) | Vertiv Group Corp. (BB-/B1) | Vertiv Group Corp. (BB-/B1) |
| 8450000 | 4.125 | 11/15/28 | 7210385 |
| **Media<sup>(g)</sup> – 0.3%** | **Media<sup>(g)</sup> – 0.3%** | **Media<sup>(g)</sup> – 0.3%** | **Media<sup>(g)</sup> – 0.3%** |
| Cumulus Media New Holdings, Inc. (B/B2) | Cumulus Media New Holdings, Inc. (B/B2) | Cumulus Media New Holdings, Inc. (B/B2) | Cumulus Media New Holdings, Inc. (B/B2) |
| 4100000 | 6.750 <sup>(h)(i)</sup> | 07/01/26 | 3443385 |
| Diamond Sports Group LLC/Diamond Sports Finance Co. (C/Ca) | Diamond Sports Group LLC/Diamond Sports Finance Co. (C/Ca) | Diamond Sports Group LLC/Diamond Sports Finance Co. (C/Ca) | Diamond Sports Group LLC/Diamond Sports Finance Co. (C/Ca) |
| 3225000 | 6.625 <sup>(h)</sup> | 08/15/27 | 36056 |
| Diamond Sports Group LLC/Diamond Sports Finance Co. (CCC-/Caa2) | Diamond Sports Group LLC/Diamond Sports Finance Co. (CCC-/Caa2) | Diamond Sports Group LLC/Diamond Sports Finance Co. (CCC-/Caa2) | Diamond Sports Group LLC/Diamond Sports Finance Co. (CCC-/Caa2) |
| 2350000 | 5.375 <sup>(h)</sup> | 08/15/26 | 279791 |
| DISH DBS Corp. (B+/Ba3) | DISH DBS Corp. (B+/Ba3) | DISH DBS Corp. (B+/Ba3) | DISH DBS Corp. (B+/Ba3) |
| 2675000 | 5.250 <sup>(h)</sup> | 12/01/26 | 2256443 |
| iHeartCommunications, Inc. (B-/Caa1) | iHeartCommunications, Inc. (B-/Caa1) | iHeartCommunications, Inc. (B-/Caa1) | iHeartCommunications, Inc. (B-/Caa1) |
| 1 | 8.375 | 05/01/27 | 1 |
| Scripps Escrow II, Inc. (BB/Ba3) | Scripps Escrow II, Inc. (BB/Ba3) | Scripps Escrow II, Inc. (BB/Ba3) | Scripps Escrow II, Inc. (BB/Ba3) |
| 2765000 | 3.875 <sup>(h)(i)</sup> | 01/15/29 | 2249576 |
|  |  |  | 8265252 |
| **Miscellaneous Manufacturing<sup>(g)</sup> – 0.0%** | **Miscellaneous Manufacturing<sup>(g)</sup> – 0.0%** | **Miscellaneous Manufacturing<sup>(g)</sup> – 0.0%** | **Miscellaneous Manufacturing<sup>(g)</sup> – 0.0%** |
| Hillenbrand, Inc. (BB+/Ba1) | Hillenbrand, Inc. (BB+/Ba1) | Hillenbrand, Inc. (BB+/Ba1) | Hillenbrand, Inc. (BB+/Ba1) |
| 922000 | 3.750 | 03/01/31 | 760254 |
| **Oil Field Services<sup>(g)</sup> – 0.1%** | **Oil Field Services<sup>(g)</sup> – 0.1%** | **Oil Field Services<sup>(g)</sup> – 0.1%** | **Oil Field Services<sup>(g)</sup> – 0.1%** |
| Noble Finance Co. (NR/NR)<sup>(j)</sup> (PIK 15.000%, Cash 11.000%) | Noble Finance Co. (NR/NR)<sup>(j)</sup> (PIK 15.000%, Cash 11.000%) | Noble Finance Co. (NR/NR)<sup>(j)</sup> (PIK 15.000%, Cash 11.000%) | Noble Finance Co. (NR/NR)<sup>(j)</sup> (PIK 15.000%, Cash 11.000%) |
| 112388 | 11.000 %<sup>(h)</sup> | 02/15/28 | 123253 |
| Sunoco LP/Sunoco Finance Corp. (BB/Ba3) | Sunoco LP/Sunoco Finance Corp. (BB/Ba3) | Sunoco LP/Sunoco Finance Corp. (BB/Ba3) | Sunoco LP/Sunoco Finance Corp. (BB/Ba3) |
| 1425000 | 4.500 | 04/30/30 | 1237484 |
|  |  |  | 1360737 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)(h)</sup> – 0.1%** | **Packaging<sup>(g)(h)</sup> – 0.1%** | **Packaging<sup>(g)(h)</sup> – 0.1%** | **Packaging<sup>(g)(h)</sup> – 0.1%** |
| LABL, Inc. (B-/B2) | LABL, Inc. (B-/B2) | LABL, Inc. (B-/B2) | LABL, Inc. (B-/B2) |
| 2005000 | 5.875% | 11/01/28 | $1714796 |
| **Pharmaceuticals<sup>(g)(h)</sup> – 0.2%** | **Pharmaceuticals<sup>(g)(h)</sup> – 0.2%** | **Pharmaceuticals<sup>(g)(h)</sup> – 0.2%** | **Pharmaceuticals<sup>(g)(h)</sup> – 0.2%** |
| Bausch Health Cos., Inc. (B-/Caa1) | Bausch Health Cos., Inc. (B-/Caa1) | Bausch Health Cos., Inc. (B-/Caa1) | Bausch Health Cos., Inc. (B-/Caa1) |
| 9680000 | 6.125 | 02/01/27 | 6659162 |
| **Pipelines<sup>(g)(h)</sup> – 0.1%** | **Pipelines<sup>(g)(h)</sup> – 0.1%** | **Pipelines<sup>(g)(h)</sup> – 0.1%** | **Pipelines<sup>(g)(h)</sup> – 0.1%** |
| ITT Holdings LLC (B/B2) | ITT Holdings LLC (B/B2) | ITT Holdings LLC (B/B2) | ITT Holdings LLC (B/B2) |
| 2305000 | 6.500 | 08/01/29 | 1944913 |
| **Real Estate<sup>(g)(h)</sup> – 0.1%** | **Real Estate<sup>(g)(h)</sup> – 0.1%** | **Real Estate<sup>(g)(h)</sup> – 0.1%** | **Real Estate<sup>(g)(h)</sup> – 0.1%** |
| Realogy Group LLC/Realogy Co.-Issuer Corp. (B+/B2) | Realogy Group LLC/Realogy Co.-Issuer Corp. (B+/B2) | Realogy Group LLC/Realogy Co.-Issuer Corp. (B+/B2) | Realogy Group LLC/Realogy Co.-Issuer Corp. (B+/B2) |
| 5185000 | 5.250 | 04/15/30 | 3780798 |
| **Real Estate Investment Trust<sup>(g)</sup> – 0.0%** | **Real Estate Investment Trust<sup>(g)</sup> – 0.0%** | **Real Estate Investment Trust<sup>(g)</sup> – 0.0%** | **Real Estate Investment Trust<sup>(g)</sup> – 0.0%** |
| Service Properties Trust (BB/B1) | Service Properties Trust (BB/B1) | Service Properties Trust (BB/B1) | Service Properties Trust (BB/B1) |
| 455000 | 7.500 | 09/15/25 | 434511 |
| **Retailing<sup>(g)(h)</sup> – 0.1%** | **Retailing<sup>(g)(h)</sup> – 0.1%** | **Retailing<sup>(g)(h)</sup> – 0.1%** | **Retailing<sup>(g)(h)</sup> – 0.1%** |
| LCM Investments Holdings II LLC (BB-/B2) | LCM Investments Holdings II LLC (BB-/B2) | LCM Investments Holdings II LLC (BB-/B2) | LCM Investments Holdings II LLC (BB-/B2) |
| 2285000 | 4.875 | 05/01/29 | 1845640 |
| 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. |
| (B/B3) | (B/B3) | (B/B3) | (B/B3) |
| 855000 | 6.375 | 09/30/26 | 686753 |
|  |  |  | 2532393 |
| **Software<sup>(g)(h)</sup> – 0.4%** | **Software<sup>(g)(h)</sup> – 0.4%** | **Software<sup>(g)(h)</sup> – 0.4%** | **Software<sup>(g)(h)</sup> – 0.4%** |
| AthenaHealth Group, Inc. (CCC/Caa2) | AthenaHealth Group, Inc. (CCC/Caa2) | AthenaHealth Group, Inc. (CCC/Caa2) | AthenaHealth Group, Inc. (CCC/Caa2) |
| 8970000 | 6.500 <sup>(i)</sup> | 02/15/30 | 6645245 |
| Castle U.S. Holding Corp. (CCC-/Caa2) | Castle U.S. Holding Corp. (CCC-/Caa2) | Castle U.S. Holding Corp. (CCC-/Caa2) | Castle U.S. Holding Corp. (CCC-/Caa2) |
| 7910000 | 9.500 | 02/15/28 | 3110924 |
| Rackspace Technology Global, Inc. (B-/B1) | Rackspace Technology Global, Inc. (B-/B1) | Rackspace Technology Global, Inc. (B-/B1) | Rackspace Technology Global, Inc. (B-/B1) |
| 3380000 | 3.500 | 02/15/28 | 1967667 |
|  |  |  | 11723836 |
| **TOTAL CORPORATE OBLIGATIONS<br>(Cost $165,881,028)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $165,881,028)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $165,881,028)** | $125280424 |
| **Asset-Backed Securities<sup>(b)(h)</sup> – 1.1%** | **Asset-Backed Securities<sup>(b)(h)</sup> – 1.1%** | **Asset-Backed Securities<sup>(b)(h)</sup> – 1.1%** | **Asset-Backed Securities<sup>(b)(h)</sup> – 1.1%** |
| **Collateralized Loan Obligations – 1.1%** | **Collateralized Loan Obligations – 1.1%** | **Collateralized Loan Obligations – 1.1%** | **Collateralized Loan Obligations – 1.1%** |
| Golub Capital Partners 48 LP Series 2020-48A, Class D (BBB-/NR) (3M USD LIBOR + 3.800%) | Golub Capital Partners 48 LP Series 2020-48A, Class D (BBB-/NR) (3M USD LIBOR + 3.800%) | Golub Capital Partners 48 LP Series 2020-48A, Class D (BBB-/NR) (3M USD LIBOR + 3.800%) | Golub Capital Partners 48 LP Series 2020-48A, Class D (BBB-/NR) (3M USD LIBOR + 3.800%) |
| 5400000 | 7.879% | 04/17/33 | $4880045 |
| ICG US CLO LLC Series 2015-2RA, Class C (NR/Baa3) (3M USD LIBOR + 3.500%) | ICG US CLO LLC Series 2015-2RA, Class C (NR/Baa3) (3M USD LIBOR + 3.500%) | ICG US CLO LLC Series 2015-2RA, Class C (NR/Baa3) (3M USD LIBOR + 3.500%) | ICG US CLO LLC Series 2015-2RA, Class C (NR/Baa3) (3M USD LIBOR + 3.500%) |
| 2100000 | 7.579 | 01/16/33 | 1863256 |
| Octagon Investment Partners XIV Ltd. Series 2012-1A, Class CRR (NR/Baa3) (3M USD LIBOR + 3.900%) | Octagon Investment Partners XIV Ltd. Series 2012-1A, Class CRR (NR/Baa3) (3M USD LIBOR + 3.900%) | Octagon Investment Partners XIV Ltd. Series 2012-1A, Class CRR (NR/Baa3) (3M USD LIBOR + 3.900%) | Octagon Investment Partners XIV Ltd. Series 2012-1A, Class CRR (NR/Baa3) (3M USD LIBOR + 3.900%) |
| 2600000 | 7.979 | 07/15/29 | 2325084 |
| Race Point VIII CLO Ltd. Series 2013-8A, Class DR2 (BBB-/NR) (3M USD LIBOR + 3.500%) | Race Point VIII CLO Ltd. Series 2013-8A, Class DR2 (BBB-/NR) (3M USD LIBOR + 3.500%) | Race Point VIII CLO Ltd. Series 2013-8A, Class DR2 (BBB-/NR) (3M USD LIBOR + 3.500%) | Race Point VIII CLO Ltd. Series 2013-8A, Class DR2 (BBB-/NR) (3M USD LIBOR + 3.500%) |
| 3235000 | 8.175 | 02/20/30 | 2925055 |
| TCW CLO AMR Ltd. Series 2019-1A, Class DR<br> (BBB-/NR) (3M USD LIBOR + 3.670%) | TCW CLO AMR Ltd. Series 2019-1A, Class DR<br> (BBB-/NR) (3M USD LIBOR + 3.670%) | TCW CLO AMR Ltd. Series 2019-1A, Class DR<br> (BBB-/NR) (3M USD LIBOR + 3.670%) | TCW CLO AMR Ltd. Series 2019-1A, Class DR<br> (BBB-/NR) (3M USD LIBOR + 3.670%) |
| 4900000 | 8.314 | 08/16/34 | 4348735 |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

*December 31, 2022 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Asset-Backed Securities<sup>(b)(h)</sup> – (continued)** | **Asset-Backed Securities<sup>(b)(h)</sup> – (continued)** | **Asset-Backed Securities<sup>(b)(h)</sup> – (continued)** | **Asset-Backed Securities<sup>(b)(h)</sup> – (continued)** | **Asset-Backed Securities<sup>(b)(h)</sup> – (continued)** |
|  **Collateralized Loan Obligations – (continued)** | **Collateralized Loan Obligations – (continued)** | **Collateralized Loan Obligations – (continued)** | **Collateralized Loan Obligations – (continued)** | **Collateralized Loan Obligations – (continued)** |
|  THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR (BBB-/NR) (3M USD LIBOR + 3.720%) | THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR (BBB-/NR) (3M USD LIBOR + 3.720%) | THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR (BBB-/NR) (3M USD LIBOR + 3.720%) | THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR (BBB-/NR) (3M USD LIBOR + 3.720%) | THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR (BBB-/NR) (3M USD LIBOR + 3.720%) |
|  $ | 4000000 | 7.914% | 04/18/36 | $3498708 |
|  Tikehau US CLO I Ltd. Series 2021-1A, Class E (NR/Ba3) (3M USD LIBOR + 6.910%) | Tikehau US CLO I Ltd. Series 2021-1A, Class E (NR/Ba3) (3M USD LIBOR + 6.910%) | Tikehau US CLO I Ltd. Series 2021-1A, Class E (NR/Ba3) (3M USD LIBOR + 6.910%) | Tikehau US CLO I Ltd. Series 2021-1A, Class E (NR/Ba3) (3M USD LIBOR + 6.910%) | Tikehau US CLO I Ltd. Series 2021-1A, Class E (NR/Ba3) (3M USD LIBOR + 6.910%) |
|  | 5000000 | 11.104 | 01/18/35 | 4306715 |
|  Tralee CLO V Ltd. Series 2018-5A, Class DR (BBB-/NR) (3M USD LIBOR + 3.810%) | Tralee CLO V Ltd. Series 2018-5A, Class DR (BBB-/NR) (3M USD LIBOR + 3.810%) | Tralee CLO V Ltd. Series 2018-5A, Class DR (BBB-/NR) (3M USD LIBOR + 3.810%) | Tralee CLO V Ltd. Series 2018-5A, Class DR (BBB-/NR) (3M USD LIBOR + 3.810%) | Tralee CLO V Ltd. Series 2018-5A, Class DR (BBB-/NR) (3M USD LIBOR + 3.810%) |
|  | 7000000 | 8.053 | 10/20/34 | 5764192 |
| **TOTAL ASSET-BACKED SECURITIES<br>(Cost $33,821,997)** | **TOTAL ASSET-BACKED SECURITIES<br>(Cost $33,821,997)** | **TOTAL ASSET-BACKED SECURITIES<br>(Cost $33,821,997)** | **TOTAL ASSET-BACKED SECURITIES<br>(Cost $33,821,997)** | $29911790 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks<sup>(f)</sup> – 0.3%** | **Common Stocks<sup>(f)</sup> – 0.3%** | **Common Stocks<sup>(f)</sup> – 0.3%** |
|  **Aerospace & Defense – 0.2%** | **Aerospace & Defense – 0.2%** | **Aerospace & Defense – 0.2%** |
| 314360 | Swissport Ltd. | $5384104 |
|  **Media – 0.0%** | **Media – 0.0%** | **Media – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162749 | Bright Pattern Holding Co.<sup>(c)</sup> | 1628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579399 | Clear Channel Outdoor |  |
|  | Holdings, Inc. | 608369 |
|  |  | 609997 |
|  **Specialty Retail – 0.1%** | **Specialty Retail – 0.1%** | **Specialty Retail – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9541 | Neiman Marcus Group<br>Ltd. LLC | 1443076 |
| **TOTAL COMMON STOCKS<br>(Cost $10,615,335)** | **TOTAL COMMON STOCKS<br>(Cost $10,615,335)** | $7437177 |

---

---

| | | |
|:---|:---|:---|
| **Units** | **Expiration<br>Date** | **Value** |
| **Warrants<sup>(f)</sup> – 0.0%** | **Warrants<sup>(f)</sup> – 0.0%** | **Warrants<sup>(f)</sup> – 0.0%** |
|  Aspect Software, Inc. (NR/NR)<sup>(c)</sup> | Aspect Software, Inc. (NR/NR)<sup>(c)</sup> | Aspect Software, Inc. (NR/NR)<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162749 |  | $1628 |
|  Cineworld Group PLC (NR/NR)<sup>(c)</sup> | Cineworld Group PLC (NR/NR)<sup>(c)</sup> | Cineworld Group PLC (NR/NR)<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174646 |  |  |
|  Noble Corp. (NR/NR) | Noble Corp. (NR/NR) | Noble Corp. (NR/NR) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6346 | 02/05/28 | 123112 |
| **(Cost $15,865)** | **(Cost $15,865)** | **(Cost $15,865)** |
| **TOTAL WARRANTS<br>(Cost $15,865)** | **TOTAL WARRANTS<br>(Cost $15,865)** | $124740 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Exchange Traded Funds – 1.5%** | **Exchange Traded Funds – 1.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24605 | Eaton Vance Floating-Rate Income Trust (NR/NR) | $272870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 526082 | Invesco Senior Income Trust (NR/NR) | 2014894 |

---

---

| | | |
|:---|:---|:---|
| <br> **Shares** | **Description** | **Value** |
| **Exchange Traded Funds – (continued)** | **Exchange Traded Funds – (continued)** |  |
| 800000 | Invesco Senior Loan ETF (NR/NR)<sup>(i)</sup> | $16424000 |
| 146959 | Nuveen Credit Strategies Income Fund (NR/NR) | 748021 |
| 402141 | Nuveen Floating Rate Income Fund (NR/NR) | 3184957 |
| 414779 | Nuveen Floating Rate Income Opportunity Fund (NR/NA) | 3239424 |
| 389368 | SPDR Blackstone Senior Loan ETF (NR/NR)<sup>(i)</sup> | 15925151 |
| **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $44,321,951)** | **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $44,321,951)** | $41809317 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Investment Company<sup>(k)</sup> – 3.2%** | **Investment Company<sup>(k)</sup> – 3.2%** |  |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
| 92223309 | 4.159% | $92223309 |
| **(Cost $92,223,309)** | **(Cost $92,223,309)** | **(Cost $92,223,309)** |
| **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT<br>(Cost $3,083,800,224)** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT<br>(Cost $3,083,800,224)** | $2829675887 |
| **Shares** | **Description** | **Value** |
| **Securities Lending Reinvestment Vehicle<sup>(k)</sup> – 1.2%** | **Securities Lending Reinvestment Vehicle<sup>(k)</sup> – 1.2%** | **Securities Lending Reinvestment Vehicle<sup>(k)</sup> – 1.2%** |
|  **Fixed Income – 1.2%** | **Fixed Income – 1.2%** | **Fixed Income – 1.2%** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
| 35348947 | 4.159% | $35348946 |
| **(Cost $35,348,947)** | **(Cost $35,348,947)** | **(Cost $35,348,947)** |
| **TOTAL INVESTMENTS – 100.7%<br>(Cost $3,119,149,171)** | **TOTAL INVESTMENTS – 100.7%<br>(Cost $3,119,149,171)** | $2865024833 |
| **LIABILITIES IN EXCESS OF OTHER<br> ASSETS – (0.7)%** | **LIABILITIES IN EXCESS OF OTHER<br> ASSETS – (0.7)%** | $(20128444) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $2844896389 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on December 31, 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. |
| (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) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3. |
| (d) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (e) | This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate. |
| (f) | Security is currently in default and/or non-income producing. |
| (g) | Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates. |
| (h) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (i) | All or a portion of security is on loan. |
| (j) | Pay-in-kind securities. |
| (k) | Represents an Affiliated Issuer. |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

*December 31, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION** 

------

**UNFUNDED LOAN COMMITMENTS** — At December 31, 2022, the Fund had unfunded loan commitments which could be extended at the option of the borrowers, pursuant to the following loan agreements:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower** | **Principal<br>Amount** | **Current<br>Value** | **Unrealized<br>Gain (Loss)** |
|  AI Aqua Merger Sub, Inc. (NR/NR), due 07/31/28 | $822850 | $– $| (40797) |

---

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  MS & Co. Int. PLC | EUR | 19763533 | USD | 20360821 | 01/06/23 | $804055 |

---

**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 | 121799999 | EUR | 122534802 | 01/06/23 | $(9423190) |

---

**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:** |
|  Ultra Long U.S. Treasury Bonds | 2 | 03/22/23 | $268625 | $(2983) |
|  **Short position contracts:** |  |  |  |  |
|  10 Year U.S. Treasury Notes | (340) | 03/22/23 | (38659688) | 298407 |
|  2 Year U.S. Treasury Notes | (66) | 03/31/23 | (13535156) | (15481) |
|  **Short position contracts:** | **Short position contracts:** | **Short position contracts:** | **Short position contracts:** | **Short position contracts:** |
|  20 Year U.S. Treasury Bonds | (6) | 03/22/23 | (752063) | 8630 |
|  5 Year U.S. Treasury Notes | (492) | 03/31/23 | (53101406) | 83838 |
|  **Total** | **Total** | **Total** | **Total** | $375394 |
|  **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | $372411 |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

*December 31, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

------

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| EUR | —Euro |
| GBP | —British Pound |
| USD | —U.S. Dollar |
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| CLO | —Collateralized Loan Obligation |
| ETF | —Exchange Traded Fund |
| 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 |
| SONIA | —Sterling Overnight Index Average |
| **Abbreviations:** | **Abbreviations:** |
| SOFR | —Secured Overnight Funding Rate |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – 88.1%** | **Corporate Obligations – 88.1%** | **Corporate Obligations – 88.1%** | **Corporate Obligations – 88.1%** |
| **Aerospace & Defense – 1.9%** | **Aerospace & Defense – 1.9%** | **Aerospace & Defense – 1.9%** | **Aerospace & Defense – 1.9%** |
| Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. |
| 400000 | 4.070% | 12/15/42 | $345528 |
| Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. |
| 2075000 | 4.750 | 06/01/43 | 1918110 |
| Raytheon Technologies Corp. | Raytheon Technologies Corp. | Raytheon Technologies Corp. | Raytheon Technologies Corp. |
| 1975000 | 4.125 <sup>(a)</sup> | 11/16/28 | 1892702 |
| The Boeing Co.<sup>(a)</sup>  | The Boeing Co.<sup>(a)</sup>  | The Boeing Co.<sup>(a)</sup>  | The Boeing Co.<sup>(a)</sup>  |
| 1775000 | 5.040 | 05/01/27 | 1756451 |
| 1950000 | 3.450 | 11/01/28 | 1748331 |
| 1375000 | 3.250 | 02/01/35 | 1044271 |
| 500000 | 3.550 | 03/01/38 | 368295 |
| 1306000 | 3.375 | 06/15/46 | 847398 |
| 575000 | 3.625 | 03/01/48 | 382168 |
| 900000 | 3.850 | 11/01/48 | 622089 |
|  |  |  | 10925343 |
| **Agriculture<sup>(a)</sup> - 0.8%** | **Agriculture<sup>(a)</sup> - 0.8%** | **Agriculture<sup>(a)</sup> - 0.8%** | **Agriculture<sup>(a)</sup> - 0.8%** |
| Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |
| 975000 | 4.800 | 02/14/29 | 934830 |
| BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. |
| 200000 | 3.557 | 08/15/27 | 182118 |
| 1350000 | 2.259 | 03/25/28 | 1123591 |
| Cargill, Inc. | Cargill, Inc. | Cargill, Inc. | Cargill, Inc. |
| 940000 | 5.125 <sup>(b)</sup> | 10/11/32 | 942585 |
| Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
| 550000 | 5.625 | 11/17/29 | 560148 |
| 750000 | 5.750 | 11/17/32 | 767122 |
|  |  |  | 4510394 |
| **Automotive – 3.2%** | **Automotive – 3.2%** | **Automotive – 3.2%** | **Automotive – 3.2%** |
| General Motors Co. | General Motors Co. | General Motors Co. | General Motors Co. |
| 2925000 | 6.800 <sup>(a)</sup> | 10/01/27 | 3037378 |
| 2050000 | 6.600 <sup>(a)</sup> | 04/01/36 | 2010415 |
| 375000 | 5.200 | 04/01/45 | 306619 |
| General Motors Financial Co., Inc.<sup>(a)</sup>  | General Motors Financial Co., Inc.<sup>(a)</sup>  | General Motors Financial Co., Inc.<sup>(a)</sup>  | General Motors Financial Co., Inc.<sup>(a)</sup>  |
| 2775000 | 4.300 | 07/13/25 | 2692138 |
| 6191000 | 5.250 | 03/01/26 | 6096773 |
| 1275000 | 1.500 | 06/10/26 | 1106738 |
| 400000 | 2.700 | 08/20/27 | 349304 |
| 2150000 | 5.650 | 01/17/29 | 2110182 |
| 650000 | 2.350 | 01/08/31 | 490932 |
| Stellantis Finance US, Inc. | Stellantis Finance US, Inc. | Stellantis Finance US, Inc. | Stellantis Finance US, Inc. |
| 900000 | 1.711 <sup>(a)(b)</sup> | 01/29/27 | 774414 |
|  |  |  | 18974893 |
| **Banks – 21.3%** | **Banks – 21.3%** | **Banks – 21.3%** | **Banks – 21.3%** |
| 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%) |
| 600000 | 4.375 <sup>(a)(c)</sup> | 12/31/99 | 593303 |
| Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA |
| 1000000 | 2.746 | 05/28/25 | 936260 |
| 2400000 | 5.179 | 11/19/25 | 2369640 |
| 1200000 | 4.250 | 04/11/27 | 1143324 |
| 1000000 | 2.749 | 12/03/30 | 765690 |
| (1 year CMT + 1.600%) | (1 year CMT + 1.600%) | (1 year CMT + 1.600%) | (1 year CMT + 1.600%) |
| 400000 | 3.225 <sup>(a)(c)</sup> | 11/22/32 | 302832 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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>(c)</sup> | Bank of America Corp.<sup>(c)</sup> | Bank of America Corp.<sup>(c)</sup> | Bank of America Corp.<sup>(c)</sup> |
| (3M USD LIBOR + 0.990%) | (3M USD LIBOR + 0.990%) | (3M USD LIBOR + 0.990%) | (3M USD LIBOR + 0.990%) |
| 275000 | 2.496 %<sup>(a)</sup> | 02/13/31 | $223413 |
| (3M USD LIBOR + 1.040%) | (3M USD LIBOR + 1.040%) | (3M USD LIBOR + 1.040%) | (3M USD LIBOR + 1.040%) |
| 2863000 | 3.419 <sup>(a)</sup> | 12/20/28 | 2596827 |
| (3M USD LIBOR + 1.070%) | (3M USD LIBOR + 1.070%) | (3M USD LIBOR + 1.070%) | (3M USD LIBOR + 1.070%) |
| 5356000 | 3.970 <sup>(a)</sup> | 03/05/29 | 4944016 |
| (3M USD LIBOR + 1.210%) | (3M USD LIBOR + 1.210%) | (3M USD LIBOR + 1.210%) | (3M USD LIBOR + 1.210%) |
| 1350000 | 3.974 <sup>(a)</sup> | 02/07/30 | 1226313 |
| (3M USD LIBOR + 1.310%) | (3M USD LIBOR + 1.310%) | (3M USD LIBOR + 1.310%) | (3M USD LIBOR + 1.310%) |
| 1950000 | 4.271 <sup>(a)</sup> | 07/23/29 | 1821417 |
| (5 year CMT + 1.200%) | (5 year CMT + 1.200%) | (5 year CMT + 1.200%) | (5 year CMT + 1.200%) |
| 1025000 | 2.482 <sup>(a)</sup> | 09/21/36 | 755640 |
| (SOFR + 1.010%) | (SOFR + 1.010%) | (SOFR + 1.010%) | (SOFR + 1.010%) |
| 100000 | 1.197 <sup>(a)</sup> | 10/24/26 | 89076 |
| (SOFR + 1.330%) | (SOFR + 1.330%) | (SOFR + 1.330%) | (SOFR + 1.330%) |
| 550000 | 2.972 <sup>(a)</sup> | 02/04/33 | 443476 |
| (SOFR + 1.580%) | (SOFR + 1.580%) | (SOFR + 1.580%) | (SOFR + 1.580%) |
| 3360000 | 4.376 <sup>(a)</sup> | 04/27/28 | 3212462 |
| (SOFR + 1.830%) | (SOFR + 1.830%) | (SOFR + 1.830%) | (SOFR + 1.830%) |
| 550000 | 4.571 <sup>(a)</sup> | 04/27/33 | 503938 |
| (SOFR + 2.16%)<sup>(a)</sup>  | (SOFR + 2.16%)<sup>(a)</sup>  | (SOFR + 2.16%)<sup>(a)</sup>  | (SOFR + 2.16%)<sup>(a)</sup>  |
| 925000 | 5.015 | 07/22/33 | 877622 |
| Barclays PLC | Barclays PLC | Barclays PLC | Barclays PLC |
| 425000 | 5.200 | 05/12/26 | 413019 |
| 1850000 | 4.836 <sup>(a)</sup> | 05/09/28 | 1704886 |
| BNP Paribas SA<sup>(a)(b)(c)</sup>  | BNP Paribas SA<sup>(a)(b)(c)</sup>  | BNP Paribas SA<sup>(a)(b)(c)</sup>  | BNP Paribas SA<sup>(a)(b)(c)</sup>  |
| (5 year USD Swap + 4.149%) | (5 year USD Swap + 4.149%) | (5 year USD Swap + 4.149%) | (5 year USD Swap + 4.149%) |
| 1950000 | 6.625 | 12/31/99 | 1886079 |
| (SOFR + 1.004%) | (SOFR + 1.004%) | (SOFR + 1.004%) | (SOFR + 1.004%) |
| 4225000 | 1.323 | 01/13/27 | 3692481 |
| (SOFR + 1.507%) | (SOFR + 1.507%) | (SOFR + 1.507%) | (SOFR + 1.507%) |
| 370000 | 3.052 | 01/13/31 | 304788 |
| BPCE SA<sup>(b)</sup>  | BPCE SA<sup>(b)</sup>  | BPCE SA<sup>(b)</sup>  | BPCE SA<sup>(b)</sup>  |
| 1625000 | 5.700 | 10/22/23 | 1614941 |
| 1350000 | 4.625 | 09/12/28 | 1253353 |
| (SOFR + 1.730%) | (SOFR + 1.730%) | (SOFR + 1.730%) | (SOFR + 1.730%) |
| 1050000 | 3.116 <sup>(a)(c)</sup> | 10/19/32 | 765482 |
| (SOFR + 2.865%) | (SOFR + 2.865%) | (SOFR + 2.865%) | (SOFR + 2.865%) |
| 1690000 | 5.748 <sup>(a)(c)</sup> | 07/19/33 | 1612226 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| 1475000 | 4.450 | 09/29/27 | 1408905 |
| 925000 | 4.750 | 05/18/46 | 765216 |
| (3M USD LIBOR + 1.192%) | (3M USD LIBOR + 1.192%) | (3M USD LIBOR + 1.192%) | (3M USD LIBOR + 1.192%) |
| 1061000 | 4.075 <sup>(a)(c)</sup> | 04/23/29 | 978444 |
| (3M USD LIBOR + 1.563%) | (3M USD LIBOR + 1.563%) | (3M USD LIBOR + 1.563%) | (3M USD LIBOR + 1.563%) |
| 2675000 | 3.887 <sup>(a)(c)</sup> | 01/10/28 | 2500108 |
| (SOFR + 1.351%) | (SOFR + 1.351%) | (SOFR + 1.351%) | (SOFR + 1.351%) |
| 800000 | 3.057 <sup>(a)(c)</sup> | 01/25/33 | 645960 |
| (SOFR + 1.422%) | (SOFR + 1.422%) | (SOFR + 1.422%) | (SOFR + 1.422%) |
| 1025000 | 2.976 <sup>(a)(c)</sup> | 11/05/30 | 861584 |
| (SOFR + 2.086%) | (SOFR + 2.086%) | (SOFR + 2.086%) | (SOFR + 2.086%) |
| 3265000 | 4.910 <sup>(a)(c)</sup> | 05/24/33 | 3060840 |
| (SOFR + 3.914%) | (SOFR + 3.914%) | (SOFR + 3.914%) | (SOFR + 3.914%) |
| 675000 | 4.412 <sup>(a)(c)</sup> | 03/31/31 | 620453 |
| Credit Agricole SA | Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
| 1950000 | 4.375 | 03/17/25 | 1882510 |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT 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)** |
| Credit Agricole SA - (continued) | Credit Agricole SA - (continued) | Credit Agricole SA - (continued) | Credit Agricole SA - (continued) |
| (5 year USD Swap + 4.319%) | (5 year USD Swap + 4.319%) | (5 year USD Swap + 4.319%) | (5 year USD Swap + 4.319%) |
| 500000 | 6.875 %<sup>(a)(b)(c)</sup> | 12/31/99 | $479970 |
| (SOFR + 1.676%) | (SOFR + 1.676%) | (SOFR + 1.676%) | (SOFR + 1.676%) |
| 1775000 | 1.907 <sup>(a)(b)(c)</sup> | 06/16/26 | 1618392 |
| Credit Suisse AG | Credit Suisse AG | Credit Suisse AG | Credit Suisse AG |
| 3300000 | 6.500 <sup>(b)</sup> | 08/08/23 | 3193509 |
| Credit Suisse Group AG<sup>(a)</sup>  | Credit Suisse Group AG<sup>(a)</sup>  | Credit Suisse Group AG<sup>(a)</sup>  | Credit Suisse Group AG<sup>(a)</sup>  |
| 884000 | 4.550 | 04/17/26 | 786495 |
| 5220000 | 4.282 <sup>(b)</sup> | 01/09/28 | 4343980 |
| (SOFR + 5.020%) | (SOFR + 5.020%) | (SOFR + 5.020%) | (SOFR + 5.020%) |
| 1875000 | 9.016 <sup>(b)(c)</sup> | 11/15/33 | 1928831 |
| Deutsche Bank AG<sup>(a)(c)</sup>  | Deutsche Bank AG<sup>(a)(c)</sup>  | Deutsche Bank AG<sup>(a)(c)</sup>  | Deutsche Bank AG<sup>(a)(c)</sup>  |
| (SOFR + 1.870%) | (SOFR + 1.870%) | (SOFR + 1.870%) | (SOFR + 1.870%) |
| 5725000 | 2.129 | 11/24/26 | 5050080 |
| (SOFR + 2.257%) | (SOFR + 2.257%) | (SOFR + 2.257%) | (SOFR + 2.257%) |
| 1350000 | 3.742 | 01/07/33 | 966438 |
| Discover Bank | Discover Bank | Discover Bank | Discover Bank |
| 2125000 | 4.650 <sup>(a)</sup> | 09/13/28 | 1991252 |
| 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%) |
| 2550000 | 2.969 <sup>(a)(c)</sup> | 09/27/25 | 2406945 |
| HSBC Bank USA NA | HSBC Bank USA NA | HSBC Bank USA NA | HSBC Bank USA NA |
| 800000 | 5.625 | 08/15/35 | 762560 |
| 300000 | 7.000 | 01/15/39 | 323925 |
| HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
| 600000 | 7.625 | 05/17/32 | 601128 |
| (3M USD LIBOR + 1.211%) | (3M USD LIBOR + 1.211%) | (3M USD LIBOR + 1.211%) | (3M USD LIBOR + 1.211%) |
| 1075000 | 3.803 <sup>(a)(c)</sup> | 03/11/25 | 1047007 |
| (3M USD LIBOR + 1.348%) | (3M USD LIBOR + 1.348%) | (3M USD LIBOR + 1.348%) | (3M USD LIBOR + 1.348%) |
| 1875000 | 4.292 <sup>(a)(c)</sup> | 09/12/26 | 1799062 |
| (SOFR + 1.929%) | (SOFR + 1.929%) | (SOFR + 1.929%) | (SOFR + 1.929%) |
| 925000 | 2.099 <sup>(a)(c)</sup> | 06/04/26 | 843193 |
| (SOFR + 2.870%) | (SOFR + 2.870%) | (SOFR + 2.870%) | (SOFR + 2.870%) |
| 216000 | 5.402 <sup>(a)(c)</sup> | 08/11/33 | 200649 |
| ING Groep NV<sup>(a)(c)</sup>  | ING Groep NV<sup>(a)(c)</sup>  | ING Groep NV<sup>(a)(c)</sup>  | ING Groep NV<sup>(a)(c)</sup>  |
| (1 year CMT + 1.100%) | (1 year CMT + 1.100%) | (1 year CMT + 1.100%) | (1 year CMT + 1.100%) |
| 3150000 | 1.400 <sup>(b)</sup> | 07/01/26 | 2829109 |
| (SOFR + 1.005%) | (SOFR + 1.005%) | (SOFR + 1.005%) | (SOFR + 1.005%) |
| 1725000 | 1.726 | 04/01/27 | 1519466 |
| (SOFR + 1.830%) | (SOFR + 1.830%) | (SOFR + 1.830%) | (SOFR + 1.830%) |
| 850000 | 4.017 | 03/28/28 | 793841 |
| JPMorgan Chase & Co.<sup>(a)(c)</sup>  | JPMorgan Chase & Co.<sup>(a)(c)</sup>  | JPMorgan Chase & Co.<sup>(a)(c)</sup>  | JPMorgan Chase & Co.<sup>(a)(c)</sup>  |
| (3M USD LIBOR + 1.360%) | (3M USD LIBOR + 1.360%) | (3M USD LIBOR + 1.360%) | (3M USD LIBOR + 1.360%) |
| 875000 | 3.882 | 07/24/38 | 726609 |
| (SOFR + 1.260%) | (SOFR + 1.260%) | (SOFR + 1.260%) | (SOFR + 1.260%) |
| 1150000 | 2.963 | 01/25/33 | 934881 |
| (SOFR + 1.560%) | (SOFR + 1.560%) | (SOFR + 1.560%) | (SOFR + 1.560%) |
| 3850000 | 4.323 | 04/26/28 | 3670243 |
| (SOFR + 1.800%) | (SOFR + 1.800%) | (SOFR + 1.800%) | (SOFR + 1.800%) |
| 2924000 | 4.586 | 04/26/33 | 2707068 |
| (SOFR + 2.040%) | (SOFR + 2.040%) | (SOFR + 2.040%) | (SOFR + 2.040%) |
| 400000 | 2.522 | 04/22/31 | 327248 |
| (SOFR + 2.080%) | (SOFR + 2.080%) | (SOFR + 2.080%) | (SOFR + 2.080%) |
| 2355000 | 4.912 | 07/25/33 | 2240311 |
| (SOFR + 2.515%) | (SOFR + 2.515%) | (SOFR + 2.515%) | (SOFR + 2.515%) |
| 3650000 | 2.956 | 05/13/31 | 3005191 |
| (SOFR + 3.125%) | (SOFR + 3.125%) | (SOFR + 3.125%) | (SOFR + 3.125%) |
| 737000 | 4.600 | 12/31/99 | 654404 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| KeyCorp. (SOFR + 2.060%) | KeyCorp. (SOFR + 2.060%) | KeyCorp. (SOFR + 2.060%) | KeyCorp. (SOFR + 2.060%) |
| 80000 | 4.789 %<sup>(a)(c)</sup> | 06/01/33 | $75578 |
| Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
| 1875000 | 4.582 | 12/10/25 | 1810819 |
| 371000 | 4.650 | 03/24/26 | 354676 |
| (1 year CMT + 0.850%) | (1 year CMT + 0.850%) | (1 year CMT + 0.850%) | (1 year CMT + 0.850%) |
| 350000 | 1.627 <sup>(a)(c)</sup> | 05/11/27 | 302715 |
| Macquarie Group Ltd.<sup>(a)(b)(c)</sup>  | Macquarie Group Ltd.<sup>(a)(b)(c)</sup>  | Macquarie Group Ltd.<sup>(a)(b)(c)</sup>  | Macquarie Group Ltd.<sup>(a)(b)(c)</sup>  |
| (3M USD LIBOR + 1.372%) | (3M USD LIBOR + 1.372%) | (3M USD LIBOR + 1.372%) | (3M USD LIBOR + 1.372%) |
| 1900000 | 3.763 | 11/28/28 | 1739051 |
| (SOFR + 1.069%) | (SOFR + 1.069%) | (SOFR + 1.069%) | (SOFR + 1.069%) |
| 2200000 | 1.340 | 01/12/27 | 1911624 |
| Morgan Stanley<sup>(c)</sup>  | Morgan Stanley<sup>(c)</sup>  | Morgan Stanley<sup>(c)</sup>  | Morgan Stanley<sup>(c)</sup>  |
| (3M USD LIBOR + 1.455%) | (3M USD LIBOR + 1.455%) | (3M USD LIBOR + 1.455%) | (3M USD LIBOR + 1.455%) |
| 2720000 | 3.971 <sup>(a)</sup> | 07/22/38 | 2283930 |
| (3M USD LIBOR + 1.628%) | (3M USD LIBOR + 1.628%) | (3M USD LIBOR + 1.628%) | (3M USD LIBOR + 1.628%) |
| 1950000 | 4.431 <sup>(a)</sup> | 01/23/30 | 1820461 |
| (SOFR + 1.143%) | (SOFR + 1.143%) | (SOFR + 1.143%) | (SOFR + 1.143%) |
| 650000 | 2.699 <sup>(a)</sup> | 01/22/31 | 537927 |
| (SOFR + 1.290%) | (SOFR + 1.290%) | (SOFR + 1.290%) | (SOFR + 1.290%) |
| 1847000 | 2.943 <sup>(a)</sup> | 01/21/33 | 1497991 |
| (SOFR + 1.610%) | (SOFR + 1.610%) | (SOFR + 1.610%) | (SOFR + 1.610%) |
| 1900000 | 4.210 <sup>(a)</sup> | 04/20/28 | 1804696 |
| (SOFR + 2.076%)<sup>(a)</sup>  | (SOFR + 2.076%)<sup>(a)</sup>  | (SOFR + 2.076%)<sup>(a)</sup>  | (SOFR + 2.076%)<sup>(a)</sup>  |
| 925000 | 4.889 | 07/20/33 | 868742 |
| Morgan Stanley, Inc. (SOFR + 1.360%) | Morgan Stanley, Inc. (SOFR + 1.360%) | Morgan Stanley, Inc. (SOFR + 1.360%) | Morgan Stanley, Inc. (SOFR + 1.360%) |
| 725000 | 2.484 <sup>(a)(c)</sup> | 09/16/36 | 528837 |
| Santander Holdings USA, Inc. (SOFR + 1.249%) | Santander Holdings USA, Inc. (SOFR + 1.249%) | Santander Holdings USA, Inc. (SOFR + 1.249%) | Santander Holdings USA, Inc. (SOFR + 1.249%) |
| 425000 | 2.490 <sup>(a)(c)</sup> | 01/06/28 | 365632 |
| Santander UK Group Holdings PLC<sup>(a)(c)</sup>  | Santander UK Group Holdings PLC<sup>(a)(c)</sup>  | Santander UK Group Holdings PLC<sup>(a)(c)</sup>  | Santander UK Group Holdings PLC<sup>(a)(c)</sup>  |
| (3M USD LIBOR + 1.400%) | (3M USD LIBOR + 1.400%) | (3M USD LIBOR + 1.400%) | (3M USD LIBOR + 1.400%) |
| 325000 | 3.823 | 11/03/28 | 289825 |
| (SOFR + 1.220%) | (SOFR + 1.220%) | (SOFR + 1.220%) | (SOFR + 1.220%) |
| 550000 | 2.469 | 01/11/28 | 470399 |
| The Bank of New York Mellon Corp. (SOFR + 2.074%) | The Bank of New York Mellon Corp. (SOFR + 2.074%) | The Bank of New York Mellon Corp. (SOFR + 2.074%) | The Bank of New York Mellon Corp. (SOFR + 2.074%) |
| 525000 | 5.834 | 10/25/33 | 546105 |
| US Bancorp (SOFR + 2.090%) | US Bancorp (SOFR + 2.090%) | US Bancorp (SOFR + 2.090%) | US Bancorp (SOFR + 2.090%) |
| 1025000 | 5.850 | 10/21/33 | 1064668 |
| Wells Fargo & Co.<sup>(a)(c)</sup>  | Wells Fargo & Co.<sup>(a)(c)</sup>  | Wells Fargo & Co.<sup>(a)(c)</sup>  | Wells Fargo & Co.<sup>(a)(c)</sup>  |
| (3M USD LIBOR + 1.310%) | (3M USD LIBOR + 1.310%) | (3M USD LIBOR + 1.310%) | (3M USD LIBOR + 1.310%) |
| 2573000 | 3.584 | 05/22/28 | 2383370 |
| (SOFR + 1.510%) | (SOFR + 1.510%) | (SOFR + 1.510%) | (SOFR + 1.510%) |
| 1325000 | 3.526 | 03/24/28 | 1228381 |
| (SOFR + 2.100%) | (SOFR + 2.100%) | (SOFR + 2.100%) | (SOFR + 2.100%) |
| 3708000 | 4.897 | 07/25/33 | 3511513 |
| Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA |
| 824000 | 5.950 | 08/26/36 | 829595 |
| Westpac Banking Corp.<sup>(a)(c)</sup>  | Westpac Banking Corp.<sup>(a)(c)</sup>  | Westpac Banking Corp.<sup>(a)(c)</sup>  | Westpac Banking Corp.<sup>(a)(c)</sup>  |
| (5 year CMT + 1.350%) | (5 year CMT + 1.350%) | (5 year CMT + 1.350%) | (5 year CMT + 1.350%) |
| 1000000 | 2.894 | 02/04/30 | 916790 |
| (5 year CMT + 2.000%) | (5 year CMT + 2.000%) | (5 year CMT + 2.000%) | (5 year CMT + 2.000%) |
| 1300000 | 4.110 | 07/24/34 | 1113515 |
| (5 year USD ICE Swap + 2.236%) | (5 year USD ICE Swap + 2.236%) | (5 year USD ICE Swap + 2.236%) | (5 year USD ICE Swap + 2.236%) |
| 625000 | 4.322 | 11/23/31 | 585769 |
|  |  |  | 125370920 |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT 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>(a)</sup> – 3.5%** | **Beverages<sup>(a)</sup> – 3.5%** | **Beverages<sup>(a)</sup> – 3.5%** | **Beverages<sup>(a)</sup> – 3.5%** |
| 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. |
| 3700000 | 4.700% | 02/01/36 | $3488249 |
| 3554000 | 4.900 | 02/01/46 | 3252265 |
| Anheuser-Busch InBev Finance, Inc. | Anheuser-Busch InBev Finance, Inc. | Anheuser-Busch InBev Finance, Inc. | Anheuser-Busch InBev Finance, Inc. |
| 600000 | 4.700 | 02/01/36 | 565626 |
| Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. |
| 2550000 | 4.750 | 01/23/29 | 2520445 |
| 650000 | 3.500 | 06/01/30 | 591182 |
| 175000 | 5.450 | 01/23/39 | 174496 |
| 875000 | 4.950 | 01/15/42 | 820173 |
| 600000 | 4.600 | 04/15/48 | 528156 |
| 825000 | 5.550 | 01/23/49 | 822228 |
| Bacardi Ltd. | Bacardi Ltd. | Bacardi Ltd. | Bacardi Ltd. |
| 700000 | 5.300 <sup>(b)</sup> | 05/15/48 | 627802 |
| Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
| 350000 | 4.650 | 11/15/28 | 338387 |
| 775000 | 2.250 | 08/01/31 | 615156 |
| 1256000 | 4.750 | 05/09/32 | 1203776 |
| 50000 | 4.500 | 05/09/47 | 42135 |
| JDE Peet's NV | JDE Peet's NV | JDE Peet's NV | JDE Peet's NV |
| 1970000 | 2.250 <sup>(b)</sup> | 09/24/31 | 1468280 |
| Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. |
| 1750000 | 4.050 | 04/15/32 | 1592378 |
| 325000 | 4.500 | 11/15/45 | 276045 |
| 1825000 | 4.500 | 04/15/52 | 1529277 |
|  |  |  | 20456056 |
| **Biotechnology<sup>(a)</sup> – 0.9%** | **Biotechnology<sup>(a)</sup> – 0.9%** | **Biotechnology<sup>(a)</sup> – 0.9%** | **Biotechnology<sup>(a)</sup> – 0.9%** |
| Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
| 2400000 | 4.200 | 03/01/33 | 2227128 |
| 175000 | 4.400 | 05/01/45 | 146195 |
| 442000 | 4.200 | 02/22/52 | 354869 |
| CSL Finance PLC<sup>(b)</sup> | CSL Finance PLC<sup>(b)</sup> | CSL Finance PLC<sup>(b)</sup> | CSL Finance PLC<sup>(b)</sup> |
| 900000 | 4.250 | 04/27/32 | 847305 |
| 300000 | 4.625 | 04/27/42 | 267933 |
| Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
| 2050000 | 1.750 | 09/02/27 | 1741270 |
|  |  |  | 5584700 |
| **Building Materials<sup>(a)</sup> – 0.5%** | **Building Materials<sup>(a)</sup> – 0.5%** | **Building Materials<sup>(a)</sup> – 0.5%** | **Building Materials<sup>(a)</sup> – 0.5%** |
| Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. |
| 1225000 | 2.493 | 02/15/27 | 1104987 |
| 525000 | 3.377 | 04/05/40 | 397756 |
| Fortune Brands Home & Security, Inc. | Fortune Brands Home & Security, Inc. | Fortune Brands Home & Security, Inc. | Fortune Brands Home & Security, Inc. |
| 672000 | 4.000 | 03/25/32 | 583236 |
| 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 |
| 275000 | 4.900 | 12/01/32 | 270286 |
| Masco Corp. | Masco Corp. | Masco Corp. | Masco Corp. |
| 1000000 | 1.500 | 02/15/28 | 829240 |
|  |  |  | 3185505 |
| **Chemicals<sup>(a)</sup> – 0.9%** | **Chemicals<sup>(a)</sup> – 0.9%** | **Chemicals<sup>(a)</sup> – 0.9%** | **Chemicals<sup>(a)</sup> – 0.9%** |
| DuPont de Nemours, Inc. | DuPont de Nemours, Inc. | DuPont de Nemours, Inc. | DuPont de Nemours, Inc. |
| 2025000 | 4.725 | 11/15/28 | 1998047 |
| 125000 | 5.319 | 11/15/38 | 121130 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Chemicals<sup>(a)</sup> – (continued)** | **Chemicals<sup>(a)</sup> – (continued)** | **Chemicals<sup>(a)</sup> – (continued)** | **Chemicals<sup>(a)</sup> – (continued)** |
| Huntsman International LLC | Huntsman International LLC | Huntsman International LLC | Huntsman International LLC |
| 1050000 | 4.500% | 05/01/29 | $943488 |
| International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |
| 1075000 | 3.268 <sup>(b)</sup> | 11/15/40 | 766206 |
| LYB International Finance B.V. | LYB International Finance B.V. | LYB International Finance B.V. | LYB International Finance B.V. |
| 725000 | 4.875 | 03/15/44 | 600967 |
| The Sherwin-Williams Co. | The Sherwin-Williams Co. | The Sherwin-Williams Co. | The Sherwin-Williams Co. |
| 475000 | 3.450 | 06/01/27 | 445688 |
| 475000 | 4.000 | 12/15/42 | 374495 |
|  |  |  | 5250021 |
| **Commercial Services – 0.8%** | **Commercial Services – 0.8%** | **Commercial Services – 0.8%** | **Commercial Services – 0.8%** |
| Ashtead Capital, Inc.<sup>(a)(b)</sup> | Ashtead Capital, Inc.<sup>(a)(b)</sup> | Ashtead Capital, Inc.<sup>(a)(b)</sup> | Ashtead Capital, Inc.<sup>(a)(b)</sup> |
| 925000 | 1.500 | 08/12/26 | 788785 |
| 525000 | 2.450 | 08/12/31 | 405410 |
| DP World Ltd. | DP World Ltd. | DP World Ltd. | DP World Ltd. |
| 360000 | 5.625 | 09/25/48 | 336105 |
| Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
| 1150000 | 4.450 <sup>(a)</sup> | 06/01/28 | 1069925 |
| PayPal Holdings, Inc.<sup>(a)</sup> | PayPal Holdings, Inc.<sup>(a)</sup> | PayPal Holdings, Inc.<sup>(a)</sup> | PayPal Holdings, Inc.<sup>(a)</sup> |
| 1100000 | 4.400 | 06/01/32 | 1036200 |
| 1100000 | 5.050 | 06/01/52 | 1003926 |
|  |  |  | 4640351 |
| **Computers – 2.1%** | **Computers – 2.1%** | **Computers – 2.1%** | **Computers – 2.1%** |
| Apple, Inc. | Apple, Inc. | Apple, Inc. | Apple, Inc. |
| 1102000 | 3.850 | 05/04/43 | 957462 |
| Dell International LLC/EMC Corp.<sup>(a)</sup> | Dell International LLC/EMC Corp.<sup>(a)</sup> | Dell International LLC/EMC Corp.<sup>(a)</sup> | Dell International LLC/EMC Corp.<sup>(a)</sup> |
| 3405000 | 6.020 | 06/15/26 | 3476130 |
| 375000 | 4.900 | 10/01/26 | 369427 |
| 1599000 | 5.300 | 10/01/29 | 1560720 |
| 225000 | 6.200 | 07/15/30 | 229091 |
| Dell, Inc. | Dell, Inc. | Dell, Inc. | Dell, Inc. |
| 2075000 | 7.100 | 04/15/28 | 2221495 |
| Hewlett Packard Enterprise Co.<sup>(a)</sup> | Hewlett Packard Enterprise Co.<sup>(a)</sup> | Hewlett Packard Enterprise Co.<sup>(a)</sup> | Hewlett Packard Enterprise Co.<sup>(a)</sup> |
| 341000 | 6.200 | 10/15/35 | 351537 |
| 80000 | 6.350 | 10/15/45 | 79966 |
| HP, Inc.<sup>(a)</sup> | HP, Inc.<sup>(a)</sup> | HP, Inc.<sup>(a)</sup> | HP, Inc.<sup>(a)</sup> |
| 1325000 | 1.450 | 06/17/26 | 1161813 |
| 1565000 | 4.000 | 04/15/29 | 1432914 |
| International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. |
| 850000 | 3.430 <sup>(a)</sup> | 02/09/52 | 600006 |
|  |  |  | 12440561 |
| **Diversified Financial Services – 5.1%** | **Diversified Financial Services – 5.1%** | **Diversified Financial Services – 5.1%** | **Diversified Financial Services – 5.1%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust<sup>(a)</sup> | AerCap Ireland Capital DAC/AerCap Global Aviation Trust<sup>(a)</sup> | AerCap Ireland Capital DAC/AerCap Global Aviation Trust<sup>(a)</sup> | AerCap Ireland Capital DAC/AerCap Global Aviation Trust<sup>(a)</sup> |
| 2125000 | 4.875 | 01/16/24 | 2104749 |
| 3385000 | 6.500 | 07/15/25 | 3438686 |
| 775000 | 3.000 | 10/29/28 | 650450 |
| Air Lease Corp.<sup>(a)</sup> | Air Lease Corp.<sup>(a)</sup> | Air Lease Corp.<sup>(a)</sup> | Air Lease Corp.<sup>(a)</sup> |
| 2150000 | 3.375 | 07/01/25 | 2027622 |
| 3525000 | 2.875 | 01/15/26 | 3263903 |
| 1475000 | 3.750 | 06/01/26 | 1381795 |
| 325000 | 3.625 | 04/01/27 | 296381 |
| Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
| 950000 | 4.625 | 03/30/25 | 927409 |
| 1335000 | 4.750 <sup>(a)</sup> | 06/09/27 | 1254179 |
| 1575000 | 2.200 <sup>(a)</sup> | 11/02/28 | 1232075 |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Diversified Financial Services – (continued)** | **Diversified Financial Services – (continued)** | **Diversified Financial Services – (continued)** | **Diversified Financial Services – (continued)** |
| Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
| 2675000 | 1.950 <sup>%(a)(b)</sup> | 01/30/26 | $2330353 |
| Avolon Holdings Funding Ltd.<sup>(a)(b)</sup>  | Avolon Holdings Funding Ltd.<sup>(a)(b)</sup>  | Avolon Holdings Funding Ltd.<sup>(a)(b)</sup>  | Avolon Holdings Funding Ltd.<sup>(a)(b)</sup>  |
| 750000 | 3.950 | 07/01/24 | 718860 |
| 3750000 | 4.250 | 04/15/26 | 3402487 |
| 1450000 | 3.250 | 02/15/27 | 1244883 |
| Capital One Financial Corp. (SOFR + 0.690%) | Capital One Financial Corp. (SOFR + 0.690%) | Capital One Financial Corp. (SOFR + 0.690%) | Capital One Financial Corp. (SOFR + 0.690%) |
| 975000 | 4.963 <sup>(a)(c)</sup> | 12/06/24 | 955714 |
| Discover Financial Services | Discover Financial Services | Discover Financial Services | Discover Financial Services |
| 800000 | 4.100 <sup>(a)</sup> | 02/09/27 | 752944 |
| Intercontinental Exchange, Inc.<sup>(a)</sup>  | Intercontinental Exchange, Inc.<sup>(a)</sup>  | Intercontinental Exchange, Inc.<sup>(a)</sup>  | Intercontinental Exchange, Inc.<sup>(a)</sup>  |
| 995000 | 4.350 | 06/15/29 | 962603 |
| 1125000 | 2.650 | 09/15/40 | 782674 |
| Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
| 2375000 | 1.653 | 07/14/26 | 2072757 |
|  |  |  | 29800524 |
| **Electrical – 3.2%** | **Electrical – 3.2%** | **Electrical – 3.2%** | **Electrical – 3.2%** |
| American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |
| 350000 | 2.300 <sup>(a)</sup> | 03/01/30 | 286531 |
| Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. |
| 767000 | 6.125 | 04/01/36 | 805772 |
| CMS Energy Corp. | CMS Energy Corp. | CMS Energy Corp. | CMS Energy Corp. |
| 500000 | 4.875 <sup>(a)</sup> | 03/01/44 | 454970 |
| Dominion Energy, Inc.<sup>(a)</sup>  | Dominion Energy, Inc.<sup>(a)</sup>  | Dominion Energy, Inc.<sup>(a)</sup>  | Dominion Energy, Inc.<sup>(a)</sup>  |
| 2325000 | 3.375 | 04/01/30 | 2048394 |
| Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
| 400000 | 4.800 <sup>(a)</sup> | 12/15/45 | 351460 |
| Duquesne Light Holdings, Inc. | Duquesne Light Holdings, Inc. | Duquesne Light Holdings, Inc. | Duquesne Light Holdings, Inc. |
| 1075000 | 2.532 <sup>(a)(b)</sup> | 10/01/30 | 854206 |
| Enel Finance International NV | Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
| 2275000 | 1.875 <sup>(a)(b)</sup> | 07/12/28 | 1807806 |
| FirstEnergy Corp.<sup>(a)</sup>  | FirstEnergy Corp.<sup>(a)</sup>  | FirstEnergy Corp.<sup>(a)</sup>  | FirstEnergy Corp.<sup>(a)</sup>  |
| 525000 | 2.050 | 03/01/25 | 485893 |
| 475000 | 2.650 | 03/01/30 | 388949 |
| Korea Hydro & Nuclear Power Co., Ltd. | Korea Hydro & Nuclear Power Co., Ltd. | Korea Hydro & Nuclear Power Co., Ltd. | Korea Hydro & Nuclear Power Co., Ltd. |
| 1060000 | 4.250 <sup>(b)</sup> | 07/27/27 | 1014155 |
| NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
| 2055000 | 1.900 <sup>(a)</sup> | 06/15/28 | 1758628 |
| Pacific Gas & Electric Co.<sup>(a)</sup>  | Pacific Gas & Electric Co.<sup>(a)</sup>  | Pacific Gas & Electric Co.<sup>(a)</sup>  | Pacific Gas & Electric Co.<sup>(a)</sup>  |
| 250000 | 2.950 | 03/01/26 | 229875 |
| 675000 | 2.100 | 08/01/27 | 577962 |
| Progress Energy, Inc. | Progress Energy, Inc. | Progress Energy, Inc. | Progress Energy, Inc. |
| 1400000 | 7.000 | 10/30/31 | 1526042 |
| Public Service Electric & Gas Co. | Public Service Electric & Gas Co. | Public Service Electric & Gas Co. | Public Service Electric & Gas Co. |
| 975000 | 3.950 <sup>(a)</sup> | 05/01/42 | 817099 |
| Sempra Energy<sup>(a)</sup>  | Sempra Energy<sup>(a)</sup>  | Sempra Energy<sup>(a)</sup>  | Sempra Energy<sup>(a)</sup>  |
| 2020000 | 3.400 | 02/01/28 | 1876984 |
| 1125000 | 3.800 | 02/01/38 | 922331 |
| Southern California Edison Co.<sup>(a)</sup>  | Southern California Edison Co.<sup>(a)</sup>  | Southern California Edison Co.<sup>(a)</sup>  | Southern California Edison Co.<sup>(a)</sup>  |
| 1325000 | 4.200 | 03/01/29 | 1260485 |
| 275000 | 4.050 | 03/15/42 | 219596 |
| Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
| 975000 | 4.300 <sup>(a)(b)</sup> | 07/15/29 | 875160 |
|  |  |  | 18562298 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Engineering & Construction<sup>(a)</sup> – 0.3%** | **Engineering & Construction<sup>(a)</sup> – 0.3%** | **Engineering & Construction<sup>(a)</sup> – 0.3%** | **Engineering & Construction<sup>(a)</sup> – 0.3%** |
| Cellnex Finance Co. SA | Cellnex Finance Co. SA | Cellnex Finance Co. SA | Cellnex Finance Co. SA |
| 600000 | 1.250% | 01/15/29 | $514227 |
| Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust |
| 240000 | 3.875 <sup>(b)</sup> | 04/30/28 | 218520 |
| 800000 | 5.500 | 07/31/47 | 616000 |
| 220000 | 5.500 <sup>(b)</sup> | 07/31/47 | 169400 |
|  |  |  | 1518147 |
| **Entertainment<sup>(a)(b)</sup> – 0.8%** | **Entertainment<sup>(a)(b)</sup> – 0.8%** | **Entertainment<sup>(a)(b)</sup> – 0.8%** | **Entertainment<sup>(a)(b)</sup> – 0.8%** |
| Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
| 450000 | 4.054 | 03/15/29 | 390019 |
| 100000 | 4.279 | 03/15/32 | 82452 |
| 4114000 | 5.050 | 03/15/42 | 3163666 |
| 1750000 | 5.141 | 03/15/52 | 1284990 |
|  |  |  | 4921127 |
| **Environmental<sup>(a)</sup> – 0.7%** | **Environmental<sup>(a)</sup> – 0.7%** | **Environmental<sup>(a)</sup> – 0.7%** | **Environmental<sup>(a)</sup> – 0.7%** |
| Republic Services, Inc. | Republic Services, Inc. | Republic Services, Inc. | Republic Services, Inc. |
| 3500000 | 2.375 | 03/15/33 | 2785335 |
| Waste Connections, Inc. | Waste Connections, Inc. | Waste Connections, Inc. | Waste Connections, Inc. |
| 525000 | 3.200 | 06/01/32 | 449400 |
| 433000 | 4.200 | 01/15/33 | 402257 |
| Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. |
| 448000 | 4.150 | 04/15/32 | 425945 |
|  |  |  | 4062937 |
| **Food & Drug Retailing<sup>(a)</sup> – 1.6%** | **Food & Drug Retailing<sup>(a)</sup> – 1.6%** | **Food & Drug Retailing<sup>(a)</sup> – 1.6%** | **Food & Drug Retailing<sup>(a)</sup> – 1.6%** |
| Grupo Bimbo SAB de CV | Grupo Bimbo SAB de CV | Grupo Bimbo SAB de CV | Grupo Bimbo SAB de CV |
| 1070000 | 4.700 | 11/10/47 | 903013 |
| Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
| 2686000 | 3.875 | 05/15/27 | 2566312 |
| 2560000 | 3.750 | 04/01/30 | 2333159 |
| Sysco Corp. | Sysco Corp. | Sysco Corp. | Sysco Corp. |
| 2625000 | 5.950 | 04/01/30 | 2722020 |
| 150000 | 6.600 | 04/01/40 | 159840 |
| 75000 | 4.450 | 03/15/48 | 61652 |
| 550000 | 6.600 | 04/01/50 | 599115 |
|  |  |  | 9345111 |
| **Gas<sup>(a)</sup> – 0.1%** | **Gas<sup>(a)</sup> – 0.1%** | **Gas<sup>(a)</sup> – 0.1%** | **Gas<sup>(a)</sup> – 0.1%** |
| NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
| 850000 | 3.600 | 05/01/30 | 757826 |
| **Healthcare Providers & Services – 2.8%** | **Healthcare Providers & Services – 2.8%** | **Healthcare Providers & Services – 2.8%** | **Healthcare Providers & Services – 2.8%** |
| Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. |
| 950000 | 4.250 <sup>(a)</sup> | 12/15/27 | 892098 |
| CommonSpirit Health | CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |
| 150000 | 4.350 | 11/01/42 | 126555 |
| 510000 | 6.461 | 11/01/52 | 544269 |
| GE Healthcare Holding LLC | GE Healthcare Holding LLC | GE Healthcare Holding LLC | GE Healthcare Holding LLC |
| 900000 | 6.377 | 11/22/52 | 964989 |
| HCA, Inc.<sup>(a)</sup>  | HCA, Inc.<sup>(a)</sup>  | HCA, Inc.<sup>(a)</sup>  | HCA, Inc.<sup>(a)</sup>  |
| 2850000 | 5.250 | 06/15/26 | 2816684 |
| 2605000 | 3.500 | 09/01/30 | 2241342 |
| Novant Health, Inc. | Novant Health, Inc. | Novant Health, Inc. | Novant Health, Inc. |
| 710000 | 3.168 <sup>(a)</sup> | 11/01/51 | 490350 |
| PerkinElmer, Inc. | PerkinElmer, Inc. | PerkinElmer, Inc. | PerkinElmer, Inc. |
| 1200000 | 3.300 <sup>(a)</sup> | 09/15/29 | 1046232 |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT 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)** |
| STERIS Irish FinCo UnLtd Co. | STERIS Irish FinCo UnLtd Co. | STERIS Irish FinCo UnLtd Co. | STERIS Irish FinCo UnLtd Co. |
| 218000 | 2.700 %<sup>(a)</sup> | 03/15/31 | $177114 |
| UnitedHealth Group, Inc.<sup>(a)</sup>  | UnitedHealth Group, Inc.<sup>(a)</sup>  | UnitedHealth Group, Inc.<sup>(a)</sup>  | UnitedHealth Group, Inc.<sup>(a)</sup>  |
| 275000 | 4.200 | 05/15/32 | 261379 |
| 1425000 | 2.750 | 05/15/40 | 1038141 |
| 371000 | 4.750 | 05/15/52 | 343813 |
| 2150000 | 5.875 | 02/15/53 | 2334341 |
| 3000000 | 6.050 | 02/15/63 | 3303450 |
|  |  |  | 16580757 |
| **Home Builders<sup>(a)</sup> – 0.1%** | **Home Builders<sup>(a)</sup> – 0.1%** | **Home Builders<sup>(a)</sup> – 0.1%** | **Home Builders<sup>(a)</sup> – 0.1%** |
| Lennar Corp. | Lennar Corp. | Lennar Corp. | Lennar Corp. |
| 525000 | 4.750 | 11/29/27 | 504819 |
| **Insurance – 1.6%** | **Insurance – 1.6%** | **Insurance – 1.6%** | **Insurance – 1.6%** |
| American International Group, Inc. | American International Group, Inc. | American International Group, Inc. | American International Group, Inc. |
| 700000 | 6.250 | 05/01/36 | 738612 |
| 598000 | 4.500 <sup>(a)</sup> | 07/16/44 | 516840 |
| 200000 | 4.800 <sup>(a)</sup> | 07/10/45 | 178888 |
| Arch Capital Finance LLC<sup>(a)</sup>  | Arch Capital Finance LLC<sup>(a)</sup>  | Arch Capital Finance LLC<sup>(a)</sup>  | Arch Capital Finance LLC<sup>(a)</sup>  |
| 400000 | 4.011 | 12/15/26 | 382060 |
| 323000 | 5.031 | 12/15/46 | 278087 |
| Arch Capital Group Ltd. | Arch Capital Group Ltd. | Arch Capital Group Ltd. | Arch Capital Group Ltd. |
| 595000 | 7.350 | 05/01/34 | 658879 |
| Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. |
| 1190000 | 3.900 <sup>(a)(b)</sup> | 04/05/32 | 1042321 |
| Great-West Lifeco Finance 2018 LP | Great-West Lifeco Finance 2018 LP | Great-West Lifeco Finance 2018 LP | Great-West Lifeco Finance 2018 LP |
| 459000 | 4.047 <sup>(a)(b)</sup> | 05/17/28 | 430280 |
| MetLife, Inc. | MetLife, Inc. | MetLife, Inc. | MetLife, Inc. |
| 625000 | 6.375 | 06/15/34 | 694325 |
| 475000 | 4.721 | 12/15/44 | 430231 |
| Principal Financial Group, Inc. | Principal Financial Group, Inc. | Principal Financial Group, Inc. | Principal Financial Group, Inc. |
| 150000 | 6.050 | 10/15/36 | 154293 |
| Prudential Financial, Inc. | Prudential Financial, Inc. | Prudential Financial, Inc. | Prudential Financial, Inc. |
| 1850000 | 5.700 | 12/14/36 | 1909089 |
| Teachers Insurance & Annuity Association of America | Teachers Insurance & Annuity Association of America | Teachers Insurance & Annuity Association of America | Teachers Insurance & Annuity Association of America |
| 890000 | 4.900 <sup>(b)</sup> | 09/15/44 | 814217 |
| The Hartford Financial Services Group, Inc. | The Hartford Financial Services Group, Inc. | The Hartford Financial Services Group, Inc. | The Hartford Financial Services Group, Inc. |
| 200000 | 6.625 | 04/15/42 | 205842 |
| Willis North America, Inc. | Willis North America, Inc. | Willis North America, Inc. | Willis North America, Inc. |
| 1200000 | 2.950 <sup>(a)</sup> | 09/15/29 | 1009164 |
|  |  |  | 9443128 |
| **Internet – 1.4%** | **Internet – 1.4%** | **Internet – 1.4%** | **Internet – 1.4%** |
| Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. |
| 375000 | 4.950 <sup>(a)</sup> | 12/05/44 | 370399 |
| Expedia Group, Inc.<sup>(a)</sup>  | Expedia Group, Inc.<sup>(a)</sup>  | Expedia Group, Inc.<sup>(a)</sup>  | Expedia Group, Inc.<sup>(a)</sup>  |
| 775000 | 4.625 | 08/01/27 | 743899 |
| 400000 | 3.250 | 02/15/30 | 339472 |
| 196000 | 2.950 | 03/15/31 | 157807 |
| Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
| 2043000 | 3.850 | 08/15/32 | 1797711 |
| 888000 | 4.450 | 08/15/52 | 705650 |
| Netflix, Inc. | Netflix, Inc. | Netflix, Inc. | Netflix, Inc. |
| 3515000 | 4.875 <sup>(a)(b)</sup> | 06/15/30 | 3287193 |
| Prosus NV<sup>(a)</sup>  | Prosus NV<sup>(a)</sup>  | Prosus NV<sup>(a)</sup>  | Prosus NV<sup>(a)</sup>  |
| 200000 | 3.680 <sup>(b)</sup> | 01/21/30 | 165787 |
| 200000 | 3.680 | 01/21/30 | 165788 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Internet – (continued)** | **Internet – (continued)** | **Internet – (continued)** | **Internet – (continued)** |
| Prosus NV<sup>(a)</sup> – (continued) | Prosus NV<sup>(a)</sup> – (continued) | Prosus NV<sup>(a)</sup> – (continued) | Prosus NV<sup>(a)</sup> – (continued) |
| 580000 | 3.061% | 07/13/31 | $449477 |
|  |  |  | 8183183 |
| **Investment Companies<sup>(a)</sup> – 0.4%** | **Investment Companies<sup>(a)</sup> – 0.4%** | **Investment Companies<sup>(a)</sup> – 0.4%** | **Investment Companies<sup>(a)</sup> – 0.4%** |
| Blackstone Private Credit Fund | Blackstone Private Credit Fund | Blackstone Private Credit Fund | Blackstone Private Credit Fund |
| 2425000 | 2.625 | 12/15/26 | 2008337 |
| 125000 | 3.250 | 03/15/27 | 105341 |
| JAB Holdings B.V. | JAB Holdings B.V. | JAB Holdings B.V. | JAB Holdings B.V. |
| 700000 | 2.200 <sup>(b)</sup> | 11/23/30 | 524671 |
|  |  |  | 2638349 |
| **Iron/Steel – 0.4%** | **Iron/Steel – 0.4%** | **Iron/Steel – 0.4%** | **Iron/Steel – 0.4%** |
| ArcelorMittal SA | ArcelorMittal SA | ArcelorMittal SA | ArcelorMittal SA |
| 950000 | 4.550 | 03/11/26 | 921671 |
| Steel Dynamics, Inc. | Steel Dynamics, Inc. | Steel Dynamics, Inc. | Steel Dynamics, Inc. |
| 1950000 | 1.650 <sup>(a)</sup> | 10/15/27 | 1633905 |
|  |  |  | 2555576 |
| **Lodging<sup>(a)</sup> – 0.8%** | **Lodging<sup>(a)</sup> – 0.8%** | **Lodging<sup>(a)</sup> – 0.8%** | **Lodging<sup>(a)</sup> – 0.8%** |
| Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
| 2925000 | 4.850 | 03/15/26 | 2870683 |
| Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
| 800000 | 5.000 | 10/15/27 | 790192 |
| 543000 | 4.000 | 04/15/28 | 505935 |
| 675000 | 4.650 | 12/01/28 | 647669 |
|  |  |  | 4814479 |
| **Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.1%** | **Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.1%** | **Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.1%** | **Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.1%** |
| The Weir Group PLC | The Weir Group PLC | The Weir Group PLC | The Weir Group PLC |
| 925000 | 2.200 | 05/13/26 | 823602 |
| **Machinery-Diversified<sup>(a)</sup> – 0.0%** | **Machinery-Diversified<sup>(a)</sup> – 0.0%** | **Machinery-Diversified<sup>(a)</sup> – 0.0%** | **Machinery-Diversified<sup>(a)</sup> – 0.0%** |
| Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. |
| 325000 | 3.112 | 02/15/40 | 239548 |
| **Media – 3.8%** | **Media – 3.8%** | **Media – 3.8%** | **Media – 3.8%** |
| Charter Communications Operating LLC/Charter Communications Operating Capital<sup>(a)</sup>  | Charter Communications Operating LLC/Charter Communications Operating Capital<sup>(a)</sup>  | Charter Communications Operating LLC/Charter Communications Operating Capital<sup>(a)</sup>  | Charter Communications Operating LLC/Charter Communications Operating Capital<sup>(a)</sup>  |
| 6750000 | 4.908 | 07/23/25 | 6619725 |
| 1050000 | 3.750 | 02/15/28 | 950880 |
| 5125000 | 4.200 | 03/15/28 | 4708184 |
| 625000 | 6.384 | 10/23/35 | 610375 |
| 300000 | 6.484 | 10/23/45 | 271878 |
| Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. |
| 150000 | 3.250 <sup>(a)</sup> | 11/01/39 | 117089 |
| 475000 | 3.750 <sup>(a)</sup> | 04/01/40 | 392188 |
| 75000 | 4.750 | 03/01/44 | 68231 |
| 525000 | 3.400 <sup>(a)</sup> | 07/15/46 | 384878 |
| Discovery Communications LLC | Discovery Communications LLC | Discovery Communications LLC | Discovery Communications LLC |
| 3125000 | 4.900 <sup>(a)</sup> | 03/11/26 | 3029969 |
| Fox Corp. | Fox Corp. | Fox Corp. | Fox Corp. |
| 225000 | 5.476 <sup>(a)</sup> | 01/25/39 | 204554 |
| The Walt Disney Co. | The Walt Disney Co. | The Walt Disney Co. | The Walt Disney Co. |
| 1400000 | 6.400 | 12/15/35 | 1531600 |
| 1100000 | 4.625 <sup>(a)</sup> | 03/23/40 | 1028247 |
| Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC |
| 675000 | 5.875 <sup>(a)</sup> | 11/15/40 | 587560 |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT 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)** |
| Time Warner Entertainment Co. LP | Time Warner Entertainment Co. LP | Time Warner Entertainment Co. LP | Time Warner Entertainment Co. LP |
| 1600000 | 8.375% | 07/15/33 | $1785744 |
|  |  |  | 22291102 |
| **Mining – 0.8%** | **Mining – 0.8%** | **Mining – 0.8%** | **Mining – 0.8%** |
| Glencore Finance Canada Ltd. | Glencore Finance Canada Ltd. | Glencore Finance Canada Ltd. | Glencore Finance Canada Ltd. |
| 525000 | 5.550 <sup>(b)</sup> | 10/25/42 | 468169 |
| Glencore Funding LLC<sup>(a)(b)</sup>  | Glencore Funding LLC<sup>(a)(b)</sup>  | Glencore Funding LLC<sup>(a)(b)</sup>  | Glencore Funding LLC<sup>(a)(b)</sup>  |
| 925000 | 2.850 | 04/27/31 | 758370 |
| 725000 | 2.625 | 09/23/31 | 577963 |
| Newcrest Finance Pty Ltd. | Newcrest Finance Pty Ltd. | Newcrest Finance Pty Ltd. | Newcrest Finance Pty Ltd. |
| 950000 | 3.250 <sup>(a)(b)</sup> | 05/13/30 | 794589 |
| Newmont Corp. | Newmont Corp. | Newmont Corp. | Newmont Corp. |
| 1300000 | 2.600 <sup>(a)</sup> | 07/15/32 | 1035827 |
| Teck Resources Ltd. | Teck Resources Ltd. | Teck Resources Ltd. | Teck Resources Ltd. |
| 950000 | 3.900 <sup>(a)</sup> | 07/15/30 | 852568 |
|  |  |  | 4487486 |
| **Miscellaneous Manufacturing – 1.0%** | **Miscellaneous Manufacturing – 1.0%** | **Miscellaneous Manufacturing – 1.0%** | **Miscellaneous Manufacturing – 1.0%** |
| Eaton Corp. | Eaton Corp. | Eaton Corp. | Eaton Corp. |
| 1350000 | 4.150 <sup>(a)</sup> | 03/15/33 | 1257755 |
| GE Capital International Funding Co. | GE Capital International Funding Co. | GE Capital International Funding Co. | GE Capital International Funding Co. |
| 1700000 | 4.418 | 11/15/35 | 1566023 |
| General Electric Co. | General Electric Co. | General Electric Co. | General Electric Co. |
| 900000 | 6.750 | 03/15/32 | 997371 |
| 625000 | 6.150 | 08/07/37 | 631175 |
| 1294000 | 5.875 | 01/14/38 | 1318301 |
|  |  |  | 5770625 |
| **Multi-National<sup>(a)(b)</sup> - 0.0%** | **Multi-National<sup>(a)(b)</sup> - 0.0%** | **Multi-National<sup>(a)(b)</sup> - 0.0%** | **Multi-National<sup>(a)(b)</sup> - 0.0%** |
| The African Export-Import Bank | The African Export-Import Bank | The African Export-Import Bank | The African Export-Import Bank |
| 200000 | 3.798 | 05/17/31 | 165010 |
| **Oil Field Services – 1.7%** | **Oil Field Services – 1.7%** | **Oil Field Services – 1.7%** | **Oil Field Services – 1.7%** |
| Aker BP ASA | Aker BP ASA | Aker BP ASA | Aker BP ASA |
| 1550000 | 2.000 <sup>(a)(b)</sup> | 07/15/26 | 1371796 |
| BP Capital Markets America, Inc.<sup>(a)</sup>  | BP Capital Markets America, Inc.<sup>(a)</sup>  | BP Capital Markets America, Inc.<sup>(a)</sup>  | BP Capital Markets America, Inc.<sup>(a)</sup>  |
| 175000 | 4.234 | 11/06/28 | 169451 |
| 1575000 | 2.721 | 01/12/32 | 1318448 |
| Continental Resources, Inc. | Continental Resources, Inc. | Continental Resources, Inc. | Continental Resources, Inc. |
| 625000 | 4.375 <sup>(a)</sup> | 01/15/28 | 569256 |
| Marathon Petroleum Corp. | Marathon Petroleum Corp. | Marathon Petroleum Corp. | Marathon Petroleum Corp. |
| 2095000 | 3.800 <sup>(a)</sup> | 04/01/28 | 1936408 |
| Ovintiv Exploration, Inc. | Ovintiv Exploration, Inc. | Ovintiv Exploration, Inc. | Ovintiv Exploration, Inc. |
| 800000 | 5.375 <sup>(a)</sup> | 01/01/26 | 792408 |
| Ovintiv, Inc. | Ovintiv, Inc. | Ovintiv, Inc. | Ovintiv, Inc. |
| 1025000 | 8.125 | 09/15/30 | 1121473 |
| Pertamina Persero PT | Pertamina Persero PT | Pertamina Persero PT | Pertamina Persero PT |
| 370000 | 4.175 <sup>(a)</sup> | 01/21/50 | 280229 |
| Qatar Energy<sup>(a)(b)</sup>  | Qatar Energy<sup>(a)(b)</sup>  | Qatar Energy<sup>(a)(b)</sup>  | Qatar Energy<sup>(a)(b)</sup>  |
| 200000 | 3.125 | 07/12/41 | 152913 |
| 530000 | 3.300 | 07/12/51 | 387993 |
| Reliance Industries Ltd. | Reliance Industries Ltd. | Reliance Industries Ltd. | Reliance Industries Ltd. |
| 890000 | 3.625 <sup>(b)</sup> | 01/12/52 | 583724 |
| Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
| 1100000 | 3.500 | 04/16/29 | 1004300 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Shell International Finance B.V. | Shell International Finance B.V. | Shell International Finance B.V. | Shell International Finance B.V. |
| 225000 | 6.375% | 12/15/38 | $248315 |
|  |  |  | 9936714 |
| **Packaging<sup>(a)</sup> - 0.5%** | **Packaging<sup>(a)</sup> - 0.5%** | **Packaging<sup>(a)</sup> - 0.5%** | **Packaging<sup>(a)</sup> - 0.5%** |
| Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
| 1800000 | 1.570 | 01/15/26 | 1607238 |
| 1225000 | 1.650 | 01/15/27 | 1044484 |
|  |  |  | 2651722 |
| **Pharmaceuticals<sup>(a)</sup> –2.9%** | **Pharmaceuticals<sup>(a)</sup> –2.9%** | **Pharmaceuticals<sup>(a)</sup> –2.9%** | **Pharmaceuticals<sup>(a)</sup> –2.9%** |
| AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
| 2475000 | 4.550 | 03/15/35 | 2313704 |
| 2850000 | 4.500 | 05/14/35 | 2653207 |
| 350000 | 4.050 | 11/21/39 | 299747 |
| 775000 | 4.875 | 11/14/48 | 713635 |
| Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. |
| 439000 | 4.685 | 12/15/44 | 390649 |
| 175000 | 4.669 | 06/06/47 | 154357 |
| Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. |
| 425000 | 4.350 | 11/15/47 | 375522 |
| Cigna Corp. | Cigna Corp. | Cigna Corp. | Cigna Corp. |
| 2350000 | 2.400 | 03/15/30 | 1969182 |
| 175000 | 4.800 | 07/15/46 | 157329 |
| 2200000 | 4.900 | 12/15/48 | 1997116 |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| 750000 | 2.125 | 09/15/31 | 594375 |
| 1125000 | 4.875 | 07/20/35 | 1067715 |
| 823000 | 4.780 | 03/25/38 | 754090 |
| 2543000 | 5.125 | 07/20/45 | 2317131 |
| Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. |
| 1425000 | 4.375 | 03/15/26 | 1326376 |
|  |  |  | 17084135 |
| **Pipelines – 3.5%** | **Pipelines – 3.5%** | **Pipelines – 3.5%** | **Pipelines – 3.5%** |
| Abu Dhabi Crude Oil Pipeline LLC | Abu Dhabi Crude Oil Pipeline LLC | Abu Dhabi Crude Oil Pipeline LLC | Abu Dhabi Crude Oil Pipeline LLC |
| 490000 | 4.600 <sup>(b)</sup> | 11/02/47 | 449054 |
| Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
| 2125000 | 2.500 <sup>(a)</sup> | 08/01/33 | 1636994 |
| Energy Transfer LP<sup>(a)</sup>  | Energy Transfer LP<sup>(a)</sup>  | Energy Transfer LP<sup>(a)</sup>  | Energy Transfer LP<sup>(a)</sup>  |
| 750000 | 2.900 | 05/15/25 | 706657 |
| 550000 | 5.950 | 12/01/25 | 558195 |
| 525000 | 4.200 | 04/15/27 | 495506 |
| 300000 | 5.500 | 06/01/27 | 298164 |
| 354000 | 4.950 | 05/15/28 | 339900 |
| 456000 | 5.150 | 03/15/45 | 378567 |
| Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC |
| 1425000 | 6.875 | 03/01/33 | 1557254 |
| 575000 | 4.800 <sup>(a)</sup> | 02/01/49 | 496800 |
| Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. |
| 200000 | 2.625 <sup>(b)</sup> | 03/31/36 | 160288 |
| Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP |
| 1100000 | 7.750 | 03/15/32 | 1216226 |
| 650000 | 6.550 | 09/15/40 | 653387 |
| MPLX LP<sup>(a)</sup>  | MPLX LP<sup>(a)</sup>  | MPLX LP<sup>(a)</sup>  | MPLX LP<sup>(a)</sup>  |
| 600000 | 2.650 | 08/15/30 | 486798 |
| 950000 | 4.500 | 04/15/38 | 798456 |
| 520000 | 5.500 | 02/15/49 | 459971 |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT 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)** |
| Plains All American Pipeline LP/PAA Finance Corp.<sup>(a)</sup>  | Plains All American Pipeline LP/PAA Finance Corp.<sup>(a)</sup>  | Plains All American Pipeline LP/PAA Finance Corp.<sup>(a)</sup>  | Plains All American Pipeline LP/PAA Finance Corp.<sup>(a)</sup>  |
| 2444000 | 4.650% | 10/15/25 | $2393091 |
| 325000 | 4.500 | 12/15/26 | 312471 |
| 1125000 | 3.800 | 09/15/30 | 978064 |
| Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC |
| 900000 | 5.000 <sup>(a)</sup> | 03/15/27 | 882891 |
| Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
| 220000 | 4.200 <sup>(a)</sup> | 02/01/33 | 189407 |
| 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. |
| 775000 | 4.875 <sup>(a)</sup> | 02/01/31 | 700251 |
| The Williams Cos., Inc.<sup>(a)</sup>  | The Williams Cos., Inc.<sup>(a)</sup>  | The Williams Cos., Inc.<sup>(a)</sup>  | The Williams Cos., Inc.<sup>(a)</sup>  |
| 1350000 | 4.650 | 08/15/32 | 1259239 |
| Valero Energy Partners LP | Valero Energy Partners LP | Valero Energy Partners LP | Valero Energy Partners LP |
| 675000 | 4.500 <sup>(a)</sup> | 03/15/28 | 655027 |
| Western Midstream Operating LP<sup>(a)</sup>  | Western Midstream Operating LP<sup>(a)</sup>  | Western Midstream Operating LP<sup>(a)</sup>  | Western Midstream Operating LP<sup>(a)</sup>  |
| 725000 | 3.350 | 02/01/25 | 686010 |
| 2200000 | 5.450 | 04/01/44 | 1837484 |
|  |  |  | 20586152 |
| **Real Estate Investment Trust<sup>(a)</sup> - 3.6%** | **Real Estate Investment Trust<sup>(a)</sup> - 3.6%** | **Real Estate Investment Trust<sup>(a)</sup> - 3.6%** | **Real Estate Investment Trust<sup>(a)</sup> - 3.6%** |
| Agree LP | Agree LP | Agree LP | Agree LP |
| 295000 | 4.800 | 10/01/32 | 271291 |
| American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
| 225000 | 2.375 | 07/15/31 | 173045 |
| Camden Property Trust | Camden Property Trust | Camden Property Trust | Camden Property Trust |
| 1975000 | 3.150 | 07/01/29 | 1762569 |
| Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
| 2100000 | 3.650 | 09/01/27 | 1952727 |
| 100000 | 2.900 | 04/01/41 | 68590 |
| CubeSmart LP | CubeSmart LP | CubeSmart LP | CubeSmart LP |
| 555000 | 2.500 | 02/15/32 | 425002 |
| Digital Realty Trust LP | Digital Realty Trust LP | Digital Realty Trust LP | Digital Realty Trust LP |
| 425000 | 3.700 | 08/15/27 | 395021 |
| Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP |
| 2375000 | 3.000 | 01/15/30 | 2007944 |
| GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
| 2886000 | 5.375 | 04/15/26 | 2845740 |
| Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP |
| 875000 | 2.050 | 03/15/31 | 637954 |
| Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
| 400000 | 4.500 | 02/01/26 | 383264 |
| 950000 | 2.900 | 12/15/31 | 727282 |
| Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
| 600000 | 2.300 | 11/15/28 | 495840 |
| Kimco Realty Corp. | Kimco Realty Corp. | Kimco Realty Corp. | Kimco Realty Corp. |
| 1100000 | 3.800 | 04/01/27 | 1028467 |
| 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. |
| 950000 | 4.625 | 08/01/29 | 735937 |
| National Retail Properties, Inc. | National Retail Properties, Inc. | National Retail Properties, Inc. | National Retail Properties, Inc. |
| 1300000 | 3.600 | 12/15/26 | 1211015 |
| Prologis LP | Prologis LP | Prologis LP | Prologis LP |
| 1125000 | 4.625 | 01/15/33 | 1089765 |
| Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
| 1450000 | 2.850 | 12/15/32 | 1177791 |
| Simon Property Group LP | Simon Property Group LP | Simon Property Group LP | Simon Property Group LP |
| 1250000 | 2.250 | 01/15/32 | 973000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Real Estate Investment Trust<sup>(a)</sup> – (continued)** | **Real Estate Investment Trust<sup>(a)</sup> – (continued)** | **Real Estate Investment Trust<sup>(a)</sup> – (continued)** | **Real Estate Investment Trust<sup>(a)</sup> – (continued)** |
| Spirit Realty LP | Spirit Realty LP | Spirit Realty LP | Spirit Realty LP |
| 1125000 | 4.000% | 07/15/29 | $978120 |
| WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. |
| 1225000 | 3.850 | 07/15/29 | 1101385 |
| 975000 | 2.400 | 02/01/31 | 777085 |
| 100000 | 2.450 | 02/01/32 | 77806 |
|  |  |  | 21296640 |
| **Retailing<sup>(a)</sup> - 2.8%** | **Retailing<sup>(a)</sup> - 2.8%** | **Retailing<sup>(a)</sup> - 2.8%** | **Retailing<sup>(a)</sup> - 2.8%** |
| 7-Eleven, Inc.<sup>(b)</sup> | 7-Eleven, Inc.<sup>(b)</sup> | 7-Eleven, Inc.<sup>(b)</sup> | 7-Eleven, Inc.<sup>(b)</sup> |
| 1280000 | 2.500 | 02/10/41 | 842662 |
| 40000 | 2.800 | 02/10/51 | 24598 |
| AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. |
| 702000 | 4.500 | 10/01/25 | 681488 |
| 1425000 | 4.750 | 06/01/30 | 1275175 |
| 25000 | 2.400 | 08/01/31 | 17960 |
| Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. |
| 875000 | 1.700 | 09/15/28 | 734974 |
| 3850000 | 3.750 | 04/01/32 | 3431274 |
| 1450000 | 5.000 | 04/15/33 | 1418796 |
| 1650000 | 4.250 | 04/01/52 | 1321435 |
| McDonald's Corp. | McDonald's Corp. | McDonald's Corp. | McDonald's Corp. |
| 592000 | 4.600 | 09/09/32 | 579604 |
| 1150000 | 4.700 | 12/09/35 | 1105840 |
| Starbucks Corp. | Starbucks Corp. | Starbucks Corp. | Starbucks Corp. |
| 1025000 | 3.000 | 02/14/32 | 876344 |
| 917000 | 4.500 | 11/15/48 | 792802 |
| Target Corp. | Target Corp. | Target Corp. | Target Corp. |
| 600000 | 2.950 | 01/15/52 | 415188 |
| The Home Depot, Inc. | The Home Depot, Inc. | The Home Depot, Inc. | The Home Depot, Inc. |
| 800000 | 2.700 | 04/15/30 | 698456 |
| 900000 | 4.500 | 09/15/32 | 881928 |
| 500000 | 4.875 | 02/15/44 | 479600 |
| 425000 | 4.950 | 09/15/52 | 410639 |
| Walgreens Boots Alliance, Inc. | Walgreens Boots Alliance, Inc. | Walgreens Boots Alliance, Inc. | Walgreens Boots Alliance, Inc. |
| 253000 | 4.100 | 04/15/50 | 186168 |
|  |  |  | 16174931 |
| **Savings & Loans<sup>(a)(b)(c)</sup> - 0.4%** | **Savings & Loans<sup>(a)(b)(c)</sup> - 0.4%** | **Savings & Loans<sup>(a)(b)(c)</sup> - 0.4%** | **Savings & Loans<sup>(a)(b)(c)</sup> - 0.4%** |
| Nationwide Building Society (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%) |
| 2525000 | 3.960 | 07/18/30 | 2204098 |
| **Semiconductors<sup>(a)</sup> - 1.9%** | **Semiconductors<sup>(a)</sup> - 1.9%** | **Semiconductors<sup>(a)</sup> - 1.9%** | **Semiconductors<sup>(a)</sup> - 1.9%** |
| Broadcom, Inc.<sup>(b)</sup> | Broadcom, Inc.<sup>(b)</sup> | Broadcom, Inc.<sup>(b)</sup> | Broadcom, Inc.<sup>(b)</sup> |
| 850000 | 4.150 | 04/15/32 | 747158 |
| 1025000 | 3.419 | 04/15/33 | 822747 |
| 4449000 | 3.469 | 04/15/34 | 3527390 |
| 2539000 | 3.137 | 11/15/35 | 1862763 |
| 914000 | 3.187 | 11/15/36 | 659670 |
| 950000 | 3.500 | 02/15/41 | 680114 |
| Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. |
| 450000 | 4.975 | 02/06/26 | 443021 |
| 725000 | 2.703 | 04/15/32 | 543895 |
| 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. |
| 550000 | 3.875 | 06/18/26 | 523589 |
| 525000 | 4.400 | 06/01/27 | 503165 |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT 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<sup>(a)</sup> – (continued)** | **Semiconductors<sup>(a)</sup> – (continued)** | **Semiconductors<sup>(a)</sup> – (continued)** | **Semiconductors<sup>(a)</sup> – (continued)** |
| 1125000 | 3.400% | 05/01/30 | $970830 |
|  |  |  | 11284342 |
| **Software – 2.4%** | **Software – 2.4%** | **Software – 2.4%** | **Software – 2.4%** |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 1267000 | 2.800 <sup>(a)</sup> | 04/01/27 | 1155669 |
| 2062000 | 2.950 <sup>(a)</sup> | 04/01/30 | 1760123 |
| 3200000 | 2.875 <sup>(a)</sup> | 03/25/31 | 2654816 |
| 1100000 | 6.250 | 11/09/32 | 1155055 |
| 1200000 | 3.600 <sup>(a)</sup> | 04/01/40 | 886116 |
| 2775000 | 6.900 | 11/09/52 | 3002938 |
| VMware, Inc.<sup>(a)</sup>  | VMware, Inc.<sup>(a)</sup>  | VMware, Inc.<sup>(a)</sup>  | VMware, Inc.<sup>(a)</sup>  |
| 1075000 | 1.800 | 08/15/28 | 877652 |
| 1200000 | 2.200 | 08/15/31 | 909804 |
| Workday, Inc.<sup>(a)</sup>  | Workday, Inc.<sup>(a)</sup>  | Workday, Inc.<sup>(a)</sup>  | Workday, Inc.<sup>(a)</sup>  |
| 825000 | 3.700 | 04/01/29 | 756773 |
| 1375000 | 3.800 | 04/01/32 | 1213451 |
|  |  |  | 14372397 |
| **Telecommunication Services – 6.2%** | **Telecommunication Services – 6.2%** | **Telecommunication Services – 6.2%** | **Telecommunication Services – 6.2%** |
| AT&T, Inc.<sup>(a)</sup>  | AT&T, Inc.<sup>(a)</sup>  | AT&T, Inc.<sup>(a)</sup>  | AT&T, Inc.<sup>(a)</sup>  |
| 840000 | 2.300 | 06/01/27 | 748549 |
| 250000 | 1.650 | 02/01/28 | 211510 |
| 1825000 | 2.750 | 06/01/31 | 1515389 |
| 875000 | 2.250 | 02/01/32 | 686079 |
| 486000 | 2.550 | 12/01/33 | 373734 |
| 1350000 | 4.500 | 05/15/35 | 1227852 |
| 175000 | 4.900 | 08/15/37 | 161156 |
| 925000 | 4.850 | 03/01/39 | 828014 |
| 925000 | 3.500 | 06/01/41 | 690346 |
| 125000 | 4.300 | 12/15/42 | 102996 |
| 75000 | 4.350 | 06/15/45 | 60588 |
| 886000 | 4.750 | 05/15/46 | 756068 |
| 775000 | 5.150 | 11/15/46 | 698872 |
| 875000 | 3.500 | 09/15/53 | 595324 |
| Deutsche Telekom International Finance B.V. | Deutsche Telekom International Finance B.V. | Deutsche Telekom International Finance B.V. | Deutsche Telekom International Finance B.V. |
| 2525000 | 4.375 <sup>(a)(b)</sup> | 06/21/28 | 2423242 |
| Rogers Communications, Inc.<sup>(a)(b)</sup>  | Rogers Communications, Inc.<sup>(a)(b)</sup>  | Rogers Communications, Inc.<sup>(a)(b)</sup>  | Rogers Communications, Inc.<sup>(a)(b)</sup>  |
| 650000 | 4.500 | 03/15/42 | 527969 |
| 1775000 | 4.550 | 03/15/52 | 1384553 |
| T-Mobile USA, Inc.<sup>(a)</sup>  | T-Mobile USA, Inc.<sup>(a)</sup>  | T-Mobile USA, Inc.<sup>(a)</sup>  | T-Mobile USA, Inc.<sup>(a)</sup>  |
| 3150000 | 3.750 | 04/15/27 | 2969977 |
| 2212000 | 3.875 | 04/15/30 | 2007899 |
| 1055000 | 2.875 | 02/15/31 | 871008 |
| 6275000 | 3.500 | 04/15/31 | 5434589 |
| 1975000 | 5.200 | 01/15/33 | 1955507 |
| Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
| 2631000 | 4.329 | 09/21/28 | 2532548 |
| 1625000 | 3.875 <sup>(a)</sup> | 02/08/29 | 1525940 |
| 1876000 | 4.016 <sup>(a)</sup> | 12/03/29 | 1755654 |
| 475000 | 3.150 <sup>(a)</sup> | 03/22/30 | 418480 |
| 2025000 | 2.550 <sup>(a)</sup> | 03/21/31 | 1666575 |
| 800000 | 2.355 <sup>(a)</sup> | 03/15/32 | 634432 |
| 1800000 | 2.650 <sup>(a)</sup> | 11/20/40 | 1215036 |
| 400000 | 4.862 | 08/21/46 | 362328 |
|  |  |  | 36342214 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Transportation<sup>(a)</sup> –1.3%** | **Transportation<sup>(a)</sup> –1.3%** | **Transportation<sup>(a)</sup> –1.3%** | **Transportation<sup>(a)</sup> –1.3%** |
| Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC |
| 425000 | 6.150% | 05/01/37 | $462838 |
| 1225000 | 5.750 | 05/01/40 | 1282134 |
| 525000 | 4.450 | 01/15/53 | 468751 |
| Canadian Pacific Railway Co. | Canadian Pacific Railway Co. | Canadian Pacific Railway Co. | Canadian Pacific Railway Co. |
| 775000 | 2.450 | 12/02/31 | 645063 |
| CSX Corp. | CSX Corp. | CSX Corp. | CSX Corp. |
| 2075000 | 4.100 | 11/15/32 | 1943715 |
| 1300000 | 4.500 | 11/15/52 | 1135615 |
| Norfolk Southern Corp. | Norfolk Southern Corp. | Norfolk Southern Corp. | Norfolk Southern Corp. |
| 1450000 | 3.000 | 03/15/32 | 1240794 |
| Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. |
| 275000 | 3.550 | 08/15/39 | 226875 |
|  |  |  | 7405785 |
| **TOTAL CORPORATE OBLIGATIONS<br>(Cost $579,435,107)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $579,435,107)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $579,435,107)** | $518143508 |
| **Sovereign Debt Obligations – 2.1%** | **Sovereign Debt Obligations – 2.1%** | **Sovereign Debt Obligations – 2.1%** | **Sovereign Debt Obligations – 2.1%** |
| **Euro – 0.4%** | **Euro – 0.4%** | **Euro – 0.4%** | **Euro – 0.4%** |
| Republic of Peru | Republic of Peru | Republic of Peru | Republic of Peru |
| 100000 | 1.250 %<sup>(a)</sup> | 03/11/33 | $74584 |
| Republic of Philippines | Republic of Philippines | Republic of Philippines | Republic of Philippines |
| 340000 | 0.000 | 02/03/23 | 362088 |
| 450000 | 0.700 | 02/03/29 | 397043 |
| Republic of Romania<sup>(b)</sup>  | Republic of Romania<sup>(b)</sup>  | Republic of Romania<sup>(b)</sup>  | Republic of Romania<sup>(b)</sup>  |
| 90000 | 2.124 | 07/16/31 | 66192 |
| 70000 | 2.000 | 01/28/32 | 49843 |
| 80000 | 4.625 | 04/03/49 | 61834 |
| United Mexican States<sup>(a)</sup>  | United Mexican States<sup>(a)</sup>  | United Mexican States<sup>(a)</sup>  | United Mexican States<sup>(a)</sup>  |
| 130000 | 1.350 | 09/18/27 | 125182 |
| 1920000 | 1.450 | 10/25/33 | 1453199 |
|  |  |  | 2589965 |
| **United States Dollar – 1.7%** | **United States Dollar – 1.7%** | **United States Dollar – 1.7%** | **United States Dollar – 1.7%** |
| Perusahaan Penerbit SBSN Indonesia III | Perusahaan Penerbit SBSN Indonesia III | Perusahaan Penerbit SBSN Indonesia III | Perusahaan Penerbit SBSN Indonesia III |
| 1580000 | 4.550 | 03/29/26 | 1576224 |
| Republic of Chile | Republic of Chile | Republic of Chile | Republic of Chile |
| 150000 | 3.625 | 10/30/42 | 114544 |
| 200000 | 3.500 <sup>(a)</sup> | 01/25/50 | 144038 |
| 260000 | 4.000 <sup>(a)</sup> | 01/31/52 | 200167 |
| Republic of Indonesia | Republic of Indonesia | Republic of Indonesia | Republic of Indonesia |
| 350000 | 4.350 <sup>(b)</sup> | 01/08/27 | 344788 |
| 1610000 | 4.350 | 01/08/27 | 1586027 |
| Republic of Panama<sup>(a)</sup>  | Republic of Panama<sup>(a)</sup>  | Republic of Panama<sup>(a)</sup>  | Republic of Panama<sup>(a)</sup>  |
| 380000 | 2.252 | 09/29/32 | 281390 |
| 200000 | 3.870 | 07/23/60 | 128850 |
| 390000 | 4.500 | 01/19/63 | 275145 |
| Republic of Peru<sup>(a)</sup>  | Republic of Peru<sup>(a)</sup>  | Republic of Peru<sup>(a)</sup>  | Republic of Peru<sup>(a)</sup>  |
| 430000 | 2.780 | 12/01/60 | 251496 |
| 220000 | 3.230 <sup>(d)</sup> | 07/28/21 | 128260 |
| Republic of Philippines | Republic of Philippines | Republic of Philippines | Republic of Philippines |
| 210000 | 2.650 | 12/10/45 | 140723 |
| Republic of Romania | Republic of Romania | Republic of Romania | Republic of Romania |
| 560000 | 6.125 | 01/22/44 | 514080 |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT 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 Romania | Republic of Romania | Republic of Romania | Republic of Romania |
| 160000 | 3.000 %<sup>(b)</sup> | 02/27/27 | $141280 |
| State of Israel | State of Israel | State of Israel | State of Israel |
| 200000 | 4.500 <sup>(e)</sup> | 04/03/20 | 173663 |
| United Mexican States<sup>(a)</sup>  | United Mexican States<sup>(a)</sup>  | United Mexican States<sup>(a)</sup>  | United Mexican States<sup>(a)</sup>  |
| 2540000 | 3.250 | 04/16/30 | 2207895 |
| 802000 | 3.500 | 02/12/34 | 643605 |
| 1399000 | 3.771 | 05/24/61 | 886004 |
| 440000 | 3.750 | 04/19/71 | 274120 |
|  |  |  | 10012299 |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $15,796,812)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $15,796,812)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $15,796,812)** | $12602264 |
| **Municipal Debt Obligations – 0.7%** | **Municipal Debt Obligations – 0.7%** | **Municipal Debt Obligations – 0.7%** | **Municipal Debt Obligations – 0.7%** |
| **California<sup>(a)</sup> –0.1%** | **California<sup>(a)</sup> –0.1%** | **California<sup>(a)</sup> –0.1%** | **California<sup>(a)</sup> –0.1%** |
| California State GO Bonds Build America Taxable Series 2009 | California State GO Bonds Build America Taxable Series 2009 | California State GO Bonds Build America Taxable Series 2009 | California State GO Bonds Build America Taxable Series 2009 |
| 455000 | 7.300% | 10/01/39 | $552768 |
| **Illinois – 0.5%** | **Illinois – 0.5%** | **Illinois – 0.5%** | **Illinois – 0.5%** |
| 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 |
| 1625000 | 6.630 <sup>(a)</sup> | 02/01/35 | 1647275 |
| 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 |
| 1360000 | 5.100 | 06/01/33 | 1305245 |
|  |  |  | 2952520 |
| **New Jersey<sup>(a)</sup> –0.1%** | **New Jersey<sup>(a)</sup> –0.1%** | **New Jersey<sup>(a)</sup> –0.1%** | **New Jersey<sup>(a)</sup> –0.1%** |
| New Jersey State Turnpike Authority RB Build America Bonds Taxable Series 2009 F | New Jersey State Turnpike Authority RB Build America Bonds Taxable Series 2009 F | New Jersey State Turnpike Authority RB Build America Bonds Taxable Series 2009 F | New Jersey State Turnpike Authority RB Build America Bonds Taxable Series 2009 F |
| 350000 | 7.414 | 01/01/40 | 433872 |
| **Pennsylvania<sup>(a)</sup> –0.0%** | **Pennsylvania<sup>(a)</sup> –0.0%** | **Pennsylvania<sup>(a)</sup> –0.0%** | **Pennsylvania<sup>(a)</sup> –0.0%** |
| Pennsylvania Commonwealth Financing Authority RB (Taxable) Series A | Pennsylvania Commonwealth Financing Authority RB (Taxable) Series A | Pennsylvania Commonwealth Financing Authority RB (Taxable) Series A | Pennsylvania Commonwealth Financing Authority RB (Taxable) Series A |
| 335000 | 2.991 | 06/01/42 | 241236 |
| **TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $4,132,285)** | **TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $4,132,285)** | **TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $4,132,285)** | $4180396 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Exchange Traded Funds – 4.8%** | **Exchange Traded Funds – 4.8%** | **Exchange Traded Funds – 4.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363554 | Vanguard<br>Intermediate-<br>TermCorporate<br>Bond ETF | $28179071 |
| **(Cost $28,987,070)** | **(Cost $28,987,070)** | **(Cost $28,987,070)** |
| **TOTAL INVESTMENTS – 95.7%<br>(Cost $628,351,274)** | **TOTAL INVESTMENTS – 95.7%<br>(Cost $628,351,274)** | $563105239 |
| **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 4.3%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 4.3%** | 25153476 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $588258715 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates. |
| (b) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (c) | Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2022. |
| (d) | Actual maturity date is July 28, 2121. |
| (e) | Actual maturity date is April 03, 2120. |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT 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 GAIN** 

---

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

---

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  JPMorgan Securities, Inc. | USD | 3935239 | EUR | 3964178 | 01/06/23 | $(310020) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  2 Year U.S. Treasury Notes | 212 | 03/31/23 | $43476563 | $25800 |
|  Ultra Long U.S. Treasury Bonds | 400 | 03/22/23 | 53545625 | (1210573) |
|  **Total** | **Total** | **Total** | **Total** | $(1184773) |
|  **Short position contracts:** | **Short position contracts:** | **Short position contracts:** | **Short position contracts:** | **Short position contracts:** |
|  10 Year U.S. Treasury Notes | (564) | 03/22/23 | (64981141) | 1015123 |
|  5 Year U.S. Treasury Notes | (373) | 03/31/23 | (40257774) | 67721 |
|  **Total** | **Total** | **Total** | **Total** | $1082844 |
|  **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | $(101929) |

---

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

**CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made by<br>the Fund** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)<sup>(a)</sup>** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  12M SOFR<sup>(b)</sup> <br> 4.430%<sup>(b)</sup> | 12/31/24 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10890 $| (3105) | $16564 | $(19669) |
|  12M SOFR<sup>(b)</sup> <br> 2.500<sup>(b)</sup> | 06/04/29 | 4310 | (54109) | (2902) | (51207) |
|  2.570%<sup>(b)</sup> <br> 12M SOFR<sup>(b)</sup> | 06/04/31 | 11360 | 128350 | 11093 | 117257 |
| 2.680<sup>(b)</sup> <br> 12M SOFR<sup>(b)</sup> | 07/28/32 | 660 | 16255 | (3298) | 19553 |
| 3.750<sup>(b)</sup> <br> 12M SOFR<sup>(b)</sup> | 03/15/33 | 2280 | (41397) | (79838) | 38441 |
| 3.000<sup>(b)</sup> <br> 6M EURO<sup>(c)</sup> | 03/15/33 | EUR 1,160 | 22849 | (43386) | 66235 |
|  12M SOFR<sup>(b)</sup> <br> 2.730<sup>(b)</sup> | 06/04/33 | $7210 | (72454) | (6124) | (66330) |
|  12M SOFR<sup>(b)</sup> <br> 2.910<sup>(b)</sup> | 07/28/37 | 1530 | (28304) | 2726 | (31030) |
|  12M SOFR<sup>(b)</sup> <br> 2.720<sup>(b)</sup> | 08/11/37 | 12700 | (313238) | (313205) | (33) |
| 2.080<sup>(b)</sup> <br> 12M SOFR<sup>(b)</sup> | 07/28/47 | 1080 | 13522 | (687) | 14209 |
| 2.170<sup>(b)</sup> <br> 12M SOFR<sup>(b)</sup> | 08/11/52 | 6140 | 251502 | 228017 | 23485 |
|  **TOTAL** |  |  | $(80129) | $(191040) | $110911 |

---

(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 INVESTMENT GRADE CREDIT FUND

*December 31, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

------

**CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced**<br> **Obligation/Index** | **Financing Rate**<br> **Received/(Paid) by<br>the Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>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:** |
| AT&T, Inc., 3.800%, 02/15/27 | 1.000% | 0.986% | 06/20/26 | $2375 | $1822 | $30562 | $(28740) |
| CDX.NA.IG Index 34 | 1.000 | 0.724 | 06/20/25 | 159525 | 1077070 | 1333400 | (256330) |
| CDX.NA.IG Index 36 | 1.000 | 0.613 | 06/20/26 | 79550 | 1011593 | 1272019 | (260426) |
| General Electric Co. 2.700%, 10/09/22 | 1.000 | 0.801 | 06/20/26 | 3550 | 23754 | 35466 | (11712) |
| Nordstrom, Inc., 6.950%, 03/15/22 | 1.000 | 3.052 | 12/20/24 | 1125 | (42139) | (14417) | (27722) |
| Nordstrom, Inc., 6.950%, 03/15/22 | 1.000 | 2.660 | 06/20/24 | 1825 | (41954) | (2598) | (39356) |
| Prudential Financial, Inc., 3.500%, 05/15/24 | 1.000 | 0.785 | 06/20/27 | 1175 | 10619 | 3869 | 6750 |
| Republic of Chile, 12/20/27 | 1.000 | 1.070 | 12/20/27 | 660 | (1841) | (12216) | 10375 |
| Republic of Indonesia, 5.875%, 03/13/20 | 1.000 | 1.018 | 12/20/27 | 1990 | (960) | (16241) | 15281 |
| Republic of Indonesia, 5.875%, 03/13/20 | 1.000 | 1.100 | 06/20/27 | 840 | (3139) | (6777) | 3638 |
| Republic of Peru, 8.750%, 11/21/33 | 1.000 | 1.195 | 12/20/27 | 1140 | (9468) | (7560) | (1908) |
| The Boeing Co., 8.750%, 08/15/21 | 1.000 | 0.991 | 06/20/24 | 1750 | 800 | 11149 | (10349) |
| United Mexican States, 4.150%, 03/28/27 | 1.000 | 1.299 | 12/20/27 | 2000 | (25694) | (56395) | 30701 |
|  **TOTAL** | **TOTAL** | **TOTAL** | **TOTAL** | **TOTAL** | $2000463 | $2570261 | $(569798) |

---

(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<br>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** |  |  |  |  |  |  |  |  |
|  1Y IRS | Citibank NA | 2.400% | 07/28/2023 | 2300000 | $2300000 | $13197 | $77050 | $(63853) |
|  1Y IRS | Deutsche Bank AG (London) | 2.700 | 04/28/2023 | 2070000 | 2070000 | 8938 | 76867 | (67929) |
|  |  |  |  | 4370000 | $4370000 | $22135 | $153917 | $(131782) |
|  **Puts** |  |  |  |  |  |  |  |  |
|  1Y IRS | Deutsche Bank AG (London) | 3.000 | 05/05/2023 | 2050000 | 2050000 | 104383 | 71717 | 32666 |
|  1Y IRS | Deutsche Bank AG (London) | 2.960 | 09/05/2023 | 2310000 | 2310000 | 131306 | 89928 | 41378 |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT 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)** |
|  1Y IRS | JPMorgan Securities, Inc. | 2.800% | 08/23/2023 | 2310000 | $2310000 | $152341 | $83401 | $68939 |
|  |  |  |  | 6670000 | $6670000 | $388030 | $245046 | $142983 |
|  **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** | 11040000 | $11040000 | $410165 | $398963 | $11201 |
|  **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** |  |  |  |  |  |
|  **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** |
|  1Y IRS | BofA Securities LLC | 2.944 | 12/15/2023 | (1430000) | (1430000) | (33771) | (53268) | 19497 |
|  1Y IRS | Citibank NA | 1.750 | 07/28/2023 | (2300000) | (2300000) | (3831) | (28750) | 24919 |
|  1Y IRS | Citibank NA | 2.075 | 07/28/2023 | (2300000) | (2300000) | (7202) | (48300) | 41099 |
|  1Y IRS | Citibank NA | 2.977 | 12/13/2023 | (1430000) | (1430000) | (34917) | (57271) | 22354 |
|  1Y IRS | Citibank NA | 3.007 | 12/13/2023 | (1430000) | (1430000) | (36229) | (57164) | 20936 |
|  1Y IRS | Deutsche Bank AG (London) | 2.013 | 04/28/2023 | (2070000) | (2070000) | (1413) | (29283) | 27870 |
|  1Y IRS | Deutsche Bank AG (London) | 2.356 | 04/28/2023 | (2070000) | (2070000) | (3672) | (47585) | 43912 |
|  1Y IRS | JPMorgan Securities, Inc. | 3.020 | 12/14/2023 | (1430000) | (1430000) | (36962) | (55555) | 18594 |
|  |  |  |  | (14460000) | $(14460000) | $(157997) | $(377176) | $219181 |
|  **Puts** |  |  |  |  |  |  |  |  |
|  1Y IRS | BofA Securities LLC | 2.944 | 12/15/2023 | (1430000) | (1430000) | (85632) | (53268) | (32364) |
|  1Y IRS | Citibank NA | 2.977 | 12/13/2023 | (1430000) | (1430000) | (83178) | (57271) | (25907) |
|  1Y IRS | Citibank NA | 3.007 | 12/13/2023 | (1430000) | (1430000) | (81030) | (57164) | (23865) |
|  1Y IRS | Deutsche Bank AG (London) | 3.891 | 05/05/2023 | (2050000) | (2050000) | (26785) | (26345) | (441) |
|  1Y IRS | Deutsche Bank AG (London) | 3.446 | 05/05/2023 | (2050000) | (2050000) | (56378) | (45372) | (11007) |
|  1Y IRS | Deutsche Bank AG (London) | 3.405 | 09/05/2023 | (2310000) | (2310000) | (82218) | (55117) | (27101) |
|  1Y IRS | Deutsche Bank AG (London) | 3.850 | 09/05/2023 | (2310000) | (2310000) | (48683) | (34811) | (13872) |
|  1Y IRS | JPMorgan Securities, Inc. | 3.660 | 08/23/2023 | (2310000) | (2310000) | (60026) | (31910) | (28116) |
|  1Y IRS | JPMorgan Securities, Inc. | 3.230 | 08/23/2023 | (2310000) | (2310000) | (98791) | (51491) | (47300) |
|  1Y IRS | JPMorgan Securities, Inc. | 3.020 | 12/14/2023 | (1430000) | (1430000) | (80125) | (55555) | (24570) |
|  |  |  |  | (19060000) | $(19060000) | $(702846) | $(468304) | $(234543) |
|  **Total written option contracts** | **Total written option contracts** | **Total written option contracts** | **Total written option contracts** | (33520000) | $(33520000) | $(860843) | $(845480) | $(15362) |
|  **TOTAL** |  |  |  | (22480000) | $(22480000) | $(450678) | $(446517) | $(4161) |

---

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| EUR | — Euro |
| USD | — U.S. Dollar |
|  **Investment Abbreviations:** | **Investment Abbreviations:** |
| CMT | — Constant Maturity Treasury Indexes |
| ETF | — Exchange Traded Fund |
| GO | — General Obligation |
| ICE | — Inter-Continental Exchange |
| LIBOR | — London Interbank Offered Rate |
| LLC | — Limited Liability Company |
| LP | — Limited Partnership |
| PLC | — Public Limited Company |
| RB | — Revenue Bond |
| SOFR | — Secured Overnight Funding Rate |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT 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 |
| CDX.NA.IG Ind 34 | — CDX North America Investment Grade Index 34 |
| CDX.NA.IG Ind 36 | — CDX North America Investment Grade Index 36 |
| EURO | — Euro Offered Rate |
| SOFR | — Secured Overnight Funding Rate |

---

------

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Sovereign Debt Obligations – 74.7%** | **Sovereign Debt Obligations – 74.7%** | **Sovereign Debt Obligations – 74.7%** | **Sovereign Debt Obligations – 74.7%** | **Sovereign Debt Obligations – 74.7%** |
|  **Benin<sup>(a)</sup> – 0.2%** | **Benin<sup>(a)</sup> – 0.2%** | **Benin<sup>(a)</sup> – 0.2%** | **Benin<sup>(a)</sup> – 0.2%** | **Benin<sup>(a)</sup> – 0.2%** |
|  Benin Government International Bond (B+/B1) | Benin Government International Bond (B+/B1) | Benin Government International Bond (B+/B1) | Benin Government International Bond (B+/B1) | Benin Government International Bond (B+/B1) |
|  EUR | 120000 | 4.950% | 01/22/35 | $93033 |
|  **Brazil – 11.3%** | **Brazil – 11.3%** | **Brazil – 11.3%** | **Brazil – 11.3%** | **Brazil – 11.3%** |
|  Brazil Letras do Tesouro Nacional (NR/NR)<sup>(b)</sup>  | Brazil Letras do Tesouro Nacional (NR/NR)<sup>(b)</sup>  | Brazil Letras do Tesouro Nacional (NR/NR)<sup>(b)</sup>  | Brazil Letras do Tesouro Nacional (NR/NR)<sup>(b)</sup>  | Brazil Letras do Tesouro Nacional (NR/NR)<sup>(b)</sup>  |
|  BRL | 3373000 | 0.000 | 07/01/23 | 599396 |
|  | 15346000 | 0.000 | 01/01/24 | 2565781 |
|  Brazil Notas do Tesouro Nacional (NR/NR) | Brazil Notas do Tesouro Nacional (NR/NR) | Brazil Notas do Tesouro Nacional (NR/NR) | Brazil Notas do Tesouro Nacional (NR/NR) | Brazil Notas do Tesouro Nacional (NR/NR) |
|  | 1591000 | 10.000 | 01/01/31 | 262891 |
|  Brazil Notas do Tesouro Nacional (BB-/NR) | Brazil Notas do Tesouro Nacional (BB-/NR) | Brazil Notas do Tesouro Nacional (BB-/NR) | Brazil Notas do Tesouro Nacional (BB-/NR) | Brazil Notas do Tesouro Nacional (BB-/NR) |
|  | 2518000 | 10.000 | 01/01/29 | 426371 |
|  Brazil Notas do Tesouro Nacional (BB-/Ba2) | Brazil Notas do Tesouro Nacional (BB-/Ba2) | Brazil Notas do Tesouro Nacional (BB-/Ba2) | Brazil Notas do Tesouro Nacional (BB-/Ba2) | Brazil Notas do Tesouro Nacional (BB-/Ba2) |
|  | 11610000 | 10.000 | 01/01/25 | 2103038 |
|  | 3182000 | 10.000 | 01/01/27 | 556424 |
|  |  |  |  | 6513901 |
|  **Chile – 2.7%** | **Chile – 2.7%** | **Chile – 2.7%** | **Chile – 2.7%** | **Chile – 2.7%** |
|  Bonos de la Tesoreria de la Republica en pesos (NR/NR) | Bonos de la Tesoreria de la Republica en pesos (NR/NR) | Bonos de la Tesoreria de la Republica en pesos (NR/NR) | Bonos de la Tesoreria de la Republica en pesos (NR/NR) | Bonos de la Tesoreria de la Republica en pesos (NR/NR) |
|  CLP | 365000000 | 7.000 | 05/01/34 | 498101 |
|  Bonos de la Tesoreria de la Republica en pesos (NR/WR) | Bonos de la Tesoreria de la Republica en pesos (NR/WR) | Bonos de la Tesoreria de la Republica en pesos (NR/WR) | Bonos de la Tesoreria de la Republica en pesos (NR/WR) | Bonos de la Tesoreria de la Republica en pesos (NR/WR) |
|  | 702219600 | 1.500 | 03/01/26 | 809089 |
|  | 15000000 | 4.500 | 03/01/26 | 16897 |
|  | 5000000 | 6.000 | 01/01/43 | 6502 |
|  Bonos de la Tesoreria de la Republica en Pesos (NR/NR) | Bonos de la Tesoreria de la Republica en Pesos (NR/NR) | Bonos de la Tesoreria de la Republica en Pesos (NR/NR) | Bonos de la Tesoreria de la Republica en Pesos (NR/NR) | Bonos de la Tesoreria de la Republica en Pesos (NR/NR) |
|  | 105000000 | 5.000 | 03/01/35 | 122375 |
|  Republic of Chile (A/A2) | Republic of Chile (A/A2) | Republic of Chile (A/A2) | Republic of Chile (A/A2) | Republic of Chile (A/A2) |
|  | $200000 | 3.250 <sup>(c)</sup> | 09/21/71 | 123100 |
|  |  |  |  | 1576064 |
|  **Colombia – 3.4%** | **Colombia – 3.4%** | **Colombia – 3.4%** | **Colombia – 3.4%** | **Colombia – 3.4%** |
|  Republic of Colombia (NR/NR) | Republic of Colombia (NR/NR) | Republic of Colombia (NR/NR) | Republic of Colombia (NR/NR) | Republic of Colombia (NR/NR) |
|  COP | 2188100000 | 5.750 | 11/03/27 | 340197 |
|  | 1359500000 | 7.000 | 03/26/31 | 198063 |
|  | 4368300000 | 9.250 | 05/28/42 | 648992 |
|  Republic of Colombia (NR/Baa2) | Republic of Colombia (NR/Baa2) | Republic of Colombia (NR/Baa2) | Republic of Colombia (NR/Baa2) | Republic of Colombia (NR/Baa2) |
|  | 1851000000 | 4.375 <sup>(c)</sup> | 03/21/23 | 374230 |
|  Republic of Colombia (BBB-/Baa2) | Republic of Colombia (BBB-/Baa2) | Republic of Colombia (BBB-/Baa2) | Republic of Colombia (BBB-/Baa2) | Republic of Colombia (BBB-/Baa2) |
|  | 2120500000 | 7.500 | 08/26/26 | 372607 |
|  |  |  |  | 1934089 |
|  **Czech Republic – 5.3%** | **Czech Republic – 5.3%** | **Czech Republic – 5.3%** | **Czech Republic – 5.3%** | **Czech Republic – 5.3%** |
|  Czech Republic Government Bond (NR/NR) | Czech Republic Government Bond (NR/NR) | Czech Republic Government Bond (NR/NR) | Czech Republic Government Bond (NR/NR) | Czech Republic Government Bond (NR/NR) |
|  CZK | 12550000 | 1.250 | 02/14/25 | 508724 |
|  | 11600000 | 2.400 | 09/17/25 | 474866 |
|  | 15940000 | 0.250 | 02/10/27 | 576806 |
|  | 5250000 | 2.750 | 07/23/29 | 202288 |
|  | 15380000 | 0.050 | 11/29/29 | 483820 |
|  | 22280000 | 1.750 | 06/23/32 | 745830 |
|  | 2600000 | 1.500 | 04/24/40 | 68436 |
|  |  |  |  | 3060770 |
|  **Dominican Republic<sup>(a)</sup> – 0.1%** | **Dominican Republic<sup>(a)</sup> – 0.1%** | **Dominican Republic<sup>(a)</sup> – 0.1%** | **Dominican Republic<sup>(a)</sup> – 0.1%** | **Dominican Republic<sup>(a)</sup> – 0.1%** |
|  Dominican Republic (NR/NR) | Dominican Republic (NR/NR) | Dominican Republic (NR/NR) | Dominican Republic (NR/NR) | Dominican Republic (NR/NR) |
|  DOP | 2770000 | 8.000 | 01/15/27 | 40083 |
|  | 1490000 | 8.000 | 02/12/27 | 21495 |
|  |  |  |  | 61578 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  **Hungary – 3.2%** | **Hungary – 3.2%** | **Hungary – 3.2%** | **Hungary – 3.2%** | **Hungary – 3.2%** |
|  Hungary Government Bond (NR/NR) | Hungary Government Bond (NR/NR) | Hungary Government Bond (NR/NR) | Hungary Government Bond (NR/NR) | Hungary Government Bond (NR/NR) |
|  HUF | 103850000 | 2.750% | 12/22/26 | $207814 |
|  | 240010000 | 4.750 | 11/24/32 | 467308 |
|  Hungary Government Bond (NR/Baa2) | Hungary Government Bond (NR/Baa2) | Hungary Government Bond (NR/Baa2) | Hungary Government Bond (NR/Baa2) | Hungary Government Bond (NR/Baa2) |
|  | 144150000 | 1.000 | 11/26/25 | 295633 |
|  | 115950000 | 3.000 | 08/21/30 | 209189 |
|  Hungary Government Bond (BBB/NR) | Hungary Government Bond (BBB/NR) | Hungary Government Bond (BBB/NR) | Hungary Government Bond (BBB/NR) | Hungary Government Bond (BBB/NR) |
|  | 15500000 | 3.000 | 06/26/24 | 36643 |
|  | 30510000 | 3.000 | 10/27/27 | 59332 |
|  | 35550000 | 6.750 | 10/22/28 | 82431 |
|  Hungary Government Bond (BBB/Baa2) | Hungary Government Bond (BBB/Baa2) | Hungary Government Bond (BBB/Baa2) | Hungary Government Bond (BBB/Baa2) | Hungary Government Bond (BBB/Baa2) |
|  | 204150000 | 2.500 | 10/24/24 | 465455 |
|  |  |  |  | 1823805 |
|  **Indonesia – 8.0%** | **Indonesia – 8.0%** | **Indonesia – 8.0%** | **Indonesia – 8.0%** | **Indonesia – 8.0%** |
|  Indonesia Treasury Bond (NR/NR) | Indonesia Treasury Bond (NR/NR) | Indonesia Treasury Bond (NR/NR) | Indonesia Treasury Bond (NR/NR) | Indonesia Treasury Bond (NR/NR) |
|  IDR | 4944000000 | 8.250 | 05/15/29 | 340451 |
|  | 1914000000 | 6.500 | 02/15/31 | 119690 |
|  | 10127000000 | 6.375 | 04/15/32 | 624501 |
|  | 26758000000 | 7.500 | 06/15/35 | 1764387 |
|  | 1186000000 | 6.375 | 07/15/37 | 72451 |
|  | 2196000000 | 7.500 | 04/15/40 | 144378 |
|  Indonesia Treasury Bond (NR/Baa2) | Indonesia Treasury Bond (NR/Baa2) | Indonesia Treasury Bond (NR/Baa2) | Indonesia Treasury Bond (NR/Baa2) | Indonesia Treasury Bond (NR/Baa2) |
|  | 23000000000 | 7.000 | 05/15/27 | 1508463 |
|  |  |  |  | 4574321 |
|  **Israel<sup>(b)</sup> – 1.0%** | **Israel<sup>(b)</sup> – 1.0%** | **Israel<sup>(b)</sup> – 1.0%** | **Israel<sup>(b)</sup> – 1.0%** | **Israel<sup>(b)</sup> – 1.0%** |
|  Bank of Israel Bill - Makam (NR/NR) | Bank of Israel Bill - Makam (NR/NR) | Bank of Israel Bill - Makam (NR/NR) | Bank of Israel Bill - Makam (NR/NR) | Bank of Israel Bill - Makam (NR/NR) |
|  ILS | 2000000 | 0.000 | 02/08/23 | 566243 |
|  **Ivory Coast – 0.3%** | **Ivory Coast – 0.3%** | **Ivory Coast – 0.3%** | **Ivory Coast – 0.3%** | **Ivory Coast – 0.3%** |
|  Republic of Ivory Coast (BB-/Ba3) | Republic of Ivory Coast (BB-/Ba3) | Republic of Ivory Coast (BB-/Ba3) | Republic of Ivory Coast (BB-/Ba3) | Republic of Ivory Coast (BB-/Ba3) |
|  EUR | 160000 | 5.250 | 03/22/30 | 144275 |
|  **Mexico – 5.2%** | **Mexico – 5.2%** | **Mexico – 5.2%** | **Mexico – 5.2%** | **Mexico – 5.2%** |
|  United Mexican States (BBB+/Baa2) | United Mexican States (BBB+/Baa2) | United Mexican States (BBB+/Baa2) | United Mexican States (BBB+/Baa2) | United Mexican States (BBB+/Baa2) |
|  MXN | 2329700 | 8.500 | 05/31/29 | 116098 |
|  | 16323500 | 7.750 | 05/29/31 | 774201 |
|  | 4826400 | 10.000 | 11/20/36 | 265326 |
|  | 22969000 | 8.500 | 11/18/38 | 1116645 |
|  | 15705700 | 7.750 | 11/13/42 | 704099 |
|  |  |  |  | 2976369 |
|  **Peru – 3.7%** | **Peru – 3.7%** | **Peru – 3.7%** | **Peru – 3.7%** | **Peru – 3.7%** |
|  Republic of Peru (BBB/Baa1) | Republic of Peru (BBB/Baa1) | Republic of Peru (BBB/Baa1) | Republic of Peru (BBB/Baa1) | Republic of Peru (BBB/Baa1) |
|  $ | 20000 | 3.230 <sup>(c)(d)</sup> | 07/28/21 | 11660 |
|  Republic of Peru (BBB+/Baa1) | Republic of Peru (BBB+/Baa1) | Republic of Peru (BBB+/Baa1) | Republic of Peru (BBB+/Baa1) | Republic of Peru (BBB+/Baa1) |
|  PEN | 4030000 | 5.940 | 02/12/29 | 972108 |
|  | 1370000 | 6.150 | 08/12/32 | 317161 |
|  | 995000 | 5.400 | 08/12/34 | 209651 |
|  | 2503000 | 6.900 | 08/12/37 | 590702 |
|  | 40000 | 5.350 | 08/12/40 | 7846 |
|  |  |  |  | 2109128 |

---

------

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** |
|  **Poland – 6.5%** | **Poland – 6.5%** | **Poland – 6.5%** | **Poland – 6.5%** | **Poland – 6.5%** |
|  Republic of Poland (NR/NR) | Republic of Poland (NR/NR) | Republic of Poland (NR/NR) | Republic of Poland (NR/NR) | Republic of Poland (NR/NR) |
|  PLN | 5670000 | 0.750% | 04/25/25 | $1132098 |
|  Republic of Poland (NR/A2) | Republic of Poland (NR/A2) | Republic of Poland (NR/A2) | Republic of Poland (NR/A2) | Republic of Poland (NR/A2) |
|  PLN | 2185000 | 1.750 | 04/25/32 | 327484 |
|  Republic of Poland (A/NR) | Republic of Poland (A/NR) | Republic of Poland (A/NR) | Republic of Poland (A/NR) | Republic of Poland (A/NR) |
|  | 2070000 | 2.750 | 10/25/29 | 371356 |
|  Republic of Poland (A/A2) | Republic of Poland (A/A2) | Republic of Poland (A/A2) | Republic of Poland (A/A2) | Republic of Poland (A/A2) |
|  | 1850000 | 0.250 | 10/25/26 | 330444 |
|  | 5780000 | 2.500 | 07/25/27 | 1099141 |
|  | 950000 | 2.750 | 04/25/28 | 178166 |
|  | 2075000 | 1.250 | 10/25/30 | 318173 |
|  |  |  |  | 3756862 |
|  **Romania – 4.9%** | **Romania – 4.9%** | **Romania – 4.9%** | **Romania – 4.9%** | **Romania – 4.9%** |
|  Republic of Romania (BBB-/Baa3) | Republic of Romania (BBB-/Baa3) | Republic of Romania (BBB-/Baa3) | Republic of Romania (BBB-/Baa3) | Republic of Romania (BBB-/Baa3) |
|  EUR | 70000 | 2.000 <sup>(a)</sup> | 04/14/33 | 47853 |
|  Romania Government Bond (NR/NR) | Romania Government Bond (NR/NR) | Romania Government Bond (NR/NR) | Romania Government Bond (NR/NR) | Romania Government Bond (NR/NR) |
|  RON | 1900000 | 4.400 | 09/25/23 | 404448 |
|  | 1175000 | 4.500 | 06/17/24 | 246408 |
|  | 3400000 | 4.750 | 02/24/25 | 704331 |
|  | 1600000 | 5.800 | 07/26/27 | 321393 |
|  | 2650000 | 5.000 | 02/12/29 | 496662 |
|  | 600000 | 3.650 | 09/24/31 | 97180 |
|  | 2200000 | 6.700 | 02/25/32 | 432208 |
|  | 625000 | 4.250 | 04/28/36 | 90516 |
|  |  |  |  | 2840999 |
|  **Russia – 1.0%** | **Russia – 1.0%** | **Russia – 1.0%** | **Russia – 1.0%** | **Russia – 1.0%** |
|  Russian Federation Bond (NR/NR) | Russian Federation Bond (NR/NR) | Russian Federation Bond (NR/NR) | Russian Federation Bond (NR/NR) | Russian Federation Bond (NR/NR) |
|  RUB | 21300000 | 6.500 | 02/28/24 | 77980 |
|  | 41225000 | 4.500 | 07/16/25 | 150925 |
|  | 1750000 | 7.950 | 10/07/26 | 6407 |
|  | 155000 | 6.000 | 10/06/27 | 567 |
|  | 24205000 | 6.700 | 03/14/29 | 88615 |
|  | 23220000 | 7.250 | 05/10/34 | 85009 |
|  | 27620000 | 7.700 | 03/16/39 | 101117 |
|  Russian Federation Bond (NR/WR) | Russian Federation Bond (NR/WR) | Russian Federation Bond (NR/WR) | Russian Federation Bond (NR/WR) | Russian Federation Bond (NR/WR) |
|  | 23825000 | 7.050 | 01/19/28 | 87224 |
|  |  |  |  | 597844 |
|  **South Africa – 9.9%** | **South Africa – 9.9%** | **South Africa – 9.9%** | **South Africa – 9.9%** | **South Africa – 9.9%** |
|  Republic of South Africa (BB/Ba2) | Republic of South Africa (BB/Ba2) | Republic of South Africa (BB/Ba2) | Republic of South Africa (BB/Ba2) | Republic of South Africa (BB/Ba2) |
|  ZAR | 19515000 | 10.500 | 12/21/26 | 1214028 |
|  | 13250000 | 8.000 | 01/31/30 | 695187 |
|  | 7710000 | 7.000 | 02/28/31 | 366352 |
|  | 13375000 | 8.875 | 02/28/35 | 663490 |
|  | 41560000 | 8.500 | 01/31/37 | 1940233 |
|  | 9384300 | 8.750 | 01/31/44 | 429767 |
|  | 8355000 | 8.750 | 02/28/48 | 384381 |
|  |  |  |  | 5693438 |
|  **Thailand – 7.9%** | **Thailand – 7.9%** | **Thailand – 7.9%** | **Thailand – 7.9%** | **Thailand – 7.9%** |
|  Thailand Government Bond (NR/NR) | Thailand Government Bond (NR/NR) | Thailand Government Bond (NR/NR) | Thailand Government Bond (NR/NR) | Thailand Government Bond (NR/NR) |
|  THB | 30230000 | 1.000 | 06/17/27 | 837291 |
|  | 10720000 | 2.875 | 12/17/28 | 321993 |
|  | 24200000 | 1.585 | 12/17/35 | 595325 |
|  | 39980000 | 3.300 | 06/17/38 | 1155751 |
|  | 2080000 | 3.450 | 06/17/43 | 60562 |
|  | 1220000 | 3.600 | 06/17/67 | 30049 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** |
|  **Thailand (continued)** | **Thailand (continued)** | **Thailand (continued)** | **Thailand (continued)** | **Thailand (continued)** |
|  Thailand Government Bond (NR/Baa1) | Thailand Government Bond (NR/Baa1) | Thailand Government Bond (NR/Baa1) | Thailand Government Bond (NR/Baa1) | Thailand Government Bond (NR/Baa1) |
|  THB | 18205267 | 1.250% | 03/12/28 | $509881 |
|  | 31370000 | 3.775 | 06/25/32 | 994608 |
|  |  |  |  | 4505460 |
|  **Ukraine<sup>(a)</sup> – 0.0%** | **Ukraine<sup>(a)</sup> – 0.0%** | **Ukraine<sup>(a)</sup> – 0.0%** | **Ukraine<sup>(a)</sup> – 0.0%** | **Ukraine<sup>(a)</sup> – 0.0%** |
|  Ukraine Government Bond (CCC+/NR) | Ukraine Government Bond (CCC+/NR) | Ukraine Government Bond (CCC+/NR) | Ukraine Government Bond (CCC+/NR) | Ukraine Government Bond (CCC+/NR) |
|  EUR | 100000 | 4.375 | 01/27/32 | 18867 |
|  **Uruguay – 0.1%** | **Uruguay – 0.1%** | **Uruguay – 0.1%** | **Uruguay – 0.1%** | **Uruguay – 0.1%** |
|  Republic of Uruguay (BBB/NR) | Republic of Uruguay (BBB/NR) | Republic of Uruguay (BBB/NR) | Republic of Uruguay (BBB/NR) | Republic of Uruguay (BBB/NR) |
|  UYU | 1190214 | 3.875 | 07/02/40 | 30450 |
|  **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $47,272,720)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $47,272,720)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $47,272,720)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $47,272,720)** | $42877496 |
| **Structured Notes – 2.3%** | **Structured Notes – 2.3%** | **Structured Notes – 2.3%** | **Structured Notes – 2.3%** | **Structured Notes – 2.3%** |
|  **United States – 2.3%** | **United States – 2.3%** | **United States – 2.3%** | **United States – 2.3%** | **United States – 2.3%** |
|  Republic of Columbia (Issuer Citibank NA) (NR/NR) | Republic of Columbia (Issuer Citibank NA) (NR/NR) | Republic of Columbia (Issuer Citibank NA) (NR/NR) | Republic of Columbia (Issuer Citibank NA) (NR/NR) | Republic of Columbia (Issuer Citibank NA) (NR/NR) |
|  COP | 4226000000 | 11.000% | 07/25/24 | $848615 |
|  Republic of Indonesia (Issuer JPMorgan Chase Bank NA) (NR/NR) | Republic of Indonesia (Issuer JPMorgan Chase Bank NA) (NR/NR) | Republic of Indonesia (Issuer JPMorgan Chase Bank NA) (NR/NR) | Republic of Indonesia (Issuer JPMorgan Chase Bank NA) (NR/NR) | Republic of Indonesia (Issuer JPMorgan Chase Bank NA) (NR/NR) |
|  IDR | 7753000000 | 6.500 <sup>(a)</sup> | 02/15/31 | 484827 |
|  |  |  |  | 1333442 |
| **Corporate Obligations – 2.1%** | **Corporate Obligations – 2.1%** | **Corporate Obligations – 2.1%** | **Corporate Obligations – 2.1%** | **Corporate Obligations – 2.1%** |
|  **Burundi – 0.9%** | **Burundi – 0.9%** | **Burundi – 0.9%** | **Burundi – 0.9%** | **Burundi – 0.9%** |
|  The African Export-Import Bank (NR/Baa1) | The African Export-Import Bank (NR/Baa1) | The African Export-Import Bank (NR/Baa1) | The African Export-Import Bank (NR/Baa1) | The African Export-Import Bank (NR/Baa1) |
|  $ | 200000 | 3.798 %<sup>(a)(c)</sup> | 05/17/31 | $165010 |
|  The Eastern & Southern African Trade & Development Bank (NR/Baa3) | The Eastern & Southern African Trade & Development Bank (NR/Baa3) | The Eastern & Southern African Trade & Development Bank (NR/Baa3) | The Eastern & Southern African Trade & Development Bank (NR/Baa3) | The Eastern & Southern African Trade & Development Bank (NR/Baa3) |
|  | 390000 | 4.875 | 05/23/24 | 373819 |
|  |  |  |  | 538829 |
|  **Colombia<sup>(c)</sup> – 0.0%** | **Colombia<sup>(c)</sup> – 0.0%** | **Colombia<sup>(c)</sup> – 0.0%** | **Colombia<sup>(c)</sup> – 0.0%** | **Colombia<sup>(c)</sup> – 0.0%** |
|  Ecopetrol SA (BB+/Baa3) | Ecopetrol SA (BB+/Baa3) | Ecopetrol SA (BB+/Baa3) | Ecopetrol SA (BB+/Baa3) | Ecopetrol SA (BB+/Baa3) |
|  | 30000 | 4.625 | 11/02/31 | 22875 |
|  **Israel<sup>(a)(c)</sup> –0.1%** | **Israel<sup>(a)(c)</sup> –0.1%** | **Israel<sup>(a)(c)</sup> –0.1%** | **Israel<sup>(a)(c)</sup> –0.1%** | **Israel<sup>(a)(c)</sup> –0.1%** |
|  Leviathan Bond Ltd. (BB-/Ba3) | Leviathan Bond Ltd. (BB-/Ba3) | Leviathan Bond Ltd. (BB-/Ba3) | Leviathan Bond Ltd. (BB-/Ba3) | Leviathan Bond Ltd. (BB-/Ba3) |
|  | 50000 | 5.750 | 06/30/23 | 49650 |
|  **Mexico – 0.4%** | **Mexico – 0.4%** | **Mexico – 0.4%** | **Mexico – 0.4%** | **Mexico – 0.4%** |
|  Mexico City Airport Trust (BBB/Baa3) | Mexico City Airport Trust (BBB/Baa3) | Mexico City Airport Trust (BBB/Baa3) | Mexico City Airport Trust (BBB/Baa3) | Mexico City Airport Trust (BBB/Baa3) |
|  | 200000 | 5.500 <sup>(c)</sup> | 07/31/47 | 154000 |
|  Petroleos Mexicanos (BBB/B1) | Petroleos Mexicanos (BBB/B1) | Petroleos Mexicanos (BBB/B1) | Petroleos Mexicanos (BBB/B1) | Petroleos Mexicanos (BBB/B1) |
|  | 60000 | 6.500 | 03/13/27 | 54525 |
|  |  |  |  | 208525 |
|  **Thailand<sup>(a)(c)</sup> – 0.3%** | **Thailand<sup>(a)(c)</sup> – 0.3%** | **Thailand<sup>(a)(c)</sup> – 0.3%** | **Thailand<sup>(a)(c)</sup> – 0.3%** | **Thailand<sup>(a)(c)</sup> – 0.3%** |
|  GC Treasury Center Co. Ltd. (BBB/Baa2) | GC Treasury Center Co. Ltd. (BBB/Baa2) | GC Treasury Center Co. Ltd. (BBB/Baa2) | GC Treasury Center Co. Ltd. (BBB/Baa2) | GC Treasury Center Co. Ltd. (BBB/Baa2) |
|  | 200000 | 2.980 | 03/18/31 | 160537 |

---

------

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT 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)** |
|  **Venezuela<sup>(e)(f)</sup> –0.4%** | **Venezuela<sup>(e)(f)</sup> –0.4%** | **Venezuela<sup>(e)(f)</sup> –0.4%** | **Venezuela<sup>(e)(f)</sup> –0.4%** | **Venezuela<sup>(e)(f)</sup> –0.4%** |
|  Petroleos de Venezuela SA (NR/NR) | Petroleos de Venezuela SA (NR/NR) | Petroleos de Venezuela SA (NR/NR) | Petroleos de Venezuela SA (NR/NR) | Petroleos de Venezuela SA (NR/NR) |
|  $ | 9280000 | 6.000% | 10/28/22 | $222720 |
|  **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $4,197,832)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $4,197,832)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $4,197,832)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $4,197,832)** | $1203136 |
| **U.S. Treasury Obligations – 0.2%** | **U.S. Treasury Obligations – 0.2%** | **U.S. Treasury Obligations – 0.2%** | **U.S. Treasury Obligations – 0.2%** | **U.S. Treasury Obligations – 0.2%** |
|  United States Treasury Bonds | United States Treasury Bonds | United States Treasury Bonds | United States Treasury Bonds | United States Treasury Bonds |
|  $ | 120000 | 3.250% | 05/15/42 | $105338 |
|  **(Cost $117,120)** | **(Cost $117,120)** | **(Cost $117,120)** | **(Cost $117,120)** | **(Cost $117,120)** |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Investment Company<sup>(g)</sup> – 12.7%** | **Investment Company<sup>(g)</sup> – 12.7%** | **Investment Company<sup>(g)</sup> – 12.7%** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7280414 | 4.159% | $7280414 |
| **(Cost $7,280,414)** | **(Cost $7,280,414)** | **(Cost $7,280,414)** |
| **TOTA L I NVESTMENTS – 92.0%**<br> **(Cost $61,980,614)** | **TOTA L I NVESTMENTS – 92.0%**<br> **(Cost $61,980,614)** | $52799826 |
| **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 8.0%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 8.0%** | 4589857 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $57389683 |

---

---

| | |
|:---|:---|
| 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) | Issued with a zero coupon or interest rate which increases to the stated rate at a set date in the future. |
| (c) | Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates. |
| (d) | Actual maturity date is April 03, 2120. |
| (e) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3. |
| (f) | Security is currently in default and/or non-income producing. |
| (g) | Represents an Affiliated Issuer. |

---

------

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT 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 GAIN** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  JPMorgan Securities, Inc. | AUD | 934200 | NZD | 993757 | 01/25/23 | $5566 |
|  | AUD | 147463 | NZD | 157894 | 03/15/23 | 380 |
|  | AUD | 542360 | USD | 364603 | 01/17/23 | 4933 |
|  | AUD | 288103 | USD | 196221 | 03/15/23 | 533 |
|  | CAD | 198798 | USD | 145981 | 03/15/23 | 929 |
|  | CHF | 225141 | EUR | 228000 | 03/15/23 | 165 |
|  | CLP | 217762455 | USD | 250168 | 01/03/23 | 6475 |
|  | CLP | 300550364 | USD | 314316 | 01/10/23 | 39657 |
|  | CNH | 43109802 | USD | 6236419 | 03/15/23 | 29245 |
|  | COP | 2331481876 | USD | 461258 | 01/23/23 | 17480 |
|  | CZK | 5609700 | EUR | 230347 | 01/25/23 | 806 |
|  | CZK | 6520753 | USD | 282151 | 03/15/23 | 5220 |
|  | EUR | 329146 | CHF | 323923 | 01/25/23 | 1629 |
|  | EUR | 93200 | CHF | 91903 | 03/15/23 | 72 |
|  | EUR | 115077 | GBP | 99701 | 03/15/23 | 3065 |
|  | EUR | 116398 | NZD | 194132 | 03/15/23 | 1892 |
|  | EUR | 372128 | SEK | 4103666 | 01/25/23 | 5196 |
|  | EUR | 178807 | SEK | 1973183 | 03/15/23 | 2485 |
|  | EUR | 37863 | USD | 39555 | 01/06/23 | 993 |
|  | EUR | 1319024 | USD | 1406175 | 01/17/23 | 7509 |
|  | EUR | 529086 | USD | 566809 | 03/15/23 | 2494 |
|  | GBP | 103214 | USD | 123768 | 01/03/23 | 1022 |
|  | GBP | 100464 | USD | 121355 | 03/15/23 | 328 |
|  | HUF | 15875687 | USD | 39015 | 03/16/23 | 2629 |
|  | IDR | 8759503117 | USD | 561687 | 03/16/23 | 3624 |
|  | JPY | 15230816 | USD | 115733 | 03/15/23 | 1509 |
|  | MXN | 6722655 | USD | 334474 | 03/15/23 | 5782 |
|  | MXN | 52622919 | USD | 2543185 | 09/20/23 | 28543 |
|  | NOK | 1892051 | USD | 190498 | 03/15/23 | 3267 |
|  | NZD | 191087 | USD | 119994 | 01/25/23 | 1375 |
|  | NZD | 170002 | USD | 107151 | 03/15/23 | 870 |
|  | PEN | 177456 | USD | 46115 | 02/28/23 | 348 |
|  | PHP | 4485980 | USD | 77643 | 02/22/23 | 2837 |
|  | PLN | 3598120 | USD | 763795 | 06/21/23 | 45084 |
|  | PLN | 2616565 | USD | 550291 | 09/20/23 | 33221 |
|  | SGD | 345942 | USD | 256468 | 01/25/23 | 1940 |
|  | SGD | 286886 | USD | 212751 | 03/15/23 | 1701 |
|  | TWD | 5293561 | USD | 172003 | 01/03/23 | 346 |
|  | USD | 4082539 | BRL | 21305030 | 01/04/23 | 50859 |
|  | USD | 3666690 | BRL | 19095451 | 02/02/23 | 73445 |
|  | USD | 445929 | EUR | 413986 | 01/17/23 | 2234 |
|  | USD | 123900 | EUR | 115077 | 03/15/23 | 76 |
|  | USD | 173446 | GBP | 141445 | 01/03/23 | 2433 |
|  | USD | 621150 | GBP | 505981 | 03/15/23 | 8297 |
|  | USD | 181995 | HKD | 1416340 | 03/15/23 | 285 |
|  | USD | 587871 | ILS | 1989360 | 02/08/23 | 20891 |
|  | USD | 214047 | ILS | 730697 | 03/15/23 | 5295 |
|  | USD | 201703 | NZD | 316127 | 03/15/23 | 831 |
|  | USD | 161720 | SEK | 1671433 | 03/15/23 | 848 |
|  | USD | 121722 | TRY | 2000481 | 01/18/23 | 16307 |
|  | USD | 221611 | TRY | 3656123 | 01/24/23 | 29946 |
|  | USD | 312521 | TRY | 5656603 | 02/08/23 | 19127 |
|  | USD | 123317 | TWD | 3775356 | 01/03/23 | 398 |
|  | ZAR | 19516670 | USD | 1131153 | 03/15/23 | 10124 |
|  MS & Co. Int. PLC | MYR | 27629202 | USD | 5919486 | 01/11/23 | 395854 |
|  **TOTAL** |  |  |  |  |  | $908400 |

---

**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** |
|  Barclays Bank PLC | USD | 289291 | MYR | 1368000 | 01/11/23 | $(23399) |
|  JPMorgan Securities, Inc. | AUD | 108000 | NZD | 115923 | 01/25/23 | (15) |
|  | BRL | 42003353 | USD | 8078465 | 01/04/23 | (129918) |
|  | CHF | 566405 | EUR | 575850 | 01/25/23 | (3182) |
|  | CHF | 111698 | USD | 121905 | 03/15/23 | (108) |

---

------

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT 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) | COP | 235784068 | USD | 48655 | 01/23/23 | $(240) |
|  | EUR | 228000 | CHF | 225599 | 01/25/23 | (192) |
|  | EUR | 230928 | CZK | 5609700 | 01/25/23 | (181) |
|  | EUR | 116169 | NZD | 196859 | 03/15/23 | (87) |
|  | GBP | 14201 | USD | 17341 | 01/03/23 | (172) |
|  | GBP | 99428 | USD | 122304 | 03/15/23 | (1877) |
|  | ILS | 167617 | USD | 48783 | 03/15/23 | (896) |
|  | INR | 10248954 | USD | 124012 | 02/16/23 | (460) |
|  | NZD | 836910 | AUD | 786332 | 01/25/23 | (4399) |
|  | NZD | 285227 | AUD | 267277 | 03/15/23 | (1296) |
|  | NZD | 191593 | EUR | 114332 | 03/15/23 | (1282) |
|  | SEK | 4103667 | EUR | 373714 | 01/25/23 | (6897) |
|  | SEK | 1250084 | EUR | 114971 | 03/15/23 | (3394) |
|  | THB | 49339241 | USD | 1446720 | 03/15/23 | (11606) |
|  | TRY | 2000481 | USD | 116246 | 01/18/23 | (10831) |
|  | TRY | 3656122 | USD | 205446 | 01/24/23 | (13782) |
|  | TRY | 5656603 | USD | 295693 | 02/08/23 | (2299) |
|  | TRY | 6793552 | USD | 348468 | 03/15/23 | (5322) |
|  | TWD | 5293562 | USD | 173343 | 01/03/23 | (994) |
|  | TWD | 1518205 | USD | 50114 | 03/27/23 | (245) |
|  | USD | 264965 | AUD | 392699 | 01/17/23 | (2602) |
|  | USD | 159912 | AUD | 239124 | 03/14/23 | (3386) |
|  | USD | 3853997 | BRL | 20698323 | 01/04/23 | (62870) |
|  | USD | 76321 | CAD | 103804 | 03/15/23 | (389) |
|  | USD | 18232 | CHF | 16857 | 03/15/23 | (149) |
|  | USD | 246297 | CLP | 217762455 | 01/03/23 | (10346) |
|  | USD | 494185 | CLP | 479379329 | 01/10/23 | (70404) |
|  | USD | 196173 | CNH | 1363615 | 03/15/23 | (2018) |
|  | USD | 1313807 | COP | 6563443740 | 01/23/23 | (33908) |
|  | USD | 872133 | EUR | 817143 | 01/17/23 | (3653) |
|  | USD | 343684 | EUR | 322316 | 03/15/23 | (3132) |
|  | USD | 100170 | GBP | 83535 | 01/03/23 | (828) |
|  | USD | 127920 | GBP | 106074 | 03/15/23 | (559) |
|  | USD | 26692 | HUF | 10880896 | 03/16/23 | (1850) |
|  | USD | 98724 | KRW | 127580589 | 03/16/23 | (2775) |
|  | USD | 117184 | MXN | 2344013 | 03/06/23 | (1650) |
|  | USD | 71914 | NOK | 704340 | 03/15/23 | (217) |
|  | USD | 818261 | PEN | 3168874 | 02/28/23 | (11440) |
|  | USD | 896461 | PLN | 4025650 | 03/15/23 | (16478) |
|  | USD | 882109 | RON | 4144628 | 03/15/23 | (11473) |
|  | USD | 256905 | SGD | 345942 | 01/25/23 | (1504) |
|  | USD | 221404 | TWD | 6811767 | 01/03/23 | (376) |
|  | USD | 1205985 | ZAR | 21085425 | 03/15/23 | (27027) |
|  TOTAL | TOTAL | TOTAL | TOTAL | TOTAL | TOTAL | $(492108) |

---

------

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT 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.S. Treasury Notes | 22 | 03/22/23 | $2602188 | $(29242) |
|  5 Year U.S. Treasury Notes | 2 | 03/31/23 | 215859 | (331) |
|  **Total** |  |  |  | $(29573) |
|  **Short position contracts:** | **Short position contracts:** | **Short position contracts:** | **Short position contracts:** | **Short position contracts:** |
|  10 Year U.S. Treasury Notes | (7) | 03/22/23 | (786078) | (1139) |
|  2 Year U.S. Treasury Notes | (1) | 03/31/23 | (205078) | 1115 |
|  20 Year U.S. Treasury Bonds | (22) | 03/22/23 | (2757562) | 35648 |
|  Ultra Long U.S. Treasury Bonds | (1) | 03/22/23 | (134313) | (467) |
|  **Total** |  |  |  | $35157 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $5584 |

---

**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<sup>(a)</sup>** | **Payments Received by the Fund<sup>(a)</sup>** | **Counterparty** | **Termination<br>Date** | **<br>**  | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Payments**<br> **(Received)**<br> **Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  3M KLIBOR | 4.000 | BofA Securities LLC<br>Chicago Mercantile | 06/15/32 | MYR | &nbsp;&nbsp;&nbsp;&nbsp;900 | $192 | $(1437) | $1629 |
| 3M KLIBOR | 3.000 | Exchange | 12/15/31 |  | 3400 | (61302) | (4042) | (57260) |
| 3M KLIBOR | 2.131 | Citibank NA | 02/02/26 |  | 2240 | (23365) |  | (23365) |
| 3M KLIBOR | 3.250 | Citibank NA | 12/15/31 |  | 1460 | (19540) | (4652) | (14888) |
| 3M KLIBOR | 3.735 | Citibank NA | 07/14/32 |  | 620 | (2929) |  | (2929) |
| 3M KLIBOR | 3.750 | Citibank NA | 12/21/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7020 | (38146) | (21933) | (16213) |
| 3M KLIBOR | 3.750 | Citibank NA | 12/21/32 |  | 1360 | (7390) | (19025) | 11635 |
| 3M KLIBOR | 3.750 | JPMorgan Securities,Inc. | 12/21/32 |  | 810 | (4402) | (1782) | (2620) |
| 3M KLIBOR | 3.750 | JPMorgan Securities, Inc. | 12/21/32 |  | 640 | (3478) | (10047) | 6569 |
| 3M KLIBOR | 3.605 | MS & Co. Int. PLC | 03/06/24 |  | 1650 | (370) |  | (370) |
| 3M KLIBOR | 3.330 | MS & Co. Int. PLC | 05/31/24 |  | 2610 | (2843) |  | (2843) |
| 3M KLIBOR | 2.000 | MS & Co. Int. PLC | 06/16/26 |  | 1030 | (13258) | (6270) | (6988) |
| 3M KLIBOR | 3.680 | MS & Co. Int. PLC | 07/12/32 |  | 610 | (3552) |  | (3552) |
| TOTA L |  |  |  |  |  | $(180383) | $(69188) | $(111195) |

---

(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> 10.565%<sup>(a)</sup> | 01/02/23 | BRL | 550 | $(1270) | $— | $(1270) |
| 1M BID Average<sup>(a)</sup> 12.400<sup>(a)</sup> | 01/02/23 |  | 3070 | 3504 | 13 | 3491 |
| 1M BID Average<sup>(b)</sup> 7.200<sup>(b)</sup> | 01/02/23 |  | 7850 | (67145) | (1) | (67144) |
| 5.800%<sup>(a)</sup> 1M BID Avg<sup>(a)</sup> | 01/02/23 |  | 8000 | 83584 | (216) | 83800 |

---

------

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT 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 by<br>Fund** | **Termination<br>Date** | **Notional**<br> **Amount**<br> **(000s)** | **Market<br>Value** | **Upfront<br>Premium**<br> **(Received)**<br> **Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  1M BID Average<sup>(a)</sup>  | 12.300%<sup>(a)</sup> | 01/02/24 | 3530 | $(2876) | $(11244) | $8368 |
|  1M BID Average<sup>(a)</sup>  | 12.795<sup>(a)</sup> | 01/02/24 | 7110 | (8673) | (1336) | (7337) |
|  1M BID Average<sup>(a)</sup>  | 13.950<sup>(a)</sup> | 01/02/24 | 13910 | 11701 | (22667) | 34368 |
|  12.185%<sup>(a)</sup>  | 1M BID Average<sup>(a)</sup> | 01/02/24 | 1050 | 1599 |  | 1599 |
| 11.905<sup>(a)</sup>  | 1M BID Average<sup>(a)</sup> | 01/02/24 | 775 | 1937 |  | 1937 |
|  1M BID Average<sup>(a)</sup>  | 11.488<sup>(a)</sup> | 01/02/25 | 4180 | (15838) | (587) | (15251) |
| 13.300<sup>(a)</sup>  | 1M BID Average<sup>(a)</sup> | 01/02/25 | 6360 | (11173) | (49) | (11124) |
|  Mexico Interbank TIIE 28 Days<sup>(a)</sup>  | 9.250<sup>(a)</sup> | 03/12/25 | 8420 <sup>(c)</sup> | (2491) | 332 | (2823) |
|  3M TELBOR<sup>(d)</sup>  | 3.50<sup>(e)</sup> | 03/15/25 | 5500 <sup>(c)</sup> | 9720 | (909) | 10629 |
| 10.500<sup>(d)</sup>  | 3M CPIBR<sup>(d)</sup> | 03/15/25 | 7433275 <sup>(c)</sup> | 11647 | 3889 | 7758 |
| 8.250<sup>(d)</sup>  | 3M JIBAR<sup>(d)</sup> | 03/15/25 | 20775 <sup>(c)</sup> | (8634) | (6696) | (1938) |
| 3.000<sup>(e)</sup>  | 6M EURO<sup>(f)</sup> | 03/15/25 | 290 <sup>(c)</sup> | 2948 | 1428 | 1520 |
| 4.500<sup>(d)</sup>  | 3M KWCDC<sup>(d)</sup> | 03/17/25 | 1020410 <sup>(c)</sup> | (11705) | (9503) | (2202) |
| 11.230<sup>(a)</sup>  | 1M BID Average<sup>(a)</sup> | 01/04/27 | 930 | 5814 | 6651 | (837) |
| 8.495<sup>(a)</sup>  | 1M BID Avg<sup>(a)</sup> | 01/04/27 | 4955 | 105107 | (28577) | 133684 |
|  Mexico Interbank TIIE 28 Days<sup>(a)</sup>  | 8.700<sup>(a)</sup> | 12/15/27 | 24825 | (6947) | (22691) | 15744 |
|  3M THOR | 2.250 | 12/21/27 | 5150 | 264 | 32 | 232 |
|  3M CNRR<sup>(d)</sup>  | 2.500<sup>(d)</sup> | 03/15/28 | 55250 <sup>(c)</sup> | (121095) | (101829) | (19266) |
|  6M EURO<sup>(f)</sup>  | 3.000<sup>(e)</sup> | 03/15/28 | 140 <sup>(c)</sup> | (1892) | 2803 | (4695) |
|  3M KWCDC<sup>(d)</sup>  | 4.500<sup>(d)</sup> | 03/15/28 | 3034810 <sup>(c)</sup> | 103570 | 117500 | (13930) |
| 7.000<sup>(f)</sup>  | 6M NSERO<sup>(f)</sup> | 03/15/28 | 97900 <sup>(c)</sup> | (27286) | (35202) | 7916 |
| 3.000<sup>(e)</sup>  | 6M EURO<sup>(f)</sup> | 03/15/30 | 110 <sup>(c)</sup> | 1608 | (3269) | 4877 |
|  Mexico Interbank TIIE 28 Days<sup>(a)</sup>  | 8.250<sup>(a)</sup> | 03/02/33 | 26150 <sup>(c)</sup> | (36218) | (3491) | (32727) |
| 3.750<sup>(e)</sup>  | 12M SOFR<sup>(e)</sup> | 03/15/33 | $730 <sup>(c)</sup> | (13255) | (29258) | 16003 |
|  3M TELBOR<sup>(d)</sup>  | 3.250<sup>(e)</sup> | 03/15/33 | 2825 <sup>(c)</sup> | 25493 | (91) | 25584 |
| 9.500<sup>(d)</sup>  | 3M CPIBR<sup>(d)</sup> | 03/15/33 | 489310 <sup>(c)</sup> | 1293 | 507 | 786 |
|  6M PRIBO<sup>(f)</sup>  | 4.000<sup>(e)</sup> | 03/15/33 | 11300 <sup>(c)</sup> | (27139) | (4448) | (22691) |
|  3M KWCDC<sup>(d)</sup>  | 4.250<sup>(d)</sup> | 03/15/33 | 944240 <sup>(c)</sup> | 49679 | 52472 | (2793) |
|  6M WIBOR<sup>(f)</sup>  | 5.500<sup>(e)</sup> | 03/15/33 | 5375 <sup>(c)</sup> | (55794) | (6436) | (49358) |
| 4.250<sup>(f)</sup>  | 6M CLICP<sup>(f)</sup> | 03/15/33 | 1096675 <sup>(c)</sup> | 95974 | 81989 | 13985 |
| 3.000<sup>(e)</sup>  | 6M EURO<sup>(f)</sup> | 03/15/33 | 360 <sup>(c)</sup> | 7091 | (13465) | 20556 |
|  3M JIBAR<sup>(d)</sup>  | 9.500<sup>(d)</sup> | 03/15/33 | 11 550 <sup>(c)</sup> | 11243 | 8235 | 3008 |
| 3.000<sup>(e)</sup>  | 6M EURO<sup>(f)</sup> | 03/15/38 | 120 <sup>(c)</sup> | 2158 | (6774) | 8932 |
|  **TOTA L** |  |  |  | $116503 | $(32888) | $149391 |

---

(a) Payments made at monthly.

(b) Payments made at maturity.

(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 annually.

(f) Payments made semi-annually.

**CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced**<br> **Obligation/Index** | **Financing Rate<br>Received/(Paid) by<br>the Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>December 31,<br>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:** |  |  |  |  |  |  |  |
| Republic of Chile | &nbsp;&nbsp;&nbsp;&nbsp;1.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.070% | 12/20/27 | $200 | $(558) | $(3702) | $3144 |
| Republic of Indonesia | 1.000 | 1.018 | 12/20/27 | 170 | (82) | (1386) | 1304 |

---

------

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT 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, 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 Peru | 1.000% | 1.195% | 12/20/27 | $130 | $(1080) | $(862) | $(218) |
| Republic of Peru | 1.000 | 1.100 | 06/20/27 | 80 | (297) | (1842) | 1545 |
| United Mexican States | 1.000 | 1.299 | 12/20/27 | 220 | (2826) | (6203) | 3377 |
|  **TOTAL** |  |  |  |  | $(4843) | $(13995) | $9152 |

---

(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 OPTIONS ON FOREIGN CURRENCY** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums<br>Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** | **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 | 2869000 | $2869000 | $5145 | $15262 | $(10117) |
|  Put EUR/Call USD | HSBC Bank PLC | 1.044 | 01/13/2023 | 925000 | 925000 | 967 | 5618 | (4651) |
|  **Total purchased option contracts** | **Total purchased option contracts** |  |  | 3794000 | $3794000 | $6112 | $20880 | $(14768) |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  Call AUD/Put NZD | HSBC Bank PLC | 1.053 | 01/18/2023 | (362000) | (362000) | (5246) | (1926) | (3320) |
|  Call EUR/Put CHF | UBS AG (London) | 0.987 | 01/18/2023 | (228000) | (228000) | (1450) | (1664) | 214 |
|  **Total Calls** |  |  |  | (590000) | $(590000) | $(6696) | $(3590) | $(3106) |
|  **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** |
|  Put AUD/Call USD | Deutsche Bank AG | 0.678 | 01/13/2023 | (1434000) | (1434000) | (7913) | (15257) | 7344 |
|  Put AUD/Call NZD | HSBC Bank PLC | 1.053 | 01/18/2023 | (362000) | (362000) | (229) | (1926) | 1697 |
|  Put EUR/Call CHF | UBS AG (London) | 0.987 | 01/18/2023 | (228000) | (228000) | (1074) | (1636) | 562 |
|  **Total Puts** |  |  |  | (2024000) | $(2024000) | $(9216) | $(18819) | $9603 |
|  **Total written option contracts** | **Total written option contracts** |  |  | (2614000) | $(2614000) | $(15912) | $(22409) | $6497 |
|  **TOTAL** |  |  |  | 1180000 | $1180000 | $(9800) | $(1529) | $(8271) |

---

------

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT 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 |
| DOP | — Dominican Republic Peso |
| EUR | — Euro |
| GBP | — British Pound |
| HKD | — HongKongDollar |
| HUF | — Hungarian Forint |
| IDR | —Indonesia Rupiah |
| ILS | — Israeli Shekel |
| INR | — Indian Rupee |
| JPY | — Japanese Yen |
| KRW | — South Korean Won |
| MXN | — Mexican Peso |
| MYR | — Malaysia Ringgit |
| NOK | — Norwegian Krone |
| NZD | — New Zealand Dollar |
| PEN | — Peru Nuevo Sol |
| PHP | — Philippines Peso |
| PLN | — Polish Zloty |
| RON | — Romania New Leu |
| RUB | — Russian Ruble |
| SEK | — Swedish Krona |
| SGD | — Singapore Dollar |
| THB | — Thailand Baht |
| TRY | — Turkish Lira |
| TWD | — Taiwan Dollar |
| USD | — U.S. Dollar |
| UYU | — Uruguay Peso |
| ZAR | — South African Rand |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| NR | — Not Rated |
| WR | — Withdrawn Rating |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| 1M BID Avg | — 1 Month Brazilian Interbank Deposit Average |
| CLICP | — Sinacofi Chile Interbank Rate |
| EURO | — Euro Offered Rate |
| JIBAR | — Johannesburg Interbank Agreed Rate |
| KLIBOR | — Kuala Lumpur Interbank Offered Rate |
| KWCDC | — South Korean Won Certificate of Deposit |
| MS & Co. Int. PLC | — Morgan Stanley & Co. International PLC |
| SOFR | — Secured Overnight Funding Rate |
| TELBOR | — Tel Aviv Interbank Offered Rate |
| TIIE | — La Tasa de Interbank Equilibrium Interest Rate |
| WIBOR | — Warsaw Interbank Offered Rate |

---

------

GOLDMAN SACHS U. S. MORTGAGES FUND

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – 128.9%** | **Mortgage-Backed Obligations – 128.9%** | **Mortgage-Backed Obligations – 128.9%** | **Mortgage-Backed Obligations – 128.9%** |
| **FNMA Collateral – 2.6%** | **FNMA Collateral – 2.6%** | **FNMA Collateral – 2.6%** | **FNMA Collateral – 2.6%** |
| **UMBS, 30 Year, Single Family – 2.6%** | **UMBS, 30 Year, Single Family – 2.6%** | **UMBS, 30 Year, Single Family – 2.6%** | **UMBS, 30 Year, Single Family – 2.6%** |
| UMBS, 30 Year, Single Family | UMBS, 30 Year, Single Family | UMBS, 30 Year, Single Family | UMBS, 30 Year, Single Family |
| 1000000 | 4.500% | TBA-30yr | $963906 |
| UMBS, 30 Year, Single Family | UMBS, 30 Year, Single Family | UMBS, 30 Year, Single Family | UMBS, 30 Year, Single Family |
| 5000000 | 5.000 | 01/12/53 | 4930471 |
|  |  |  | 5894377 |
| **Collateralized Mortgage Obligations – 5.0%** | **Collateralized Mortgage Obligations – 5.0%** | **Collateralized Mortgage Obligations – 5.0%** | **Collateralized Mortgage Obligations – 5.0%** |
| **Interest Only – 1.0%** | **Interest Only – 1.0%** | **Interest Only – 1.0%** | **Interest Only – 1.0%** |
| 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>(a)</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%) |
| 115797 | 1.732 <sup>(a)</sup> | 03/15/44 | 11106 |
| FHLMC REMIC Series 4456, Class IO | FHLMC REMIC Series 4456, Class IO | FHLMC REMIC Series 4456, Class IO | FHLMC REMIC Series 4456, Class IO |
| 64965 | 4.500 | 10/15/44 | 12973 |
| 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%) |
| 113346 | 1.782 <sup>(a)</sup> | 05/15/45 | 12086 |
| 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%) |
| 505333 | 1.682 <sup>(a)</sup> | 05/15/46 | 52489 |
| FHLMC REMIC Series 4998, Class GI | FHLMC REMIC Series 4998, Class GI | FHLMC REMIC Series 4998, Class GI | FHLMC REMIC Series 4998, Class GI |
| 576384 | 4.000 | 08/25/50 | 113259 |
| FHLMC REMIC Series 5012, Class DI | FHLMC REMIC Series 5012, Class DI | FHLMC REMIC Series 5012, Class DI | FHLMC REMIC Series 5012, Class DI |
| 178203 | 4.000 | 09/25/50 | 35137 |
| FNMA REMIC Series 2007-36, Class SN (-1X 1M USD LIBOR + 6.770%) | FNMA REMIC Series 2007-36, Class SN (-1X 1M USD LIBOR + 6.770%) | FNMA REMIC Series 2007-36, Class SN (-1X 1M USD LIBOR + 6.770%) | FNMA REMIC Series 2007-36, Class SN (-1X 1M USD LIBOR + 6.770%) |
| 185531 | 2.381 <sup>(a)</sup> | 04/25/37 | 17909 |
| FNMA REMIC Series 2008-17, Class SI (-1X 1M USD LIBOR + 6.300%) | FNMA REMIC Series 2008-17, Class SI (-1X 1M USD LIBOR + 6.300%) | FNMA REMIC Series 2008-17, Class SI (-1X 1M USD LIBOR + 6.300%) | FNMA REMIC Series 2008-17, Class SI (-1X 1M USD LIBOR + 6.300%) |
| 240191 | 1.911 <sup>(a)</sup> | 03/25/38 | 19092 |
| 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%) |
| 94898 | 2.161 <sup>(a)</sup> | 12/25/41 | 10093 |
| 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>(a)</sup> | 07/25/42 | 11046 |
| 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%) |
| 345063 | 1.761 <sup>(a)</sup> | 01/25/48 | 37435 |
| FNMA REMIC Series 2018-8, Class SA (-1X 1M USD LIBOR + 6.150%) | FNMA REMIC Series 2018-8, Class SA (-1X 1M USD LIBOR + 6.150%) | FNMA REMIC Series 2018-8, Class SA (-1X 1M USD LIBOR + 6.150%) | FNMA REMIC Series 2018-8, Class SA (-1X 1M USD LIBOR + 6.150%) |
| 268251 | 1.761 <sup>(a)</sup> | 02/25/48 | 27375 |
| FNMA REMIC Series 2020-38, Class TI | FNMA REMIC Series 2020-38, Class TI | FNMA REMIC Series 2020-38, Class TI | FNMA REMIC Series 2020-38, Class TI |
| 462684 | 4.000 | 06/25/50 | 90714 |
| 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 |
| 165498 | 4.000 | 09/25/50 | 32631 |
| 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%) |
| 186341 | 1.897 <sup>(a)</sup> | 02/20/40 | 18341 |
| 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%) |
| 623032 | 1.697 <sup>(a)</sup> | 08/20/43 | 64318 |
| GNMA REMIC Series 2014-11, Class KI | GNMA REMIC Series 2014-11, Class KI | GNMA REMIC Series 2014-11, Class KI | GNMA REMIC Series 2014-11, Class KI |
| 34823 | 4.500 | 12/20/42 | 1734 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 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%) |
| 171877 | 1.747 %<sup>(a)</sup> | 10/20/43 | $8511 |
| 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 |
| 333047 | 4.000 | 08/20/45 | 50362 |
| 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%) |
| 127342 | 1.847 <sup>(a)</sup> | 08/20/45 | 13242 |
| 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%) |
| 255336 | 1.897 <sup>(a)</sup> | 08/20/45 | 26404 |
| 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 |
| 234876 | 4.500 | 09/16/45 | 43108 |
| GNMA REMIC Series 2015-72, Class JI | GNMA REMIC Series 2015-72, Class JI | GNMA REMIC Series 2015-72, Class JI | GNMA REMIC Series 2015-72, Class JI |
| 10697 | 3.500 | 05/20/45 | 1117 |
| GNMA REMIC Series 2015-83, Class PI | GNMA REMIC Series 2015-83, Class PI | GNMA REMIC Series 2015-83, Class PI | GNMA REMIC Series 2015-83, Class PI |
| 23479 | 3.500 | 06/20/45 | 3232 |
| GNMA REMIC Series 2015-90, Class PI | GNMA REMIC Series 2015-90, Class PI | GNMA REMIC Series 2015-90, Class PI | GNMA REMIC Series 2015-90, Class PI |
| 11960 | 3.500 | 04/20/45 | 1062 |
| 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>(a)</sup> | 01/20/46 | 11813 |
| GNMA REMIC Series 2016-138, Class DI | GNMA REMIC Series 2016-138, Class DI | GNMA REMIC Series 2016-138, Class DI | GNMA REMIC Series 2016-138, Class DI |
| 79221 | 4.000 | 10/20/46 | 14036 |
| 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 |
| 198011 | 4.000 | 06/20/45 | 24668 |
| 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%) |
| 362842 | 1.307 <sup>(a)</sup> | 07/20/47 | 30787 |
| 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%) |
| 692208 | 1.847 <sup>(a)</sup> | 09/20/48 | 71427 |
| 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%) |
| 301586 | 1.797 <sup>(a)</sup> | 10/20/48 | 28498 |
| 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%) |
| 503835 | 1.847 <sup>(a)</sup> | 05/20/48 | 49572 |
| 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%) |
| 428129 | 1.347 <sup>(a)</sup> | 01/20/48 | 37740 |
| 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%) |
| 271008 | 1.697 <sup>(a)</sup> | 01/20/49 | 25335 |
| 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%) |
| 502076 | 1.747 <sup>(a)</sup> | 09/20/49 | 45324 |
| 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%) |
| 517276 | 1.747 <sup>(a)</sup> | 09/20/49 | 51041 |
| 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 |
| 1392402 | 3.500 | 10/20/49 | 209717 |
| 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 |
| 1202089 | 4.000 | 12/20/49 | 220227 |
| 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%) |
| 452053 | 0.301 <sup>(a)</sup> | 02/20/49 | 11545 |

---

------

GOLDMAN SACHS U . S. MORTGAGES 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 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%) |
| 176213 | 1.697 %<sup>(a)</sup> | 01/20/49 | $17000 |
| 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%) |
| 178075 | 1.747 <sup>(a)</sup> | 06/20/49 | 16156 |
| 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 |
| 1222267 | 2.500 | 10/20/50 | 160338 |
| 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 |
| 1640060 | 2.500 | 10/20/50 | 214572 |
| 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%) |
| 698668 | 1.697 <sup>(a)</sup> | 02/20/50 | 73738 |
| 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%) |
| 276037 | 1.697 <sup>(a)</sup> | 04/20/50 | 28526 |
| 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 |
|  |  |  | 2198731 |
| **Regular Floater<sup>(a)</sup> –1.0%** | **Regular Floater<sup>(a)</sup> –1.0%** | **Regular Floater<sup>(a)</sup> –1.0%** | **Regular Floater<sup>(a)</sup> –1.0%** |
| FNMA REMIC Series 2017-96, Class FA (1M USD LIBOR + 0.400%) | FNMA REMIC Series 2017-96, Class FA (1M USD LIBOR + 0.400%) | FNMA REMIC Series 2017-96, Class FA (1M USD LIBOR + 0.400%) | FNMA REMIC Series 2017-96, Class FA (1M USD LIBOR + 0.400%) |
| 1113371 | 4.789 | 12/25/57 | 1078273 |
| GNMA REMIC Series 2017-182, Class FN (1M USD LIBOR + 0.300%) | GNMA REMIC Series 2017-182, Class FN (1M USD LIBOR + 0.300%) | GNMA REMIC Series 2017-182, Class FN (1M USD LIBOR + 0.300%) | GNMA REMIC Series 2017-182, Class FN (1M USD LIBOR + 0.300%) |
| 1291453 | 4.626 | 12/16/47 | 1257954 |
|  |  |  | 2336227 |
| **Sequential Fixed Rate – 1.4%** | **Sequential Fixed Rate – 1.4%** | **Sequential Fixed Rate – 1.4%** | **Sequential Fixed Rate – 1.4%** |
| FHLMC REMIC Series 2042, Class N | FHLMC REMIC Series 2042, Class N | FHLMC REMIC Series 2042, Class N | FHLMC REMIC Series 2042, Class N |
| 12673 | 6.500 | 03/15/28 | 12899 |
| FHLMC REMIC Series 4577, Class HM<sup>(b)</sup>  | FHLMC REMIC Series 4577, Class HM<sup>(b)</sup>  | FHLMC REMIC Series 4577, Class HM<sup>(b)</sup>  | FHLMC REMIC Series 4577, Class HM<sup>(b)</sup>  |
| 320169 | 4.000 <sup>(c)</sup> | 12/15/50 | 303302 |
| FNMA REMIC Series 2000-16, Class ZG | FNMA REMIC Series 2000-16, Class ZG | FNMA REMIC Series 2000-16, Class ZG | FNMA REMIC Series 2000-16, Class ZG |
| 63426 | 8.500 | 06/25/30 | 67478 |
| FNMA REMIC Series 2005-59, Class KZ | FNMA REMIC Series 2005-59, Class KZ | FNMA REMIC Series 2005-59, Class KZ | FNMA REMIC Series 2005-59, Class KZ |
| 436112 | 5.500 | 07/25/35 | 442715 |
| 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 |
| 194196 | 5.000 | 06/25/41 | 195647 |
| 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 |
| 208702 | 5.000 | 10/25/41 | 210202 |
| FNMA REMIC Series 2012-111, Class B | FNMA REMIC Series 2012-111, Class B | FNMA REMIC Series 2012-111, Class B | FNMA REMIC Series 2012-111, Class B |
| 32895 | 7.000 | 10/25/42 | 34915 |
| FNMA REMIC Series 2012-153, Class B | FNMA REMIC Series 2012-153, Class B | FNMA REMIC Series 2012-153, Class B | FNMA REMIC Series 2012-153, Class B |
| 124939 | 7.000 | 07/25/42 | 133576 |
| FNMA REMIC Series 2017-87, Class EA | FNMA REMIC Series 2017-87, Class EA | FNMA REMIC Series 2017-87, Class EA | FNMA REMIC Series 2017-87, Class EA |
| 1913676 | 3.000 | 04/25/44 | 1736918 |
| OBX Trust Series 2022-NQM7, Class A1<sup>(b)</sup>  | OBX Trust Series 2022-NQM7, Class A1<sup>(b)</sup>  | OBX Trust Series 2022-NQM7, Class A1<sup>(b)</sup>  | OBX Trust Series 2022-NQM7, Class A1<sup>(b)</sup>  |
| 96030 | 5.110 <sup>(c)(d)</sup> | 08/25/62 | 94738 |
|  |  |  | 3232390 |
| **Sequential Floating Rate – 1.6%** | **Sequential Floating Rate – 1.6%** | **Sequential Floating Rate – 1.6%** | **Sequential Floating Rate – 1.6%** |
| Adjustable Rate Mortgage Trust Series 2004-5, Class 2A1 | Adjustable Rate Mortgage Trust Series 2004-5, Class 2A1 | Adjustable Rate Mortgage Trust Series 2004-5, Class 2A1 | Adjustable Rate Mortgage Trust Series 2004-5, Class 2A1 |
| 20479 | 3.623 | 04/25/35 | 19306 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 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>(a)</sup> | 09/25/35 | $36495 |
| Bear Stearns ALT-A Trust Series 2005-5, Class 21A1 | Bear Stearns ALT-A Trust Series 2005-5, Class 21A1 | Bear Stearns ALT-A Trust Series 2005-5, Class 21A1 | Bear Stearns ALT-A Trust Series 2005-5, Class 21A1 |
| 90335 | 3.882 | 07/25/35 | 82174 |
| 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%) |
| 142000 | 5.578 <sup>(d)</sup> | 12/25/41 | 133864 |
| 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%) |
| 162000 | 5.478 <sup>(d)</sup> | 10/25/41 | 157870 |
| 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%) |
| 111797 | 5.828 <sup>(a)(d)</sup> | 04/25/42 | 110982 |
| 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%) |
| 94000 | 6.928 <sup>(a)(d)</sup> | 04/25/42 | 90951 |
| 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%) |
| 79203 | 6.728 <sup>(d)</sup> | 10/25/50 | 79585 |
| 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%) |
| 97331 | 5.578 <sup>(d)</sup> | 01/25/34 | 95826 |
| 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%) |
| 288227 | 4.928 <sup>(d)</sup> | 01/25/42 | 281338 |
| 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%) |
| 233198 | 5.928 <sup>(d)</sup> | 04/25/42 | 232681 |
| 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%) |
| 120000 | 7.428 <sup>(d)</sup> | 03/25/42 | 118990 |
| 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%) |
| 12964 | 9.689 <sup>(a)</sup> | 10/25/28 | 13624 |
| 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%) |
| 16550 | 4.819 | 01/19/36 | 16060 |
| 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%) |
| 11225 | 5.109 | 10/25/34 | 10713 |
| JPMorgan Mortgage Trust Series 2021-6, Class A3 | JPMorgan Mortgage Trust Series 2021-6, Class A3 | JPMorgan Mortgage Trust Series 2021-6, Class A3 | JPMorgan Mortgage Trust Series 2021-6, Class A3 |
| 430180 | 2.500 <sup>(d)</sup> | 10/25/51 | 346665 |
| 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 |
| 580470 | 2.520 <sup>(d)</sup> | 05/25/52 | 475065 |
| 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 |
| 810829 | 3.520 <sup>(d)</sup> | 07/25/52 | 662642 |
| Morgan Stanley Mortgage Loan Trust Series 2004-8AR, Class 4A1 | Morgan Stanley Mortgage Loan Trust Series 2004-8AR, Class 4A1 | Morgan Stanley Mortgage Loan Trust Series 2004-8AR, Class 4A1 | Morgan Stanley Mortgage Loan Trust Series 2004-8AR, Class 4A1 |
| 97771 | 3.787 | 10/25/34 | 87250 |
| New Residential Mortgage Loan Trust Series 2015-1A, Class A1 | New Residential Mortgage Loan Trust Series 2015-1A, Class A1 | New Residential Mortgage Loan Trust Series 2015-1A, Class A1 | New Residential Mortgage Loan Trust Series 2015-1A, Class A1 |
| 85375 | 3.750 <sup>(d)</sup> | 05/28/52 | 78215 |
| 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 |
| 103056 | 1.841 <sup>(d)</sup> | 10/25/66 | 86387 |
| Towd Point Mortgage Trust Series 2016-4, Class M1 | Towd Point Mortgage Trust Series 2016-4, Class M1 | Towd Point Mortgage Trust Series 2016-4, Class M1 | Towd Point Mortgage Trust Series 2016-4, Class M1 |
| 100000 | 3.250 <sup>(d)</sup> | 07/25/56 | 93259 |
| 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 |
| 82161 | 1.824 <sup>(d)</sup> | 11/25/66 | 69894 |

---

------

GOLDMAN SACHS U . S . MORTGAGES 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)** | **Mortgage-Backed Obligations – (continued)** |
|  **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** |
|  Verus Securitization Trust Series 2022-INV1, Class A1<sup>(b)</sup>  | Verus Securitization Trust Series 2022-INV1, Class A1<sup>(b)</sup>  | Verus Securitization Trust Series 2022-INV1, Class A1<sup>(b)</sup>  | Verus Securitization Trust Series 2022-INV1, Class A1<sup>(b)</sup>  | Verus Securitization Trust Series 2022-INV1, Class A1<sup>(b)</sup>  |
|  $ | 97011 | 5.041 %<sup>(c)(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 | Wells Fargo Mortgage Backed Securities Trust Series 2019-3, Class A1 |
|  | 28427 | 3.500 <sup>(d)</sup> | 07/25/49 | 25176 |
|  |  |  |  | 3500955 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | 11268303 |
|  **Commercial Mortgage-Backed Securities – 4.0%** | **Commercial Mortgage-Backed Securities – 4.0%** | **Commercial Mortgage-Backed Securities – 4.0%** | **Commercial Mortgage-Backed Securities – 4.0%** | **Commercial Mortgage-Backed Securities – 4.0%** |
|  **Sequential Fixed Rate – 3.1%** | **Sequential Fixed Rate – 3.1%** | **Sequential Fixed Rate – 3.1%** | **Sequential Fixed Rate – 3.1%** | **Sequential Fixed Rate – 3.1%** |
|  BANK Series 2018-BN14, Class D | BANK Series 2018-BN14, Class D | BANK Series 2018-BN14, Class D | BANK Series 2018-BN14, Class D | BANK Series 2018-BN14, Class D |
|  $ | 200000 | 3.000 %<sup>(d)</sup> | 09/15/60 | $137157 |
|  BANK Series 2019-BNK19, Class D | BANK Series 2019-BNK19, Class D | BANK Series 2019-BNK19, Class D | BANK Series 2019-BNK19, Class D | BANK Series 2019-BNK19, Class D |
|  | 100000 | 3.000 <sup>(d)</sup> | 08/15/61 | 63652 |
|  BBCMS Mortgage Trust Series 2018-C2, Class A4 | BBCMS Mortgage Trust Series 2018-C2, Class A4 | BBCMS Mortgage Trust Series 2018-C2, Class A4 | BBCMS Mortgage Trust Series 2018-C2, Class A4 | BBCMS Mortgage Trust Series 2018-C2, Class A4 |
|  | 1350000 | 4.047 | 12/15/51 | 1262016 |
|  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 | BBCMS Mortgage Trust Series 2022-C17, Class A5 |
|  | 700000 | 4.441 | 09/15/55 | 664560 |
|  Cantor Commercial Real Estate Lending Series 2019-CF3, Class A4 | Cantor Commercial Real Estate Lending Series 2019-CF3, Class A4 | Cantor Commercial Real Estate Lending Series 2019-CF3, Class A4 | Cantor Commercial Real Estate Lending Series 2019-CF3, Class A4 | Cantor Commercial Real Estate Lending Series 2019-CF3, Class A4 |
|  | 1900000 | 3.006 | 01/15/53 | 1640680 |
|  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 | Citigroup Commercial Mortgage Trust Series 2017-P8, Class D |
|  | 400000 | 3.000 <sup>(d)</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 | DOLP Trust Series 2021-NYC, Class A |
|  | 800000 | 2.956 <sup>(d)</sup> | 05/10/41 | 638169 |
|  Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C26, Class D | Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C26, Class D | Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C26, Class D | Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C26, Class D | Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C26, Class D |
|  | 150000 | 3.060 <sup>(d)</sup> | 10/15/48 | 121543 |
|  Morgan Stanley Capital I Trust Series 2018-L1, Class A3 | Morgan Stanley Capital I Trust Series 2018-L1, Class A3 | Morgan Stanley Capital I Trust Series 2018-L1, Class A3 | Morgan Stanley Capital I Trust Series 2018-L1, Class A3 | Morgan Stanley Capital I Trust Series 2018-L1, Class A3 |
|  | 1950000 | 4.139 | 10/15/51 | 1826497 |
|  Morgan Stanley Capital I Trust Series 2018-L1, Class D | Morgan Stanley Capital I Trust Series 2018-L1, Class D | Morgan Stanley Capital I Trust Series 2018-L1, Class D | Morgan Stanley Capital I Trust Series 2018-L1, Class D | Morgan Stanley Capital I Trust Series 2018-L1, Class D |
|  | 450000 | 3.000 <sup>(d)</sup> | 10/15/51 | 305224 |
|  |  |  |  | 6938905 |
|  **Sequential Floating Rate – 0.9%** | **Sequential Floating Rate – 0.9%** | **Sequential Floating Rate – 0.9%** | **Sequential Floating Rate – 0.9%** | **Sequential Floating Rate – 0.9%** |
|  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 | 3650R Commercial Mortgage Trust Series 2021-PF1, Class AS |
|  | 400000 | 2.778 | 11/15/54 | 308099 |
|  BANK Series 2018-BN15, Class A4 | BANK Series 2018-BN15, Class A4 | BANK Series 2018-BN15, Class A4 | BANK Series 2018-BN15, Class A4 | BANK Series 2018-BN15, Class A4 |
|  | 900000 | 4.407 | 11/15/61 | 862025 |
|  BANK Series 2022-BNK40, Class A4 | BANK Series 2022-BNK40, Class A4 | BANK Series 2022-BNK40, Class A4 | BANK Series 2022-BNK40, Class A4 | BANK Series 2022-BNK40, Class A4 |
|  | 550000 | 3.394 | 03/15/64 | 485334 |
|  BBCMS Mortgage Trust Series 2022-C16, Class AS | BBCMS Mortgage Trust Series 2022-C16, Class AS | BBCMS Mortgage Trust Series 2022-C16, Class AS | BBCMS Mortgage Trust Series 2022-C16, Class AS | BBCMS Mortgage Trust Series 2022-C16, Class AS |
|  | 450000 | 4.600 | 06/15/55 | 414745 |
|  Wells Fargo Commercial Mortgage Trust Series 2016-C37, Class D | Wells Fargo Commercial Mortgage Trust Series 2016-C37, Class D | Wells Fargo Commercial Mortgage Trust Series 2016-C37, Class D | Wells Fargo Commercial Mortgage Trust Series 2016-C37, Class D | Wells Fargo Commercial Mortgage Trust Series 2016-C37, Class D |
|  | 100000 | 3.188 <sup>(d)</sup> | 12/15/49 | 76285 |
|  |  |  |  | 2146488 |
| **TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES** | $9085393 |
|  **Federal Agencies – 117.3%** | **Federal Agencies – 117.3%** | **Federal Agencies – 117.3%** | **Federal Agencies – 117.3%** | **Federal Agencies – 117.3%** |
|  **Adjustable Rate FHLMC<sup>(a)</sup> –0.0%** | **Adjustable Rate FHLMC<sup>(a)</sup> –0.0%** | **Adjustable Rate FHLMC<sup>(a)</sup> –0.0%** | **Adjustable Rate FHLMC<sup>(a)</sup> –0.0%** | **Adjustable Rate FHLMC<sup>(a)</sup> –0.0%** |
|  $ | 11806 | 3.051% | 04/01/33 | $11916 |
|  | 6281 | 4.375 | 11/01/34 | 6376 |
|  | 4891 | 2.625 | 02/01/35 | 4939 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Adjustable Rate FHLMC<sup>(a)</sup> – (continued)** | **Adjustable Rate FHLMC<sup>(a)</sup> – (continued)** | **Adjustable Rate FHLMC<sup>(a)</sup> – (continued)** | **Adjustable Rate FHLMC<sup>(a)</sup> – (continued)** |
| 14832 | 3.504% | 06/01/35 | $15009 |
| (1 year CMT + 2.172%) | (1 year CMT + 2.172%) | (1 year CMT + 2.172%) | (1 year CMT + 2.172%) |
| 5599 | 4.231% | 09/01/33 | 5662 |
| (1 year CMT + 2.107%) | (1 year CMT + 2.107%) | (1 year CMT + 2.107%) | (1 year CMT + 2.107%) |
| 3379 | 4.209% | 10/01/34 | 3418 |
|  |  |  | 47320 |
| **Adjustable Rate FNMA<sup>(a)</sup> – 0.1%** | **Adjustable Rate FNMA<sup>(a)</sup> – 0.1%** | **Adjustable Rate FNMA<sup>(a)</sup> – 0.1%** | **Adjustable Rate FNMA<sup>(a)</sup> – 0.1%** |
| (COF + 1.350%) | (COF + 1.350%) | (COF + 1.350%) | (COF + 1.350%) |
| 2600 | 2.697% | 07/01/27 | 2531 |
| (COF + 1.247%) | (COF + 1.247%) | (COF + 1.247%) | (COF + 1.247%) |
| 3302 | 2.770% | 11/01/27 | 3206 |
| (12M MTA + 1.125%) | (12M MTA + 1.125%) | (12M MTA + 1.125%) | (12M MTA + 1.125%) |
| 4979 | 2.814% | 06/01/32 | 4910 |
| (COF + 1.250%) | (COF + 1.250%) | (COF + 1.250%) | (COF + 1.250%) |
| 5048 | 2.119% | 08/01/32 | 4792 |
| (COF + 1.314%) | (COF + 1.314%) | (COF + 1.314%) | (COF + 1.314%) |
| 4947 | 2.183% | 05/01/33 | 4690 |
| (1 year CMT + 2.258%) | (1 year CMT + 2.258%) | (1 year CMT + 2.258%) | (1 year CMT + 2.258%) |
| 42524 | 3.854% | 06/01/33 | 43202 |
| (6M USD LIBOR + 1.412%) | (6M USD LIBOR + 1.412%) | (6M USD LIBOR + 1.412%) | (6M USD LIBOR + 1.412%) |
| 1867 | 3.030% | 06/01/33 | 1847 |
| (1 year CMT + 2.134%) | (1 year CMT + 2.134%) | (1 year CMT + 2.134%) | (1 year CMT + 2.134%) |
| 1125 | 3.134% | 07/01/33 | 1139 |
| (COF + 1.254%) | (COF + 1.254%) | (COF + 1.254%) | (COF + 1.254%) |
| 39842 | 2.359% | 08/01/33 | 38034 |
| (12M USD LIBOR + 1.645%) | (12M USD LIBOR + 1.645%) | (12M USD LIBOR + 1.645%) | (12M USD LIBOR + 1.645%) |
| 12153 | 3.368% | 12/01/33 | 12132 |
| (1 year CMT + 2.302%) | (1 year CMT + 2.302%) | (1 year CMT + 2.302%) | (1 year CMT + 2.302%) |
| 476 | 3.490% | 04/01/34 | 484 |
| (12M USD LIBOR + 1.670%) | (12M USD LIBOR + 1.670%) | (12M USD LIBOR + 1.670%) | (12M USD LIBOR + 1.670%) |
| 5539 | 3.920% | 11/01/34 | 5559 |
| (1 year CMT + 2.195%) | (1 year CMT + 2.195%) | (1 year CMT + 2.195%) | (1 year CMT + 2.195%) |
| 5999 | 2.840% | 02/01/35 | 6095 |
| (12M USD LIBOR + 1.620%) | (12M USD LIBOR + 1.620%) | (12M USD LIBOR + 1.620%) | (12M USD LIBOR + 1.620%) |
| 13142 | 2.050% | 03/01/35 | 13113 |
| (12M USD LIBOR + 1.810%) | (12M USD LIBOR + 1.810%) | (12M USD LIBOR + 1.810%) | (12M USD LIBOR + 1.810%) |
| 6851 | 2.548% | 04/01/35 | 6872 |
| (12M USD LIBOR + 2.164%) | (12M USD LIBOR + 2.164%) | (12M USD LIBOR + 2.164%) | (12M USD LIBOR + 2.164%) |
| 14532 | 2.937% | 05/01/35 | 14721 |
| (COF + 1.300%) | (COF + 1.300%) | (COF + 1.300%) | (COF + 1.300%) |
| 2009 | 2.647% | 11/01/35 | 1904 |
| (COF + 1.257%) | (COF + 1.257%) | (COF + 1.257%) | (COF + 1.257%) |
| 7574 | 2.702% | 12/01/37 | 7364 |
| (12M MTA + 1.150%) | (12M MTA + 1.150%) | (12M MTA + 1.150%) | (12M MTA + 1.150%) |
| 2047 | 2.839% | 01/01/38 | 2029 |
| (12M MTA + 1.175%) | (12M MTA + 1.175%) | (12M MTA + 1.175%) | (12M MTA + 1.175%) |
| 3337 | 2.864% | 11/01/40 | 3299 |
|  |  |  | 177923 |
| **Adjustable Rate GNMA<sup>(a)</sup> –0.1%** | **Adjustable Rate GNMA<sup>(a)</sup> –0.1%** | **Adjustable Rate GNMA<sup>(a)</sup> –0.1%** | **Adjustable Rate GNMA<sup>(a)</sup> –0.1%** |
| 478 | 2.875 | 06/20/23 | 475 |
| 303 | 2.625 | 07/20/23 | 301 |
| 376 | 2.625 | 08/20/23 | 373 |
| 989 | 2.625 | 09/20/23 | 979 |
| 499 | 2.625 | 03/20/24 | 492 |
| 5287 | 2.875 | 04/20/24 | 5214 |

---

------

GOLDMAN SACHS U . S . MORTGAGES 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)** |
|  **Adjustable Rate GNMA<sup>(a)</sup> – (continued)** | **Adjustable Rate GNMA<sup>(a)</sup> – (continued)** | **Adjustable Rate GNMA<sup>(a)</sup> – (continued)** | **Adjustable Rate GNMA<sup>(a)</sup> – (continued)** | **Adjustable Rate GNMA<sup>(a)</sup> – (continued)** |
|  $ | 780 | 2.875% | 05/20/24 | $769 |
|  | 5656 | 2.875 | 06/20/24 | 5573 |
|  | 1273 | 3.000 | 06/20/24 | 1255 |
|  | 1705 | 2.625 | 07/20/24 | 1674 |
|  | 2551 | 3.000 | 07/20/24 | 2510 |
|  | 3823 | 2.625 | 08/20/24 | 3751 |
|  | 2267 | 3.000 | 08/20/24 | 2230 |
|  | 2025 | 2.625 | 09/20/24 | 1986 |
|  | 2488 | 2.000 | 11/20/24 | 2441 |
|  | 921 | 2.000 | 12/20/24 | 903 |
|  | 2265 | 2.500 | 12/20/24 | 2231 |
|  | 1705 | 2.625 | 01/20/25 | 1675 |
|  | 1205 | 2.625 | 02/20/25 | 1183 |
|  | 4405 | 3.000 | 05/20/25 | 4326 |
|  | 5158 | 3.000 | 07/20/25 | 5051 |
|  | 2308 | 2.625 | 02/20/26 | 2261 |
|  | 118 | 2.625 | 07/20/26 | 115 |
|  | 6598 | 2.625 | 01/20/27 | 6458 |
|  | 1946 | 2.625 | 02/20/27 | 1905 |
|  | 20962 | 2.875 | 04/20/27 | 20516 |
|  | 2220 | 2.875 | 05/20/27 | 2172 |
|  | 3617 | 2.875 | 06/20/27 | 3540 |
|  | 1126 | 1.750 | 11/20/27 | 1091 |
|  | 3423 | 1.750 | 12/20/27 | 3316 |
|  | 7747 | 2.625 | 01/20/28 | 7589 |
|  | 2720 | 2.625 | 02/20/28 | 2665 |
|  | 2563 | 2.625 | 03/20/28 | 2511 |
|  | 13764 | 2.625 | 07/20/29 | 13374 |
|  | 5690 | 2.625 | 08/20/29 | 5529 |
|  | 1573 | 2.625 | 09/20/29 | 1528 |
|  | 7377 | 1.750 | 10/20/29 | 7153 |
|  | 9591 | 1.750 | 11/20/29 | 9300 |
|  | 1908 | 1.750 | 12/20/29 | 1851 |
|  | 2997 | 2.625 | 01/20/30 | 2944 |
|  | 827 | 2.625 | 02/20/30 | 813 |
|  | 7016 | 2.625 | 03/20/30 | 6894 |
|  | 7992 | 2.875 | 04/20/30 | 7853 |
|  | 13178 | 2.875 | 05/20/30 | 12949 |
|  | 11509 | 3.000 | 05/20/30 | 11332 |
|  | 3108 | 2.875 | 06/20/30 | 3054 |
|  | 18762 | 3.000 | 07/20/30 | 18390 |
|  | 4508 | 3.000 | 09/20/30 | 4420 |
|  | 7012 | 1.750 | 10/20/30 | 6806 |
|  |  |  |  | 213721 |
|  **FHLMC – 10.6%** | **FHLMC – 10.6%** | **FHLMC – 10.6%** | **FHLMC – 10.6%** | **FHLMC – 10.6%** |
|  | 33298 | 5.000 | 10/01/33 | 33444 |
|  | 1489 | 5.000 | 07/01/35 | 1497 |
|  | 721 | 4.500 | 08/01/35 | 712 |
|  | 2419 | 4.500 | 09/01/35 | 2388 |
|  | 865 | 4.500 | 10/01/35 | 853 |
|  | 37919 | 5.000 | 12/01/35 | 38243 |
|  | 723 | 5.000 | 02/01/37 | 721 |
|  | 13216 | 4.500 | 01/01/38 | 13046 |
|  | 581 | 4.500 | 06/01/38 | 573 |
|  | 21753 | 4.500 | 09/01/38 | 21557 |
|  | 96 | 4.500 | 01/01/39 | 95 |
|  | 10951 | 4.500 | 02/01/39 | 10856 |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  $ | 3822 | 4.500% | 03/01/39 | $3789 |
|  | 923 | 4.500 | 04/01/39 | 915 |
|  | 30099 | 4.500 | 05/01/39 | 29836 |
|  | 82709 | 5.000 | 05/01/39 | 83654 |
|  | 96472 | 4.500 | 06/01/39 | 95629 |
|  | 130196 | 5.000 | 07/01/39 | 131734 |
|  | 2530 | 4.500 | 07/01/39 | 2508 |
|  | 2203 | 4.500 | 08/01/39 | 2183 |
|  | 4590 | 4.500 | 09/01/39 | 4550 |
|  | 1105 | 4.500 | 10/01/39 | 1095 |
|  | 752 | 4.500 | 11/01/39 | 746 |
|  | 919 | 4.500 | 12/01/39 | 911 |
|  | 3402 | 4.500 | 01/01/40 | 3373 |
|  | 2214 | 4.500 | 04/01/40 | 2194 |
|  | 3298 | 4.500 | 05/01/40 | 3269 |
|  | 5088 | 4.500 | 06/01/40 | 5042 |
|  | 7912 | 4.000 | 06/01/40 | 7670 |
|  | 1668 | 4.500 | 07/01/40 | 1653 |
|  | 460 | 4.500 | 08/01/40 | 456 |
|  | 2329 | 5.000 | 08/01/40 | 2357 |
|  | 58785 | 4.000 | 02/01/41 | 56881 |
|  | 17179 | 4.500 | 02/01/41 | 17021 |
|  | 3672 | 4.500 | 03/01/41 | 3639 |
|  | 5459 | 4.500 | 04/01/41 | 5410 |
|  | 7058 | 4.500 | 05/01/41 | 6993 |
|  | 13551 | 4.500 | 06/01/41 | 13425 |
|  | 916 | 5.000 | 06/01/41 | 927 |
|  | 39106 | 4.500 | 08/01/41 | 38746 |
|  | 39112 | 4.500 | 09/01/41 | 38763 |
|  | 33737 | 4.000 | 10/01/41 | 32663 |
|  | 4305 | 4.000 | 11/01/41 | 4168 |
|  | 2341 | 4.500 | 12/01/41 | 2320 |
|  | 29682 | 4.500 | 03/01/42 | 29408 |
|  | 271446 | 4.000 | 03/01/42 | 261586 |
|  | 13065 | 3.000 | 05/01/42 | 11846 |
|  | 199365 | 3.500 | 06/01/42 | 186960 |
|  | 359635 | 4.500 | 06/01/42 | 356789 |
|  | 58040 | 3.000 | 08/01/42 | 52622 |
|  | 47090 | 3.500 | 08/01/42 | 44160 |
|  | 137094 | 3.500 | 10/01/42 | 128537 |
|  | 24618 | 3.000 | 10/01/42 | 22308 |
|  | 72863 | 3.500 | 11/01/42 | 68303 |
|  | 375824 | 3.000 | 11/01/42 | 340992 |
|  | 646150 | 3.000 | 12/01/42 | 587393 |
|  | 1156568 | 3.000 | 01/01/43 | 1053962 |
|  | 100731 | 3.000 | 02/01/43 | 91609 |
|  | 1030208 | 3.500 | 08/01/43 | 964293 |
|  | 521733 | 4.000 | 08/01/43 | 506068 |
|  | 244078 | 4.000 | 01/01/44 | 235457 |
|  | 299692 | 3.500 | 02/01/44 | 280517 |
|  | 299286 | 3.500 | 06/01/44 | 280371 |
|  | 6600 | 4.000 | 11/01/44 | 6420 |
|  | 39227 | 3.500 | 02/01/45 | 36791 |
|  | 67684 | 3.500 | 03/01/45 | 63480 |
|  | 8177 | 3.500 | 08/01/45 | 7646 |
|  | 9562 | 3.500 | 09/01/45 | 8941 |
|  | 21833 | 3.500 | 11/01/45 | 20416 |
|  | 1622530 | 3.500 | 03/01/46 | 1516396 |

---

------

GOLDMAN SACHS U . S . MORTGAGES 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)** | **Mortgage-Backed Obligations – (continued)** |
|  **FHLMC – (continued)** | **FHLMC – (continued)** | **FHLMC – (continued)** | **FHLMC – (continued)** | **FHLMC – (continued)** |
|  $ | 254585 | 3.500% | 05/01/46 | $237560 |
|  | 303289 | 3.500 | 06/01/46 | 282935 |
|  | 133019 | 3.500 | 07/01/46 | 124133 |
|  | 22647 | 3.500 | 10/01/46 | 21113 |
|  | 19671 | 3.500 | 12/01/46 | 18338 |
|  | 7067666 | 3.000 | 05/01/47 | 6376984 |
|  | 210206 | 3.500 | 12/01/47 | 196296 |
|  | 3085364 | 3.000 | 01/01/48 | 2771756 |
|  | 1294349 | 0.000 | 11/01/52 | 1334880 |
|  | 438134 | 0.000 | 12/01/52 | 451033 |
|  | 375280 | 3.000 | 10/01/50 | 334886 |
|  | 700491 | 2.000 | 01/01/52 | 570536 |
|  | 2607525 | 2.000 | 03/01/52 | 2122026 |
|  | 828022 | 2.000 | 06/01/52 | 673856 |
|  | 477705 | 6.000 | 11/01/52 | 487141 |
|  |  |  |  | 23895249 |
|  **FNMA – 24.1%** | **FNMA – 24.1%** | **FNMA – 24.1%** | **FNMA – 24.1%** | **FNMA – 24.1%** |
|  | 1269 | 7.000 | 08/01/31 | 1327 |
|  | 55736 | 3.500 | 07/01/42 | 52165 |
|  | 53454 | 3.500 | 08/01/42 | 50056 |
|  | 35962 | 3.500 | 09/01/42 | 33685 |
|  | 4409 | 3.500 | 10/01/42 | 4129 |
|  | 9050 | 3.500 | 11/01/42 | 8475 |
|  | 4851 | 3.500 | 01/01/43 | 4511 |
|  | 116805 | 3.500 | 02/01/43 | 108609 |
|  | 11545 | 3.500 | 05/01/43 | 10735 |
|  | 503206 | 3.500 | 07/01/43 | 467899 |
|  | 252631 | 3.500 | 01/01/44 | 234905 |
|  | 11185 | 3.500 | 12/01/44 | 10386 |
|  | 220979 | 4.000 | 03/01/45 | 211520 |
|  | 105932 | 4.000 | 04/01/45 | 101397 |
|  | 2983454 | 2.000 | 12/01/50 | 2368321 |
|  | 1164677 | 4.500 | 06/01/51 | 1141965 |
|  | 1988474 | 5.500 | 09/01/52 | 2024574 |
|  | 1254546 | 6.000 | 12/01/52 | 1291481 |
|  | 2329867 | 4.000 | 05/01/56 | 2222129 |
|  | 2745744 | 4.000 | 07/01/56 | 2618775 |
|  | 1496223 | 3.500 | 08/01/56 | 1378618 |
|  | 2774634 | 3.500 | 10/01/56 | 2556543 |
|  | 1854430 | 4.000 | 02/01/57 | 1768677 |
|  | 2075574 | 3.000 | 10/01/50 | 1855480 |
|  | 12170340 | 2.000 | 05/01/51 | 9988962 |
|  | 11992511 | 2.000 | 11/01/51 | 9813026 |
|  | 6807355 | 2.000 | 12/01/51 | 5570205 |
|  | 926225 | 2.000 | 03/01/52 | 754137 |
|  | 8999999 | 2.000 | 06/01/52 | 7324601 |
|  | 522295 | 6.000 | 11/01/52 | 532449 |
|  |  |  |  | 54509742 |
|  **[H]4GNMA – 36.7%** | **[H]4GNMA – 36.7%** | **[H]4GNMA – 36.7%** | **[H]4GNMA – 36.7%** | **[H]4GNMA – 36.7%** |
|  | 1091 | 6.000 | 04/15/26 | 1092 |
|  | 153 | 6.500 | 01/15/32 | 157 |
|  | 520 | 6.500 | 02/15/32 | 538 |
|  | 159362 | 5.500 | 04/15/33 | 164288 |
|  | 3859 | 5.000 | 11/15/33 | 3851 |
|  | 449 | 6.500 | 08/15/34 | 471 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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)** |
|  $ | 518 | 6.500% | 02/15/36 | $546 |
|  | 1174 | 6.500 | 03/15/36 | 1234 |
|  | 2022 | 6.500 | 04/15/36 | 2125 |
|  | 6130 | 6.500 | 05/15/36 | 6457 |
|  | 3140 | 6.500 | 06/15/36 | 3302 |
|  | 14960 | 6.500 | 07/15/36 | 15791 |
|  | 16825 | 6.500 | 08/15/36 | 17774 |
|  | 34777 | 6.500 | 09/15/36 | 36766 |
|  | 13989 | 6.500 | 10/15/36 | 14753 |
|  | 21493 | 6.500 | 11/15/36 | 22779 |
|  | 9008 | 6.500 | 12/15/36 | 9514 |
|  | 3786 | 6.500 | 01/15/37 | 3996 |
|  | 1453 | 6.500 | 03/15/37 | 1533 |
|  | 3151 | 6.500 | 04/15/37 | 3330 |
|  | 776 | 6.500 | 05/15/37 | 818 |
|  | 827 | 6.500 | 08/15/37 | 875 |
|  | 5254 | 6.500 | 09/15/37 | 5551 |
|  | 6473 | 6.500 | 10/15/37 | 6930 |
|  | 2603 | 6.500 | 11/15/37 | 2745 |
|  | 2069 | 6.500 | 05/15/38 | 2178 |
|  | 615 | 6.500 | 02/15/39 | 645 |
|  | 140519 | 5.000 | 01/20/40 | 141901 |
|  | 123422 | 4.500 | 05/15/40 | 122781 |
|  | 95190 | 5.000 | 07/15/40 | 96812 |
|  | 141594 | 3.500 | 09/15/42 | 132804 |
|  | 175227 | 3.500 | 02/15/45 | 163721 |
|  | 30148 | 4.000 | 05/20/45 | 29236 |
|  | 22057 | 4.000 | 07/20/45 | 21390 |
|  | 38373 | 4.000 | 10/20/45 | 37176 |
|  | 118805 | 4.000 | 01/20/46 | 114840 |
|  | 500797 | 4.500 | 03/20/46 | 498769 |
|  | 1082110 | 3.000 | 06/20/46 | 979416 |
|  | 715505 | 3.500 | 09/20/46 | 670591 |
|  | 304992 | 3.500 | 10/20/46 | 285847 |
|  | 329223 | 3.500 | 12/20/46 | 308557 |
|  | 311729 | 3.500 | 01/20/47 | 292161 |
|  | 338237 | 3.500 | 02/20/47 | 317005 |
|  | 1960039 | 4.500 | 02/20/47 | 1947555 |
|  | 6315 | 3.500 | 03/20/47 | 5892 |
|  | 203856 | 4.500 | 03/20/47 | 202521 |
|  | 1577393 | 3.500 | 04/20/47 | 1471680 |
|  | 10803 | 3.500 | 05/20/47 | 10079 |
|  | 1116152 | 4.500 | 05/20/47 | 1104655 |
|  | 188342 | 4.500 | 06/20/47 | 186579 |
|  | 1593528 | 4.000 | 06/20/47 | 1530879 |
|  | 56576 | 4.500 | 07/20/47 | 55993 |
|  | 15038 | 3.500 | 08/20/47 | 14030 |
|  | 548328 | 4.500 | 08/20/47 | 541824 |
|  | 3533 | 3.500 | 09/20/47 | 3296 |
|  | 5840 | 3.500 | 10/20/47 | 5448 |
|  | 387843 | 3.500 | 11/20/47 | 361851 |
|  | 742700 | 3.500 | 12/20/47 | 692926 |
|  | 1021793 | 3.500 | 01/20/48 | 953315 |
|  | 613125 | 4.500 | 09/20/48 | 602019 |
|  | 169803 | 5.000 | 09/20/48 | 170805 |
|  | 1506942 | 5.000 | 11/20/48 | 1514894 |
|  | 739196 | 4.500 | 12/20/48 | 725576 |
|  | 611044 | 5.000 | 12/20/48 | 614268 |

---

------

GOLDMAN SACHS U.S. MORTGAGES FUND

*December 31, 2022 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity 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)** |
|  $ | 106239 | 4.500% | 01/20/49 | $104381 |
|  | 1154032 | 5.000 | 01/20/49 | 1158949 |
|  | 31380 | 3.500 | 01/20/49 | 29277 |
|  | 843755 | 4.000 | 02/20/49 | 806892 |
|  | 348973 | 4.500 | 02/20/49 | 342870 |
|  | 520277 | 4.500 | 03/20/49 | 511179 |
|  | 775339 | 5.000 | 03/20/49 | 778401 |
|  | 1530426 | 4.000 | 04/20/49 | 1462725 |
|  | 600856 | 4.000 | 05/20/49 | 573901 |
|  | 110979 | 5.000 | 06/20/49 | 111383 |
|  | 2053184 | 3.000 | 07/20/49 | 1850512 |
|  | 441091 | 3.500 | 07/20/49 | 410170 |
|  | 1781766 | 3.000 | 08/20/49 | 1604401 |
|  | 2037466 | 3.500 | 09/20/49 | 1893812 |
|  | 370672 | 4.500 | 10/20/49 | 362683 |
|  | 229392 | 3.500 | 12/20/49 | 213156 |
|  | 1841270 | 3.000 | 03/20/50 | 1653930 |
|  | 398102 | 3.000 | 05/20/50 | 357474 |
|  | 715797 | 3.500 | 12/20/50 | 663655 |
|  | 297083 | 4.000 | 01/20/51 | 282619 |
|  | 1430058 | 3.500 | 02/20/51 | 1328457 |
|  | 801487 | 3.000 | 07/20/51 | 717742 |
|  | 1796954 | 3.000 | 11/20/51 | 1606949 |
|  | 4578656 | 3.000 | 12/20/51 | 4092733 |
|  | 2158730 | 3.000 | 02/20/52 | 1924275 |
|  | 1960730 | 4.500 | 09/20/52 | 1899982 |
|  | 1992946 | 5.000 | 09/20/52 | 1986024 |
|  | 4000000 | 2.000 | 01/23/53(e) | 3355880 |
|  | 13000000 | 2.500 | 01/23/53(e) | 11261162 |
|  | 5000000 | 3.000 | TBA-30yr(e) | 4453382 |
|  | 4000000 | 4.000 | TBA-30yr(e) | 3786688 |
|  | 5000000 | 5.000 | TBA-30yr(e) | 4954239 |
|  | 9000000 | 5.500 | TBA-30yr(e) | 9045591 |
|  |  |  |  | 82844605 |
|  **UMBS – 35.8%** | **UMBS – 35.8%** | **UMBS – 35.8%** | **UMBS – 35.8%** | **UMBS – 35.8%** |
|  | 26 | 4.500 | 04/01/23 | 26 |
|  | 44 | 4.500 | 07/01/23 | 44 |
|  | 1056 | 4.500 | 08/01/23 | 1049 |
|  | 1397 | 4.500 | 09/01/23 | 1387 |
|  | 328 | 5.000 | 01/01/33 | 329 |
|  | 121374 | 4.500 | 07/01/36 | 120136 |
|  | 8649 | 4.500 | 12/01/36 | 8561 |
|  | 99085 | 4.500 | 02/01/39 | 98123 |
|  | 2968 | 4.500 | 03/01/39 | 2939 |
|  | 3585 | 4.500 | 05/01/39 | 3550 |
|  | 1927 | 4.500 | 07/01/39 | 1908 |
|  | 1911 | 4.000 | 08/01/39 | 1850 |
|  | 3991 | 4.500 | 09/01/39 | 3952 |
|  | 7152 | 4.500 | 10/01/39 | 7082 |
|  | 17060 | 4.500 | 02/01/40 | 16891 |
|  | 3034 | 4.500 | 03/01/40 | 3005 |
|  | 39821 | 4.500 | 04/01/40 | 39427 |
|  | 17381 | 4.500 | 06/01/40 | 17218 |
|  | 88506 | 4.500 | 09/01/40 | 87632 |
|  | 3982 | 4.500 | 12/01/40 | 3942 |
|  | 31835 | 4.500 | 01/01/41 | 31520 |
|  | 11539 | 4.500 | 04/01/41 | 11422 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  $ | 19290 | 4.500% | 06/01/41 | $19093 |
|  | 18053 | 4.500 | 07/01/41 | 17869 |
|  | 83312 | 4.500 | 08/01/41 | 82513 |
|  | 74318 | 4.500 | 09/01/41 | 73560 |
|  | 37530 | 4.500 | 10/01/41 | 37147 |
|  | 65213 | 3.500 | 10/01/41 | 61059 |
|  | 17383 | 3.500 | 11/01/41 | 16277 |
|  | 48643 | 4.500 | 11/01/41 | 48147 |
|  | 39229 | 4.500 | 12/01/41 | 38829 |
|  | 34325 | 4.500 | 01/01/42 | 33686 |
|  | 63431 | 3.500 | 01/01/42 | 59422 |
|  | 6626 | 3.500 | 02/01/42 | 6191 |
|  | 231226 | 4.000 | 03/01/42 | 222606 |
|  | 2507 | 4.500 | 03/01/42 | 2505 |
|  | 51925 | 4.000 | 04/01/42 | 49989 |
|  | 6159 | 4.500 | 04/01/42 | 6093 |
|  | 6375 | 3.500 | 05/01/42 | 5978 |
|  | 25860 | 3.500 | 06/01/42 | 24199 |
|  | 17059 | 3.500 | 09/01/42 | 16007 |
|  | 52784 | 3.000 | 09/01/42 | 47783 |
|  | 127310 | 3.500 | 10/01/42 | 119017 |
|  | 284916 | 3.000 | 12/01/42 | 257896 |
|  | 47672 | 3.500 | 12/01/42 | 44602 |
|  | 65323 | 3.000 | 01/01/43 | 59578 |
|  | 23440 | 3.000 | 02/01/43 | 21378 |
|  | 173144 | 3.500 | 02/01/43 | 162156 |
|  | 669774 | 3.000 | 03/01/43 | 610867 |
|  | 580275 | 3.500 | 03/01/43 | 543146 |
|  | 733339 | 3.000 | 04/01/43 | 668841 |
|  | 559944 | 3.500 | 04/01/43 | 523611 |
|  | 877098 | 3.000 | 05/01/43 | 799958 |
|  | 290232 | 2.500 | 05/01/43 | 254492 |
|  | 107520 | 3.500 | 05/01/43 | 100611 |
|  | 32014 | 3.000 | 06/01/43 | 29169 |
|  | 486747 | 3.500 | 06/01/43 | 455548 |
|  | 1423420 | 3.500 | 07/01/43 | 1331588 |
|  | 266186 | 3.000 | 07/01/43 | 242525 |
|  | 704159 | 3.500 | 08/01/43 | 658514 |
|  | 25112 | 3.500 | 09/01/43 | 23523 |
|  | 48804 | 3.500 | 01/01/44 | 45684 |
|  | 21043 | 3.500 | 08/01/44 | 19621 |
|  | 31284 | 3.500 | 09/01/44 | 29268 |
|  | 70188 | 3.500 | 10/01/44 | 65899 |
|  | 24927 | 5.000 | 12/01/44 | 25173 |
|  | 299244 | 4.000 | 12/01/44 | 289334 |
|  | 19873 | 3.500 | 01/01/45 | 18621 |
|  | 179980 | 4.000 | 02/01/45 | 174863 |
|  | 82837 | 3.500 | 03/01/45 | 77483 |
|  | 38860 | 3.500 | 04/01/45 | 36328 |
|  | 528018 | 3.500 | 05/01/45 | 495755 |
|  | 878390 | 4.500 | 06/01/45 | 867820 |
|  | 53904 | 3.500 | 07/01/45 | 50357 |
|  | 598235 | 4.000 | 08/01/45 | 578423 |
|  | 204785 | 4.000 | 11/01/45 | 196772 |
|  | 8656 | 3.500 | 11/01/45 | 8087 |
|  | 169933 | 3.500 | 01/01/46 | 158860 |
|  | 1817146 | 4.000 | 01/01/46 | 1746041 |
|  | 124569 | 4.000 | 03/01/46 | 119289 |

---

------

GOLDMAN SACHS U.S. MORTGAGES 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 – (continued)** | **UMBS – (continued)** | **UMBS – (continued)** | **UMBS – (continued)** | **UMBS – (continued)** |
|  $ | 449084 | 3.500% | 03/01/46 | $421568 |
|  | 72488 | 3.500 | 04/01/46 | 68059 |
|  | 335068 | 3.500 | 05/01/46 | 312396 |
|  | 71686 | 4.000 | 06/01/46 | 68439 |
|  | 166407 | 4.500 | 06/01/46 | 163872 |
|  | 208728 | 3.000 | 07/01/46 | 187339 |
|  | 222376 | 4.000 | 07/01/46 | 212305 |
|  | 278986 | 4.000 | 08/01/46 | 266351 |
|  | 114431 | 3.000 | 08/01/46 | 102705 |
|  | 487388 | 3.000 | 09/01/46 | 437444 |
|  | 149900 | 3.000 | 10/01/46 | 134540 |
|  | 187654 | 4.000 | 10/01/46 | 179156 |
|  | 615774 | 3.000 | 11/01/46 | 552673 |
|  | 276779 | 3.000 | 12/01/46 | 248417 |
|  | 1101592 | 3.000 | 01/01/47 | 988708 |
|  | 735997 | 4.000 | 02/01/47 | 702647 |
|  | 599278 | 4.500 | 02/01/47 | 592067 |
|  | 52808 | 3.000 | 02/01/47 | 47396 |
|  | 147518 | 3.000 | 04/01/47 | 132512 |
|  | 365720 | 3.500 | 06/01/47 | 338149 |
|  | 170441 | 4.500 | 11/01/47 | 168058 |
|  | 5596 | 4.500 | 02/01/48 | 5488 |
|  | 302586 | 4.500 | 05/01/48 | 299253 |
|  | 450294 | 3.500 | 06/01/48 | 416354 |
|  | 243304 | 4.500 | 07/01/48 | 238306 |
|  | 906070 | 4.500 | 08/01/48 | 882403 |
|  | 370673 | 4.500 | 09/01/48 | 362942 |
|  | 7330 | 4.500 | 10/01/48 | 7251 |
|  | 1030100 | 3.500 | 11/01/48 | 952458 |
|  | 1390140 | 5.000 | 11/01/48 | 1408442 |
|  | 620917 | 4.500 | 11/01/48 | 607920 |
|  | 300282 | 4.500 | 12/01/48 | 292184 |
|  | 1510102 | 4.000 | 01/01/49 | 1448766 |
|  | 364670 | 4.500 | 02/01/49 | 356842 |
|  | 4261 | 4.500 | 05/01/49 | 4168 |
|  | 750074 | 3.500 | 07/01/49 | 697739 |
|  | 952220 | 4.000 | 07/01/49 | 908457 |
|  | 505873 | 3.500 | 08/01/49 | 470418 |
|  | 1860013 | 3.000 | 09/01/49 | 1667363 |
|  | 5530 | 4.500 | 11/01/49 | 5409 |
|  | 419250 | 4.500 | 01/01/50 | 410506 |
|  | 63390 | 4.500 | 02/01/50 | 62250 |
|  | 676242 | 3.000 | 03/01/50 | 600536 |
|  | 1812491 | 4.000 | 03/01/50 | 1734483 |
|  | 4500312 | 4.500 | 03/01/50 | 4406169 |
|  | 485911 | 4.500 | 04/01/50 | 473233 |
|  | 480298 | 4.500 | 09/01/50 | 469783 |
|  | 3822628 | 2.500 | 09/01/50 | 3299792 |
|  | 4886100 | 2.000 | 02/01/51 | 3999210 |
|  | 8636405 | 2.500 | 05/01/51 | 7378410 |
|  | 8921992 | 2.500 | 07/01/51 | 7619115 |
|  | 3625670 | 2.500 | 08/01/51 | 3081079 |
|  | 1855239 | 2.500 | 09/01/51 | 1591924 |
|  | 5580895 | 2.500 | 12/01/51 | 4769431 |
|  | 5762754 | 2.000 | 02/01/52 | 4689960 |
|  | 5999699 | 2.000 | 05/01/52 | 4882637 |
|  | 968063 | 5.000% | 07/01/52 | 965078 |
|  |  |  |  | 81032204 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **UMBS, 30 Year, Single Family – 9.9%** | **UMBS, 30 Year, Single Family – 9.9%** | **UMBS, 30 Year, Single Family – 9.9%** | **UMBS, 30 Year, Single Family – 9.9%** |
| 6000000 | 6.500 | TBA-30yr<sup>(e)</sup> | $6147177 |
| 5000000 | 6.000 | 01/12/53<sup>(e)</sup> | 5077346 |
| 1000000 | 3.500 | TBA-30yr | 909453 |
| 4000000 | 2.500 | TBA-30yr<sup>(e)</sup> | 3391250 |
| 5299506 | 2.000 | 02/01/52 | 4312939 |
| 1999801 | 2.000 | 03/01/52 | 1627516 |
| 999900 | 2.000 | 07/01/52 | 813763 |
| 32982 | 2.000 | 02/01/52 | 26988 |
|  |  |  | 22306432 |
| **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | $265027196 |
| **TOTAL MORTGAGE-BACKED OBLIGATIONS**<br> **(Cost $309,386,703)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS**<br> **(Cost $309,386,703)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS**<br> **(Cost $309,386,703)** | $291275269 |
| **Asset-Backed Securities<sup>(a)</sup> – 9.0%** | **Asset-Backed Securities<sup>(a)</sup> – 9.0%** | **Asset-Backed Securities<sup>(a)</sup> – 9.0%** | **Asset-Backed Securities<sup>(a)</sup> – 9.0%** |
| **Collateralized Loan Obligations<sup>(d)</sup> –6.8%** | **Collateralized Loan Obligations<sup>(d)</sup> –6.8%** | **Collateralized Loan Obligations<sup>(d)</sup> –6.8%** | **Collateralized Loan Obligations<sup>(d)</sup> –6.8%** |
| Battalion CLO Ltd. Series 2018-12A, Class A1 (3M USD LIBOR + 1.070%) | Battalion CLO Ltd. Series 2018-12A, Class A1 (3M USD LIBOR + 1.070%) | Battalion CLO Ltd. Series 2018-12A, Class A1 (3M USD LIBOR + 1.070%) | Battalion CLO Ltd. Series 2018-12A, Class A1 (3M USD LIBOR + 1.070%) |
| 800000 | 5.720% | 05/17/31 | $785043 |
| CarVal CLO IV Ltd. Series 2021-1A, Class A1A (3M USD LIBOR + 1.180%) | CarVal CLO IV Ltd. Series 2021-1A, Class A1A (3M USD LIBOR + 1.180%) | CarVal CLO IV Ltd. Series 2021-1A, Class A1A (3M USD LIBOR + 1.180%) | CarVal CLO IV Ltd. Series 2021-1A, Class A1A (3M USD LIBOR + 1.180%) |
| 2750000 | 5.423 | 07/20/34 | 2684110 |
| Jamestown CLO XVI Ltd. Series 2021-16A, Class A (3M USD LIBOR + 1.200%) | Jamestown CLO XVI Ltd. Series 2021-16A, Class A (3M USD LIBOR + 1.200%) | Jamestown CLO XVI Ltd. Series 2021-16A, Class A (3M USD LIBOR + 1.200%) | Jamestown CLO XVI Ltd. Series 2021-16A, Class A (3M USD LIBOR + 1.200%) |
| 3650000 | 5.558 | 07/25/34 | 3558381 |
| LCM 38 Ltd. (TSFR3M + 2.100%) | LCM 38 Ltd. (TSFR3M + 2.100%) | LCM 38 Ltd. (TSFR3M + 2.100%) | LCM 38 Ltd. (TSFR3M + 2.100%) |
| 350000 | 4.592 | 07/15/34 | 347131 |
| Magnetite XVI Ltd. Series 2015-16A, Class AR (3M USD LIBOR + 0.800%) | Magnetite XVI Ltd. Series 2015-16A, Class AR (3M USD LIBOR + 0.800%) | Magnetite XVI Ltd. Series 2015-16A, Class AR (3M USD LIBOR + 0.800%) | Magnetite XVI Ltd. Series 2015-16A, Class AR (3M USD LIBOR + 0.800%) |
| 1093284 | 4.994 | 01/18/28 | 1085172 |
| Shackleton 2019-XIV CLO Ltd. Series 2019-14A, Class A1R (3M USD LIBOR + 1.200%) | Shackleton 2019-XIV CLO Ltd. Series 2019-14A, Class A1R (3M USD LIBOR + 1.200%) | Shackleton 2019-XIV CLO Ltd. Series 2019-14A, Class A1R (3M USD LIBOR + 1.200%) | Shackleton 2019-XIV CLO Ltd. Series 2019-14A, Class A1R (3M USD LIBOR + 1.200%) |
| 2750000 | 5.443 | 07/20/34 | 2662481 |
| Sound Point CLO XVIII Ltd. Series 2017-4A, Class A2A (3M USD LIBOR + 1.400%) | Sound Point CLO XVIII Ltd. Series 2017-4A, Class A2A (3M USD LIBOR + 1.400%) | Sound Point CLO XVIII Ltd. Series 2017-4A, Class A2A (3M USD LIBOR + 1.400%) | Sound Point CLO XVIII Ltd. Series 2017-4A, Class A2A (3M USD LIBOR + 1.400%) |
| 850000 | 5.643 | 01/21/31 | 799168 |
| Sound Point CLO XVIII Ltd. Series 2017-4A, Class B (3M USD LIBOR + 1.800%) | Sound Point CLO XVIII Ltd. Series 2017-4A, Class B (3M USD LIBOR + 1.800%) | Sound Point CLO XVIII Ltd. Series 2017-4A, Class B (3M USD LIBOR + 1.800%) | Sound Point CLO XVIII Ltd. Series 2017-4A, Class B (3M USD LIBOR + 1.800%) |
| 550000 | 6.043 | 01/21/31 | 501030 |
| York CLO 1 Ltd. Series 2014-1A, Class ARR (3M USD LIBOR + 1.120%) | York CLO 1 Ltd. Series 2014-1A, Class ARR (3M USD LIBOR + 1.120%) | York CLO 1 Ltd. Series 2014-1A, Class ARR (3M USD LIBOR + 1.120%) | York CLO 1 Ltd. Series 2014-1A, Class ARR (3M USD LIBOR + 1.120%) |
| 1998688 | 5.445 | 10/22/29 | 1975381 |
| 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%) |
| 925000 | 5.724 | 07/28/32 | 907309 |
|  |  |  | 15305206 |

---

------

GOLDMAN SACHS U.S. MORTGAGES FUND

*December 31, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Asset-Backed Securities<sup>(a)</sup> – (continued)** | **Asset-Backed Securities<sup>(a)</sup> – (continued)** | **Asset-Backed Securities<sup>(a)</sup> – (continued)** | **Asset-Backed Securities<sup>(a)</sup> – (continued)** |
| **Student Loan – 2.2%** | **Student Loan – 2.2%** | **Student Loan – 2.2%** | **Student Loan – 2.2%** |
| Brazos Education Loan Authority, Inc. Series 2012-1, Class A1 (1M USD LIBOR + 0.700%) | Brazos Education Loan Authority, Inc. Series 2012-1, Class A1 (1M USD LIBOR + 0.700%) | Brazos Education Loan Authority, Inc. Series 2012-1, Class A1 (1M USD LIBOR + 0.700%) | Brazos Education Loan Authority, Inc. Series 2012-1, Class A1 (1M USD LIBOR + 0.700%) |
| 138208 | 5.089% | 12/26/35 | $136962 |
| ECMC Group Student Loan Trust Series 2017-1A, Class A (1M USD LIBOR + 1.200%) | ECMC Group Student Loan Trust Series 2017-1A, Class A (1M USD LIBOR + 1.200%) | ECMC Group Student Loan Trust Series 2017-1A, Class A (1M USD LIBOR + 1.200%) | ECMC Group Student Loan Trust Series 2017-1A, Class A (1M USD LIBOR + 1.200%) |
| 1316320 | 5.589 <sup>(d)</sup> | 12/27/66 | 1272098 |
| Goal Capital Funding Trust Series 2010-1, Class A (3M USD LIBOR + 0.700%) | Goal Capital Funding Trust Series 2010-1, Class A (3M USD LIBOR + 0.700%) | Goal Capital Funding Trust Series 2010-1, Class A (3M USD LIBOR + 0.700%) | Goal Capital Funding Trust Series 2010-1, Class A (3M USD LIBOR + 0.700%) |
| 502842 | 5.457 <sup>(d)</sup> | 08/25/48 | 487744 |
| 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%) |
| 204858 | 5.807 <sup>(d)</sup> | 05/25/34 | 204679 |
| Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%) | Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%) | Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%) | Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%) |
| 445130 | 5.258 | 07/25/45 | 440511 |
| PHEAA Student Loan Trust Series 2014-3A, Class A (1M USD LIBOR + 0.590%) | PHEAA Student Loan Trust Series 2014-3A, Class A (1M USD LIBOR + 0.590%) | PHEAA Student Loan Trust Series 2014-3A, Class A (1M USD LIBOR + 0.590%) | PHEAA Student Loan Trust Series 2014-3A, Class A (1M USD LIBOR + 0.590%) |
| 2015805 | 4.979 <sup>(d)</sup> | 08/25/40 | 1986699 |
| 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%) |
| 461745 | 5.539 <sup>(d)</sup> | 09/25/65 | 454049 |
|  |  |  | 4982742 |
| **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $20,782,273)** | **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $20,782,273)** | **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $20,782,273)** | $20287948 |
| **U.S. Treasury Obligations<sup>(f)</sup> – 0.1%** | **U.S. Treasury Obligations<sup>(f)</sup> – 0.1%** | **U.S. Treasury Obligations<sup>(f)</sup> – 0.1%** | **U.S. Treasury Obligations<sup>(f)</sup> – 0.1%** |
| United States Treasury Notes | United States Treasury Notes | United States Treasury Notes | United States Treasury Notes |
| 381000 | 1.250% | 03/31/28 | $331262 |
| **(Cost $380,037)** | **(Cost $380,037)** | **(Cost $380,037)** |  |
| **TOTAL INVESTMENTS – 138.0%**<br> **(Cost $330,549,013)** | **TOTAL INVESTMENTS – 138.0%**<br> **(Cost $330,549,013)** | **TOTAL INVESTMENTS – 138.0%**<br> **(Cost $330,549,013)** | $311894479 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS – (38.0)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS – (38.0)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS – (38.0)%** | (85882815) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $226011664 |

---

---

| | |
|:---|:---|
| 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. |
| <sup>(a)</sup> | 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. |
| <sup>(b)</sup> | Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate. |
| <sup>(c)</sup> | Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on December 31, 2022. |
| <sup>(d)</sup> | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (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 $47,797,595 which represents approximately 21.3% of net assets as of December 31, 2022. |
| (f) | All or a portion of security is segregated as collateral for initial margin requirement on futures transactions. |

---

------

GOLDMAN SACHS U.S. MORTGAGES FUND

*December 31, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Settlement<br>Date** | **Principal<br>Amount** | **Value** |
|  UMBS, 30 Year, Single Family | 2.000% | TBA-30yr |  | $15000000 | $(10610844) |
|  GNMA | 3.500 | TBA-30yr |  | (4000000) | (3675120) |
|  (PROCEEDS RECEIVABLE: $(14321406)) |  |  |  |  | $(14285964) |

---

**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:** |
|  10 Year U.S. Treasury Notes | 21 | 03/22/23 | $2483906 | $(52244) |
|  Ultra Long U.S. Treasury Bonds | 20 | 03/22/23 | 2506875 | (42941) |
|  **Total** | **Total** | **Total** | **Total** | $(95185) |
|  **Short position contracts:** | **Short position contracts:** | **Short position contracts:** | **Short position contracts:** | **Short position contracts:** |
|  10 Year U.S. Treasury Notes | (16) | 03/22/23 | (1796750) | 8827 |
|  2 Year U.S. Treasury Notes | (69) | 03/31/23 | (14150391) | 29041 |
|  5 Year U.S. Treasury Notes | (45) | 03/31/23 | (4856836) | 2977 |
|  Ultra Long U.S. Treasury Bonds | (17) | 03/22/23 | (2283312) | 5474 |
|  **Total** | **Total** | **Total** | **Total** | $46319 |
|  **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | $(48866) |

---

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

**CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made<br>by the Fund** | **Payments<br>Received<br>by Fund** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  12M LIBOR<sup>(a)</sup>  | 4.430%<sup>(a)</sup> | 12/31/24 | $4010 | $(1143) | $5462 | $(6605) |
|  12M LIBOR<sup>(a)</sup>  | 2.500<sup>(a)</sup> | 06/04/29 | 1510 | (18957) | (27094) | 8137 |
|  2.570%<sup>(a)</sup>  | 12M SOFR<sup>(a)</sup> | 06/04/31 | 4120 | 46549 | 63358 | (16809) |
| 3.750<sup>(a)</sup>  | 12M LIBOR<sup>(a)</sup> | 03/15/33 | 300 | (5447) | (7407) | 1960 |
|  12M LIBOR<sup>(a)</sup>  | 2.730<sup>(a)</sup> | 06/04/33 | 2680 | (26932) | (36323) | 9391 |
|  12M LIBOR<sup>(a)</sup>  | 2.720<sup>(a)</sup> | 08/11/37 | 4690 | (115676) | (53240) | (62436) |
| 2.170<sup>(a)</sup>  | 12M LIBOR<sup>(a)</sup> | 08/11/52 | 2270 | 92983 | 32874 | 60109 |
|  **TOTAL** |  |  |  | $(28623) | $(22370) | $(6253) |

---

(a) Payments made annually.

**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) by<br>Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **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** |
|  1Y IRS | BofA Securities LLC | 2.944% | 12/15/2023 | (2070000) | $(2070000) | $(48885) | $(77107) | $28222 |
|  **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** |
|  1Y IRS | BofA Securities LLC | 2.944 | 12/15/2023 | (2070000) | (2070000) | (123956) | (77108) | (46848) |
|  **Total written option contracts** | **Total written option contracts** | **Total written option contracts** | **Total written option contracts** | (4140000) | $(4140000) | $(172841) | $(154215) | $(18626) |
|  **TOTAL** | **TOTAL** |  |  | (4140000) | $(4140000) | $(172841) | $(154215) | $(18626) |

---

------

GOLDMAN SACHS U . S . MORTGAGES FUND

*December 31, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

------

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| USD | —U.S.Dollar |
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| CLO | — Collateralized Loan Obligation |
| CMT | — Constant Maturity Treasury Indexes |
| COF | — Cost of Funds Index |
| FHLMC | — Federal Home Loan Mortgage Corp. |
| FNMA | — Federal National Mortgage Association |
| GNMA | — Government National Mortgage Association |
| IO | — Interest Only Stripped Security |
| LIBOR | — London Interbank Offered Rate |
| MTA | — Monthly Treasury Average |
| PI | — Private Investment |
| REMIC | — Real Estate Mortgage Investment Conduit |
| STACR | — Structured Agency Credit Risk |
| UMBS | — Uniform Mortgage Backed Securities |
| **Abbreviations:** | **Abbreviations:** |
| 1Y IRS | — 1 Year Interest Rate Swaptions |
| GNMA | — Government National Mortgage Association |
| LIBOR | — London Interbank Offered Rate |
| SOFR | — Secured Overnight Funding Rate |

---

------

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**v. When-Issued Securities and Forward Commitments** — When-issued securities, including TBA ("To Be Announced") securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to a Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

*December 31, 2022 (Unaudited)* 

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

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value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on other investments. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

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

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

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

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

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

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

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

*December 31, 2022 (Unaudited)* 

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

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

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

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

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

As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, 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.

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

*December 31, 2022 (Unaudited)* 

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

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*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 and GSAMI believes that such quotations do not accurately reflect fair value, the fair value of a Funds' investments may be determined under the Valuation Procedures. GSAM and GSAMI, consistent with their procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund's NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

**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:

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| | | | |
|:---|:---|:---|:---|
| **EMERGING MARKETS DEBT**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** | **Assets** | **Assets** | **Assets** |
|  Fixed Income | Fixed Income | Fixed Income | Fixed Income |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations | $— | $388025053 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations |  | 132916495 | 3317040 |
|  Investment Company | 44380328 |  |  |
| **Total** | $44380328 | $520941548 | $3317040 |
| **Derivative Type** |  |  |  |
| **Assets** | **Assets** | **Assets** | **Assets** |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup>  | $— | $3084709 | $— |
|  Futures Contracts<sup>(a)</sup>  | 222048 |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup>  |  | 3400126 |  |
|  Credit Default Swap Contracts<sup>(a)</sup>  |  | 658742 |  |
|  Purchased Option Contracts |  | 1014650 |  |
| **Total** | $222048 | $8158227 | $— |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
|  Credit Default Swap Contracts<sup>(a)</sup>  | $— | $(329910) | $— |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup>  |  | (11983496) |  |
|  Futures Contracts<sup>(a)</sup>  | (1481497) |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup>  |  | (2197752) |  |
|  Written Option Contracts |  | (1002874) |  |
| **Total** | $(1481497) | $(15514032) | $— |

---

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

*December 31, 2022 (Unaudited)* 

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

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---

| | | | |
|:---|:---|:---|:---|
| **HIGH YIELD**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $1271307544 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 85109603 | 744567 |
|  Securities Lending Reinvestment Vehicle | 63469395 |  |  |
|  Exchange Traded Funds | 15778732 |  |  |
|  Common Stock and/or Other Equity Investments<sup>(b)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 7294535 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 2297451 | 1270647 |  |
|  Rights |  | 225989 |  |
|  Warrants |  | 95251 |  |
|  Investment Company | 28812177 |  |  |
| **Total** | $117652290 | $1358009034 | $744567 |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup>  | $— | $185882 | $— |
|  Futures Contracts<sup>(a)</sup>  | 756962 |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup>  |  | 189398 |  |
|  Credit Default Swap Contracts<sup>(a)</sup>  |  | 85323 |  |
|  Purchased Option Contracts |  | 760855 |  |
| **Total** | $756962 | $1221458 | $— |
| **Liabilities** |  |  |  |
|  Credit Default Swap Contracts<sup>(a)</sup>  | $— | $(297363) | $— |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup>  |  | (3377475) |  |
|  Futures Contracts<sup>(a)</sup>  | (86915) |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup>  |  | (37974) |  |
|  Written Option Contracts |  | (771078) |  |
| **Total** | $(86915) | $(4483890) | $— |

---

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

*December 31, 2022 (Unaudited)* 

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

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---

| | | | |
|:---|:---|:---|:---|
| **HIGH YIELD FLOATING RATE**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans | $— | $2487578484 | $45310646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations |  | 125280424 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 29911790 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded Loan Committment |  | (40797) |  |
|  Exchange Traded Funds | 41809317 |  |  |
|  Securities Lending Reinvestment Vehicle | 35348946 |  |  |
|  Common Stock and/or Other Equity Investments<sup>(b)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe |  | 5384104 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 608369 | 1443076 | 1628 |
|  Warrants |  | 123112 | 1628 |
|  Investment Company | 92223309 |  |  |
| **Total** | $169989941 | $2649680193 | $45313902 |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup>  | $— | $804055 | $— |
|  Futures Contracts<sup>(a)</sup>  | 390875 |  |  |
| **Total** | $390875 | $804055 | $— |
| **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup>  | $— | $(9423190) | $— |
|  Futures Contracts<sup>(a)</sup>  | (18464) |  |  |
| **Total** | $(18464) | $(9423190) | $— |
| **INVESTMENT GRADE CREDIT** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $518143508 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 12602264 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations |  | 4180396 |  |
|  Exchange Traded Funds | 28179071 |  |  |
| **Total** | $28179071 | $534926168 | $— |

---

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

*December 31, 2022 (Unaudited)* 

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

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---

| | | | |
|:---|:---|:---|:---|
| **INVESTMENT GRADE CREDIT (continued)**<br>**Derivative Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Futures Contracts<sup>(a)</sup>  | $1108644 | $— | $— |
|  Interest Rate Swap Contracts<sup>(a)</sup>  |  | 279180 |  |
|  Credit Default Swap Contracts<sup>(a)</sup>  |  | 66745 |  |
|  Purchased Option Contracts |  | 410165 |  |
| **Total** | $1108644 | $756090 | $— |
| **Liabilities** |  |  |  |
|  Credit Default Swap Contracts<sup>(a)</sup>  | $— | $(636543) | $— |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup>  |  | (310020) |  |
|  Futures Contracts<sup>(a)</sup>  | (1210573) |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup>  |  | (168269) |  |
|  Written Option Contracts |  | (860843) |  |
| **Total** | $(1210573) | $(1975675) | $— |
| **LOCAL EMERGING MARKETS DEBT** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations | $— | $42877496 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Structured Notes |  | 1333442 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations |  | 980416 | 222720 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 105338 |  |  |
|  Investment Company | 7280414 |  |  |
| **Total** | $7385752 | $45191354 | $222720 |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup>  | $— | $908400 | $— |
|  Futures Contracts<sup>(a)</sup>  | 36763 |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup>  |  | 424610 |  |
|  Credit Default Swap Contracts<sup>(a)</sup>  |  | 9370 |  |
|  Purchased Option Contracts |  | 6112 |  |
| **Total** | $36763 | $1348492 | $— |

---

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

*December 31, 2022 (Unaudited)* 

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

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---

| | | | |
|:---|:---|:---|:---|
| **LOCAL EMERGING MARKETS DEBT (continued)**<br>**Derivative Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Liabilities** |  |  |  |
|  Credit Default Swap Contracts<sup>(a)</sup>  | $— | $(218) | $— |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup>  |  | (492108) |  |
|  Futures Contracts<sup>(a)</sup>  | (31179) |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup>  |  | (386414) |  |
|  Written Option Contracts |  | (15912) |  |
| **Total** | $(31179) | $(894652) | $— |
| **U.S. MORTGAGES** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | **Assets** | **Assets** | **Assets** |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations | $— | $291275269 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 20287948 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 331262 |  |  |
| **Liabilities** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations — Forward Sales Contracts<sup>(a)</sup>  | $— | $(14285964) | $— |
| **Derivative Type** |  |  |  |
| **Assets** | **Assets** | **Assets** | **Assets** |
|  Futures Contracts<sup>(a)</sup>  | $46319 | $— | $— |
|  Interest Rate Swap Contracts<sup>(a)</sup>  |  | 79597 |  |
| **Total** | $46319 | $79597 | $— |
| **Liabilities** |  |  |  |
|  Futures Contracts<sup>(a)</sup>  | $(95185) | $— | $— |
|  Interest Rate Swap Contracts<sup>(a)</sup>  |  | (85850) |  |
|  Written Option Contracts |  | (172841) |  |
| **Total** | $(95185) | $(258691) | $— |

---

(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,

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

*December 31, 2022 (Unaudited)* 

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

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

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

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

**Foreign and Emerging Countries Risk** — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund 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 invests in foreign securities, and as such the Fund 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 bankruptcy.

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

*December 31, 2022 (Unaudited)* 

------

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

------

**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, 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.

**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.

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

*December 31, 2022 (Unaudited)* 

------

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

------

**Loan-Related Investments Risk** — In addition to risks generally associated with debt investments (e.g., interest rate risk and default risk), loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, 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 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.

**Non-Diversification Risk** — Local Emerging Markets Debt Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in 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 Investment Grade Credit Fund

- **b. EDGAR series identifier (if any):** S000009307

- **c. LEI of Series:** P4KIMMQVHXQQY4ZVYE90

**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:** $589571765.37

**Total Liabilities:** $3591722.68

**Net Assets:** $585980042.69

**Cash Not Reported:** $17907753.32

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 35.63000000 | **1-Year:** 48912.55000000 | **5-Year:** 131726.52000000 | **10-Year:** 162769.41000000 | **30-Year:** 87577.67000000

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

- **3-Month:** 96.00000000 | **1-Year:** 928.25000000 | **5-Year:** 2159.33000000 | **10-Year:** 2194.19000000 | **30-Year:** 1185.07000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000161290 | -0.58%               | 5.19%                | -0.70%               |
| Class ID C000025410 | -0.72%               | 5.20%                | -0.57%               |
| Class ID C000025411 | -0.72%               | 5.19%                | -0.70%               |
| Class ID C000025412 | -0.75%               | 5.17%                | -0.60%               |
| Class ID C000202038 | -0.72%               | 5.20%                | -0.57%               |
| Class ID C000090761 | -0.73%               | 5.19%                | -0.58%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1543667.49             | $-3400358.40                               |
| Month 2  | $-1724206.88             | $26062825.76                               |
| Month 3  | $-5900998.93             | $618595.98                                 |

**Designated Index Information**

- **Index Name:** Bloomberg Barclays U.S. Credit Index

- **Index Identifier:** LMUSAGGAF3

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BANK OF AMERICA CORP                          | Bank of America Corp                                                                                       | CUSIP: 06051GKP3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   3360000 | PA      | $3212462.40   | 0.55%             | 2028-04-27      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MetLife Inc                                   | MetLife Inc                                                                                                | CUSIP: 59156RBL1<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    475000 | PA      | $430231.25    | 0.07%             | 2044-12-15      | Fixed         | 4.72%                 | No            |                  2 | On Loan: No      |
| WESTPAC BANKING CORP                          | Westpac Banking Corp                                                                                       | CUSIP: 961214EM1<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |   1000000 | PA      | $916790.00    | 0.16%             | 2030-02-04      | Fixed         | 2.89%                 | No            |                  2 | On Loan: No      |
| AFRICAN EXPORT-IMPORT BA                      | African Export-Import Bank/The                                                                             | CUSIP: 00831TAC5<br>LEI: 21380068LJCDYA42GJ76 | Long             | DBT              | NUSS              | XX        |    200000 | PA      | $165010.00    | 0.03%             | 2031-05-17      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                | Morgan Stanley                                                                                             | CUSIP: 61747YEF8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    725000 | PA      | $528836.75    | 0.09%             | 2036-09-16      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| NOMURA HOLDINGS INC                           | Nomura Holdings Inc                                                                                        | CUSIP: 65535HAW9<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |   2375000 | PA      | $2072757.50   | 0.35%             | 2026-07-14      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Oracle Corp                                   | Oracle Corp                                                                                                | CUSIP: 68389XBU8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   1267000 | PA      | $1155668.71   | 0.20%             | 2027-04-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                            | Meta Platforms Inc                                                                                         | CUSIP: 30303M8H8<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |   2043000 | PA      | $1797711.07   | 0.31%             | 2032-08-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                  | Broadcom Inc                                                                                               | CUSIP: 11135FBQ3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    914000 | PA      | $659670.36    | 0.11%             | 2036-11-15      | Fixed         | 3.19%                 | No            |                  2 | On Loan: No      |
| Sempra Energy                                 | Sempra Energy                                                                                              | CUSIP: 816851BG3<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |   2020000 | PA      | $1876984.00   | 0.32%             | 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        |   1350000 | PA      | $1257754.50   | 0.21%             | 2033-03-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Comcast Corp                                  | Comcast Corp                                                                                               | CUSIP: 20030NBK6<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     75000 | PA      | $68231.25     | 0.01%             | 2044-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                           | JPMorgan Chase & Co                                                                                        | CUSIP: 46647PDC7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   2924000 | PA      | $2707068.44   | 0.46%             | 2033-04-26      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                        | Verizon Communications Inc                                                                                 | CUSIP: 92343VEU4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |   1876000 | PA      | $1755654.60   | 0.30%             | 2029-12-03      | Fixed         | 4.02%                 | No            |                  2 | On Loan: No      |
| Becton Dickinson and Co                       | Becton Dickinson and Co                                                                                    | CUSIP: 075887BG3<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | DBT              | CORP              | US        |    439000 | PA      | $390648.54    | 0.07%             | 2044-12-15      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                      | AT&T Inc                                                                                                   | CUSIP: 00206RFW7<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    175000 | PA      | $161155.75    | 0.03%             | 2037-08-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                      | OPS05512A SWAPTION SPFRRATE                                                                                | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              |  | US        |  -1430000 | NC      | $-80125.05    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                              | OPS04972A SWAPTION SOFRRATE                                                                                | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DIR              |  | US        |   2050000 | NC      | $104382.93    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| FORTUNE BRANDS INNOVATIO                      | Fortune Brands Innovations Inc                                                                             | CUSIP: 34964CAF3<br>LEI: 54930032LHW54PQUJD44 | Long             | DBT              | CORP              | US        |    672000 | PA      | $583235.52    | 0.10%             | 2032-03-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                     | Boeing Co/The                                                                                              | CUSIP: 097023BY0<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    500000 | PA      | $368295.00    | 0.06%             | 2038-03-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| CIGNA CORP                                    | Cigna Corp                                                                                                 | CUSIP: 125523CL2<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |   2350000 | PA      | $1969182.50   | 0.34%             | 2030-03-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| KRAFT HEINZ FOODS CO                          | Kraft Heinz Foods Co                                                                                       | CUSIP: 50077LAV8<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |   2560000 | PA      | $2333158.40   | 0.40%             | 2030-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CHILE                             | Chile Government International Bond                                                                        | CUSIP: 168863DW5<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    260000 | PA      | $200167.50    | 0.03%             | 2052-01-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Micron Technology Inc                         | Micron Technology Inc                                                                                      | CUSIP: 595112BM4<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |    450000 | PA      | $443020.50    | 0.08%             | 2026-02-06      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION BRANDS INC                      | Constellation Brands Inc                                                                                   | CUSIP: 21036PBL1<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |   1256000 | PA      | $1203775.52   | 0.21%             | 2032-05-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION BRANDS INC                      | Constellation Brands Inc                                                                                   | CUSIP: 21036PBH0<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |    775000 | PA      | $615156.25    | 0.10%             | 2031-08-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                        | Verizon Communications Inc                                                                                 | CUSIP: 92343VGJ7<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |   2025000 | PA      | $1666575.00   | 0.28%             | 2031-03-21      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| CIGNA CORP                                    | Cigna Corp                                                                                                 | CUSIP: 125523CF5<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |    175000 | PA      | $157328.50    | 0.03%             | 2046-07-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| DUQUESNE LIGHT HOLDINGS                       | Duquesne Light Holdings Inc                                                                                | CUSIP: 266233AH8<br>LEI: 4CUJ1D8WDXK9X7QI6B93 | Long             | DBT              | CORP              | US        |   1075000 | PA      | $854205.75    | 0.15%             | 2030-10-01      | Fixed         | 2.53%                 | No            |                  2 | On Loan: No      |
| PERKINELMER INC                               | PerkinElmer Inc                                                                                            | CUSIP: 714046AG4<br>LEI: 549300IKL1SDPFI7N655 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1046232.00   | 0.18%             | 2029-09-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ELECTRIC                       | Public Service Electric and Gas Co                                                                         | CUSIP: 74456QAZ9<br>LEI: 549300RUHPVD434XUK18 | Long             | DBT              | CORP              | US        |    975000 | PA      | $817098.75    | 0.14%             | 2042-05-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                                | Air Lease Corp                                                                                             | CUSIP: 00914AAH5<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |   2150000 | PA      | $2027622.00   | 0.35%             | 2025-07-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| WORKDAY INC                                   | Workday Inc                                                                                                | CUSIP: 98138HAH4<br>LEI: 549300J0DYC0N31V7G13 | Long             | DBT              | CORP              | US        |    825000 | PA      | $756772.50    | 0.13%             | 2029-04-01      | Fixed         | 3.70%                 | 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        |   2000000 | OU      | $-26360.80    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| COMCAST CORP                                  | Comcast Corp                                                                                               | CUSIP: 20030NCY5<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    150000 | PA      | $117088.50    | 0.02%             | 2039-11-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| JAB HOLDINGS BV                               | JAB Holdings BV                                                                                            | CUSIP: 46653KAA6<br>LEI: 529900RRNKUM3INJGF98 | Long             | DBT              | CORP              | NL        |    700000 | PA      | $524671.00    | 0.09%             | 2030-11-23      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                         | Wells Fargo & Co                                                                                           | CUSIP: 95000U2A0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   2573000 | PA      | $2383369.90   | 0.41%             | 2028-05-22      | Fixed         | 3.58%                 | No            |                  2 | On Loan: No      |
| ABU DHABI CRUDE OIL                           | Abu Dhabi Crude Oil Pipeline LLC                                                                           | CUSIP: 00401MAB2<br>LEI: 549300DONDFW2383FV66 | Long             | DBT              | CORP              | AE        |    490000 | PA      | $449054.38    | 0.08%             | 2047-11-02      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| SPIRIT REALTY LP                              | Spirit Realty LP                                                                                           | CUSIP: 84861TAD0<br>LEI: 549300GTBVIBJRX5BW73 | Long             | DBT              |  | US        |   1125000 | PA      | $978120.00    | 0.17%             | 2029-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JDE PEET'S NV                                 | JDE Peet's NV                                                                                              | CUSIP: 47216QAC7<br>LEI: 724500EHG519SE5ZRT89 | Long             | DBT              | CORP              | NL        |   1970000 | PA      | $1468280.40   | 0.25%             | 2031-09-24      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                         | Wells Fargo & Co                                                                                           | CUSIP: 95000U2V4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   1325000 | PA      | $1228381.00   | 0.21%             | 2028-03-24      | Fixed         | 3.53%                 | No            |                  2 | On Loan: No      |
| MCDONALD'S CORP                               | McDonald's Corp                                                                                            | CUSIP: 58013MFS8<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |    592000 | PA      | $579603.52    | 0.10%             | 2032-09-09      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| SANTANDER HOLDINGS USA                        | Santander Holdings USA Inc                                                                                 | CUSIP: 80282KBC9<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |    425000 | PA      | $365631.75    | 0.06%             | 2028-01-06      | Fixed         | 2.49%                 | No            |                  2 | On Loan: No      |
| AKER BP ASA                                   | Aker BP ASA                                                                                                | CUSIP: 55037AAA6<br>LEI: 549300NFTY73920OYK69 | Long             | DBT              | CORP              | NO        |   1550000 | PA      | $1371796.50   | 0.23%             | 2026-07-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Arch Capital Group Ltd                        | Arch Capital Group Ltd                                                                                     | CUSIP: 03937LAA3<br>LEI: 549300AYR4P8AFKDCE43 | Long             | DBT              | CORP              | BM        |    595000 | PA      | $658879.20    | 0.11%             | 2034-05-01      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                 | OPS05507A SWAPTION SOFFRATE                                                                                | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |  -1430000 | NC      | $-36228.76    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                          | Bank of America Corp                                                                                       | CUSIP: 06051GHZ5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    275000 | PA      | $223412.75    | 0.04%             | 2031-02-13      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                 | OPS05501A SWAPTION SOFFRATE                                                                                | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |  -1430000 | NC      | $-34917.17    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BPCE SA                                       | BPCE SA                                                                                                    | CUSIP: 05583JAE2<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |   1350000 | PA      | $1253353.50   | 0.21%             | 2028-09-12      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                              | T-Mobile USA Inc                                                                                           | CUSIP: 87264ABT1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   1055000 | PA      | $871008.00    | 0.15%             | 2031-02-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Macquarie Group Ltd                           | Macquarie Group Ltd                                                                                        | CUSIP: 55608JAK4<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | DBT              | CORP              | AU        |   1900000 | PA      | $1739051.00   | 0.30%             | 2028-11-28      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                      | AT&T Inc                                                                                                   | CUSIP: 00206RCP5<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1227852.00   | 0.21%             | 2035-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| 7-ELEVEN INC                                  | 7-Eleven Inc                                                                                               | CUSIP: 817826AF7<br>LEI: 549300K23JPL0SS3LB18 | Long             | DBT              | CORP              | US        |   1280000 | PA      | $842662.40    | 0.14%             | 2041-02-10      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                      | Warnermedia Holdings Inc                                                                                   | CUSIP: 55903VAQ6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1284990.00   | 0.22%             | 2052-03-15      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| Sempra Energy                                 | Sempra Energy                                                                                              | CUSIP: 816851BH1<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |   1125000 | PA      | $922331.25    | 0.16%             | 2038-02-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                 | Citigroup Inc                                                                                              | CUSIP: 172967MP3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    675000 | PA      | $620453.25    | 0.11%             | 2031-03-31      | Fixed         | 4.41%                 | No            |                  2 | On Loan: No      |
| NATIONAL RETAIL PROP INC                      | National Retail Properties Inc                                                                             | CUSIP: 637417AJ5<br>LEI: 5493008JKH5SOTI0JS97 | Long             | DBT              |  | US        |   1300000 | PA      | $1211015.00   | 0.21%             | 2026-12-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Vanguard Intermediate-Term Corporate Bond ETF | Vanguard Intermediate-Term Corporate Bond ETF                                                              | CUSIP: 92206C870<br>LEI: VKDXEYNPEMWGHJ22MR31 | Long             | EC               | RF                | US        |    363554 | NS      | $28179070.54  | 4.81%             |  |  |  | No            |                  1 | On Loan: No      |
| WEIR GROUP PLC (THE)                          | Weir Group PLC/The                                                                                         | CUSIP: 94876QAA4<br>LEI: 549300KDR56WHY9I3D10 | Long             | DBT              | CORP              | GB        |    925000 | PA      | $823601.50    | 0.14%             | 2026-05-13      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                              | Peruvian Government International Bond                                                                     | CUSIP: 715638DR0<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    220000 | PA      | $128260.00    | 0.02%             | 2121-07-28      | Fixed         | 3.23%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                      | Charter Communications Operating LLC / Charter Communications Operating Capital                            | CUSIP: 161175AZ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    625000 | PA      | $610375.00    | 0.10%             | 2035-10-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE                        | Blackstone Private Credit Fund                                                                             | CUSIP: 09261HAK3<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    125000 | PA      | $105341.25    | 0.02%             | 2027-03-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| TEACHERS INSUR & ANNUITY                      | Teachers Insurance & Annuity Association of America                                                        | CUSIP: 878091BD8<br>LEI: O06XD7BJ4EPXNABVFN69 | Long             | DBT              | CORP              | US        |    890000 | PA      | $814216.50    | 0.14%             | 2044-09-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                                  | Centene Corp                                                                                               | CUSIP: 15135BAR2<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |    950000 | PA      | $892097.50    | 0.15%             | 2027-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                | Morgan Stanley                                                                                             | CUSIP: 6174468L6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    650000 | PA      | $537927.00    | 0.09%             | 2031-01-22      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                              | T-Mobile USA Inc                                                                                           | CUSIP: 87264ABD6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   3150000 | PA      | $2969977.50   | 0.51%             | 2027-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                  | Barclays PLC                                                                                               | CUSIP: 06738EAW5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   1850000 | PA      | $1704886.00   | 0.29%             | 2028-05-09      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                       | Dell International LLC / EMC Corp                                                                          | CUSIP: 24703TAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    375000 | PA      | $369427.50    | 0.06%             | 2026-10-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                        | General Motors Financial Co Inc                                                                            | CUSIP: 37045XBG0<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   6191000 | PA      | $6096772.98   | 1.04%             | 2026-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                       | Romanian Government International Bond                                                                     | CUSIP: 77586RAK6<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    160000 | PA      | $141280.00    | 0.02%             | 2027-02-27      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                  | Broadcom Inc                                                                                               | CUSIP: 11135FBP5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   2539000 | PA      | $1862762.74   | 0.32%             | 2035-11-15      | Fixed         | 3.14%                 | No            |                  2 | On Loan: No      |
| Ally Financial Inc                            | Ally Financial Inc                                                                                         | CUSIP: 02005NBA7<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    950000 | PA      | $927409.00    | 0.16%             | 2025-03-30      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| STARBUCKS CORP                                | Starbucks Corp                                                                                             | CUSIP: 855244BC2<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |   1025000 | PA      | $876344.25    | 0.15%             | 2032-02-14      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WASTE MANAGEMENT INC                          | Waste Management Inc                                                                                       | CUSIP: 94106LBS7<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | CORP              | US        |    448000 | PA      | $425944.96    | 0.07%             | 2032-04-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                      | Vistra Operations Co LLC                                                                                   | CUSIP: 92840VAE2<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    975000 | PA      | $875160.00    | 0.15%             | 2029-07-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| ArcelorMittal                                 | ArcelorMittal SA                                                                                           | CUSIP: 03938LBA1<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | DBT              | CORP              | LU        |    950000 | PA      | $921671.00    | 0.16%             | 2026-03-11      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| NXP BV/NXP FDG/NXP USA                        | NXP BV / NXP Funding LLC / NXP USA Inc                                                                     | CUSIP: 62954HBE7<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    525000 | PA      | $503165.25    | 0.09%             | 2027-06-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| NOVANT HEALTH INC                             | Novant Health Inc                                                                                          | CUSIP: 66988AAH7<br>LEI: 549300ZUXEGFGE8EP917 | Long             | DBT              | CORP              | US        |    710000 | PA      | $490350.00    | 0.08%             | 2051-11-01      | Fixed         | 3.17%                 | No            |                  2 | On Loan: No      |
| HP ENTERPRISE CO                              | Hewlett Packard Enterprise Co                                                                              | CUSIP: 42824CAY5<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |     80000 | PA      | $79965.60     | 0.01%             | 2045-10-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                      | AT&T Inc                                                                                                   | CUSIP: 00206RCQ3<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    886000 | PA      | $756068.10    | 0.13%             | 2046-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| STELLANTIS FIN US INC                         | Stellantis Finance US Inc                                                                                  | CUSIP: 85855CAA8<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |    900000 | PA      | $774414.00    | 0.13%             | 2027-01-29      | Fixed         | 1.71%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                              | OPS04948A SWAPTION SOFRRATE                                                                                | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DIR              |  | US        |   2070000 | NC      | $8938.26      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citigroup Inc                                 | Citigroup Inc                                                                                              | CUSIP: 172967LD1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   2675000 | PA      | $2500108.50   | 0.43%             | 2028-01-10      | Fixed         | 3.89%                 | No            |                  2 | On Loan: No      |
| MetLife Inc                                   | MetLife Inc                                                                                                | CUSIP: 59156RAJ7<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    625000 | PA      | $694325.00    | 0.12%             | 2034-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                          | Bank of America Corp                                                                                       | CUSIP: 06051GHG7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   5356000 | PA      | $4944016.48   | 0.84%             | 2029-03-05      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                  | Broadcom Inc                                                                                               | CUSIP: 11135FBJ9<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    950000 | PA      | $680114.50    | 0.12%             | 2041-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Dell Inc                                      | Dell Inc                                                                                                   | CUSIP: 247025AE9<br>LEI: 3E70L4WYANTIWWIPHC81 | Long             | DBT              | CORP              | US        |   2075000 | PA      | $2221495.00   | 0.38%             | 2028-04-15      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| AMERICAN HOMES 4 RENT                         | American Homes 4 Rent LP                                                                                   | CUSIP: 02666TAC1<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              |  | US        |    225000 | PA      | $173045.25    | 0.03%             | 2031-07-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH INBEV WOR                      | Anheuser-Busch InBev Worldwide Inc                                                                         | CUSIP: 035240AQ3<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |   2550000 | PA      | $2520445.50   | 0.43%             | 2029-01-23      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                      | Lloyds Banking Group PLC                                                                                   | CUSIP: 539439AM1<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   1875000 | PA      | $1810818.75   | 0.31%             | 2025-12-10      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| Republic of Indonesia                         | Indonesia Government International Bond                                                                    | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |   1610000 | PA      | $1586027.10   | 0.27%             | 2027-01-08      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| SYSCO CORPORATION                             | Sysco Corp                                                                                                 | CUSIP: 871829BM8<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |    150000 | PA      | $159840.00    | 0.03%             | 2040-04-01      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                  | Comcast Corp                                                                                               | CUSIP: 20030NDH1<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    475000 | PA      | $392188.50    | 0.07%             | 2040-04-01      | Fixed         | 3.75%                 | 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        |   4310000 | OU      | $-54109.03    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                      | Warnermedia Holdings Inc                                                                                   | CUSIP: 55903VAN3<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |   4114000 | PA      | $3163666.00   | 0.54%             | 2042-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                        | General Motors Financial Co Inc                                                                            | CUSIP: 37045XCS3<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   2150000 | PA      | $2110182.00   | 0.36%             | 2029-01-17      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                              | Deutsche Bank AG/New York NY                                                                               | CUSIP: 25160PAG2<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   1350000 | PA      | $966438.00    | 0.16%             | 2033-01-07      | Fixed         | 3.74%                 | No            |                  2 | On Loan: No      |
| CIGNA CORP                                    | Cigna Corp                                                                                                 | CUSIP: 125523AK6<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |   2200000 | PA      | $1997116.00   | 0.34%             | 2048-12-15      | Fixed         | 4.90%                 | 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      | $-310321.74   | -0.05%            |  |  |  | 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        |  10890000 | OU      | $-3104.74     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| STATE OF ISRAEL                               | Israel Government International Bond                                                                       | CUSIP: 46513JB59<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |    200000 | PA      | $173662.50    | 0.03%             | 2120-04-03      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CMS Energy Corp                               | CMS Energy Corp                                                                                            | CUSIP: 125896BN9<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |    500000 | PA      | $454970.00    | 0.08%             | 2044-03-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MEXICO CITY ARPT TRUST                        | Mexico City Airport Trust                                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |    800000 | PA      | $616000.00    | 0.11%             | 2047-07-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                      | Capital One Financial Corp                                                                                 | CUSIP: 14040HCL7<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    975000 | PA      | $955714.50    | 0.16%             | 2024-12-06      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH INBEV FIN                      | Anheuser-Busch InBev Finance Inc                                                                           | CUSIP: 035242AM8<br>LEI: 5493000EYEKDT0FBSQ91 | Long             | DBT              | CORP              | US        |    600000 | PA      | $565626.00    | 0.10%             | 2036-02-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                      | AT&T Inc                                                                                                   | CUSIP: 00206RHA3<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    775000 | PA      | $698871.75    | 0.12%             | 2046-11-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                     | Boeing Co/The                                                                                              | CUSIP: 097023CA1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   1950000 | PA      | $1748331.00   | 0.30%             | 2028-11-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                         | Mexico Government International Bond                                                                       | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    130000 | PA      | $125181.71    | 0.02%             | 2027-09-18      | Fixed         | 1.35%                 | No            |                  2 | 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        |    275000 | PA      | $270286.50    | 0.05%             | 2032-12-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                    | AbbVie Inc                                                                                                 | CUSIP: 00287YCA5<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    350000 | PA      | $299747.00    | 0.05%             | 2039-11-21      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| LYB INTL FINANCE BV                           | LYB International Finance BV                                                                               | CUSIP: 50247VAC3<br>LEI: 549300J6QSW38QNOJK61 | Long             | DBT              | CORP              | NL        |    725000 | PA      | $600967.00    | 0.10%             | 2044-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CELLNEX FINANCE CO SA                         | Cellnex Finance Co SA                                                                                      | CUSIP: 000000000<br>LEI: 549300OUROMFTRFA7T23 | Long             | DBT              | CORP              | ES        |    600000 | PA      | $514226.81    | 0.09%             | 2029-01-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| WORKDAY INC                                   | Workday Inc                                                                                                | CUSIP: 98138HAJ0<br>LEI: 549300J0DYC0N31V7G13 | Long             | DBT              | CORP              | US        |   1375000 | PA      | $1213451.25   | 0.21%             | 2032-04-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| HEALTHCARE RLTY HLDGS LP                      | Healthcare Realty Holdings LP                                                                              | CUSIP: 42225UAM6<br>LEI: 549300IYGAS4GE6VDL07 | Long             | DBT              |  | US        |    875000 | PA      | $637953.75    | 0.11%             | 2031-03-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                        | US ULTRA BOND CBT MAR23                                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       396 | NC      | $-1451286.10  | -0.25%            |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC OF PHILIPPINES                       | Philippine Government International Bond                                                                   | CUSIP: 000000000<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    450000 | PA      | $397043.10    | 0.07%             | 2029-02-03      | Fixed         | 0.70%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                            | Energy Transfer LP                                                                                         | CUSIP: 29273RBK4<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    525000 | PA      | $495505.50    | 0.08%             | 2027-04-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| BURLINGTN NORTH SANTA FE                      | Burlington Northern Santa Fe LLC                                                                           | CUSIP: 12189LAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1225000 | PA      | $1282134.00   | 0.22%             | 2040-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                              | Crown Castle Inc                                                                                           | CUSIP: 22822VAX9<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |    100000 | PA      | $68590.00     | 0.01%             | 2041-04-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| NXP BV/NXP FDG/NXP USA                        | NXP BV / NXP Funding LLC / NXP USA Inc                                                                     | CUSIP: 62954HAY4<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |   1125000 | PA      | $970830.00    | 0.17%             | 2030-05-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                     | Amgen Inc                                                                                                  | CUSIP: 031162DJ6<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |   2400000 | PA      | $2227128.00   | 0.38%             | 2033-03-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                      | Rogers Communications Inc                                                                                  | CUSIP: 775109CD1<br>LEI: 54930030NVF3Y2OL0A78 | Long             | DBT              | CORP              | CA        |   1775000 | PA      | $1384553.25   | 0.24%             | 2052-03-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc                                    | AbbVie Inc                                                                                                 | CUSIP: 00287YAR0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |   2850000 | PA      | $2653207.50   | 0.45%             | 2035-05-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp                              | Duke Energy Corp                                                                                           | CUSIP: 26441CAP0<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    400000 | PA      | $351460.00    | 0.06%             | 2045-12-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                          | Enel Finance International NV                                                                              | CUSIP: 29278GAN8<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |   2275000 | PA      | $1807806.00   | 0.31%             | 2028-07-12      | Fixed         | 1.88%                 | 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        |   2280000 | OU      | $-41397.73    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| NORFOLK SOUTHERN CORP                         | Norfolk Southern Corp                                                                                      | CUSIP: 655844CM8<br>LEI: 54930036C8MWP850MI84 | Long             | DBT              | CORP              | US        |   1450000 | PA      | $1240794.00   | 0.21%             | 2032-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                 | OPS05186A SWAPTION SOFRRATE                                                                                | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |  -2300000 | NC      | $-7201.53     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                      | Avolon Holdings Funding Ltd                                                                                | CUSIP: 05401AAJ0<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   1450000 | PA      | $1244883.00   | 0.21%             | 2027-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP                        | Aviation Capital Group LLC                                                                                 | CUSIP: 05369AAK7<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |   2675000 | PA      | $2330353.00   | 0.40%             | 2026-01-30      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| General Motors Co                             | General Motors Co                                                                                          | CUSIP: 37045VAK6<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |   2050000 | PA      | $2010414.50   | 0.34%             | 2036-04-01      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                     | Boeing Co/The                                                                                              | CUSIP: 097023CU7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   1775000 | PA      | $1756451.25   | 0.30%             | 2027-05-01      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| SIMON PROPERTY GROUP LP                       | Simon Property Group LP                                                                                    | CUSIP: 828807DQ7<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              |  | US        |   1250000 | PA      | $973000.00    | 0.17%             | 2032-01-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| LOWE'S COS INC                                | Lowe's Cos Inc                                                                                             | CUSIP: 548661EL7<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |   1450000 | PA      | $1418796.00   | 0.24%             | 2033-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DISCOVER FINANCIAL SVS                        | Discover Financial Services                                                                                | CUSIP: 254709AM0<br>LEI: Z1YLO2USPORE63VVUL20 | Long             | DBT              | CORP              | US        |    800000 | PA      | $752944.00    | 0.13%             | 2027-02-09      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                               | CVS Health Corp                                                                                            | CUSIP: 126650CN8<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   2543000 | PA      | $2317130.74   | 0.40%             | 2045-07-20      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| GE CAPITAL INTL FUNDING                       | GE Capital International Funding Co Unlimited Co                                                           | CUSIP: 36164QNA2<br>LEI: 549300G6UZOB126GBY72 | Long             | DBT              | CORP              | IE        |   1700000 | PA      | $1566023.00   | 0.27%             | 2035-11-15      | Fixed         | 4.42%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                      | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                                                  | CUSIP: 00774MAK1<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   2125000 | PA      | $2104748.75   | 0.36%             | 2024-01-16      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| VMWARE INC                                    | VMware Inc                                                                                                 | CUSIP: 928563AL9<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $909804.00    | 0.16%             | 2031-08-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                  | Broadcom Inc                                                                                               | CUSIP: 11135FBL4<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   4449000 | PA      | $3527389.65   | 0.60%             | 2034-04-15      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| REPUBLIC SERVICES INC                         | Republic Services Inc                                                                                      | CUSIP: 760759BA7<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $2785335.00   | 0.48%             | 2033-03-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| HP INC                                        | HP Inc                                                                                                     | CUSIP: 40434LAF2<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | DBT              | CORP              | US        |   1325000 | PA      | $1161813.00   | 0.20%             | 2026-06-17      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                        | US 10YR ULTRA FUT MAR23                                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |      -275 | NC      | $525227.02    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| GLP CAPITAL LP / FIN II                       | GLP Capital LP / GLP Financing II Inc                                                                      | CUSIP: 361841AH2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2886000 | PA      | $2845740.30   | 0.49%             | 2026-04-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| AMERICAN INTL GROUP                           | American International Group Inc                                                                           | CUSIP: 026874AZ0<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | DBT              | CORP              | US        |    700000 | PA      | $738612.00    | 0.13%             | 2036-05-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                        | Pacific Gas and Electric Co                                                                                | CUSIP: 694308JF5<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    675000 | PA      | $577962.00    | 0.10%             | 2027-08-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| STERIS PLC                                    | STERIS Irish FinCo UnLtd Co                                                                                | CUSIP: 85917PAA5<br>LEI: 549300BRDKZ1HFI2J358 | Long             | DBT              | CORP              | IE        |    218000 | PA      | $177114.10    | 0.03%             | 2031-03-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                              | OPS04947A SWAPTION SOFRRATE                                                                                | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DIR              |  | US        |  -2070000 | NC      | $-3672.39     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTALEXCHANGE                      | Intercontinental Exchange Inc                                                                              | CUSIP: 45866FAP9<br>LEI: 5493000F4ZO33MV32P92 | Long             | DBT              | CORP              | US        |   1125000 | PA      | $782673.75    | 0.13%             | 2040-09-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH INBEV WOR                      | Anheuser-Busch InBev Worldwide Inc                                                                         | CUSIP: 035240AV2<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |    650000 | PA      | $591181.50    | 0.10%             | 2030-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MASCO CORP                                    | Masco Corp                                                                                                 | CUSIP: 574599BS4<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $829240.00    | 0.14%             | 2028-02-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                            | Banco Santander SA                                                                                         | CUSIP: 05971KAL3<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    400000 | PA      | $302832.00    | 0.05%             | 2032-11-22      | Fixed         | 3.23%                 | No            |                  2 | On Loan: No      |
| RELIANCE INDUSTRIES LTD                       | Reliance Industries Ltd                                                                                    | CUSIP: 759470BD8<br>LEI: 5493003UOETFYRONLG31 | Long             | DBT              | CORP              | IN        |    890000 | PA      | $583724.30    | 0.10%             | 2052-01-12      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH INBEV WOR                      | Anheuser-Busch InBev Worldwide Inc                                                                         | CUSIP: 035240AG5<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |    875000 | PA      | $820172.50    | 0.14%             | 2042-01-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| NETFLIX INC                                   | Netflix Inc                                                                                                | CUSIP: 64110LAV8<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |   3515000 | PA      | $3287192.85   | 0.56%             | 2030-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Credit Suisse AG                              | Credit Suisse AG                                                                                           | CUSIP: 22546DAA4<br>LEI: ANGGYXNX0JLX3X63JN86 | Long             | DBT              | CORP              | CH        |   3300000 | PA      | $3193509.00   | 0.54%             | 2023-08-08      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                            | Banco Santander SA                                                                                         | CUSIP: 05964HAB1<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   1200000 | PA      | $1143324.00   | 0.20%             | 2027-04-11      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SANTANDER UK GROUP HLDGS                      | Santander UK Group Holdings PLC                                                                            | CUSIP: 80281LAG0<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |    325000 | PA      | $289825.25    | 0.05%             | 2028-11-03      | Fixed         | 3.82%                 | No            |                  2 | On Loan: No      |
| Arch Capital Finance LLC                      | Arch Capital Finance LLC                                                                                   | CUSIP: 03939CAA1<br>LEI: 549300XG4URFY0200M65 | Long             | DBT              | CORP              | US        |    400000 | PA      | $382060.00    | 0.07%             | 2026-12-15      | Fixed         | 4.01%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                         | Mexico Government International Bond                                                                       | CUSIP: 91087BAP5<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    440000 | PA      | $274120.00    | 0.05%             | 2071-04-19      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ESSEX PORTFOLIO LP                            | Essex Portfolio LP                                                                                         | CUSIP: 29717PAU1<br>LEI: 5493003GN3O58H286O74 | Long             | DBT              |  | US        |   2375000 | PA      | $2007943.75   | 0.34%             | 2030-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA                            | Panama Government International Bond                                                                       | CUSIP: 698299BS2<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    390000 | PA      | $275145.00    | 0.05%             | 2063-01-19      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WP CAREY INC                                  | WP Carey Inc                                                                                               | CUSIP: 92936UAJ8<br>LEI: 54930042CRNE713E3Q67 | Long             | DBT              |  | US        |    100000 | PA      | $77806.00     | 0.01%             | 2032-02-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| KEYCORP                                       | KeyCorp                                                                                                    | CUSIP: 49326EEN9<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |     80000 | PA      | $75578.40     | 0.01%             | 2033-06-01      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                        | UnitedHealth Group Inc                                                                                     | CUSIP: 91324PES7<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |   2150000 | PA      | $2334341.00   | 0.40%             | 2053-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                      | Rogers Communications Inc                                                                                  | CUSIP: 775109BZ3<br>LEI: 54930030NVF3Y2OL0A78 | Long             | DBT              | CORP              | CA        |    650000 | PA      | $527969.00    | 0.09%             | 2042-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FIRST-CITIZENS BANK/TRST                      | First-Citizens Bank & Trust Co                                                                             | CUSIP: 12556LBJ4<br>LEI: L9VVX1KT5TFTKS0MLF66 | Long             | DBT              | CORP              | US        |   2550000 | PA      | $2406945.00   | 0.41%             | 2025-09-27      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                      | Warnermedia Holdings Inc                                                                                   | CUSIP: 55903VAL7<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    100000 | PA      | $82452.00     | 0.01%             | 2032-03-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                              | OPS04973A SWAPTION SOFRRATE                                                                                | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DIR              |  | US        |  -2050000 | NC      | $-56378.49    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| AMGEN INC INDUSTRY                            | Amgen Inc                                                                                                  | CUSIP: 031162DF4<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    442000 | PA      | $354868.54    | 0.06%             | 2052-02-22      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                        | US 10YR NOTE (CBT)MAR23                                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |      -226 | NC      | $654242.11    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Lloyds Banking Group PLC                      | Lloyds Banking Group PLC                                                                                   | CUSIP: 53944YAB9<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    371000 | PA      | $354676.00    | 0.06%             | 2026-03-24      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| HP ENTERPRISE CO                              | Hewlett Packard Enterprise Co                                                                              | CUSIP: 42824CAX7<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |    341000 | PA      | $351536.90    | 0.06%             | 2035-10-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH INBEV WOR                      | Anheuser-Busch InBev Worldwide Inc                                                                         | CUSIP: 03523TBV9<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |    825000 | PA      | $822228.00    | 0.14%             | 2049-01-23      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Bacardi Ltd                                   | Bacardi Ltd                                                                                                | CUSIP: 067316AH2<br>LEI: 549300R32WTQNHNN5055 | Long             | DBT              | CORP              | BM        |    700000 | PA      | $627802.00    | 0.11%             | 2048-05-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                 | NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                                                               | CUSIP: 646139W35<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |    350000 | PA      | $433871.73    | 0.07%             | 2040-01-01      | Fixed         | 7.41%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                     | Boeing Co/The                                                                                              | CUSIP: 097023BZ7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    575000 | PA      | $382168.00    | 0.07%             | 2048-03-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                   | BNP Paribas SA                                                                                             | CUSIP: 09659W2K9<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    370000 | PA      | $304787.50    | 0.05%             | 2031-01-13      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| EXPEDIA GROUP INC                             | Expedia Group Inc                                                                                          | CUSIP: 30212PAR6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $339472.00    | 0.06%             | 2030-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| PROSUS NV                                     | Prosus NV                                                                                                  | CUSIP: 000000000<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $165787.50    | 0.03%             | 2030-01-21      | Fixed         | 3.68%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                          | Bank of America Corp                                                                                       | CUSIP: 06051GKY4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    925000 | PA      | $877621.50    | 0.15%             | 2033-07-22      | Fixed         | 5.01%                 | 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        |    660000 | OU      | $16254.81     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AT&T Inc                                      | AT&T Inc                                                                                                   | CUSIP: 00206RHK1<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    925000 | PA      | $828013.75    | 0.14%             | 2039-03-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                         | Mexico Government International Bond                                                                       | CUSIP: 91087BAR1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    802000 | PA      | $643605.00    | 0.11%             | 2034-02-12      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PROSUS NV                                     | Prosus NV                                                                                                  | CUSIP: 000000000<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |    580000 | PA      | $449476.80    | 0.08%             | 2031-07-13      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| SHERWIN-WILLIAMS CO                           | Sherwin-Williams Co/The                                                                                    | CUSIP: 824348AW6<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | DBT              | CORP              | US        |    475000 | PA      | $445687.75    | 0.08%             | 2027-06-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| PT PERTAMINA (PERSERO)                        | Pertamina Persero PT                                                                                       | CUSIP: 69370RAG2<br>LEI: 254900NDAKGNZ2IBBL45 | Long             | DBT              | CORP              | ID        |    370000 | PA      | $280228.75    | 0.05%             | 2050-01-21      | Fixed         | 4.17%                 | No            |                  2 | On Loan: No      |
| VALERO ENERGY PARTNERS                        | Valero Energy Partners LP                                                                                  | CUSIP: 91914JAB8<br>LEI: 549300WH1375KZXLJ231 | Long             | DBT              | CORP              | US        |    675000 | PA      | $655026.75    | 0.11%             | 2028-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                           | JPMorgan Chase & Co                                                                                        | CUSIP: 48128BAG6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    737000 | PA      | $654404.41    | 0.11%             | 2025-02-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                   | BNP Paribas SA                                                                                             | CUSIP: 05565AHN6<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   1950000 | PA      | $1886079.00   | 0.32%             | 2024-03-25      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Starbucks Corp                                | Starbucks Corp                                                                                             | CUSIP: 855244AS8<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |    917000 | PA      | $792801.52    | 0.14%             | 2048-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SYSCO CORPORATION                             | Sysco Corp                                                                                                 | CUSIP: 871829BH9<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |     75000 | PA      | $61652.25     | 0.01%             | 2048-03-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                          | Bank of America Corp                                                                                       | CUSIP: 06051GKC2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1025000 | PA      | $755640.25    | 0.13%             | 2036-09-21      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                       | MPT Operating Partnership LP / MPT Finance Corp                                                            | CUSIP: 55342UAJ3<br>LEI: N/A                  | Long             | DBT              |  | US        |    950000 | PA      | $735936.50    | 0.13%             | 2029-08-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| PROSUS NV                                     | Prosus NV                                                                                                  | CUSIP: 74365PAA6<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $165787.50    | 0.03%             | 2030-01-21      | Fixed         | 3.68%                 | No            |                  2 | On Loan: No      |
| AutoNation Inc                                | AutoNation Inc                                                                                             | CUSIP: 05329WAM4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    702000 | PA      | $681487.56    | 0.12%             | 2025-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                   | Oracle Corp                                                                                                | CUSIP: 68389XCE3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   3200000 | PA      | $2654816.00   | 0.45%             | 2031-03-25      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                        | Bank of New York Mellon Corp/The                                                                           | CUSIP: 06406RBM8<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    525000 | PA      | $546105.00    | 0.09%             | 2033-10-25      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| VMWARE INC                                    | VMware Inc                                                                                                 | CUSIP: 928563AK1<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |   1075000 | PA      | $877651.50    | 0.15%             | 2028-08-15      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| LOWE'S COS INC                                | Lowe's Cos Inc                                                                                             | CUSIP: 548661ED5<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    875000 | PA      | $734973.75    | 0.13%             | 2028-09-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| CARGILL INC                                   | Cargill Inc                                                                                                | CUSIP: 141781BZ6<br>LEI: QXZYQNMR4JZ5RIRN4T31 | Long             | DBT              | CORP              | US        |    940000 | PA      | $942585.00    | 0.16%             | 2032-10-11      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                               | CVS Health Corp                                                                                            | CUSIP: 126650CM0<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   1125000 | PA      | $1067715.00   | 0.18%             | 2035-07-20      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                      | OPS05230A SWAPTION SOFRRATE                                                                                | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              |  | US        |  -2310000 | NC      | $-60026.51    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| NISOURCE INC                                  | NiSource Inc                                                                                               | CUSIP: 65473PAJ4<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |    850000 | PA      | $757826.00    | 0.13%             | 2030-05-01      | Fixed         | 3.60%                 | 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        |   3700000 | PA      | $3488249.00   | 0.60%             | 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        |   6750000 | PA      | $6619725.00   | 1.13%             | 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        |  -1430000 | NC      | $-36961.78    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Constellation Brands Inc                      | Constellation Brands Inc                                                                                   | CUSIP: 21036PAT5<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |     50000 | PA      | $42135.00     | 0.01%             | 2047-05-09      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                            | Meta Platforms Inc                                                                                         | CUSIP: 30303M8J4<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    888000 | PA      | $705649.85    | 0.12%             | 2052-08-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                              | OPS04949A SWAPTION SOFRRATE                                                                                | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DIR              |  | US        |  -2070000 | NC      | $-1412.78     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                | Morgan Stanley                                                                                             | CUSIP: 61747YER2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1900000 | PA      | $1804696.00   | 0.31%             | 2028-04-20      | Fixed         | 4.21%                 | No            |                  2 | On Loan: No      |
| SABINE PASS LIQUEFACTION                      | Sabine Pass Liquefaction LLC                                                                               | CUSIP: 785592AS5<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |    900000 | PA      | $882891.00    | 0.15%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.               | Long: SS006064  CDS USD R F  1.00000 2 CCPCORPORATE / Short: SS006064  CDS USD P V 03MEVENT 1 CCPCORPORATE | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |   3550000 | OU      | $22570.90     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                           | JPMorgan Chase & Co                                                                                        | CUSIP: 46647PDH6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   2355000 | PA      | $2240311.50   | 0.38%             | 2033-07-25      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| General Motors Co                             | General Motors Co                                                                                          | CUSIP: 37045VAJ9<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |    375000 | PA      | $306618.75    | 0.05%             | 2045-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                   | Oracle Corp                                                                                                | CUSIP: 68389XCJ2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1155055.00   | 0.20%             | 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        |    240000 | PA      | $218520.00    | 0.04%             | 2028-04-30      | Fixed         | 3.88%                 | 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        |   3554000 | PA      | $3252265.40   | 0.56%             | 2046-02-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| CONTINENTAL RESOURCES                         | Continental Resources Inc/OK                                                                               | CUSIP: 212015AS0<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |    625000 | PA      | $569256.25    | 0.10%             | 2028-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BP CAP MARKETS AMERICA                        | BP Capital Markets America Inc                                                                             | CUSIP: 10373QBT6<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |   1575000 | PA      | $1318448.25   | 0.22%             | 2032-01-12      | Fixed         | 2.72%                 | No            |                  2 | On Loan: No      |
| WALT DISNEY COMPANY/THE                       | Walt Disney Co/The                                                                                         | CUSIP: 254687EB8<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1531600.00   | 0.26%             | 2035-12-15      | Fixed         | 6.40%                 | 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        |   1080000 | OU      | $13521.82     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS                      | Targa Resources Partners LP / Targa Resources Partners Finance Corp                                        | CUSIP: 87612BBS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    775000 | PA      | $700251.25    | 0.12%             | 2031-02-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BAT Capital Corp                              | BAT Capital Corp                                                                                           | CUSIP: 05526DBB0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    200000 | PA      | $182118.00    | 0.03%             | 2027-08-15      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                      | Charter Communications Operating LLC / Charter Communications Operating Capital                            | CUSIP: 161175BJ2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1050000 | PA      | $950880.00    | 0.16%             | 2028-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Comcast Corp                                  | Comcast Corp                                                                                               | CUSIP: 20030NBU4<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    525000 | PA      | $384877.50    | 0.07%             | 2046-07-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Dominion Energy Inc                           | Dominion Energy Inc                                                                                        | CUSIP: 25746UDG1<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   2325000 | PA      | $2048394.75   | 0.35%             | 2030-04-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| OVINTIV EXPLORATION INC                       | Ovintiv Exploration Inc                                                                                    | CUSIP: 651290AR9<br>LEI: T8W3X1PFLPW2YE0UIP44 | Long             | DBT              | CORP              | US        |    800000 | PA      | $792408.00    | 0.14%             | 2026-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.               | Long: SX003036  CDS USD R F  1.00000 2 CCPCDX / Short: SX003036  CDS USD P V 03MEVENT 1 CCPCDX             | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |  79550000 | OU      | $985075.61    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| RAYTHEON TECH CORP                            | Raytheon Technologies Corp                                                                                 | CUSIP: 913017CY3<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |   1975000 | PA      | $1892701.75   | 0.32%             | 2028-11-16      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| WP CAREY INC                                  | WP Carey Inc                                                                                               | CUSIP: 92936UAG4<br>LEI: 54930042CRNE713E3Q67 | Long             | DBT              |  | US        |    975000 | PA      | $777084.75    | 0.13%             | 2031-02-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                          | Bank of America Corp                                                                                       | CUSIP: 06051GJK6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    100000 | PA      | $89076.00     | 0.02%             | 2026-10-24      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY CORP                              | FirstEnergy Corp                                                                                           | CUSIP: 337932AL1<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |    475000 | PA      | $388949.00    | 0.07%             | 2030-03-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                              | OPS04971A SWAPTION SOFRRATE                                                                                | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DIR              |  | US        |  -2050000 | NC      | $-26785.51    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citigroup Inc                                 | Citigroup Inc                                                                                              | CUSIP: 172967KA8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1475000 | PA      | $1408905.25   | 0.24%             | 2027-09-29      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| NEWCREST FINANCE PTY LTD                      | Newcrest Finance Pty Ltd                                                                                   | CUSIP: 65120FAD6<br>LEI: 549300I0XDZ4K7PDSS04 | Long             | DBT              | CORP              | AU        |    950000 | PA      | $794589.50    | 0.14%             | 2030-05-13      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Altria Group Inc                              | Altria Group Inc                                                                                           | CUSIP: 02209SBD4<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    975000 | PA      | $934830.00    | 0.16%             | 2029-02-14      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.               | Long: SS006100  CDS USD R F  1.00000 2 CCPCORPORATE / Short: SS006100  CDS USD P V 03MEVENT 1 CCPCORPORATE | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | GB        |   1125000 | OU      | $-42482.70    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| WILLIS NORTH AMERICA INC                      | Willis North America Inc                                                                                   | CUSIP: 970648AJ0<br>LEI: 5493004KVU1HWZCP0C66 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1009164.00   | 0.17%             | 2029-09-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| PAYPAL HOLDINGS INC                           | PayPal Holdings Inc                                                                                        | CUSIP: 70450YAL7<br>LEI: 5493005X2GO78EFZ3E94 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1036200.00   | 0.18%             | 2032-06-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                            | Banco Santander SA                                                                                         | CUSIP: 05971KAA7<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   2400000 | PA      | $2369640.00   | 0.40%             | 2025-11-19      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| MICRON TECHNOLOGY INC                         | Micron Technology Inc                                                                                      | CUSIP: 595112BS1<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |    725000 | PA      | $543895.00    | 0.09%             | 2032-04-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                          | Glencore Funding LLC                                                                                       | CUSIP: 378272BE7<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    925000 | PA      | $758370.50    | 0.13%             | 2031-04-27      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Marathon Petroleum Corp                       | Marathon Petroleum Corp                                                                                    | CUSIP: 56585ABD3<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | DBT              | CORP              | US        |   2095000 | PA      | $1936408.50   | 0.33%             | 2028-04-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                       | BPCE SA                                                                                                    | CUSIP: 05583JAM4<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |   1690000 | PA      | $1612226.20   | 0.28%             | 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        |   1306000 | PA      | $847398.10    | 0.14%             | 2046-06-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                             | HSBC Holdings PLC                                                                                          | CUSIP: 404280BX6<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1875000 | PA      | $1799062.50   | 0.31%             | 2026-09-12      | Fixed         | 4.29%                 | No            |                  2 | On Loan: No      |
| EXPEDIA GROUP INC                             | Expedia Group Inc                                                                                          | CUSIP: 30212PBH7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    196000 | PA      | $157807.44    | 0.03%             | 2031-03-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CHILE                             | Chile Government International Bond                                                                        | CUSIP: 168863DL9<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    200000 | PA      | $144037.50    | 0.02%             | 2050-01-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| WALGREENS BOOTS ALLIANCE                      | Walgreens Boots Alliance Inc                                                                               | CUSIP: 931427AT5<br>LEI: 549300RPTUOIXG4LIH86 | Long             | DBT              | CORP              | US        |    253000 | PA      | $186167.52    | 0.03%             | 2050-04-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE                        | Blackstone Private Credit Fund                                                                             | CUSIP: 09261HAD9<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |   2425000 | PA      | $2008336.50   | 0.34%             | 2026-12-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN ENER PART                       | Kinder Morgan Energy Partners LP                                                                           | CUSIP: 494550BF2<br>LEI: 549300PDHUGWPWGOT525 | Long             | DBT              | CORP              | US        |    650000 | PA      | $653386.50    | 0.11%             | 2040-09-15      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                              | T-Mobile USA Inc                                                                                           | CUSIP: 87264ACV5<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   1975000 | PA      | $1955506.75   | 0.33%             | 2033-01-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                       | MPLX LP                                                                                                    | CUSIP: 55336VAT7<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    520000 | PA      | $459971.20    | 0.08%             | 2049-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Republic of Chile                             | Chile Government International Bond                                                                        | CUSIP: 168863BP2<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    150000 | PA      | $114543.75    | 0.02%             | 2042-10-30      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                               | CVS Health Corp                                                                                            | CUSIP: 126650DR8<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    750000 | PA      | $594375.00    | 0.10%             | 2031-09-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                          | Targa Resources Corp                                                                                       | CUSIP: 87612GAA9<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    220000 | PA      | $189406.80    | 0.03%             | 2033-02-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                        | Verizon Communications Inc                                                                                 | CUSIP: 92343VES9<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |   1625000 | PA      | $1525940.00   | 0.26%             | 2029-02-08      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| State of Illinois                             | ILLINOIS ST                                                                                                | CUSIP: 452151LF8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1305244.90   | 0.22%             | 2033-06-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                    | AbbVie Inc                                                                                                 | CUSIP: 00287YCY3<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |   2475000 | PA      | $2313704.25   | 0.39%             | 2035-03-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| General Electric Co                           | General Electric Co                                                                                        | CUSIP: 36962GXZ2<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | DBT              | CORP              | US        |    900000 | PA      | $997371.00    | 0.17%             | 2032-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH INBEV WOR                      | Anheuser-Busch InBev Worldwide Inc                                                                         | CUSIP: 03523TBU1<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |    175000 | PA      | $174496.00    | 0.03%             | 2039-01-23      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                | Morgan Stanley                                                                                             | CUSIP: 61747YEL5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1847000 | PA      | $1497990.88   | 0.26%             | 2033-01-21      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                                | Home Depot Inc/The                                                                                         | CUSIP: 437076CB6<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    800000 | PA      | $698456.00    | 0.12%             | 2030-04-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA                            | Panama Government International Bond                                                                       | CUSIP: 698299BN3<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    380000 | PA      | $281390.00    | 0.05%             | 2032-09-29      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                            | Energy Transfer LP                                                                                         | CUSIP: 29278NAN3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    300000 | PA      | $298164.00    | 0.05%             | 2027-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                                | Home Depot Inc/The                                                                                         | CUSIP: 437076BD3<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    500000 | PA      | $479600.00    | 0.08%             | 2044-02-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                              | HSBC Bank USA NA/New York NY                                                                               | CUSIP: 4042Q1AB3<br>LEI: 1IE8VN30JCEQV1H4R804 | Long             | DBT              | CORP              | US        |    800000 | PA      | $762560.00    | 0.13%             | 2035-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                             | HSBC Holdings PLC                                                                                          | CUSIP: 404280DK2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    600000 | PA      | $601128.00    | 0.10%             | 2032-05-17      | Fixed         | 7.62%                 | 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        |   1530000 | OU      | $-28304.69    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.               | Long: SS006125  CDS USD R F  1.00000 2 CCPCORPORATE / Short: SS006125  CDS USD P V 03MEVENT 1 CCPCORPORATE | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | GB        |    840000 | OU      | $-3395.70     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America Corp                          | Bank of America Corp                                                                                       | CUSIP: 06051GHD4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   2863000 | PA      | $2596826.89   | 0.44%             | 2028-12-20      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                 | OPS05185A SWAPTION SOFRRATE                                                                                | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |   2300000 | NC      | $13197.40     | 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        |  12700000 | OU      | $-313237.88   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                            | Energy Transfer LP                                                                                         | CUSIP: 86765BAS8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    550000 | PA      | $558195.00    | 0.10%             | 2025-12-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                          | Bank of America Corp                                                                                       | CUSIP: 06051GHM4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1950000 | PA      | $1821417.00   | 0.31%             | 2029-07-23      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| HARTFORD FINL SVCS GRP                        | Hartford Financial Services Group Inc/The                                                                  | CUSIP: 416518AC2<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | DBT              | CORP              | US        |    200000 | PA      | $205842.00    | 0.04%             | 2042-04-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.               | Long: SS006063  CDS USD R F  1.00000 2 CCPCORPORATE / Short: SS006063  CDS USD P V 03MEVENT 1 CCPCORPORATE | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |   2375000 | OU      | $1030.28      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                        | Verizon Communications Inc                                                                                 | CUSIP: 92343VFE9<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    475000 | PA      | $418479.75    | 0.07%             | 2030-03-22      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Keurig Dr Pepper Inc                          | Keurig Dr Pepper Inc                                                                                       | CUSIP: 26138EAT6<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |    325000 | PA      | $276045.25    | 0.05%             | 2045-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                            | Energy Transfer LP                                                                                         | CUSIP: 292480AL4<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    354000 | PA      | $339900.18    | 0.06%             | 2028-05-15      | Fixed         | 4.95%                 | 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        |    660000 | OU      | $-2060.72     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PLAINS ALL AMER PIPELINE                      | Plains All American Pipeline LP / PAA Finance Corp                                                         | CUSIP: 72650RBJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2444000 | PA      | $2393091.48   | 0.41%             | 2025-10-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                        | Verizon Communications Inc                                                                                 | CUSIP: 92343VGN8<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    800000 | PA      | $634432.00    | 0.11%             | 2032-03-15      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                              | BAT Capital Corp                                                                                           | CUSIP: 05526DBR5<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1123591.50   | 0.19%             | 2028-03-25      | Fixed         | 2.26%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                      | Avolon Holdings Funding Ltd                                                                                | CUSIP: 05401AAL5<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   3750000 | PA      | $3402487.50   | 0.58%             | 2026-04-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                           | JPMorgan Chase & Co                                                                                        | CUSIP: 46647PDA1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   3850000 | PA      | $3670243.50   | 0.63%             | 2028-04-26      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| Kimco Realty Corp                             | Kimco Realty Corp                                                                                          | CUSIP: 49446RAS8<br>LEI: 549300EA7I6T15IBYS12 | Long             | DBT              |  | US        |   1100000 | PA      | $1028467.00   | 0.18%             | 2027-04-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| HOST HOTELS & RESORTS LP                      | Host Hotels & Resorts LP                                                                                   | CUSIP: 44107TBA3<br>LEI: FXB7X4WXVA8QPMNOGS12 | Long             | DBT              |  | US        |    950000 | PA      | $727282.00    | 0.12%             | 2031-12-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| State of California                           | CALIFORNIA ST                                                                                              | CUSIP: 13063A7D0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $552767.94    | 0.09%             | 2039-10-01      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| Becton Dickinson and Co                       | Becton Dickinson and Co                                                                                    | CUSIP: 075887BX6<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | DBT              | CORP              | US        |    175000 | PA      | $154357.00    | 0.03%             | 2047-06-06      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                      | AT&T Inc                                                                                                   | CUSIP: 00206RJZ6<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    925000 | PA      | $690346.00    | 0.12%             | 2041-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Dupont De Nemours Inc                         | DuPont de Nemours Inc                                                                                      | CUSIP: 26078JAD2<br>LEI: 5493004JF0SDFLM8GD76 | Long             | DBT              | CORP              | US        |   2025000 | PA      | $1998047.25   | 0.34%             | 2028-11-15      | Fixed         | 4.72%                 | No            |                  2 | On Loan: No      |
| Oracle Corp                                   | Oracle Corp                                                                                                | CUSIP: 68389XBW4<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $886116.00    | 0.15%             | 2040-04-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Progress Energy Inc                           | Progress Energy Inc                                                                                        | CUSIP: 743263AG0<br>LEI: 549300FBMTW0JYWMNB26 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1526042.00   | 0.26%             | 2031-10-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| LCH Limited                                   | Long: SR217949  IRS USD R F  2.73000 2 CCPOIS / Short: SR217949  IRS USD P V 00MSOFR 1 CCPOIS              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   7210000 | OU      | $-72454.01    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| AT&T Inc                                      | AT&T Inc                                                                                                   | CUSIP: 00206RBH4<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    125000 | PA      | $102996.25    | 0.02%             | 2042-12-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                          | Bank of America Corp                                                                                       | CUSIP: 06051GKK4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    550000 | PA      | $443476.00    | 0.08%             | 2033-02-04      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| INVITATION HOMES OP                           | Invitation Homes Operating Partnership LP                                                                  | CUSIP: 46188BAB8<br>LEI: 549300147YMUQB3GW319 | Long             | DBT              |  | US        |    600000 | PA      | $495840.00    | 0.08%             | 2028-11-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                           | Global Payments Inc                                                                                        | CUSIP: 891906AF6<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1069925.50   | 0.18%             | 2028-06-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                            | Banco Santander SA                                                                                         | CUSIP: 05971KAG4<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   1000000 | PA      | $765690.00    | 0.13%             | 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        |    750000 | PA      | $718860.00    | 0.12%             | 2024-07-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.               | Long: SS006080  CDS USD R F  1.00000 2 CCPCORPORATE / Short: SS006080  CDS USD P V 03MEVENT 1 CCPCORPORATE | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |   1825000 | OU      | $-42562.83    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                  | Enbridge Inc                                                                                               | CUSIP: 29250NBF1<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   2125000 | PA      | $1636993.75   | 0.28%             | 2033-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PAYPAL HOLDINGS INC                           | PayPal Holdings Inc                                                                                        | CUSIP: 70450YAM5<br>LEI: 5493005X2GO78EFZ3E94 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1003926.00   | 0.17%             | 2052-06-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                 | Citigroup Inc                                                                                              | CUSIP: 172967NU1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   3265000 | PA      | $3060839.55   | 0.52%             | 2033-05-24      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| DP WORLD PLC                                  | DP World Ltd/United Arab Emirates                                                                          | CUSIP: 000000000<br>LEI: 549300M3U2DNF4QVSS04 | Long             | DBT              | CORP              | AE        |    360000 | PA      | $336105.00    | 0.06%             | 2048-09-25      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                  | Broadcom Inc                                                                                               | CUSIP: 11135FBT7<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    850000 | PA      | $747158.50    | 0.13%             | 2032-04-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| CANADIAN PACIFIC RAILWAY                      | Canadian Pacific Railway Co                                                                                | CUSIP: 13645RBF0<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |    775000 | PA      | $645063.50    | 0.11%             | 2031-12-02      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                      | Corebridge Financial Inc                                                                                   | CUSIP: 21871XAG4<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |   1190000 | PA      | $1042321.00   | 0.18%             | 2032-04-05      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| General Electric Co                           | General Electric Co                                                                                        | CUSIP: 36962G3A0<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | DBT              | CORP              | US        |    625000 | PA      | $631175.00    | 0.11%             | 2037-08-07      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| CARRIER GLOBAL CORP                           | Carrier Global Corp                                                                                        | CUSIP: 14448CAR5<br>LEI: 549300JE3W6CWY2NAN77 | Long             | DBT              | CORP              | US        |    525000 | PA      | $397755.75    | 0.07%             | 2040-04-05      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                      | AT&T Inc                                                                                                   | CUSIP: 00206RJX1<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    840000 | PA      | $748549.20    | 0.13%             | 2027-06-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                            | Energy Transfer LP                                                                                         | CUSIP: 29278NAP8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    750000 | PA      | $706657.50    | 0.12%             | 2025-05-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                        | US LONG BOND(CBT) MAR23                                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        33 | NC      | $-150865.09   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| AUTONATION INC                                | AutoNation Inc                                                                                             | CUSIP: 05329WAS1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $17960.00     | 0.00%             | 2031-08-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| CARRIER GLOBAL CORP                           | Carrier Global Corp                                                                                        | CUSIP: 14448CAP9<br>LEI: 549300JE3W6CWY2NAN77 | Long             | DBT              | CORP              | US        |   1225000 | PA      | $1104986.75   | 0.19%             | 2027-02-15      | Fixed         | 2.49%                 | No            |                  2 | On Loan: No      |
| Time Warner Cable LLC                         | Time Warner Cable LLC                                                                                      | CUSIP: 88732JAY4<br>LEI: 549300U5NFR7S6E3GM41 | Long             | DBT              | CORP              | US        |    675000 | PA      | $587560.50    | 0.10%             | 2040-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.               | Long: SS005852  CDS USD R F  1.00000 2 CCPCORPORATE / Short: SS005852  CDS USD P V 03MEVENT 1 CCPCORPORATE | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |   1750000 | OU      | $216.30       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Limited                                   | Long: BR217948  IRS USD R V 00MSOFR 1 CCPOIS / Short: BR217948  IRS USD P F  2.57000 2 CCPOIS              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  11360000 | OU      | $128349.82    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                              | OPS05259A SWAPTION SOFRRATE                                                                                | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DIR              |  | US        |  -2310000 | NC      | $-82218.44    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| SYSCO CORPORATION                             | Sysco Corp                                                                                                 | CUSIP: 871829BN6<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |    550000 | PA      | $599115.00    | 0.10%             | 2050-04-01      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                      | Warnermedia Holdings Inc                                                                                   | CUSIP: 55903VAJ2<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    450000 | PA      | $390019.50    | 0.07%             | 2029-03-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTALEXCHANGE                      | Intercontinental Exchange Inc                                                                              | CUSIP: 45866FAV6<br>LEI: 5493000F4ZO33MV32P92 | Long             | DBT              | CORP              | US        |    995000 | PA      | $962602.80    | 0.16%             | 2029-06-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                       | MPLX LP                                                                                                    | CUSIP: 55336VBQ2<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    600000 | PA      | $486798.00    | 0.08%             | 2030-08-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                            | Ally Financial Inc                                                                                         | CUSIP: 02005NBP4<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   1575000 | PA      | $1232075.25   | 0.21%             | 2028-11-02      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                      | AT&T Inc                                                                                                   | CUSIP: 00206RMM1<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    486000 | PA      | $373734.00    | 0.06%             | 2033-12-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| FOX CORP                                      | Fox Corp                                                                                                   | CUSIP: 35137LAJ4<br>LEI: 549300DDU6FDRBIELS05 | Long             | DBT              | CORP              | US        |    225000 | PA      | $204554.25    | 0.03%             | 2039-01-25      | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                           | Southern California Edison Co                                                                              | CUSIP: 842400GQ0<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |   1325000 | PA      | $1260485.75   | 0.22%             | 2029-03-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| AMERICAN INTL GROUP                           | American International Group Inc                                                                           | CUSIP: 026874DA2<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | DBT              | CORP              | US        |    598000 | PA      | $516839.44    | 0.09%             | 2044-07-16      | Fixed         | 4.50%                 | 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        |    225000 | PA      | $229090.50    | 0.04%             | 2030-07-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                            | Banco Santander SA                                                                                         | CUSIP: 05971KAE9<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   1000000 | PA      | $936260.00    | 0.16%             | 2025-05-28      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                              | Peruvian Government International Bond                                                                     | CUSIP: 715638DQ2<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    430000 | PA      | $251496.25    | 0.04%             | 2060-12-01      | Fixed         | 2.78%                 | No            |                  2 | On Loan: No      |
| Hyatt Hotels Corp                             | Hyatt Hotels Corp                                                                                          | CUSIP: 448579AF9<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |   2925000 | PA      | $2870682.75   | 0.49%             | 2026-03-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority              | CMWLTH FING AUTH PA                                                                                        | CUSIP: 20281PNE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $241235.68    | 0.04%             | 2042-06-01      | Fixed         | 2.99%                 | No            |                  2 | On Loan: No      |
| CREDIT SUISSE GROUP AG                        | Credit Suisse Group AG                                                                                     | CUSIP: 225401BB3<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |   1875000 | PA      | $1928831.25   | 0.33%             | 2033-11-15      | Fixed         | 9.02%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                | Morgan Stanley                                                                                             | CUSIP: 61744YAL2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   2720000 | PA      | $2283929.60   | 0.39%             | 2038-07-22      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                | Morgan Stanley                                                                                             | CUSIP: 6174468G7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1950000 | PA      | $1820461.50   | 0.31%             | 2030-01-23      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                      | Charter Communications Operating LLC / Charter Communications Operating Capital                            | CUSIP: 161175BA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $271878.00    | 0.05%             | 2045-10-23      | Fixed         | 6.48%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                              | Deutsche Bank AG/New York NY                                                                               | CUSIP: 251526CE7<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   5725000 | PA      | $5050079.75   | 0.86%             | 2026-11-24      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                              | HSBC Bank USA NA                                                                                           | CUSIP: 4042Q1AD9<br>LEI: 1IE8VN30JCEQV1H4R804 | Long             | DBT              | CORP              | US        |    300000 | PA      | $323925.00    | 0.06%             | 2039-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER                       | American Electric Power Co Inc                                                                             | CUSIP: 025537AN1<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |    350000 | PA      | $286531.00    | 0.05%             | 2030-03-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.               | Long: SS006159  CDS USD R F  1.00000 2 CCPCORPORATE / Short: SS006159  CDS USD P V 03MEVENT 1 CCPCORPORATE | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |   1140000 | OU      | $-9847.32     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC                              | Berry Global Inc                                                                                           | CUSIP: 08576PAH4<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1607238.00   | 0.27%             | 2026-01-15      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                        | General Motors Financial Co Inc                                                                            | CUSIP: 37045XAZ9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   2775000 | PA      | $2692138.50   | 0.46%             | 2025-07-13      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                         | Mexico Government International Bond                                                                       | CUSIP: 91087BAN0<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   1399000 | PA      | $886004.19    | 0.15%             | 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        |    775000 | PA      | $650449.75    | 0.11%             | 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        |   1775000 | PA      | $1618391.75   | 0.28%             | 2026-06-16      | Fixed         | 1.91%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                   | Oracle Corp                                                                                                | CUSIP: 68389XCK9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   2775000 | PA      | $3002938.50   | 0.51%             | 2052-11-09      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| WASTE CONNECTIONS INC                         | Waste Connections Inc                                                                                      | CUSIP: 94106BAE1<br>LEI: 549300HDLRTPBQU69P29 | Long             | DBT              | CORP              | CA        |    525000 | PA      | $449400.00    | 0.08%             | 2032-06-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Republic of Indonesia                         | Indonesia Government International Bond                                                                    | CUSIP: 455780BX3<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    350000 | PA      | $344788.50    | 0.06%             | 2027-01-08      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                           | JPMorgan Chase & Co                                                                                        | CUSIP: 46647PAJ5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    875000 | PA      | $726608.75    | 0.12%             | 2038-07-24      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| NATIONWIDE BLDG SOCIETY                       | Nationwide Building Society                                                                                | CUSIP: 63861VAE7<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |   2525000 | PA      | $2204097.75   | 0.38%             | 2030-07-18      | Fixed         | 3.96%                 | No            |                  2 | On Loan: No      |
| MEXICO CITY ARPT TRUST                        | Mexico City Airport Trust                                                                                  | CUSIP: 59284MAD6<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |    220000 | PA      | $169400.00    | 0.03%             | 2047-07-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                          | Bank of America Corp                                                                                       | CUSIP: 06051GKQ1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    550000 | PA      | $503937.50    | 0.09%             | 2033-04-27      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC                              | Berry Global Inc                                                                                           | CUSIP: 08576PAF8<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |   1225000 | PA      | $1044484.00   | 0.18%             | 2027-01-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                | Morgan Stanley                                                                                             | CUSIP: 61747YEU5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    925000 | PA      | $868741.50    | 0.15%             | 2033-07-20      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                             | HSBC Holdings PLC                                                                                          | CUSIP: 404280CG2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    925000 | PA      | $843193.00    | 0.14%             | 2026-06-04      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Constellation Brands Inc                      | Constellation Brands Inc                                                                                   | CUSIP: 21036PBC1<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |    350000 | PA      | $338387.00    | 0.06%             | 2028-11-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                               | CVS Health Corp                                                                                            | CUSIP: 126650CY4<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    823000 | PA      | $754090.21    | 0.13%             | 2038-03-25      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.               | Long: SS006133  CDS USD R F  1.00000 2 CCPCORPORATE / Short: SS006133  CDS USD P V 03MEVENT 1 CCPCORPORATE | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | GB        |   1175000 | OU      | $10227.67     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                      | Enterprise Products Operating LLC                                                                          | CUSIP: 293791AF6<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |   1425000 | PA      | $1557254.25   | 0.27%             | 2033-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| HP INC                                        | HP Inc                                                                                                     | CUSIP: 40434LAK1<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | DBT              | CORP              | US        |   1565000 | PA      | $1432914.00   | 0.24%             | 2029-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WP CAREY INC                                  | WP Carey Inc                                                                                               | CUSIP: 92936UAF6<br>LEI: 54930042CRNE713E3Q67 | Long             | DBT              |  | US        |   1225000 | PA      | $1101385.25   | 0.19%             | 2029-07-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN ENER PART                       | Kinder Morgan Energy Partners LP                                                                           | CUSIP: 494550AL0<br>LEI: 549300PDHUGWPWGOT525 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1216226.00   | 0.21%             | 2032-03-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                         | Mexico Government International Bond                                                                       | CUSIP: 91087BAH3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   2540000 | PA      | $2207895.00   | 0.38%             | 2030-04-16      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                  | Broadcom Inc                                                                                               | CUSIP: 11135FBK6<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   1025000 | PA      | $822747.00    | 0.14%             | 2033-04-15      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| STEEL DYNAMICS INC                            | Steel Dynamics Inc                                                                                         | CUSIP: 858119BN9<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | DBT              | CORP              | US        |   1950000 | PA      | $1633905.00   | 0.28%             | 2027-10-15      | Fixed         | 1.65%                 | 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      |
| Citibank N.A.                                 | OPS05187A SWAPTION SOFRRATE                                                                                | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |  -2300000 | NC      | $-3831.11     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                            | Energy Transfer LP                                                                                         | CUSIP: 29273RBF5<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    456000 | PA      | $378566.64    | 0.06%             | 2045-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS CO                             | General Motors Co                                                                                          | CUSIP: 37045VAU4<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |   2925000 | PA      | $3037378.50   | 0.52%             | 2027-10-01      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| HUNTSMAN INTERNATIONAL L                      | Huntsman International LLC                                                                                 | CUSIP: 44701QBE1<br>LEI: 3YTEJFW18LGIUQ2N5J61 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $943488.00    | 0.16%             | 2029-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                      | Western Midstream Operating LP                                                                             | CUSIP: 958254AD6<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |   2200000 | PA      | $1837484.00   | 0.31%             | 2044-04-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Air Lease Corp                                | Air Lease Corp                                                                                             | CUSIP: 00914AAB8<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |   1475000 | PA      | $1381794.75   | 0.24%             | 2026-06-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Prudential Financial Inc                      | Prudential Financial Inc                                                                                   | CUSIP: 74432QAQ8<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |   1850000 | PA      | $1909089.00   | 0.33%             | 2036-12-14      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| HCA Inc                                       | HCA Inc                                                                                                    | CUSIP: 404119BT5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   2850000 | PA      | $2816683.50   | 0.48%             | 2026-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                      | AT&T Inc                                                                                                   | CUSIP: 00206RKH4<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    875000 | PA      | $686078.75    | 0.12%             | 2032-02-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                      | Charter Communications Operating LLC / Charter Communications Operating Capital                            | CUSIP: 161175BK9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5125000 | PA      | $4708183.75   | 0.80%             | 2028-03-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corp                          | Lockheed Martin Corp                                                                                       | CUSIP: 539830BB4<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    400000 | PA      | $345528.00    | 0.06%             | 2042-12-15      | Fixed         | 4.07%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                        | General Motors Financial Co Inc                                                                            | CUSIP: 37045XDA1<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    400000 | PA      | $349304.00    | 0.06%             | 2027-08-20      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                           | Ashtead Capital Inc                                                                                        | CUSIP: 045054AN3<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    925000 | PA      | $788784.50    | 0.13%             | 2026-08-12      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Oracle Corp                                   | Oracle Corp                                                                                                | CUSIP: 68389XBV6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   2062000 | PA      | $1760123.20   | 0.30%             | 2030-04-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                             | HSBC Holdings PLC                                                                                          | CUSIP: 404280DH9<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    216000 | PA      | $200648.88    | 0.03%             | 2033-08-11      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| PLAINS ALL AMER PIPELINE                      | Plains All American Pipeline LP / PAA Finance Corp                                                         | CUSIP: 72650RBL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    325000 | PA      | $312471.25    | 0.05%             | 2026-12-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AUTONATION INC                                | AutoNation Inc                                                                                             | CUSIP: 05329WAQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1425000 | PA      | $1275175.50   | 0.22%             | 2030-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                              | Peruvian Government International Bond                                                                     | CUSIP: 000000000<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    100000 | PA      | $74583.57     | 0.01%             | 2033-03-11      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                           | JPMorgan Chase & Co                                                                                        | CUSIP: 46647PBP0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   3650000 | PA      | $3005191.00   | 0.51%             | 2031-05-13      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| Air Lease Corp                                | Air Lease Corp                                                                                             | CUSIP: 00912XAV6<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    325000 | PA      | $296380.50    | 0.05%             | 2027-04-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                          | OPS05527A SWAPTION SOFRRATE                                                                                | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |  -1430000 | NC      | $-85631.55    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank N.A.                                 | OPS05506A SWAPTION SOFFRATE                                                                                | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |  -1430000 | NC      | $-81029.52    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Credit Agricole SA                            | Credit Agricole SA                                                                                         | CUSIP: 000000000<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |   1950000 | PA      | $1882510.50   | 0.32%             | 2025-03-17      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BERKSHIRE HATHAWAY ENERG                      | Berkshire Hathaway Energy Co                                                                               | CUSIP: 59562VAM9<br>LEI: 549300JD0S5IZJE9LY15 | Long             | DBT              | CORP              | US        |    767000 | PA      | $805771.85    | 0.14%             | 2036-04-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                           | Southern California Edison Co                                                                              | CUSIP: 842400FV0<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    275000 | PA      | $219595.75    | 0.04%             | 2042-03-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                      | Lloyds Banking Group PLC                                                                                   | CUSIP: 53944YAP8<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    350000 | PA      | $302715.00    | 0.05%             | 2027-05-11      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| Grupo Bimbo SAB de CV                         | Grupo Bimbo SAB de CV                                                                                      | CUSIP: 000000000<br>LEI: 5493000RIXURZEBFEV60 | Long             | DBT              | CORP              | MX        |   1070000 | PA      | $903013.13    | 0.15%             | 2047-11-10      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| KOREA HYDRO & NUCLEAR PO                      | Korea Hydro & Nuclear Power Co Ltd                                                                         | CUSIP: 50064YAQ6<br>LEI: 9884008CRY5MLCN8OQ43 | Long             | DBT              | NUSS              | KR        |   1060000 | PA      | $1014155.00   | 0.17%             | 2027-07-27      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                             | ILLINOIS ST                                                                                                | CUSIP: 452152BM2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1647275.50   | 0.28%             | 2035-02-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| KEURIG DR PEPPER INC                          | Keurig Dr Pepper Inc                                                                                       | CUSIP: 49271VAR1<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |   1825000 | PA      | $1529277.00   | 0.26%             | 2052-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GREAT-WEST LIFECO FIN 18                      | Great-West Lifeco Finance 2018 LP                                                                          | CUSIP: 39138QAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    459000 | PA      | $430280.37    | 0.07%             | 2028-05-17      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                                  | ING Groep NV                                                                                               | CUSIP: 456837AU7<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   3150000 | PA      | $2829109.50   | 0.48%             | 2026-07-01      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                      | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                                                  | CUSIP: 00774MAN5<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   3385000 | PA      | $3438686.10   | 0.59%             | 2025-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE TELEKOM INT FIN                      | Deutsche Telekom International Finance BV                                                                  | CUSIP: 25156PBB8<br>LEI: 529900ERDFHS6C1M4U58 | Long             | DBT              | CORP              | NL        |   2525000 | PA      | $2423242.50   | 0.41%             | 2028-06-21      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MACQUARIE GROUP LTD                           | Macquarie Group Ltd                                                                                        | CUSIP: 55608JAR9<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | DBT              | CORP              | AU        |   2200000 | PA      | $1911624.00   | 0.33%             | 2027-01-12      | Fixed         | 1.34%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                              | Crown Castle Inc                                                                                           | CUSIP: 22822VAH4<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |   2100000 | PA      | $1952727.00   | 0.33%             | 2027-09-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                         | Wells Fargo & Co                                                                                           | CUSIP: 95000U3B7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   3708000 | PA      | $3511513.08   | 0.60%             | 2033-07-25      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                       | BPCE SA                                                                                                    | CUSIP: 05578QAF0<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |   1050000 | PA      | $765481.50    | 0.13%             | 2032-10-19      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                      | AT&T Inc                                                                                                   | CUSIP: 00206RKJ0<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    875000 | PA      | $595323.75    | 0.10%             | 2053-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                                  | ING Groep NV                                                                                               | CUSIP: 456837AV5<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   1725000 | PA      | $1519466.25   | 0.26%             | 2027-04-01      | Fixed         | 1.73%                 | 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        |   1990000 | OU      | $-1623.44     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                        | UnitedHealth Group Inc                                                                                     | CUSIP: 91324PEJ7<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    275000 | PA      | $261379.25    | 0.04%             | 2032-05-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| GE HEALTHCARE TECH INC                        | GE HealthCare Technologies Inc                                                                             | CUSIP: 36267VAL7<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |    900000 | PA      | $964989.00    | 0.16%             | 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        |   6140000 | OU      | $251503.61    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| SAUDI ARABIAN OIL CO                          | Saudi Arabian Oil Co                                                                                       | CUSIP: 000000000<br>LEI: 5586006WD91QHB7J4X50 | Long             | DBT              | CORP              | SA        |   1100000 | PA      | $1004300.00   | 0.17%             | 2029-04-16      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SHELL INTERNATIONAL FIN                       | Shell International Finance BV                                                                             | CUSIP: 822582AD4<br>LEI: 213800ITMMKU4Z7I4F78 | Long             | DBT              | CORP              | NL        |    225000 | PA      | $248314.50    | 0.04%             | 2038-12-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| PROLOGIS LP                                   | Prologis LP                                                                                                | CUSIP: 74340XBT7<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              |  | US        |   1125000 | PA      | $1089765.00   | 0.19%             | 2033-01-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Digital Realty Trust LP                       | Digital Realty Trust LP                                                                                    | CUSIP: 25389JAR7<br>LEI: CD4SPTZ3YBTHY0C1AH38 | Long             | DBT              |  | US        |    425000 | PA      | $395020.50    | 0.07%             | 2027-08-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                                | Home Depot Inc/The                                                                                         | CUSIP: 437076CT7<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    425000 | PA      | $410639.25    | 0.07%             | 2052-09-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Credit Agricole SA                            | Credit Agricole SA                                                                                         | CUSIP: 225313AL9<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    500000 | PA      | $479970.00    | 0.08%             | 2024-09-23      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AMERICAN INTL GROUP                           | American International Group Inc                                                                           | CUSIP: 026874DF1<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | DBT              | CORP              | US        |    200000 | PA      | $178888.00    | 0.03%             | 2045-07-10      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| CSX CORP                                      | CSX Corp                                                                                                   | CUSIP: 126408HV8<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1135615.00   | 0.19%             | 2052-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WASTE CONNECTIONS INC                         | Waste Connections Inc                                                                                      | CUSIP: 94106BAF8<br>LEI: 549300HDLRTPBQU69P29 | Long             | DBT              | CORP              | CA        |    433000 | PA      | $402257.00    | 0.07%             | 2033-01-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| SHERWIN-WILLIAMS CO                           | Sherwin-Williams Co/The                                                                                    | CUSIP: 824348AQ9<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | DBT              | CORP              | US        |    475000 | PA      | $374494.75    | 0.06%             | 2042-12-15      | Fixed         | 4.00%                 | 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        | 159525000 | OU      | $1023895.26   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| CAMDEN PROPERTY TRUST                         | Camden Property Trust                                                                                      | CUSIP: 133131AX0<br>LEI: 5493002MYX22OHYJBD89 | Long             | DBT              |  | US        |   1975000 | PA      | $1762569.00   | 0.30%             | 2029-07-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| OVINTIV INC                                   | Ovintiv Inc                                                                                                | CUSIP: 012873AH8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1025000 | PA      | $1121473.00   | 0.19%             | 2030-09-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                        | Pacific Gas and Electric Co                                                                                | CUSIP: 694308HP5<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    250000 | PA      | $229875.00    | 0.04%             | 2026-03-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Amgen Inc                                     | Amgen Inc                                                                                                  | CUSIP: 031162BZ2<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    175000 | PA      | $146195.00    | 0.02%             | 2045-05-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                              | T-Mobile USA Inc                                                                                           | CUSIP: 87264ABW4<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   6275000 | PA      | $5434589.25   | 0.93%             | 2031-04-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PHILIPPINES                       | Philippine Government International Bond                                                                   | CUSIP: 718286CL9<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    210000 | PA      | $140723.10    | 0.02%             | 2045-12-10      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Arch Capital Finance LLC                      | Arch Capital Finance LLC                                                                                   | CUSIP: 03939CAB9<br>LEI: 549300XG4URFY0200M65 | Long             | DBT              | CORP              | US        |    323000 | PA      | $278086.85    | 0.05%             | 2046-12-15      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                        | General Motors Financial Co Inc                                                                            | CUSIP: 37045XDE3<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    650000 | PA      | $490932.00    | 0.08%             | 2031-01-08      | Fixed         | 2.35%                 | 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        |   1599000 | PA      | $1560719.94   | 0.27%             | 2029-10-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| NXP BV/NXP FDG/NXP USA                        | NXP BV / NXP Funding LLC / NXP USA Inc                                                                     | CUSIP: 62954HAZ1<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    550000 | PA      | $523589.00    | 0.09%             | 2026-06-18      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc                                    | AbbVie Inc                                                                                                 | CUSIP: 00287YBD0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    775000 | PA      | $713635.50    | 0.12%             | 2048-11-14      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                           | Ashtead Capital Inc                                                                                        | CUSIP: 045054AP8<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    525000 | PA      | $405410.25    | 0.07%             | 2031-08-12      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                        | Verizon Communications Inc                                                                                 | CUSIP: 92343VER1<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |   2631000 | PA      | $2532547.98   | 0.43%             | 2028-09-21      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                                | Air Lease Corp                                                                                             | CUSIP: 00914AAJ1<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |   3525000 | PA      | $3263903.25   | 0.56%             | 2026-01-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| CSL Finance PLC                               | CSL Finance PLC                                                                                            | CUSIP: 12661PAC3<br>LEI: 2549007CCNBNAF4HBC02 | Long             | DBT              | CORP              | GB        |    900000 | PA      | $847305.00    | 0.14%             | 2032-04-27      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                        | US 2YR NOTE (CBT) MAR23                                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       212 | NC      | $9236.82      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRSTENERGY CORP                              | FirstEnergy Corp                                                                                           | CUSIP: 337932AK3<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |    525000 | PA      | $485892.75    | 0.08%             | 2025-03-01      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| WALT DISNEY COMPANY/THE                       | Walt Disney Co/The                                                                                         | CUSIP: 254687FR2<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1028247.00   | 0.18%             | 2040-03-23      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                        | General Motors Financial Co Inc                                                                            | CUSIP: 37045XDK9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   1275000 | PA      | $1106738.25   | 0.19%             | 2026-06-10      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                          | Bank of America Corp                                                                                       | CUSIP: 06051GHQ5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1226313.00   | 0.21%             | 2030-02-07      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| McDonald's Corp                               | McDonald's Corp                                                                                            | CUSIP: 58013MEZ3<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1105840.00   | 0.19%             | 2035-12-09      | Fixed         | 4.70%                 | 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        |   1160000 | OU      | $22848.29     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                        | US 5YR NOTE (CBT) MAR23                                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |      -304 | NC      | $111859.58    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MARRIOTT INTERNATIONAL                        | Marriott International Inc/MD                                                                              | CUSIP: 571903BJ1<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    800000 | PA      | $790192.00    | 0.13%             | 2027-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                       | Romanian Government International Bond                                                                     | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     90000 | PA      | $66191.92     | 0.01%             | 2031-07-16      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| NEWMONT CORP                                  | Newmont Corp                                                                                               | CUSIP: 651639AZ9<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1035827.00   | 0.18%             | 2032-07-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| LOWE'S COS INC                                | Lowe's Cos Inc                                                                                             | CUSIP: 548661EJ2<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |   1650000 | PA      | $1321435.50   | 0.23%             | 2052-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                        | Verizon Communications Inc                                                                                 | CUSIP: 92343VFT6<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1215036.00   | 0.21%             | 2040-11-20      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                 | OPS05500A SWAPTION SOFRRATE                                                                                | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |  -1430000 | NC      | $-83178.10    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| AGREE LP                                      | Agree LP                                                                                                   | CUSIP: 008513AD5<br>LEI: 549300DXY3G299V1BO77 | Long             | DBT              |  | US        |    295000 | PA      | $271290.85    | 0.05%             | 2032-10-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| CREDIT SUISSE GROUP AG                        | Credit Suisse Group AG                                                                                     | CUSIP: 225433AR2<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |    884000 | PA      | $786494.80    | 0.13%             | 2026-04-17      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| PERUSAHAAN PENERBIT SBSN                      | Perusahaan Penerbit SBSN Indonesia III                                                                     | CUSIP: 71567RAF3<br>LEI: 254900G208H6Q0L5B953 | Long             | DBT              | NUSS              | ID        |   1580000 | PA      | $1576223.80   | 0.27%             | 2026-03-29      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| 7-ELEVEN INC                                  | 7-Eleven Inc                                                                                               | CUSIP: 817826AG5<br>LEI: 549300K23JPL0SS3LB18 | Long             | DBT              | CORP              | US        |     40000 | PA      | $24598.40     | 0.00%             | 2051-02-10      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                      | AT&T Inc                                                                                                   | CUSIP: 00206RJY9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   1825000 | PA      | $1515388.75   | 0.26%             | 2031-06-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                          | Glencore Funding LLC                                                                                       | CUSIP: 378272BG2<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    725000 | PA      | $577962.75    | 0.10%             | 2031-09-23      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| OTIS WORLDWIDE CORP                           | Otis Worldwide Corp                                                                                        | CUSIP: 68902VAL1<br>LEI: 549300ZLBKR8VSU25153 | Long             | DBT              | CORP              | US        |    325000 | PA      | $239547.75    | 0.04%             | 2040-02-15      | Fixed         | 3.11%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                          | OPS05528A SWAPTION SOFRRATE                                                                                | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | US        |  -1430000 | NC      | $-33771.02    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| TIME WARNER CABLE ENTRMN                      | Time Warner Cable Enterprises LLC                                                                          | CUSIP: 88731EAJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1785744.00   | 0.30%             | 2033-07-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                        | Marriott International Inc/MD                                                                              | CUSIP: 571903BB8<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    675000 | PA      | $647669.25    | 0.11%             | 2028-12-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| QATAR ENERGY TRADING LLC                      | QatarEnergy Trading LLC                                                                                    | CUSIP: 74730DAD5<br>LEI: 254900QTESJKJ3P87J26 | Long             | DBT              | CORP              | QA        |    530000 | PA      | $387993.13    | 0.07%             | 2051-07-12      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                                 | Citigroup Inc                                                                                              | CUSIP: 172967LW9<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1061000 | PA      | $978443.59    | 0.17%             | 2029-04-23      | Fixed         | 4.08%                 | No            |                  2 | On Loan: No      |
| CSL Finance PLC                               | CSL Finance PLC                                                                                            | CUSIP: 12661PAD1<br>LEI: 2549007CCNBNAF4HBC02 | Long             | DBT              | CORP              | GB        |    300000 | PA      | $267933.00    | 0.05%             | 2042-04-27      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PHILIPPINES                       | Philippine Government International Bond                                                                   | CUSIP: 000000000<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    340000 | PA      | $362087.57    | 0.06%             | 2023-02-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                 | Citigroup Inc                                                                                              | CUSIP: 17308CC53<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1025000 | PA      | $861584.25    | 0.15%             | 2030-11-05      | Fixed         | 2.98%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH INBEV WOR                      | Anheuser-Busch InBev Worldwide Inc                                                                         | CUSIP: 035240AN0<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |    600000 | PA      | $528156.00    | 0.09%             | 2048-04-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Discover Bank                                 | Discover Bank                                                                                              | CUSIP: 25466AAP6<br>LEI: X05BVSK68TQ7YTOSNR22 | Long             | DBT              | CORP              | US        |   2125000 | PA      | $1991252.50   | 0.34%             | 2028-09-13      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                        | Philip Morris International Inc                                                                            | CUSIP: 718172CX5<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    750000 | PA      | $767122.50    | 0.13%             | 2032-11-17      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CSX CORP                                      | CSX Corp                                                                                                   | CUSIP: 126408HU0<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | DBT              | CORP              | US        |   2075000 | PA      | $1943714.75   | 0.33%             | 2032-11-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                     | Boeing Co/The                                                                                              | CUSIP: 097023CP8<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   1375000 | PA      | $1044271.25   | 0.18%             | 2035-02-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| BURLINGTN NORTH SANTA FE                      | Burlington Northern Santa Fe LLC                                                                           | CUSIP: 12189TAZ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    425000 | PA      | $462837.75    | 0.08%             | 2037-05-01      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                  | Barclays PLC                                                                                               | CUSIP: 06738EAP0<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    425000 | PA      | $413019.25    | 0.07%             | 2026-05-12      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                      | AT&T Inc                                                                                                   | CUSIP: 00206RKG6<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    250000 | PA      | $211510.00    | 0.04%             | 2028-02-01      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| SANTANDER UK GROUP HLDGS                      | Santander UK Group Holdings PLC                                                                            | CUSIP: 80281LAR6<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |    550000 | PA      | $470398.50    | 0.08%             | 2028-01-11      | Fixed         | 2.47%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                            | Ally Financial Inc                                                                                         | CUSIP: 02005NBQ2<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   1335000 | PA      | $1254179.10   | 0.21%             | 2027-06-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                      | AT&T Inc                                                                                                   | CUSIP: 00206RBK7<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     75000 | PA      | $60588.00     | 0.01%             | 2045-06-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                        | UnitedHealth Group Inc                                                                                     | CUSIP: 91324PET5<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3303450.00   | 0.56%             | 2063-02-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| UNION PACIFIC CORP                            | Union Pacific Corp                                                                                         | CUSIP: 907818FD5<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |    275000 | PA      | $226875.00    | 0.04%             | 2039-08-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| INTL FLAVOR & FRAGRANCES                      | International Flavors & Fragrances Inc                                                                     | CUSIP: 459506AR2<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |   1075000 | PA      | $766206.25    | 0.13%             | 2040-11-15      | Fixed         | 3.27%                 | No            |                  2 | On Loan: No      |
| Dupont De Nemours Inc                         | DuPont de Nemours Inc                                                                                      | CUSIP: 26078JAE0<br>LEI: 5493004JF0SDFLM8GD76 | Long             | DBT              | CORP              | US        |    125000 | PA      | $121130.00    | 0.02%             | 2038-11-15      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Bank NA                           | Wells Fargo Bank NA                                                                                        | CUSIP: 94980VAG3<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |    824000 | PA      | $829594.96    | 0.14%             | 2036-08-26      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Westpac Banking Corp                          | Westpac Banking Corp                                                                                       | CUSIP: 961214DF7<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |    625000 | PA      | $585768.75    | 0.10%             | 2031-11-23      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                                 | Citigroup Inc                                                                                              | CUSIP: 172967KR1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    925000 | PA      | $765215.50    | 0.13%             | 2046-05-18      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA                            | Panama Government International Bond                                                                       | CUSIP: 698299BL7<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    200000 | PA      | $128850.00    | 0.02%             | 2060-07-23      | Fixed         | 3.87%                 | 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        |   3405000 | PA      | $3476130.45   | 0.59%             | 2026-06-15      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                       | Bristol-Myers Squibb Co                                                                                    | CUSIP: 110122DK1<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    425000 | PA      | $375521.50    | 0.06%             | 2047-11-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                              | OPS05257A SWAPTION SOFRRATE                                                                                | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DIR              |  | US        |   2310000 | NC      | $131305.94    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| US BANCORP                                    | US Bancorp                                                                                                 | CUSIP: 91159HJJ0<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |   1025000 | PA      | $1064667.50   | 0.18%             | 2033-10-21      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| PLAINS ALL AMER PIPELINE                      | Plains All American Pipeline LP / PAA Finance Corp                                                         | CUSIP: 72650RBN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1125000 | PA      | $978063.75    | 0.17%             | 2030-09-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| CommonSpirit Health                           | CommonSpirit Health                                                                                        | CUSIP: 14916RAD6<br>LEI: 4SXHN5XW08IBO0UG2V58 | Long             | DBT              | CORP              | US        |    150000 | PA      | $126554.95    | 0.02%             | 2042-11-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| BURLINGTN NORTH SANTA FE                      | Burlington Northern Santa Fe LLC                                                                           | CUSIP: 12189LBJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    525000 | PA      | $468751.50    | 0.08%             | 2053-01-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                 | Citigroup Inc                                                                                              | CUSIP: 17327CAQ6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    800000 | PA      | $645960.00    | 0.11%             | 2033-01-25      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                       | Romanian Government International Bond                                                                     | CUSIP: 77586TAE6<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    560000 | PA      | $514080.00    | 0.09%             | 2044-01-22      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Host Hotels & Resorts LP                      | Host Hotels & Resorts LP                                                                                   | CUSIP: 44107TAW6<br>LEI: FXB7X4WXVA8QPMNOGS12 | Long             | DBT              |  | US        |    400000 | PA      | $383264.00    | 0.07%             | 2026-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                     | Boeing Co/The                                                                                              | CUSIP: 097023CB9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    900000 | PA      | $622089.00    | 0.11%             | 2048-11-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                         | Mexico Government International Bond                                                                       | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   1920000 | PA      | $1453199.41   | 0.25%             | 2033-10-25      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                        | UnitedHealth Group Inc                                                                                     | CUSIP: 91324PDY5<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |   1425000 | PA      | $1038141.00   | 0.18%             | 2040-05-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| WESTPAC BANKING CORP                          | Westpac Banking Corp                                                                                       | CUSIP: 961214EF6<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |   1300000 | PA      | $1113515.00   | 0.19%             | 2034-07-24      | Fixed         | 4.11%                 | No            |                  2 | On Loan: No      |
| Apple Inc                                     | Apple Inc                                                                                                  | CUSIP: 037833AL4<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |   1102000 | PA      | $957461.68    | 0.16%             | 2043-05-04      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| LOWE'S COS INC                                | Lowe's Cos Inc                                                                                             | CUSIP: 548661EH6<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |   3850000 | PA      | $3431274.00   | 0.59%             | 2032-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                        | NextEra Energy Capital Holdings Inc                                                                        | CUSIP: 65339KBW9<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   2055000 | PA      | $1758627.90   | 0.30%             | 2028-06-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| GLENCORE FINANCE CANADA                       | Glencore Finance Canada Ltd                                                                                | CUSIP: 98417EAR1<br>LEI: 5493005TTO0UJ33KCK70 | Long             | DBT              | CORP              | CA        |    525000 | PA      | $468168.75    | 0.08%             | 2042-10-25      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| REALTY INCOME CORP                            | Realty Income Corp                                                                                         | CUSIP: 756109BL7<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              |  | US        |   1450000 | PA      | $1177791.50   | 0.20%             | 2032-12-15      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| DISCOVERY COMMUNICATIONS                      | Discovery Communications LLC                                                                               | CUSIP: 25470DAL3<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |   3125000 | PA      | $3029968.75   | 0.52%             | 2026-03-11      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                             | HSBC Holdings PLC                                                                                          | CUSIP: 404280BZ1<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1075000 | PA      | $1047007.00   | 0.18%             | 2025-03-11      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                           | JPMorgan Chase & Co                                                                                        | CUSIP: 46647PCU8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $934881.00    | 0.16%             | 2033-01-25      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| BP CAP MARKETS AMERICA                        | BP Capital Markets America Inc                                                                             | CUSIP: 10373QAE0<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |    175000 | PA      | $169450.75    | 0.03%             | 2028-11-06      | Fixed         | 4.23%                 | No            |                  2 | On Loan: No      |
| HCA INC                                       | HCA Inc                                                                                                    | CUSIP: 404119CA5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   2605000 | PA      | $2241342.00   | 0.38%             | 2030-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                        | Williams Cos Inc/The                                                                                       | CUSIP: 969457BZ2<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1259239.50   | 0.21%             | 2032-08-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                              | OPS05258A SWAPTION SOFRRATE                                                                                | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DIR              |  | US        |  -2310000 | NC      | $-48682.56    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BPCE SA                                       | BPCE SA                                                                                                    | CUSIP: 05578QAA1<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |   1625000 | PA      | $1614941.25   | 0.28%             | 2023-10-22      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                           | JPMorgan Chase & Co                                                                                        | CUSIP: 46647PBL9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    400000 | PA      | $327248.00    | 0.06%             | 2031-04-22      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| QATAR ENERGY TRADING LLC                      | QatarEnergy Trading LLC                                                                                    | CUSIP: 74730DAE3<br>LEI: 254900QTESJKJ3P87J26 | Long             | DBT              | CORP              | QA        |    200000 | PA      | $152912.50    | 0.03%             | 2041-07-12      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                      | OPS05231A SWAPTION SOFRRATE                                                                                | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              |  | US        |  -2310000 | NC      | $-98791.31    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| ABN AMRO BANK NV                              | ABN AMRO Bank NV                                                                                           | CUSIP: 000000000<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |    600000 | PA      | $593303.05    | 0.10%             | 2025-09-22      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PERRIGO FINANCE UNLIMITE                      | Perrigo Finance Unlimited Co                                                                               | CUSIP: 71429MAB1<br>LEI: 549300E86RB6YCTMRM83 | Long             | DBT              | CORP              | IE        |   1425000 | PA      | $1326375.75   | 0.23%             | 2026-03-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                                | Home Depot Inc/The                                                                                         | CUSIP: 437076CS9<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    900000 | PA      | $881928.00    | 0.15%             | 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        |   4225000 | PA      | $3692481.00   | 0.63%             | 2027-01-13      | Fixed         | 1.32%                 | No            |                  2 | On Loan: No      |
| PRINCIPAL FINANCIAL GRP                       | Principal Financial Group Inc                                                                              | CUSIP: 74251VAA0<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154293.00    | 0.03%             | 2036-10-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| KEURIG DR PEPPER INC                          | Keurig Dr Pepper Inc                                                                                       | CUSIP: 49271VAQ3<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1592377.50   | 0.27%             | 2032-04-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                              | T-Mobile USA Inc                                                                                           | CUSIP: 87264ABF1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   2212000 | PA      | $2007898.76   | 0.34%             | 2030-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Lennar Corp                                   | Lennar Corp                                                                                                | CUSIP: 526057CD4<br>LEI: 529900G61XVRLX5TJX09 | Long             | DBT              | CORP              | US        |    525000 | PA      | $504819.00    | 0.09%             | 2027-11-29      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                        | UnitedHealth Group Inc                                                                                     | CUSIP: 91324PEK4<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    371000 | PA      | $343813.12    | 0.06%             | 2052-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                        | Marriott International Inc/MD                                                                              | CUSIP: 571903AY9<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    543000 | PA      | $505934.82    | 0.09%             | 2028-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                        | Verizon Communications Inc                                                                                 | CUSIP: 92343VCK8<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    400000 | PA      | $362328.00    | 0.06%             | 2046-08-21      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Group AG                        | Credit Suisse Group AG                                                                                     | CUSIP: 225401AC2<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |   5220000 | PA      | $4343979.60   | 0.74%             | 2028-01-09      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| COMMONSPIRIT HEALTH                           | CommonSpirit Health                                                                                        | CUSIP: 20268JAM5<br>LEI: 4SXHN5XW08IBO0UG2V58 | Long             | DBT              | CORP              | US        |    510000 | PA      | $544269.33    | 0.09%             | 2052-11-01      | Fixed         | 6.46%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                       | Romanian Government International Bond                                                                     | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     80000 | PA      | $61834.51     | 0.01%             | 2049-04-03      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                      | OPS05232A SWAPTION SOFRRATE                                                                                | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              |  | US        |   2310000 | NC      | $152340.57    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| TARGET CORP                                   | Target Corp                                                                                                | CUSIP: 87612EBN5<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | DBT              | CORP              | US        |    600000 | PA      | $415188.00    | 0.07%             | 2052-01-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| TECK RESOURCES LIMITED                        | Teck Resources Ltd                                                                                         | CUSIP: 878742BG9<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | DBT              | CORP              | CA        |    950000 | PA      | $852568.00    | 0.15%             | 2030-07-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                      | Enterprise Products Operating LLC                                                                          | CUSIP: 29379VBU6<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    575000 | PA      | $496800.00    | 0.08%             | 2049-02-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| IBM CORP                                      | International Business Machines Corp                                                                       | CUSIP: 459200KP5<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    850000 | PA      | $600006.50    | 0.10%             | 2052-02-09      | Fixed         | 3.43%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                                  | ING Groep NV                                                                                               | CUSIP: 456837BB8<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    850000 | PA      | $793840.50    | 0.14%             | 2028-03-28      | Fixed         | 4.02%                 | No            |                  2 | On Loan: No      |
| ROYALTY PHARMA PLC                            | Royalty Pharma PLC                                                                                         | CUSIP: 78081BAJ2<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |   2050000 | PA      | $1741270.00   | 0.30%             | 2027-09-02      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| KRAFT HEINZ FOODS CO                          | Kraft Heinz Foods Co                                                                                       | CUSIP: 50077LBC9<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |   2686000 | PA      | $2566311.84   | 0.44%             | 2027-05-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                        | Philip Morris International Inc                                                                            | CUSIP: 718172CW7<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    550000 | PA      | $560147.50    | 0.10%             | 2029-11-17      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| EXPEDIA GROUP INC                             | Expedia Group Inc                                                                                          | CUSIP: 30212PBK0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    775000 | PA      | $743899.25    | 0.13%             | 2027-08-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| General Electric Co                           | General Electric Co                                                                                        | CUSIP: 36962G3P7<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | DBT              | CORP              | US        |   1294000 | PA      | $1318301.32   | 0.22%             | 2038-01-14      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Amazon.com Inc                                | Amazon.com Inc                                                                                             | CUSIP: 023135AQ9<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    375000 | PA      | $370398.75    | 0.06%             | 2044-12-05      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                      | Western Midstream Operating LP                                                                             | CUSIP: 958667AB3<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |    725000 | PA      | $686009.50    | 0.12%             | 2025-02-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| SYSCO CORPORATION                             | Sysco Corp                                                                                                 | CUSIP: 871829BL0<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |   2625000 | PA      | $2722020.00   | 0.46%             | 2030-04-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Northrop Grumman Corp                         | Northrop Grumman Corp                                                                                      | CUSIP: 666807BH4<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |   2075000 | PA      | $1918109.25   | 0.33%             | 2043-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                       | MPLX LP                                                                                                    | CUSIP: 55336VAM2<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    950000 | PA      | $798456.00    | 0.14%             | 2038-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CUBESMART LP                                  | CubeSmart LP                                                                                               | CUSIP: 22966RAJ5<br>LEI: 549300MPHKO3I3FJRA97 | Long             | DBT              |  | US        |    555000 | PA      | $425002.35    | 0.07%             | 2032-02-15      | Fixed         | 2.50%                 | 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