# EDGAR Filing Document

**Accession Number:** 0000822977
**File Stem:** 0001752724-23-068179
**Filing Date:** 2023-3
**Character Count:** 280380
**Document Hash:** 1485ad4e3940ece747a80d2a03edf799
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-068179.hdr.sgml**: 20230327

**ACCESSION NUMBER**: 0001752724-23-068179

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230327

**DATE AS OF CHANGE**: 20230327

**PERIOD START**: 20231031

**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:** 23764760

**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 Rising Dividend Growth Fund (Series ID: S000036119)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000110562 | Class A         | GSRAX           |
| C000110563 | Class C         | GSRCX           |
| C000110564 | Institutional   | GSRLX           |
| C000110565 | Investor Shares | GSRIX           |
| C000110566 | Class R         | GSRRX           |
| C000198933 | Class R6 Shares | GSRFX           |
| C000201721 | Class P Shares  | GMHPX           |

## Nport-Ex

GOLDMAN SACHS INCOME BUILDER FUND

## Schedule of Investments
*January 31, 2023 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br>**Amount** | **Interest**<br>**Rate** | **Maturity**<br>**Date** | **Value** |
| **Corporate Obligations – 43.7%** | **Corporate Obligations – 43.7%** | **Corporate Obligations – 43.7%** | **Corporate Obligations – 43.7%** |
| **Advertising<sup>(a)(b)</sup> – 0.1%** | **Advertising<sup>(a)(b)</sup> – 0.1%** | **Advertising<sup>(a)(b)</sup> – 0.1%** | **Advertising<sup>(a)(b)</sup> – 0.1%** |
| CMG Media Corp. | CMG Media Corp. | CMG Media Corp. | CMG Media Corp. |
| 2850000 | 8.875% | 12/15/27 | $2228216 |
| **Aerospace & Defense<sup>(b)</sup> – 0.9%** | **Aerospace & Defense<sup>(b)</sup> – 0.9%** | **Aerospace & Defense<sup>(b)</sup> – 0.9%** | **Aerospace & Defense<sup>(b)</sup> – 0.9%** |
| Bombardier, Inc.<sup>(a)</sup> | Bombardier, Inc.<sup>(a)</sup> | Bombardier, Inc.<sup>(a)</sup> | Bombardier, Inc.<sup>(a)</sup> |
| 900000 | 7.500 | 12/01/24 | 917478 |
| 998000 | 7.500 | 03/15/25 | 998878 |
| Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. |
| 6285000 | 4.600 | 06/15/28 | 5334142 |
| 1170000 | 9.375 <sup>(a)</sup> | 11/30/29 | 1270702 |
| The Boeing Co. | The Boeing Co. | The Boeing Co. | The Boeing Co. |
| 1875000 | 3.450 | 11/01/28 | 1736888 |
| 3432000 | 5.150 | 05/01/30 | 3460520 |
| 1652000 | 5.805 | 05/01/50 | 1687204 |
| TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
| 3300000 | 5.500 | 11/15/27 | 3151434 |
| 315000 | 4.625 | 01/15/29 | 284354 |
| 266000 | 4.875 | 05/01/29 | 240570 |
| Triumph Group, Inc. | Triumph Group, Inc. | Triumph Group, Inc. | Triumph Group, Inc. |
| 2885000 | 7.750 | 08/15/25 | 2454414 |
|  |  |  | 21536584 |
| **Agriculture – 0.4%** | **Agriculture – 0.4%** | **Agriculture – 0.4%** | **Agriculture – 0.4%** |
| BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. |
| 10000000 | 4.390 <sup>(b)</sup> | 08/15/37 | 8238300 |
| MHP Lux SA | MHP Lux SA | MHP Lux SA | MHP Lux SA |
| 200000 | 6.250 <sup>(b)</sup> | 09/19/29 | 94125 |
| MHP SE | MHP SE | MHP SE | MHP SE |
| 270000 | 7.750 | 05/10/24 | 134376 |
| 550000 | 7.750 <sup>(a)</sup> | 05/10/24 | 273728 |
|  |  |  | 8740529 |
| **Airlines – 0.6%** | **Airlines – 0.6%** | **Airlines – 0.6%** | **Airlines – 0.6%** |
| Allegiant Travel Co. | Allegiant Travel Co. | Allegiant Travel Co. | Allegiant Travel Co. |
| 1035000 | 7.250 <sup>(a)(b)</sup> | 08/15/27 | 1013275 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup> | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup> | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup> | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(a)</sup> |
| 522000 | 5.500 | 04/20/26 | 511925 |
| 1717000 | 5.750 | 04/20/29 | 1662193 |
| Azul Investments LLP | Azul Investments LLP | Azul Investments LLP | Azul Investments LLP |
| 1052000 | 5.875 <sup>(b)</sup> | 10/26/24 | 791499 |
| Delta Air Lines, Inc. | Delta Air Lines, Inc. | Delta Air Lines, Inc. | Delta Air Lines, Inc. |
| 3600000 | 7.375 <sup>(b)</sup> | 01/15/26 | 3765924 |
| 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. |
| 2155000 | 5.750 <sup>(a)(b)</sup> | 01/20/26 | 2059728 |
| United Airlines, Inc.<sup>(a)(b)</sup> | United Airlines, Inc.<sup>(a)(b)</sup> | United Airlines, Inc.<sup>(a)(b)</sup> | United Airlines, Inc.<sup>(a)(b)</sup> |
| 1625000 | 4.375 | 04/15/26 | 1543620 |
| 2080000 | 4.625 | 04/15/29 | 1897855 |
|  |  |  | 13246019 |
| **Automotive – 1.3%** | **Automotive – 1.3%** | **Automotive – 1.3%** | **Automotive – 1.3%** |
| BorgWarner, Inc. | BorgWarner, Inc. | BorgWarner, Inc. | BorgWarner, Inc. |
| 2000000 | 5.000 <sup>(a)</sup> | 10/01/25 | 1985080 |
| 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. |
| 1850000 | 8.500 <sup>(a)(b)</sup> | 05/15/27 | 1844468 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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. | Dana, Inc. | Dana, Inc. | Dana, Inc. |
| 2075000 | 4.250 %<sup>(b)</sup> | 09/01/30 | $1759393 |
| Dealer Tire LLC/DT Issuer LLC | Dealer Tire LLC/DT Issuer LLC | Dealer Tire LLC/DT Issuer LLC | Dealer Tire LLC/DT Issuer LLC |
| 5637000 | 8.000 <sup>(a)(b)</sup> | 02/01/28 | 5220257 |
| Ford Motor Co. | Ford Motor Co. | Ford Motor Co. | Ford Motor Co. |
| 3726000 | 3.250 <sup>(b)</sup> | 02/12/32 | 2958779 |
| Ford Motor Credit Co. LLC<sup>(b)</sup> | Ford Motor Credit Co. LLC<sup>(b)</sup> | Ford Motor Credit Co. LLC<sup>(b)</sup> | Ford Motor Credit Co. LLC<sup>(b)</sup> |
| 400000 | 4.687 | 06/09/25 | 388356 |
| 4260000 | 3.375 | 11/13/25 | 3967764 |
| 3111000 | 4.950 | 05/28/27 | 2985969 |
| 1640000 | 3.815 | 11/02/27 | 1480772 |
| General Motors Co. | General Motors Co. | General Motors Co. | General Motors Co. |
| 3000000 | 6.600 <sup>(b)</sup> | 04/01/36 | 3139710 |
| General Motors Financial Co., Inc.<sup>(b)</sup> | General Motors Financial Co., Inc.<sup>(b)</sup> | General Motors Financial Co., Inc.<sup>(b)</sup> | General Motors Financial Co., Inc.<sup>(b)</sup> |
| 1975000 | 5.650 | 01/17/29 | 1992084 |
| 4100000 | 3.100 | 01/12/32 | 3398859 |
| NIO, Inc.<sup>(c)</sup> | NIO, Inc.<sup>(c)</sup> | NIO, Inc.<sup>(c)</sup> | NIO, Inc.<sup>(c)</sup> |
| 350000 | 0.000 <sup>(d)</sup> | 02/01/26 | 321029 |
|  |  |  | 31442520 |
| **Banks – 4.6%** | **Banks – 4.6%** | **Banks – 4.6%** | **Banks – 4.6%** |
| Absa Group Ltd. (5 year CMT + 5.411%) | Absa Group Ltd. (5 year CMT + 5.411%) | Absa Group Ltd. (5 year CMT + 5.411%) | Absa Group Ltd. (5 year CMT + 5.411%) |
| 460000 | 6.375 <sup>(b)(e)</sup> | 12/31/99 | 434930 |
| Access Bank PLC | Access Bank PLC | Access Bank PLC | Access Bank PLC |
| 900000 | 6.125 <sup>(a)</sup> | 09/21/26 | 792000 |
| Alfa Bank AO Via Alfa Bond Issuance PLC<sup>(f)</sup> (5 year CMT + 4.546%) | Alfa Bank AO Via Alfa Bond Issuance PLC<sup>(f)</sup> (5 year CMT + 4.546%) | Alfa Bank AO Via Alfa Bond Issuance PLC<sup>(f)</sup> (5 year CMT + 4.546%) | Alfa Bank AO Via Alfa Bond Issuance PLC<sup>(f)</sup> (5 year CMT + 4.546%) |
| 360000 | 5.950 <sup>(b)(e)</sup> | 04/15/30 |  |
| Banco BBVA Peru SA (5 year CMT + 2.750%) | Banco BBVA Peru SA (5 year CMT + 2.750%) | Banco BBVA Peru SA (5 year CMT + 2.750%) | Banco BBVA Peru SA (5 year CMT + 2.750%) |
| 190000 | 5.250 <sup>(b)(e)</sup> | 09/22/29 | 184276 |
| Banco Continental SAECA | Banco Continental SAECA | Banco Continental SAECA | Banco Continental SAECA |
| 1210000 | 2.750 | 12/10/25 | 1080152 |
| Banco Davivienda SA (10 year CMT + 5.097%) | Banco Davivienda SA (10 year CMT + 5.097%) | Banco Davivienda SA (10 year CMT + 5.097%) | Banco Davivienda SA (10 year CMT + 5.097%) |
| 220000 | 6.650 <sup>(a)(b)(e)</sup> | 12/31/99 | 172975 |
| Banco de Bogota SA | Banco de Bogota SA | Banco de Bogota SA | Banco de Bogota SA |
| 740000 | 6.250 | 05/12/26 | 731351 |
| Banco do Brasil SA (10 year CMT + 4.398%) | Banco do Brasil SA (10 year CMT + 4.398%) | Banco do Brasil SA (10 year CMT + 4.398%) | Banco do Brasil SA (10 year CMT + 4.398%) |
| 670000 | 6.250 <sup>(b)(e)</sup> | 10/29/49 | 606350 |
| Banco Industrial SA (5 year CMT + 4.442%) | Banco Industrial SA (5 year CMT + 4.442%) | Banco Industrial SA (5 year CMT + 4.442%) | Banco Industrial SA (5 year CMT + 4.442%) |
| 930000 | 4.875 <sup>(a)(b)(e)</sup> | 01/29/31 | 868853 |
| Banco Internacional del Peru SAA Interbank<sup>(b)</sup> (1 year CMT + 3.711%) | Banco Internacional del Peru SAA Interbank<sup>(b)</sup> (1 year CMT + 3.711%) | Banco Internacional del Peru SAA Interbank<sup>(b)</sup> (1 year CMT + 3.711%) | Banco Internacional del Peru SAA Interbank<sup>(b)</sup> (1 year CMT + 3.711%) |
| 790000 | 4.000 <sup>(e)</sup> | 07/08/30 | 727442 |
| Banco Mercantil del Norte SA<sup>(e)</sup> | Banco Mercantil del Norte SA<sup>(e)</sup> | Banco Mercantil del Norte SA<sup>(e)</sup> | Banco Mercantil del Norte SA<sup>(e)</sup> |
| (5 year CMT + 4.643%) | (5 year CMT + 4.643%) | (5 year CMT + 4.643%) | (5 year CMT + 4.643%) |
| 340000 | 5.875 <sup>(a)(b)</sup> | 12/31/99 | 313501 |
| (5 year CMT + 4.643%)<sup>(b)</sup> | (5 year CMT + 4.643%)<sup>(b)</sup> | (5 year CMT + 4.643%)<sup>(b)</sup> | (5 year CMT + 4.643%)<sup>(b)</sup> |
| 460000 | 5.875 | 12/31/99 | 424149 |
| (5 year CMT + 4.967%) | (5 year CMT + 4.967%) | (5 year CMT + 4.967%) | (5 year CMT + 4.967%) |
| 690000 | 6.750 <sup>(b)</sup> | 12/31/99 | 674389 |
| Banco Nacional de Panama | Banco Nacional de Panama | Banco Nacional de Panama | Banco Nacional de Panama |
| 530000 | 2.500 <sup>(b)</sup> | 08/11/30 | 433805 |
| Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA |
| 2000000 | 3.490 | 05/28/30 | 1775160 |

---

------

GOLDMAN SACHS INCOME BUILDER FUND

## Schedule of Investments (continued)
*January 31, 2023 (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)** |
| (1 year CMT + 1.600%) | (1 year CMT + 1.600%) | (1 year CMT + 1.600%) | (1 year CMT + 1.600%) |
| 3600000 | 3.225 %<sup>(b)(e)</sup> | 11/22/32 | $2897820 |
| Bank Hapoalim BM (5 year CMT + 2.155%) | Bank Hapoalim BM (5 year CMT + 2.155%) | Bank Hapoalim BM (5 year CMT + 2.155%) | Bank Hapoalim BM (5 year CMT + 2.155%) |
| 820000 | 3.255 <sup>(a)(b)(e)</sup> | 01/21/32 | 720575 |
| Bank Leumi Le-Israel BM (5 year CMT + 1.631%) | Bank Leumi Le-Israel BM (5 year CMT + 1.631%) | Bank Leumi Le-Israel BM (5 year CMT + 1.631%) | Bank Leumi Le-Israel BM (5 year CMT + 1.631%) |
| 710000 | 3.275 <sup>(a)(b)(e)</sup> | 01/29/31 | 646322 |
| Bank of America Corp. (3M USD LIBOR + 3.898%) | Bank of America Corp. (3M USD LIBOR + 3.898%) | Bank of America Corp. (3M USD LIBOR + 3.898%) | Bank of America Corp. (3M USD LIBOR + 3.898%) |
| 4000000 | 6.100 <sup>(b)(e)</sup> | 12/29/49 | 4011200 |
| Barclays PLC<sup>(b)(e)</sup> | Barclays PLC<sup>(b)(e)</sup> | Barclays PLC<sup>(b)(e)</sup> | Barclays PLC<sup>(b)(e)</sup> |
| (1 year CMT + 3.000%) | (1 year CMT + 3.000%) | (1 year CMT + 3.000%) | (1 year CMT + 3.000%) |
| 4810000 | 5.746 | 08/09/33 | 4851222 |
| (5 year CMT + 5.431%) | (5 year CMT + 5.431%) | (5 year CMT + 5.431%) | (5 year CMT + 5.431%) |
| 4800000 | 8.000 | 03/15/29 | 4814064 |
| BBVA Bancomer SA (5 year CMT + 2.650%) | BBVA Bancomer SA (5 year CMT + 2.650%) | BBVA Bancomer SA (5 year CMT + 2.650%) | BBVA Bancomer SA (5 year CMT + 2.650%) |
| 530000 | 5.125 <sup>(b)(e)</sup> | 01/18/33 | 501115 |
| BNP Paribas SA<sup>(a)</sup> | BNP Paribas SA<sup>(a)</sup> | BNP Paribas SA<sup>(a)</sup> | BNP Paribas SA<sup>(a)</sup> |
| 2700000 | 4.375 | 05/12/26 | 2638710 |
| (5 year CMT + 4.899%) | (5 year CMT + 4.899%) | (5 year CMT + 4.899%) | (5 year CMT + 4.899%) |
| 2000000 | 7.750 <sup>(b)(e)</sup> | 08/16/29 | 2054180 |
| (SOFR + 1.561%) | (SOFR + 1.561%) | (SOFR + 1.561%) | (SOFR + 1.561%) |
| 3050000 | 3.132 <sup>(b)(e)</sup> | 01/20/33 | 2577158 |
| BPCE SA<sup>(a)</sup> | BPCE SA<sup>(a)</sup> | BPCE SA<sup>(a)</sup> | BPCE SA<sup>(a)</sup> |
| 4150000 | 4.625 | 09/12/28 | 3988648 |
| (SOFR + 1.730%) | (SOFR + 1.730%) | (SOFR + 1.730%) | (SOFR + 1.730%) |
| 2100000 | 3.116 <sup>(b)(e)</sup> | 10/19/32 | 1665783 |
| Citigroup, Inc.<sup>(b)(e)</sup> | Citigroup, Inc.<sup>(b)(e)</sup> | Citigroup, Inc.<sup>(b)(e)</sup> | Citigroup, Inc.<sup>(b)(e)</sup> |
| (3M USD LIBOR + 4.230%) | (3M USD LIBOR + 4.230%) | (3M USD LIBOR + 4.230%) | (3M USD LIBOR + 4.230%) |
| 1325000 | 5.900 | 12/29/49 | 1336594 |
| (3M USD LIBOR + 4.517%) | (3M USD LIBOR + 4.517%) | (3M USD LIBOR + 4.517%) | (3M USD LIBOR + 4.517%) |
| 1890000 | 6.250 | 12/29/49 | 1899185 |
| (5 year CMT + 3.597%) | (5 year CMT + 3.597%) | (5 year CMT + 3.597%) | (5 year CMT + 3.597%) |
| 1000000 | 4.000 | 12/31/99 | 932740 |
| (SOFR + 1.351%) | (SOFR + 1.351%) | (SOFR + 1.351%) | (SOFR + 1.351%) |
| 3325000 | 3.057 | 01/25/33 | 2849458 |
| (SOFR + 3.914%) | (SOFR + 3.914%) | (SOFR + 3.914%) | (SOFR + 3.914%) |
| 900000 | 4.412 | 03/31/31 | 864765 |
| 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%) |
| 1000000 | 5.625 <sup>(b)(e)</sup> | 12/31/99 | 983070 |
| Credit Bank of Moscow Via CBOM Finance PLC | Credit Bank of Moscow Via CBOM Finance PLC | Credit Bank of Moscow Via CBOM Finance PLC | Credit Bank of Moscow Via CBOM Finance PLC |
| 260000 | 4.700 <sup>(a)</sup> | 01/29/25 | 68494 |
| (5 year USD Swap + 5.416%) | (5 year USD Swap + 5.416%) | (5 year USD Swap + 5.416%) | (5 year USD Swap + 5.416%) |
| 280000 | 7.500 <sup>(b)(e)</sup> | 10/05/27 | 42000 |
| Credit Suisse Group AG<sup>(a)(b)</sup> | Credit Suisse Group AG<sup>(a)(b)</sup> | Credit Suisse Group AG<sup>(a)(b)</sup> | Credit Suisse Group AG<sup>(a)(b)</sup> |
| 1726000 | 4.282 | 01/09/28 | 1523299 |
| (5 year USD Swap + 4.598%) | (5 year USD Swap + 4.598%) | (5 year USD Swap + 4.598%) | (5 year USD Swap + 4.598%) |
| 1702000 | 7.500 <sup>(e)</sup> | 12/29/49 | 1610075 |
| Deutsche Bank AG (5 year CMT + 4.524%) | Deutsche Bank AG (5 year CMT + 4.524%) | Deutsche Bank AG (5 year CMT + 4.524%) | Deutsche Bank AG (5 year CMT + 4.524%) |
| 800000 | 6.000 <sup>(b)(e)</sup> | 12/31/99 | 728064 |
| First Bank of Nigeria Ltd. Via FBN Finance Co. BV | First Bank of Nigeria Ltd. Via FBN Finance Co. BV | First Bank of Nigeria Ltd. Via FBN Finance Co. BV | First Bank of Nigeria Ltd. Via FBN Finance Co. BV |
| 200000 | 8.625 <sup>(a)</sup> | 10/27/25 | 187975 |
| Freedom Mortgage Corp.<sup>(a)(b)</sup> | Freedom Mortgage Corp.<sup>(a)(b)</sup> | Freedom Mortgage Corp.<sup>(a)(b)</sup> | Freedom Mortgage Corp.<sup>(a)(b)</sup> |
| 3225000 | 7.625 | 05/01/26 | 2838580 |
| 2610000 | 6.625 | 01/15/27 | 2172120 |
| Grupo Aval Ltd. | Grupo Aval Ltd. | Grupo Aval Ltd. | Grupo Aval Ltd. |
| 1410000 | 4.375 <sup>(b)</sup> | 02/04/30 | 1161417 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br>**Amount** | **Interest**<br>**Rate** | **Maturity**<br>**Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |
| ING Groep NV (5 year USD Swap + 4.446%) | ING Groep NV (5 year USD Swap + 4.446%) | ING Groep NV (5 year USD Swap + 4.446%) | ING Groep NV (5 year USD Swap + 4.446%) |
| 3000000 | 6.500 %<sup>(b)(e)</sup> | 12/29/49 | $2913420 |
| Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
| 8000000 | 5.017 <sup>(a)</sup> | 06/26/24 | 7793920 |
| Ipoteka-Bank ATIB | Ipoteka-Bank ATIB | Ipoteka-Bank ATIB | Ipoteka-Bank ATIB |
| 450000 | 5.500 | 11/19/25 | 419709 |
| Itau Unibanco Holding SA (5 year CMT + 3.981%) | Itau Unibanco Holding SA (5 year CMT + 3.981%) | Itau Unibanco Holding SA (5 year CMT + 3.981%) | Itau Unibanco Holding SA (5 year CMT + 3.981%) |
| 500000 | 7.721 <sup>(b)(e)</sup> | 12/31/99 | 486350 |
| JPMorgan Chase & Co. (SOFR + 2.515%) | JPMorgan Chase & Co. (SOFR + 2.515%) | JPMorgan Chase & Co. (SOFR + 2.515%) | JPMorgan Chase & Co. (SOFR + 2.515%) |
| 441000 | 2.956 <sup>(b)(e)</sup> | 05/13/31 | 381006 |
| JPMorgan Chase & Co. (3M USD LIBOR + 3.330%) | JPMorgan Chase & Co. (3M USD LIBOR + 3.330%) | JPMorgan Chase & Co. (3M USD LIBOR + 3.330%) | JPMorgan Chase & Co. (3M USD LIBOR + 3.330%) |
| 4000000 | 6.125 <sup>(b)(e)</sup> | 12/31/49 | 3994120 |
| Macquarie Group Ltd. (3M USD LIBOR + 1.372%) | Macquarie Group Ltd. (3M USD LIBOR + 1.372%) | Macquarie Group Ltd. (3M USD LIBOR + 1.372%) | Macquarie Group Ltd. (3M USD LIBOR + 1.372%) |
| 3650000 | 3.763 <sup>(a)(b)(e)</sup> | 11/28/28 | 3427131 |
| Morgan Stanley<sup>(b)(e)</sup> | Morgan Stanley<sup>(b)(e)</sup> | Morgan Stanley<sup>(b)(e)</sup> | Morgan Stanley<sup>(b)(e)</sup> |
| (3M USD LIBOR + 4.435%) | (3M USD LIBOR + 4.435%) | (3M USD LIBOR + 4.435%) | (3M USD LIBOR + 4.435%) |
| 2500000 | 5.875 | 12/31/99 | 2501650 |
| (SOFR + 1.290%) | (SOFR + 1.290%) | (SOFR + 1.290%) | (SOFR + 1.290%) |
| 1950000 | 2.943 | 01/21/33 | 1662434 |
| NBK Tier 1 Financing 2 Ltd. (6 year CMT + 2.832%) | NBK Tier 1 Financing 2 Ltd. (6 year CMT + 2.832%) | NBK Tier 1 Financing 2 Ltd. (6 year CMT + 2.832%) | NBK Tier 1 Financing 2 Ltd. (6 year CMT + 2.832%) |
| 790000 | 4.500 <sup>(b)(e)</sup> | 12/31/99 | 741267 |
| Regions Financial Corp. (5 year CMT + 5.430%) | Regions Financial Corp. (5 year CMT + 5.430%) | Regions Financial Corp. (5 year CMT + 5.430%) | Regions Financial Corp. (5 year CMT + 5.430%) |
| 1000000 | 5.750 <sup>(b)(e)</sup> | 12/31/99 | 991680 |
| Standard Chartered PLC<sup>(a)(e)</sup> | Standard Chartered PLC<sup>(a)(e)</sup> | Standard Chartered PLC<sup>(a)(e)</sup> | Standard Chartered PLC<sup>(a)(e)</sup> |
| (1 year CMT + 2.050%)<sup>(b)</sup> | (1 year CMT + 2.050%)<sup>(b)</sup> | (1 year CMT + 2.050%)<sup>(b)</sup> | (1 year CMT + 2.050%)<sup>(b)</sup> |
| 520000 | 6.170 | 01/09/27 | 532444 |
| (5 year CMT + 3.805%) | (5 year CMT + 3.805%) | (5 year CMT + 3.805%) | (5 year CMT + 3.805%) |
| 4255000 | 4.750 <sup>(b)</sup> | 12/31/99 | 3621218 |
| 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%) |
| 2000000 | 4.700 <sup>(b)(e)</sup> | 12/31/99 | 1956820 |
| The PNC Financial Services Group, Inc. <sup>(b)(e)</sup> | The PNC Financial Services Group, Inc. <sup>(b)(e)</sup> | The PNC Financial Services Group, Inc. <sup>(b)(e)</sup> | The PNC Financial Services Group, Inc. <sup>(b)(e)</sup> |
| (5 year CMT + 3.000%) | (5 year CMT + 3.000%) | (5 year CMT + 3.000%) | (5 year CMT + 3.000%) |
| 2000000 | 6.000 | 12/31/99 | 1984020 |
| (5 year CMT + 3.238%) | (5 year CMT + 3.238%) | (5 year CMT + 3.238%) | (5 year CMT + 3.238%) |
| 3000000 | 6.200 | 12/31/99 | 3005640 |
| The Toronto-Dominion Bank<sup>(b)</sup> (5 year CMT + 4.075%) | The Toronto-Dominion Bank<sup>(b)</sup> (5 year CMT + 4.075%) | The Toronto-Dominion Bank<sup>(b)</sup> (5 year CMT + 4.075%) | The Toronto-Dominion Bank<sup>(b)</sup> (5 year CMT + 4.075%) |
| 2000000 | 8.125 <sup>(e)</sup> | 10/31/82 | 2122940 |
| Tinkoff Bank JSC Via TCS Finance Ltd. (5 year CMT + 5.150%) | Tinkoff Bank JSC Via TCS Finance Ltd. (5 year CMT + 5.150%) | Tinkoff Bank JSC Via TCS Finance Ltd. (5 year CMT + 5.150%) | Tinkoff Bank JSC Via TCS Finance Ltd. (5 year CMT + 5.150%) |
| 200000 | 6.000 <sup>(a)(b)(e)</sup> | 12/31/49 | 85600 |
| Truist Financial Corp. (5 year CMT + 4.605%) | Truist Financial Corp. (5 year CMT + 4.605%) | Truist Financial Corp. (5 year CMT + 4.605%) | Truist Financial Corp. (5 year CMT + 4.605%) |
| 1000000 | 4.950 <sup>(b)(e)</sup> | 12/31/99 | 990200 |
| Truist Financial Corp. (10 year CMT + 4.349%) | Truist Financial Corp. (10 year CMT + 4.349%) | Truist Financial Corp. (10 year CMT + 4.349%) | Truist Financial Corp. (10 year CMT + 4.349%) |
| 2237000 | 5.100 <sup>(b)(e)</sup> | 12/31/99 | 2177831 |
| Ubs Group AG (5 yearUSD Swap + 4.590%) | Ubs Group AG (5 yearUSD Swap + 4.590%) | Ubs Group AG (5 yearUSD Swap + 4.590%) | Ubs Group AG (5 yearUSD Swap + 4.590%) |
| 4000000 | 6.875 <sup>(b)(e)</sup> | 12/29/49 | 3977760 |
| 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%) |
| 1525000 | 5.459 <sup>(a)(b)(e)</sup> | 06/30/35 | 1335595 |
| United Bank for Africa PLC | United Bank for Africa PLC | United Bank for Africa PLC | United Bank for Africa PLC |
| 200000 | 6.750 | 11/19/26 | 177913 |
| US Bancorp (5 year CMT + 2.541%) | US Bancorp (5 year CMT + 2.541%) | US Bancorp (5 year CMT + 2.541%) | US Bancorp (5 year CMT + 2.541%) |
| 1000000 | 3.700 <sup>(b)(e)</sup> | 12/31/99 | 873690 |
| Uzbek Industrial and Construction Bank ATB | Uzbek Industrial and Construction Bank ATB | Uzbek Industrial and Construction Bank ATB | Uzbek Industrial and Construction Bank ATB |
| 600000 | 5.750 | 12/02/24 | 578250 |
| Wells Fargo & Co. (5 year CMT + 3.453%) | Wells Fargo & Co. (5 year CMT + 3.453%) | Wells Fargo & Co. (5 year CMT + 3.453%) | Wells Fargo & Co. (5 year CMT + 3.453%) |
| 1000000 | 3.900 <sup>(b)(e)</sup> | 12/31/99 | 921130 |

---

------

GOLDMAN SACHS INCOME BUILDER FUND

*January 31, 2023 (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)** |
| Yapi ve Kredi Bankasi A/S (5 year USD Swap + 11.245%) | Yapi ve Kredi Bankasi A/S (5 year USD Swap + 11.245%) | Yapi ve Kredi Bankasi A/S (5 year USD Swap + 11.245%) | Yapi ve Kredi Bankasi A/S (5 year USD Swap + 11.245%) |
| 260000 | 13.875 %<sup>(b)(e)</sup> | 12/31/99 | $270530 |
|  |  |  | 109708234 |
| **Beverages<sup>(b)</sup> – 0.8%** | **Beverages<sup>(b)</sup> – 0.8%** | **Beverages<sup>(b)</sup> – 0.8%** | **Beverages<sup>(b)</sup> – 0.8%** |
| Anadolu Efes Biracilik Ve Malt Sanayii AS | Anadolu Efes Biracilik Ve Malt Sanayii AS | Anadolu Efes Biracilik Ve Malt Sanayii AS | Anadolu Efes Biracilik Ve Malt Sanayii AS |
| 420000 | 3.375 <sup>(a)</sup> | 06/29/28 | 326025 |
| 950000 | 3.375 | 06/29/28 | 737438 |
| 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. |
| 8050000 | 4.700 | 02/01/36 | 7981816 |
| Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. |
| 2100000 | 4.750 | 01/23/29 | 2131689 |
| Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL |
| 680000 | 5.250 <sup>(a)</sup> | 04/27/29 | 648747 |
| Coca-Cola Icecek AS | Coca-Cola Icecek AS | Coca-Cola Icecek AS | Coca-Cola Icecek AS |
| 260000 | 4.500 | 01/20/29 | 222430 |
| Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
| 2275000 | 2.875 | 05/01/30 | 2012010 |
| 3975000 | 2.250 | 08/01/31 | 3276871 |
| Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. |
| 1055000 | 3.200 | 05/01/30 | 953667 |
| 308000 | 3.800 | 05/01/50 | 249825 |
|  |  |  | 18540518 |
| **Building Materials – 0.5%** | **Building Materials – 0.5%** | **Building Materials – 0.5%** | **Building Materials – 0.5%** |
| Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. |
| 1800000 | 5.000 <sup>(a)(b)</sup> | 03/01/30 | 1679940 |
| Cemex SAB de CV<sup>(e)</sup> | Cemex SAB de CV<sup>(e)</sup> | Cemex SAB de CV<sup>(e)</sup> | Cemex SAB de CV<sup>(e)</sup> |
| (5 year CMT + 4.534%) | (5 year CMT + 4.534%) | (5 year CMT + 4.534%) | (5 year CMT + 4.534%) |
| 800000 | 5.125 <sup>(a)(b)</sup> | 12/31/99 | 734000 |
| (5 year CMT + 4.534%)<sup>(b)</sup> | (5 year CMT + 4.534%)<sup>(b)</sup> | (5 year CMT + 4.534%)<sup>(b)</sup> | (5 year CMT + 4.534%)<sup>(b)</sup> |
| 460000 | 5.125 | 12/31/99 | 422050 |
| CP Atlas Buyer, Inc. | CP Atlas Buyer, Inc. | CP Atlas Buyer, Inc. | CP Atlas Buyer, Inc. |
| 2160000 | 7.000 <sup>(a)(b)</sup> | 12/01/28 | 1668471 |
| GCC SAB de CV | GCC SAB de CV | GCC SAB de CV | GCC SAB de CV |
| 860000 | 3.614 <sup>(a)(b)</sup> | 04/20/32 | 728205 |
| Masonite International Corp. | Masonite International Corp. | Masonite International Corp. | Masonite International Corp. |
| 2075000 | 5.375 <sup>(a)(b)</sup> | 02/01/28 | 1946122 |
| Standard Industries, Inc.<sup>(a)(b)</sup> | Standard Industries, Inc.<sup>(a)(b)</sup> | Standard Industries, Inc.<sup>(a)(b)</sup> | Standard Industries, Inc.<sup>(a)(b)</sup> |
| 1880000 | 4.375 | 07/15/30 | 1611874 |
| 4054000 | 3.375 | 01/15/31 | 3225200 |
|  |  |  | 12015862 |
| **Capital Goods<sup>(e)</sup> – 0.0%** | **Capital Goods<sup>(e)</sup> – 0.0%** | **Capital Goods<sup>(e)</sup> – 0.0%** | **Capital Goods<sup>(e)</sup> – 0.0%** |
| OTP Bank Nyrt (3 M EURIBOR + 4.265%) | OTP Bank Nyrt (3 M EURIBOR + 4.265%) | OTP Bank Nyrt (3 M EURIBOR + 4.265%) | OTP Bank Nyrt (3 M EURIBOR + 4.265%) |
| 780000 | 5.500 | 07/13/25 | 842024 |
| **Chemicals<sup>(b)</sup> – 1.0%** | **Chemicals<sup>(b)</sup> – 1.0%** | **Chemicals<sup>(b)</sup> – 1.0%** | **Chemicals<sup>(b)</sup> – 1.0%** |
| Air Products & Chemicals, Inc. | Air Products & Chemicals, Inc. | Air Products & Chemicals, Inc. | Air Products & Chemicals, Inc. |
| 200000 | 2.800 | 05/15/50 | 148928 |
| Ashland LLC | Ashland LLC | Ashland LLC | Ashland LLC |
| 3225000 | 3.375 <sup>(a)</sup> | 09/01/31 | 2676653 |
| ASP Unifrax Holdings, Inc. | ASP Unifrax Holdings, Inc. | ASP Unifrax Holdings, Inc. | ASP Unifrax Holdings, Inc. |
| 775000 | 5.250 <sup>(a)</sup> | 09/30/28 | 661873 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br>**Amount** | **Interest**<br>**Rate** | **Maturity**<br>**Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Chemicals<sup>(b)</sup> – (continued)** | **Chemicals<sup>(b)</sup> – (continued)** | **Chemicals<sup>(b)</sup> – (continued)** | **Chemicals<sup>(b)</sup> – (continued)** |
| Avient Corp. | Avient Corp. | Avient Corp. | Avient Corp. |
| 1725000 | 7.125 %<sup>(a)</sup> | 08/01/30 | $1745269 |
| Axalta Coating Systems LLC | Axalta Coating Systems LLC | Axalta Coating Systems LLC | Axalta Coating Systems LLC |
| 3100000 | 3.375 <sup>(a)</sup> | 02/15/29 | 2665318 |
| Herens Holdco S.a.r.l. | Herens Holdco S.a.r.l. | Herens Holdco S.a.r.l. | Herens Holdco S.a.r.l. |
| 1795000 | 4.750 <sup>(a)</sup> | 05/15/28 | 1473731 |
| Huntsman International LLC | Huntsman International LLC | Huntsman International LLC | Huntsman International LLC |
| 2104000 | 4.500 | 05/01/29 | 1972437 |
| INEOS Quattro Finance 2 PLC | INEOS Quattro Finance 2 PLC | INEOS Quattro Finance 2 PLC | INEOS Quattro Finance 2 PLC |
| 780000 | 3.375 <sup>(a)</sup> | 01/15/26 | 715658 |
| Ingevity Corp. | Ingevity Corp. | Ingevity Corp. | Ingevity Corp. |
| 1305000 | 3.875 <sup>(a)</sup> | 11/01/28 | 1148087 |
| Minerals Technologies, Inc. | Minerals Technologies, Inc. | Minerals Technologies, Inc. | Minerals Technologies, Inc. |
| 1695000 | 5.000 <sup>(a)</sup> | 07/01/28 | 1550111 |
| OCP SA | OCP SA | OCP SA | OCP SA |
| 960000 | 5.125 | 06/23/51 | 744000 |
| Rayonier AM Products, Inc. | Rayonier AM Products, Inc. | Rayonier AM Products, Inc. | Rayonier AM Products, Inc. |
| 281000 | 7.625 <sup>(a)</sup> | 01/15/26 | 262066 |
| Sasol Financing USA LLC | Sasol Financing USA LLC | Sasol Financing USA LLC | Sasol Financing USA LLC |
| 280000 | 4.375 | 09/18/26 | 257628 |
| 510000 | 5.500 | 03/18/31 | 443649 |
| SPCM SA<sup>(a)</sup> | SPCM SA<sup>(a)</sup> | SPCM SA<sup>(a)</sup> | SPCM SA<sup>(a)</sup> |
| 740000 | 3.125 | 03/15/27 | 652436 |
| 925000 | 3.375 | 03/15/30 | 783373 |
| The Chemours Co. | The Chemours Co. | The Chemours Co. | The Chemours Co. |
| 4560000 | 4.625 <sup>(a)</sup> | 11/15/29 | 3808467 |
| Valvoline, Inc. | Valvoline, Inc. | Valvoline, Inc. | Valvoline, Inc. |
| 885000 | 3.625 <sup>(a)</sup> | 06/15/31 | 744400 |
| WR Grace Holdings LLC | WR Grace Holdings LLC | WR Grace Holdings LLC | WR Grace Holdings LLC |
| 1855000 | 5.625 <sup>(a)</sup> | 08/15/29 | 1545159 |
|  |  |  | 23999243 |
| **Commercial Services<sup>(b)</sup> – 1.4%** | **Commercial Services<sup>(b)</sup> – 1.4%** | **Commercial Services<sup>(b)</sup> – 1.4%** | **Commercial Services<sup>(b)</sup> – 1.4%** |
| Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>(a)</sup> | Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>(a)</sup> | Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>(a)</sup> | Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>(a)</sup> |
| 2557000 | 6.625 | 07/15/26 | 2462110 |
| 1700000 | 6.000 | 06/01/29 | 1366545 |
| APi Group DE, Inc.<sup>(a)</sup> | APi Group DE, Inc.<sup>(a)</sup> | APi Group DE, Inc.<sup>(a)</sup> | APi Group DE, Inc.<sup>(a)</sup> |
| 5193000 | 4.125 | 07/15/29 | 4493087 |
| 575000 | 4.750 | 10/15/29 | 517063 |
| APX Group, Inc. | APX Group, Inc. | APX Group, Inc. | APX Group, Inc. |
| 4286000 | 5.750 <sup>(a)</sup> | 07/15/29 | 3711933 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc. | Avis Budget Car Rental LLC/Avis Budget Finance, Inc. | Avis Budget Car Rental LLC/Avis Budget Finance, Inc. | Avis Budget Car Rental LLC/Avis Budget Finance, Inc. |
| 1605000 | 5.375 <sup>(a)</sup> | 03/01/29 | 1435849 |
| Garda World Security Corp. | Garda World Security Corp. | Garda World Security Corp. | Garda World Security Corp. |
| 900000 | 7.750 <sup>(a)</sup> | 02/15/28 | 911772 |
| HealthEquity, Inc. | HealthEquity, Inc. | HealthEquity, Inc. | HealthEquity, Inc. |
| 1058000 | 4.500 <sup>(a)</sup> | 10/01/29 | 946667 |
| Limak Iskenderun Uluslararasi Liman Isletmeciligi AS | Limak Iskenderun Uluslararasi Liman Isletmeciligi AS | Limak Iskenderun Uluslararasi Liman Isletmeciligi AS | Limak Iskenderun Uluslararasi Liman Isletmeciligi AS |
| 899721 | 9.500 <sup>(a)</sup> | 07/10/36 | 782757 |
| Mersin Uluslararasi Liman Isletmeciligi A/S | Mersin Uluslararasi Liman Isletmeciligi A/S | Mersin Uluslararasi Liman Isletmeciligi A/S | Mersin Uluslararasi Liman Isletmeciligi A/S |
| 460000 | 5.375 | 11/15/24 | 440824 |
| Metis Merger Sub LLC | Metis Merger Sub LLC | Metis Merger Sub LLC | Metis Merger Sub LLC |
| 717000 | 6.500 <sup>(a)</sup> | 05/15/29 | 611257 |
| NESCO Holdings II, Inc. | NESCO Holdings II, Inc. | NESCO Holdings II, Inc. | NESCO Holdings II, Inc. |
| 3083000 | 5.500 <sup>(a)</sup> | 04/15/29 | 2774484 |

---

------

GOLDMAN SACHS INCOME BUILDER FUND

*January 31, 2023 (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<sup>(b)</sup> – (continued)** | **Commercial Services<sup>(b)</sup> – (continued)** | **Commercial Services<sup>(b)</sup> – (continued)** | **Commercial Services<sup>(b)</sup> – (continued)** |
| Rent-A-Center, Inc. | Rent-A-Center, Inc. | Rent-A-Center, Inc. | Rent-A-Center, Inc. |
| 850000 | 6.375 %<sup>(a)</sup> | 02/15/29 | $722347 |
| Techem Verwaltungsgesellschaft 674 MBH | Techem Verwaltungsgesellschaft 674 MBH | Techem Verwaltungsgesellschaft 674 MBH | Techem Verwaltungsgesellschaft 674 MBH |
| 668190 | 6.000 | 07/30/26 | 693451 |
| The ADT Security Corp. | The ADT Security Corp. | The ADT Security Corp. | The ADT Security Corp. |
| 4387000 | 4.125 <sup>(a)</sup> | 08/01/29 | 3905790 |
| The Bidvest Group UK PLC | The Bidvest Group UK PLC | The Bidvest Group UK PLC | The Bidvest Group UK PLC |
| 470000 | 3.625 <sup>(a)</sup> | 09/23/26 | 430138 |
| United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. |
| 3555000 | 6.000 <sup>(a)</sup> | 12/15/29 | 3616608 |
| Verisure Holding AB | Verisure Holding AB | Verisure Holding AB | Verisure Holding AB |
| 725000 | 3.250 <sup>(a)</sup> | 02/15/27 | 696258 |
| Verisure Midholding AB | Verisure Midholding AB | Verisure Midholding AB | Verisure Midholding AB |
| 800000 | 5.250 <sup>(a)</sup> | 02/15/29 | 718319 |
| 1450000 | 5.250 | 02/15/29 | 1301954 |
|  |  |  | 32539213 |
| **Commercial Services & Supplies – 0.0%** | **Commercial Services & Supplies – 0.0%** | **Commercial Services & Supplies – 0.0%** | **Commercial Services & Supplies – 0.0%** |
| Chesapeake Energy Corp. | Chesapeake Energy Corp. | Chesapeake Energy Corp. | Chesapeake Energy Corp. |
| 2000000 | 0.000 | 09/15/26 | 37000 |
| **Computers<sup>(b)</sup> – 0.6%** | **Computers<sup>(b)</sup> – 0.6%** | **Computers<sup>(b)</sup> – 0.6%** | **Computers<sup>(b)</sup> – 0.6%** |
| Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. |
| 2513000 | 3.875 <sup>(a)</sup> | 09/01/28 | 2269641 |
| Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |
| 2475000 | 5.300 | 10/01/29 | 2498017 |
| 2699000 | 8.100 | 07/15/36 | 3159018 |
| Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. |
| 2730000 | 6.200 | 10/15/35 | 2952522 |
| KBR, Inc. | KBR, Inc. | KBR, Inc. | KBR, Inc. |
| 1161000 | 4.750 <sup>(a)</sup> | 09/30/28 | 1052609 |
| Presidio Holdings, Inc. | Presidio Holdings, Inc. | Presidio Holdings, Inc. | Presidio Holdings, Inc. |
| 2095000 | 8.250 <sup>(a)</sup> | 02/01/28 | 2014280 |
| Unisys Corp. | Unisys Corp. | Unisys Corp. | Unisys Corp. |
| 1060000 | 6.875 <sup>(a)</sup> | 11/01/27 | 803586 |
|  |  |  | 14749673 |
| **Distribution & Wholesale<sup>(a)(b)</sup> – 0.2%** | **Distribution & Wholesale<sup>(a)(b)</sup> – 0.2%** | **Distribution & Wholesale<sup>(a)(b)</sup> – 0.2%** | **Distribution & Wholesale<sup>(a)(b)</sup> – 0.2%** |
| American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. |
| 2760000 | 3.875 | 11/15/29 | 2352872 |
| BCPE Empire Holdings, Inc. | BCPE Empire Holdings, Inc. | BCPE Empire Holdings, Inc. | BCPE Empire Holdings, Inc. |
| 2446000 | 7.625 | 05/01/27 | 2286716 |
| IAA, Inc. | IAA, Inc. | IAA, Inc. | IAA, Inc. |
| 750000 | 5.500 | 06/15/27 | 752573 |
|  |  |  | 5392161 |
| **Diversified Financial Services – 2.8%** | **Diversified Financial Services – 2.8%** | **Diversified Financial Services – 2.8%** | **Diversified Financial Services – 2.8%** |
| 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%) |
| 1825000 | 5.875 <sup>(b)(e)</sup> | 10/10/79 | 1745959 |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
| 3625000 | 3.000 <sup>(b)</sup> | 10/29/28 | 3188804 |
| AG TTMT Escrow Issuer LLC | AG TTMT Escrow Issuer LLC | AG TTMT Escrow Issuer LLC | AG TTMT Escrow Issuer LLC |
| 1025000 | 8.625 <sup>(a)(b)</sup> | 09/30/27 | 1057052 |
| Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
| 2750000 | 3.750 <sup>(b)</sup> | 06/01/26 | 2639065 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br>**Amount** | **Interest**<br>**Rate** | **Maturity**<br>**Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Diversified Financial Services – (continued)** | **Diversified Financial Services – (continued)** | **Diversified Financial Services – (continued)** | **Diversified Financial Services – (continued)** |
| Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
| 4000000 | 8.000% | 11/01/31 | $4390320 |
| Ally Financial, Inc. (7 year CMT + 3.481%) | Ally Financial, Inc. (7 year CMT + 3.481%) | Ally Financial, Inc. (7 year CMT + 3.481%) | Ally Financial, Inc. (7 year CMT + 3.481%) |
| 3415000 | 4.700 <sup>(b)(e)</sup> | 12/31/99 | 2630267 |
| American Express Co. (5 year CMT + 2.854%) | American Express Co. (5 year CMT + 2.854%) | American Express Co. (5 year CMT + 2.854%) | American Express Co. (5 year CMT + 2.854%) |
| 1000000 | 3.550 <sup>(b)(e)</sup> | 12/31/99 | 885700 |
| Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
| 800000 | 1.950 <sup>(a)(b)</sup> | 01/30/26 | 711216 |
| 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> |
| 3450000 | 5.250 | 05/15/24 | 3409773 |
| 1300000 | 3.250 | 02/15/27 | 1172509 |
| 1927000 | 2.528 | 11/18/27 | 1661498 |
| B3 SA - Brasil Bolsa Balcao | B3 SA - Brasil Bolsa Balcao | B3 SA - Brasil Bolsa Balcao | B3 SA - Brasil Bolsa Balcao |
| 290000 | 4.125 <sup>(a)</sup> | 09/20/31 | 251575 |
| Castlelake Aviation Finance DAC | Castlelake Aviation Finance DAC | Castlelake Aviation Finance DAC | Castlelake Aviation Finance DAC |
| 2420000 | 5.000 <sup>(a)(b)</sup> | 04/15/27 | 2206629 |
| Discover Financial Services (5 year CMT + 5.783%) | Discover Financial Services (5 year CMT + 5.783%) | Discover Financial Services (5 year CMT + 5.783%) | Discover Financial Services (5 year CMT + 5.783%) |
| 1000000 | 6.125 <sup>(b)(e)</sup> | 12/31/99 | 995410 |
| Global Aircraft Leasing Co. Ltd.<sup>(g)</sup> (PIK 7.250%, Cash 6.500%) | Global Aircraft Leasing Co. Ltd.<sup>(g)</sup> (PIK 7.250%, Cash 6.500%) | Global Aircraft Leasing Co. Ltd.<sup>(g)</sup> (PIK 7.250%, Cash 6.500%) | Global Aircraft Leasing Co. Ltd.<sup>(g)</sup> (PIK 7.250%, Cash 6.500%) |
| 1947294 | 6.500 <sup>(a)(b)</sup> | 09/15/24 | 1785552 |
| Intercorp Financial Services, Inc. | Intercorp Financial Services, Inc. | Intercorp Financial Services, Inc. | Intercorp Financial Services, Inc. |
| 340000 | 4.125 <sup>(b)</sup> | 10/19/27 | 308890 |
| 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. |
| 3829000 | 5.000 <sup>(a)(b)</sup> | 08/15/28 | 3270196 |
| Midcap Financial Issuer Trust<sup>(a)(b)</sup> | Midcap Financial Issuer Trust<sup>(a)(b)</sup> | Midcap Financial Issuer Trust<sup>(a)(b)</sup> | Midcap Financial Issuer Trust<sup>(a)(b)</sup> |
| 2567000 | 6.500 | 05/01/28 | 2262271 |
| 810000 | 5.625 | 01/15/30 | 653710 |
| Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. |
| 2651000 | 5.500 <sup>(a)(b)</sup> | 08/15/28 | 2315967 |
| Navient Corp. | Navient Corp. | Navient Corp. | Navient Corp. |
| 4388000 | 5.500 <sup>(b)</sup> | 03/15/29 | 3884389 |
| NFP Corp. | NFP Corp. | NFP Corp. | NFP Corp. |
| 3360000 | 6.875 <sup>(a)(b)</sup> | 08/15/28 | 2909390 |
| OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
| 1602000 | 7.125 | 03/15/26 | 1593221 |
| 1643000 | 4.000 <sup>(b)</sup> | 09/15/30 | 1309553 |
| Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. | Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. | Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. | Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. |
| 1365000 | 6.375 <sup>(a)(b)</sup> | 02/01/27 | 1305568 |
| Raymond James Financial, Inc. | Raymond James Financial, Inc. | Raymond James Financial, Inc. | Raymond James Financial, Inc. |
| 900000 | 4.650 <sup>(b)</sup> | 04/01/30 | 895914 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.<sup>(a)(b)</sup> | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.<sup>(a)(b)</sup> | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.<sup>(a)(b)</sup> | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.<sup>(a)(b)</sup> |
| 2305000 | 2.875 | 10/15/26 | 2056060 |
| 2390000 | 4.000 | 10/15/33 | 1894888 |
| The Charles Schwab Corp. <sup>(b)(e)</sup> | The Charles Schwab Corp. <sup>(b)(e)</sup> | The Charles Schwab Corp. <sup>(b)(e)</sup> | The Charles Schwab Corp. <sup>(b)(e)</sup> |
| (5 year CMT + 3.168%) | (5 year CMT + 3.168%) | (5 year CMT + 3.168%) | (5 year CMT + 3.168%) |
| 2875000 | 4.000 | 12/31/99 | 2647932 |
| (5 year CMT + 4.971%) | (5 year CMT + 4.971%) | (5 year CMT + 4.971%) | (5 year CMT + 4.971%) |
| 2250000 | 5.375 | 12/31/99 | 2240167 |
| United Wholesale Mortgage LLC | United Wholesale Mortgage LLC | United Wholesale Mortgage LLC | United Wholesale Mortgage LLC |
| 3195000 | 5.500 <sup>(a)(b)</sup> | 04/15/29 | 2747892 |
| Universe Trek Ltd. | Universe Trek Ltd. | Universe Trek Ltd. | Universe Trek Ltd. |
| 400000 | 0.000 <sup>(c)(d)</sup> | 06/15/26 | 386500 |
| 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> |
| 1230000 | 7.875 | 05/01/27 | 1190259 |
| 3525000 | 6.375 | 02/01/30 | 3111588 |
|  |  |  | 65715684 |

---

------

GOLDMAN SACHS INCOME BUILDER FUND

*January 31, 2023 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br>**Amount** | **Interest**<br>**Rate** | **Maturity**<br>**Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Electrical – 0.8%** | **Electrical – 0.8%** | **Electrical – 0.8%** | **Electrical – 0.8%** |
| Adani Electricity Mumbai Ltd. | Adani Electricity Mumbai Ltd. | Adani Electricity Mumbai Ltd. | Adani Electricity Mumbai Ltd. |
| 470000 | 3.949% | 02/12/30 | $350150 |
| AES Panama Generation Holdings Srl | AES Panama Generation Holdings Srl | AES Panama Generation Holdings Srl | AES Panama Generation Holdings Srl |
| 1440000 | 4.375 <sup>(b)</sup> | 05/31/30 | 1281870 |
| Calpine Corp. | Calpine Corp. | Calpine Corp. | Calpine Corp. |
| 4215000 | 3.750 <sup>(a)(b)</sup> | 03/01/31 | 3514846 |
| Cikarang Listrindo Tbk PT | Cikarang Listrindo Tbk PT | Cikarang Listrindo Tbk PT | Cikarang Listrindo Tbk PT |
| 200000 | 4.950 <sup>(b)</sup> | 09/14/26 | 189038 |
| Energuate Trust<sup>(b)</sup> | Energuate Trust<sup>(b)</sup> | Energuate Trust<sup>(b)</sup> | Energuate Trust<sup>(b)</sup> |
| 470000 | 5.875 <sup>(a)</sup> | 05/03/27 | 448204 |
| EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA | EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA | EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA | EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA |
| 200000 | 5.375 <sup>(b)</sup> | 12/30/30 | 144704 |
| Eskom Holdings SOC Ltd. | Eskom Holdings SOC Ltd. | Eskom Holdings SOC Ltd. | Eskom Holdings SOC Ltd. |
| 430000 | 7.125 | 02/11/25 | 410327 |
| 220000 | 6.350 <sup>(h)</sup> | 08/10/28 | 210375 |
| 458000 | 8.450 | 08/10/28 | 438535 |
| Lamar Funding Ltd. | Lamar Funding Ltd. | Lamar Funding Ltd. | Lamar Funding Ltd. |
| 470000 | 3.958 | 05/07/25 | 448938 |
| LLPL Capital Pte Ltd. | LLPL Capital Pte Ltd. | LLPL Capital Pte Ltd. | LLPL Capital Pte Ltd. |
| 392472 | 6.875 | 02/04/39 | 357150 |
| Minejesa Capital B.V. | Minejesa Capital B.V. | Minejesa Capital B.V. | Minejesa Capital B.V. |
| 260000 | 4.625 | 08/10/30 | 240240 |
| Mong Duong Finance Holdings BV | Mong Duong Finance Holdings BV | Mong Duong Finance Holdings BV | Mong Duong Finance Holdings BV |
| 530000 | 5.125 <sup>(b)</sup> | 05/07/29 | 471302 |
| National Central Cooling Co. PJSC | National Central Cooling Co. PJSC | National Central Cooling Co. PJSC | National Central Cooling Co. PJSC |
| 820000 | 2.500 | 10/21/27 | 739179 |
| NRG Energy, Inc.<sup>(b)</sup> | NRG Energy, Inc.<sup>(b)</sup> | NRG Energy, Inc.<sup>(b)</sup> | NRG Energy, Inc.<sup>(b)</sup> |
| 2800000 | 3.750 <sup>(a)</sup> | 06/15/24 | 2721740 |
| 115000 | 5.750 | 01/15/28 | 109830 |
| 448000 | 3.375 <sup>(a)</sup> | 02/15/29 | 371199 |
| Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
| 1470000 | 3.500 <sup>(b)</sup> | 08/01/50 | 990604 |
| Pike Corp. | Pike Corp. | Pike Corp. | Pike Corp. |
| 2420000 | 5.500 <sup>(a)(b)</sup> | 09/01/28 | 2136158 |
| Sempra Energy (5 year CMT + 4.550%) | Sempra Energy (5 year CMT + 4.550%) | Sempra Energy (5 year CMT + 4.550%) | Sempra Energy (5 year CMT + 4.550%) |
| 3335000 | 4.875 <sup>(b)(e)</sup> | 12/31/99 | 3203901 |
|  |  |  | 18778290 |
| **Electrical Components & Equipment<sup>(a)(b)</sup> – 0.1%** | **Electrical Components & Equipment<sup>(a)(b)</sup> – 0.1%** | **Electrical Components & Equipment<sup>(a)(b)</sup> – 0.1%** | **Electrical Components & Equipment<sup>(a)(b)</sup> – 0.1%** |
| WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. |
| 1473000 | 7.250 | 06/15/28 | 1514995 |
| **Electronics<sup>(a)(b)</sup> – 0.3%** | **Electronics<sup>(a)(b)</sup> – 0.3%** | **Electronics<sup>(a)(b)</sup> – 0.3%** | **Electronics<sup>(a)(b)</sup> – 0.3%** |
| II-VI, Inc. | II-VI, Inc. | II-VI, Inc. | II-VI, Inc. |
| 1225000 | 5.000 | 12/15/29 | 1120005 |
| Imola Merger Corp. | Imola Merger Corp. | Imola Merger Corp. | Imola Merger Corp. |
| 6867000 | 4.750 | 05/15/29 | 5976694 |
| TTM Technologies, Inc. | TTM Technologies, Inc. | TTM Technologies, Inc. | TTM Technologies, Inc. |
| 799000 | 4.000 | 03/01/29 | 698046 |
|  |  |  | 7794745 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br>**Amount** | **Interest**<br>**Rate** | **Maturity**<br>**Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Energy-Alternate Sources<sup>(b)</sup> – 0.0%** | **Energy-Alternate Sources<sup>(b)</sup> – 0.0%** | **Energy-Alternate Sources<sup>(b)</sup> – 0.0%** | **Energy-Alternate Sources<sup>(b)</sup> – 0.0%** |
| Greenko Solar Mauritius Ltd. | Greenko Solar Mauritius Ltd. | Greenko Solar Mauritius Ltd. | Greenko Solar Mauritius Ltd. |
| 350000 | 5.950% | 07/29/26 | $325500 |
| Greenko Wind Projects Mauritius Ltd. | Greenko Wind Projects Mauritius Ltd. | Greenko Wind Projects Mauritius Ltd. | Greenko Wind Projects Mauritius Ltd. |
| 380000 | 5.500 | 04/06/25 | 357746 |
|  |  |  | 683246 |
| **Engineering & Construction<sup>(b)</sup> – 0.6%** | **Engineering & Construction<sup>(b)</sup> – 0.6%** | **Engineering & Construction<sup>(b)</sup> – 0.6%** | **Engineering & Construction<sup>(b)</sup> – 0.6%** |
| Aeropuerto Internacional de Tocumen SA | Aeropuerto Internacional de Tocumen SA | Aeropuerto Internacional de Tocumen SA | Aeropuerto Internacional de Tocumen SA |
| 1040000 | 5.125 | 08/11/61 | 843570 |
| Aeropuertos Dominicanos Siglo XXI SA | Aeropuertos Dominicanos Siglo XXI SA | Aeropuertos Dominicanos Siglo XXI SA | Aeropuertos Dominicanos Siglo XXI SA |
| 1630000 | 6.750 | 03/30/29 | 1608606 |
| Arcosa, Inc. | Arcosa, Inc. | Arcosa, Inc. | Arcosa, Inc. |
| 1221000 | 4.375 <sup>(a)</sup> | 04/15/29 | 1090304 |
| ATP Tower Holdings LLC/Andean Tower Partners Colombia SAS/Andean Telecom Par | ATP Tower Holdings LLC/Andean Tower Partners Colombia SAS/Andean Telecom Par | ATP Tower Holdings LLC/Andean Tower Partners Colombia SAS/Andean Telecom Par | ATP Tower Holdings LLC/Andean Tower Partners Colombia SAS/Andean Telecom Par |
| 950000 | 4.050 <sup>(a)</sup> | 04/27/26 | 854288 |
| Dycom Industries, Inc. | Dycom Industries, Inc. | Dycom Industries, Inc. | Dycom Industries, Inc. |
| 2764000 | 4.500 <sup>(a)</sup> | 04/15/29 | 2472039 |
| Global Infrastructure Solutions, Inc.<sup>(a)</sup> | Global Infrastructure Solutions, Inc.<sup>(a)</sup> | Global Infrastructure Solutions, Inc.<sup>(a)</sup> | Global Infrastructure Solutions, Inc.<sup>(a)</sup> |
| 4435000 | 5.625 | 06/01/29 | 3648541 |
| 1390000 | 7.500 | 04/15/32 | 1184780 |
| IHS Holding Ltd.<sup>(a)</sup> | IHS Holding Ltd.<sup>(a)</sup> | IHS Holding Ltd.<sup>(a)</sup> | IHS Holding Ltd.<sup>(a)</sup> |
| 750000 | 5.625 | 11/29/26 | 628763 |
| 200000 | 6.250 | 11/29/28 | 163713 |
| International Airport Finance SA | International Airport Finance SA | International Airport Finance SA | International Airport Finance SA |
| 665020 | 12.000 | 03/15/33 | 663541 |
| Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust |
| 320000 | 5.500 | 10/31/46 | 258203 |
| 580000 | 5.500 | 07/31/47 | 467364 |
|  |  |  | 13883712 |
| **Entertainment – 1.1%** | **Entertainment – 1.1%** | **Entertainment – 1.1%** | **Entertainment – 1.1%** |
| 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. |
| 1575000 | 10.500 <sup>(a)(b)</sup> | 02/15/28 | 646994 |
| Banijay Entertainment SASU | Banijay Entertainment SASU | Banijay Entertainment SASU | Banijay Entertainment SASU |
| 1800000 | 5.375 <sup>(a)(b)</sup> | 03/01/25 | 1736478 |
| Boyne USA, Inc. | Boyne USA, Inc. | Boyne USA, Inc. | Boyne USA, Inc. |
| 1275000 | 4.750 <sup>(a)(b)</sup> | 05/15/29 | 1155724 |
| Cinemark Holdings, Inc. | Cinemark Holdings, Inc. | Cinemark Holdings, Inc. | Cinemark Holdings, Inc. |
| 2840000 | 4.500 | 08/15/25 | 3191592 |
| Lions Gate Capital Holdings LLC | Lions Gate Capital Holdings LLC | Lions Gate Capital Holdings LLC | Lions Gate Capital Holdings LLC |
| 2540000 | 5.500 <sup>(a)(b)</sup> | 04/15/29 | 1649755 |
| Motion Bondco DAC | Motion Bondco DAC | Motion Bondco DAC | Motion Bondco DAC |
| 3250000 | 6.625 <sup>(a)(b)</sup> | 11/15/27 | 2938065 |
| Penn Entertainment, Inc. | Penn Entertainment, Inc. | Penn Entertainment, Inc. | Penn Entertainment, Inc. |
| 3067000 | 4.125 <sup>(a)(b)</sup> | 07/01/29 | 2535704 |
| Scientific Games International, Inc. | Scientific Games International, Inc. | Scientific Games International, Inc. | Scientific Games International, Inc. |
| 500000 | 7.000 <sup>(a)(b)</sup> | 05/15/28 | 495835 |
| SeaWorld Parks & Entertainment, Inc. | SeaWorld Parks & Entertainment, Inc. | SeaWorld Parks & Entertainment, Inc. | SeaWorld Parks & Entertainment, Inc. |
| 4880000 | 5.250 <sup>(a)(b)</sup> | 08/15/29 | 4429771 |
| Six Flags Entertainment Corp. | Six Flags Entertainment Corp. | Six Flags Entertainment Corp. | Six Flags Entertainment Corp. |
| 1854000 | 5.500 <sup>(a)(b)</sup> | 04/15/27 | 1749861 |
| Warnermedia Holdings, Inc.<sup>(a)(b)</sup> | Warnermedia Holdings, Inc.<sup>(a)(b)</sup> | Warnermedia Holdings, Inc.<sup>(a)(b)</sup> | Warnermedia Holdings, Inc.<sup>(a)(b)</sup> |
| 2300000 | 4.054 | 03/15/29 | 2110388 |
| 4775000 | 4.279 | 03/15/32 | 4246503 |
|  |  |  | 26886670 |

---

------

GOLDMAN SACHS INCOME BUILDER FUND

*January 31, 2023 (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)** |
|  **Environmental<sup>(b)</sup> – 0.6%** | **Environmental<sup>(b)</sup> – 0.6%** | **Environmental<sup>(b)</sup> – 0.6%** | **Environmental<sup>(b)</sup> – 0.6%** | **Environmental<sup>(b)</sup> – 0.6%** |
|  Covanta Holding Corp. | Covanta Holding Corp. | Covanta Holding Corp. | Covanta Holding Corp. | Covanta Holding Corp. |
|  $ | 670000 | 5.000% | 09/01/30 | $571905 |
|  GFL Environmental, Inc.<sup>(a)</sup> | GFL Environmental, Inc.<sup>(a)</sup> | GFL Environmental, Inc.<sup>(a)</sup> | GFL Environmental, Inc.<sup>(a)</sup> | GFL Environmental, Inc.<sup>(a)</sup> |
|  | 730000 | 5.125 | 12/15/26 | 710356 |
|  | 6980000 | 4.000 | 08/01/28 | 6196006 |
|  Madison IAQ LLC<sup>(a)</sup> | Madison IAQ LLC<sup>(a)</sup> | Madison IAQ LLC<sup>(a)</sup> | Madison IAQ LLC<sup>(a)</sup> | Madison IAQ LLC<sup>(a)</sup> |
|  | 4294000 | 4.125 | 06/30/28 | 3781554 |
|  | 485000 | 5.875 | 06/30/29 | 389668 |
|  Stericycle, Inc. | Stericycle, Inc. | Stericycle, Inc. | Stericycle, Inc. | Stericycle, Inc. |
|  | 1950000 | 5.375 <sup>(a)</sup> | 07/15/24 | 1932470 |
|  |  |  |  | 13581959 |
|  **Food & Drug Retailing – 1.0%** | **Food & Drug Retailing – 1.0%** | **Food & Drug Retailing – 1.0%** | **Food & Drug Retailing – 1.0%** | **Food & Drug Retailing – 1.0%** |
|  Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertsons<br>LLC<sup>(a)(b)</sup> | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertsons<br>LLC<sup>(a)(b)</sup> | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertsons<br>LLC<sup>(a)(b)</sup> | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertsons<br>LLC<sup>(a)(b)</sup> | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertsons<br>LLC<sup>(a)(b)</sup> |
|  | 1995000 | 5.875 | 02/15/28 | 1950651 |
|  | 502000 | 4.875 | 02/15/30 | 462714 |
|  Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertson's LLC | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertson's LLC | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertson's LLC | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertson's LLC | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertson's LLC |
|  | 2595000 | 4.625 <sup>(a)(b)</sup> | 01/15/27 | 2463226 |
|  Bellis Acquisition Co. PLC | Bellis Acquisition Co. PLC | Bellis Acquisition Co. PLC | Bellis Acquisition Co. PLC | Bellis Acquisition Co. PLC |
|  GBP | 475000 | 3.250 <sup>(a)(b)</sup> | 02/16/26 | 482701 |
|  BRF GmbH | BRF GmbH | BRF GmbH | BRF GmbH | BRF GmbH |
|  $ | 1180000 | 4.350 | 09/29/26 | 1074759 |
|  H-Food Holdings LLC/Hearthside Finance Co., Inc. | H-Food Holdings LLC/Hearthside Finance Co., Inc. | H-Food Holdings LLC/Hearthside Finance Co., Inc. | H-Food Holdings LLC/Hearthside Finance Co., Inc. | H-Food Holdings LLC/Hearthside Finance Co., Inc. |
|  | 2820000 | 8.500 <sup>(a)(b)</sup> | 06/01/26 | 1929585 |
|  Kraft Heinz Foods Co.<sup>(b)</sup> | Kraft Heinz Foods Co.<sup>(b)</sup> | Kraft Heinz Foods Co.<sup>(b)</sup> | Kraft Heinz Foods Co.<sup>(b)</sup> | Kraft Heinz Foods Co.<sup>(b)</sup> |
|  | 2303000 | 5.000 | 07/15/35 | 2309471 |
|  | 2592000 | 4.375 | 06/01/46 | 2264967 |
|  Performance Food Group, Inc. | Performance Food Group, Inc. | Performance Food Group, Inc. | Performance Food Group, Inc. | Performance Food Group, Inc. |
|  | 1150000 | 5.500 <sup>(a)(b)</sup> | 10/15/27 | 1109808 |
|  Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. |
|  | 5984000 | 4.625 <sup>(a)(b)</sup> | 04/15/30 | 5266100 |
|  US Foods, Inc.<sup>(a)(b)</sup> | US Foods, Inc.<sup>(a)(b)</sup> | US Foods, Inc.<sup>(a)(b)</sup> | US Foods, Inc.<sup>(a)(b)</sup> | US Foods, Inc.<sup>(a)(b)</sup> |
|  | 2690000 | 4.750 | 02/15/29 | 2465277 |
|  | 1020000 | 4.625 | 06/01/30 | 918357 |
|  |  |  |  | 22697616 |
|  **Gaming<sup>(b)</sup> – 0.1%** | **Gaming<sup>(b)</sup> – 0.1%** | **Gaming<sup>(b)</sup> – 0.1%** | **Gaming<sup>(b)</sup> – 0.1%** | **Gaming<sup>(b)</sup> – 0.1%** |
|  MGM Resorts International | MGM Resorts International | MGM Resorts International | MGM Resorts International | MGM Resorts International |
|  | 1832000 | 4.750 | 10/15/28 | 1660415 |
|  **Hand/Machine Tools<sup>(a)(b)</sup> – 0.1%** | **Hand/Machine Tools<sup>(a)(b)</sup> – 0.1%** | **Hand/Machine Tools<sup>(a)(b)</sup> – 0.1%** | **Hand/Machine Tools<sup>(a)(b)</sup> – 0.1%** | **Hand/Machine Tools<sup>(a)(b)</sup> – 0.1%** |
|  Regal Rexnord Corp. | Regal Rexnord Corp. | Regal Rexnord Corp. | Regal Rexnord Corp. | Regal Rexnord Corp. |
|  | 2020000 | 6.300 | 02/15/30 | 2056643 |
|  **Healthcare Providers & Services<sup>(b)</sup> – 1.2%** | **Healthcare Providers & Services<sup>(b)</sup> – 1.2%** | **Healthcare Providers & Services<sup>(b)</sup> – 1.2%** | **Healthcare Providers & Services<sup>(b)</sup> – 1.2%** | **Healthcare Providers & Services<sup>(b)</sup> – 1.2%** |
|  CAB SELAS | CAB SELAS | CAB SELAS | CAB SELAS | CAB SELAS |
|  EUR | 1175000 | 3.375 <sup>(a)</sup> | 02/01/28 | 1066119 |
|  Catalent Pharma Solutions, Inc.<sup>(a)</sup> | Catalent Pharma Solutions, Inc.<sup>(a)</sup> | Catalent Pharma Solutions, Inc.<sup>(a)</sup> | Catalent Pharma Solutions, Inc.<sup>(a)</sup> | Catalent Pharma Solutions, Inc.<sup>(a)</sup> |
|  $ | 1005000 | 3.125 | 02/15/29 | 833909 |
|  | 840000 | 3.500 | 04/01/30 | 694025 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br>**Amount** | **Interest**<br>**Rate** | **Maturity**<br>**Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Healthcare Providers & Services<sup>(b)</sup> – (continued)** | **Healthcare Providers & Services<sup>(b)</sup> – (continued)** | **Healthcare Providers & Services<sup>(b)</sup> – (continued)** | **Healthcare Providers & Services<sup>(b)</sup> – (continued)** |
| Chrome Holdco SASU | Chrome Holdco SASU | Chrome Holdco SASU | Chrome Holdco SASU |
| 2100000 | 5.000 %<sup>(a)</sup> | 05/31/29 | $1769497 |
| CHS/Community Health Systems, Inc.<sup>(a)</sup> | CHS/Community Health Systems, Inc.<sup>(a)</sup> | CHS/Community Health Systems, Inc.<sup>(a)</sup> | CHS/Community Health Systems, Inc.<sup>(a)</sup> |
| 1540000 | 6.125 | 04/01/30 | 932532 |
| 2170000 | 4.750 | 02/15/31 | 1667124 |
| DaVita, Inc. | DaVita, Inc. | DaVita, Inc. | DaVita, Inc. |
| 7070000 | 3.750 <sup>(a)</sup> | 02/15/31 | 5496147 |
| Encompass Health Corp. | Encompass Health Corp. | Encompass Health Corp. | Encompass Health Corp. |
| 1200000 | 4.500 | 02/01/28 | 1120440 |
| HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
| 250000 | 5.875 | 02/15/26 | 254113 |
| Laboratoire Eimer Selas | Laboratoire Eimer Selas | Laboratoire Eimer Selas | Laboratoire Eimer Selas |
| 500000 | 5.000 <sup>(a)</sup> | 02/01/29 | 420928 |
| LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
| 2635000 | 5.375 <sup>(a)</sup> | 01/15/29 | 1765397 |
| Medline Borrower LP<sup>(a)</sup> | Medline Borrower LP<sup>(a)</sup> | Medline Borrower LP<sup>(a)</sup> | Medline Borrower LP<sup>(a)</sup> |
| 3270000 | 3.875 | 04/01/29 | 2797943 |
| 2285000 | 5.250 | 10/01/29 | 1917618 |
| Molina Healthcare, Inc. | Molina Healthcare, Inc. | Molina Healthcare, Inc. | Molina Healthcare, Inc. |
| 1893000 | 3.875 <sup>(a)</sup> | 05/15/32 | 1587848 |
| Select Medical Corp. | Select Medical Corp. | Select Medical Corp. | Select Medical Corp. |
| 1700000 | 6.250 <sup>(a)</sup> | 08/15/26 | 1660169 |
| Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
| 2000000 | 6.250 | 02/01/27 | 1955000 |
| 3289000 | 6.125 <sup>(a)</sup> | 06/15/30 | 3194573 |
|  |  |  | 29133382 |
| **Holding Companies-Diversified<sup>(b)</sup> – 0.0%** | **Holding Companies-Diversified<sup>(b)</sup> – 0.0%** | **Holding Companies-Diversified<sup>(b)</sup> – 0.0%** | **Holding Companies-Diversified<sup>(b)</sup> – 0.0%** |
| KOC Holding A/S | KOC Holding A/S | KOC Holding A/S | KOC Holding A/S |
| 700000 | 6.500 | 03/11/25 | 687225 |
| **Home Builders – 0.6%** | **Home Builders – 0.6%** | **Home Builders – 0.6%** | **Home Builders – 0.6%** |
| Brookfield Residential Properties, Inc./Brookfield Residential US LLC | Brookfield Residential Properties, Inc./Brookfield Residential US LLC | Brookfield Residential Properties, Inc./Brookfield Residential US LLC | Brookfield Residential Properties, Inc./Brookfield Residential US LLC |
| 1642000 | 4.875 <sup>(a)(b)</sup> | 02/15/30 | 1277181 |
| Century Communities, Inc. | Century Communities, Inc. | Century Communities, Inc. | Century Communities, Inc. |
| 4550000 | 3.875 <sup>(a)(b)</sup> | 08/15/29 | 3828461 |
| Installed Building Products, Inc. | Installed Building Products, Inc. | Installed Building Products, Inc. | Installed Building Products, Inc. |
| 800000 | 5.750 <sup>(a)(b)</sup> | 02/01/28 | 737360 |
| KB Home | KB Home | KB Home | KB Home |
| 1805000 | 7.250 <sup>(b)</sup> | 07/15/30 | 1812725 |
| LGI Homes, Inc. | LGI Homes, Inc. | LGI Homes, Inc. | LGI Homes, Inc. |
| 3698000 | 4.000 <sup>(a)(b)</sup> | 07/15/29 | 2994751 |
| PulteGroup, Inc. | PulteGroup, Inc. | PulteGroup, Inc. | PulteGroup, Inc. |
| 3000000 | 7.875 | 06/15/32 | 3452880 |
| Taylor Morrison Communities, Inc. | Taylor Morrison Communities, Inc. | Taylor Morrison Communities, Inc. | Taylor Morrison Communities, Inc. |
| 1301000 | 5.125 <sup>(a)(b)</sup> | 08/01/30 | 1189244 |
|  |  |  | 15292602 |
| **Home Furnishings<sup>(a)(b)</sup> – 0.1%** | **Home Furnishings<sup>(a)(b)</sup> – 0.1%** | **Home Furnishings<sup>(a)(b)</sup> – 0.1%** | **Home Furnishings<sup>(a)(b)</sup> – 0.1%** |
| Tempur Sealy International, Inc. | Tempur Sealy International, Inc. | Tempur Sealy International, Inc. | Tempur Sealy International, Inc. |
| 1515000 | 3.875 | 10/15/31 | 1249814 |
| **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%** |
| Central Garden & Pet Co. | Central Garden & Pet Co. | Central Garden & Pet Co. | Central Garden & Pet Co. |
| 1380000 | 4.125 | 10/15/30 | 1173414 |

---

------

GOLDMAN SACHS INCOME BUILDER FUND

*January 31, 2023 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **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>(b)</sup> – (continued)** | **Household Products<sup>(b)</sup> – (continued)** | **Household Products<sup>(b)</sup> – (continued)** |  |
| Spectrum Brands, Inc. | Spectrum Brands, Inc. | Spectrum Brands, Inc. | Spectrum Brands, Inc. |
| 108000 | 5.750% | 07/15/25 | $107187 |
|  |  |  | 1280601 |
| **Housewares<sup>(b)</sup> – 0.2%** | **Housewares<sup>(b)</sup> – 0.2%** | **Housewares<sup>(b)</sup> – 0.2%** |  |
| CD&R Smokey Buyer, Inc. | CD&R Smokey Buyer, Inc. | CD&R Smokey Buyer, Inc. | CD&R Smokey Buyer, Inc. |
| 1094000 | 6.750 <sup>(a)</sup> | 07/15/25 | 992554 |
| Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. |
| 1380000 | 5.750 | 04/01/46 | 1149043 |
| The Scotts Miracle-Gro Co. | The Scotts Miracle-Gro Co. | The Scotts Miracle-Gro Co. | The Scotts Miracle-Gro Co. |
| 3702000 | 4.000 | 04/01/31 | 3006468 |
| Turkiye Sise ve Cam Fabrikalari A/S | Turkiye Sise ve Cam Fabrikalari A/S | Turkiye Sise ve Cam Fabrikalari A/S | Turkiye Sise ve Cam Fabrikalari A/S |
| 530000 | 6.950 | 03/14/26 | 513040 |
|  |  |  | 5661105 |
| **Insurance – 0.9%** | **Insurance – 0.9%** | **Insurance – 0.9%** |  |
| Acrisure LLC/Acrisure Finance, Inc.<sup>(a)(b)</sup> | Acrisure LLC/Acrisure Finance, Inc.<sup>(a)(b)</sup> | Acrisure LLC/Acrisure Finance, Inc.<sup>(a)(b)</sup> | Acrisure LLC/Acrisure Finance, Inc.<sup>(a)(b)</sup> |
| 1550000 | 10.125 | 08/01/26 | 1557285 |
| 2230000 | 4.250 | 02/15/29 | 1851324 |
| 2490000 | 6.000 | 08/01/29 | 2053777 |
| 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 |
| 1666000 | 6.750 <sup>(a)(b)</sup> | 10/15/27 | 1560092 |
| American International Group, Inc. | American International Group, Inc. | American International Group, Inc. | American International Group, Inc. |
| 2250000 | 3.400 <sup>(b)</sup> | 06/30/30 | 2059560 |
| BroadStreet Partners, Inc. | BroadStreet Partners, Inc. | BroadStreet Partners, Inc. | BroadStreet Partners, Inc. |
| 2940000 | 5.875 <sup>(a)(b)</sup> | 04/15/29 | 2595373 |
| Fidelity & Guaranty Life Holdings, Inc. | Fidelity & Guaranty Life Holdings, Inc. | Fidelity & Guaranty Life Holdings, Inc. | Fidelity & Guaranty Life Holdings, Inc. |
| 2850000 | 5.500 <sup>(a)(b)</sup> | 05/01/25 | 2845183 |
| Markel Corp. (5 year CMT + 5.662%) | Markel Corp. (5 year CMT + 5.662%) | Markel Corp. (5 year CMT + 5.662%) | Markel Corp. (5 year CMT + 5.662%) |
| 1500000 | 6.000 <sup>(b)(e)</sup> | 12/31/99 | 1490505 |
| Prudential Financial, Inc.<sup>(b)(e)</sup> | Prudential Financial, Inc.<sup>(b)(e)</sup> | Prudential Financial, Inc.<sup>(b)(e)</sup> | Prudential Financial, Inc.<sup>(b)(e)</sup> |
| (3M USD LIBOR + 3.920%) | (3M USD LIBOR + 3.920%) | (3M USD LIBOR + 3.920%) | (3M USD LIBOR + 3.920%) |
| 1000000 | 5.625 | 06/15/43 | 994180 |
| (5 year CMT + 3.234%) | (5 year CMT + 3.234%) | (5 year CMT + 3.234%) | (5 year CMT + 3.234%) |
| 1500000 | 6.000 | 09/01/52 | 1493310 |
| Sagicor Financial Co. Ltd. | Sagicor Financial Co. Ltd. | Sagicor Financial Co. Ltd. | Sagicor Financial Co. Ltd. |
| 790000 | 5.300 <sup>(a)(b)</sup> | 05/13/28 | 763535 |
| Transatlantic Holdings, Inc. | Transatlantic Holdings, Inc. | Transatlantic Holdings, Inc. | Transatlantic Holdings, Inc. |
| 75000 | 8.000 | 11/30/39 | 98374 |
| USI, Inc. | USI, Inc. | USI, Inc. | USI, Inc. |
| 1850000 | 6.875 <sup>(a)(b)</sup> | 05/01/25 | 1840898 |
|  |  |  | 21203396 |
| **Internet – 1.6%** | **Internet – 1.6%** | **Internet – 1.6%** |  |
| Booking Holdings, Inc. | Booking Holdings, Inc. | Booking Holdings, Inc. | Booking Holdings, Inc. |
| 2850000 | 4.625 <sup>(b)</sup> | 04/13/30 | 2863281 |
| Endurance International Group Holdings, Inc. | Endurance International Group Holdings, Inc. | Endurance International Group Holdings, Inc. | Endurance International Group Holdings, Inc. |
| 4173000 | 6.000 <sup>(a)(b)</sup> | 02/15/29 | 3004935 |
| Expedia Group, Inc.<sup>(b)</sup> | Expedia Group, Inc.<sup>(b)</sup> | Expedia Group, Inc.<sup>(b)</sup> | Expedia Group, Inc.<sup>(b)</sup> |
| 1160000 | 6.250 <sup>(a)</sup> | 05/01/25 | 1180114 |
| 1382000 | 4.625 | 08/01/27 | 1359722 |
| 3425000 | 3.250 | 02/15/30 | 3011226 |
| Gen Digital, Inc. | Gen Digital, Inc. | Gen Digital, Inc. | Gen Digital, Inc. |
| 4000000 | 5.000 <sup>(a)(b)</sup> | 04/15/25 | 3922080 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| Getty Images, Inc. | Getty Images, Inc. | Getty Images, Inc. | Getty Images, Inc. |
| 3720000 | 9.750 %<sup>(a)(b)</sup> | 03/01/27 | $3690575 |
| Go Daddy Operating Co. LLC/GD Finance Co., Inc. | Go Daddy Operating Co. LLC/GD Finance Co., Inc. | Go Daddy Operating Co. LLC/GD Finance Co., Inc. | Go Daddy Operating Co. LLC/GD Finance Co., Inc. |
| 1305000 | 5.250 <sup>(a)(b)</sup> | 12/01/27 | 1264075 |
| GrubHub Holdings, Inc. | GrubHub Holdings, Inc. | GrubHub Holdings, Inc. | GrubHub Holdings, Inc. |
| 3400000 | 5.500 <sup>(a)(b)</sup> | 07/01/27 | 2729384 |
| ION Trading Technologies Sarl | ION Trading Technologies Sarl | ION Trading Technologies Sarl | ION Trading Technologies Sarl |
| 1868000 | 5.750 <sup>(a)(b)</sup> | 05/15/28 | 1599961 |
| Match Group Holdings II LLC | Match Group Holdings II LLC | Match Group Holdings II LLC | Match Group Holdings II LLC |
| 2103000 | 3.625 <sup>(a)(b)</sup> | 10/01/31 | 1687721 |
| Meituan<sup>(b)</sup> | Meituan<sup>(b)</sup> | Meituan<sup>(b)</sup> | Meituan<sup>(b)</sup> |
| 480000 | 3.050 | 10/28/30 | 387324 |
| Prosus NV | Prosus NV | Prosus NV | Prosus NV |
| 600000 | 3.257 <sup>(b)</sup> | 01/19/27 | 544500 |
| Uber Technologies, Inc.<sup>(a)(b)</sup> | Uber Technologies, Inc.<sup>(a)(b)</sup> | Uber Technologies, Inc.<sup>(a)(b)</sup> | Uber Technologies, Inc.<sup>(a)(b)</sup> |
| 3200000 | 7.500 | 05/15/25 | 3248576 |
| 1800000 | 6.250 | 01/15/28 | 1762002 |
| 4090000 | 4.500 | 08/15/29 | 3647217 |
| United Group B.V. | United Group B.V. | United Group B.V. | United Group B.V. |
| 1225000 | 4.625 <sup>(a)(b)</sup> | 08/15/28 | 1077203 |
| Vnet Group, Inc. | Vnet Group, Inc. | Vnet Group, Inc. | Vnet Group, Inc. |
| 220000 | 0.000 <sup>(c)(d)</sup> | 02/01/26 | 188615 |
|  |  |  | 37168511 |
| **Investment Companies<sup>(b)</sup> – 0.2%** | **Investment Companies<sup>(b)</sup> – 0.2%** | **Investment Companies<sup>(b)</sup> – 0.2%** |  |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. |
| 5743000 | 4.375 | 02/01/29 | 5005254 |
| **Iron/Steel – 0.2%** | **Iron/Steel – 0.2%** | **Iron/Steel – 0.2%** |  |
| CAP SA | CAP SA | CAP SA | CAP SA |
| 200000 | 3.900 <sup>(a)(b)</sup> | 04/27/31 | 164250 |
| Cleveland-Cliffs, Inc.<sup>(b)</sup> | Cleveland-Cliffs, Inc.<sup>(b)</sup> | Cleveland-Cliffs, Inc.<sup>(b)</sup> | Cleveland-Cliffs, Inc.<sup>(b)</sup> |
| 2250000 | 5.875 | 06/01/27 | 2212133 |
| 1620000 | 4.875 <sup>(a)</sup> | 03/01/31 | 1513647 |
| Metinvest B.V.<sup>(b)</sup> | Metinvest B.V.<sup>(b)</sup> | Metinvest B.V.<sup>(b)</sup> | Metinvest B.V.<sup>(b)</sup> |
| 200000 | 7.750 | 04/23/23 | 160125 |
| 200000 | 8.500 | 04/23/26 | 105500 |
| Samarco Mineracao SA | Samarco Mineracao SA | Samarco Mineracao SA | Samarco Mineracao SA |
| 400000 | 4.125 <sup>(i)</sup> | 11/01/22 | 149575 |
| Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. |
| 460000 | 3.750 <sup>(b)</sup> | 07/08/30 | 409538 |
|  |  |  | 4714768 |
| **Leisure Time<sup>(a)(b)</sup> – 0.0%** | **Leisure Time<sup>(a)(b)</sup> – 0.0%** | **Leisure Time<sup>(a)(b)</sup> – 0.0%** |  |
| TUI Cruises GmbH | TUI Cruises GmbH | TUI Cruises GmbH |  |
| 1100000 | 6.500 | 05/15/26 | 1076147 |
| **Lodging<sup>(b)</sup> – 0.2%** | **Lodging<sup>(b)</sup> – 0.2%** | **Lodging<sup>(b)</sup> – 0.2%** |  |
| Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc | Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc | Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc | Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc |
| 3795000 | 5.000 <sup>(a)</sup> | 06/01/29 | 3392540 |
| Marriott Ownership Resorts, Inc. | Marriott Ownership Resorts, Inc. | Marriott Ownership Resorts, Inc. | Marriott Ownership Resorts, Inc. |
| 710000 | 4.500 <sup>(a)</sup> | 06/15/29 | 619305 |
| Melco Resorts Finance Ltd. | Melco Resorts Finance Ltd. | Melco Resorts Finance Ltd. | Melco Resorts Finance Ltd. |
| 630000 | 5.625 | 07/17/27 | 571449 |

---

------

GOLDMAN SACHS INCOME BUILDER FUND

*January 31, 2023 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Lodging<sup>(b)</sup> – (continued)** | **Lodging<sup>(b)</sup> – (continued)** | **Lodging<sup>(b)</sup> – (continued)** | **Lodging<sup>(b)</sup> – (continued)** |
| Studio City Finance Ltd. | Studio City Finance Ltd. | Studio City Finance Ltd. | Studio City Finance Ltd. |
| 200000 | 6.000% | 07/15/25 | $185500 |
| Travel + Leisure Co. | Travel + Leisure Co. | Travel + Leisure Co. | Travel + Leisure Co. |
| 598000 | 6.625 <sup>(a)</sup> | 07/31/26 | 593611 |
|  |  |  | 5362405 |
| **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%** |
| BWX Technologies, Inc. | BWX Technologies, Inc. | BWX Technologies, Inc. | BWX Technologies, Inc. |
| 1023000 | 4.125 | 06/30/28 | 927595 |
| Vertiv Group Corp. | Vertiv Group Corp. | Vertiv Group Corp. | Vertiv Group Corp. |
| 2956000 | 4.125 | 11/15/28 | 2571365 |
|  |  |  | 3498960 |
| **Machinery-Diversified<sup>(a)(b)</sup> – 0.3%** | **Machinery-Diversified<sup>(a)(b)</sup> – 0.3%** | **Machinery-Diversified<sup>(a)(b)</sup> – 0.3%** | **Machinery-Diversified<sup>(a)(b)</sup> – 0.3%** |
| Chart Industries, Inc. | Chart Industries, Inc. | Chart Industries, Inc. | Chart Industries, Inc. |
| 1735000 | 7.500 | 01/01/30 | 1772337 |
| 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 |
| 588000 | 7.750 | 04/15/26 | 556072 |
| TK Elevator Holdco GmbH | TK Elevator Holdco GmbH | TK Elevator Holdco GmbH | TK Elevator Holdco GmbH |
| 4509000 | 7.625 | 07/15/28 | 4005345 |
|  |  |  | 6333754 |
| **Media – 3.2%** | **Media – 3.2%** | **Media – 3.2%** | **Media – 3.2%** |
| 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> |
| 1848000 | 5.000 | 01/15/28 | 1571040 |
| 2975000 | 4.250 | 08/15/29 | 2608602 |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(a)(b)</sup> | CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(a)(b)</sup> | CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(a)(b)</sup> | CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(a)(b)</sup> |
| 4980000 | 4.750 | 03/01/30 | 4354811 |
| 4800000 | 4.750 | 02/01/32 | 4078848 |
| 6580000 | 4.250 | 01/15/34 | 5142994 |
| Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital |
| 12000000 | 6.384 <sup>(b)</sup> | 10/23/35 | 12226080 |
| Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. |
| 2827000 | 2.800 <sup>(b)</sup> | 01/15/51 | 1959422 |
| Cumulus Media New Holdings, Inc. | Cumulus Media New Holdings, Inc. | Cumulus Media New Holdings, Inc. | Cumulus Media New Holdings, Inc. |
| 2421000 | 6.750 <sup>(a)(b)</sup> | 07/01/26 | 2021196 |
| Diamond Sports Group LLC/Diamond Sports Finance Co. | Diamond Sports Group LLC/Diamond Sports Finance Co. | Diamond Sports Group LLC/Diamond Sports Finance Co. | Diamond Sports Group LLC/Diamond Sports Finance Co. |
| 3345000 | 6.625 <sup>(a)(b)</sup> | 08/15/27 | 68071 |
| 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. |
| 5980000 | 5.875 <sup>(a)(b)</sup> | 08/15/27 | 5416445 |
| DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. |
| 1720000 | 5.250 <sup>(a)(b)</sup> | 12/01/26 | 1482038 |
| 1700000 | 7.375 <sup>(b)</sup> | 07/01/28 | 1222198 |
| 4195000 | 5.125 | 06/01/29 | 2667810 |
| iHeartCommunications, Inc.<sup>(b)</sup> | iHeartCommunications, Inc.<sup>(b)</sup> | iHeartCommunications, Inc.<sup>(b)</sup> | iHeartCommunications, Inc.<sup>(b)</sup> |
| 4605000 | 8.375 | 05/01/27 | 4128336 |
| 550000 | 4.750 <sup>(a)</sup> | 01/15/28 | 470580 |
| LCPR Senior Secured Financing DAC | LCPR Senior Secured Financing DAC | LCPR Senior Secured Financing DAC | LCPR Senior Secured Financing DAC |
| 3156000 | 5.125 <sup>(a)(b)</sup> | 07/15/29 | 2775954 |
| News Corp. | News Corp. | News Corp. | News Corp. |
| 2470000 | 3.875 <sup>(a)(b)</sup> | 05/15/29 | 2212824 |
| Nexstar Media, Inc. | Nexstar Media, Inc. | Nexstar Media, Inc. | Nexstar Media, Inc. |
| 1500000 | 5.625 <sup>(a)(b)</sup> | 07/15/27 | 1429020 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| Scripps Escrow II, Inc. | Scripps Escrow II, Inc. | Scripps Escrow II, Inc. | Scripps Escrow II, Inc. |
| 1305000 | 5.375 %<sup>(a)(b)</sup> | 01/15/31 | $1052652 |
| Scripps Escrow, Inc. | Scripps Escrow, Inc. | Scripps Escrow, Inc. | Scripps Escrow, Inc. |
| 1050000 | 5.875 <sup>(a)(b)</sup> | 07/15/27 | 937839 |
| Sinclair Television Group, Inc. | Sinclair Television Group, Inc. | Sinclair Television Group, Inc. | Sinclair Television Group, Inc. |
| 1210000 | 5.125 <sup>(a)(b)</sup> | 02/15/27 | 1073088 |
| 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> |
| 820000 | 3.125 | 09/01/26 | 739279 |
| 5020000 | 4.000 | 07/15/28 | 4462429 |
| 2260000 | 3.875 | 09/01/31 | 1859483 |
| TEGNA, Inc. | TEGNA, Inc. | TEGNA, Inc. | TEGNA, Inc. |
| 2300000 | 4.625 <sup>(b)</sup> | 03/15/28 | 2160091 |
| Telecomunicaciones Digitales SA | Telecomunicaciones Digitales SA | Telecomunicaciones Digitales SA | Telecomunicaciones Digitales SA |
| 450000 | 4.500 <sup>(b)</sup> | 01/30/30 | 396281 |
| Townsquare Media, Inc. | Townsquare Media, Inc. | Townsquare Media, Inc. | Townsquare Media, Inc. |
| 2038000 | 6.875 <sup>(a)(b)</sup> | 02/01/26 | 1910931 |
| Urban One, Inc. | Urban One, Inc. | Urban One, Inc. | Urban One, Inc. |
| 3900000 | 7.375 <sup>(a)(b)</sup> | 02/01/28 | 3521388 |
| Ziggo B.V. | Ziggo B.V. | Ziggo B.V. | Ziggo B.V. |
| 1628000 | 4.875 <sup>(a)(b)</sup> | 01/15/30 | 1420186 |
| Ziggo Bond Co. B.V.<sup>(a)(b)</sup> | Ziggo Bond Co. B.V.<sup>(a)(b)</sup> | Ziggo Bond Co. B.V.<sup>(a)(b)</sup> | Ziggo Bond Co. B.V.<sup>(a)(b)</sup> |
| 675000 | 3.375 | 02/28/30 | 568356 |
| 500000 | 5.125 | 02/28/30 | 413170 |
|  |  |  | 76351442 |
| **Mining – 0.5%** | **Mining – 0.5%** | **Mining – 0.5%** | **Mining – 0.5%** |
| Constellium SE | Constellium SE | Constellium SE | Constellium SE |
| 2585000 | 3.750 <sup>(a)(b)</sup> | 04/15/29 | 2209167 |
| Endeavour Mining PLC<sup>(b)</sup> | Endeavour Mining PLC<sup>(b)</sup> | Endeavour Mining PLC<sup>(b)</sup> | Endeavour Mining PLC<sup>(b)</sup> |
| 200000 | 5.000 <sup>(a)</sup> | 10/14/26 | 176725 |
| 200000 | 5.000 | 10/14/26 | 176725 |
| First Quantum Minerals Ltd.<sup>(b)</sup> | First Quantum Minerals Ltd.<sup>(b)</sup> | First Quantum Minerals Ltd.<sup>(b)</sup> | First Quantum Minerals Ltd.<sup>(b)</sup> |
| 550000 | 6.875 <sup>(a)</sup> | 10/15/27 | 530461 |
| Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. |
| 2000000 | 5.400 <sup>(b)</sup> | 11/14/34 | 1993820 |
| Glencore Finance Canada Ltd. | Glencore Finance Canada Ltd. | Glencore Finance Canada Ltd. | Glencore Finance Canada Ltd. |
| 3000000 | 5.550 <sup>(a)</sup> | 10/25/42 | 2879070 |
| Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
| 2975000 | 2.850 <sup>(a)(b)</sup> | 04/27/31 | 2551003 |
| Novelis Corp. | Novelis Corp. | Novelis Corp. | Novelis Corp. |
| 2400000 | 4.750 <sup>(a)(b)</sup> | 01/30/30 | 2193408 |
| Stillwater Mining Co. | Stillwater Mining Co. | Stillwater Mining Co. | Stillwater Mining Co. |
| 200000 | 4.000 <sup>(b)</sup> | 11/16/26 | 185000 |
|  |  |  | 12895379 |
| **Miscellaneous Manufacturing – 0.3%** | **Miscellaneous Manufacturing – 0.3%** | **Miscellaneous Manufacturing – 0.3%** | **Miscellaneous Manufacturing – 0.3%** |
| General Electric Co. | General Electric Co. | General Electric Co. | General Electric Co. |
| 1950000 | 6.750 | 03/15/32 | 2244255 |
| (3M USD LIBOR + 3.330%) | (3M USD LIBOR + 3.330%) | (3M USD LIBOR + 3.330%) | (3M USD LIBOR + 3.330%) |
| 4477000 | 8.099 <sup>(b)(e)</sup> | 12/29/49 | 4460972 |
| Hillenbrand, Inc. | Hillenbrand, Inc. | Hillenbrand, Inc. | Hillenbrand, Inc. |
| 1349000 | 3.750 <sup>(b)</sup> | 03/01/31 | 1136897 |
|  |  |  | 7842124 |

---

------

GOLDMAN SACHS INCOME BUILDER FUND

*January 31, 2023 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Multi-National – 0.1%** | **Multi-National – 0.1%** | **Multi-National – 0.1%** | **Multi-National – 0.1%** |
| Black Sea Trade & Development Bank | Black Sea Trade & Development Bank | Black Sea Trade & Development Bank | Black Sea Trade & Development Bank |
| 270000 | 3.500% | 06/25/24 | $245565 |
| The African Export-Import Bank | The African Export-Import Bank | The African Export-Import Bank | The African Export-Import Bank |
| 670000 | 3.994 <sup>(b)</sup> | 09/21/29 | 593453 |
| The Eastern & Southern African Trade & Development Bank | The Eastern & Southern African Trade & Development Bank | The Eastern & Southern African Trade & Development Bank | The Eastern & Southern African Trade & Development Bank |
| 750000 | 4.875 | 05/23/24 | 730680 |
| 520000 | 4.125 | 06/30/28 | 446503 |
|  |  |  | 2016201 |
| **Office & Business Equipment<sup>(b)</sup> – 0.1%** | **Office & Business Equipment<sup>(b)</sup> – 0.1%** | **Office & Business Equipment<sup>(b)</sup> – 0.1%** | **Office & Business Equipment<sup>(b)</sup> – 0.1%** |
| CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. |
| 1440000 | 4.125 | 05/01/25 | 1394453 |
| Xerox Holdings Corp. | Xerox Holdings Corp. | Xerox Holdings Corp. | Xerox Holdings Corp. |
| 1055000 | 5.000 <sup>(a)</sup> | 08/15/25 | 986467 |
|  |  |  | 2380920 |
| **Oil & Gas – 0.0%** | **Oil & Gas – 0.0%** | **Oil & Gas – 0.0%** | **Oil & Gas – 0.0%** |
| YPF SA | YPF SA | YPF SA | YPF SA |
| 218750 | 8.500 | 03/23/25 | 206213 |
| **Oil Field Services – 2.4%** | **Oil Field Services – 2.4%** | **Oil Field Services – 2.4%** | **Oil Field Services – 2.4%** |
| California Resources Corp. | California Resources Corp. | California Resources Corp. | California Resources Corp. |
| 2135000 | 7.125 <sup>(a)(b)</sup> | 02/01/26 | 2077825 |
| Cia General de Combustibles SA | Cia General de Combustibles SA | Cia General de Combustibles SA | Cia General de Combustibles SA |
| 121380 | 9.500 <sup>(a)</sup> | 03/08/25 | 123049 |
| Civitas Resources, Inc. | Civitas Resources, Inc. | Civitas Resources, Inc. | Civitas Resources, Inc. |
| 1345000 | 5.000 <sup>(a)(b)</sup> | 10/15/26 | 1259014 |
| Continental Resources, Inc. | Continental Resources, Inc. | Continental Resources, Inc. | Continental Resources, Inc. |
| 1306000 | 5.750 <sup>(a)(b)</sup> | 01/15/31 | 1282009 |
| DNO ASA<sup>(a)(b)</sup> | DNO ASA<sup>(a)(b)</sup> | DNO ASA<sup>(a)(b)</sup> | DNO ASA<sup>(a)(b)</sup> |
| 196690 | 8.375 | 05/29/24 | 196321 |
| 1430000 | 7.875 | 09/09/26 | 1362075 |
| Ecopetrol SA<sup>(b)</sup> | Ecopetrol SA<sup>(b)</sup> | Ecopetrol SA<sup>(b)</sup> | Ecopetrol SA<sup>(b)</sup> |
| 470000 | 4.625 | 11/02/31 | 370148 |
| 910000 | 8.875 | 01/13/33 | 931658 |
| 650000 | 5.875 | 11/02/51 | 449312 |
| EQT Corp.<sup>(b)</sup> | EQT Corp.<sup>(b)</sup> | EQT Corp.<sup>(b)</sup> | EQT Corp.<sup>(b)</sup> |
| 460000 | 3.900 | 10/01/27 | 436232 |
| 1915000 | 3.625 <sup>(a)</sup> | 05/15/31 | 1676697 |
| Genel Energy Finance 4 PLC | Genel Energy Finance 4 PLC | Genel Energy Finance 4 PLC | Genel Energy Finance 4 PLC |
| 200000 | 9.250 <sup>(a)(b)</sup> | 10/14/25 | 191500 |
| Geopark Ltd. | Geopark Ltd. | Geopark Ltd. | Geopark Ltd. |
| 400000 | 5.500 <sup>(a)(b)</sup> | 01/17/27 | 354825 |
| Guara Norte S.a.r.l | Guara Norte S.a.r.l | Guara Norte S.a.r.l | Guara Norte S.a.r.l |
| 865042 | 5.198 | 06/15/34 | 781241 |
| Hunt Oil Co. of Peru LLC Sucursal Del Peru | Hunt Oil Co. of Peru LLC Sucursal Del Peru | Hunt Oil Co. of Peru LLC Sucursal Del Peru | Hunt Oil Co. of Peru LLC Sucursal Del Peru |
| 1022580 | 6.375 | 06/01/28 | 980910 |
| KazMunayGas National Co. JSC<sup>(b)</sup> | KazMunayGas National Co. JSC<sup>(b)</sup> | KazMunayGas National Co. JSC<sup>(b)</sup> | KazMunayGas National Co. JSC<sup>(b)</sup> |
| 970000 | 3.500 | 04/14/33 | 736599 |
| Kosmos Energy Ltd. | Kosmos Energy Ltd. | Kosmos Energy Ltd. | Kosmos Energy Ltd. |
| 1180000 | 7.125 <sup>(b)</sup> | 04/04/26 | 1061841 |
| Leviathan Bond Ltd. | Leviathan Bond Ltd. | Leviathan Bond Ltd. | Leviathan Bond Ltd. |
| 470000 | 5.750 <sup>(a)(b)</sup> | 06/30/23 | 467885 |
| Lukoil Securities B.V. | Lukoil Securities B.V. | Lukoil Securities B.V. | Lukoil Securities B.V. |
| 250000 | 3.875 <sup>(a)</sup> | 05/06/30 | 175156 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  **Oil Field Services – (continued)** | **Oil Field Services – (continued)** | **Oil Field Services – (continued)** | **Oil Field Services – (continued)** | **Oil Field Services – (continued)** |
|  MEG Energy Corp.<sup>(a)(b)</sup> | MEG Energy Corp.<sup>(a)(b)</sup> | MEG Energy Corp.<sup>(a)(b)</sup> | MEG Energy Corp.<sup>(a)(b)</sup> | MEG Energy Corp.<sup>(a)(b)</sup> |
|  $ | 2480000 | 7.125% | 02/01/27 | $2544282 |
|  | 1250000 | 5.875 | 02/01/29 | 1199137 |
|  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> | Nabors Industries, Inc.<sup>(a)(b)</sup> |
|  | 2645000 | 9.000 | 02/01/25 | 2688960 |
|  | 4795000 | 7.375 | 05/15/27 | 4801233 |
|  Noble Finance Co.<sup>(b)(g)</sup> | Noble Finance Co.<sup>(b)(g)</sup> | Noble Finance Co.<sup>(b)(g)</sup> | Noble Finance Co.<sup>(b)(g)</sup> | Noble Finance Co.<sup>(b)(g)</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%) | (PIK 15.000%, Cash 11.000%) |
|  | 55098 | 11.000 <sup>(a)</sup> | 02/15/28 | 60022 |
|  (PIK 15.000%, Cash 11.000%) | (PIK 15.000%, Cash 11.000%) | (PIK 15.000%, Cash 11.000%) | (PIK 15.000%, Cash 11.000%) | (PIK 15.000%, Cash 11.000%) |
|  | 564689 | 11.000 | 02/15/28 | 615150 |
|  Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
|  | 2550000 | 6.625 <sup>(b)</sup> | 09/01/30 | 2709502 |
|  Petrobras Global Finance BV<sup>(b)</sup> | Petrobras Global Finance BV<sup>(b)</sup> | Petrobras Global Finance BV<sup>(b)</sup> | Petrobras Global Finance BV<sup>(b)</sup> | Petrobras Global Finance BV<sup>(b)</sup> |
|  | 930000 | 5.500 | 06/10/51 | 723656 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  | 210000 | 6.490 <sup>(b)</sup> | 01/23/27 | 196445 |
|  | 560000 | 6.500 | 03/13/27 | 527674 |
|  Range Resources Corp. | Range Resources Corp. | Range Resources Corp. | Range Resources Corp. | Range Resources Corp. |
|  | 985000 | 4.750 <sup>(a)(b)</sup> | 02/15/30 | 885850 |
|  Saka Energi Indonesia PT | Saka Energi Indonesia PT | Saka Energi Indonesia PT | Saka Energi Indonesia PT | Saka Energi Indonesia PT |
|  | 200000 | 4.450 | 05/05/24 | 193750 |
|  SEPLAT Energy PLC | SEPLAT Energy PLC | SEPLAT Energy PLC | SEPLAT Energy PLC | SEPLAT Energy PLC |
|  | 630000 | 7.750 <sup>(a)(b)</sup> | 04/01/26 | 546840 |
|  ShaMaran Petroleum Corp. | ShaMaran Petroleum Corp. | ShaMaran Petroleum Corp. | ShaMaran Petroleum Corp. | ShaMaran Petroleum Corp. |
|  | 870000 | 12.000 <sup>(a)(b)</sup> | 07/30/25 | 828131 |
|  Southwestern Energy Co. | Southwestern Energy Co. | Southwestern Energy Co. | Southwestern Energy Co. | Southwestern Energy Co. |
|  | 1445000 | 4.750 <sup>(b)</sup> | 02/01/32 | 1273681 |
|  Sunoco LP/Sunoco Finance Corp. | Sunoco LP/Sunoco Finance Corp. | Sunoco LP/Sunoco Finance Corp. | Sunoco LP/Sunoco Finance Corp. | Sunoco LP/Sunoco Finance Corp. |
|  | 6970000 | 4.500 <sup>(b)</sup> | 05/15/29 | 6318863 |
|  TechnipFMC PLC | TechnipFMC PLC | TechnipFMC PLC | TechnipFMC PLC | TechnipFMC PLC |
|  | 3635000 | 6.500 <sup>(a)(b)</sup> | 02/01/26 | 3612427 |
|  Tengizchevroil Finance Co. International Ltd.<sup>(b)</sup> | Tengizchevroil Finance Co. International Ltd.<sup>(b)</sup> | Tengizchevroil Finance Co. International Ltd.<sup>(b)</sup> | Tengizchevroil Finance Co. International Ltd.<sup>(b)</sup> | Tengizchevroil Finance Co. International Ltd.<sup>(b)</sup> |
|  | 830000 | 2.625 | 08/15/25 | 742850 |
|  | 200000 | 3.250 | 08/15/30 | 150750 |
|  Tiger Holdco Pte Ltd.<sup>(g)</sup> | Tiger Holdco Pte Ltd.<sup>(g)</sup> | Tiger Holdco Pte Ltd.<sup>(g)</sup> | Tiger Holdco Pte Ltd.<sup>(g)</sup> | Tiger Holdco Pte Ltd.<sup>(g)</sup> |
|  | 212334 | 13.000 <sup>(a)(b)</sup> | 06/10/23 | 210874 |
|  Transocean Poseidon Ltd. | Transocean Poseidon Ltd. | Transocean Poseidon Ltd. | Transocean Poseidon Ltd. | Transocean Poseidon Ltd. |
|  | 910875 | 6.875 <sup>(a)(b)</sup> | 02/01/27 | 904344 |
|  Transocean Titan Financing Ltd. | Transocean Titan Financing Ltd. | Transocean Titan Financing Ltd. | Transocean Titan Financing Ltd. | Transocean Titan Financing Ltd. |
|  | 815000 | 8.375 <sup>(b)</sup> | 02/01/28 | 845766 |
|  Transocean, Inc.<sup>(a)</sup> | Transocean, Inc.<sup>(a)</sup> | Transocean, Inc.<sup>(a)</sup> | Transocean, Inc.<sup>(a)</sup> | Transocean, Inc.<sup>(a)</sup> |
|  | 4448000 | 11.500 <sup>(b)</sup> | 01/30/27 | 4644513 |
| (b) | 360000 | 8.750 | 02/15/30 | 371707 |
|  Tullow Oil PLC | Tullow Oil PLC | Tullow Oil PLC | Tullow Oil PLC | Tullow Oil PLC |
|  | 1020000 | 7.000 <sup>(b)</sup> | 03/01/25 | 724200 |
|  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. | USA Compression Partners LP/USA Compression Finance Corp. |
|  | 4480000 | 6.875 <sup>(b)</sup> | 04/01/26 | 4396358 |
|  YPF SA | YPF SA | YPF SA | YPF SA | YPF SA |
|  | 567000 | 8.750 | 04/04/24 | 543186 |
|  |  |  |  | 58174448 |
|  **Packaging – 0.8%** | **Packaging – 0.8%** | **Packaging – 0.8%** | **Packaging – 0.8%** | **Packaging – 0.8%** |
|  ARD Finance SA<sup>(g)</sup> (PIK 5.750%, Cash 5.000%) | ARD Finance SA<sup>(g)</sup> (PIK 5.750%, Cash 5.000%) | ARD Finance SA<sup>(g)</sup> (PIK 5.750%, Cash 5.000%) | ARD Finance SA<sup>(g)</sup> (PIK 5.750%, Cash 5.000%) | ARD Finance SA<sup>(g)</sup> (PIK 5.750%, Cash 5.000%) |
|  EUR | 2648270 | 5.000 <sup>(b)</sup> | 06/30/27 | 2182823 |

---

------

GOLDMAN SACHS INCOME BUILDER FUND

*January 31, 2023 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Packaging – (continued)** | **Packaging – (continued)** | **Packaging – (continued)** | **Packaging – (continued)** |
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC<sup>(b)</sup> | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC<sup>(b)</sup> | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC<sup>(b)</sup> | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC<sup>(b)</sup> |
| 523000 | 6.000 %<sup>(a)</sup> | 06/15/27 | $523021 |
| 2531000 | 3.000 | 09/01/29 | 2139241 |
| 1463000 | 4.000 <sup>(a)</sup> | 09/01/29 | 1211452 |
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |
| 3295000 | 5.250 <sup>(a)(b)</sup> | 08/15/27 | 2716332 |
| Berry Global, Inc.<sup>(a)(b)</sup> | Berry Global, Inc.<sup>(a)(b)</sup> | Berry Global, Inc.<sup>(a)(b)</sup> | Berry Global, Inc.<sup>(a)(b)</sup> |
| 1308000 | 4.500 | 02/15/26 | 1270107 |
| 2000000 | 5.625 | 07/15/27 | 1966100 |
| LABL, Inc. | LABL, Inc. | LABL, Inc. | LABL, Inc. |
| 1750000 | 6.750 <sup>(a)(b)</sup> | 07/15/26 | 1696013 |
| Owens-Brockway Glass Container, Inc. | Owens-Brockway Glass Container, Inc. | Owens-Brockway Glass Container, Inc. | Owens-Brockway Glass Container, Inc. |
| 527000 | 5.875 <sup>(a)</sup> | 08/15/23 | 527522 |
| Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC | Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC | Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC | Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC |
| 1410000 | 4.000 <sup>(a)(b)</sup> | 10/15/27 | 1266659 |
| SAN Miguel Industrias Pet SA/NG PET R&P Latin America SA | SAN Miguel Industrias Pet SA/NG PET R&P Latin America SA | SAN Miguel Industrias Pet SA/NG PET R&P Latin America SA | SAN Miguel Industrias Pet SA/NG PET R&P Latin America SA |
| 290000 | 3.500 <sup>(a)(b)</sup> | 08/02/28 | 246500 |
| Sealed Air Corp.<sup>(a)(b)</sup> | Sealed Air Corp.<sup>(a)(b)</sup> | Sealed Air Corp.<sup>(a)(b)</sup> | Sealed Air Corp.<sup>(a)(b)</sup> |
| 220000 | 6.125 | 02/01/28 | 222050 |
| 1843000 | 6.875 | 07/15/33 | 1916757 |
| Trivium Packaging Finance B.V.<sup>(a)(b)</sup> | Trivium Packaging Finance B.V.<sup>(a)(b)</sup> | Trivium Packaging Finance B.V.<sup>(a)(b)</sup> | Trivium Packaging Finance B.V.<sup>(a)(b)</sup> |
| 1075000 | 5.500 | 08/15/26 | 1032849 |
| 1300000 | 8.500 | 08/15/27 | 1251237 |
|  |  |  | 20168663 |
| **Pharmaceuticals<sup>(b)</sup> – 1.0%** | **Pharmaceuticals<sup>(b)</sup> – 1.0%** | **Pharmaceuticals<sup>(b)</sup> – 1.0%** | **Pharmaceuticals<sup>(b)</sup> – 1.0%** |
| AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
| 6650000 | 3.200 | 11/21/29 | 6176852 |
| AdaptHealth LLC<sup>(a)</sup> | AdaptHealth LLC<sup>(a)</sup> | AdaptHealth LLC<sup>(a)</sup> | AdaptHealth LLC<sup>(a)</sup> |
| 1445000 | 6.125 | 08/01/28 | 1371233 |
| 670000 | 4.625 | 08/01/29 | 582933 |
| 1020000 | 5.125 | 03/01/30 | 908596 |
| Bausch Health Cos., Inc. | Bausch Health Cos., Inc. | Bausch Health Cos., Inc. | Bausch Health Cos., Inc. |
| 2240000 | 6.125 <sup>(a)</sup> | 02/01/27 | 1527187 |
| Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. |
| 3200000 | 2.823 | 05/20/30 | 2845024 |
| Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH |
| 1268000 | 5.500 <sup>(a)</sup> | 01/15/28 | 1130029 |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| 4715000 | 3.750 | 04/01/30 | 4417672 |
| Organon & Co./Organon Foreign Debt Co.-Issuer BV<sup>(a)</sup> | Organon & Co./Organon Foreign Debt Co.-Issuer BV<sup>(a)</sup> | Organon & Co./Organon Foreign Debt Co.-Issuer BV<sup>(a)</sup> | Organon & Co./Organon Foreign Debt Co.-Issuer BV<sup>(a)</sup> |
| 700000 | 4.125 | 04/30/28 | 635215 |
| 1950000 | 5.125 | 04/30/31 | 1755585 |
| Prestige Brands, Inc. | Prestige Brands, Inc. | Prestige Brands, Inc. | Prestige Brands, Inc. |
| 1855000 | 3.750 <sup>(a)</sup> | 04/01/31 | 1573801 |
| Teva Pharmaceutical Finance Netherlands II BV | Teva Pharmaceutical Finance Netherlands II BV | Teva Pharmaceutical Finance Netherlands II BV | Teva Pharmaceutical Finance Netherlands II BV |
| 210000 | 3.750 | 05/09/27 | 206476 |
|  |  |  | 23130603 |
| **Pipelines – 3.7%** | **Pipelines – 3.7%** | **Pipelines – 3.7%** | **Pipelines – 3.7%** |
| Buckeye Partners LP<sup>(b)</sup> | Buckeye Partners LP<sup>(b)</sup> | Buckeye Partners LP<sup>(b)</sup> | Buckeye Partners LP<sup>(b)</sup> |
| 2100000 | 4.350 | 10/15/24 | 2037336 |
| 4636000 | 3.950 | 12/01/26 | 4253947 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| Buckeye Partners LP<sup>(b)</sup> – (continued) | Buckeye Partners LP<sup>(b)</sup> – (continued) | Buckeye Partners LP<sup>(b)</sup> – (continued) |  |
| 929000 | 4.125% | 12/01/27 | $840271 |
| 1217000 | 4.500 <sup>(a)</sup> | 03/01/28 | 1116451 |
| Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP |
| 1800000 | 4.500 <sup>(b)</sup> | 10/01/29 | 1689354 |
| CNX Midstream Partners LP | CNX Midstream Partners LP | CNX Midstream Partners LP | CNX Midstream Partners LP |
| 1210000 | 4.750 <sup>(a)(b)</sup> | 04/15/30 | 1023285 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC | CQP Holdco LP/BIP-V Chinook Holdco LLC | CQP Holdco LP/BIP-V Chinook Holdco LLC | CQP Holdco LP/BIP-V Chinook Holdco LLC |
| 4130000 | 5.500 <sup>(a)(b)</sup> | 06/15/31 | 3764247 |
| DCP Midstream Operating LP | DCP Midstream Operating LP | DCP Midstream Operating LP | DCP Midstream Operating LP |
| 4000000 | 6.750 <sup>(a)</sup> | 09/15/37 | 4408840 |
| DT Midstream, Inc. | DT Midstream, Inc. | DT Midstream, Inc. | DT Midstream, Inc. |
| 4130000 | 4.375 <sup>(a)(b)</sup> | 06/15/31 | 3610363 |
| Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| 2985000 | 6.625 | 10/15/36 | 3178756 |
| Enterprise Products Operating LLC (3M USD LIBOR + 2.778%) | Enterprise Products Operating LLC (3M USD LIBOR + 2.778%) | Enterprise Products Operating LLC (3M USD LIBOR + 2.778%) | Enterprise Products Operating LLC (3M USD LIBOR + 2.778%) |
| 1000000 | 7.538 <sup>(b)(e)</sup> | 06/01/67 | 888310 |
| EQM Midstream Partners LP | EQM Midstream Partners LP | EQM Midstream Partners LP | EQM Midstream Partners LP |
| 2305000 | 7.500 <sup>(a)(b)</sup> | 06/01/27 | 2311362 |
| Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. |
| 920000 | 3.250 | 09/30/40 | 725823 |
| 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. |
| 2010000 | 7.750 <sup>(b)</sup> | 02/01/28 | 1946183 |
| Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. |
| 3922000 | 6.875 <sup>(b)</sup> | 01/15/29 | 3698721 |
| GNL Quintero SA | GNL Quintero SA | GNL Quintero SA | GNL Quintero SA |
| 206496 | 4.634 | 07/31/29 | 202108 |
| Hess Midstream Operations LP | Hess Midstream Operations LP | Hess Midstream Operations LP | Hess Midstream Operations LP |
| 990000 | 5.500 <sup>(a)(b)</sup> | 10/15/30 | 923096 |
| Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC |
| 1565000 | 6.750 <sup>(a)(b)</sup> | 01/15/27 | 1525797 |
| ITT Holdings LLC | ITT Holdings LLC | ITT Holdings LLC | ITT Holdings LLC |
| 3380000 | 6.500 <sup>(a)(b)</sup> | 08/01/29 | 2938369 |
| Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP |
| 7000000 | 7.300 | 08/15/33 | 7963970 |
| Kinetik Holdings LP | Kinetik Holdings LP | Kinetik Holdings LP | Kinetik Holdings LP |
| 3490000 | 5.875 <sup>(a)(b)</sup> | 06/15/30 | 3328797 |
| MPLX LP | MPLX LP | MPLX LP | MPLX LP |
| 5925000 | 2.650 <sup>(b)</sup> | 08/15/30 | 5058646 |
| NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP |
| 2569000 | 6.375 <sup>(b)</sup> | 10/01/30 | 2475334 |
| Oleoducto Central SA | Oleoducto Central SA | Oleoducto Central SA | Oleoducto Central SA |
| 490000 | 4.000 <sup>(b)</sup> | 07/14/27 | 433436 |
| Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. |
| 3000000 | 3.600 <sup>(b)</sup> | 11/01/24 | 2928420 |
| Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC |
| 2275000 | 4.200 <sup>(b)</sup> | 03/15/28 | 2204725 |
| Summit Midstream Holdings LLC/Summit Midstream Finance Corp.<sup>(b)</sup> | Summit Midstream Holdings LLC/Summit Midstream Finance Corp.<sup>(b)</sup> | Summit Midstream Holdings LLC/Summit Midstream Finance Corp.<sup>(b)</sup> | Summit Midstream Holdings LLC/Summit Midstream Finance Corp.<sup>(b)</sup> |
| 3260000 | 5.750 | 04/15/25 | 2803893 |
| 3370000 | 8.500 <sup>(a)</sup> | 10/15/26 | 3279718 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<sup>(a)(b)</sup> | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<sup>(a)(b)</sup> | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<sup>(a)(b)</sup> | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<sup>(a)(b)</sup> |
| 525000 | 6.000 | 12/31/30 | 478191 |
| 4485000 | 6.000 | 09/01/31 | 4043228 |

---

------

GOLDMAN SACHS INCOME BUILDER FUND

*January 31, 2023 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Pipelines – (continued)** | **Pipelines – (continued)** | **Pipelines – (continued)** | **Pipelines – (continued)** |
| Targa Resources 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. |
| 1910000 | 4.875 %<sup>(b)</sup> | 02/01/31 | $1795954 |
| The Williams Cos., Inc. | The Williams Cos., Inc. | The Williams Cos., Inc. | The Williams Cos., Inc. |
| 7000000 | 7.500 | 01/15/31 | 7945070 |
| Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
| 3243000 | 4.125 <sup>(a)(b)</sup> | 08/15/31 | 2877449 |
|  |  |  | 88699450 |
| **Real Estate – 0.2%** | **Real Estate – 0.2%** | **Real Estate – 0.2%** | **Real Estate – 0.2%** |
| Central China Real Estate Ltd.<sup>(b)</sup> | Central China Real Estate Ltd.<sup>(b)</sup> | Central China Real Estate Ltd.<sup>(b)</sup> | Central China Real Estate Ltd.<sup>(b)</sup> |
| 260000 | 7.500 | 07/14/25 | 78000 |
| China SCE Group Holdings Ltd.<sup>(b)</sup> | China SCE Group Holdings Ltd.<sup>(b)</sup> | China SCE Group Holdings Ltd.<sup>(b)</sup> | China SCE Group Holdings Ltd.<sup>(b)</sup> |
| 200000 | 6.000 | 02/04/26 | 99000 |
| CIFI Holdings Group Co. Ltd.<sup>(b)</sup> | CIFI Holdings Group Co. Ltd.<sup>(b)</sup> | CIFI Holdings Group Co. Ltd.<sup>(b)</sup> | CIFI Holdings Group Co. Ltd.<sup>(b)</sup> |
| 260000 | 4.800 | 05/17/28 | 79755 |
| Country Garden Holdings Co. Ltd. | Country Garden Holdings Co. Ltd. | Country Garden Holdings Co. Ltd. | Country Garden Holdings Co. Ltd. |
| 210000 | 5.625 <sup>(d)</sup> | 12/15/26 | 143955 |
| GTC Aurora Luxembourg SA | GTC Aurora Luxembourg SA | GTC Aurora Luxembourg SA | GTC Aurora Luxembourg SA |
| 250000 | 2.250 <sup>(b)</sup> | 06/23/26 | 202618 |
| IRSA Inversiones y Representaciones SA | IRSA Inversiones y Representaciones SA | IRSA Inversiones y Representaciones SA | IRSA Inversiones y Representaciones SA |
| 277787 | 8.750 <sup>(a)(b)</sup> | 06/22/28 | 272752 |
| Realogy Group LLC/Realogy Co.-Issuer Corp. | Realogy Group LLC/Realogy Co.-Issuer Corp. | Realogy Group LLC/Realogy Co.-Issuer Corp. | Realogy Group LLC/Realogy Co.-Issuer Corp. |
| 2080000 | 5.750 <sup>(a)(b)</sup> | 01/15/29 | 1631760 |
| Redsun Properties Group Ltd. | Redsun Properties Group Ltd. | Redsun Properties Group Ltd. | Redsun Properties Group Ltd. |
| 230000 | 7.300 <sup>(b)(i)</sup> | 01/13/25 | 43240 |
| Shimao Group Holdings Ltd.<sup>(b)</sup> | Shimao Group Holdings Ltd.<sup>(b)</sup> | Shimao Group Holdings Ltd.<sup>(b)</sup> | Shimao Group Holdings Ltd.<sup>(b)</sup> |
| 360000 | 3.450 | 01/11/31 | 76500 |
| Sunac China Holdings Ltd.<sup>(b)</sup> | Sunac China Holdings Ltd.<sup>(b)</sup> | Sunac China Holdings Ltd.<sup>(b)</sup> | Sunac China Holdings Ltd.<sup>(b)</sup> |
| 370000 | 6.500 | 07/09/23 | 105450 |
| 200000 | 7.950 <sup>(i)</sup> | 10/11/23 | 57500 |
| 200000 | 6.650 | 08/03/24 | 57000 |
| 320000 | 6.500 | 01/26/26 | 91200 |
| The Howard Hughes Corp. | The Howard Hughes Corp. | The Howard Hughes Corp. | The Howard Hughes Corp. |
| 734000 | 4.125 <sup>(a)(b)</sup> | 02/01/29 | 633376 |
|  |  |  | 3572106 |
| **Real Estate Investment Trust<sup>(b)</sup> – 0.8%** | **Real Estate Investment Trust<sup>(b)</sup> – 0.8%** | **Real Estate Investment Trust<sup>(b)</sup> – 0.8%** | **Real Estate Investment Trust<sup>(b)</sup> – 0.8%** |
| American Tower Corp. | American Tower Corp. | American Tower Corp. | American Tower Corp. |
| 2125000 | 3.950 | 03/15/29 | 2000560 |
| Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL | Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL | Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL | Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL |
| 600000 | 5.750 <sup>(a)</sup> | 05/15/26 | 565752 |
| CIBANCO SA Institucion de Banca Multiple Trust CIB/3332 | CIBANCO SA Institucion de Banca Multiple Trust CIB/3332 | CIBANCO SA Institucion de Banca Multiple Trust CIB/3332 | CIBANCO SA Institucion de Banca Multiple Trust CIB/3332 |
| 390000 | 4.375 <sup>(a)</sup> | 07/22/31 | 297375 |
| Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
| 300000 | 4.150 | 07/01/50 | 249639 |
| Iron Mountain Information Management Services, Inc. | Iron Mountain Information Management Services, Inc. | Iron Mountain Information Management Services, Inc. | Iron Mountain Information Management Services, Inc. |
| 2395000 | 5.000 <sup>(a)</sup> | 07/15/32 | 2078596 |
| 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. |
| 3000000 | 5.000 | 10/15/27 | 2536740 |
| 2680000 | 3.500 | 03/15/31 | 1888221 |
| SBA Communications Corp. | SBA Communications Corp. | SBA Communications Corp. | SBA Communications Corp. |
| 2637000 | 3.875 | 02/15/27 | 2436008 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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>(b)</sup> – (continued)** | **Real Estate Investment Trust<sup>(b)</sup> – (continued)** | **Real Estate Investment Trust<sup>(b)</sup> – (continued)** | **Real Estate Investment Trust<sup>(b)</sup> – (continued)** |
| Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. |
| 2700000 | 4.750% | 03/15/25 | $2612412 |
| Trust Fibra Uno | Trust Fibra Uno | Trust Fibra Uno | Trust Fibra Uno |
| 510000 | 4.869 | 01/15/30 | 467632 |
| VICI Properties LP | VICI Properties LP | VICI Properties LP | VICI Properties LP |
| 2480000 | 4.750 | 02/15/28 | 2412966 |
| VICI Properties LP/VICI Note Co., Inc.<sup>(a)</sup> | VICI Properties LP/VICI Note Co., Inc.<sup>(a)</sup> | VICI Properties LP/VICI Note Co., Inc.<sup>(a)</sup> | VICI Properties LP/VICI Note Co., Inc.<sup>(a)</sup> |
| 1526000 | 3.500 | 02/15/25 | 1452279 |
| 1306000 | 4.625 | 06/15/25 | 1265514 |
|  |  |  | 20263694 |
| **Retailing<sup>(b)</sup> – 1.4%** | **Retailing<sup>(b)</sup> – 1.4%** | **Retailing<sup>(b)</sup> – 1.4%** | **Retailing<sup>(b)</sup> – 1.4%** |
| Arko Corp. | Arko Corp. | Arko Corp. | Arko Corp. |
| 1770000 | 5.125 <sup>(a)</sup> | 11/15/29 | 1401822 |
| 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> |
| 1462000 | 4.625 | 11/15/29 | 1291765 |
| 809000 | 5.000 | 02/15/32 | 698774 |
| AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. |
| 961000 | 4.750 | 06/01/30 | 903100 |
| Beacon Roofing Supply, Inc. | Beacon Roofing Supply, Inc. | Beacon Roofing Supply, Inc. | Beacon Roofing Supply, Inc. |
| 2560000 | 4.125 <sup>(a)</sup> | 05/15/29 | 2205875 |
| eG Global Finance PLC | eG Global Finance PLC | eG Global Finance PLC | eG Global Finance PLC |
| 3800000 | 6.750 <sup>(a)</sup> | 02/07/25 | 3523930 |
| Foundation Building Materials, Inc. | Foundation Building Materials, Inc. | Foundation Building Materials, Inc. | Foundation Building Materials, Inc. |
| 2540000 | 6.000 <sup>(a)</sup> | 03/01/29 | 2043125 |
| GYP Holdings III Corp. | GYP Holdings III Corp. | GYP Holdings III Corp. | GYP Holdings III Corp. |
| 1160000 | 4.625 <sup>(a)</sup> | 05/01/29 | 976152 |
| InRetail Consumer | InRetail Consumer | InRetail Consumer | InRetail Consumer |
| 400000 | 3.250 | 03/22/28 | 344250 |
| LCM Investments Holdings II LLC | LCM Investments Holdings II LLC | LCM Investments Holdings II LLC | LCM Investments Holdings II LLC |
| 3020000 | 4.875 <sup>(a)</sup> | 05/01/29 | 2492225 |
| Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. |
| 2062000 | 3.750 | 04/01/32 | 1912010 |
| Penske Automotive Group, Inc. | Penske Automotive Group, Inc. | Penske Automotive Group, Inc. | Penske Automotive Group, Inc. |
| 2179000 | 3.750 | 06/15/29 | 1851191 |
| 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. |
| 3446000 | 6.375 <sup>(a)</sup> | 09/30/26 | 3103364 |
| SRS Distribution, Inc.<sup>(a)</sup> | SRS Distribution, Inc.<sup>(a)</sup> | SRS Distribution, Inc.<sup>(a)</sup> | SRS Distribution, Inc.<sup>(a)</sup> |
| 1912000 | 4.625 | 07/01/28 | 1757893 |
| 3525000 | 6.125 | 07/01/29 | 3031112 |
| Suburban Propane Partners LP/Suburban Energy Finance Corp. | Suburban Propane Partners LP/Suburban Energy Finance Corp. | Suburban Propane Partners LP/Suburban Energy Finance Corp. | Suburban Propane Partners LP/Suburban Energy Finance Corp. |
| 2245000 | 5.000 <sup>(a)</sup> | 06/01/31 | 1960020 |
| The Home Depot, Inc. | The Home Depot, Inc. | The Home Depot, Inc. | The Home Depot, Inc. |
| 1170000 | 3.350 | 04/15/50 | 936304 |
| Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. |
| 3064000 | 4.750 <sup>(a)</sup> | 01/15/30 | 2872194 |
|  |  |  | 33305106 |
| **Semiconductors<sup>(b)</sup> – 0.5%** | **Semiconductors<sup>(b)</sup> – 0.5%** | **Semiconductors<sup>(b)</sup> – 0.5%** | **Semiconductors<sup>(b)</sup> – 0.5%** |
| Amkor Technology, Inc. | Amkor Technology, Inc. | Amkor Technology, Inc. | Amkor Technology, Inc. |
| 1398000 | 6.625 <sup>(a)</sup> | 09/15/27 | 1402879 |
| Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| 3723000 | 4.150 | 11/15/30 | 3473373 |
| 2069000 | 3.469 <sup>(a)</sup> | 04/15/34 | 1714849 |
| 1856000 | 3.137 <sup>(a)</sup> | 11/15/35 | 1440813 |
| 3319000 | 3.187 <sup>(a)</sup> | 11/15/36 | 2537210 |

---

------

GOLDMAN SACHS INCOME BUILDER FUND

*January 31, 2023 (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>(b)</sup> – (continued)** | **Semiconductors<sup>(b)</sup> – (continued)** | **Semiconductors<sup>(b)</sup> – (continued)** | **Semiconductors<sup>(b)</sup> – (continued)** |
| NXP B.V./NXP Funding LLC/NXP USA, Inc. | NXP B.V./NXP Funding LLC/NXP USA, Inc. | NXP B.V./NXP Funding LLC/NXP USA, Inc. | NXP B.V./NXP Funding LLC/NXP USA, Inc. |
| 975000 | 4.400% | 06/01/27 | $958649 |
| 982000 | 3.400 | 05/01/30 | 879734 |
| Qorvo, Inc. | Qorvo, Inc. | Qorvo, Inc. | Qorvo, Inc. |
| 750000 | 4.375 | 10/15/29 | 678900 |
|  |  |  | 13086407 |
| **Software<sup>(b)</sup> – 1.0%** | **Software<sup>(b)</sup> – 1.0%** | **Software<sup>(b)</sup> – 1.0%** | **Software<sup>(b)</sup> – 1.0%** |
| AthenaHealth Group, Inc. | AthenaHealth Group, Inc. | AthenaHealth Group, Inc. | AthenaHealth Group, Inc. |
| 4765000 | 6.500 <sup>(a)</sup> | 02/15/30 | 3932316 |
| Castle U.S. Holding Corp. | Castle U.S. Holding Corp. | Castle U.S. Holding Corp. | Castle U.S. Holding Corp. |
| 4104000 | 9.500 <sup>(a)</sup> | 02/15/28 | 1602243 |
| Clarivate Science Holdings Corp.<sup>(a)</sup> | Clarivate Science Holdings Corp.<sup>(a)</sup> | Clarivate Science Holdings Corp.<sup>(a)</sup> | Clarivate Science Holdings Corp.<sup>(a)</sup> |
| 3509000 | 3.875 | 07/01/28 | 3132976 |
| 2401000 | 4.875 | 07/01/29 | 2111439 |
| Elastic NV | Elastic NV | Elastic NV | Elastic NV |
| 1835000 | 4.125 <sup>(a)</sup> | 07/15/29 | 1572155 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 1405000 | 3.600 | 04/01/50 | 1034263 |
| Playtika Holding Corp. | Playtika Holding Corp. | Playtika Holding Corp. | Playtika Holding Corp. |
| 3198000 | 4.250 <sup>(a)</sup> | 03/15/29 | 2656994 |
| PTC, Inc. | PTC, Inc. | PTC, Inc. | PTC, Inc. |
| 4000 | 3.625 <sup>(a)</sup> | 02/15/25 | 3837 |
| ROBLOX Corp. | ROBLOX Corp. | ROBLOX Corp. | ROBLOX Corp. |
| 1975000 | 3.875 <sup>(a)</sup> | 05/01/30 | 1664490 |
| SS&C Technologies, Inc. | SS&C Technologies, Inc. | SS&C Technologies, Inc. | SS&C Technologies, Inc. |
| 850000 | 5.500 <sup>(a)</sup> | 09/30/27 | 817122 |
| TeamSystem SpA | TeamSystem SpA | TeamSystem SpA | TeamSystem SpA |
| 3100000 | 3.500 <sup>(a)</sup> | 02/15/28 | 2953883 |
| ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. |
| 1450000 | 3.875 <sup>(a)</sup> | 02/01/29 | 1250784 |
|  |  |  | 22732502 |
| **Sovereign<sup>(b)(e)</sup> – 0.2%** | **Sovereign<sup>(b)(e)</sup> – 0.2%** | **Sovereign<sup>(b)(e)</sup> – 0.2%** | **Sovereign<sup>(b)(e)</sup> – 0.2%** |
| CoBank ACB (3M USD LIBOR + 4.660%) | CoBank ACB (3M USD LIBOR + 4.660%) | CoBank ACB (3M USD LIBOR + 4.660%) | CoBank ACB (3M USD LIBOR + 4.660%) |
| 5350000 | 6.250 | 12/29/49 | 5322876 |
| **Technology - Software/Services<sup>(a)(b)</sup> – 0.1%** | **Technology - Software/Services<sup>(a)(b)</sup> – 0.1%** | **Technology - Software/Services<sup>(a)(b)</sup> – 0.1%** | **Technology - Software/Services<sup>(a)(b)</sup> – 0.1%** |
| Virtusa Corp. | Virtusa Corp. | Virtusa Corp. | Virtusa Corp. |
| 2371000 | 7.125 | 12/15/28 | 1992185 |
| **Telecommunication Services – 1.4%** | **Telecommunication Services – 1.4%** | **Telecommunication Services – 1.4%** | **Telecommunication Services – 1.4%** |
| Altice France SA | Altice France SA | Altice France SA | Altice France SA |
| 4695000 | 5.500 <sup>(a)(b)</sup> | 10/15/29 | 3708393 |
| America Movil SAB de CV | America Movil SAB de CV | America Movil SAB de CV | America Movil SAB de CV |
| 770000 | 5.375 <sup>(a)(b)</sup> | 04/04/32 | 715138 |
| AT&T, Inc.<sup>(b)</sup> | AT&T, Inc.<sup>(b)</sup> | AT&T, Inc.<sup>(b)</sup> | AT&T, Inc.<sup>(b)</sup> |
| 2900000 | 2.750 | 06/01/31 | 2503367 |
| 3475000 | 2.250 | 02/01/32 | 2839214 |
| Axian Telecom | Axian Telecom | Axian Telecom | Axian Telecom |
| 250000 | 7.375 <sup>(a)(b)</sup> | 02/16/27 | 228484 |
| CommScope, Inc. | CommScope, Inc. | CommScope, Inc. | CommScope, Inc. |
| 1430000 | 7.125 <sup>(a)(b)</sup> | 07/01/28 | 1123208 |
| CT Trust | CT Trust | CT Trust | CT Trust |
| 1480000 | 5.125 <sup>(b)</sup> | 02/03/32 | 1291300 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Telecommunication Services – (continued)** | **Telecommunication Services – (continued)** | **Telecommunication Services – (continued)** | **Telecommunication Services – (continued)** |
| Digicel Group Holdings Ltd.<sup>(g)</sup> (PIK 3.000%, Cash 5.000%) | Digicel Group Holdings Ltd.<sup>(g)</sup> (PIK 3.000%, Cash 5.000%) | Digicel Group Holdings Ltd.<sup>(g)</sup> (PIK 3.000%, Cash 5.000%) | Digicel Group Holdings Ltd.<sup>(g)</sup> (PIK 3.000%, Cash 5.000%) |
| 656043 | 8.000 %<sup>(a)(b)</sup> | 04/01/25 | $160649 |
| 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> |
| 708000 | 0.000 | 08/01/23 |  |
| 3000000 | 0.000 <sup>(a)</sup> | 10/15/24 |  |
| Lorca Telecom Bondco SA | Lorca Telecom Bondco SA | Lorca Telecom Bondco SA | Lorca Telecom Bondco SA |
| 1525000 | 4.000 <sup>(a)(b)</sup> | 09/18/27 | 1521243 |
| Lumen Technologies, Inc. | Lumen Technologies, Inc. | Lumen Technologies, Inc. | Lumen Technologies, Inc. |
| 2870000 | 7.650 | 03/15/42 | 1889292 |
| MTN Mauritius Investments Ltd. | MTN Mauritius Investments Ltd. | MTN Mauritius Investments Ltd. | MTN Mauritius Investments Ltd. |
| 420000 | 6.500 | 10/13/26 | 425329 |
| Nokia of America Corp. | Nokia of America Corp. | Nokia of America Corp. | Nokia of America Corp. |
| 3000000 | 6.450 | 03/15/29 | 2866680 |
| Sprint Capital Corp. | Sprint Capital Corp. | Sprint Capital Corp. | Sprint Capital Corp. |
| 1150000 | 8.750 | 03/15/32 | 1419882 |
| Telecom Argentina SA | Telecom Argentina SA | Telecom Argentina SA | Telecom Argentina SA |
| 158000 | 8.500 <sup>(a)</sup> | 08/06/25 | 154544 |
| Telecom Italia Capital SA | Telecom Italia Capital SA | Telecom Italia Capital SA | Telecom Italia Capital SA |
| 1800000 | 7.200 | 07/18/36 | 1533294 |
| 1000000 | 7.721 | 06/04/38 | 862690 |
| T-Mobile USA, Inc.<sup>(b)</sup> | T-Mobile USA, Inc.<sup>(b)</sup> | T-Mobile USA, Inc.<sup>(b)</sup> | T-Mobile USA, Inc.<sup>(b)</sup> |
| 7351000 | 3.875 | 04/15/30 | 6884064 |
| 1896000 | 4.500 | 04/15/50 | 1673542 |
| Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
| 2800000 | 3.150 <sup>(b)</sup> | 03/22/30 | 2541504 |
|  |  |  | 34341817 |
| **Telecommunications<sup>(b)</sup> – 0.0%** | **Telecommunications<sup>(b)</sup> – 0.0%** | **Telecommunications<sup>(b)</sup> – 0.0%** | **Telecommunications<sup>(b)</sup> – 0.0%** |
| Telefonica Celular Del Paraguay SA | Telefonica Celular Del Paraguay SA | Telefonica Celular Del Paraguay SA | Telefonica Celular Del Paraguay SA |
| 750000 | 5.875 | 04/15/27 | 698578 |
| **Toys/Games/Hobbies<sup>(a)(b)</sup> – 0.1%** | **Toys/Games/Hobbies<sup>(a)(b)</sup> – 0.1%** | **Toys/Games/Hobbies<sup>(a)(b)</sup> – 0.1%** | **Toys/Games/Hobbies<sup>(a)(b)</sup> – 0.1%** |
| Mattel, Inc. | Mattel, Inc. | Mattel, Inc. | Mattel, Inc. |
| 2185000 | 3.375 | 04/01/26 | 2043871 |
| **Transportation – 0.2%** | **Transportation – 0.2%** | **Transportation – 0.2%** | **Transportation – 0.2%** |
| Canadian Pacific Railway Co. | Canadian Pacific Railway Co. | Canadian Pacific Railway Co. | Canadian Pacific Railway Co. |
| 1900000 | 2.450 <sup>(b)</sup> | 12/02/31 | 1640555 |
| Cargo Aircraft Management, Inc. | Cargo Aircraft Management, Inc. | Cargo Aircraft Management, Inc. | Cargo Aircraft Management, Inc. |
| 785000 | 4.750 <sup>(a)(b)</sup> | 02/01/28 | 710205 |
| MV24 Capital B.V. | MV24 Capital B.V. | MV24 Capital B.V. | MV24 Capital B.V. |
| 291210 | 6.748 <sup>(a)</sup> | 06/01/34 | 276358 |
| 659505 | 6.748 | 06/01/34 | 625870 |
| Transnet SOC Ltd. | Transnet SOC Ltd. | Transnet SOC Ltd. | Transnet SOC Ltd. |
| 380000 | 8.250 <sup>(a)</sup> | 02/06/28 | 380950 |
| XPO Escrow Sub LLC<sup>(b)</sup> | XPO Escrow Sub LLC<sup>(b)</sup> | XPO Escrow Sub LLC<sup>(b)</sup> | XPO Escrow Sub LLC<sup>(b)</sup> |
| 1745000 | 7.500 <sup>(a)</sup> | 11/15/27 | 1793302 |
|  |  |  | 5427240 |
| **Trucking & Leasing<sup>(a)(b)</sup> – 0.1%** | **Trucking & Leasing<sup>(a)(b)</sup> – 0.1%** | **Trucking & Leasing<sup>(a)(b)</sup> – 0.1%** | **Trucking & Leasing<sup>(a)(b)</sup> – 0.1%** |
| Fortress Transportation & Infrastructure Investors LLC | Fortress Transportation & Infrastructure Investors LLC | Fortress Transportation & Infrastructure Investors LLC | Fortress Transportation & Infrastructure Investors LLC |
| 2220000 | 5.500 | 05/01/28 | 1955887 |
| **TOTAL CORPORATE OBLIGATIONS<br>(Cost $1,156,813,780)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $1,156,813,780)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $1,156,813,780)** | $1044547407 |

---

------

GOLDMAN SACHS INCOME BUILDER FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 38.9%** | **Common Stocks – 38.9%** |  |
| **Aerospace & Defense – 0.4%** | **Aerospace & Defense – 0.4%** |  |
| 47766 | L3Harris Technologies, Inc. | $10261092 |
| **Banks – 3.5%** | **Banks – 3.5%** |  |
| 429723 | Bank of America Corp. | 15246572 |
| 414957 | BNP Paribas SA ADR | 14241324 |
| 189670 | JPMorgan Chase & Co. | 26546213 |
| 1485552 | Nordea Bank Abp ADR | 17425525 |
| 225255 | Truist Financial Corp. | 11125345 |
|  |  | 84584979 |
| **Beverages – 0.8%** | **Beverages – 0.8%** |  |
| 180643 | Coca-Cola Europacific Partners PLC | 10155749 |
| 132102 | The Coca-Cola Co. | 8100495 |
|  |  | 18256244 |
| **Biotechnology – 0.6%** | **Biotechnology – 0.6%** |  |
| 22247 | Amgen, Inc. | 5615143 |
| 111035 | Gilead Sciences, Inc. | 9320278 |
|  |  | 14935421 |
| **Capital Markets – 1.6%** | **Capital Markets – 1.6%** |  |
| 154194 | BlackRock, Inc. | 23072490 |
| 87492 | Morgan Stanley | 8515596 |
| 56699 | Singapore Exchange Ltd. ADR | 5971539 |
|  |  | 37559625 |
| **Chemicals – 1.0%** | **Chemicals – 1.0%** |  |
| 33724 | Air Products & Chemicals, Inc. | 10808879 |
| 36771 | Linde PLC | 12168995 |
|  |  | 22977874 |
| **Commerical Services & Supplies – 0.5%** | **Commerical Services & Supplies – 0.5%** |  |
| 97898 | Republic Services, Inc. | 12219628 |
| **Communications Equipment – 0.8%** | **Communications Equipment – 0.8%** |  |
| 286954 | Cisco Systems, Inc. | 13966051 |
| 35606 | Intelsat Emergence SA<sup>(i)</sup> | 815983 |
| 148942 | Juniper Networks, Inc. | 4810826 |
|  |  | 19592860 |
| **Construction & Engineering – 0.3%** | **Construction & Engineering – 0.3%** |  |
| 271546 | Vinci SA ADR | 7668459 |
| **Consumer Finance – 0.4%** | **Consumer Finance – 0.4%** |  |
| 51573 | American Express Co. | 9021665 |
| **Containers & Packaging – 0.2%** | **Containers & Packaging – 0.2%** |  |
| 103760 | International Paper Co. | 4339243 |
| **Diversified Telecommunication Services – 0.7%** | **Diversified Telecommunication Services – 0.7%** |  |
| 774414 | AT&T, Inc. | 15774813 |
| **Electric Utilities – 0.8%** | **Electric Utilities – 0.8%** |  |
| 183122 | NextEra Energy, Inc. | 13666395 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Electric Utilities – (continued)** | **Electric Utilities – (continued)** |  |
| 86740 | Xcel Energy, Inc. | $5965110 |
|  |  | 19631505 |
| **Electrical Equipment – 1.5%** | **Electrical Equipment – 1.5%** |  |
| 94186 | Eaton Corp. PLC | 15277911 |
| 602008 | Schneider Electric SE ADR | 19529140 |
|  |  | 34807051 |
| **Electronic Equipment, Instruments & Components – 0.3%** | **Electronic Equipment, Instruments & Components – 0.3%** | **Electronic Equipment, Instruments & Components – 0.3%** |
| 52213 | TE Connectivity Ltd. | 6638883 |
| **Energy Equipment & Services<sup>(i)</sup> –0.1%** | **Energy Equipment & Services<sup>(i)</sup> –0.1%** |  |
| 63962 | Noble Corp. PLC | 2602614 |
| **Entertainment – 0.2%** | **Entertainment – 0.2%** |  |
| 30997 | Electronic Arts, Inc. | 3988694 |
| **Equity Real Estate Investment Trusts (REITs) – 2.1%** | **Equity Real Estate Investment Trusts (REITs) – 2.1%** |  |
| 46950 | Alexandria Real Estate Equities, Inc. | 7546743 |
| 42573 | American Tower Corp. | 9510383 |
| 37336 | AvalonBay Communities, Inc. | 6624900 |
| 62713 | Digital Realty Trust, Inc. | 7188164 |
| 110028 | Healthpeak Properties, Inc. | 3023569 |
| 172942 | Hudson Pacific Properties, Inc. | 1969809 |
| 49911 | Regency Centers Corp. | 3325570 |
| 197282 | Ventas, Inc. | 10221180 |
|  |  | 49410318 |
| **Food & Staples Retailing – 0.9%** | **Food & Staples Retailing – 0.9%** |  |
| 301655 | Koninklijke Ahold Delhaize NV ADR | 8980270 |
| 77783 | Walmart, Inc. | 11190640 |
|  |  | 20170910 |
| **Food Products – 1.4%** | **Food Products – 1.4%** |  |
| 73013 | Archer-Daniels-Midland Co. | 6049127 |
| 101122 | General Mills, Inc. | 7923920 |
| 101506 | Nestle SA ADR | 12405556 |
| 161753 | The Kraft Heinz Co. | 6555849 |
|  |  | 32934452 |
| **Health Care Equipment & Supplies – 0.6%** | **Health Care Equipment & Supplies – 0.6%** |  |
| 75273 | Abbott Laboratories | 8321430 |
| 50203 | Zimmer Biomet Holdings, Inc. | 6392850 |
|  |  | 14714280 |
| **Health Care Providers & Services – 0.9%** | **Health Care Providers & Services – 0.9%** |  |
| 140877 | CVS Health Corp. | 12428169 |
| 19995 | UnitedHealth Group, Inc. | 9981304 |
|  |  | 22409473 |
| **Hotels, Restaurants & Leisure – 0.8%** | **Hotels, Restaurants & Leisure – 0.8%** |  |
| 44974 | McDonald's Corp. | 12026048 |

---

------

GOLDMAN SACHS INCOME BUILDER FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Hotels, Restaurants & Leisure – (continued)** | **Hotels, Restaurants & Leisure – (continued)** |  |
| 60045 | Yum! Brands, Inc. | $7836473 |
|  |  | 19862521 |
| **Household Products – 0.7%** | **Household Products – 0.7%** |  |
| 575602 | Reckitt Benckiser Group PLC ADR | 8311693 |
| 56840 | The Procter & Gamble Co. | 8092879 |
|  |  | 16404572 |
| **Industrial Conglomerates – 0.5%** | **Industrial Conglomerates – 0.5%** |  |
| 53017 | Honeywell International, Inc. | 11052984 |
| **Insurance – 1.8%** | **Insurance – 1.8%** |  |
| 54862 | Chubb Ltd. | 12480556 |
| 51184 | Marsh & McLennan Cos., Inc. | 8952593 |
| 168841 | MetLife, Inc. | 12328770 |
| 190163 | Zurich Insurance Group AG ADR | 9402610 |
|  |  | 43164529 |
| **IT Services – 0.9%** | **IT Services – 0.9%** |  |
| 22337 | Accenture PLC Class A Class A | 6233140 |
| 79803 | Fidelity National Information Services, Inc. | 5988417 |
| 70901 | International Business Machines Corp. | 9552492 |
|  |  | 21774049 |
| **Machinery – 0.8%** | **Machinery – 0.8%** |  |
| 32171 | Caterpillar, Inc. | 8116421 |
| 48696 | Illinois Tool Works, Inc. | 11494204 |
|  |  | 19610625 |
| **Media – 0.6%** | **Media – 0.6%** |  |
| 194739 | Bright Pattern Holding Co.<sup>(f)(i)</sup> | 1947 |
| 153313 | Comcast Corp. Class A | 6032867 |
| 65985 | Omnicom Group, Inc. | 5674050 |
| 81145 | The New York Times Co. Class A | 2827092 |
|  |  | 14535956 |
| **Metals & Mining – 0.6%** | **Metals & Mining – 0.6%** |  |
| 172339 | Rio Tinto PLC ADR | 13675100 |
| **Multiline Retail – 0.4%** | **Multiline Retail – 0.4%** |  |
| 60909 | Target Corp. | 10484875 |
| **Multi-Utilities – 1.6%** | **Multi-Utilities – 1.6%** |  |
| 97027 | Ameren Corp. | 8428735 |
| 118777 | CMS Energy Corp. | 7505519 |
| 106208 | Dominion Energy, Inc. | 6759077 |
| 115385 | National Grid PLC ADR | 7358101 |
| 51826 | Sempra Energy | 8309263 |
|  |  | 38360695 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Oil, Gas & Consumable Fuels – 3.0%** | **Oil, Gas & Consumable Fuels – 3.0%** |  |
| 2490 | Chesapeake Energy Corp. | $215933 |
| 136159 | ConocoPhillips | 16593697 |
| 41326 | EOG Resources, Inc. | 5465364 |
| 189190 | Exxon Mobil Corp. | 21947932 |
| 39012 | Pioneer Natural Resources Co. | 8986414 |
| 290987 | Shell PLC ADR | 17112945 |
| 86915 | Summit Midstream Partners LP<sup>(i)</sup> | 1531442 |
|  |  | 71853727 |
| **Personal Products – 0.4%** | **Personal Products – 0.4%** |  |
| 189776 | Unilever PLC ADR | 9697554 |
| **Pharmaceuticals – 3.3%** | **Pharmaceuticals – 3.3%** |  |
| 142654 | AstraZeneca PLC ADR | 9325292 |
| 293283 | Bristol-Myers Squibb Co. | 21307010 |
| 47109 | Eli Lilly & Co. | 16212563 |
| 133498 | Johnson & Johnson | 21816243 |
| 255848 | Roche Holding AG ADR | 10016449 |
|  |  | 78677557 |
| **Real Estate Management & Development – 0.4%** | **Real Estate Management & Development – 0.4%** |  |
| 695040 | Vonovia SE ADR | 9813965 |
| **Road & Rail – 0.3%** | **Road & Rail – 0.3%** |  |
| 30293 | Norfolk Southern Corp. | 7446322 |
| **Semiconductors & Semiconductor Equipment – 1.3%** | **Semiconductors & Semiconductor Equipment – 1.3%** |  |
| 24511 | KLA Corp. | 9620077 |
| 126200 | Marvell Technology, Inc. | 5445530 |
| 39005 | Texas Instruments, Inc. | 6912076 |
| 108282 | Tokyo Electron Ltd. ADR | 9447605 |
|  |  | 31425288 |
| **Software – 0.3%** | **Software – 0.3%** |  |
| 194739 | Aspect Software, Inc. Class B<sup>(f)(i)</sup> | 1947 |
| 27882 | Microsoft Corp. | 6909439 |
|  |  | 6911386 |
| **Specialty Retail – 0.6%** | **Specialty Retail – 0.6%** |  |
| 20862 | Advance Auto Parts, Inc. | 3176865 |
| 118094 | Foot Locker, Inc. | 5138270 |
| 54032 | Ross Stores, Inc. | 6386042 |
|  |  | 14701177 |
| **Technology Hardware, Storage & Peripherals – 0.1%** | **Technology Hardware, Storage & Peripherals – 0.1%** |  |
| 43262 | NetApp, Inc. | 2865242 |
| **Textiles, Apparel & Luxury Goods – 0.2%** | **Textiles, Apparel & Luxury Goods – 0.2%** |  |
| 122710 | Tapestry, Inc. | 5591895 |
| **Trading Companies & Distributors – 0.4%** | **Trading Companies & Distributors – 0.4%** |  |
| 181494 | Fastenal Co. | 9174522 |

---

------

GOLDMAN SACHS INCOME BUILDER FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| <br> **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Water Utilities – 0.3%** | **Water Utilities – 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44805 | American Water Works Co., Inc. | $7011534 |
| **TOTAL COMMON STOCKS<br>(Cost $750,669,412)** | **TOTAL COMMON STOCKS<br>(Cost $750,669,412)** | $928596158 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Bank Loans<sup>(e)(j)</sup> – 6.5%** | **Bank Loans<sup>(e)(j)</sup> – 6.5%** | **Bank Loans<sup>(e)(j)</sup> – 6.5%** | **Bank Loans<sup>(e)(j)</sup> – 6.5%** |
| **Advertising – 0.0%** | **Advertising – 0.0%** | **Advertising – 0.0%** |  |
| CMG Media Corp. (3M USD LIBOR + 3.500%) | CMG Media Corp. (3M USD LIBOR + 3.500%) | CMG Media Corp. (3M USD LIBOR + 3.500%) | CMG Media Corp. (3M USD LIBOR + 3.500%) |
| 1164240 | 8.230% | 12/17/26 | $1102151 |
| **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** |  |
| 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%) |
| 3657305 | 10.139 | 03/19/26 | 3358613 |
| **Auto Parts & Equipment<sup>(f)</sup> – 0.0%** | **Auto Parts & Equipment<sup>(f)</sup> – 0.0%** | **Auto Parts & Equipment<sup>(f)</sup> – 0.0%** |  |
| First Brands Group LLC<br> (3M USD SOFR + 5.246%) | First Brands Group LLC<br> (3M USD SOFR + 5.246%) | First Brands Group LLC<br> (3M USD SOFR + 5.246%) | First Brands Group LLC<br> (3M USD SOFR + 5.246%) |
| 700000 | 10.246 | 03/30/27 | 672000 |
| **Automotive – 0.5%** | **Automotive – 0.5%** | **Automotive – 0.5%** |  |
| First Brands Group LLC<br> (3M USD LIBOR + 8.500%) | First Brands Group LLC<br> (3M USD LIBOR + 8.500%) | First Brands Group LLC<br> (3M USD LIBOR + 8.500%) | First Brands Group LLC<br> (3M USD LIBOR + 8.500%) |
| 2900000 | 13.602 | 03/30/28 | 2608202 |
| (3M USD SOFR + 5.000%) | (3M USD SOFR + 5.000%) | (3M USD SOFR + 5.000%) |  |
| 3300353 | 10.250 | 03/30/27 | 3222795 |
| Garrett LX I S.a.r.l. (3M USD LIBOR + 3.250%) | Garrett LX I S.a.r.l. (3M USD LIBOR + 3.250%) | Garrett LX I S.a.r.l. (3M USD LIBOR + 3.250%) | Garrett LX I S.a.r.l. (3M USD LIBOR + 3.250%) |
| 2765000 | 8.080 | 04/30/28 | 2732732 |
| OEConnection LLC (1M USD LIBOR + 4.000%) | OEConnection LLC (1M USD LIBOR + 4.000%) | OEConnection LLC (1M USD LIBOR + 4.000%) | OEConnection LLC (1M USD LIBOR + 4.000%) |
| 2525430 | 4.148 | 09/25/26 | 2455981 |
|  |  |  | 11019710 |
| **Building & Construction Materials – 0.1%** | **Building & Construction Materials – 0.1%** | **Building & Construction Materials – 0.1%** | **Building & Construction Materials – 0.1%** |
| Energize HoldCo LLC<br> (1M USD LIBOR + 3.750%) | Energize HoldCo LLC<br> (1M USD LIBOR + 3.750%) | Energize HoldCo LLC<br> (1M USD LIBOR + 3.750%) | Energize HoldCo LLC<br> (1M USD LIBOR + 3.750%) |
| 2307592 | 8.320 | 12/08/28 | 2268178 |
| (3M USD LIBOR + 6.750%) | (3M USD LIBOR + 6.750%) | (3M USD LIBOR + 6.750%) |  |
| 1250000 | 11.320 <sup>(f)</sup> | 12/07/29 | 1150000 |
|  |  |  | 3418178 |
| **Building Materials – 0.1%** | **Building Materials – 0.1%** | **Building Materials – 0.1%** |  |
| Icebox Holdco III, Inc. | Icebox Holdco III, Inc. | Icebox Holdco III, Inc. |  |
| (3M USD LIBOR + 3.500%) | (3M USD LIBOR + 3.500%) | (3M USD LIBOR + 3.500%) | (3M USD LIBOR + 3.500%) |
| 2210220 | 8.230 | 12/22/28 | 2121811 |
| (3M USD LIBOR + 6.750%) | (3M USD LIBOR + 6.750%) | (3M USD LIBOR + 6.750%) |  |
| 625000 | 7.250 | 12/21/29 | 553125 |
|  |  |  | 2674936 |
| **Chemicals – 0.4%** | **Chemicals – 0.4%** | **Chemicals – 0.4%** |  |
| Momentive Performance Materials, Inc. (1M USD LIBOR + 3.250%) | Momentive Performance Materials, Inc. (1M USD LIBOR + 3.250%) | Momentive Performance Materials, Inc. (1M USD LIBOR + 3.250%) | Momentive Performance Materials, Inc. (1M USD LIBOR + 3.250%) |
| 4629891 | 7.820 | 05/15/24 | 4622669 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | |
| **Bank Loans<sup>(e)(j)</sup> – (continued)** | **Bank Loans<sup>(e)(j)</sup> – (continued)** | **Bank Loans<sup>(e)(j)</sup> – (continued)** | **Value** |
| **Chemicals – (continued)** | **Chemicals – (continued)** | **Chemicals – (continued)** |  |
| Starfruit Finco B.V. (3M USD LIBOR + 2.750%) | Starfruit Finco B.V. (3M USD LIBOR + 2.750%) | Starfruit Finco B.V. (3M USD LIBOR + 2.750%) | Starfruit Finco B.V. (3M USD LIBOR + 2.750%) |
| 4637107 | 7.526% | 10/01/25 | $4584939 |
|  |  |  | 9207608 |
| **Commercial Services – 0.3%** | **Commercial Services – 0.3%** | **Commercial Services – 0.3%** |  |
| Anticimex International AB | Anticimex International AB | Anticimex International AB |  |
| (3M USD LIBOR + 3.500%) | (3M USD LIBOR + 3.500%) | (3M USD LIBOR + 3.500%) |  |
| 1983196 | 8.235 | 11/16/28 | 1959020 |
| (3M USD LIBOR + 4.000%) | (3M USD LIBOR + 4.000%) | (3M USD LIBOR + 4.000%) |  |
| 2958329 | 8.735 | 11/16/28 | 2930610 |
| Vaco Holdings, LLC (3M USD SOFR + 5.000%) | Vaco Holdings, LLC (3M USD SOFR + 5.000%) | Vaco Holdings, LLC (3M USD SOFR + 5.000%) | Vaco Holdings, LLC (3M USD SOFR + 5.000%) |
| 1262250 | 9.730 | 01/21/29 | 1238053 |
|  |  |  | 6127683 |
| **Computers – 0.2%** | **Computers – 0.2%** | **Computers – 0.2%** |  |
| Peraton Corp. (1M USD LIBOR + 7.750%) | Peraton Corp. (1M USD LIBOR + 7.750%) | Peraton Corp. (1M USD LIBOR + 7.750%) |  |
| 1747455 | 12.220 | 02/01/29 | 1688915 |
| Virtusa Corp. (1M USD LIBOR + 3.750%) | Virtusa Corp. (1M USD LIBOR + 3.750%) | Virtusa Corp. (1M USD LIBOR + 3.750%) |  |
| 1903232 | 8.320 | 02/11/28 | 1881231 |
|  |  |  | 3570146 |
| **Consumer Cyclical Services – 0.1%** | **Consumer Cyclical Services – 0.1%** | **Consumer Cyclical Services – 0.1%** |  |
| The Hertz Corp. | The Hertz Corp. | The Hertz Corp. |  |
| (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) |  |
| 2652168 | 7.820 | 06/30/28 | 2638298 |
| (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) |  |
| 507444 | 7.820 | 06/30/28 | 504789 |
|  |  |  | 3143087 |
| **Diversified Financial Services – 0.1%** | **Diversified Financial Services – 0.1%** | **Diversified Financial Services – 0.1%** |  |
| Fiserv Investment Solutions, Inc. (1M USD LIBOR + 4.482%) | Fiserv Investment Solutions, Inc. (1M USD LIBOR + 4.482%) | Fiserv Investment Solutions, Inc. (1M USD LIBOR + 4.482%) | Fiserv Investment Solutions, Inc. (1M USD LIBOR + 4.482%) |
| 633750 | 8.482 | 02/18/27 | 621601 |
| Syncapay, Inc. (3M USD LIBOR + 6.500%) | Syncapay, Inc. (3M USD LIBOR + 6.500%) | Syncapay, Inc. (3M USD LIBOR + 6.500%) |  |
| 2041800 | 11.230 | 12/10/27 | 2023934 |
|  |  |  | 2645535 |
| **Energy-Alternate Sources – 0.1%** | **Energy-Alternate Sources – 0.1%** | **Energy-Alternate Sources – 0.1%** |  |
| TerraForm Power Operating, LLC (3M USD SOFR + 2.750%) | TerraForm Power Operating, LLC (3M USD SOFR + 2.750%) | TerraForm Power Operating, LLC (3M USD SOFR + 2.750%) | TerraForm Power Operating, LLC (3M USD SOFR + 2.750%) |
| 2139250 | 7.430 | 05/21/29 | 2136576 |
| **Engineering & Construction – 0.1%** | **Engineering & Construction – 0.1%** | **Engineering & Construction – 0.1%** |  |
| Brown Group Holding LLC (1M USD SOFR + 3.750%) | Brown Group Holding LLC (1M USD SOFR + 3.750%) | Brown Group Holding LLC (1M USD SOFR + 3.750%) | Brown Group Holding LLC (1M USD SOFR + 3.750%) |
| 1197000 | 7.419 | 07/02/29 | 1196174 |
| KKR Apple Bidco LLC<sup>(f)</sup> (1M USD LIBOR + 5.750%) | KKR Apple Bidco LLC<sup>(f)</sup> (1M USD LIBOR + 5.750%) | KKR Apple Bidco LLC<sup>(f)</sup> (1M USD LIBOR + 5.750%) | KKR Apple Bidco LLC<sup>(f)</sup> (1M USD LIBOR + 5.750%) |
| 325000 | 10.320 | 09/21/29 | 318500 |
|  |  |  | 1514674 |
| **Environmental – 0.2%** | **Environmental – 0.2%** | **Environmental – 0.2%** | **Environmental – 0.2%** |
| Packers Holdings LLC (3M USD LIBOR + 3.250%) | Packers Holdings LLC (3M USD LIBOR + 3.250%) | Packers Holdings LLC (3M USD LIBOR + 3.250%) | Packers Holdings LLC (3M USD LIBOR + 3.250%) |
| 4740822 | 7.709 | 03/09/28 | 4381325 |
| **Food – 0.0%** | **Food – 0.0%** | **Food – 0.0%** |  |
| Sigma Bidco B.V. (3M USD LIBOR) | Sigma Bidco B.V. (3M USD LIBOR) | Sigma Bidco B.V. (3M USD LIBOR) |  |
| 820703 | 3.000 | 07/02/25 | 757780 |

---

------

GOLDMAN SACHS INCOME BUILDER FUND

*January 31, 2023 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans<sup>(e)(j)</sup> – (continued)** | **Bank Loans<sup>(e)(j)</sup> – (continued)** | **Bank Loans<sup>(e)(j)</sup> – (continued)** | **Bank Loans<sup>(e)(j)</sup> – (continued)** |
| **Food & Drug Retailing – 0.0%** | **Food & Drug Retailing – 0.0%** | **Food & Drug Retailing – 0.0%** | **Food & Drug Retailing – 0.0%** |
| B&G Foods, Inc. (1M USD LIBOR + 2.500%) | B&G Foods, Inc. (1M USD LIBOR + 2.500%) | B&G Foods, Inc. (1M USD LIBOR + 2.500%) | B&G Foods, Inc. (1M USD LIBOR + 2.500%) |
| 563121 | 6.884% | 10/10/26 | $538366 |
| **Health Care - Services – 0.1%** | **Health Care - Services – 0.1%** | **Health Care - Services – 0.1%** | **Health Care - Services – 0.1%** |
| ICON Luxembourg S.a.r.l. (3M USD LIBOR + 2.250%) | ICON Luxembourg S.a.r.l. (3M USD LIBOR + 2.250%) | ICON Luxembourg S.a.r.l. (3M USD LIBOR + 2.250%) | ICON Luxembourg S.a.r.l. (3M USD LIBOR + 2.250%) |
| 762297 | 2.750 | 07/03/28 | 762015 |
| Verscend Holding Corp. (1M USD LIBOR + 4.000%) | Verscend Holding Corp. (1M USD LIBOR + 4.000%) | Verscend Holding Corp. (1M USD LIBOR + 4.000%) | Verscend Holding Corp. (1M USD LIBOR + 4.000%) |
| 1344404 | 8.570 | 08/27/25 | 1340559 |
|  |  |  | 2102574 |
| **Healthcare Providers & Services – 0.3%** | **Healthcare Providers & Services – 0.3%** | **Healthcare Providers & Services – 0.3%** | **Healthcare Providers & Services – 0.3%** |
| Insulet Corp. (3M USD LIBOR + 3.250%) | Insulet Corp. (3M USD LIBOR + 3.250%) | Insulet Corp. (3M USD LIBOR + 3.250%) | Insulet Corp. (3M USD LIBOR + 3.250%) |
| 4604441 | 7.926 | 05/04/28 | 4595830 |
| PRA Health Sciences, Inc. (3M USD LIBOR + 2.250%) | PRA Health Sciences, Inc. (3M USD LIBOR + 2.250%) | PRA Health Sciences, Inc. (3M USD LIBOR + 2.250%) | PRA Health Sciences, Inc. (3M USD LIBOR + 2.250%) |
| 189927 | 7.000 | 07/03/28 | 189857 |
| RegionalCare Hospital Partners Holdings, Inc. (3M USD PRIME + 2.750%) | RegionalCare Hospital Partners Holdings, Inc. (3M USD PRIME + 2.750%) | RegionalCare Hospital Partners Holdings, Inc. (3M USD PRIME + 2.750%) | RegionalCare Hospital Partners Holdings, Inc. (3M USD PRIME + 2.750%) |
| 3200000 | 8.575 | 11/16/25 | 3104896 |
|  |  |  | 7890583 |
| **Home Construction – 0.2%** | **Home Construction – 0.2%** | **Home Construction – 0.2%** | **Home Construction – 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%) |
| 4380750 | 7.634 | 11/03/28 | 4223788 |
| **Industrial Services – 0.1%** | **Industrial Services – 0.1%** | **Industrial Services – 0.1%** | **Industrial Services – 0.1%** |
| LaserShip, Inc. (3M USD LIBOR + 4.500%) | LaserShip, Inc. (3M USD LIBOR + 4.500%) | LaserShip, Inc. (3M USD LIBOR + 4.500%) | LaserShip, Inc. (3M USD LIBOR + 4.500%) |
| 2419375 | 9.230 | 05/07/28 | 1786563 |
| **Leisure Time – 0.1%** | **Leisure Time – 0.1%** | **Leisure Time – 0.1%** | **Leisure Time – 0.1%** |
| Arcis Golf LLC (1M USD LIBOR + 4.570%) | Arcis Golf LLC (1M USD LIBOR + 4.570%) | Arcis Golf LLC (1M USD LIBOR + 4.570%) | Arcis Golf LLC (1M USD LIBOR + 4.570%) |
| 2009812 | 8.820 | 11/24/28 | 2002276 |
| **Machinery – 0.0%** | **Machinery – 0.0%** | **Machinery – 0.0%** | **Machinery – 0.0%** |
| Brown Group Holding LLC (1M USD LIBOR + 2.500%) | Brown Group Holding LLC (1M USD LIBOR + 2.500%) | Brown Group Holding LLC (1M USD LIBOR + 2.500%) | Brown Group Holding LLC (1M USD LIBOR + 2.500%) |
| 980924 | 6.884 | 06/07/28 | 975254 |
| **Machinery-Diversified – 0.3%** | **Machinery-Diversified – 0.3%** | **Machinery-Diversified – 0.3%** | **Machinery-Diversified – 0.3%** |
| Clark Equipment Co. (3M USD SOFR + 2.500%) | Clark Equipment Co. (3M USD SOFR + 2.500%) | Clark Equipment Co. (3M USD SOFR + 2.500%) | Clark Equipment Co. (3M USD SOFR + 2.500%) |
| 347375 | 7.180 | 04/20/29 | 347267 |
| Engineered Machinery Holdings, Inc. | Engineered Machinery Holdings, Inc. | Engineered Machinery Holdings, Inc. | Engineered Machinery Holdings, Inc. |
| (3M USD Euribor + 3.750%) | (3M USD Euribor + 3.750%) | (3M USD Euribor + 3.750%) | (3M USD Euribor + 3.750%) |
| 864062 | 5.952 | 05/21/28 | 909428 |
| (3M USD LIBOR + 3.750%) | (3M USD LIBOR + 3.750%) | (3M USD LIBOR + 3.750%) | (3M USD LIBOR + 3.750%) |
| 1852413 | 8.480 | 05/19/28 | 1841169 |
| Vertical US Newco, Inc. (6M USD LIBOR + 3.500%) | Vertical US Newco, Inc. (6M USD LIBOR + 3.500%) | Vertical US Newco, Inc. (6M USD LIBOR + 3.500%) | Vertical US Newco, Inc. (6M USD LIBOR + 3.500%) |
| 4664838 | 6.871 | 07/30/27 | 4576719 |
|  |  |  | 7674583 |
| **Media – 0.4%** | **Media – 0.4%** | **Media – 0.4%** | **Media – 0.4%** |
| CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC |
| (3M USD SOFR + 4.500%) | (3M USD SOFR + 4.500%) | (3M USD SOFR + 4.500%) | (3M USD SOFR + 4.500%) |
| 1658918 | 8.823 | 01/17/28 | 1570797 |
| (1M USD LIBOR + 2.500%) | (1M USD LIBOR + 2.500%) | (1M USD LIBOR + 2.500%) | (1M USD LIBOR + 2.500%) |
| 3687819 | 6.959 | 04/15/27 | 3415842 |
| Cumulus Media New Holdings, Inc. (6M USD LIBOR + 3.750%) | Cumulus Media New Holdings, Inc. (6M USD LIBOR + 3.750%) | Cumulus Media New Holdings, Inc. (6M USD LIBOR + 3.750%) | Cumulus Media New Holdings, Inc. (6M USD LIBOR + 3.750%) |
| 602528 | 4.750 | 03/31/26 | 574787 |
| 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%) |
| 2285312 | 9.384 | 08/02/27 | 2244131 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans<sup>(e)(j)</sup> – (continued)** | **Bank Loans<sup>(e)(j)</sup> – (continued)** | **Bank Loans<sup>(e)(j)</sup> – (continued)** | **Bank Loans<sup>(e)(j)</sup> – (continued)** |
| **Media – (continued)** | **Media – (continued)** | **Media – (continued)** | **Media – (continued)** |
| Syndigo LLC (6M USD LIBOR + 4.500%) | Syndigo LLC (6M USD LIBOR + 4.500%) | Syndigo LLC (6M USD LIBOR + 4.500%) | Syndigo LLC (6M USD LIBOR + 4.500%) |
| 2038687 | 5.250% | 12/15/27 | $1850109 |
|  |  |  | 9655666 |
| **Media - Broadcasting & Radio – 0.2%** | **Media - Broadcasting & Radio – 0.2%** | **Media - Broadcasting & Radio – 0.2%** | **Media - Broadcasting & Radio – 0.2%** |
| Getty Images, Inc. (1M USD LIBOR + 4.500%) | Getty Images, Inc. (1M USD LIBOR + 4.500%) | Getty Images, Inc. (1M USD LIBOR + 4.500%) | Getty Images, Inc. (1M USD LIBOR + 4.500%) |
| 2755158 | 9.125 | 02/19/26 | 2755158 |
| Grinding Media, Inc. (3M USD LIBOR + 4.000%) | Grinding Media, Inc. (3M USD LIBOR + 4.000%) | Grinding Media, Inc. (3M USD LIBOR + 4.000%) | Grinding Media, Inc. (3M USD LIBOR + 4.000%) |
| 2641562 | 4.750 | 10/12/28 | 2575523 |
|  |  |  | 5330681 |
| **Packaging – 0.3%** | **Packaging – 0.3%** | **Packaging – 0.3%** | **Packaging – 0.3%** |
| LABL, Inc. (1M USD LIBOR + 5.000%) | LABL, Inc. (1M USD LIBOR + 5.000%) | LABL, Inc. (1M USD LIBOR + 5.000%) | LABL, Inc. (1M USD LIBOR + 5.000%) |
| 1881000 | 9.570 | 10/29/28 | 1831962 |
| Pretium PKG Holdings, Inc. (3M USD LIBOR + 4.000%) | Pretium PKG Holdings, Inc. (3M USD LIBOR + 4.000%) | Pretium PKG Holdings, Inc. (3M USD LIBOR + 4.000%) | Pretium PKG Holdings, Inc. (3M USD LIBOR + 4.000%) |
| 1188000 | 7.741 | 10/02/28 | 1042304 |
| Reynolds Group Holdings, Inc. (1M USD LIBOR + 3.250%) | Reynolds Group Holdings, Inc. (1M USD LIBOR + 3.250%) | Reynolds Group Holdings, Inc. (1M USD LIBOR + 3.250%) | Reynolds Group Holdings, Inc. (1M USD LIBOR + 3.250%) |
| 1053500 | 3.343 | 02/05/26 | 1051193 |
| Trident TPI Holdings, Inc. (3M USD LIBOR + 4.000%) | Trident TPI Holdings, Inc. (3M USD LIBOR + 4.000%) | Trident TPI Holdings, Inc. (3M USD LIBOR + 4.000%) | Trident TPI Holdings, Inc. (3M USD LIBOR + 4.000%) |
| 2074876 | 8.726 | 09/15/28 | 2033005 |
|  |  |  | 5958464 |
| **Pharmaceuticals – 0.3%** | **Pharmaceuticals – 0.3%** | **Pharmaceuticals – 0.3%** | **Pharmaceuticals – 0.3%** |
| 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%) |
| 6272000 | 8.730 | 10/01/27 | 6114698 |
| **Pipelines – 0.1%** | **Pipelines – 0.1%** | **Pipelines – 0.1%** | **Pipelines – 0.1%** |
| CQP Holdco LP (3M USD LIBOR + 3.750%) | CQP Holdco LP (3M USD LIBOR + 3.750%) | CQP Holdco LP (3M USD LIBOR + 3.750%) | CQP Holdco LP (3M USD LIBOR + 3.750%) |
| 3299874 | 8.480 | 06/05/28 | 3303174 |
| **Retailers – 0.1%** | **Retailers – 0.1%** | **Retailers – 0.1%** | **Retailers – 0.1%** |
| TruGreen LP (3M USD LIBOR + 8.500%) | TruGreen LP (3M USD LIBOR + 8.500%) | TruGreen LP (3M USD LIBOR + 8.500%) | TruGreen LP (3M USD LIBOR + 8.500%) |
| 1750000 | 13.325 | 11/02/28 | 1242500 |
| **Retailing – 0.2%** | **Retailing – 0.2%** | **Retailing – 0.2%** | **Retailing – 0.2%** |
| New Era Cap Co., Inc. (3M USD LIBOR + 6.000%) | New Era Cap Co., Inc. (3M USD LIBOR + 6.000%) | New Era Cap Co., Inc. (3M USD LIBOR + 6.000%) | New Era Cap Co., Inc. (3M USD LIBOR + 6.000%) |
| 1949062 | 10.815 | 07/13/27 | 1832119 |
| RC Buyer, Inc. | RC Buyer, Inc. | RC Buyer, Inc. | RC Buyer, Inc. |
| (3M USD LIBOR + 3.500%) | (3M USD LIBOR + 3.500%) | (3M USD LIBOR + 3.500%) | (3M USD LIBOR + 3.500%) |
| 1906125 | 8.230 | 07/28/28 | 1773649 |
| (3M USD LIBOR + 6.500%) | (3M USD LIBOR + 6.500%) | (3M USD LIBOR + 6.500%) | (3M USD LIBOR + 6.500%) |
| 800000 | 11.230 | 07/30/29 | 714664 |
|  |  |  | 4320432 |
| **Services Cyclical - Consumer Services – 0.1%** | **Services Cyclical - Consumer Services – 0.1%** | **Services Cyclical - Consumer Services – 0.1%** | **Services Cyclical - Consumer Services – 0.1%** |
| Asurion LLC (1M USD LIBOR + 3.250%) | Asurion LLC (1M USD LIBOR + 3.250%) | Asurion LLC (1M USD LIBOR + 3.250%) | Asurion LLC (1M USD LIBOR + 3.250%) |
| 3258635 | 7.634 | 12/23/26 | 3110986 |
| **Software – 0.8%** | **Software – 0.8%** | **Software – 0.8%** | **Software – 0.8%** |
| Athenahealth, Inc. (1M USD SOFR + 3.500%) | Athenahealth, Inc. (1M USD SOFR + 3.500%) | Athenahealth, Inc. (1M USD SOFR + 3.500%) | Athenahealth, Inc. (1M USD SOFR + 3.500%) |
| 2394978 | 5.653 | 02/15/29 | 2265242 |
| Banff Merger Sub, Inc. (1M USD LIBOR + 3.750%) | Banff Merger Sub, Inc. (1M USD LIBOR + 3.750%) | Banff Merger Sub, Inc. (1M USD LIBOR + 3.750%) | Banff Merger Sub, Inc. (1M USD LIBOR + 3.750%) |
| 4279778 | 6.122 | 10/02/25 | 4200088 |
| Ceridian HCM Holding, Inc. (1M USD LIBOR + 2.500%) | Ceridian HCM Holding, Inc. (1M USD LIBOR + 2.500%) | Ceridian HCM Holding, Inc. (1M USD LIBOR + 2.500%) | Ceridian HCM Holding, Inc. (1M USD LIBOR + 2.500%) |
| 2872500 | 6.884 | 04/30/25 | 2855983 |

---

------

GOLDMAN SACHS INCOME BUILDER FUND

*January 31, 2023 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans<sup>(e)(j)</sup> – (continued)** | **Bank Loans<sup>(e)(j)</sup> – (continued)** | **Bank Loans<sup>(e)(j)</sup> – (continued)** | **Bank Loans<sup>(e)(j)</sup> – (continued)** |
| **Software – (continued)** | **Software – (continued)** | **Software – (continued)** | **Software – (continued)** |
| Epicor Software Corp. | Epicor Software Corp. | Epicor Software Corp. | Epicor Software Corp. |
| (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) |
| 4007750 | 7.820% | 07/30/27 | $3931843 |
| (1M USD LIBOR + 7.750%) | (1M USD LIBOR + 7.750%) | (1M USD LIBOR + 7.750%) | (1M USD LIBOR + 7.750%) |
| 1275000 | 12.320 | 07/31/28 | 1269951 |
| 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%) |
| 3362119 | 7.767 | 02/06/26 | 3353109 |
| The Ultimate Software Group, Inc. (1M USD LIBOR + 3.750%) | The Ultimate Software Group, Inc. (1M USD LIBOR + 3.750%) | The Ultimate Software Group, Inc. (1M USD LIBOR + 3.750%) | The Ultimate Software Group, Inc. (1M USD LIBOR + 3.750%) |
| 1596375 | 8.575 | 05/04/26 | 1579310 |
|  |  |  | 19455526 |
| **Technology - Software/Services – 0.4%** | **Technology - Software/Services – 0.4%** | **Technology - Software/Services – 0.4%** | **Technology - Software/Services – 0.4%** |
| AppLovin Corp. (1M USD LIBOR + 3.250%) | AppLovin Corp. (1M USD LIBOR + 3.250%) | AppLovin Corp. (1M USD LIBOR + 3.250%) | AppLovin Corp. (1M USD LIBOR + 3.250%) |
| 832653 | 7.634 | 08/15/25 | 815134 |
| DCert Buyer, Inc. | DCert Buyer, Inc. | DCert Buyer, Inc. | DCert Buyer, Inc. |
| (3M USD SOFR + 4.000%) | (3M USD SOFR + 4.000%) | (3M USD SOFR + 4.000%) | (3M USD SOFR + 4.000%) |
| 4575123 | 8.696 | 10/16/26 | 4516516 |
| (6M USD SOFR + 4.696%) | (6M USD SOFR + 4.696%) | (6M USD SOFR + 4.696%) | (6M USD SOFR + 4.696%) |
| 2700000 | 11.696 | 02/19/29 | 2463750 |
| Loyalty Ventures, Inc.<sup>(f)</sup> (3M USD LIBOR + 4.500%) | Loyalty Ventures, Inc.<sup>(f)</sup> (3M USD LIBOR + 4.500%) | Loyalty Ventures, Inc.<sup>(f)</sup> (3M USD LIBOR + 4.500%) | Loyalty Ventures, Inc.<sup>(f)</sup> (3M USD LIBOR + 4.500%) |
| 2451250 | 8.884 | 11/03/27 | 949859 |
|  |  |  | 8745259 |
| **Telecommunication Services – 0.1%** | **Telecommunication Services – 0.1%** | **Telecommunication Services – 0.1%** | **Telecommunication Services – 0.1%** |
| Level 3 Financing, Inc. (1M USD LIBOR + 4.570%) | Level 3 Financing, Inc. (1M USD LIBOR + 4.570%) | Level 3 Financing, Inc. (1M USD LIBOR + 4.570%) | Level 3 Financing, Inc. (1M USD LIBOR + 4.570%) |
| 1568485 | 6.320 | 03/01/27 | 1540064 |
| **Telecommunications – 0.1%** | **Telecommunications – 0.1%** | **Telecommunications – 0.1%** | **Telecommunications – 0.1%** |
| Intelsat Jackson Holdings S.A. (6M USD SOFR + 4.500%) | Intelsat Jackson Holdings S.A. (6M USD SOFR + 4.500%) | Intelsat Jackson Holdings S.A. (6M USD SOFR + 4.500%) | Intelsat Jackson Holdings S.A. (6M USD SOFR + 4.500%) |
| 3005727 | 4.920 | 02/01/29 | 2956042 |
| **TOTAL BANK LOANS<br>(Cost $160,489,667)** | **TOTAL BANK LOANS<br>(Cost $160,489,667)** | **TOTAL BANK LOANS<br>(Cost $160,489,667)** | $154657481 |
| **Sovereign Debt Obligations – 0.4%** | **Sovereign Debt Obligations – 0.4%** | **Sovereign Debt Obligations – 0.4%** | **Sovereign Debt Obligations – 0.4%** |
| **United States Dollar – 0.4%** | **United States Dollar – 0.4%** | **United States Dollar – 0.4%** | **United States Dollar – 0.4%** |
| Benin Government International Bond | Benin Government International Bond | Benin Government International Bond | Benin Government International Bond |
| 350000 | 4.875% | 01/19/32 | $299646 |
| Dominican Republic International Bond | Dominican Republic International Bond | Dominican Republic International Bond | Dominican Republic International Bond |
| 330000 | 7.050 <sup>(b)</sup> | 02/03/31 | 330000 |
| Ivory Coast Government International Bond | Ivory Coast Government International Bond | Ivory Coast Government International Bond | Ivory Coast Government International Bond |
| 450000 | 6.375 <sup>(a)</sup> | 03/03/28 | 435375 |
| National Bank of Uzbekistan | National Bank of Uzbekistan | National Bank of Uzbekistan | National Bank of Uzbekistan |
| 200000 | 4.850 | 10/21/25 | 187750 |
| Republic of Colombia<sup>(b)</sup> | Republic of Colombia<sup>(b)</sup> | Republic of Colombia<sup>(b)</sup> | Republic of Colombia<sup>(b)</sup> |
| 820000 | 8.000 | 04/20/33 | 841679 |
| 360000 | 7.500 <sup>(b)</sup> | 02/02/34 | 356220 |
| Republic of Ecuador | Republic of Ecuador | Republic of Ecuador | Republic of Ecuador |
| 57283 | 0.000 <sup>(a)(c)</sup> | 07/31/30 | 24356 |
| Republic of Guatemala<sup>(b)</sup> | Republic of Guatemala<sup>(b)</sup> | Republic of Guatemala<sup>(b)</sup> | Republic of Guatemala<sup>(b)</sup> |
| 766000 | 6.125 | 06/01/50 | 744121 |
| Republic of Nigeria | Republic of Nigeria | Republic of Nigeria | Republic of Nigeria |
| 690000 | 6.500 | 11/28/27 | 565800 |
| 750000 | 7.143 | 02/23/30 | 570000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | |
| **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Value** |
| **United States Dollar – (continued)** | **United States Dollar – (continued)** | **United States Dollar – (continued)** |  |
| Republic of Oman | Republic of Oman | Republic of Oman |  |
| 280000 | 5.625% | 01/17/28 | $281190 |
| 200000 | 6.250 <sup>(a)</sup> | 01/25/31 | 206725 |
| Republic of Panama | Republic of Panama | Republic of Panama |  |
| 930000 | 4.300 | 04/29/53 | 700871 |
| Republic of Paraguay<sup>(b)</sup> | Republic of Paraguay<sup>(b)</sup> | Republic of Paraguay<sup>(b)</sup> |  |
| 820000 | 5.400 | 03/30/50 | 729954 |
| Republic of Romania | Republic of Romania | Republic of Romania |  |
| 1030000 | 4.000 | 02/14/51 | 733875 |
| Republic of Senegal | Republic of Senegal | Republic of Senegal |  |
| 350000 | 6.250 | 05/23/33 | 302750 |
| Republic of Turkey | Republic of Turkey | Republic of Turkey |  |
| 1130000 | 9.875 | 01/15/28 | 1159662 |
| 260000 | 6.125 | 10/24/28 | 229125 |
| Ukraine Government Bond | Ukraine Government Bond | Ukraine Government Bond |  |
| 220000 | 7.750 | 09/01/25 | 50229 |
| United Mexican States<sup>(b)</sup> | United Mexican States<sup>(b)</sup> | United Mexican States<sup>(b)</sup> |  |
| 200000 | 5.400 | 02/09/28 | 205700 |
|  |  |  | 8955028 |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $9,286,022)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $9,286,022)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $9,286,022)** | $8955028 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Preferred Stocks<sup>(b)</sup> – 0.4%** | **Preferred Stocks<sup>(b)</sup> – 0.4%** | **Preferred Stocks<sup>(b)</sup> – 0.4%** |
|  **Capital Markets<sup>(e)</sup> – 0.2%** | **Capital Markets<sup>(e)</sup> – 0.2%** | **Capital Markets<sup>(e)</sup> – 0.2%** |
|  Morgan Stanley, Inc. (3M USD LIBOR + 3.708%) | Morgan Stanley, Inc. (3M USD LIBOR + 3.708%) | Morgan Stanley, Inc. (3M USD LIBOR + 3.708%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183597 | 6.375% | $4692739 |
|  **Diversified Telecommunication Services – 0.1%** | **Diversified Telecommunication Services – 0.1%** | **Diversified Telecommunication Services – 0.1%** |
|  Qwest Corp. | Qwest Corp. | Qwest Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43276 | 6.500 | 891486 |
|  **Property Insurance<sup>(e)(i)</sup> – 0.1%** | **Property Insurance<sup>(e)(i)</sup> – 0.1%** | **Property Insurance<sup>(e)(i)</sup> – 0.1%** |
|  Delphi Financial Group, Inc. (3M USD LIBOR + 3.190%) | Delphi Financial Group, Inc. (3M USD LIBOR + 3.190%) | Delphi Financial Group, Inc. (3M USD LIBOR + 3.190%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143849 | 7.796 | 3236603 |
| **TOTAL PREFERRED STOCKS<br>(Cost $8,780,987)** | **TOTAL PREFERRED STOCKS<br>(Cost $8,780,987)** | $8820828 |
| **Units** | **Expiration<br>Date** | **Value** |
| **Warrants<sup>(i)</sup> – 0.0%** | **Warrants<sup>(i)</sup> – 0.0%** | **Warrants<sup>(i)</sup> – 0.0%** |
|  Noble Corp. PLC | Noble Corp. PLC | Noble Corp. PLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5288 | 02/05/28 | $125061 |
| **TOTAL WARRANTS<br>(Cost $13,220)** | **TOTAL WARRANTS<br>(Cost $13,220)** | $125061 |

---

------

GOLDMAN SACHS INCOME BUILDER FUND

*January 31, 2023 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations<sup>(e)</sup> – 0.0%** | **Mortgage-Backed Obligations<sup>(e)</sup> – 0.0%** | **Mortgage-Backed Obligations<sup>(e)</sup> – 0.0%** | **Mortgage-Backed Obligations<sup>(e)</sup> – 0.0%** | **Mortgage-Backed Obligations<sup>(e)</sup> – 0.0%** |
|  **Collateralized Mortgage Obligations – 0.0%** | **Collateralized Mortgage Obligations – 0.0%** | **Collateralized Mortgage Obligations – 0.0%** | **Collateralized Mortgage Obligations – 0.0%** | **Collateralized Mortgage Obligations – 0.0%** |
|  **Sequential Floating Rate – 0.0%** | **Sequential Floating Rate – 0.0%** | **Sequential Floating Rate – 0.0%** | **Sequential Floating Rate – 0.0%** | **Sequential Floating Rate – 0.0%** |
|  Merrill Lynch Alternative Note Asset Trust Series 2007-OAR3, Class A1 (1M USD LIBOR + 0.190%) | Merrill Lynch Alternative Note Asset Trust Series 2007-OAR3, Class A1 (1M USD LIBOR + 0.190%) | Merrill Lynch Alternative Note Asset Trust Series 2007-OAR3, Class A1 (1M USD LIBOR + 0.190%) | Merrill Lynch Alternative Note Asset Trust Series 2007-OAR3, Class A1 (1M USD LIBOR + 0.190%) | Merrill Lynch Alternative Note Asset Trust Series 2007-OAR3, Class A1 (1M USD LIBOR + 0.190%) |
|  $ | 127692 | 4.696% | 07/25/47 | $110416 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | 110416 |
| **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $49,481)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $49,481)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $49,481)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $49,481)** | $110416 |

---

---

| | | |
|:---|:---|:---|
| **Units** | **Expiration<br>Date** | **Value** |
| **Rights<sup>(i)</sup> – 0.0%** | **Rights<sup>(i)</sup> – 0.0%** | **Rights<sup>(i)</sup> – 0.0%** |
|  Intelsat Jackson Holdings SA | Intelsat Jackson Holdings SA | Intelsat Jackson Holdings SA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3728 | 12/05/25 | $21745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3728 | 12/05/25 | 15378 |
| **TOTAL RIGHTS<br>(Cost $—)** | **TOTAL RIGHTS<br>(Cost $—)** | $37123 |
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Investment Companies<sup>(k)</sup> – 7.4%** | **Investment Companies<sup>(k)</sup> – 7.4%** | **Investment Companies<sup>(k)</sup> – 7.4%** |
|  Goldman Sachs Financial Square Government Fund - Class R6 | Goldman Sachs Financial Square Government Fund - Class R6 | Goldman Sachs Financial Square Government Fund - Class R6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19907840 | 4.237% | $19907840 |
|  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;122890026 | 4.237 | 122890026 |
|  Goldman Sachs MLP Energy Infrastructure Fund - Class R6 | Goldman Sachs MLP Energy Infrastructure Fund - Class R6 | Goldman Sachs MLP Energy Infrastructure Fund - Class R6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1158185 | 7.041 | 35313068 |
| **TOTAL INVESTMENT COMPANIES<br>(Cost $162,645,237)** | **TOTAL INVESTMENT COMPANIES<br>(Cost $162,645,237)** | $178110934 |
| **Securities Lending Reinvestment Vehicle<sup>(k)</sup> – 0.1%** | **Securities Lending Reinvestment Vehicle<sup>(k)</sup> – 0.1%** | **Securities Lending Reinvestment Vehicle<sup>(k)</sup> – 0.1%** |
|  Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2944100 | 4.237% | $2944100 |
| **(Cost $2,944,100)** | **(Cost $2,944,100)** |  |
| **TOTAL INVESTMENTS – 97.4%<br>(Cost $2,251,691,906)** | **TOTAL INVESTMENTS – 97.4%<br>(Cost $2,251,691,906)** | $2326904536 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 2.6%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 2.6%** | 62901688 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $2389806224 |

---

---

| | |
|:---|:---|
| 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) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (d) | 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<br>January 31, 2023. |
| (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 January 31, 2023. |
| (f) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3. |
| (g) | Pay-in-kind securities. |
| (h) | Guaranteed by a foreign government until maturity. |
| (i) | Security is currently in default and/or non-income producing. |
| (j) | 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 January 31, 2023. 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. |
| (k) | Represents an Affiliated Issuer. |
| For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com | For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com |

---

------

GOLDMAN SACHS INCOME BUILDER FUND

*January 31, 2023 (Unaudited)* 

------

**ADDITIONAL INFORMATION (UNAUDITED)** 

------

**UNFUNDED LOAN COMMITMENTS** — At January 31, 2023, 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)** |
|  Athenahealth, Inc., due 02/15/29 | $293478 | $277581 | $(6577) |

---

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At January 31, 2023, 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 | 1104338 | USD | 1192993 | 04/03/23 | $12378 |
| **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** |
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  MS & Co. Int. PLC | USD | 25707731 | EUR | 24103163 | 04/03/23 | $(600570) |

---

**FUTURES CONTRACTS** — At January 31, 2023, 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 | 380 | 03/31/23 | $1850836 | $305205 |
|  5 Year U.S. Treasury Notes | 20 | 03/31/23 | 2184844 | 4375 |
|  Euro Stoxx 50 Index | 1365 | 03/17/23 | 8269368 | 1337330 |
|  S&P 500 E-Mini Index | 173 | 03/17/23 | 35378500 | 796861 |
|  Ultra Long U.S. Treasury Bonds | 730 | 03/22/23 | 23035375 | 3763036 |
|  **Total** |  |  |  | $6206807 |
|  **Short position contracts:** |  |  |  |  |
|  10 Year German Euro-Bund | (32) | 03/08/23 | (4759805) | 157839 |
|  10 Year U.S. Treasury Notes | (820) | 03/22/23 | (61535016) | (1160589) |
|  5 Year German Euro-Bobl | (68) | 03/08/23 | (8671546) | 155882 |
|  5 Year U.S. Treasury Notes | (23) | 03/31/23 | (2512570) | (32564) |
|  **Total** |  |  |  | $(879432) |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $5327375 |

---

**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)** |
| 4.000%<sup>(b)</sup> 3M LIBOR<sup>(b)</sup> | 03/15/25 | $2680 | $(19370) | $(12060) | $(7310) |
| 3M LIBOR<sup>(b)</sup> 4.250%<sup>(b)</sup> | 03/15/26 | 4250 | 66229 | 47698 | 18531 |
| 3.000<sup>(b)</sup> 6M EURO<sup>(c)</sup> | 03/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;270 | 1071 | (2214) | 3285 |
| 3M LIBOR<sup>(b)</sup> 4.000<sup>(b)</sup> | 03/15/28 | $95300 | 2854855 | 2107005 | 747850 |

---

------

GOLDMAN SACHS INCOME BUILDER FUND

*January 31, 2023 (Unaudited)* 

------

**ADDITIONAL INFORMATION (UNAUDITED) (continued)** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made**<br> **by the Fund** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)<sup>(a)</sup>** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  3.000%<sup>(b)</sup><br> 6M EURO<sup>(c)</sup> | 03/15/28 | 150 | $(391) | $(2810) | $2419 |
| 3.750<sup>(b)</sup><br> 12M SOFR<sup>(b)</sup> | 03/15/30 | $14070 | (462327) | (254631) | (207696) |
|  3M LIBOR<sup>(b)</sup><br> 3.750%<sup>(b)</sup> | 03/15/33 | 90780 | 4457062 | 3241840 | 1215222 |
|  3M LIBOR<sup>(b)</sup><br> 3.750<sup>(b)</sup> | 03/15/43 | 960 | 85997 | 79265 | 6732 |
|  3M LIBOR<sup>(b)</sup><br> 3.250<sup>(b)</sup> | 03/15/53 | 6310 | 386133 | 321011 | 65122 |
|  **TOTAL** |  |  | $7369259 | $5525104 | $1844155 |

---

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to January 31, 2023.

(b) Payments made annually.

(c) Payments made semi-annually.

**WRITTEN OPTIONS CONTRACTS** — At January 31, 2023, the Fund had the following written options:

**OVER-THE-COUNTER OPTIONS ON EQUITIES** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Excercise**<br> **Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  Call EUR/Put USD | Citibank NA | $4280.027 | 02/28/2023 | (9058) | $(3876848457) | $(181987) | $(181987) | $— |
|  Call USD/Put EUR | UBS AG (London) | 4211.130 | 02/28/2023 | (19374) | (8158643262) | (432791) | (432791) |  |
|  **Total written option contracts** | **Total written option contracts** | **Total written option contracts** | **Total written option contracts** | (28432) | $(12035491719) | $(614778) | $(614778) | $— |
|  **TOTAL** |  |  |  | (28432) | $(12035491719) | $(614778) | $(614778) | $0 |

---

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| EUR | — Euro |
| GBP | — British Pound |
| USD | — U.S. Dollar |
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | — American Depositary Receipt |
| CMT | — Constant Maturity Treasury Indexes |
| LIBOR | — London Interbank Offered Rate |
| LLC | — Limited Liability Company |
| LP | — Limited Partnership |
| MLP | — Master Limited Partnership |
| MTN | — Medium Term Note |
| PIK | — Payment in kind |
| PLC | — Public Limited Company |
| REIT | — Real Estate Investment Trust |
| SOFR | — Secured Overnight Funding Rate |
| WR | — Withdrawn Rating |
| **Abbreviations:** | **Abbreviations:** |
| EURO | — Euro Offered Rate |
| LIBOR | — London Interbank Offered Rate |
| MS & Co. Int. PLC | — Morgan Stanley & Co. International PLC |
| SOFR | — Secured Overnight Funding Rate |

---

------

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

## Schedule of Investments
*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 96.1%** | **Common Stocks – 96.1%** |  |
| **Air Freight & Logistics – 0.3%** | **Air Freight & Logistics – 0.3%** |  |
| 13245 | Forward Air Corp. | $1428473 |
| **Automobiles – 0.4%** | **Automobiles – 0.4%** |  |
| 21205 | Thor Industries, Inc. | 2021473 |
| **Banks – 0.6%** | **Banks – 0.6%** |  |
| 38780 | Comerica, Inc. | 2842962 |
| **Biotechnology – 2.1%** | **Biotechnology – 2.1%** |  |
| 35610 | AbbVie, Inc. | 5261378 |
| 19491 | Amgen, Inc. | 4919528 |
|  |  | 10180906 |
| **Building Products – 2.2%** | **Building Products – 2.2%** |  |
| 42805 | A.O. Smith Corp. | 2897899 |
| 10210 | Lennox International, Inc. | 2660930 |
| 56260 | Masco Corp. | 2993032 |
| 22900 | UFP Industries, Inc. | 2142295 |
|  |  | 10694156 |
| **Capital Markets – 6.7%** | **Capital Markets – 6.7%** |  |
| 12956 | Ameriprise Financial, Inc. | 4536155 |
| 6794 | BlackRock, Inc. | 5158073 |
| 14737 | Evercore, Inc. Class A | 1913010 |
| 8480 | FactSet Research Systems, Inc. | 3586531 |
| 9445 | MarketAxess Holdings, Inc. | 3436563 |
| 15100 | Moody's Corp. | 4873525 |
| 33756 | T. Rowe Price Group, Inc. | 3931561 |
| 64680 | The Charles Schwab Corp. | 5007526 |
|  |  | 32442944 |
| **Chemicals – 1.0%** | **Chemicals – 1.0%** |  |
| 19799 | The Sherwin-Williams Co. | 4684245 |
| **Commerical Services & Supplies – 0.7%** | **Commerical Services & Supplies – 0.7%** |  |
| 93047 | Rollins, Inc. | 3386911 |
| **Communications Equipment – 1.1%** | **Communications Equipment – 1.1%** |  |
| 21423 | Motorola Solutions, Inc. | 5505925 |
| **Consumer Finance – 0.9%** | **Consumer Finance – 0.9%** |  |
| 38735 | Discover Financial Services | 4521537 |
| **Distributors – 0.8%** | **Distributors – 0.8%** |  |
| 9785 | Pool Corp. | 3773194 |
| **Diversified Telecommunication Services – 0.6%** | **Diversified Telecommunication Services – 0.6%** |  |
| 40595 | Cogent Communications Holdings, Inc. | 2783599 |
| **Electric Utilities – 1.1%** | **Electric Utilities – 1.1%** |  |
| 69827 | NextEra Energy, Inc. | 5211189 |
| **Electronic Equipment, Instruments & Components – 3.2%** | **Electronic Equipment, Instruments & Components – 3.2%** | **Electronic Equipment, Instruments & Components – 3.2%** |
| 71876 | Amphenol Corp. Class A | 5733548 |
| 16670 | Badger Meter, Inc. | 1932053 |
| 144351 | Corning, Inc. | 4995988 |
| 11195 | Littelfuse, Inc. | 2873645 |
|  |  | 15535234 |
| **Entertainment – 1.7%** | **Entertainment – 1.7%** |  |
| 109912 | Activision Blizzard, Inc. | 8415962 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Equity Real Estate Investment Trusts (REITs) – 2.4%** | **Equity Real Estate Investment Trusts (REITs) – 2.4%** |  |
| 21389 | American Tower Corp. | $4778089 |
| 45040 | Equity LifeStyle Properties, Inc. | 3232971 |
| 23740 | Extra Space Storage, Inc. | 3746884 |
|  |  | 11757944 |
| **Food & Staples Retailing – 2.1%** | **Food & Staples Retailing – 2.1%** |  |
| 11624 | Costco Wholesale Corp. | 5941491 |
| 93362 | The Kroger Co. | 4166746 |
|  |  | 10108237 |
| **Food Products – 2.6%** | **Food Products – 2.6%** |  |
| 87226 | Hormel Foods Corp. | 3952210 |
| 73655 | Mondelez International, Inc. Class A | 4819983 |
| 60070 | Tyson Foods, Inc. Class A | 3949603 |
|  |  | 12721796 |
| **Health Care Equipment & Supplies – 3.2%** | **Health Care Equipment & Supplies – 3.2%** |  |
| 48330 | Abbott Laboratories | 5342881 |
| 62755 | Medtronic PLC | 5251966 |
| 19228 | Stryker Corp. | 4880259 |
|  |  | 15475106 |
| **Health Care Providers & Services – 4.3%** | **Health Care Providers & Services – 4.3%** |  |
| 57356 | CVS Health Corp. | 5059946 |
| 10617 | Elevance Health, Inc. | 5308394 |
| 9531 | Humana, Inc. | 4877013 |
| 11519 | UnitedHealth Group, Inc. | 5750169 |
|  |  | 20995522 |
| **Hotels, Restaurants & Leisure – 1.1%** | **Hotels, Restaurants & Leisure – 1.1%** |  |
| 50064 | Starbucks Corp. | 5463985 |
| **Household Products – 0.3%** | **Household Products – 0.3%** |  |
| 7870 | WD-40 Co. | 1373630 |
| **Independent Power and Renewable Electricity Producers – 0.8%** | **Independent Power and Renewable Electricity Producers – 0.8%** | **Independent Power and Renewable Electricity Producers – 0.8%** |
| 143400 | The AES Corp. | 3930594 |
| **Insurance – 2.2%** | **Insurance – 2.2%** |  |
| 21715 | American Financial Group, Inc. | 3096342 |
| 58845 | CNO Financial Group, Inc. | 1515847 |
| 14210 | Primerica, Inc. | 2298467 |
| 43045 | Principal Financial Group, Inc. | 3983815 |
|  |  | 10894471 |
| **IT Services – 7.9%** | **IT Services – 7.9%** |  |
| 41360 | Amdocs Ltd. | 3802225 |
| 25880 | Automatic Data Processing, Inc. | 5843963 |
| 31122 | Broadridge Financial Solutions, Inc. | 4679504 |
| 49258 | Global Payments, Inc. | 5552361 |
| 23024 | Jack Henry & Associates, Inc. | 4146392 |
| 18943 | Mastercard, Inc. Class A | 7020276 |
| 32590 | Visa, Inc. Class A | 7502544 |
|  |  | 38547265 |
| **Life Sciences Tools & Services – 2.0%** | **Life Sciences Tools & Services – 2.0%** |  |
| 28619 | Agilent Technologies, Inc. | 4352378 |

---

------

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

## Schedule of Investments (continued)
*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Life Sciences Tools & Services – (continued)** | **Life Sciences Tools & Services – (continued)** |  |
| 20129 | Danaher Corp. | $5321705 |
|  |  | 9674083 |
| **Machinery – 2.1%** | **Machinery – 2.1%** |  |
| 41628 | Graco, Inc. | 2844025 |
| 16780 | Lincoln Electric Holdings, Inc. | 2800079 |
| 22805 | Mueller Industries, Inc. | 1494868 |
| 25595 | The Toro Co. | 2854354 |
|  |  | 9993326 |
| **Media – 4.3%** | **Media – 4.3%** |  |
| 258739 | Comcast Corp. Class A | 10181380 |
| 23115 | Nexstar Media Group, Inc. | 4733258 |
| 170633 | The Interpublic Group of Cos., Inc. | 6221279 |
|  |  | 21135917 |
| **Metals & Mining – 1.6%** | **Metals & Mining – 1.6%** |  |
| 14845 | Reliance Steel & Aluminum Co. | 3376495 |
| 34524 | Steel Dynamics, Inc. | 4164976 |
|  |  | 7541471 |
| **Multiline Retail – 0.5%** | **Multiline Retail – 0.5%** |  |
| 6130 | Dillard's, Inc. Class A | 2410990 |
| **Multi-Utilities – 0.7%** | **Multi-Utilities – 0.7%** |  |
| 115650 | NiSource, Inc. | 3209287 |
| **Oil, Gas & Consumable Fuels – 13.7%** | **Oil, Gas & Consumable Fuels – 13.7%** |  |
| 25778 | Cheniere Energy Partners LP | 1406705 |
| 18968 | Cheniere Energy, Inc. | 2898121 |
| 1823 | Chevron Corp. | 317238 |
| 4182 | ConocoPhillips | 509660 |
| 111989 | Crestwood Equity Partners LP | 3012504 |
| 97272 | DCP Midstream LP | 4089315 |
| 5156 | Devon Energy Corp. | 326065 |
| 1118 | Diamondback Energy, Inc. | 163362 |
| 34308 | DTE Midstream, Inc.\* | 1875275 |
| 636116 | Energy Transfer LP | 8447621 |
| 236743 | EnLink Midstream LLC\* | 3011371 |
| 188418 | Enterprise Products Partners LP | 4823501 |
| 2577 | EOG Resources, Inc. | 340808 |
| 4475 | Exxon Mobil Corp. | 519145 |
| 91867 | Genesis Energy LP | 1037178 |
| 21400 | Hess Midstream LP Class A | 660832 |
| 17414 | Holly Energy Partners LP | 328428 |
| 81223 | Magellan Midstream Partners LP | 4337308 |
| 24746 | Marathon Oil Corp. | 679773 |
| 184817 | MPLX LP | 6453810 |
| 57390 | NuStar Energy LP | 961283 |
| 21176 | ONEOK, Inc. | 1450133 |
| 9533 | Ovintiv, Inc. | 469310 |
| 370607 | Plains All American Pipeline LP | 4617763 |
| 63519 | Plains GP Holdings LP Class A\* | 831464 |
| 29182 | Sunoco LP | 1392857 |
| 40704 | Targa Resources Corp. | 3053614 |
| 15629 | TC Energy Corp. | 674235 |
| 40643 | The Williams Cos., Inc. | 1310330 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Oil, Gas & Consumable Fuels – (continued)** | **Oil, Gas & Consumable Fuels – (continued)** |  |
| 246099 | Western Midstream Partners LP | $6649595 |
|  |  | 66648604 |
| **Personal Products – 1.1%** | **Personal Products – 1.1%** |  |
| 18964 | The Estee Lauder Cos., Inc. Class A | 5254545 |
| **Pharmaceuticals – 1.4%** | **Pharmaceuticals – 1.4%** |  |
| 51655 | Perrigo Co. PLC | 1932930 |
| 30705 | Zoetis, Inc. | 5081371 |
|  |  | 7014301 |
| **Professional Services – 0.5%** | **Professional Services – 0.5%** |  |
| 31865 | Robert Half International, Inc. | 2675385 |
| **Semiconductors & Semiconductor Equipment – 3.0%** | **Semiconductors & Semiconductor Equipment – 3.0%** |  |
| 14097 | KLA Corp. | 5532791 |
| 27597 | Power Integrations, Inc. | 2375826 |
| 38344 | Texas Instruments, Inc. | 6794940 |
|  |  | 14703557 |
| **Software – 5.9%** | **Software – 5.9%** |  |
| 25535 | InterDigital, Inc. | 1786173 |
| 16248 | Intuit, Inc. | 6867542 |
| 30816 | Microsoft Corp. | 7636513 |
| 79176 | Oracle Corp. | 7003909 |
| 12769 | Roper Technologies, Inc. | 5449171 |
|  |  | 28743308 |
| **Specialty Retail – 4.5%** | **Specialty Retail – 4.5%** |  |
| 43914 | Best Buy Co., Inc. | 3896050 |
| 25617 | Lowe's Cos., Inc. | 5334741 |
| 17436 | The Home Depot, Inc. | 5652228 |
| 18295 | Tractor Supply Co. | 4171077 |
| 20182 | Williams-Sonoma, Inc. | 2723359 |
|  |  | 21777455 |
| **Technology Hardware, Storage & Peripherals – 1.1%** | **Technology Hardware, Storage & Peripherals – 1.1%** |  |
| 179481 | HP, Inc. | 5230076 |
| **Textiles, Apparel & Luxury Goods – 1.6%** | **Textiles, Apparel & Luxury Goods – 1.6%** |  |
| 23630 | Columbia Sportswear Co. | 2266117 |
| 43820 | NIKE, Inc. Class A Class B | 5579601 |
|  |  | 7845718 |
| **Trading Companies & Distributors – 1.8%** | **Trading Companies & Distributors – 1.8%** |  |
| 80458 | Fastenal Co. | 4067152 |
| 20673 | MSC Industrial Direct Co., Inc. Class A | 1709657 |
| 10122 | Watsco, Inc. | 2908759 |
|  |  | 8685568 |
| **TOTAL COMMON STOCKS<br>(Cost $342,531,066)** | **TOTAL COMMON STOCKS<br>(Cost $342,531,066)** | $467240851 |

---

------

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Investment Companies<sup>(a)</sup> – 3.2%** | **Investment Companies<sup>(a)</sup> – 3.2%** | **Investment Companies<sup>(a)</sup> – 3.2%** |
|  Goldman Sachs Financial Square Government Fund - Class R6 | Goldman Sachs Financial Square Government Fund - Class R6 | Goldman Sachs Financial Square Government Fund - Class R6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15156180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.237% | $15156180 |
|  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;362836 | 4.237 | 362836 |
| **TOTAL INVESTMENT COMPANIES<br>(Cost $15,519,016)** | **TOTAL INVESTMENT COMPANIES<br>(Cost $15,519,016)** | $15519016 |
| **TOTAL INVESTMENTS – 99.3%<br>(Cost $358,050,082)** | **TOTAL INVESTMENTS – 99.3%<br>(Cost $358,050,082)** | $482759867 |
| **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 0.7%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 0.7%** | 3486069 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $486245936 |

---

---

| | |
|:---|:---|
| 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. |
| \* | Non-income producing security. |
| (a) | Represents an Affiliated Issuer. |
| For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com | For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com |

---

------

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

*January 31, 2023 (Unaudited)* 

------

**ADDITIONAL INFORMATION (UNAUDITED)** 

------

**FUTURES CONTRACTS** — At January 31, 2023, 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:** |  |  |  |  |
|  S&P 500 E-Mini Index | 69 | 03/17/23 | $14110500 | $398084 |

---

**SWAP CONTRACTS** — At January 31, 2023, the Fund had the following swap contracts:

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| GP | — General Partnership |
| LLC | — Limited Liability Company |
| LP | — Limited Partnership |
| PLC | — Public Limited Company |

---

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*January 31, 2023 (Unaudited)* 

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**NOTES TO THE SCHEDULE OF INVESTMENTS** 

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

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

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

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

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

The Board of Trustees ("Trustees") has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds' investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the "Valuation Designee"). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds' investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

**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.

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*January 31, 2023 (Unaudited)* 

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

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**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 approved by the Trustees. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

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

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

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

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*January 31, 2023 (Unaudited)* 

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

------

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv. Swap Contracts** — Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member ("DCM"), acting in an agency capacity, and submitted to a central counterparty

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*January 31, 2023 (Unaudited)* 

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

------

("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.

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

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

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*January 31, 2023 (Unaudited)* 

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

------

**Fair Value Hierarchy** — The following is a summary of the Funds' investments and derivatives classified in the fair value hierarchy as of January 31, 2023:

---

| | | | |
|:---|:---|:---|:---|
| **INCOME BUILDER**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $1044547407 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 151567122 | 3090359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 8955028 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations |  | 110416 |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 15419144 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 193996382 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 693752100 |  | 3894 |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 25424638 |  |  |
|  Preferred Stocks |  | 8820828 |  |
|  Securities Lending Reinvestment Vehicle | 2944100 |  |  |
|  Warrants |  | 125061 |  |
|  Rights |  | 37123 |  |
|  Investment Companies | 178110934 |  |  |
| **Total** | $1109647298 | $1214162985 | $3094253 |
| **Liabilities** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded Loan Committment | $— | $(6577) | $— |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(b)</sup> | $— | $12378 | $— |
|  Futures Contracts<sup>(b)</sup> | 6520528 |  |  |
|  Interest Rate Swap Contracts<sup>(b)</sup> |  | 2059161 |  |
| **Total** | $6520528 | $2071539 | $— |
| **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(b)</sup> | $— | $(600570) | $— |
|  Futures Contracts<sup>(b)</sup> | (1193153) |  |  |
|  Interest Rate Swap Contracts<sup>(b)</sup> |  | (215006) |  |
|  Written Option Contracts |  | (614778) |  |
| **Total** | $(1193153) | $(1430354) | $— |

---

(a) 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.

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

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*January 31, 2023 (Unaudited)* 

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

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---

| | | | |
|:---|:---|:---|:---|
| **RISING DIVIDEND GROWTH**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** | **Assets** | **Assets** | **Assets** |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | $7184896 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 460055955 |  |  |
|  Investment Companies | 15519016 |  |  |
| **Total** | $482759867 | $— | $— |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Futures Contracts<sup>(b)</sup> | $398084 | $— | $— |

---

(a) 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.

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

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

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

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

**Dividend-Paying Investments Risk** — The Fund's investments in dividend-paying securities could cause a Fund to underperform other portfolios. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and political and legislative responses to such conditions, dividend-paying securities that meet the Fund's investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. In addition, issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. This may limit the ability of the Fund to produce current income.

**Energy Sector Risk** — The Underlying MLP Fund concentrates its investments in the energy sector, and will therefore be susceptible to adverse economic, environmental, business, regulatory or other occurrences affecting that sector. The energy sector has historically experienced substantial price volatility. MLPs and other companies operating in the energy sector are subject to specific risks, including, among others: fluctuations in commodity prices; reduced consumer demand for commodities such as oil, natural gas or petroleum products; reduced availability of natural gas or other commodities for transporting, processing, storing or delivering; slowdowns in new construction; extreme weather or other natural disasters; and threats of attack by terrorists on energy assets. Additionally, changes in the regulatory environment for energy companies may adversely impact their profitability. Over time, depletion of natural gas reserves and other energy reserves may also affect the profitability of energy companies.

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*January 31, 2023 (Unaudited)* 

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

------

**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 Countries Risk** — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the 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 United States 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 the (Funds/Portfolios) from buying and selling securities (in the impact the Funds/Portfolios liquidity and performance. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.

**Foreign Custody Risk** — If a Fund invests in foreign securities, 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 aFund's ability to recover its assets if a Foreign Custodian enters bankruptcy.

**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.

------

*January 31, 2023 (Unaudited)* 

------

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

------

**Investments in Other Investment Companies Risk** — As a shareholder of another investment company, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund.

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

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

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

------

*January 31, 2023 (Unaudited)* 

------

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

------

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.

**Master Limited Partnership Risk** — Investments in securities of MLPs involve risks that differ from investments in common stock, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP's general partner, cash flow risks, dilution risks, limited liquidity and risks related to the general partner's right to require unit-holders to sell their common units at an undesirable time or price.

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

## 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 Rising Dividend Growth Fund

- **b. EDGAR series identifier (if any):** S000036119

- **c. LEI of Series:** 5493006ZAIOLOY1I3055

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

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**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:** $488008821.31

**Total Liabilities:** $1751338.24

**Net Assets:** $486257483.07

**Cash Not Reported:** $1158817.91

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000110562 | 6.23%                | -4.86%               | 6.50%                |
| Class ID C000110565 | 6.24%                | -4.88%               | 6.58%                |
| Class ID C000110564 | 6.23%                | -4.85%               | 6.47%                |
| Class ID C000201721 | 6.23%                | -4.84%               | 6.56%                |
| Class ID C000110566 | 6.10%                | -4.87%               | 6.55%                |
| Class ID C000110563 | 6.10%                | -4.88%               | 6.43%                |
| Class ID C000198933 | 6.23%                | -4.85%               | 6.57%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2952655.68              | $24507057.59                               |
| Month 2  | $473411.10               | $-23840675.94                              |
| Month 3  | $15925437.07             | $12637255.47                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Discover Financial Services                    | Discover Financial Services                    | CUSIP: 254709108<br>LEI: Z1YLO2USPORE63VVUL20 | Long             | EC               | CORP              | US        |     38735 | NS      | $4521536.55   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexstar Media Group Inc                        | Nexstar Media Group Inc                        | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |     23115 | NS      | $4733258.55   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                                     | Intuit Inc                                     | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |     16248 | NS      | $6867542.16   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Inc                                  | BlackRock Inc                                  | CUSIP: 09247X101<br>LEI: 549300LRIF3NWCU26A80 | Long             | EC               | CORP              | US        |      6794 | NS      | $5158072.74   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Plains GP Holdings LP                          | Plains GP Holdings LP                          | CUSIP: 72651A207<br>LEI: 549300O56BSKRD8FAM12 | Long             | EC               | CORP              | US        |     65300 | NS      | $854777.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Comerica Inc                                   | Comerica Inc                                   | CUSIP: 200340107<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | EC               | CORP              | US        |     38780 | NS      | $2842961.80   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Magellan Midstream Partners LP                 | Magellan Midstream Partners LP                 | CUSIP: 559080106<br>LEI: MZF5TI8NFVZZNUSKDL39 | Long             | EC               | CORP              | US        |     83500 | NS      | $4458900.00   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Jack Henry & Associates Inc                    | Jack Henry & Associates Inc                    | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |     23024 | NS      | $4146392.16   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Pool Corp                                      | Pool Corp                                      | CUSIP: 73278L105<br>LEI: 5493005VZK1KMN6CO617 | Long             | EC               | CORP              | US        |      9785 | NS      | $3773193.85   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Evercore Inc                                   | Evercore Inc                                   | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |     14737 | NS      | $1913009.97   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International Inc                     | Mondelez International Inc                     | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |     73655 | NS      | $4819983.20   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Toro Co/The                                    | Toro Co/The                                    | CUSIP: 891092108<br>LEI: YJKE4YIT6BWQHVEW0D14 | Long             | EC               | CORP              | US        |     25595 | NS      | $2854354.40   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc                         | UnitedHealth Group Inc                         | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     11519 | NS      | $5750169.61   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corp                                  | Amphenol Corp                                  | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |     71876 | NS      | $5733548.52   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc                             | NextEra Energy Inc                             | CUSIP: 65339F101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     69827 | NS      | $5211189.01   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Oil Corp                              | Marathon Oil Corp                              | CUSIP: 565849106<br>LEI: 1FRVQX2CRLGC1XLP5727 | Long             | EC               | CORP              | US        |     25439 | NS      | $698809.33    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| MarketAxess Holdings Inc                       | MarketAxess Holdings Inc                       | CUSIP: 57060D108<br>LEI: 5493002U1CA1XJOVID83 | Long             | EC               | CORP              | US        |      9445 | NS      | $3436563.25   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                                     | AbbVie Inc                                     | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     35610 | NS      | $5261377.50   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Tractor Supply Co                              | Tractor Supply Co                              | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |     18295 | NS      | $4171077.05   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Plains All American Pipeline LP                | Plains All American Pipeline LP                | CUSIP: 726503105<br>LEI: 5521FA2ITF25TVH63740 | Long             | EC               | CORP              | US        |    381000 | NS      | $4747260.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Primerica Inc                                  | Primerica Inc                                  | CUSIP: 74164M108<br>LEI: 254900621R686KJR7022 | Long             | EC               | CORP              | US        |     14210 | NS      | $2298467.50   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp                          | Costco Wholesale Corp                          | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |     11624 | NS      | $5941491.36   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Masco Corp                                     | Masco Corp                                     | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               | CORP              | US        |     56260 | NS      | $2993032.00   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc                              | EOG Resources Inc                              | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |      2650 | NS      | $350462.50    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE Inc                                       | NIKE Inc                                       | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |     43820 | NS      | $5579600.60   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilent Technologies Inc                       | Agilent Technologies Inc                       | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |     28619 | NS      | $4352377.52   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos Inc/The                           | Williams Cos Inc/The                           | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |     41782 | NS      | $1347051.68   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Integrations Inc                         | Power Integrations Inc                         | CUSIP: 739276103<br>LEI: 54930085LGXSCIHD5W31 | Long             | EC               | CORP              | US        |     27597 | NS      | $2375825.73   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Midstream Partners LP                  | Western Midstream Partners LP                  | CUSIP: 958669103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    253000 | NS      | $6836060.00   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Inc                            | Cheniere Energy Inc                            | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |     19500 | NS      | $2979405.00   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                                   | Comcast Corp                                   | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    258739 | NS      | $10181379.65  | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Forward Air Corp                               | Forward Air Corp                               | CUSIP: 349853101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13245 | NS      | $1428473.25   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Amdocs Ltd                                     | Amdocs Ltd                                     | CUSIP: 000000000<br>LEI: 549300HQV672RJ7RQV66 | Long             | EC               | CORP              | GG        |     41360 | NS      | $3802224.80   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Moody's Corp                                   | Moody's Corp                                   | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |     15100 | NS      | $4873525.00   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| InterDigital Inc                               | InterDigital Inc                               | CUSIP: 45867G101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25535 | NS      | $1786173.25   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                                  | Medtronic PLC                                  | CUSIP: 000000000<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |     62755 | NS      | $5251965.95   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc                          | Texas Instruments Inc                          | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |     38344 | NS      | $6794940.24   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln Electric Holdings Inc                  | Lincoln Electric Holdings Inc                  | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |     16780 | NS      | $2800078.60   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Estee Lauder Cos Inc/The                       | Estee Lauder Cos Inc/The                       | CUSIP: 518439104<br>LEI: 549300VFZ8XJ9NUPU221 | Long             | EC               | CORP              | US        |     18964 | NS      | $5254545.12   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group Inc                        | CNO Financial Group Inc                        | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |     58845 | NS      | $1515847.20   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                       | Visa Inc                                       | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     32590 | NS      | $7502543.90   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc                                     | Zoetis Inc                                     | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |     30705 | NS      | $5081370.45   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc                            | Elevance Health Inc                            | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |     10617 | NS      | $5308393.83   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| DT Midstream Inc                               | DT Midstream Inc                               | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35270 | NS      | $1927858.20   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos Inc                                 | Lowe's Cos Inc                                 | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |     25617 | NS      | $5334740.25   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                                 | Microsoft Corp                                 | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     30816 | NS      | $7636512.96   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| A O Smith Corp                                 | A O Smith Corp                                 | CUSIP: 831865209<br>LEI: 549300XG4US7UJNECY36 | Long             | EC               | CORP              | US        |     42805 | NS      | $2897898.50   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp                           | Targa Resources Corp                           | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |     41846 | NS      | $3139286.92   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods Inc                                | Tyson Foods Inc                                | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |     60070 | NS      | $3949602.50   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp                            | American Tower Corp                            | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               |  | US        |     21389 | NS      | $4778088.71   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corp                                   | Stryker Corp                                   | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |     19228 | NS      | $4880258.68   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Best Buy Co Inc                                | Best Buy Co Inc                                | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               | CORP              | US        |     43914 | NS      | $3896050.08   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                                   | Chevron Corp                                   | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1875 | NS      | $326287.50    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams-Sonoma Inc                            | Williams-Sonoma Inc                            | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               | CORP              | US        |     20182 | NS      | $2723359.08   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                                | CVS Health Corp                                | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     57356 | NS      | $5059946.32   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Principal Financial Group Inc                  | Principal Financial Group Inc                  | CUSIP: 74251V102<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | EC               | CORP              | US        |     43045 | NS      | $3983814.75   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Robert Half International Inc                  | Robert Half International Inc                  | CUSIP: 770323103<br>LEI: 529900VPCUY9H3HLIC08 | Long             | EC               | CORP              | US        |     31865 | NS      | $2675385.40   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp                               | Exxon Mobil Corp                               | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      4600 | NS      | $533646.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Corning Inc                                    | Corning Inc                                    | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |    144351 | NS      | $4995988.11   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics Inc                             | Steel Dynamics Inc                             | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |     34524 | NS      | $4164975.36   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| American Financial Group Inc/OH                | American Financial Group Inc/OH                | CUSIP: 025932104<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EC               | CORP              | US        |     21715 | NS      | $3096341.85   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Activision Blizzard Inc                        | Activision Blizzard Inc                        | CUSIP: 00507V109<br>LEI: 549300TPQQDBP9GNOF40 | Long             | EC               | CORP              | US        |    109912 | NS      | $8415961.84   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| TC Energy Corp                                 | TC Energy Corp                                 | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               | CORP              | CA        |     16067 | NS      | $693130.38    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Perrigo Co PLC                                 | Perrigo Co PLC                                 | CUSIP: 000000000<br>LEI: 549300IFOQS6R1QLY196 | Long             | EC               | CORP              | IE        |     51655 | NS      | $1932930.10   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Partners LP                    | Cheniere Energy Partners LP                    | CUSIP: 16411Q101<br>LEI: 5493005UEC8AZ34LDV29 | Long             | EC               | CORP              | US        |     26500 | NS      | $1446105.00   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Badger Meter Inc                               | Badger Meter Inc                               | CUSIP: 056525108<br>LEI: 5493002JENE20OGTUG20 | Long             | EC               | CORP              | US        |     16670 | NS      | $1932053.00   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Genesis Energy LP                              | Genesis Energy LP                              | CUSIP: 371927104<br>LEI: 549300VJ5D6MDK138782 | Long             | EC               | CORP              | US        |     94443 | NS      | $1066261.47   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | EC               | RF                | US        |    361792 | NS      | $361792.09    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                                 | Mastercard Inc                                 | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     18943 | NS      | $7020275.80   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                                      | Amgen Inc                                      | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |     19491 | NS      | $4919528.40   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Hormel Foods Corp                              | Hormel Foods Corp                              | CUSIP: 440452100<br>LEI: MSD54751OJP1FS2ND863 | Long             | EC               | CORP              | US        |     87226 | NS      | $3952210.06   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The                             | Home Depot Inc/The                             | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     17436 | NS      | $5652228.12   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Transfer LP                             | Energy Transfer LP                             | CUSIP: 29273V100<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EC               | CORP              | US        |    653955 | NS      | $8684522.40   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| WD-40 Co                                       | WD-40 Co                                       | CUSIP: 929236107<br>LEI: 549300UZHTN0CNKBOB19 | Long             | EC               | CORP              | US        |      7870 | NS      | $1373629.80   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Dillard's Inc                                  | Dillard's Inc                                  | CUSIP: 254067101<br>LEI: 529900FGYKMWL6019P91 | Long             | EC               | CORP              | US        |      6130 | NS      | $2410990.30   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Holly Energy Partners LP                       | Holly Energy Partners LP                       | CUSIP: 435763107<br>LEI: 529900NVV7ODCT0QCG29 | Long             | EC               | CORP              | US        |     17902 | NS      | $337631.72    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                            | Abbott Laboratories                            | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     48330 | NS      | $5342881.50   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Crestwood Equity Partners LP                   | Crestwood Equity Partners LP                   | CUSIP: 226344208<br>LEI: 549300CUY0F1TYDLDL45 | Long             | EC               | CORP              | US        |    115129 | NS      | $3096970.10   | 0.64%             |  |  |  | Yes           |                  1 | On Loan: No      |
| MPLX LP                                        | MPLX LP                                        | CUSIP: 55336V100<br>LEI: 5493000CZJ19CK4P3G36 | Long             | EC               | CORP              | US        |    190000 | NS      | $6634800.00   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Littelfuse Inc                                 | Littelfuse Inc                                 | CUSIP: 537008104<br>LEI: 549300MY7HLQFYTPCX75 | Long             | EC               | CORP              | US        |     11195 | NS      | $2873644.55   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunoco LP                                      | Sunoco LP                                      | CUSIP: 86765K109<br>LEI: 54930001NJU8E40NQ561 | Long             | EC               | CORP              | US        |     30000 | NS      | $1431900.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Rollins Inc                                    | Rollins Inc                                    | CUSIP: 775711104<br>LEI: 549300F2A0BXT4SGWD84 | Long             | EC               | CORP              | US        |     93047 | NS      | $3386910.80   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| FactSet Research Systems Inc                   | FactSet Research Systems Inc                   | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |      8480 | NS      | $3586531.20   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Watsco Inc                                     | Watsco Inc                                     | CUSIP: 942622200<br>LEI: 549300F1Y3LN5BX5WN75 | Long             | EC               | CORP              | US        |     10122 | NS      | $2908759.14   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Sherwin-Williams Co/The                        | Sherwin-Williams Co/The                        | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |     19799 | NS      | $4684245.41   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| NiSource Inc                                   | NiSource Inc                                   | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |    115650 | NS      | $3209287.50   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| DCP Midstream LP                               | DCP Midstream LP                               | CUSIP: 23311P100<br>LEI: 52990024YYS3MLGW0E91 | Long             | EC               | CORP              | US        |    100000 | NS      | $4204000.00   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The                        | Charles Schwab Corp/The                        | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |     64680 | NS      | $5007525.60   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                                    | Oracle Corp                                    | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     79176 | NS      | $7003908.96   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Sportswear Co                         | Columbia Sportswear Co                         | CUSIP: 198516106<br>LEI: 549300OTMCIEUXAH5Z60 | Long             | EC               | CORP              | US        |     23630 | NS      | $2266117.00   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP Industries Inc                             | UFP Industries Inc                             | CUSIP: 90278Q108<br>LEI: 5493007KB485C9OV5572 | Long             | EC               | CORP              | US        |     22900 | NS      | $2142295.00   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Mueller Industries Inc                         | Mueller Industries Inc                         | CUSIP: 624756102<br>LEI: 5493005IZFE4VJLLYG84 | Long             | EC               | CORP              | US        |     22805 | NS      | $1494867.75   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies Inc                         | Roper Technologies Inc                         | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |     12769 | NS      | $5449170.75   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corp                              | Devon Energy Corp                              | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |      5300 | NS      | $335172.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp                                 | Starbucks Corp                                 | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |     50064 | NS      | $5463984.96   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| NuStar Energy LP                               | NuStar Energy LP                               | CUSIP: 67058H102<br>LEI: 5493003BMLTUIEG2LG44 | Long             | EC               | CORP              | US        |     59000 | NS      | $988250.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| EnLink Midstream LLC                           | EnLink Midstream LLC                           | CUSIP: 29336T100<br>LEI: 54930000GY1H533OBE23 | Long             | EC               | CORP              | US        |    243382 | NS      | $3095819.04   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameriprise Financial Inc                       | Ameriprise Financial Inc                       | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |     12956 | NS      | $4536154.72   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp                                       | KLA Corp                                       | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |     14097 | NS      | $5532790.56   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| AES Corp/The                                   | AES Corp/The                                   | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               | CORP              | US        |    143400 | NS      | $3930594.00   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc                         | Diamondback Energy Inc                         | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |      1150 | NS      | $168038.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MSC Industrial Direct Co Inc                   | MSC Industrial Direct Co Inc                   | CUSIP: 553530106<br>LEI: 0XVKH0LN6YGOWO2EGO17 | Long             | EC               | CORP              | US        |     20673 | NS      | $1709657.10   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Hess Midstream LP                              | Hess Midstream LP                              | CUSIP: 428103105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22000 | NS      | $679360.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc                                     | Humana Inc                                     | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |      9531 | NS      | $4877012.70   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                    | S+P500 EMINI FUT MAR23                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |        69 | NC      | $398084.04    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Kroger Co/The                                  | Kroger Co/The                                  | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |     93362 | NS      | $4166746.06   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Ovintiv Inc                                    | Ovintiv Inc                                    | CUSIP: 69047Q102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9800 | NS      | $482454.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Cogent Communications Holdings Inc             | Cogent Communications Holdings Inc             | CUSIP: 19239V302<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40595 | NS      | $2783599.15   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                                   | Danaher Corp                                   | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |     20129 | NS      | $5321705.02   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennox International Inc                       | Lennox International Inc                       | CUSIP: 526107107<br>LEI: S7DWAC87RDMPBF77GJ92 | Long             | EC               | CORP              | US        |     10210 | NS      | $2660930.20   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund | CUSIP: 38148U619<br>LEI: 549300BRJMXN4GUWZ402 | Long             | EC               | RF                | US        |  15111878 | NS      | $15111877.50  | 3.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing Inc                  | Automatic Data Processing Inc                  | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |     25880 | NS      | $5843962.80   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Enterprise Products Partners LP                | Enterprise Products Partners LP                | CUSIP: 293792107<br>LEI: K4CDIF4M54DJZ6TB4Q48 | Long             | EC               | CORP              | US        |    193702 | NS      | $4958771.20   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Interpublic Group of Cos Inc/The               | Interpublic Group of Cos Inc/The               | CUSIP: 460690100<br>LEI: 5493008IUOJ5VWTRC333 | Long             | EC               | CORP              | US        |    170633 | NS      | $6221279.18   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc                        | Extra Space Storage Inc                        | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               |  | US        |     23740 | NS      | $3746884.20   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| T Rowe Price Group Inc                         | T Rowe Price Group Inc                         | CUSIP: 74144T108<br>LEI: 549300SIV6FPS9Y7IH33 | Long             | EC               | CORP              | US        |     33756 | NS      | $3931561.32   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Thor Industries Inc                            | Thor Industries Inc                            | CUSIP: 885160101<br>LEI: 254900XZO1228PDSG060 | Long             | EC               | CORP              | US        |     21205 | NS      | $2021472.65   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions Inc             | Broadridge Financial Solutions Inc             | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |     31122 | NS      | $4679503.92   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity LifeStyle Properties Inc                | Equity LifeStyle Properties Inc                | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               |  | US        |     45040 | NS      | $3232971.20   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Payments Inc                            | Global Payments Inc                            | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |     49258 | NS      | $5552361.76   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| HP Inc                                         | HP Inc                                         | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |    179481 | NS      | $5230076.34   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions Inc                         | Motorola Solutions Inc                         | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |     21423 | NS      | $5505925.23   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Graco Inc                                      | Graco Inc                                      | CUSIP: 384109104<br>LEI: 4T5VJ4S81BRT6Q7GGT78 | Long             | EC               | CORP              | US        |     41628 | NS      | $2844024.96   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Steel & Aluminum Co                   | Reliance Steel & Aluminum Co                   | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |     14845 | NS      | $3376495.25   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK Inc                                      | ONEOK Inc                                      | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |     21769 | NS      | $1490741.12   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co                                    | Fastenal Co                                    | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |     80458 | NS      | $4067151.90   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                                 | ConocoPhillips                                 | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |      4300 | NS      | $524041.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-28

**Name of Applicant:** GOLDMAN SACHS TRUST

**Signature:** Peter Fortner

**Name of Signer:** Peter Fortner

**Title:** Vice President