GOLDMAN SACHS ENHANCED INCOME FUND
Schedule of Investments
June 30, 2025 (Unaudited)
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Corporate Obligations 45.5% | ||||||||||||
Aerospace & Defense 1.2% | ||||||||||||
BAE Systems Holdings, Inc.(a)(b) | ||||||||||||
$ |
2,423,000 | 3.850 | % | 12/15/25 | $ 2,413,332 | |||||||
General Electric Co.(c) (3 mo. USD Term SOFR + 0.642%) | ||||||||||||
1,249,000 | 4.902 | 05/05/26 | 1,249,987 | |||||||||
RTX Corp.(a) | ||||||||||||
3,040,000 | 5.750 | 11/08/26 | 3,096,331 | |||||||||
| ||||||||||||
6,759,650 | ||||||||||||
| ||||||||||||
Agriculture(a) 0.2% | ||||||||||||
Altria Group, Inc. | ||||||||||||
1,322,000 | 4.875 | 02/04/28 | 1,339,847 | |||||||||
| ||||||||||||
Automotive 2.0% | ||||||||||||
General Motors Financial Co., Inc. | ||||||||||||
1,489,000 | 4.300 | (a) | 07/13/25 | 1,487,749 | ||||||||
1,707,000 | 6.050 | 10/10/25 | 1,712,053 | |||||||||
1,000,000 | 4.000 | (a) | 10/06/26 | 992,920 | ||||||||
(Secured Overnight Financing Rate + 1.050%) | ||||||||||||
1,250,000 | 5.395 | (c) | 07/15/27 | 1,246,200 | ||||||||
(Secured Overnight Financing Rate + 1.170%) | ||||||||||||
3,000,000 | 5.525 | (c) | 04/04/28 | 2,978,250 | ||||||||
Hyundai Capital America | ||||||||||||
1,228,000 | 4.875 | (b) | 06/23/27 | 1,234,963 | ||||||||
(Secured Overnight Financing Rate + 1.040%) | ||||||||||||
450,000 | 5.445 | (b)(c) | 03/19/27 | 449,757 | ||||||||
Volkswagen Group of America Finance LLC(b) | ||||||||||||
1,500,000 | 5.800 | 09/12/25 | 1,502,025 | |||||||||
| ||||||||||||
11,603,917 | ||||||||||||
| ||||||||||||
Banks 15.5% | ||||||||||||
Bank of America Corp. | ||||||||||||
(Secured Overnight Financing Rate + 0.830%) | ||||||||||||
4,713,000 | 4.979 | (a)(c) | 01/24/29 | 4,781,433 | ||||||||
(Secured Overnight Financing Rate + 1.010%) | ||||||||||||
1,000,000 | 1.197 | (a)(c) | 10/24/26 | 989,580 | ||||||||
Bank of Montreal(a) | ||||||||||||
4,440,000 | 4.700 | 09/14/27 | 4,482,313 | |||||||||
Bank of New York Mellon Corp. | ||||||||||||
(Secured Overnight Financing Rate + 1.026%) | ||||||||||||
1,910,000 | 4.947 | (a)(c) | 04/26/27 | 1,918,690 | ||||||||
(Secured Overnight Financing Rate + 1.345%) | ||||||||||||
571,000 | 4.414 | (a)(c) | 07/24/26 | 570,743 | ||||||||
Bank of Nova Scotia(a)(c) (Secured Overnight Financing Rate + 0.890%) | ||||||||||||
4,565,000 | 4.932 | 02/14/29 | 4,621,013 | |||||||||
Banque Federative du Credit Mutuel SA(b) | ||||||||||||
4,045,000 | 4.935 | 01/26/26 | 4,054,303 | |||||||||
BNP Paribas SA(a)(b)(c) (Secured Overnight Financing Rate + 1.228%) | ||||||||||||
4,345,000 | 2.591 | 01/20/28 | 4,217,431 | |||||||||
Canadian Imperial Bank of Commerce | ||||||||||||
2,980,000 | 5.615 | 07/17/26 | 3,017,101 | |||||||||
260,000 | 5.926 | 10/02/26 | 265,104 | |||||||||
(Secured Overnight Financing Rate + 0.930%) | ||||||||||||
1,265,000 | 4.508 | (a)(c) | 09/11/27 | 1,267,100 | ||||||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Corporate Obligations (continued) | ||||||||||||
Banks (continued) | ||||||||||||
(Secured Overnight Financing Rate + 0.930%) (continued) | ||||||||||||
$ |
800,000 | 5.326 | %(a)(c) | 09/11/27 | $ 802,976 | |||||||
(Secured Overnight Financing Rate + 0.940%) | ||||||||||||
2,456,000 | 5.354 | (c) | 06/28/27 | 2,465,652 | ||||||||
Citibank NA | ||||||||||||
1,027,000 | 5.488 | (a) | 12/04/26 | 1,043,637 | ||||||||
(Secured Overnight Financing Rate + 0.712%) | ||||||||||||
1,344,000 | 4.876 | (a)(c) | 11/19/27 | 1,352,413 | ||||||||
Citigroup, Inc.(a)(c) (Secured Overnight Financing Rate + 0.770%) | ||||||||||||
4,460,000 | 1.462 | 06/09/27 | 4,333,916 | |||||||||
Deutsche Bank AG(a)(c) (Secured Overnight Financing Rate + 1.870%) | ||||||||||||
2,954,000 | 2.129 | 11/24/26 | 2,924,194 | |||||||||
Huntington National Bank(a)(c) (Secured Overnight Financing Rate + 0.720%) | ||||||||||||
817,000 | 5.065 | 04/12/28 | 815,587 | |||||||||
Intesa Sanpaolo SpA(b) | ||||||||||||
400,000 | 7.000 | 11/21/25 | 403,296 | |||||||||
JPMorgan Chase & Co. | ||||||||||||
(Secured Overnight Financing Rate + 0.800%) | ||||||||||||
1,388,000 | 4.915 | (a)(c) | 01/24/29 | 1,406,474 | ||||||||
(Secured Overnight Financing Rate + 1.190%) | ||||||||||||
2,630,000 | 5.040 | (a)(c) | 01/23/28 | 2,658,220 | ||||||||
Macquarie Bank Ltd.(b)(c) (Secured Overnight Financing Rate + 0.920%) | ||||||||||||
985,000 | 5.264 | 07/02/27 | 990,831 | |||||||||
Manufacturers & Traders Trust Co.(a) | ||||||||||||
7,360,000 | 4.650 | 01/27/26 | 7,356,909 | |||||||||
Morgan Stanley | ||||||||||||
(Secured Overnight Financing Rate + 0.879%) | ||||||||||||
2,536,000 | 1.593 | (a)(c) | 05/04/27 | 2,474,958 | ||||||||
(Secured Overnight Financing Rate + 1.295%) | ||||||||||||
952,000 | 5.050 | (a)(c) | 01/28/27 | 954,770 | ||||||||
(Secured Overnight Financing Rate + 1.380%) | ||||||||||||
2,820,000 | 4.994 | (a)(c) | 04/12/29 | 2,861,369 | ||||||||
(Secured Overnight Financing Rate + 1.669%) | ||||||||||||
590,000 | 4.679 | (a)(c) | 07/17/26 | 589,947 | ||||||||
NatWest Markets PLC(b) | ||||||||||||
571,000 | 5.416 | 05/17/27 | 583,277 | |||||||||
Santander U.K. Group Holdings PLC(a)(c) (Secured Overnight Financing Rate + 0.989%) | ||||||||||||
1,127,000 | 1.673 | 06/14/27 | 1,094,599 | |||||||||
Societe Generale SA(b)(c) (Secured Overnight Financing Rate + 1.100%) | ||||||||||||
3,367,000 | 5.471 | 02/19/27 | 3,368,178 | |||||||||
Standard Chartered Bank(c) (Secured Overnight Financing Rate + 0.650%) | ||||||||||||
2,157,000 | 4.992 | 10/08/26 | 2,158,316 | |||||||||
Sumitomo Mitsui Financial Group, Inc. | ||||||||||||
725,000 | 0.948 | 01/12/26 | 711,530 | |||||||||
2,552,000 | 2.632 | 07/14/26 | 2,507,468 | |||||||||
Sumitomo Mitsui Trust Bank Ltd. | ||||||||||||
2,680,000 | 5.200 | (b) | 03/07/27 | 2,720,575 | ||||||||
(Secured Overnight Financing Rate + 0.980%) | ||||||||||||
2,594,000 | 5.377 | (b)(c) | 09/10/27 | 2,610,809 | ||||||||
|
GOLDMAN SACHS ENHANCED INCOME FUND
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Corporate Obligations (continued) | ||||||||||||
Banks (continued) | ||||||||||||
Toronto-Dominion Bank | ||||||||||||
$ |
1,810,000 | 4.693 | % | 09/15/27 | $ 1,827,086 | |||||||
2,231,000 | 4.861 | 01/31/28 | 2,261,052 | |||||||||
Truist Bank(a)(c) (Secured Overnight Financing Rate + 0.590%) | ||||||||||||
1,397,000 | 4.671 | 05/20/27 | 1,399,249 | |||||||||
Truist Financial Corp.(a) | ||||||||||||
762,000 | 1.200 | 08/05/25 | 759,386 | |||||||||
UBS Group AG(b) | ||||||||||||
1,036,000 | 4.125 | 09/24/25 | 1,034,063 | |||||||||
Wells Fargo & Co.(a)(c) (Secured Overnight Financing Rate + 1.560%) | ||||||||||||
2,390,000 | 4.540 | 08/15/26 | 2,389,331 | |||||||||
Westpac New Zealand Ltd.(b) | ||||||||||||
1,175,000 | 4.902 | 02/15/28 | 1,189,923 | |||||||||
| ||||||||||||
90,234,802 | ||||||||||||
| ||||||||||||
Biotechnology(a) 0.5% | ||||||||||||
Amgen, Inc. | ||||||||||||
2,978,000 | 5.507 | 03/02/26 | 2,978,119 | |||||||||
| ||||||||||||
Building Materials(a)(b) 0.1% | ||||||||||||
Standard Industries, Inc. | ||||||||||||
805,000 | 4.750 | 01/15/28 | 796,540 | |||||||||
| ||||||||||||
Commercial Services(a) 0.9% | ||||||||||||
Brinks Co.(b) | ||||||||||||
385,000 | 6.500 | 06/15/29 | 396,762 | |||||||||
Global Payments, Inc. | ||||||||||||
525,000 | 1.200 | 03/01/26 | 512,510 | |||||||||
Quanta Services, Inc. | ||||||||||||
4,414,000 | 4.750 | 08/09/27 | 4,451,298 | |||||||||
| ||||||||||||
5,360,570 | ||||||||||||
| ||||||||||||
Diversified Financial Services 3.4% | ||||||||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust | ||||||||||||
709,000 | 6.500 | (a) | 07/15/25 | 709,440 | ||||||||
3,992,000 | 4.450 | (a) | 10/01/25 | 3,988,766 | ||||||||
1,364,000 | 2.450 | (a) | 10/29/26 | 1,328,945 | ||||||||
384,000 | 4.625 | (a) | 10/15/27 | 385,551 | ||||||||
Air Lease Corp. | ||||||||||||
764,000 | 3.375 | (a) | 07/01/25 | 764,000 | ||||||||
906,000 | 2.875 | (a) | 01/15/26 | 896,768 | ||||||||
American Express Co.(a)(c) (Secured Overnight Financing Rate + 1.350%) | ||||||||||||
2,282,000 | 5.708 | 10/30/26 | 2,290,923 | |||||||||
Aviation Capital Group LLC(a)(b) | ||||||||||||
550,000 | 1.950 | 01/30/26 | 541,321 | |||||||||
Citigroup Global Markets Holdings, Inc.(a) | ||||||||||||
2,864,000 | 4.800 | 12/19/25 | 2,864,258 | |||||||||
Jefferies Financial Group, Inc.(a) | ||||||||||||
3,296,000 | 5.000 | 02/10/26 | 3,292,671 | |||||||||
Macquarie Airfinance Holdings Ltd.(a)(b) | ||||||||||||
110,000 | 6.400 | 03/26/29 | 114,896 | |||||||||
Nomura Holdings, Inc. | ||||||||||||
1,390,000 | 5.099 | 07/03/25 | 1,390,000 | |||||||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Corporate Obligations (continued) | ||||||||||||
Diversified Financial Services (continued) | ||||||||||||
United Wholesale Mortgage LLC(a)(b) | ||||||||||||
$ |
1,460,000 | 5.500 | % | 11/15/25 | $ 1,459,124 | |||||||
| ||||||||||||
20,026,663 | ||||||||||||
| ||||||||||||
Electrical(a) 2.0% | ||||||||||||
Dominion Energy, Inc. | ||||||||||||
2,025,000 | 1.450 | 04/15/26 | 1,976,603 | |||||||||
Enel Finance International NV(b) | ||||||||||||
2,575,000 | 1.625 | 07/12/26 | 2,499,038 | |||||||||
NextEra Energy Capital Holdings, Inc. | ||||||||||||
2,630,000 | 4.625 | 07/15/27 | 2,647,121 | |||||||||
Public Service Enterprise Group, Inc. | ||||||||||||
675,000 | 0.800 | 08/15/25 | 671,321 | |||||||||
Southern Power Co. | ||||||||||||
500,000 | 0.900 | 01/15/26 | 489,605 | |||||||||
Xcel Energy, Inc. | ||||||||||||
3,325,000 | 1.750 | 03/15/27 | 3,181,559 | |||||||||
| ||||||||||||
11,465,247 | ||||||||||||
| ||||||||||||
Electrical Components & Equipment(a)(b) 0.1% | ||||||||||||
WESCO Distribution, Inc. | ||||||||||||
620,000 | 6.375 | 03/15/29 | 638,364 | |||||||||
| ||||||||||||
Entertainment(a)(b) 0.1% | ||||||||||||
Six Flags Entertainment Corp. | ||||||||||||
334,000 | 7.000 | 07/01/25 | 334,000 | |||||||||
| ||||||||||||
Environmental(a) 1.0% | ||||||||||||
Veralto Corp. | ||||||||||||
1,273,000 | 5.500 | 09/18/26 | 1,288,263 | |||||||||
Waste Management, Inc. | ||||||||||||
625,000 | 0.750 | 11/15/25 | 616,231 | |||||||||
4,050,000 | 4.500 | 03/15/28 | 4,092,404 | |||||||||
| ||||||||||||
5,996,898 | ||||||||||||
| ||||||||||||
Food & Drug Retailing 2.7% | ||||||||||||
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons | ||||||||||||
1,430,000 | 3.250 | 03/15/26 | 1,410,352 | |||||||||
Campbells Co. | ||||||||||||
1,580,000 | 5.200 | 03/19/27 | 1,603,195 | |||||||||
General Mills, Inc.(a) | ||||||||||||
2,550,000 | 4.700 | 01/30/27 | 2,564,586 | |||||||||
J.M. Smucker Co.(a) | ||||||||||||
813,000 | 5.900 | 11/15/28 | 854,414 | |||||||||
Mars, Inc.(a)(b) | ||||||||||||
6,164,000 | 4.600 | 03/01/28 | 6,215,161 | |||||||||
Mondelez International Holdings Netherlands BV(b) | ||||||||||||
3,250,000 | 4.250 | 09/15/25 | 3,246,555 | |||||||||
| ||||||||||||
15,894,263 | ||||||||||||
| ||||||||||||
Gas(a) 0.2% | ||||||||||||
NiSource, Inc. | ||||||||||||
1,025,000 | 0.950 | 08/15/25 | 1,020,142 | |||||||||
|
GOLDMAN SACHS ENHANCED INCOME FUND
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Corporate Obligations (continued) | ||||||||||||
Healthcare Providers & Services 1.1% | ||||||||||||
HCA, Inc.(a) | ||||||||||||
$ |
1,500,000 | 5.625 | % | 09/01/28 | $ 1,544,370 | |||||||
PeaceHealth Obligated Group(a) | ||||||||||||
17,000 | 1.375 | 11/15/25 | 16,759 | |||||||||
Thermo Fisher Scientific, Inc.(a) | ||||||||||||
2,760,000 | 5.000 | 12/05/26 | 2,789,973 | |||||||||
UnitedHealth Group, Inc. | ||||||||||||
2,000,000 | 3.100 | 03/15/26 | 1,979,760 | |||||||||
| ||||||||||||
6,330,862 | ||||||||||||
| ||||||||||||
Home Builders(a) 0.2% | ||||||||||||
Lennar Corp. | ||||||||||||
1,308,000 | 5.250 | 06/01/26 | 1,310,655 | |||||||||
| ||||||||||||
Insurance(b) 0.7% | ||||||||||||
Athene Global Funding | ||||||||||||
106,000 | 1.450 | 01/08/26 | 104,277 | |||||||||
Corebridge Global Funding(c) (Secured Overnight Financing Rate + 1.300%) | ||||||||||||
2,621,000 | 5.712 | 09/25/26 | 2,640,055 | |||||||||
Equitable Financial Life Global Funding | ||||||||||||
700,000 | 1.400 | 07/07/25 | 700,000 | |||||||||
Great-West Lifeco U.S. Finance 2020 LP(a) | ||||||||||||
425,000 | 0.904 | 08/12/25 | 423,032 | |||||||||
| ||||||||||||
3,867,364 | ||||||||||||
| ||||||||||||
Internet(a) 0.6% | ||||||||||||
eBay, Inc. | ||||||||||||
1,550,000 | 1.400 | 05/10/26 | 1,510,243 | |||||||||
Prosus NV(b) | ||||||||||||
2,260,000 | 3.257 | 01/19/27 | 2,209,856 | |||||||||
| ||||||||||||
3,720,099 | ||||||||||||
| ||||||||||||
Leisure Time(a)(b) 0.2% | ||||||||||||
Carnival Corp. | ||||||||||||
905,000 | 5.750 | 03/01/27 | 912,294 | |||||||||
| ||||||||||||
Lodging(a) 0.3% | ||||||||||||
Marriott International, Inc. | ||||||||||||
1,530,000 | 5.450 | 09/15/26 | 1,547,350 | |||||||||
| ||||||||||||
Machinery-Diversified(a) 0.9% | ||||||||||||
Ingersoll Rand, Inc. | ||||||||||||
5,220,000 | 5.197 | 06/15/27 | 5,305,243 | |||||||||
| ||||||||||||
Mining(a)(b) 0.1% | ||||||||||||
Glencore Funding LLC | ||||||||||||
675,000 | 1.625 | 09/01/25 | 671,382 | |||||||||
| ||||||||||||
Miscellaneous Manufacturing(a) 0.1% | ||||||||||||
Axon Enterprise, Inc.(b) | ||||||||||||
355,000 | 6.125 | 03/15/30 | 365,206 | |||||||||
Hillenbrand, Inc. | ||||||||||||
484,000 | 6.250 | 02/15/29 | 492,949 | |||||||||
| ||||||||||||
858,155 | ||||||||||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Corporate Obligations (continued) | ||||||||||||
Office & Business Equipment(a)(b) 0.1% | ||||||||||||
Xerox Holdings Corp. | ||||||||||||
$ |
356,000 | 5.000 | % | 08/15/25 | $ 354,476 | |||||||
| ||||||||||||
Oil Field Services 1.7% | ||||||||||||
Canadian Natural Resources Ltd.(a) | ||||||||||||
825,000 | 2.050 | 07/15/25 | 824,076 | |||||||||
Pioneer Natural Resources Co. | ||||||||||||
2,825,000 | 5.100 | 03/29/26 | 2,838,306 | |||||||||
QatarEnergy(a)(b) | ||||||||||||
2,520,000 | 1.375 | 09/12/26 | 2,423,509 | |||||||||
SA Global Sukuk Ltd.(a) | ||||||||||||
2,520,000 | 1.602 | 06/17/26 | 2,446,920 | |||||||||
Sunoco LP(a)(b) | ||||||||||||
750,000 | 7.000 | 05/01/29 | 781,095 | |||||||||
Sunoco LP/Sunoco Finance Corp.(a)(b) | ||||||||||||
760,000 | 7.000 | 09/15/28 | 783,248 | |||||||||
| ||||||||||||
10,097,154 | ||||||||||||
| ||||||||||||
Packaging(a) 0.1% | ||||||||||||
Berry Global, Inc. | ||||||||||||
550,000 | 1.570 | 01/15/26 | 539,561 | |||||||||
| ||||||||||||
Pharmaceuticals 3.2% | ||||||||||||
AbbVie, Inc.(a) | ||||||||||||
7,400,000 | 4.800 | 03/15/27 | 7,473,334 | |||||||||
Cardinal Health, Inc. | ||||||||||||
4,792,000 | 4.700 | 11/15/26 | 4,816,583 | |||||||||
CVS Health Corp. | ||||||||||||
209,000 | 3.875 | (a) | 07/20/25 | 208,850 | ||||||||
4,893,000 | 5.000 | (a) | 02/20/26 | 4,896,719 | ||||||||
PRA Health Sciences, Inc.(a)(b) | ||||||||||||
1,435,000 | 2.875 | 07/15/26 | 1,400,617 | |||||||||
| ||||||||||||
18,796,103 | ||||||||||||
| ||||||||||||
Pipelines 1.6% | ||||||||||||
Gulfstream Natural Gas System LLC(b) | ||||||||||||
245,000 | 6.190 | 11/01/25 | 245,777 | |||||||||
Hess Midstream Operations LP | ||||||||||||
795,000 | 5.875 | (a)(b) | 03/01/28 | 806,798 | ||||||||
300,000 | 6.500 | (a)(b) | 06/01/29 | 308,328 | ||||||||
Kinetik Holdings LP(a)(b) | ||||||||||||
705,000 | 6.625 | 12/15/28 | 721,039 | |||||||||
NuStar Logistics LP(a) | ||||||||||||
1,360,000 | 6.000 | 06/01/26 | 1,365,358 | |||||||||
ONEOK, Inc.(a) | ||||||||||||
2,645,000 | 4.250 | 09/24/27 | 2,641,403 | |||||||||
Williams Cos., Inc.(a) | ||||||||||||
3,090,000 | 5.300 | 08/15/28 | 3,175,469 | |||||||||
| ||||||||||||
9,264,172 | ||||||||||||
| ||||||||||||
Real Estate Investment Trust(a) 0.1% | ||||||||||||
Crown Castle, Inc. | ||||||||||||
700,000 | 1.350 | 07/15/25 | 699,006 | |||||||||
| ||||||||||||
Retailing(a) 1.3% | ||||||||||||
1011778 BC ULC/New Red Finance, Inc.(b) | ||||||||||||
1,130,000 | 6.125 | 06/15/29 | 1,160,939 | |||||||||
|
GOLDMAN SACHS ENHANCED INCOME FUND
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Corporate Obligations (continued) | ||||||||||||
Retailing(a) (continued) | ||||||||||||
7-Eleven, Inc.(b) | ||||||||||||
$ |
1,577,000 | 0.950 | % | 02/10/26 | $ 1,541,896 | |||||||
Murphy Oil USA, Inc. | ||||||||||||
1,535,000 | 5.625 | 05/01/27 | 1,534,770 | |||||||||
OReilly Automotive, Inc. | ||||||||||||
1,965,000 | 5.750 | 11/20/26 | 2,000,783 | |||||||||
Penske Automotive Group, Inc. | ||||||||||||
1,515,000 | 3.500 | 09/01/25 | 1,509,773 | |||||||||
| ||||||||||||
7,748,161 | ||||||||||||
| ||||||||||||
Semiconductors(a) 1.5% | ||||||||||||
Broadcom, Inc. | ||||||||||||
5,210,000 | 5.050 | 07/12/27 | 5,287,368 | |||||||||
Intel Corp. | ||||||||||||
2,300,000 | 4.875 | 02/10/28 | 2,330,038 | |||||||||
NXP BV/NXP Funding LLC/NXP USA, Inc. | ||||||||||||
1,097,000 | 4.400 | 06/01/27 | 1,099,216 | |||||||||
| ||||||||||||
8,716,622 | ||||||||||||
| ||||||||||||
Software 1.1% | ||||||||||||
Cadence Design Systems, Inc. | ||||||||||||
520,000 | 4.200 | 09/10/27 | 521,004 | |||||||||
Fidelity National Information Services, Inc.(a) | ||||||||||||
1,050,000 | 1.150 | 03/01/26 | 1,026,469 | |||||||||
Oracle Corp. | ||||||||||||
1,900,000 | 5.800 | 11/10/25 | 1,907,695 | |||||||||
1,209,000 | 4.800 | (a) | 08/03/28 | 1,228,707 | ||||||||
Synopsys, Inc.(a) | ||||||||||||
1,873,000 | 4.650 | 04/01/28 | 1,892,142 | |||||||||
| ||||||||||||
6,576,017 | ||||||||||||
| ||||||||||||
Telecommunication Services(a) 0.3% | ||||||||||||
T-Mobile USA, Inc. | ||||||||||||
1,550,000 | 3.750 | 04/15/27 | 1,534,361 | |||||||||
| ||||||||||||
Trucking & Leasing(a)(b) 0.4% | ||||||||||||
Penske Truck Leasing Co. LP/PTL Finance Corp. | ||||||||||||
1,025,000 | 1.200 | 11/15/25 | 1,011,378 | |||||||||
418,000 | 1.700 | 06/15/26 | 406,543 | |||||||||
705,000 | 5.350 | 01/12/27 | 712,959 | |||||||||
| ||||||||||||
2,130,880 | ||||||||||||
| ||||||||||||
TOTAL CORPORATE OBLIGATIONS (Cost $264,155,457) |
$265,428,939 | |||||||||||
| ||||||||||||
Asset-Backed Securities(a) 14.9% | ||||||||||||
Automotive 2.0% | ||||||||||||
Ford Credit Floorplan Master Owner Trust Series 2020-2, Class A | ||||||||||||
$ |
3,200,000 | 1.060 | % | 09/15/27 | $ 3,176,460 | |||||||
Hyundai Auto Lease Securitization Trust Series 2024-B, Class A3(b) | ||||||||||||
2,100,000 | 5.410 | 05/17/27 | 2,116,378 | |||||||||
Hyundai Auto Receivables Trust Series 2022-C, Class A3 | ||||||||||||
1,307,453 | 5.390 | 06/15/27 | 1,310,861 | |||||||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Asset-Backed Securities(a) (continued) | ||||||||||||
Automotive (continued) | ||||||||||||
Hyundai Auto Receivables Trust Series 2024-B, Class A3 | ||||||||||||
$ |
325,000 | 4.840 | % | 03/15/29 | $ 328,113 | |||||||
Tesla Auto Lease Trust Series 2023-B, Class A3(b) | ||||||||||||
754,360 | 6.130 | 09/21/26 | 756,452 | |||||||||
Toyota Auto Receivables Owner Trust Series 2022-D, Class A3 | ||||||||||||
1,225,093 | 5.300 | 09/15/27 | 1,229,951 | |||||||||
Volkswagen Auto Loan Enhanced Trust Series 2024-1, Class A2A | ||||||||||||
2,443,032 | 4.650 | 11/22/27 | 2,444,174 | |||||||||
| ||||||||||||
11,362,389 | ||||||||||||
| ||||||||||||
Collateralized Loan Obligations(c) 9.1% | ||||||||||||
Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class A1R2(b) (3 mo. USD Term SOFR + 1.410%) | ||||||||||||
1,300,000 | 5.621 | 07/20/38 | 1,300,000 | |||||||||
Anchorage Capital CLO 18 Ltd. Series 2021-18A, Class A1(b) (3 mo. USD Term SOFR + 1.412%) | ||||||||||||
4,000,000 | 5.668 | 04/15/34 | 4,008,800 | |||||||||
Apidos CLO XXIII Ltd. Series 2015-23A, Class ARR(b) (3 mo. USD Term SOFR + 1.050%) | ||||||||||||
2,975,000 | 5.306 | 04/15/33 | 2,970,668 | |||||||||
Bain Capital Credit CLO Ltd. Series 2021-7A, Class A1R(b) (3 mo. USD Term SOFR + 0.980%) | ||||||||||||
5,000,000 | 5.252 | 01/22/35 | 5,013,535 | |||||||||
CarVal CLO XI C Ltd. Series 2024-3A, Class A1(b) (3 mo. USD Term SOFR + 1.390%) | ||||||||||||
1,500,000 | 5.660 | 10/20/37 | 1,503,567 | |||||||||
CBAM Ltd. Series 2017-2A, Class AR(b) (3 mo. USD Term SOFR + 1.452%) | ||||||||||||
5,000,000 | 5.731 | 07/17/34 | 5,011,845 | |||||||||
Cedar Funding VII CLO Ltd. Series 2018-7A, Class AR(b) (3 mo. USD Term SOFR + 1.080%) | ||||||||||||
1,990,748 | 5.350 | 01/20/31 | 1,989,174 | |||||||||
Dunedin Park CLO DAC Series 1X, Class AR (3 mo. EUR EURIBOR + 0.980%) | ||||||||||||
EUR |
1,900,000 | 3.081 | 11/20/34 | 2,230,309 | ||||||||
Fort Greene Park CLO LLC Series 2025-2A, Class AR(b) (3 mo. USD Term SOFR + 0.950%) | ||||||||||||
$ |
2,100,000 | 5.222 | 04/22/34 | 2,086,818 | ||||||||
Madison Park Funding XXX Ltd. Series 2018-30A, Class A1R(b) (3 mo. USD Term SOFR + 1.360%) | ||||||||||||
2,750,000 | 5.621 | 07/16/37 | 2,755,481 | |||||||||
Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR2(b) (3 mo. USD Term SOFR + 1.530%) | ||||||||||||
1,000,000 | 5.786 | 04/15/37 | 1,005,038 | |||||||||
Mountain View CLO LLC Series 2016-1A, Class AR2(b) (3 mo. USD Term SOFR + 1.260%) | ||||||||||||
697,466 | 5.502 | 04/14/33 | 698,095 | |||||||||
Mountain View CLO XVI Ltd. Series 2022-1A, Class A1R(b) (3 mo. USD Term SOFR + 1.460%) | ||||||||||||
1,575,000 | 5.716 | 04/15/34 | 1,576,575 | |||||||||
Northwoods Capital XVIII Ltd. Series 2019-18A, Class AR(b) (3 mo. USD Term SOFR + 1.362%) | ||||||||||||
4,118,577 | 5.684 | 05/20/32 | 4,119,615 | |||||||||
|
GOLDMAN SACHS ENHANCED INCOME FUND
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Asset-Backed Securities(a) (continued) | ||||||||||||
Collateralized Loan Obligations(c) (continued) | ||||||||||||
OCP CLO Ltd. Series 2014-5A, Class A1R(b) (3 mo. USD Term SOFR + 1.342%) | ||||||||||||
$ |
248,982 | 5.624 | % | 04/26/31 | $ 249,073 | |||||||
Octagon 54 Ltd. Series 2021-1A, Class A1(b) (3 mo. USD Term SOFR + 1.382%) | ||||||||||||
1,000,000 | 5.638 | 07/15/34 | 1,000,329 | |||||||||
OHA Credit Funding 3 Ltd. Series 2019-3A, Class AR2(b) (3 mo. USD Term SOFR + 1.320%) | ||||||||||||
1,500,000 | 5.590 | 01/20/38 | 1,505,952 | |||||||||
Pikes Peak CLO 2 Series 2018-2A, Class ARR(b) (3 mo. USD Term SOFR + 1.220%) | ||||||||||||
6,700,000 | 5.490 | 10/11/34 | 6,711,430 | |||||||||
Trinitas CLO VI Ltd. Series 2017-6A, Class ARRR(b) (3 mo. USD Term SOFR + 1.330%) | ||||||||||||
900,000 | 5.612 | 01/25/34 | 900,022 | |||||||||
Trysail CLO Ltd. Series 2021-1A, Class A1(b) (3 mo. USD Term SOFR + 1.582%) | ||||||||||||
1,216,779 | 5.851 | 07/20/32 | 1,214,553 | |||||||||
Wellfleet CLO Ltd. Series 2021-3A, Class A(b) (3 mo. USD Term SOFR + 1.452%) | ||||||||||||
5,000,000 | 5.708 | 01/15/35 | 5,006,785 | |||||||||
Zais CLO 15 Ltd. Series 2020-15A, Class A1RR(b) (3 mo. USD Term SOFR + 1.490%) | ||||||||||||
475,000 | 5.773 | 07/28/37 | 474,288 | |||||||||
| ||||||||||||
53,331,952 | ||||||||||||
| ||||||||||||
Credit Card 1.0% | ||||||||||||
Citibank Credit Card Issuance Trust Series 2023-A1, Class A1 | ||||||||||||
5,990,000 | 5.230 | 12/08/27 | 6,007,488 | |||||||||
| ||||||||||||
Student Loan(c) 2.8% | ||||||||||||
Access Group, Inc. Series 2013-1, Class A(b) (1 mo. USD Term SOFR + 0.614%) | ||||||||||||
187,623 | 4.920 | 02/25/36 | 185,908 | |||||||||
Balboa Bay Loan Funding Ltd. Series 2023-1A, Class AR(b) (3 mo. USD Term SOFR + 1.420%) | ||||||||||||
2,350,000 | 5.690 | 04/20/36 | 2,350,000 | |||||||||
Diameter Capital CLO 4 Ltd. Series 2022-4A, Class A1R(b) (3 mo. USD Term SOFR + 1.830%) | ||||||||||||
2,100,000 | 6.086 | 01/15/37 | 2,108,702 | |||||||||
ECMC Group Student Loan Trust Series 2017-1A, Class A(b) (1 mo. USD Term SOFR + 1.314%) | ||||||||||||
1,003,262 | 5.620 | 12/27/66 | 1,008,338 | |||||||||
Elmwood CLO 27 Ltd. Series 2024-3A, Class A(b) (3 mo. USD Term SOFR + 1.520%) | ||||||||||||
1,875,000 | 5.790 | 04/18/37 | 1,881,144 | |||||||||
Illinois Student Assistance Commission Series 2010-1, Class A3 (3 mo. USD Term SOFR + 1.162%) | ||||||||||||
300,081 | 5.525 | 07/25/45 | 299,810 | |||||||||
Kentucky Higher Education Student Loan Corp. Series 2021-1, Class A1B (1 mo. USD Term SOFR + 0.894%) | ||||||||||||
480,128 | 5.219 | 03/25/51 | 473,293 | |||||||||
Marble Point CLO XIV Ltd. Series 2018-2A, Class A12R(b) (3 mo. USD Term SOFR + 1.200%) | ||||||||||||
2,040,459 | 5.470 | 01/20/32 | 2,038,386 | |||||||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Asset-Backed Securities(a) (continued) | ||||||||||||
Student Loan(c) (continued) | ||||||||||||
Massachusetts Educational Financing Authority Series 2008-1, Class A1 | ||||||||||||
$ |
73,674 | 5.575 | % | 04/25/38 | $ 72,695 | |||||||
Navient Student Loan Trust Series 2017-2A, Class A(b) (1 mo. USD Term SOFR + 1.164%) | ||||||||||||
1,479,469 | 5.470 | 12/27/66 | 1,478,773 | |||||||||
Nelnet Student Loan Trust Series 2012-3A, Class A(b) (1 mo. USD Term SOFR + 0.814%) | ||||||||||||
1,046,905 | 5.120 | 03/26/40 | 1,043,155 | |||||||||
Neuberger Berman Loan Advisers CLO 39 Ltd. Series 2020-39A, Class A1R(b) (3 mo. USD Term SOFR + 1.530%) | ||||||||||||
1,500,000 | 5.800 | 04/20/38 | 1,509,095 | |||||||||
PHEAA Student Loan Trust Series 2014-3A, Class A(b) (1 mo. USD Term SOFR + 0.704%) | ||||||||||||
1,415,346 | 5.010 | 08/25/40 | 1,407,635 | |||||||||
Rhode Island Student Loan Authority Series 2012-1, Class A1 (1 mo. USD Term SOFR + 1.014%) | ||||||||||||
225,897 | 5.328 | 07/01/31 | 225,726 | |||||||||
| ||||||||||||
16,082,660 | ||||||||||||
| ||||||||||||
TOTAL ASSET-BACKED SECURITIES (Cost $86,545,334) |
$ 86,784,489 | |||||||||||
| ||||||||||||
Mortgage-Backed Obligations 5.0% | ||||||||||||
Collateralized Mortgage Obligations 0.3% | ||||||||||||
Regular Floater 0.2% | ||||||||||||
Federal Home Loan Mortgage Corp. REMICS Series 3371, Class FA | ||||||||||||
$ |
218,703 | 5.018 | %(a)(c) | 09/15/37 | $ 217,465 | |||||||
Federal Home Loan Mortgage Corp. REMICS Series 3545, Class FA | ||||||||||||
24,292 | 5.268 | (c) | 06/15/39 | 24,479 | ||||||||
Federal Home Loan Mortgage Corp. REMICS Series 3374, Class FT | ||||||||||||
29,914 | 4.718 | (c) | 04/15/37 | 29,115 | ||||||||
Federal Home Loan Mortgage Corp. STRIPS Series 237, Class F23 | ||||||||||||
69,594 | 4.818 | (c) | 05/15/36 | 68,920 | ||||||||
Federal National Mortgage Association REMICS Series 2013-96, Class FW (1 mo. USD Term SOFR + 0.514%) | ||||||||||||
34,358 | 4.820 | (c) | 09/25/43 | 33,905 | ||||||||
Federal National Mortgage Association REMICS Series 2006-72, Class XF (1 mo. USD Term SOFR + 0.614%) | ||||||||||||
109,084 | 4.920 | (c) | 08/25/36 | 108,125 | ||||||||
Federal National Mortgage Association REMICS Series 2009-75, Class MF (1 mo. USD Term SOFR + 1.264%) | ||||||||||||
196,814 | 5.570 | (c) | 09/25/39 | 199,490 | ||||||||
Federal National Mortgage Association REMICS Series 2008-22, Class FD (1 mo. USD Term SOFR + 0.954%) | ||||||||||||
131,223 | 5.260 | (c) | 04/25/48 | 131,042 | ||||||||
| ||||||||||||
812,541 | ||||||||||||
|
GOLDMAN SACHS ENHANCED INCOME FUND
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Mortgage-Backed Obligations (continued) | ||||||||||||
Sequential Fixed Rate 0.0% | ||||||||||||
Federal Home Loan Mortgage Corp. REMICS Series 4248, Class LM | ||||||||||||
$ |
147,592 | 6.500 | % | 05/15/41 | $ 154,663 | |||||||
| ||||||||||||
Sequential Floating Rate 0.1% | ||||||||||||
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | ||||||||||||
442,000 | 5.955 | (a)(b)(c) | 12/25/41 | 444,549 | ||||||||
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1 (1 mo. USD Term SOFR + 1.900%) | ||||||||||||
134,641 | 6.205 | (a)(b)(c) | 04/25/42 | 135,237 | ||||||||
Verus Securitization Trust Series 2021-8, Class A1 | ||||||||||||
155,328 | 1.824 | (a)(b)(c) | 11/25/66 | 140,883 | ||||||||
| ||||||||||||
720,669 | ||||||||||||
| ||||||||||||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | 1,687,873 | |||||||||||
| ||||||||||||
Commercial Mortgage-Backed Securities 3.9% | ||||||||||||
Sequential Fixed Rate 1.2% | ||||||||||||
Bank Series 2019-BN17, Class A4 | ||||||||||||
$ |
1,450,000 | 3.714 | %(a) | 04/15/52 | $ 1,409,551 | |||||||
Bank5 Series 2024-5YR11, Class A3 | ||||||||||||
1,000,000 | 5.893 | (a) | 11/15/57 | 1,047,020 | ||||||||
Benchmark Mortgage Trust Series 2024-V5, Class A3 | ||||||||||||
2,050,000 | 5.805 | (a) | 01/10/57 | 2,126,439 | ||||||||
BMO Mortgage Trust Series 2024-5C3, Class A3 | ||||||||||||
950,000 | 5.739 | (a) | 02/15/57 | 981,829 | ||||||||
Wells Fargo Commercial Mortgage Trust Series 2025-5C4, Class A3 | ||||||||||||
1,450,000 | 5.673 | (a) | 05/15/58 | 1,509,459 | ||||||||
| ||||||||||||
7,074,298 | ||||||||||||
| ||||||||||||
Sequential Floating Rate 2.7% | ||||||||||||
Bank5 Series 2024-5YR12, Class A3 | ||||||||||||
1,100,000 | 5.902 | (a)(c) | 12/15/57 | 1,153,876 | ||||||||
BBCMS Mortgage Trust Series 2023-5C23, Class A3 | ||||||||||||
1,350,000 | 6.675 | (a)(c) | 12/15/56 | 1,432,224 | ||||||||
BX Commercial Mortgage Trust Series 2024-XL4, Class A (1 mo. USD Term SOFR + 1.442%) | ||||||||||||
1,751,894 | 5.754 | (b)(c) | 02/15/39 | 1,753,785 | ||||||||
BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | ||||||||||||
1,845,568 | 5.703 | (b)(c) | 03/15/41 | 1,846,945 | ||||||||
BX Trust Series 2021-ARIA, Class A (1 mo. USD Term SOFR + 1.014%) | ||||||||||||
1,100,000 | 5.326 | (b)(c) | 10/15/36 | 1,096,724 | ||||||||
BX Trust Series 2021-MFM1, Class A (1 mo. USD Term SOFR + 0.814%) | ||||||||||||
38,100 | 5.127 | (b)(c) | 01/15/34 | 38,088 | ||||||||
BX Trust Series 2021-BXMF, Class A (1 mo. USD Term SOFR + 0.750%) | ||||||||||||
565,618 | 5.062 | (b)(c) | 10/15/26 | 565,008 | ||||||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Mortgage-Backed Obligations (continued) | ||||||||||||
Sequential Floating Rate (continued) | ||||||||||||
BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | ||||||||||||
$ |
1,200,000 | 5.954 | %(b)(c) | 02/15/41 | $ 1,199,409 | |||||||
ELP Commercial Mortgage Trust Series 2021-ELP, Class A (1 mo. USD Term SOFR + 0.815%) | ||||||||||||
3,695,698 | 5.128 | (b)(c) | 11/15/38 | 3,688,739 | ||||||||
EQUS Mortgage Trust Series 2021-EQAZ, Class A (1 mo. USD Term SOFR + 1.019%) | ||||||||||||
549,938 | 5.331 | (a)(b)(c) | 10/15/38 | 549,765 | ||||||||
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF58, Class A (1 mo. USD Term SOFR + 0.614%) | ||||||||||||
505,910 | 4.926 | (a)(c) | 01/25/26 | 506,304 | ||||||||
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF60, Class A (1 mo. USD Term SOFR + 0.604%) | ||||||||||||
261,969 | 4.916 | (a)(c) | 02/25/26 | 262,121 | ||||||||
ONE Mortgage Trust Series 2021-PARK, Class A (1 mo. USD Term SOFR + 0.814%) | ||||||||||||
919,000 | 5.127 | (b)(c) | 03/15/36 | 900,661 | ||||||||
STWD Trust Series 2021-FLWR, Class A (1 mo. USD Term SOFR + 0.691%) | ||||||||||||
989,564 | 5.003 | (b)(c) | 07/15/36 | 988,900 | ||||||||
| ||||||||||||
15,982,549 | ||||||||||||
| ||||||||||||
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | $ 23,056,847 | |||||||||||
| ||||||||||||
Federal Agencies 0.8% | ||||||||||||
Uniform Mortgage-Backed Security 0.8% | ||||||||||||
$ |
4,421,732 | 6.500 | % | 06/01/54 | $ 4,592,400 | |||||||
| ||||||||||||
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $29,171,523) |
$ 29,337,120 | |||||||||||
| ||||||||||||
Municipal Debt Obligations(a) 0.4% | ||||||||||||
New York 0.2% | ||||||||||||
New York NY GO Bonds (Build America Bonds) Series G-1 | ||||||||||||
$ |
1,215,000 | 5.698 | % | 03/01/27 | $ 1,236,991 | |||||||
| ||||||||||||
Texas 0.2% | ||||||||||||
San Antonio GO Bonds Taxable Series 2023 | ||||||||||||
1,330,000 | 5.635 | 02/01/26 | 1,331,667 | |||||||||
| ||||||||||||
TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $2,565,168) |
$ 2,568,658 | |||||||||||
|
GOLDMAN SACHS ENHANCED INCOME FUND
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Sovereign Debt Obligations 0.4% | ||||||||||||
United States Dollar 0.4% | ||||||||||||
Saudi Government International Bonds | ||||||||||||
$ |
2,320,000 | 3.250 | % | 10/26/26 | $ 2,283,019 | |||||||
(Cost $2,365,719) | ||||||||||||
| ||||||||||||
U.S. Treasury Obligations 13.9% | ||||||||||||
U.S. Treasury Notes | ||||||||||||
$ |
52,040,000 | 2.750 | % | 04/30/27 | $ 51,117,104 | |||||||
30,730,000 | 2.625 | 05/31/27 | 30,097,394 | |||||||||
| ||||||||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $80,926,165) |
$ 81,214,498 | |||||||||||
| ||||||||||||
Shares | Dividend Rate |
Value | ||||||||||
Investment Company(d) 0.3% | ||||||||||||
Goldman Sachs Financial Square Government Fund Institutional Shares | ||||||||||||
1,433,326 | 4.231% | $ 1,433,326 | ||||||||||
(Cost $1,433,326) | ||||||||||||
| ||||||||||||
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS 80.4% (Cost $467,162,692) |
$469,050,049 | |||||||||||
| ||||||||||||
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Short-term Investments 17.5% | ||||||||||||
Certificates of Deposit(c) 3.2% | ||||||||||||
Kookmin Bank (Secured Overnight Financing Rate + 0.300%) | ||||||||||||
$ |
3,329,000 | 4.580 | % | 09/19/25 | $ 3,329,481 | |||||||
Lloyds Bank Corporate Markets PLC (Secured Overnight Financing Rate + 0.270%) | ||||||||||||
2,934,000 | 4.670 | 08/18/25 | 2,934,517 | |||||||||
National Bank of Kuwait (Secured Overnight Financing Rate + 0.590%) | ||||||||||||
5,901,000 | 4.990 | 03/26/26 | 5,905,380 | |||||||||
(Secured Overnight Financing Rate + 0.630%) | ||||||||||||
3,500,000 | 5.030 | 12/12/25 | 3,499,992 | |||||||||
Natixis SA (Secured Overnight Financing Rate + 0.620%) | ||||||||||||
3,155,000 | 4.930 | 10/29/26 | 3,162,654 | |||||||||
| ||||||||||||
18,832,024 | ||||||||||||
| ||||||||||||
Commercial Paper(e) 14.3% | ||||||||||||
Air Lease Corp. | ||||||||||||
2,474,000 | 0.000 | (b) | 07/08/25 | 2,471,416 | ||||||||
1,191,000 | 0.000 | (b) | 07/10/25 | 1,189,439 | ||||||||
1,208,000 | 0.000 | (b) | 07/17/25 | 1,205,273 | ||||||||
Alimentation Couche-Tard, Inc.(b) | ||||||||||||
1,327,000 | 0.000 | 07/03/25 | 1,326,486 | |||||||||
American Honda Finance Corp. | ||||||||||||
2,996,000 | 0.000 | 08/11/25 | 2,979,837 | |||||||||
1,878,000 | 0.000 | 08/18/25 | 1,866,129 | |||||||||
1,510,000 | 0.000 | 09/04/25 | 1,497,000 | |||||||||
2,502,000 | 0.000 | 09/05/25 | 2,480,144 | |||||||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Short-term Investments (continued) | ||||||||||||
Commercial Paper(e) (continued) | ||||||||||||
BASF SE | ||||||||||||
$ |
2,229,000 | 0.000 | %(b) | 10/17/25 | $ 2,197,543 | |||||||
3,023,000 | 0.000 | (b) | 11/07/25 | 2,972,348 | ||||||||
Bayer Corp.(b) | ||||||||||||
4,800,000 | 0.000 | 07/16/25 | 4,790,022 | |||||||||
Beth Israel Deaconess Medical Center, Inc. | ||||||||||||
7,570,000 | 0.000 | 07/10/25 | 7,559,879 | |||||||||
1,700,000 | 0.000 | 08/12/25 | 1,690,048 | |||||||||
Broadcom, Inc.(b) | ||||||||||||
3,172,000 | 0.000 | 07/24/25 | 3,162,170 | |||||||||
CommonSpirit Health | ||||||||||||
4,106,000 | 0.000 | 07/08/25 | 4,101,545 | |||||||||
3,049,000 | 0.000 | 07/22/25 | 3,039,820 | |||||||||
2,434,000 | 0.000 | 07/29/25 | 2,424,369 | |||||||||
Dominion Energy, Inc.(b) | ||||||||||||
2,964,000 | 0.000 | 08/04/25 | 2,950,749 | |||||||||
eBay, Inc.(b) | ||||||||||||
1,038,000 | 0.000 | 08/15/25 | 1,031,871 | |||||||||
Fidelity National Information Services, Inc.(b) | ||||||||||||
1,501,000 | 0.000 | 07/11/25 | 1,498,889 | |||||||||
General Motors Financial Co., Inc.(b) | ||||||||||||
3,562,000 | 0.000 | 07/01/25 | 3,561,553 | |||||||||
Intesa Sanpaolo Funding LLC | ||||||||||||
3,253,000 | 0.000 | 10/03/25 | 3,212,146 | |||||||||
Kookmin Bank(b) | ||||||||||||
2,845,000 | 0.000 | 10/17/25 | 2,805,225 | |||||||||
National Grid North America, Inc. | ||||||||||||
2,570,000 | 0.000 | (b) | 07/24/25 | 2,562,086 | ||||||||
2,980,000 | 0.000 | (b) | 07/29/25 | 2,968,950 | ||||||||
Northrop Grumman Corp. | ||||||||||||
2,927,000 | 0.000 | 07/17/25 | 2,920,627 | |||||||||
4,518,000 | 0.000 | 07/24/25 | 4,504,090 | |||||||||
Penske Truck Leasing Co. LP | ||||||||||||
4,045,000 | 0.000 | 07/07/25 | 4,041,327 | |||||||||
RTX Corp.(b) | ||||||||||||
2,569,000 | 0.000 | 07/18/25 | 2,563,023 | |||||||||
RWE AG(b) | ||||||||||||
1,481,000 | 0.000 | 08/13/25 | 1,472,401 | |||||||||
| ||||||||||||
83,046,405 | ||||||||||||
| ||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $101,872,355) |
$101,878,429 | |||||||||||
| ||||||||||||
TOTAL INVESTMENTS 97.9% (Cost $569,035,047) |
$570,928,478 | |||||||||||
| ||||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES 2.1% |
12,352,794 | |||||||||||
| ||||||||||||
NET ASSETS 100.0% | $583,281,272 | |||||||||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
(a) | Security with Call features with resetting interest rates. Maturity dates disclosed are the final maturity dates. | |
(b) | Exempt from registration under Rule 144A of the Securities Act of 1933. | |
(c) | Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2025. | |
(d) | Represents an affiliated issuer. | |
(e) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
GOLDMAN SACHS ENHANCED INCOME FUND
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS At June 30, 2025, the Fund had the following forward foreign currency exchange contracts:
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS
Counterparty | Currency Purchased |
Currency Sold |
Settlement Date |
Unrealized Loss |
||||||||||||||||
|
||||||||||||||||||||
BNP Paribas SA |
USD |
2,154,763 | EUR | 1,829,129 | 09/23/25 | $ | (11,945 | ) | ||||||||||||
|
FUTURES CONTRACTS At June 30, 2025, the Fund had the following futures contracts:
Description | Number of Contracts |
Expiration Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
||||||||
|
||||||||||||
Long position contracts: |
||||||||||||
2 Year U.S. Treasury Notes |
752 | 09/30/25 | $ | 156,433,625 | $ | 413,260 | ||||||
5 Year U.S. Treasury Notes |
254 | 09/30/25 | 27,686,000 | 298,258 | ||||||||
|
||||||||||||
TOTAL FUTURES CONTRACTS |
$ | 711,518 | ||||||||||
|
SWAP CONTRACTS At June 30, 2025, the Fund had the following swap contracts:
CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS
Payments Made by the Fund |
Payments Received by Fund |
Termination Date |
Notional Amount (000s)(a) |
Market Value |
Upfront Premium (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||
|
||||||||||||||||||||||||
12M SOFR(b) |
3.750%(b) | 09/17/26 | $ | 322,690 | $ | 448,087 | $ | (277,452 | ) | $ | 725,539 | |||||||||||||
12M SOFR(c) |
3.620(c) | 06/30/27 | 19,190 | 76,247 | (12,136 | ) | 88,383 | |||||||||||||||||
3.750%(c) |
12M SOFR(c) | 09/17/27 | 213,400 | (1,642,433 | ) | (505,026 | ) | (1,137,407 | ) | |||||||||||||||
3.750(c) |
12M SOFR(c) | 09/17/28 | 39,310 | (483,340 | ) | (169,604 | ) | (313,736 | ) | |||||||||||||||
3.620(c) |
12M SOFR(c) | 11/30/29 | 20,980 | (219,925 | ) | (14,153 | ) | (205,772 | ) | |||||||||||||||
3.600(c) |
12M SOFR(c) | 11/30/29 | 18,320 | (177,685 | ) | 17,080 | (194,765 | ) | ||||||||||||||||
|
||||||||||||||||||||||||
TOTAL |
$ | (1,999,049 | ) | $ | (961,291 | ) | $ | (1,037,758 | ) | |||||||||||||||
|
(a) | Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2025. |
(b) | Payments made at maturity. |
(c) | Payments made annually. |
GOLDMAN SACHS ENHANCED INCOME FUND
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION (continued)
| ||
Currency Abbreviations: | ||
EUR | Euro | |
USD | U.S. Dollar | |
Investment Abbreviations: | ||
CLO | Collateralized Loan Obligation | |
EURIBOR | Euro Interbank Offered Rate | |
GO | General Obligation | |
LLC | Limited Liability Company | |
LP | Limited Partnership | |
PLC | Public Limited Company | |
REMICS | Real Estate Mortgage Investment Conduits | |
SOFR | Secured Overnight Financing Rate | |
SpA | Stand-by Purchase Agreement | |
STRIPS | Separate Trading of Registered Interest and Principal of Securities | |
Abbreviation: | ||
SOFR | Secured Overnight Financing Rate | |
|
GOLDMAN SACHS GOVERNMENT INCOME FUND
Schedule of Investments
June 30, 2025 (Unaudited)
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Mortgage-Backed Obligations 66.0% | ||||||||||||
Collateralized Mortgage Obligations 3.8% | ||||||||||||
Regular Floater 0.4% | ||||||||||||
Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%) | ||||||||||||
$ |
221,195 | 5.305 | %(a) | 02/25/55 | $ 219,046 | |||||||
Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) | ||||||||||||
291,562 | 5.305 | (a) | 03/25/55 | 289,852 | ||||||||
| ||||||||||||
508,898 | ||||||||||||
| ||||||||||||
Sequential Fixed Rate 1.2% | ||||||||||||
Arroyo Mortgage Trust Series 2022-1, Class A1A | ||||||||||||
151,356 | 2.495 | (b)(c)(d) | 12/25/56 | 144,706 | ||||||||
Federal Home Loan Mortgage Corp. REMICS Series 2329, Class ZA | ||||||||||||
57,450 | 6.500 | 06/15/31 | 58,945 | |||||||||
Federal Home Loan Mortgage Corp. REMICS Series 4246, Class PT | ||||||||||||
29,917 | 6.500 | 02/15/36 | 31,260 | |||||||||
Federal National Mortgage Association REMICS Series 2011-99, | ||||||||||||
153,799 | 5.000 | 10/25/41 | 154,637 | |||||||||
Federal National Mortgage Association REMICS Series 2012-111, | ||||||||||||
23,365 | 7.000 | 10/25/42 | 24,979 | |||||||||
Federal National Mortgage Association REMICS Series 2012-153, | ||||||||||||
99,030 | 7.000 | 07/25/42 | 107,704 | |||||||||
Federal National Mortgage Association REMICS Series 2011-52, | ||||||||||||
168,062 | 5.000 | 06/25/41 | 168,983 | |||||||||
Government National Mortgage Association REMICS Series 2021-135, Class A | ||||||||||||
1,104,618 | 2.000 | (b) | 08/20/51 | 897,338 | ||||||||
| ||||||||||||
1,588,552 | ||||||||||||
| ||||||||||||
Sequential Floating Rate 2.2% | ||||||||||||
Angel Oak Mortgage Trust Series 2020-3, Class M1 | ||||||||||||
150,000 | 3.809 | (a)(b)(c) | 04/25/65 | 139,052 | ||||||||
Angel Oak Mortgage Trust Series 2021-7, Class A1 | ||||||||||||
382,784 | 1.978 | (a)(b)(c) | 10/25/66 | 331,032 | ||||||||
Ellington Financial Mortgage Trust Series 2021-1, Class A1 | ||||||||||||
319,567 | 0.797 | (a)(b)(c) | 02/25/66 | 274,784 | ||||||||
JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | ||||||||||||
459,486 | 2.520 | (a)(b)(c) | 05/25/52 | 387,648 | ||||||||
JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 | ||||||||||||
208,650 | 5.990 | (a)(b)(c) | 07/25/64 | 210,274 | ||||||||
JP Morgan Mortgage Trust Series 2024-3, Class A4 | ||||||||||||
345,239 | 3.000 | (a)(b)(c) | 05/25/54 | 311,950 | ||||||||
JP Morgan Mortgage Trust Series 2025-NQM2, Class A1 | ||||||||||||
319,406 | 5.567 | (a)(b)(c) | 09/25/65 | 321,231 | ||||||||
Merrill Lynch Mortgage Investors Trust Series 2004-E, Class A2B | ||||||||||||
19,380 | 5.353 | (a)(b) | 11/25/29 | 18,671 | ||||||||
Morgan Stanley Residential Mortgage Loan Trust Series 2025-HX1, | ||||||||||||
246,127 | 5.960 | (a)(b)(c) | 03/25/70 | 249,006 | ||||||||
OBX Trust Series 2021-NQM4, Class A1 | ||||||||||||
398,396 | 1.957 | (a)(b)(c) | 10/25/61 | 338,423 | ||||||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Mortgage-Backed Obligations (continued) | ||||||||||||
Sequential Floating Rate (continued) | ||||||||||||
OBX Trust Series 2022-J2, Class A1 | ||||||||||||
$ |
204,673 | 3.500 | %(a)(b)(c) | 08/25/52 | $ 180,752 | |||||||
Verus Securitization Trust Series 2021-8, Class A1 | ||||||||||||
59,425 | 1.824 | (a)(b)(c) | 11/25/66 | 53,898 | ||||||||
| ||||||||||||
2,816,721 | ||||||||||||
| ||||||||||||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | 4,914,171 | |||||||||||
| ||||||||||||
Commercial Mortgage-Backed Securities 7.3% | ||||||||||||
Regular Floater 0.4% | ||||||||||||
BFLD Commercial Mortgage Trust Series 2024-UNIV, Class A (1 mo. USD Term SOFR + 1.493%) | ||||||||||||
$ |
450,000 | 5.804 | %(a)(c) | 11/15/41 | $ 450,316 | |||||||
| ||||||||||||
Sequential Fixed Rate 3.5% | ||||||||||||
Bank Series 2019-BN24, Class A3 | ||||||||||||
600,000 | 2.960 | (b) | 11/15/62 | 561,104 | ||||||||
Bank Series 2020-BN29, Class A4 | ||||||||||||
600,000 | 1.997 | (b) | 11/15/53 | 517,075 | ||||||||
Bank Series 2024-BNK47, Class A5 | ||||||||||||
200,000 | 5.716 | (b) | 06/15/57 | 210,191 | ||||||||
Bank of America Merrill Lynch Commercial Mortgage Trust Series 2017-BNK3, Class A4 | ||||||||||||
150,000 | 3.574 | (b) | 02/15/50 | 147,955 | ||||||||
Bank5 Series 2024-5YR10, Class A3 | ||||||||||||
200,000 | 5.302 | (b) | 10/15/57 | 204,850 | ||||||||
Bank5 Series 2024-5YR11, Class A3 | ||||||||||||
200,000 | 5.893 | (b) | 11/15/57 | 209,404 | ||||||||
Bank5 Series 2025-5YR15, Class A3 | ||||||||||||
250,000 | 5.452 | (b) | 06/15/30 | 257,241 | ||||||||
BBCMS Mortgage Trust Series 2024-C24, Class AS | ||||||||||||
125,000 | 5.867 | (b) | 02/15/57 | 131,515 | ||||||||
BBCMS Mortgage Trust Series 2025-5C34, Class A3 | ||||||||||||
450,000 | 5.659 | (b) | 05/15/58 | 468,902 | ||||||||
BMO Mortgage Trust Series 2023-C7, Class A5 | ||||||||||||
300,000 | 6.160 | (b) | 12/15/56 | 321,980 | ||||||||
JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-OPO, Class A | ||||||||||||
125,000 | 3.024 | (c) | 01/05/39 | 113,833 | ||||||||
ROCK Trust Series 2024-CNTR, Class A | ||||||||||||
450,000 | 5.388 | (c) | 11/13/41 | 459,870 | ||||||||
Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 | ||||||||||||
500,000 | 2.626 | (b) | 04/15/54 | 443,818 | ||||||||
Wells Fargo Commercial Mortgage Trust Series 2024-C63, Class A5 | ||||||||||||
150,000 | 5.309 | (b) | 08/15/57 | 153,137 | ||||||||
Wells Fargo Commercial Mortgage Trust Series 2025-5C4, Class A3 | ||||||||||||
300,000 | 5.673 | (b) | 05/15/58 | 312,302 | ||||||||
| ||||||||||||
4,513,177 | ||||||||||||
| ||||||||||||
Sequential Floating Rate 3.4% | ||||||||||||
Bank Series 2021-BN37, Class A5 | ||||||||||||
600,000 | 2.618 | (a)(b) | 11/15/64 | 525,981 | ||||||||
Bank Series 2021-BN31, Class AS | ||||||||||||
250,000 | 2.211 | (a)(b) | 02/15/54 | 208,821 | ||||||||
|
GOLDMAN SACHS GOVERNMENT INCOME FUND
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Mortgage-Backed Obligations (continued) | ||||||||||||
Sequential Floating Rate (continued) | ||||||||||||
Bank5 Series 2024-5YR12, Class A3 | ||||||||||||
$ |
400,000 | 5.902 | %(a)(b) | 12/15/57 | $ 419,591 | |||||||
Benchmark Mortgage Trust Series 2022-B37, Class A5 | ||||||||||||
100,000 | 5.942 | (a)(b) | 11/15/55 | 105,631 | ||||||||
BLP Commercial Mortgage Trust Series 2024-IND2, Class A (1 mo. USD Term SOFR + 1.342%) | ||||||||||||
213,486 | 5.654 | (a)(c) | 03/15/41 | 213,694 | ||||||||
BMO Mortgage Trust Series 2023-C4, Class A5 | ||||||||||||
225,000 | 5.117 | (a)(b) | 02/15/56 | 227,451 | ||||||||
BPR Trust Series 2024-PMDW, Class A | ||||||||||||
150,000 | 5.358 | (a)(c) | 11/05/41 | 152,126 | ||||||||
BSTN Commercial Mortgage Trust Series 2025-1C, Class A | ||||||||||||
250,000 | 5.548 | (a)(c) | 06/15/44 | 255,466 | ||||||||
BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | ||||||||||||
174,843 | 5.703 | (a)(c) | 03/15/41 | 174,974 | ||||||||
BX Commercial Mortgage Trust Series 2024-VLT5, Class A | ||||||||||||
200,000 | 5.591 | (a)(c) | 11/13/46 | 201,679 | ||||||||
BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | ||||||||||||
425,000 | 5.954 | (a)(c) | 02/15/41 | 424,791 | ||||||||
BX Trust Series 2024-PAT, Class A (1 mo. USD Term SOFR + 2.090%) | ||||||||||||
150,000 | 6.402 | (a)(c) | 03/15/41 | 149,882 | ||||||||
Houston Galleria Mall Trust Series 2025-HGLR, Class A | ||||||||||||
150,000 | 5.644 | (a)(c) | 02/05/45 | 153,831 | ||||||||
IRV Trust Series 2025-200P, Class A | ||||||||||||
400,000 | 5.471 | (a)(b)(c) | 03/14/47 | 403,817 | ||||||||
JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | ||||||||||||
125,000 | 5.990 | (a)(c) | 10/05/39 | 127,519 | ||||||||
MSWF Commercial Mortgage Trust Series 2023-2, Class A5 | ||||||||||||
200,000 | 6.014 | (a)(b) | 12/15/56 | 214,309 | ||||||||
TYSN Mortgage Trust Series 2023-CRNR, Class A | ||||||||||||
155,000 | 6.799 | (a)(c) | 12/10/33 | 163,997 | ||||||||
Wells Fargo Commercial Mortgage Trust Series 2024-MGP, Class A12 | ||||||||||||
300,000 | 6.003 | (a)(c) | 08/15/41 | 298,501 | ||||||||
| ||||||||||||
4,422,061 | ||||||||||||
| ||||||||||||
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | $ 9,385,554 | |||||||||||
| ||||||||||||
Federal Agencies 54.9% | ||||||||||||
Adjustable Rate Federal Home Loan Mortgage Corp. 0.1% | ||||||||||||
(1 yr. CMT + 2.250%)(a) | ||||||||||||
$ |
72,941 | 7.269 | % | 09/01/33 | $ 74,210 | |||||||
| ||||||||||||
Adjustable Rate Federal National Mortgage Association 0.3% | ||||||||||||
(RFUCC 1 yr. Treasury + 1.670%)(a) | ||||||||||||
11,212 | 6.170 | 11/01/32 | 11,489 | |||||||||
96,645 | 6.876 | 10/01/33 | 99,341 | |||||||||
(RFUCC 6 mo. Treasury + 1.413%)(a) | ||||||||||||
163,618 | 6.038 | 05/01/33 | 166,001 | |||||||||
(1 yr. CMT + 2.161%)(a) | ||||||||||||
2,184 | 6.270 | 06/01/33 | 2,224 | |||||||||
(1 yr. CMT + 2.193%)(a) | ||||||||||||
68,276 | 6.429 | 02/01/35 | 69,784 | |||||||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Mortgage-Backed Obligations (continued) | ||||||||||||
Adjustable Rate Federal National Mortgage Association (continued) | ||||||||||||
(RFUCC 1 yr. Treasury + 1.389%)(a) | ||||||||||||
$ |
64,695 | 6.889 | % | 09/01/35 | $ 66,077 | |||||||
414,916 | ||||||||||||
| ||||||||||||
Adjustable Rate Government National Mortgage Association 0.2% | ||||||||||||
(1 yr. CMT + 1.500%)(a) | ||||||||||||
2 | 5.000 | 07/20/25 | 2 | |||||||||
850 | 5.625 | 02/20/26 | 850 | |||||||||
42 | 4.625 | 07/20/26 | 42 | |||||||||
4,163 | 5.625 | 01/20/27 | 4,169 | |||||||||
1,184 | 5.625 | 02/20/27 | 1,186 | |||||||||
13,981 | 4.875 | 04/20/27 | 14,013 | |||||||||
1,060 | 4.875 | 05/20/27 | 1,063 | |||||||||
2,527 | 4.875 | 06/20/27 | 2,534 | |||||||||
1,009 | 4.750 | 11/20/27 | 1,009 | |||||||||
8 | 5.000 | 11/20/27 | 8 | |||||||||
2,666 | 4.750 | 12/20/27 | 2,665 | |||||||||
7,349 | 5.625 | 01/20/28 | 7,375 | |||||||||
2,767 | 5.625 | 02/20/28 | 2,777 | |||||||||
2,420 | 5.625 | 03/20/28 | 2,429 | |||||||||
18,993 | 4.625 | 07/20/29 | 19,071 | |||||||||
5,680 | 4.625 | 08/20/29 | 5,705 | |||||||||
1,874 | 4.625 | 09/20/29 | 1,882 | |||||||||
8,403 | 4.750 | 10/20/29 | 8,429 | |||||||||
12,116 | 4.750 | 11/20/29 | 12,155 | |||||||||
1,957 | 4.750 | 12/20/29 | 1,964 | |||||||||
3,771 | 5.625 | 01/20/30 | 3,797 | |||||||||
1,077 | 5.625 | 02/20/30 | 1,084 | |||||||||
6,724 | 5.625 | 03/20/30 | 6,773 | |||||||||
10,086 | 4.875 | 04/20/30 | 10,169 | |||||||||
16,735 | 4.875 | 05/20/30 | 16,877 | |||||||||
12,580 | 5.000 | 05/20/30 | 12,683 | |||||||||
3,323 | 4.875 | 06/20/30 | 3,351 | |||||||||
25,206 | 5.000 | 07/20/30 | 25,364 | |||||||||
5,224 | 5.000 | 09/20/30 | 5,257 | |||||||||
7,957 | 4.750 | 10/20/30 | 7,992 | |||||||||
18,151 | 5.625 | 03/20/32 | 18,329 | |||||||||
| ||||||||||||
201,004 | ||||||||||||
| ||||||||||||
Federal Home Loan Mortgage Corp. 0.2% | ||||||||||||
7,230 | 6.500 | 07/01/28 | 7,273 | |||||||||
43,317 | 4.500 | 03/01/29 | 43,419 | |||||||||
4,583 | 5.000 | 08/01/33 | 4,663 | |||||||||
688 | 5.000 | 09/01/33 | 700 | |||||||||
1,811 | 5.000 | 10/01/33 | 1,843 | |||||||||
1,084 | 5.000 | 11/01/34 | 1,102 | |||||||||
41,343 | 5.000 | 12/01/34 | 42,060 | |||||||||
2,754 | 5.000 | 07/01/35 | 2,803 | |||||||||
2 | 5.000 | 11/01/35 | 2 | |||||||||
6,141 | 5.000 | 12/01/35 | 6,221 | |||||||||
11,765 | 5.000 | 02/01/37 | 11,956 | |||||||||
739 | 5.000 | 03/01/38 | 751 | |||||||||
28,958 | 5.000 | 07/01/39 | 29,330 | |||||||||
4,617 | 4.000 | 06/01/40 | 4,489 | |||||||||
1,950 | 5.000 | 08/01/40 | 1,975 | |||||||||
533 | 4.500 | 11/01/40 | 531 | |||||||||
31,075 | 4.000 | 02/01/41 | 30,211 | |||||||||
1,951 | 5.000 | 06/01/41 | 1,977 | |||||||||
|
GOLDMAN SACHS GOVERNMENT INCOME FUND
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Mortgage-Backed Obligations (continued) | ||||||||||||
Federal Home Loan Mortgage Corp. (continued) | ||||||||||||
$ |
62,238 | 5.000 | % | 07/01/41 | $ 63,101 | |||||||
2,842 | 4.000 | 11/01/41 | 2,744 | |||||||||
3,414 | 3.000 | 05/01/42 | 3,116 | |||||||||
4,669 | 3.000 | 08/01/42 | 4,261 | |||||||||
6,123 | 3.000 | 01/01/43 | 5,581 | |||||||||
27,305 | 3.000 | 02/01/43 | 24,904 | |||||||||
| ||||||||||||
295,013 | ||||||||||||
| ||||||||||||
Federal National Mortgage Association 0.1% | ||||||||||||
753 | 6.500 | 11/01/28 | 763 | |||||||||
16,747 | 7.000 | 07/01/31 | 17,614 | |||||||||
145,473 | 5.500 | 07/01/33 | 149,790 | |||||||||
| ||||||||||||
168,167 | ||||||||||||
| ||||||||||||
Government National Mortgage Association 15.1% | ||||||||||||
1,239 | 7.000 | 12/15/27 | 1,241 | |||||||||
2,405 | 6.500 | 08/15/28 | 2,429 | |||||||||
13,476 | 6.000 | 01/15/29 | 13,702 | |||||||||
30,133 | 7.000 | 10/15/29 | 30,887 | |||||||||
7,706 | 5.500 | 11/15/32 | 7,896 | |||||||||
228,383 | 5.500 | 12/15/32 | 235,278 | |||||||||
3,178 | 5.500 | 01/15/33 | 3,232 | |||||||||
15,038 | 5.500 | 02/15/33 | 15,481 | |||||||||
13,744 | 5.500 | 03/15/33 | 14,112 | |||||||||
16,401 | 5.500 | 07/15/33 | 16,777 | |||||||||
7,400 | 5.500 | 08/15/33 | 7,584 | |||||||||
2,931 | 5.500 | 09/15/33 | 2,990 | |||||||||
7,709 | 5.500 | 04/15/34 | 7,890 | |||||||||
6,473 | 5.500 | 05/15/34 | 6,619 | |||||||||
90,509 | 5.500 | 06/15/34 | 93,679 | |||||||||
69,009 | 5.500 | 09/15/34 | 71,508 | |||||||||
67,195 | 5.500 | 12/15/34 | 69,717 | |||||||||
58,310 | 5.500 | 01/15/35 | 60,480 | |||||||||
18,785 | 5.000 | 03/15/38 | 19,218 | |||||||||
2,159 | 4.000 | 02/20/41 | 2,083 | |||||||||
3,473 | 4.000 | 11/20/41 | 3,345 | |||||||||
583 | 4.000 | 01/20/42 | 562 | |||||||||
1,874 | 4.000 | 04/20/42 | 1,804 | |||||||||
1,163 | 4.000 | 10/20/42 | 1,118 | |||||||||
126,934 | 4.000 | 08/20/43 | 121,856 | |||||||||
1,659 | 4.000 | 03/20/44 | 1,588 | |||||||||
2,039 | 4.000 | 05/20/44 | 1,952 | |||||||||
141,497 | 4.000 | 11/20/44 | 135,299 | |||||||||
637,160 | 4.000 | 06/20/45 | 608,568 | |||||||||
141,227 | 4.000 | 01/20/46 | 133,920 | |||||||||
95,270 | 4.500 | 02/20/48 | 93,162 | |||||||||
50,228 | 5.000 | 08/20/48 | 50,209 | |||||||||
422,623 | 5.000 | 10/20/48 | 422,199 | |||||||||
232,304 | 5.000 | 11/20/48 | 232,071 | |||||||||
363,012 | 5.000 | 12/20/48 | 362,648 | |||||||||
507,808 | 5.000 | 01/20/49 | 506,346 | |||||||||
635,230 | 4.000 | 02/20/49 | 597,598 | |||||||||
320,409 | 5.000 | 03/20/49 | 320,087 | |||||||||
1,678,899 | 3.000 | 11/20/49 | 1,490,105 | |||||||||
1,077,105 | 3.000 | 02/20/50 | 956,318 | |||||||||
354,733 | 3.000 | 03/20/50 | 314,962 | |||||||||
112,737 | 3.500 | 01/20/51 | 103,855 | |||||||||
486,840 | 2.500 | 11/20/51 | 412,459 | |||||||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Mortgage-Backed Obligations (continued) | ||||||||||||
Government National Mortgage Association (continued) | ||||||||||||
$ |
717,682 | 3.000 | % | 12/20/51 | $ 634,814 | |||||||
282,754 | 2.500 | 12/20/51 | 239,554 | |||||||||
815,576 | 3.500 | 02/20/53 | 751,317 | |||||||||
4,000,000 | 2.500 | TBA-30yr(e) | 3,399,487 | |||||||||
6,000,000 | 2.000 | TBA-30yr(e) | 4,888,445 | |||||||||
2,000,000 | 5.500 | TBA-30yr(e) | 2,001,987 | |||||||||
| ||||||||||||
19,470,438 | ||||||||||||
| ||||||||||||
Uniform Mortgage-Backed Security 38.9% | ||||||||||||
590 | 4.500 | 07/01/36 | 586 | |||||||||
630 | 4.500 | 04/01/39 | 629 | |||||||||
2,795 | 4.500 | 05/01/39 | 2,772 | |||||||||
1,261 | 4.000 | 08/01/39 | 1,224 | |||||||||
5,706 | 4.500 | 08/01/39 | 5,656 | |||||||||
100,678 | 4.500 | 12/01/39 | 99,820 | |||||||||
6,171 | 4.500 | 01/01/41 | 6,150 | |||||||||
6,168 | 4.500 | 05/01/41 | 6,123 | |||||||||
30,985 | 4.500 | 08/01/41 | 30,664 | |||||||||
60,689 | 4.500 | 08/01/42 | 60,009 | |||||||||
5,737 | 3.000 | 11/01/42 | 5,251 | |||||||||
67,862 | 3.000 | 12/01/42 | 62,628 | |||||||||
174,272 | 3.000 | 01/01/43 | 160,085 | |||||||||
31,069 | 3.000 | 02/01/43 | 28,582 | |||||||||
227,268 | 3.000 | 03/01/43 | 208,156 | |||||||||
386,953 | 3.000 | 04/01/43 | 354,062 | |||||||||
250,853 | 3.000 | 05/01/43 | 229,265 | |||||||||
48,541 | 3.000 | 06/01/43 | 44,180 | |||||||||
384,089 | 3.000 | 07/01/43 | 350,766 | |||||||||
336,672 | 4.500 | 10/01/44 | 331,888 | |||||||||
382,085 | 4.500 | 04/01/45 | 376,367 | |||||||||
46,409 | 4.500 | 05/01/45 | 45,685 | |||||||||
177,563 | 4.500 | 06/01/45 | 175,041 | |||||||||
153,008 | 4.000 | 11/01/45 | 145,732 | |||||||||
54,664 | 4.000 | 03/01/46 | 52,016 | |||||||||
3,932 | 4.500 | 05/01/46 | 3,837 | |||||||||
28,375 | 4.000 | 06/01/46 | 26,979 | |||||||||
44,274 | 4.500 | 08/01/46 | 43,211 | |||||||||
8,570 | 4.000 | 08/01/46 | 8,148 | |||||||||
68,910 | 4.000 | 10/01/46 | 65,521 | |||||||||
15,836 | 4.500 | 06/01/47 | 15,540 | |||||||||
465,115 | 4.500 | 11/01/47 | 453,794 | |||||||||
158,137 | 4.000 | 12/01/47 | 150,539 | |||||||||
149,900 | 4.000 | 01/01/48 | 142,511 | |||||||||
574,765 | 4.000 | 02/01/48 | 545,795 | |||||||||
398,082 | 4.000 | 03/01/48 | 377,713 | |||||||||
461,172 | 4.000 | 06/01/48 | 438,008 | |||||||||
143,021 | 4.000 | 08/01/48 | 135,658 | |||||||||
633,116 | 5.000 | 11/01/48 | 633,705 | |||||||||
816,138 | 4.500 | 01/01/49 | 791,428 | |||||||||
228,990 | 4.500 | 03/01/49 | 222,058 | |||||||||
640,661 | 4.500 | 04/01/49 | 621,856 | |||||||||
40,925 | 3.500 | 07/01/49 | 37,509 | |||||||||
972,170 | 3.000 | 09/01/49 | 859,545 | |||||||||
1,414,162 | 4.500 | 03/01/50 | 1,375,025 | |||||||||
2,299,896 | 2.500 | 09/01/50 | 1,945,724 | |||||||||
2,592,847 | 2.000 | 10/01/50 | 2,071,663 | |||||||||
2,592,002 | 2.000 | 11/01/50 | 2,070,085 | |||||||||
857,042 | 2.500 | 11/01/50 | 722,116 | |||||||||
|
GOLDMAN SACHS GOVERNMENT INCOME FUND
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Mortgage-Backed Obligations (continued) | ||||||||||||
Uniform Mortgage-Backed Security (continued) | ||||||||||||
$ |
1,675,601 | 2.500 | % | 02/01/51 | $ 1,400,593 | |||||||
2,360,777 | 2.500 | 05/01/51 | 1,994,278 | |||||||||
5,889 | 4.500 | 05/01/51 | 5,704 | |||||||||
743,436 | 2.000 | 05/01/51 | 592,685 | |||||||||
4,065,965 | 2.000 | 12/01/51 | 3,229,518 | |||||||||
2,575,510 | 2.000 | 02/01/52 | 2,044,780 | |||||||||
153,452 | 4.500 | 04/01/52 | 147,260 | |||||||||
792,222 | 5.500 | 09/01/52 | 802,367 | |||||||||
896,393 | 6.000 | 11/01/52 | 920,973 | |||||||||
157,363 | 6.000 | 12/01/52 | 162,072 | |||||||||
840,705 | 4.500 | 05/01/53 | 815,055 | |||||||||
889,278 | 6.500 | 06/01/54 | 931,175 | |||||||||
1,000,000 | 2.500 | TBA-30yr(e) | 829,023 | |||||||||
3,000,000 | 3.000 | TBA-30yr(e) | 2,594,064 | |||||||||
2,000,000 | 5.000 | TBA-30yr(e) | 1,959,843 | |||||||||
8,000,000 | 5.500 | TBA-30yr(e) | 7,996,871 | |||||||||
6,000,000 | 6.000 | TBA-30yr(e) | 6,096,799 | |||||||||
1,000,000 | 6.500 | TBA-30yr(e) | 1,032,188 | |||||||||
| ||||||||||||
50,096,553 | ||||||||||||
| ||||||||||||
TOTAL FEDERAL AGENCIES | $ 70,720,301 | |||||||||||
| ||||||||||||
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $87,376,579) |
$ 85,020,026 | |||||||||||
| ||||||||||||
Asset-Backed Securities(b) 2.9% | ||||||||||||
Automotive 0.7% | ||||||||||||
Exeter Automobile Receivables Trust Series 2025-1A, Class A2 | ||||||||||||
$ |
125,295 | 4.700 | % | 09/15/27 | $ 125,264 | |||||||
Exeter Automobile Receivables Trust Series 2025-3A, Class A3 | ||||||||||||
200,000 | 4.780 | 07/16/29 | 200,780 | |||||||||
Ford Credit Auto Owner Trust Series 2024-1, Class A(c)(d) | ||||||||||||
325,000 | 4.870 | 08/15/36 | 331,205 | |||||||||
Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | ||||||||||||
275,000 | 4.740 | 01/16/29 | 276,011 | |||||||||
| ||||||||||||
933,260 | ||||||||||||
| ||||||||||||
Collateralized Loan Obligations(a)(c) 0.8% | ||||||||||||
Towd Point Mortgage Trust Series 2017-4, Class A2 | ||||||||||||
1,030,153 | 3.000 | 06/25/57 | 970,015 | |||||||||
| ||||||||||||
Credit Card 0.3% | ||||||||||||
American Express Credit Account Master Trust Series 2025-3, Class A | ||||||||||||
400,000 | 4.510 | 04/15/32 | 405,365 | |||||||||
| ||||||||||||
Student Loan(a)(c) 1.1% | ||||||||||||
ECMC Group Student Loan Trust Series 2018-2A, Class A (1 mo. USD Term SOFR + 0.914%) | ||||||||||||
707,261 | 5.220 | 09/25/68 | 704,806 | |||||||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Asset-Backed Securities(b) (continued) | ||||||||||||
Student Loan(a)(c) (continued) | ||||||||||||
Scholar Funding Trust Series 2013-A, Class A (1 mo. USD Term SOFR + 0.764%) | ||||||||||||
$ |
790,467 | 5.075 | % | 01/30/45 | $ 778,935 | |||||||
| ||||||||||||
1,483,741 | ||||||||||||
| ||||||||||||
TOTAL ASSET-BACKED SECURITIES (Cost $3,862,372) |
$ 3,792,381 | |||||||||||
| ||||||||||||
Agency Debentures 2.7% | ||||||||||||
Sovereign 2.7% | ||||||||||||
Federal Home Loan Banks | ||||||||||||
$ |
3,620,000 | 3.500 | % | 06/11/32 | $ 3,465,860 | |||||||
(Cost $3,663,328) | ||||||||||||
| ||||||||||||
Municipal Debt Obligations 1.6% | ||||||||||||
New Jersey 1.6% | ||||||||||||
New Jersey Economic Development Authority RB Taxable Series A | ||||||||||||
$ |
2,000,000 | 7.425 | % | 02/15/29 | $ 2,112,263 | |||||||
(Cost $2,000,000) | ||||||||||||
| ||||||||||||
U.S. Treasury Obligations 50.2% | ||||||||||||
U.S. Treasury Bonds | ||||||||||||
$ |
570,000 | 4.375 | % | 05/15/40 | $ 556,908 | |||||||
1,260,000 | 4.750 | 02/15/41 | 1,275,947 | |||||||||
1,630,000 | 3.625 | 02/15/44 | 1,394,923 | |||||||||
4,100,000 | 3.375 | 05/15/44 | 3,370,969 | |||||||||
1,170,000 | 4.625 | 05/15/44 | 1,147,514 | |||||||||
1,770,000 | 3.125 | 08/15/44 | 1,395,258 | |||||||||
350,000 | 5.000 | 05/15/45 | 359,570 | |||||||||
680,000 | 3.125 | 05/15/48 | 515,950 | |||||||||
680,000 | 3.000 | 08/15/48 | 502,881 | |||||||||
720,000 | 2.375 | 11/15/49 | 463,163 | |||||||||
4,870,000 | 4.000 | 11/15/52 | 4,259,728 | |||||||||
13,000 | 4.250 | 08/15/54 | 11,875 | |||||||||
U.S. Treasury Inflation-Indexed Bonds | ||||||||||||
454,293 | 1.500 | 02/15/53 | 359,974 | |||||||||
U.S. Treasury Notes | ||||||||||||
1,060,000 | 0.875 | 06/30/26 | 1,027,703 | |||||||||
11,560,000 | 1.250 | 05/31/28 | 10,784,216 | |||||||||
287,600 | 3.625 | 03/31/30 | 285,555 | |||||||||
6,052,800 | 0.625 | 05/15/30 | 5,208,245 | |||||||||
8,085,300 | 3.750 | 05/31/30 | 8,067,613 | |||||||||
1,380,000 | 3.750 | 06/30/30 | 1,376,658 | |||||||||
1,670,000 | 3.875 | 06/30/30 | 1,676,523 | |||||||||
6,220,000 | 4.625 | 05/31/31 | 6,458,595 | |||||||||
1,680,000 | 4.000 | 06/30/32 | 1,681,312 | |||||||||
2,100,000 | 4.375 | 05/15/34 | 2,133,141 | |||||||||
6,450,000 | 4.250 | 11/15/34 | 6,472,172 | |||||||||
|
GOLDMAN SACHS GOVERNMENT INCOME FUND
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
U.S. Treasury Obligations (continued) | ||||||||||||
U.S. Treasury STRIPS Coupon | ||||||||||||
$ |
1,791,200 | 0.000 | %(f) | 11/15/29 | $ 1,513,908 | |||||||
440,000 | 0.000 | (f) | 08/15/30 | 360,102 | ||||||||
440,000 | 0.000 | (f) | 11/15/30 | 356,045 | ||||||||
470,000 | 0.000 | (f) | 08/15/31 | 367,314 | ||||||||
900,000 | 0.000 | (f) | 11/15/31 | 695,121 | ||||||||
440,000 | 0.000 | (f) | 08/15/33 | 312,285 | ||||||||
360,000 | 0.000 | (f) | 08/15/35 | 230,081 | ||||||||
| ||||||||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $66,536,952) |
$ 64,621,249 | |||||||||||
| ||||||||||||
Shares | Dividend Rate |
Value | ||||||||||
Investment Company(g) 0.0% | ||||||||||||
Goldman Sachs Financial Square Government Fund Institutional Shares | ||||||||||||
|
5,096 | 4.231% | $ 5,096 | |||||||||
(Cost $5,096) | ||||||||||||
| ||||||||||||
TOTAL INVESTMENTS 123.4% (Cost $163,444,327) |
$159,016,875 | |||||||||||
| ||||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES (23.4)% |
(30,179,326) | |||||||||||
| ||||||||||||
NET ASSETS 100.0% | $128,837,549 | |||||||||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||||
(a) | Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2025. | |||
(b) | Security with Call features with resetting interest rates. Maturity dates disclosed are the final maturity dates. | |||
(c) | Exempt from registration under Rule 144A of the Securities Act of 1933. | |||
(d) | Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on June 30, 2025. | |||
(e) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $30,798,707 which represents approximately 23.9% of net assets as of June 30, 2025. | |||
(f) | Issued with a zero coupon. Income is recognized through the accretion of discount. | |||
(g) | Represents an affiliated issuer. |
GOLDMAN SACHS GOVERNMENT INCOME FUND
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION
FORWARD SALES CONTRACTS At June 30, 2025, the Fund had the following forward sales contracts:
Description | Interest Rate |
Maturity Date(a) |
Settlement Date |
Principal Amount |
Value | |||||||||||||||
|
||||||||||||||||||||
Government National Mortgage Association |
3.000 | % | TBA - 30yr | 07/15/25 | $ | (3,000,000) | $ | (2,650,977) | ||||||||||||
Government National Mortgage Association |
4.000 | TBA - 30yr | 07/15/25 | (1,000,000) | (929,321) | |||||||||||||||
Government National Mortgage Association |
5.000 | TBA - 30yr | 07/15/25 | (1,000,000) | (981,931) | |||||||||||||||
Uniform Mortgage-Backed Security |
2.000 | TBA - 30yr | 07/15/25 | (9,000,000) | (7,121,248) | |||||||||||||||
Uniform Mortgage-Backed Security |
4.000 | TBA - 30yr | 07/15/25 | (2,000,000) | (1,859,147) | |||||||||||||||
Uniform Mortgage-Backed Security |
4.500 | TBA - 30yr | 07/15/25 | (5,000,000) | (4,780,859) | |||||||||||||||
|
||||||||||||||||||||
(PROCEEDS RECEIVED: $(18,095,938)) |
$ | (18,323,483) | ||||||||||||||||||
|
(a) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. |
FUTURES CONTRACTS At June 30, 2025, the Fund had the following futures contracts:
Description | Number of Contracts |
Expiration Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
||||||||
|
||||||||||||
Long position contracts: |
||||||||||||
10 Year U.S. Treasury Notes |
5 | 09/19/25 | $ | 560,625 | $ | 8,397 | ||||||
2 Year U.S. Treasury Notes |
84 | 09/30/25 | 17,473,969 | 53,723 | ||||||||
Ultra Long U.S. Treasury Bonds |
5 | 09/19/25 | 595,625 | 4,990 | ||||||||
|
||||||||||||
Total |
$ | 67,110 | ||||||||||
|
GOLDMAN SACHS GOVERNMENT INCOME FUND
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION (continued)
FUTURES CONTRACTS (continued)
Description | Number of Contracts |
Expiration Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
||||||||
|
||||||||||||
Short position contracts: |
||||||||||||
5 Year U.S. Treasury Notes |
(63) | 09/30/25 | $ | (6,867,000 | ) | $ | (14,621 | ) | ||||
Ultra 10-Year U.S. Treasury Notes |
(55) | 09/19/25 | (6,284,610 | ) | (129,215 | ) | ||||||
|
||||||||||||
Total |
$ | (143,836 | ) | |||||||||
|
||||||||||||
TOTAL FUTURES CONTRACTS |
$ | (76,726 | ) | |||||||||
|
CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS
Payments Made by the Fund |
Payments Received by Fund |
Termination Date |
Notional Amount (000s) |
Market Value |
Upfront Premium (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||
|
||||||||||||||||||||||
3.490%(a) |
12M SOFR(a) | 05/31/27 | $ | 10 | $ | 11 | $ | (14 | ) | $ | 25 | |||||||||||
12M SOFR(a) |
3.620%(a) | 06/30/27 | 5,660 | (b) | 22,489 | (3,240 | ) | 25,729 | ||||||||||||||
12M SOFR(c) |
3.368(c) | 06/23/28 | 6,130 | (b) | 9,512 | 3,597 | 5,915 | |||||||||||||||
3.620(a) |
12M SOFR(a) | 11/30/29 | 6,360 | (b) | (66,669 | ) | (4,495 | ) | (62,174 | ) | ||||||||||||
3.600(a) |
12M SOFR(a) | 11/30/29 | 5,400 | (b) | (52,375 | ) | 6,071 | (58,446 | ) | |||||||||||||
3.600(a) |
12M SOFR(a) | 06/23/30 | 6,470 | (b) | (15,959 | ) | (4,931 | ) | (11,028 | ) | ||||||||||||
12M SOFR(a) |
4.098(a) | 06/24/35 | 1,580 | (b) | 5,858 | 2,101 | 3,757 | |||||||||||||||
|
||||||||||||||||||||||
TOTAL |
$ | (97,133 | ) | $ | (911 | ) | $ | (96,222 | ) | |||||||||||||
|
(a) | Payments made annually. |
(b) | Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2025. |
(c) | Payments made at maturity. |
| ||
Currency Abbreviations: | ||
USD | U.S. Dollar | |
Investment Abbreviations: | ||
CMT | Constant Maturity Treasury Indexes | |
RB | Revenue Bond | |
REMICS | Real Estate Mortgage Investment Conduits | |
RFUCC | Refinitive USD IBOR Consumer Cash Fallbacks 1 year | |
SOFR | Secured Overnight Financing Rate | |
STRIPS | Separate Trading of Registered Interest and Principal of Securities | |
Abbreviation: | ||
SOFR | Secured Overnight Financing Rate | |
|
GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND
Schedule of Investments
June 30, 2025 (Unaudited)
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
U.S. Treasury Obligations 98.8% | ||||||||||||
U.S. Treasury Inflation-Indexed Bonds | ||||||||||||
$ |
10,222,664 | 1.500 | % | 02/15/53 | $ 8,100,264 | |||||||
16,857,960 | 2.125 | 02/15/54 | 15,434,911 | |||||||||
U.S. Treasury Inflation-Indexed Notes | ||||||||||||
5,843,288 | 0.375 | 01/15/27 | 5,763,171 | |||||||||
16,714,566 | 1.250 | 04/15/28 | 16,682,573 | |||||||||
60,863,291 | 2.125 | 04/15/29 | 62,489,482 | |||||||||
19,246,461 | 1.625 | 10/15/29 | 19,483,283 | |||||||||
22,913,733 | 1.625 | 04/15/30 | 23,076,636 | |||||||||
3,193,667 | 0.125 | 01/15/32 | 2,894,136 | |||||||||
5,248,726 | 1.375 | 07/15/33 | 5,095,979 | |||||||||
15,609,577 | 1.875 | 07/15/34 | 15,628,480 | |||||||||
18,051,264 | 2.125 | 01/15/35 | 18,349,533 | |||||||||
U.S. Treasury Notes | ||||||||||||
2,070,000 | 4.000 | 06/30/32 | 2,071,617 | |||||||||
| ||||||||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $193,056,495) |
$195,070,065 | |||||||||||
|
Shares | Dividend Rate |
Value | ||
Investment Company(a) 0.0% | ||||
Goldman Sachs Financial Square Government Fund Institutional Shares | ||||
6,860 | 4.231% | $ 6,860 | ||
(Cost $ 6,860) | ||||
| ||||
TOTAL INVESTMENTS 98.8% (Cost $ 193,063,355) |
$195,076,925 | |||
| ||||
OTHER ASSETS IN EXCESS OF LIABILITIES 1.2% |
2,384,900 | |||
| ||||
NET ASSETS 100.0% | $197,461,825 | |||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||||
(a) | Represents an affiliated issuer. |
GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION
FUTURES CONTRACTS At June 30, 2025, the Fund had the following futures contracts:
Description | Number of Contracts |
Expiration Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
||||||||
|
||||||||||||
Long position contracts: |
||||||||||||
10 Year U.S. Treasury Notes |
122 | 09/19/25 | $ | 13,679,250 | $ | 261,589 | ||||||
2 Year U.S. Treasury Notes |
12 | 09/30/25 | 2,496,281 | (21 | ) | |||||||
20 Year U.S. Treasury Bonds |
189 | 09/19/25 | 21,823,594 | 572,129 | ||||||||
5 Year U.S. Treasury Notes |
67 | 09/30/25 | 7,303,000 | 41,730 | ||||||||
|
||||||||||||
Total |
$ | 875,427 | ||||||||||
|
||||||||||||
Short position contracts: |
||||||||||||
Ultra 10-Year U.S. Treasury Notes |
(76) | 09/19/25 | (8,684,187 | ) | (180,413 | ) | ||||||
Ultra Long U.S. Treasury Bonds |
(134) | 09/19/25 | (15,962,750 | ) | (386,663 | ) | ||||||
|
||||||||||||
Total |
$ | (567,076 | ) | |||||||||
|
||||||||||||
TOTAL FUTURES CONTRACTS |
$ | 308,351 | ||||||||||
|
SWAP CONTRACTS At June 30, 2025, the Fund had the following swap contracts:
CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS
Payments Made by the Fund |
Payments Received by Fund |
Termination Date |
Notional Amount (000s) |
Market Value |
Upfront Premium (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||
|
||||||||||||||||||||||
2.007%(a) |
12M CPI-U(a) | 02/07/26 | $ | 6,300 | $ | 876,910 | $ | 7 | $ | 876,903 | ||||||||||||
12M SOFR(b) |
3.490%(b) | 05/31/27 | 10 | (10 | ) | (14 | ) | 4 | ||||||||||||||
12M SOFR(b) |
3.620(b) | 06/30/27 | 17,320 | (c) | 68,817 | (9,915 | ) | 78,732 | ||||||||||||||
12M SOFR(a) |
3.368(a) | 06/23/28 | 18,820 | (c) | 29,203 | 3,547 | 25,656 | |||||||||||||||
12M CPI-U(a) |
2.103(a) | 02/07/29 | 6,300 | (865,642 | ) | 35 | (865,677 | ) | ||||||||||||||
3.620(b) |
12M SOFR(b) | 11/30/29 | 19,430 | (c) | (203,677 | ) | (13,524 | ) | (190,153 | ) | ||||||||||||
3.600(b) |
12M SOFR(b) | 11/30/29 | 16,560 | (c) | (160,616 | ) | 18,618 | (179,234 | ) | |||||||||||||
3.600(b) |
12M SOFR(b) | 06/23/30 | 19,880 | (c) | (49,038 | ) | (3,489 | ) | (45,549 | ) | ||||||||||||
12M SOFR(b) |
3.845(b) | 05/21/32 | 6,350 | (c) | 87,356 | (4,374 | ) | 91,730 | ||||||||||||||
12M SOFR(b) |
4.098(b) | 06/24/35 | 4,840 | (c) | 17,945 | 1,974 | 15,971 | |||||||||||||||
4.213%(b) |
12M SOFR(b) | 05/21/55 | 3,660 | (c) | (32,308 | ) | 23,115 | (55,423 | ) | |||||||||||||
|
||||||||||||||||||||||
TOTAL |
$ | (231,060 | ) | $ | 15,980 | $ | (247,040 | ) | ||||||||||||||
|
(a) | Payments made at maturity. |
(b) | Payments made annually. |
(c) | Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2025. |
| ||
Abbreviations: | ||
CPI U | Consumer Price Index For All Urban Consumers | |
SOFR | Secured Overnight Financing Rate | |
|
GOLDMAN SACHS SHORT DURATION BOND FUND
Schedule of Investments
June 30, 2025 (Unaudited)
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Corporate Obligations 47.7% | ||||||||||||
Aerospace & Defense(a) 1.6% | ||||||||||||
Boeing Co. | ||||||||||||
$ |
5,400,000 | 2.600 | % | 10/30/25 | $ 5,354,694 | |||||||
8,071,000 | 2.700 | 02/01/27 | 7,842,994 | |||||||||
7,420,000 | 5.150 | 05/01/30 | 7,556,380 | |||||||||
| ||||||||||||
20,754,068 | ||||||||||||
| ||||||||||||
Agriculture(a) 0.8% | ||||||||||||
Altria Group, Inc. | ||||||||||||
2,833,000 | 4.875 | 02/04/28 | 2,871,245 | |||||||||
BAT International Finance PLC | ||||||||||||
8,000,000 | 1.668 | 03/25/26 | 7,832,000 | |||||||||
| ||||||||||||
10,703,245 | ||||||||||||
| ||||||||||||
Automotive(a) 0.7% | ||||||||||||
General Motors Financial Co., Inc. | ||||||||||||
8,800,000 | 1.500 | 06/10/26 | 8,542,160 | |||||||||
| ||||||||||||
Banks 15.0% | ||||||||||||
Bank of America Corp. (5 yr. CMT + 2.760%) | ||||||||||||
1,690,000 | 4.375 | (a)(b) | 01/27/27 | 1,660,915 | ||||||||
(5 yr. CMT + 3.231%) | ||||||||||||
1,595,000 | 6.125 | (a)(b) | 04/27/27 | 1,621,684 | ||||||||
(Secured Overnight Financing Rate + 0.830%) | ||||||||||||
12,843,000 | 4.979 | (a)(b) | 01/24/29 | 13,029,480 | ||||||||
(Secured Overnight Financing Rate + 2.040%) | ||||||||||||
7,000,000 | 4.948 | (a)(b) | 07/22/28 | 7,080,150 | ||||||||
Bank of New York Mellon Corp.(a)(b) (5 yr. CMT + 3.352%) | ||||||||||||
1,680,000 | 3.700 | 03/20/26 | 1,669,282 | |||||||||
Bank of Nova Scotia(a)(b) (Secured Overnight Financing Rate + 0.890%) | ||||||||||||
6,955,000 | 4.932 | 02/14/29 | 7,040,338 | |||||||||
Barclays PLC (5 yr. CMT + 5.867%) | ||||||||||||
1,640,000 | 6.125 | (a)(b) | 12/15/25 | 1,640,049 | ||||||||
(Secured Overnight Financing Rate + 1.490%) | ||||||||||||
3,115,000 | 5.674 | (a)(b) | 03/12/28 | 3,174,621 | ||||||||
(Secured Overnight Financing Rate + 2.210%) | ||||||||||||
2,445,000 | 5.829 | (a)(b) | 05/09/27 | 2,469,695 | ||||||||
BNP Paribas SA(c) | ||||||||||||
10,000,000 | 4.375 | 09/28/25 | 9,982,000 | |||||||||
BPCE SA(a)(b)(c) (Secured Overnight Financing Rate + 1.520%) | ||||||||||||
3,675,000 | 1.652 | 10/06/26 | 3,645,049 | |||||||||
Citigroup, Inc. (3 mo. USD Term SOFR + 4.779%) | ||||||||||||
1,610,000 | 6.250 | (a)(b) | 08/15/26 | 1,625,762 | ||||||||
(5 yr. CMT + 3.209%) | ||||||||||||
1,555,000 | 7.375 | (a)(b) | 05/15/28 | 1,635,098 | ||||||||
(5 yr. CMT + 3.417%) | ||||||||||||
5,000,000 | 3.875 | (a)(b) | 02/18/26 | 4,934,850 | ||||||||
(5 yr. CMT + 3.597%) | ||||||||||||
4,865,000 | 4.000 | (a)(b) | 12/10/25 | 4,829,583 | ||||||||
(Secured Overnight Financing Rate + 1.280%) | ||||||||||||
7,000,000 | 3.070 | (a)(b) | 02/24/28 | 6,847,540 | ||||||||
(Secured Overnight Financing Rate + 1.887%) | ||||||||||||
7,000,000 | 4.658 | (a)(b) | 05/24/28 | 7,027,230 | ||||||||
Citizens Financial Group, Inc.(a)(b) (5 yr. CMT + 5.313%) | ||||||||||||
4,165,000 | 5.650 | 10/06/25 | 4,162,626 | |||||||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Corporate Obligations (continued) | ||||||||||||
Banks (continued) | ||||||||||||
Comerica, Inc.(a)(b) (5 yr. CMT + 5.291%) | ||||||||||||
$ |
5,412,000 | 5.625 | % | 07/01/25 | $ 5,412,000 | |||||||
Credit Agricole SA(a)(b)(c) (5 yr. USD Swap + 6.185%) | ||||||||||||
2,410,000 | 8.125 | 12/23/25 | 2,438,173 | |||||||||
Deutsche Bank AG (Secured Overnight Financing Rate + 1.210%) | ||||||||||||
4,417,000 | 5.373 | (a)(b) | 01/10/29 | 4,495,446 | ||||||||
(Secured Overnight Financing Rate + 1.594%) | ||||||||||||
3,135,000 | 5.706 | (a)(b) | 02/08/28 | 3,187,480 | ||||||||
HSBC Holdings PLC(a)(b) (Secured Overnight Financing Rate + 3.350%) | ||||||||||||
2,945,000 | 7.390 | 11/03/28 | 3,126,324 | |||||||||
Huntington National Bank(a)(b) (Secured Overnight Financing Rate + 0.720%) | ||||||||||||
1,569,000 | 5.065 | 04/12/28 | 1,566,286 | |||||||||
ING Groep NV(a)(b)(c) (1 yr. CMT + 1.100%) | ||||||||||||
4,750,000 | 1.400 | 07/01/26 | 4,750,000 | |||||||||
JPMorgan Chase & Co. (5 yr. CMT + 2.850%) | ||||||||||||
1,690,000 | 3.650 | (a)(b) | 06/01/26 | 1,663,670 | ||||||||
(Secured Overnight Financing Rate + 0.800%) | ||||||||||||
3,037,000 | 4.915 | (a)(b) | 01/24/29 | 3,077,422 | ||||||||
KeyBank NA | ||||||||||||
2,515,000 | 4.150 | 08/08/25 | 2,511,554 | |||||||||
M&T Bank Corp.(a)(b) (5 yr. CMT + 2.679%) | ||||||||||||
3,599,000 | 3.500 | 09/01/26 | 3,477,318 | |||||||||
Macquarie Group Ltd.(a)(b)(c) (Secured Overnight Financing Rate + 1.069%) | ||||||||||||
2,100,000 | 1.340 | 01/12/27 | 2,064,762 | |||||||||
Morgan Stanley (Secured Overnight Financing Rate + 0.720%) | ||||||||||||
4,025,000 | 0.985 | (a)(b) | 12/10/26 | 3,960,761 | ||||||||
(Secured Overnight Financing Rate + 1.215%) | ||||||||||||
5,000,000 | 5.042 | (a)(b) | 07/19/30 | 5,085,650 | ||||||||
(Secured Overnight Financing Rate + 1.380%) | ||||||||||||
5,964,000 | 4.994 | (a)(b) | 04/12/29 | 6,051,492 | ||||||||
NatWest Group PLC(a)(b) (5 yr. USD Swap + 5.720%) | ||||||||||||
2,445,000 | 8.000 | 08/10/25 | 2,451,088 | |||||||||
PNC Financial Services Group, Inc.(a)(b) (5 yr. CMT + 3.238%) | ||||||||||||
1,610,000 | 6.200 | 09/15/27 | 1,640,590 | |||||||||
Societe Generale SA(a)(b)(c) (1 yr. CMT + 1.500%) | ||||||||||||
3,155,000 | 5.519 | 01/19/28 | 3,189,547 | |||||||||
Sumitomo Mitsui Trust Bank Ltd.(c) | ||||||||||||
10,294,000 | 4.500 | 03/13/28 | 10,340,529 | |||||||||
Toronto-Dominion Bank | ||||||||||||
4,754,000 | 4.861 | 01/31/28 | 4,818,036 | |||||||||
Truist Financial Corp.(a)(b) (5 yr. CMT + 4.605%) | ||||||||||||
3,200,000 | 4.950 | 09/01/25 | 3,193,056 | |||||||||
Wells Fargo & Co. (5 yr. CMT + 3.453%) | ||||||||||||
1,685,000 | 3.900 | (a)(b) | 03/15/26 | 1,669,700 | ||||||||
(5 yr. CMT + 3.606%) | ||||||||||||
1,515,000 | 7.625 | (a)(b) | 09/15/28 | 1,628,973 | ||||||||
(Secured Overnight Financing Rate + 1.510%) | ||||||||||||
7,000,000 | 3.526 | (a)(b) | 03/24/28 | 6,907,390 | ||||||||
(Secured Overnight Financing Rate + 1.560%) | ||||||||||||
9,910,000 | 4.540 | (a)(b) | 08/15/26 | 9,907,225 | ||||||||
|
GOLDMAN SACHS SHORT DURATION BOND FUND
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Corporate Obligations (continued) | ||||||||||||
Banks (continued) | ||||||||||||
(Secured Overnight Financing Rate + 1.980%) | ||||||||||||
$ |
7,000,000 | 4.808 | %(a)(b) | 07/25/28 | $ 7,057,820 | |||||||
Westpac New Zealand Ltd.(c) | ||||||||||||
2,265,000 | 4.902 | 02/15/28 | 2,293,766 | |||||||||
| ||||||||||||
192,042,010 | ||||||||||||
| ||||||||||||
Beverages(a)(c) 0.6% | ||||||||||||
Bacardi-Martini BV | ||||||||||||
3,775,000 | 5.550 | 02/01/30 | 3,874,358 | |||||||||
JDE Peets NV | ||||||||||||
4,230,000 | 2.250 | 09/24/31 | 3,606,329 | |||||||||
| ||||||||||||
7,480,687 | ||||||||||||
| ||||||||||||
Building Materials(a)(c) 0.2% | ||||||||||||
JELD-WEN, Inc. | ||||||||||||
125,000 | 4.875 | 12/15/27 | 116,336 | |||||||||
Standard Industries, Inc. | ||||||||||||
1,940,000 | 4.750 | 01/15/28 | 1,919,611 | |||||||||
| ||||||||||||
2,035,947 | ||||||||||||
| ||||||||||||
Chemicals(a) 0.6% | ||||||||||||
Celanese U.S. Holdings LLC(d) | ||||||||||||
2,332,000 | 6.415 | 07/15/27 | 2,414,926 | |||||||||
International Flavors & Fragrances, Inc.(c) | ||||||||||||
2,148,000 | 1.230 | 10/01/25 | 2,127,379 | |||||||||
OCP SA(c) | ||||||||||||
1,530,000 | 6.100 | 04/30/30 | 1,547,213 | |||||||||
SNF Group SACA(c) | ||||||||||||
1,650,000 | 3.125 | 03/15/27 | 1,600,054 | |||||||||
| ||||||||||||
7,689,572 | ||||||||||||
| ||||||||||||
Commercial Services(a) 1.3% | ||||||||||||
Brinks Co.(c) | ||||||||||||
915,000 | 6.500 | 06/15/29 | 942,953 | |||||||||
DP World Crescent Ltd. | ||||||||||||
2,060,000 | 3.750 | 01/30/30 | 1,960,862 | |||||||||
Global Payments, Inc. | ||||||||||||
3,175,000 | 1.200 | 03/01/26 | 3,099,467 | |||||||||
Quanta Services, Inc. | ||||||||||||
10,660,000 | 4.750 | 08/09/27 | 10,750,077 | |||||||||
| ||||||||||||
16,753,359 | ||||||||||||
| ||||||||||||
Diversified Financial Services 3.2% | ||||||||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust | ||||||||||||
827,000 | 4.625 | (a) | 10/15/27 | 830,341 | ||||||||
5,000,000 | 6.150 | (a) | 09/30/30 | 5,332,350 | ||||||||
Air Lease Corp. | ||||||||||||
1,100,000 | 3.375 | (a) | 07/01/25 | 1,100,000 | ||||||||
5,175,000 | 1.875 | (a) | 08/15/26 | 5,031,653 | ||||||||
Ally Financial, Inc.(a)(b) (7 yr. CMT + 3.481%) | ||||||||||||
3,740,000 | 4.700 | 05/15/28 | 3,358,258 | |||||||||
American Express Co.(a)(b) (5 yr. CMT + 2.854%) | ||||||||||||
1,725,000 | 3.550 | 09/15/26 | 1,686,239 | |||||||||
Aviation Capital Group LLC(a)(c) | ||||||||||||
1,725,000 | 1.950 | 01/30/26 | 1,697,780 | |||||||||
Jefferies Financial Group, Inc.(a) | ||||||||||||
6,879,000 | 5.000 | 02/10/26 | 6,872,052 | |||||||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Corporate Obligations (continued) | ||||||||||||
Diversified Financial Services (continued) | ||||||||||||
Macquarie Airfinance Holdings Ltd.(a)(c) | ||||||||||||
$ |
260,000 | 6.400 | % | 03/26/29 | $ 271,573 | |||||||
Nomura Holdings, Inc. | ||||||||||||
2,695,000 | 5.099 | 07/03/25 | 2,695,000 | |||||||||
Rocket Cos., Inc.(a)(c) | ||||||||||||
2,135,000 | 6.125 | 08/01/30 | 2,175,714 | |||||||||
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.(a)(c) | ||||||||||||
10,460,000 | 2.875 | 10/15/26 | 10,205,090 | |||||||||
| ||||||||||||
41,256,050 | ||||||||||||
| ||||||||||||
Electrical(a) 1.3% | ||||||||||||
Emera, Inc.(b) (3 mo. USD LIBOR + 5.440%) | ||||||||||||
3,105,000 | 6.750 | 06/15/76 | 3,127,480 | |||||||||
Enel Finance International NV(c) | ||||||||||||
7,875,000 | 1.625 | 07/12/26 | 7,642,688 | |||||||||
Entergy Corp. | ||||||||||||
2,800,000 | 0.900 | 09/15/25 | 2,777,796 | |||||||||
Vistra Operations Co. LLC(c) | ||||||||||||
2,965,000 | 5.000 | 07/31/27 | 2,960,819 | |||||||||
| ||||||||||||
16,508,783 | ||||||||||||
| ||||||||||||
Electrical Components & Equipment(a)(c) 0.1% | ||||||||||||
WESCO Distribution, Inc. | ||||||||||||
1,485,000 | 6.375 | 03/15/29 | 1,528,986 | |||||||||
| ||||||||||||
Energy-Alternate Sources(a)(c) 0.0% | ||||||||||||
Greenko Dutch BV | ||||||||||||
176,000 | 3.850 | 03/29/26 | 172,568 | |||||||||
| ||||||||||||
Engineering & Construction(a) 0.4% | ||||||||||||
AECOM | ||||||||||||
2,750,000 | 5.125 | 03/15/27 | 2,755,583 | |||||||||
MasTec, Inc. | ||||||||||||
754,000 | 5.900 | 06/15/29 | 780,925 | |||||||||
Mexico City Airport Trust | ||||||||||||
2,040,000 | 3.875 | 04/30/28 | 1,977,780 | |||||||||
| ||||||||||||
5,514,288 | ||||||||||||
| ||||||||||||
Entertainment(a)(c) 0.3% | ||||||||||||
Caesars Entertainment, Inc. | ||||||||||||
3,500,000 | 4.625 | 10/15/29 | 3,340,645 | |||||||||
Six Flags Entertainment Corp. | ||||||||||||
616,000 | 7.000 | 07/01/25 | 616,000 | |||||||||
| ||||||||||||
3,956,645 | ||||||||||||
| ||||||||||||
Environmental(a) 1.1% | ||||||||||||
Veralto Corp. | ||||||||||||
6,710,000 | 5.500 | 09/18/26 | 6,790,453 | |||||||||
Waste Management, Inc. | ||||||||||||
7,332,000 | 4.500 | 03/15/28 | 7,408,766 | |||||||||
| ||||||||||||
14,199,219 | ||||||||||||
| ||||||||||||
Food & Drug Retailing 1.6% | ||||||||||||
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons | ||||||||||||
3,630,000 | 3.250 | 03/15/26 | 3,580,124 | |||||||||
Campbells Co. | ||||||||||||
3,700,000 | 5.200 | 03/19/27 | 3,754,316 | |||||||||
|
GOLDMAN SACHS SHORT DURATION BOND FUND
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Corporate Obligations (continued) | ||||||||||||
Food & Drug Retailing (continued) | ||||||||||||
Mars, Inc.(a)(c) | ||||||||||||
$ |
13,054,000 | 4.600 | % | 03/01/28 | $ 13,162,348 | |||||||
| ||||||||||||
20,496,788 | ||||||||||||
| ||||||||||||
Gas(a) 0.8% | ||||||||||||
NiSource, Inc. | ||||||||||||
10,050,000 | 0.950 | 08/15/25 | 10,002,363 | |||||||||
| ||||||||||||
Healthcare Providers & Services(a) 2.4% | ||||||||||||
Centene Corp. | ||||||||||||
1,900,000 | 4.250 | 12/15/27 | 1,871,804 | |||||||||
8,410,000 | 2.450 | 07/15/28 | 7,819,113 | |||||||||
GE HealthCare Technologies, Inc. | ||||||||||||
6,150,000 | 5.650 | 11/15/27 | 6,337,083 | |||||||||
HCA, Inc. | ||||||||||||
6,000,000 | 5.875 | 02/15/26 | 6,005,400 | |||||||||
3,650,000 | 5.625 | 09/01/28 | 3,757,967 | |||||||||
5,517,000 | 4.125 | 06/15/29 | 5,420,618 | |||||||||
| ||||||||||||
31,211,985 | ||||||||||||
| ||||||||||||
Insurance(c) 0.2% | ||||||||||||
Athene Global Funding | ||||||||||||
305,000 | 1.450 | 01/08/26 | 300,044 | |||||||||
Great-West Lifeco U.S. Finance 2020 LP(a) | ||||||||||||
2,000,000 | 0.904 | 08/12/25 | 1,990,740 | |||||||||
| ||||||||||||
2,290,784 | ||||||||||||
| ||||||||||||
Internet 0.9% | ||||||||||||
Gen Digital, Inc.(a)(c) | ||||||||||||
3,110,000 | 6.750 | 09/30/27 | 3,166,291 | |||||||||
Netflix, Inc.(c) | ||||||||||||
6,025,000 | 5.375 | 11/15/29 | 6,293,655 | |||||||||
Uber Technologies, Inc.(a) | ||||||||||||
1,600,000 | 4.300 | 01/15/30 | 1,594,208 | |||||||||
| ||||||||||||
11,054,154 | ||||||||||||
| ||||||||||||
Investment Companies(a) 0.2% | ||||||||||||
Blue Owl Credit Income Corp. | ||||||||||||
3,355,000 | 3.125 | 09/23/26 | 3,265,421 | |||||||||
| ||||||||||||
Iron/Steel(c) 0.0% | ||||||||||||
POSCO | ||||||||||||
310,000 | 5.750 | 01/17/28 | 318,159 | |||||||||
| ||||||||||||
Leisure Time(a)(c) 0.3% | ||||||||||||
Carnival Corp. | ||||||||||||
2,280,000 | 5.750 | 03/01/27 | 2,298,377 | |||||||||
Royal Caribbean Cruises Ltd. | ||||||||||||
1,825,000 | 5.625 | 09/30/31 | 1,836,278 | |||||||||
| ||||||||||||
4,134,655 | ||||||||||||
| ||||||||||||
Lodging(a) 0.2% | ||||||||||||
Las Vegas Sands Corp. | ||||||||||||
1,820,000 | 5.625 | 06/15/28 | 1,855,035 | |||||||||
680,000 | 6.000 | 06/14/30 | 700,973 | |||||||||
| ||||||||||||
2,556,008 | ||||||||||||
| ||||||||||||
Machinery-Diversified(a) 2.0% | ||||||||||||
Ingersoll Rand, Inc. | ||||||||||||
17,330,000 | 5.197 | 06/15/27 | 17,612,999 | |||||||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Corporate Obligations (continued) | ||||||||||||
Machinery-Diversified(a) (continued) | ||||||||||||
Nordson Corp. | ||||||||||||
$ |
7,468,000 | 4.500 | % | 12/15/29 | $ 7,471,062 | |||||||
| ||||||||||||
25,084,061 | ||||||||||||
| ||||||||||||
Media(a) 0.2% | ||||||||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | ||||||||||||
2,911,000 | 4.908 | 07/23/25 | 2,910,680 | |||||||||
| ||||||||||||
Mining(a)(c) 0.7% | ||||||||||||
Glencore Funding LLC | ||||||||||||
4,200,000 | 1.625 | 09/01/25 | 4,177,488 | |||||||||
5,000,000 | 5.371 | 04/04/29 | 5,123,150 | |||||||||
| ||||||||||||
9,300,638 | ||||||||||||
| ||||||||||||
Miscellaneous Manufacturing(a) 0.9% | ||||||||||||
Axon Enterprise, Inc.(c) | ||||||||||||
750,000 | 6.125 | 03/15/30 | 771,563 | |||||||||
Hillenbrand, Inc. | ||||||||||||
1,191,000 | 6.250 | 02/15/29 | 1,213,022 | |||||||||
Teledyne Technologies, Inc. | ||||||||||||
9,375,000 | 1.600 | 04/01/26 | 9,170,062 | |||||||||
| ||||||||||||
11,154,647 | ||||||||||||
| ||||||||||||
Office & Business Equipment(a)(c) 0.1% | ||||||||||||
Xerox Holdings Corp. | ||||||||||||
1,153,000 | 5.000 | 08/15/25 | 1,148,065 | |||||||||
| ||||||||||||
Oil Field Services 1.0% | ||||||||||||
Canadian Natural Resources Ltd.(a) | ||||||||||||
1,875,000 | 2.050 | 07/15/25 | 1,872,900 | |||||||||
Pertamina Persero PT(a) | ||||||||||||
2,630,000 | 3.100 | 01/21/30 | 2,445,900 | |||||||||
Petroleos Mexicanos | ||||||||||||
210,000 | 6.875 | (a) | 10/16/25 | 209,677 | ||||||||
200,000 | 6.500 | 01/23/29 | 195,778 | |||||||||
300,000 | 8.750 | (a) | 06/02/29 | 310,074 | ||||||||
Petronas Capital Ltd.(a)(c) | ||||||||||||
1,450,000 | 4.950 | 01/03/31 | 1,474,940 | |||||||||
QatarEnergy(a) | ||||||||||||
2,160,000 | 1.375 | 09/12/26 | 2,077,294 | |||||||||
Saudi Arabian Oil Co.(a) | ||||||||||||
2,130,000 | 1.625 | 11/24/25 | 2,100,169 | |||||||||
Sunoco LP(a)(c) | ||||||||||||
1,740,000 | 7.000 | 05/01/29 | 1,812,140 | |||||||||
| ||||||||||||
12,498,872 | ||||||||||||
| ||||||||||||
Packaging(a) 0.4% | ||||||||||||
Berry Global, Inc. | ||||||||||||
3,200,000 | 1.570 | 01/15/26 | 3,139,264 | |||||||||
Silgan Holdings, Inc.(c) | ||||||||||||
1,925,000 | 1.400 | 04/01/26 | 1,873,025 | |||||||||
| ||||||||||||
5,012,289 | ||||||||||||
| ||||||||||||
Pharmaceuticals 1.1% | ||||||||||||
Cardinal Health, Inc. | ||||||||||||
10,569,000 | 4.700 | 11/15/26 | 10,623,219 | |||||||||
|
GOLDMAN SACHS SHORT DURATION BOND FUND
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Corporate Obligations (continued) | ||||||||||||
Pharmaceuticals (continued) | ||||||||||||
PRA Health Sciences, Inc.(a)(c) | ||||||||||||
$ |
3,144,000 | 2.875 | % | 07/15/26 | $ 3,068,670 | |||||||
| ||||||||||||
13,691,889 | ||||||||||||
| ||||||||||||
Pipelines(a) 2.0% | ||||||||||||
Cheniere Energy Partners LP | ||||||||||||
2,835,000 | 4.500 | 10/01/29 | 2,804,240 | |||||||||
DCP Midstream Operating LP | ||||||||||||
2,690,000 | 5.625 | 07/15/27 | 2,748,266 | |||||||||
Hess Midstream Operations LP | ||||||||||||
1,710,000 | 5.875 | (c) | 03/01/28 | 1,735,376 | ||||||||
710,000 | 6.500 | (c) | 06/01/29 | 729,710 | ||||||||
MPLX LP | ||||||||||||
8,300,000 | 1.750 | 03/01/26 | 8,137,237 | |||||||||
NGPL PipeCo LLC(c) | ||||||||||||
410,000 | 4.875 | 08/15/27 | 408,016 | |||||||||
ONEOK, Inc. | ||||||||||||
6,405,000 | 4.250 | 09/24/27 | 6,396,289 | |||||||||
Targa Resources Partners LP/Targa Resources Partners Finance Corp. | ||||||||||||
2,720,000 | 6.875 | 01/15/29 | 2,775,325 | |||||||||
Venture Global LNG, Inc.(c) | ||||||||||||
30,000 | 7.000 | 01/15/30 | 30,360 | |||||||||
| ||||||||||||
25,764,819 | ||||||||||||
| ||||||||||||
Real Estate Investment Trust(a) 0.4% | ||||||||||||
American Tower Corp. | ||||||||||||
1,400,000 | 1.300 | 09/15/25 | 1,389,402 | |||||||||
Crown Castle, Inc. | ||||||||||||
1,750,000 | 1.350 | 07/15/25 | 1,747,515 | |||||||||
Starwood Property Trust, Inc.(c) | ||||||||||||
1,425,000 | 6.500 | 07/01/30 | 1,472,395 | |||||||||
| ||||||||||||
4,609,312 | ||||||||||||
| ||||||||||||
Retailing(a) 0.8% | ||||||||||||
1011778 BC ULC/New Red Finance, Inc.(c) | ||||||||||||
2,705,000 | 6.125 | 06/15/29 | 2,779,063 | |||||||||
Murphy Oil USA, Inc. | ||||||||||||
3,670,000 | 5.625 | 05/01/27 | 3,669,449 | |||||||||
Penske Automotive Group, Inc. | ||||||||||||
3,310,000 | 3.500 | 09/01/25 | 3,298,581 | |||||||||
| ||||||||||||
9,747,093 | ||||||||||||
| ||||||||||||
Semiconductors(a) 1.0% | ||||||||||||
Broadcom, Inc. | ||||||||||||
9,815,000 | 5.050 | 07/12/27 | 9,960,752 | |||||||||
Skyworks Solutions, Inc. | ||||||||||||
2,425,000 | 1.800 | 06/01/26 | 2,357,852 | |||||||||
| ||||||||||||
12,318,604 | ||||||||||||
| ||||||||||||
Software 1.9% | ||||||||||||
Cadence Design Systems, Inc. | ||||||||||||
1,255,000 | 4.200 | 09/10/27 | 1,257,422 | |||||||||
4,400,000 | 4.300 | (a) | 09/10/29 | 4,403,476 | ||||||||
Fair Isaac Corp.(a)(c) | ||||||||||||
2,705,000 | 5.250 | 05/15/26 | 2,705,324 | |||||||||
Infor LLC(a)(c) | ||||||||||||
1,075,000 | 1.750 | 07/15/25 | 1,073,323 | |||||||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Corporate Obligations (continued) | ||||||||||||
Software (continued) | ||||||||||||
Oracle Corp. | ||||||||||||
$ |
5,163,000 | 4.800 | %(a) | 08/03/28 | $ 5,247,157 | |||||||
6,300,000 | 2.950 | (a) | 04/01/30 | 5,879,538 | ||||||||
Synopsys, Inc.(a) | ||||||||||||
3,963,000 | 4.650 | 04/01/28 | 4,003,502 | |||||||||
| ||||||||||||
24,569,742 | ||||||||||||
| ||||||||||||
Telecommunication Services(a) 0.3% | ||||||||||||
T-Mobile USA, Inc. | ||||||||||||
3,725,000 | 3.750 | 04/15/27 | 3,687,415 | |||||||||
| ||||||||||||
Toys/Games/Hobbies(a)(c) 0.2% | ||||||||||||
Mattel, Inc. | ||||||||||||
2,815,000 | 5.875 | 12/15/27 | 2,823,670 | |||||||||
| ||||||||||||
Trucking & Leasing(a)(c) 0.9% | ||||||||||||
Penske Truck Leasing Co. LP/PTL Finance Corp. | ||||||||||||
4,950,000 | 1.200 | 11/15/25 | 4,884,215 | |||||||||
1,690,000 | 5.350 | 01/12/27 | 1,709,080 | |||||||||
5,000,000 | 3.350 | 11/01/29 | 4,760,450 | |||||||||
| ||||||||||||
11,353,745 | ||||||||||||
| ||||||||||||
TOTAL CORPORATE OBLIGATIONS (Cost $606,570,719) |
$ 610,143,445 | |||||||||||
| ||||||||||||
Mortgage-Backed Obligations 14.4% | ||||||||||||
Collateralized Mortgage Obligations 3.2% | ||||||||||||
Interest Only 0.3% | ||||||||||||
Federal Home Loan Mortgage Corp. REMICS Series 4468, Class SY (-1X 1 mo. USD Term SOFR + 5.986%) | ||||||||||||
$ |
301,882 | 1.682 | %(b)(e) | 05/15/45 | $ 34,129 | |||||||
Federal Home Loan Mortgage Corp. REMICS Series 4583, Class ST (-1X 1 mo. USD Term SOFR + 5.886%) | ||||||||||||
204,302 | 1.582 | (b)(e) | 05/15/46 | 23,582 | ||||||||
Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE (-1X 1 mo. USD Term SOFR + 5.936%) | ||||||||||||
174,772 | 1.632 | (b)(e) | 03/15/44 | 17,812 | ||||||||
Federal Home Loan Mortgage Corp. REMICS Series 4998, Class GI | ||||||||||||
3,143,310 | 4.000 | (e) | 08/25/50 | 637,754 | ||||||||
Federal National Mortgage Association REMICS Series 2016-1, Class SJ (-1X 1 mo. USD Term SOFR + 6.036%) | ||||||||||||
277,521 | 1.730 | (b)(e) | 02/25/46 | 33,898 | ||||||||
Federal National Mortgage Association REMICS Series 2017-31, Class SG (-1X 1 mo. USD Term SOFR + 5.986%) | ||||||||||||
343,844 | 1.680 | (b)(e) | 05/25/47 | 43,372 | ||||||||
Federal National Mortgage Association REMICS Series 2020-49, Class KS (-1X 1 mo. USD Term SOFR + 5.986%) | ||||||||||||
2,167,410 | 1.680 | (b)(e) | 07/25/50 | 274,039 | ||||||||
Federal National Mortgage Association REMICS Series 2010- 135, Class AS (-1X 1 mo. USD Term SOFR + 5.836%) | ||||||||||||
54,917 | 1.530 | (b)(e) | 12/25/40 | 4,766 | ||||||||
Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) | ||||||||||||
112,718 | 1.668 | (a)(b)(e) | 10/20/43 | 6,086 | ||||||||
|
GOLDMAN SACHS SHORT DURATION BOND FUND
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Mortgage-Backed Obligations (continued) | ||||||||||||
Interest Only (continued) | ||||||||||||
Government National Mortgage Association REMICS Series 2017-112, Class SJ (-1X 1 mo. USD Term SOFR + 5.546%) | ||||||||||||
$ |
120,743 | 1.228 | %(a)(b)(e) | 07/20/47 | $ 12,615 | |||||||
Government National Mortgage Association REMICS Series 2018-122, Class HS (-1X 1 mo. USD Term SOFR + 6.086%) | ||||||||||||
264,290 | 1.768 | (a)(b)(e) | 09/20/48 | 32,672 | ||||||||
Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) | ||||||||||||
272,817 | 1.618 | (a)(b)(e) | 01/20/49 | 31,994 | ||||||||
Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) | ||||||||||||
121,420 | 1.668 | (a)(b)(e) | 06/20/49 | 14,170 | ||||||||
Government National Mortgage Association REMICS Series 2020-78, Class DI | ||||||||||||
1,198,096 | 4.000 | (a)(e) | 06/20/50 | 260,681 | ||||||||
Government National Mortgage Association REMICS Series 2020-146, Class KI | ||||||||||||
3,326,259 | 2.500 | (a)(e) | 10/20/50 | 496,783 | ||||||||
Government National Mortgage Association REMICS Series 2013-124, Class CS (-1X 1 mo. USD Term SOFR + 5.936%) | ||||||||||||
191,072 | 1.618 | (a)(b)(e) | 08/20/43 | 21,584 | ||||||||
Government National Mortgage Association REMICS Series 2014-162, Class SA (-1X 1 mo. USD Term SOFR + 5.486%) | ||||||||||||
71,388 | 1.168 | (a)(b)(e) | 11/20/44 | 6,821 | ||||||||
Government National Mortgage Association REMICS Series 2015-123, Class SP (-1X 1 mo. USD Term SOFR + 6.136%) | ||||||||||||
123,758 | 1.818 | (a)(b)(e) | 09/20/45 | 15,711 | ||||||||
Government National Mortgage Association REMICS Series 2016-27, Class IA | ||||||||||||
65,110 | 4.000 | (a)(e) | 06/20/45 | 9,222 | ||||||||
Government National Mortgage Association REMICS Series 2018-122, Class SE (-1X 1 mo. USD Term SOFR + 6.086%) | ||||||||||||
261,046 | 1.768 | (a)(b)(e) | 09/20/48 | 32,739 | ||||||||
Government National Mortgage Association REMICS Series 2019-153, Class EI | ||||||||||||
6,176,479 | 4.000 | (a)(e) | 12/20/49 | 1,308,960 | ||||||||
Government National Mortgage Association REMICS Series 2020-55, Class AS (-1X 1 mo. USD Term SOFR + 5.936%) | ||||||||||||
6,827,105 | 1.618 | (a)(b)(e) | 04/20/50 | 890,471 | ||||||||
Government National Mortgage Association REMICS Series 2020-61, Class GI | ||||||||||||
1,519,984 | 5.000 | (a)(e) | 05/20/50 | 364,840 | ||||||||
| ||||||||||||
4,574,701 | ||||||||||||
| ||||||||||||
Sequential Fixed Rate 0.8% | ||||||||||||
CIM Trust Series 2025-I1, Class A2 | ||||||||||||
1,941,048 | 5.908 | (a)(c)(d) | 10/25/69 | 1,958,124 | ||||||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Mortgage-Backed Obligations (continued) | ||||||||||||
Sequential Fixed Rate (continued) | ||||||||||||
Federal National Mortgage Association REMICS Series 2012- 111, Class B | ||||||||||||
$ |
7,788 | 7.000 | % | 10/25/42 | $ 8,326 | |||||||
Federal National Mortgage Association REMICS Series 2012- 153, Class B | ||||||||||||
26,060 | 7.000 | 07/25/42 | 28,343 | |||||||||
JP Morgan Mortgage Trust Series 2025-VIS1, Class A2 | ||||||||||||
3,484,139 | 5.695 | (a)(c)(d) | 08/25/55 | 3,497,953 | ||||||||
Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC1, | ||||||||||||
2,940,099 | 5.562 | (a)(c)(d) | 03/25/70 | 2,959,640 | ||||||||
Verus Securitization Trust Series 2023-INV2, Class A2 | ||||||||||||
1,494,635 | 6.928 | (a)(c)(d) | 08/25/68 | 1,509,620 | ||||||||
| ||||||||||||
9,962,006 | ||||||||||||
| ||||||||||||
Sequential Floating Rate 2.1% | ||||||||||||
Chase Home Lending Mortgage Trust Series 2025-2, Class A4A | ||||||||||||
2,404,820 | 5.500 | (a)(b)(c) | 12/25/55 | 2,412,655 | ||||||||
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | ||||||||||||
1,850,000 | 5.955 | (a)(b)(c) | 05/25/44 | 1,859,053 | ||||||||
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) | ||||||||||||
25,000 | 6.256 | (a)(b)(c) | 03/25/44 | 25,233 | ||||||||
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M1 (1 mo. USD Term SOFR + 1.000%) | ||||||||||||
817,896 | 5.305 | (a)(b)(c) | 07/25/44 | 817,386 | ||||||||
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M2 (1 mo. USD Term SOFR + 1.700%) | ||||||||||||
1,900,000 | 6.005 | (a)(b)(c) | 07/25/44 | 1,906,905 | ||||||||
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%) | ||||||||||||
3,425,000 | 5.905 | (a)(b)(c) | 09/25/44 | 3,441,219 | ||||||||
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R03, Class 2M2 (1 mo. USD Term SOFR + 2.250%) | ||||||||||||
3,150,000 | 6.555 | (a)(b)(c) | 03/25/45 | 3,204,825 | ||||||||
GCAT Trust Series 2024-INV4, Class A6 | ||||||||||||
2,247,741 | 5.500 | (a)(b)(c) | 12/25/54 | 2,254,226 | ||||||||
Government National Mortgage Association REMICS Series 2023-133, Class HS (-1X 1 mo. USD Term SOFR + 6.500%) | ||||||||||||
3,589,618 | 2.198 | (a)(b) | 09/20/53 | 249,090 | ||||||||
JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | ||||||||||||
3,882,476 | 2.520 | (a)(b)(c) | 05/25/52 | 3,275,478 | ||||||||
JP Morgan Mortgage Trust Series 2025-DSC1, Class A1 | ||||||||||||
3,076,198 | 5.664 | (a)(b)(c) | 09/25/65 | 3,103,086 | ||||||||
JP Morgan Mortgage Trust Series 2025-VIS2, Class A1 | ||||||||||||
3,825,000 | 5.385 | (a)(b)(c) | 01/25/63 | 3,827,851 | ||||||||
|
GOLDMAN SACHS SHORT DURATION BOND FUND
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Mortgage-Backed Obligations (continued) | ||||||||||||
Sequential Floating Rate (continued) | ||||||||||||
New Residential Mortgage Loan Trust Series 2015-1A, Class A1 | ||||||||||||
$ |
64,685 | 3.750 | %(a)(b)(c) | 05/28/52 | $ 61,769 | |||||||
| ||||||||||||
26,438,776 | ||||||||||||
| ||||||||||||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | 40,975,483 | |||||||||||
| ||||||||||||
Commercial Mortgage-Backed Securities 7.6% | ||||||||||||
Regular Floater 0.3% | ||||||||||||
TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR + 2.133%) | ||||||||||||
$ |
3,500,000 | 6.444 | %(b)(c) | 11/15/29 | $ 3,499,131 | |||||||
TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR + 2.930%) | ||||||||||||
950,000 | 7.242 | (b)(c) | 11/15/29 | 949,173 | ||||||||
| ||||||||||||
4,448,304 | ||||||||||||
| ||||||||||||
Sequential Fixed Rate 4.6% | ||||||||||||
1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 | ||||||||||||
3,800,000 | 3.901 | (c) | 08/10/35 | 3,788,031 | ||||||||
Bank Series 2023-BNK46, Class A4 | ||||||||||||
4,100,000 | 5.745 | (a) | 08/15/56 | 4,310,084 | ||||||||
Bank5 Series 2023-5YR4, Class A3 | ||||||||||||
1,298,420 | 6.500 | (a) | 12/15/56 | 1,368,225 | ||||||||
Bank5 Series 2024-5YR7, Class A3 | ||||||||||||
2,350,000 | 5.769 | (a) | 06/15/57 | 2,441,236 | ||||||||
Bank5 Series 2024-5YR11, Class A3 | ||||||||||||
2,450,000 | 5.893 | (a) | 11/15/57 | 2,565,201 | ||||||||
Bank5 Series 2024-5YR11, Class AS | ||||||||||||
1,075,000 | 6.139 | (a) | 11/15/57 | 1,122,502 | ||||||||
Bank5 Series 2025-5YR14, Class A3 | ||||||||||||
3,000,000 | 5.646 | (a) | 04/15/58 | 3,122,338 | ||||||||
Bank5 Series 2025-5YR15, Class A3 | ||||||||||||
2,450,000 | 5.452 | (a) | 06/15/30 | 2,520,959 | ||||||||
BBCMS Mortgage Trust Series 2023-C19, Class A5 | ||||||||||||
2,900,000 | 5.451 | (a) | 04/15/56 | 2,993,404 | ||||||||
BBCMS Mortgage Trust Series 2023-C19, Class ASB | ||||||||||||
800,000 | 5.700 | (a) | 04/15/56 | 840,065 | ||||||||
BMO Mortgage Trust Series 2023-C7, Class A5 | ||||||||||||
5,000,000 | 6.160 | (a) | 12/15/56 | 5,366,329 | ||||||||
BMO Mortgage Trust Series 2025-5C11, Class A3 | ||||||||||||
2,400,000 | 5.669 | (a) | 07/15/58 | 2,498,927 | ||||||||
BX Trust Series 2022-CLS, Class A | ||||||||||||
3,900,000 | 5.760 | (c) | 10/13/27 | 3,947,529 | ||||||||
Citigroup Commercial Mortgage Trust Series 2017-P8, Class D | ||||||||||||
1,500,000 | 3.000 | (a)(c) | 09/15/50 | 934,199 | ||||||||
Citigroup Commercial Mortgage Trust Series 2019-C7, Class A4 | ||||||||||||
740,000 | 3.102 | (a) | 12/15/72 | 693,102 | ||||||||
COMM Mortgage Trust Series 2024-277P, Class A | ||||||||||||
3,650,000 | 6.338 | (c) | 08/10/44 | 3,840,095 | ||||||||
JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B | ||||||||||||
2,100,000 | 3.598 | (a)(c) | 06/05/39 | 1,946,540 | ||||||||
JP Morgan Chase Commercial Mortgage Securities Trust Series 2025-NSLB, Class A | ||||||||||||
2,000,000 | 6.234 | (c) | 06/05/42 | 2,075,064 | ||||||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Mortgage-Backed Obligations (continued) | ||||||||||||
Sequential Fixed Rate (continued) | ||||||||||||
MSWF Commercial Mortgage Trust Series 2023-2, Class A2 | ||||||||||||
$ |
3,150,000 | 6.890 | %(a) | 12/15/56 | $ 3,336,181 | |||||||
ROCK Trust Series 2024-CNTR, Class A | ||||||||||||
4,300,000 | 5.388 | (c) | 11/13/41 | 4,394,311 | ||||||||
ROCK Trust Series 2024-CNTR, Class D | ||||||||||||
3,250,000 | 7.109 | (c) | 11/13/41 | 3,388,947 | ||||||||
Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D | ||||||||||||
900,000 | 3.250 | (a)(c) | 01/15/60 | 793,335 | ||||||||
| ||||||||||||
58,286,604 | ||||||||||||
| ||||||||||||
Sequential Floating Rate 2.7% | ||||||||||||
Bank5 Series 2024-5YR10, Class AS | ||||||||||||
900,000 | 5.637 | (a) | 10/15/57 | 921,786 | ||||||||
BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | ||||||||||||
1,225,000 | 5.231 | (b)(c) | 03/15/37 | 1,157,821 | ||||||||
BBCMS Mortgage Trust Series 2023-C22, Class A5 | ||||||||||||
2,850,000 | 6.804 | (a)(b) | 11/15/56 | 3,180,289 | ||||||||
BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) | ||||||||||||
1,150,000 | 5.480 | (b)(c) | 03/15/37 | 1,058,169 | ||||||||
BFLD Trust Series 2025-EWEST, Class B (1 mo. USD Term SOFR + 1.900%) | ||||||||||||
2,800,000 | 6.200 | (b)(c) | 06/15/42 | 2,803,709 | ||||||||
BX Commercial Mortgage Trust Series 2024-XL4, Class A (1 mo. USD Term SOFR + 1.442%) | ||||||||||||
4,356,060 | 5.754 | (b)(c) | 02/15/39 | 4,360,762 | ||||||||
BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | ||||||||||||
1,670,725 | 5.703 | (b)(c) | 03/15/41 | 1,671,971 | ||||||||
BX Trust Series 2024-BRVE, Class A (1 mo. USD Term SOFR + 1.841%) | ||||||||||||
3,500,000 | 6.153 | (b)(c) | 04/15/26 | 3,496,943 | ||||||||
BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%) | ||||||||||||
2,500,000 | 5.456 | (b)(c) | 03/15/30 | 2,484,415 | ||||||||
Citigroup Commercial Mortgage Trust Series 2015-P1, Class C | ||||||||||||
1,949,000 | 4.497 | (a)(b) | 09/15/48 | 1,931,018 | ||||||||
Hudson Yards Mortgage Trust Series 2025-SPRL, Class D | ||||||||||||
1,375,000 | 6.551 | (b)(c) | 01/13/40 | 1,423,478 | ||||||||
Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | ||||||||||||
1,375,000 | 5.649 | (b)(c) | 01/13/40 | 1,416,423 | ||||||||
JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | ||||||||||||
1,125,000 | 5.990 | (b)(c) | 10/05/39 | 1,147,672 | ||||||||
NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) | ||||||||||||
2,200,000 | 6.004 | (b)(c) | 02/15/42 | 2,180,481 | ||||||||
Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A | ||||||||||||
3,150,000 | 5.484 | (b)(c) | 07/15/35 | 3,168,909 | ||||||||
|
GOLDMAN SACHS SHORT DURATION BOND FUND
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Mortgage-Backed Obligations (continued) | ||||||||||||
Sequential Floating Rate (continued) | ||||||||||||
Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B | ||||||||||||
$ |
1,950,000 | 5.935 | %(b)(c) | 07/15/35 | $ 1,963,147 | |||||||
| ||||||||||||
34,366,993 | ||||||||||||
| ||||||||||||
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | $ 97,101,901 | |||||||||||
| ||||||||||||
Federal Agencies 3.6% | ||||||||||||
Government National Mortgage Association 1.1% | ||||||||||||
$ |
1,035,132 | 4.500 | % | 08/20/47 | $ 1,012,880 | |||||||
159,997 | 5.000 | 03/20/48 | 160,925 | |||||||||
1,607,820 | 4.000 | 05/20/48 | 1,516,591 | |||||||||
573,945 | 4.500 | 06/20/48 | 560,172 | |||||||||
582,609 | 4.500 | 07/20/48 | 568,628 | |||||||||
886,888 | 4.500 | 09/20/48 | 865,052 | |||||||||
613,878 | 4.500 | 10/20/48 | 598,380 | |||||||||
770,554 | 4.500 | 12/20/48 | 750,378 | |||||||||
1,889,249 | 4.500 | 01/20/49 | 1,839,781 | |||||||||
581,963 | 4.500 | 02/20/49 | 565,997 | |||||||||
781,614 | 4.500 | 03/20/49 | 761,149 | |||||||||
413,013 | 4.500 | 10/20/49 | 402,844 | |||||||||
766,441 | 5.000 | 12/20/49 | 766,222 | |||||||||
47,015 | 5.000 | 02/20/50 | 47,282 | |||||||||
4,171,715 | 3.000 | 11/20/51 | 3,663,624 | |||||||||
| ||||||||||||
14,079,905 | ||||||||||||
| ||||||||||||
Uniform Mortgage-Backed Security 2.5% | ||||||||||||
287 | 5.000 | 11/01/26 | 286 | |||||||||
2,179 | 5.000 | 07/01/27 | 2,180 | |||||||||
57,319 | 4.500 | 07/01/47 | 55,852 | |||||||||
35,537 | 4.500 | 03/01/50 | 34,278 | |||||||||
7,558,135 | 6.000 | 11/01/52 | 7,786,692 | |||||||||
1,693,090 | 5.500 | 12/01/52 | 1,711,068 | |||||||||
4,490,864 | 6.000 | 12/01/52 | 4,614,008 | |||||||||
3,064,150 | 6.000 | 01/01/53 | 3,144,849 | |||||||||
820,416 | 5.500 | 04/01/53 | 828,871 | |||||||||
2,415,483 | 6.000 | 04/01/53 | 2,483,013 | |||||||||
2,272,913 | 6.500 | 09/01/53 | 2,357,801 | |||||||||
5,671,199 | 6.500 | 11/01/53 | 5,909,587 | |||||||||
2,439,153 | 6.500 | 12/01/53 | 2,548,542 | |||||||||
| ||||||||||||
31,477,027 | ||||||||||||
| ||||||||||||
TOTAL FEDERAL AGENCIES | $ 45,556,932 | |||||||||||
| ||||||||||||
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $182,564,310) |
$ 183,634,316 | |||||||||||
| ||||||||||||
Asset-Backed Securities(a) 11.2% | ||||||||||||
Automotive 2.6% | ||||||||||||
Bank of America Auto Trust Series 2023-2A, Class A2(c) | ||||||||||||
$ |
32,554 | 5.850 | % | 08/17/26 | $ 32,568 | |||||||
Exeter Automobile Receivables Trust Series 2025-1A, Class A2 | ||||||||||||
1,420,009 | 4.700 | 09/15/27 | 1,419,663 | |||||||||
Exeter Automobile Receivables Trust Series 2025-1A, Class A3 | ||||||||||||
800,000 | 4.670 | 08/15/28 | 800,123 | |||||||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Asset-Backed Securities(a) (continued) | ||||||||||||
Automotive (continued) | ||||||||||||
Ford Credit Auto Lease Trust Series 2024-A, Class A2A | ||||||||||||
$ |
64,806 | 5.240 | % | 07/15/26 | $ 64,821 | |||||||
Ford Credit Auto Lease Trust Series 2024-B, Class A3 | ||||||||||||
6,100,000 | 4.990 | 12/15/27 | 6,140,911 | |||||||||
Ford Credit Auto Owner Trust Series 2024-1, Class A(c)(d) | ||||||||||||
3,200,000 | 4.870 | 08/15/36 | 3,261,093 | |||||||||
Hyundai Auto Lease Securitization Trust Series 2024-C, Class A2A(c) | ||||||||||||
2,364,778 | 4.770 | 03/15/27 | 2,368,740 | |||||||||
Hyundai Auto Receivables Trust Series 2024-B, Class A3 | ||||||||||||
5,825,000 | 4.840 | 03/15/29 | 5,880,794 | |||||||||
Nissan Auto Lease Trust Series 2024-A, Class A2A | ||||||||||||
2,551,069 | 5.110 | 10/15/26 | 2,553,994 | |||||||||
Santander Drive Auto Receivables Trust Series 2025-1, Class A2 | ||||||||||||
921,714 | 4.760 | 08/16/27 | 921,974 | |||||||||
Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | ||||||||||||
2,825,000 | 4.740 | 01/16/29 | 2,835,383 | |||||||||
Tesla Auto Lease Trust Series 2023-B, Class A3(c) | ||||||||||||
1,849,399 | 6.130 | 09/21/26 | 1,854,528 | |||||||||
Toyota Auto Receivables Owner Trust Series 2024-C, Class A3 | ||||||||||||
4,225,000 | 4.880 | 03/15/29 | 4,264,471 | |||||||||
World Omni Auto Receivables Trust Series 2024-B, Class A2A | ||||||||||||
1,337,230 | 5.480 | 09/15/27 | 1,339,103 | |||||||||
| ||||||||||||
33,738,166 | ||||||||||||
| ||||||||||||
Collateralized Loan Obligations 3.7% | ||||||||||||
Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class A1R2(b)(c) (3 mo. USD Term SOFR + 1.410%) | ||||||||||||
7,600,000 | 5.621 | 07/20/38 | 7,600,000 | |||||||||
Bryant Park Funding Ltd. Series 2023-21A, Class A1(b)(c) (3 mo. USD Term SOFR + 2.050%) | ||||||||||||
3,600,000 | 6.320 | 10/18/36 | 3,609,490 | |||||||||
CIFC Funding Ltd. Series 2023-3A, Class E(b)(c) (3 mo. USD Term SOFR + 7.650%) | ||||||||||||
2,025,000 | 11.920 | 01/20/37 | 2,054,492 | |||||||||
Crown City CLO I Series 2020-1A, Class A1AR(b)(c) (3 mo. USD Term SOFR + 1.452%) | ||||||||||||
2,500,000 | 5.721 | 07/20/34 | 2,500,842 | |||||||||
Crown City CLO V Series 2023-5A, Class A1R(b)(c) (3 mo. USD Term SOFR + 1.600%) | ||||||||||||
1,100,000 | 5.870 | 04/20/37 | 1,103,248 | |||||||||
CVC Cordatus Loan Fund XXXIV DAC Series 34A, Class B(b)(c) | ||||||||||||
EUR |
2,700,000 | 3.977 | 04/20/38 | 3,145,663 | ||||||||
Dunedin Park CLO DAC Series 1X, Class AR(b) (3 mo. EUR EURIBOR + 0.980%) | ||||||||||||
4,750,000 | 3.081 | 11/20/34 | 5,575,772 | |||||||||
Jamestown CLO XVI Ltd. Series 2021-16A, Class AR(b)(c) (3 mo. USD Term SOFR + 1.120%) | ||||||||||||
$ |
3,000,000 | 5.402 | 07/25/34 | 2,999,889 | ||||||||
LCM 26 Ltd. Series 26A, Class A1(b)(c) (3 mo. USD Term SOFR + 1.332%) | ||||||||||||
743,517 | 5.601 | 01/20/31 | 743,768 | |||||||||
MJX Venture Management II LLC Series 2017-28RR, Class A1(b)(c) | ||||||||||||
812,035 | 5.811 | 07/22/30 | 812,333 | |||||||||
|
GOLDMAN SACHS SHORT DURATION BOND FUND
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Asset-Backed Securities(a) (continued) | ||||||||||||
Collateralized Loan Obligations (continued) | ||||||||||||
Newark BSL CLO 1 Ltd. Series 2016-1A, Class A1R(b)(c) (3 mo. USD Term SOFR + 1.362%) | ||||||||||||
$ |
435,679 | 5.644 | % | 12/21/29 | $ 435,894 | |||||||
OCP Euro DAC Series 2025-12A, Class B1(b)(c) (3 mo. EUR EURIBOR + 1.700%) | ||||||||||||
EUR |
2,900,000 | 4.062 | 01/20/38 | 3,382,894 | ||||||||
Pikes Peak CLO 3 Series 2019-3A, Class ARR(b)(c) (3 mo. USD Term SOFR + 1.462%) | ||||||||||||
$ |
4,000,000 | 5.743 | 10/25/34 | 4,007,300 | ||||||||
RR 29 Ltd. Series 2024-29RA, Class A2R(b)(c) (3 mo. USD Term SOFR + 1.700%) | ||||||||||||
3,000,000 | 5.956 | 07/15/39 | 3,009,348 | |||||||||
Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A(c) | ||||||||||||
333,831 | 5.750 | 12/20/50 | 337,053 | |||||||||
Sycamore Tree CLO Ltd. Series 2023-2A, Class AR(b)(c) (3 mo. USD Term SOFR + 1.680%) | ||||||||||||
2,200,000 | 5.950 | 01/20/37 | 2,206,010 | |||||||||
Venture 36 CLO Ltd. Series 2019-36A, Class D(b)(c) (3 mo. USD Term SOFR + 4.412%) | ||||||||||||
2,500,000 | 8.684 | 04/20/32 | 2,437,262 | |||||||||
Zais CLO 13 Ltd. Series 2019-13A, Class A1AR(b)(c) (3 mo. USD Term SOFR + 1.300%) | ||||||||||||
1,745,042 | 5.556 | 07/15/32 | 1,745,269 | |||||||||
| ||||||||||||
47,706,527 | ||||||||||||
| ||||||||||||
Credit Card 1.7% | ||||||||||||
American Express Credit Account Master Trust Series 2024-3, Class A | ||||||||||||
4,500,000 | 4.650 | 07/15/29 | 4,550,857 | |||||||||
American Express Credit Account Master Trust Series 2025-3, Class A | ||||||||||||
3,975,000 | 4.510 | 04/15/32 | 4,028,313 | |||||||||
Barclays Dryrock Issuance Trust Series 2023-1, Class A | ||||||||||||
7,300,000 | 4.720 | 02/15/29 | 7,316,324 | |||||||||
Barclays Dryrock Issuance Trust Series 2023-2, Class A(b) (1 mo. USD Term SOFR + 0.900%) | ||||||||||||
2,425,000 | 5.204 | 08/15/28 | 2,429,154 | |||||||||
Discover Card Execution Note Trust Series 2023-A1, Class A | ||||||||||||
3,800,000 | 4.310 | 03/15/28 | 3,797,376 | |||||||||
| ||||||||||||
22,122,024 | ||||||||||||
| ||||||||||||
Student Loan(b) 3.2% | ||||||||||||
Apidos CLO XV Ltd. Series 2013-15A, Class A1RR(c) (3 mo. USD Term SOFR + 1.272%) | ||||||||||||
1,522,128 | 5.541 | 04/20/31 | 1,522,897 | |||||||||
Bain Capital Credit CLO Ltd. Series 2023-3A, Class A(c) (3 mo. USD Term SOFR + 1.800%) | ||||||||||||
3,600,000 | 6.075 | 07/24/36 | 3,607,052 | |||||||||
CIFC Falcon Ltd. Series 2019-FAL, Class A(c) (3 mo. USD Term SOFR + 1.262%) | ||||||||||||
3,782,967 | 5.531 | 01/20/33 | 3,787,931 | |||||||||
Diameter Capital CLO 4 Ltd. Series 2022-4A, Class A1R(c) (3 mo. USD Term SOFR + 1.830%) | ||||||||||||
5,500,000 | 6.086 | 01/15/37 | 5,522,792 | |||||||||
Elmwood CLO 27 Ltd. Series 2024-3A, Class A(c) (3 mo. USD Term SOFR + 1.520%) | ||||||||||||
4,500,000 | 5.790 | 04/18/37 | 4,514,747 | |||||||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Asset-Backed Securities(a) (continued) | ||||||||||||
Student Loan(b) (continued) | ||||||||||||
Flatiron CLO 20 Ltd. Series 2020-1A, Class AR(c) (3 mo. USD Term SOFR + 1.380%) | ||||||||||||
$ |
3,700,000 | 5.702 | % | 05/20/36 | $ 3,705,173 | |||||||
Illinois Student Assistance Commission Series 2010-1, Class A3 (3 mo. USD Term SOFR + 1.162%) | ||||||||||||
219,290 | 5.525 | 07/25/45 | 219,092 | |||||||||
Katayma CLO II Ltd. Series 2024-2A, Class B(c) (3 mo. USD Term SOFR + 2.150%) | ||||||||||||
2,500,000 | 6.420 | 04/20/37 | 2,508,405 | |||||||||
Marble Point CLO XIV Ltd. Series 2018-2A, Class A12R(c) (3 mo. USD Term SOFR + 1.200%) | ||||||||||||
5,305,193 | 5.470 | 01/20/32 | 5,299,802 | |||||||||
Palmer Square Loan Funding Ltd. Series 2022-3A, Class A1BR(c) (3 mo. USD Term SOFR + 1.400%) | ||||||||||||
5,025,000 | 5.656 | 04/15/31 | 5,025,015 | |||||||||
PHEAA Student Loan Trust Series 2016-1A, Class A(c) (1 mo. USD Term SOFR + 1.264%) | ||||||||||||
352,246 | 5.570 | 09/25/65 | 351,184 | |||||||||
RRE 2 Loan Management DAC Series 2X, Class A2R (3 mo. EUR EURIBOR + 1.450%) | ||||||||||||
EUR |
3,500,000 | 3.729 | 07/15/35 | 4,100,576 | ||||||||
| ||||||||||||
40,164,666 | ||||||||||||
| ||||||||||||
TOTAL ASSET-BACKED SECURITIES (Cost $141,782,468) |
$ 143,731,383 | |||||||||||
| ||||||||||||
Sovereign Debt Obligations 2.0% | ||||||||||||
Sovereign 1.1% | ||||||||||||
Hungary Government International Bonds | ||||||||||||
$ |
3,630,000 | 5.250 | % | 06/16/29 | $ 3,657,225 | |||||||
Korea Hydro & Nuclear Power Co. Ltd.(c) | ||||||||||||
3,950,000 | 4.250 | 07/27/27 | 3,948,065 | |||||||||
Mexico Government International Bonds(a) | ||||||||||||
2,860,000 | 3.250 | 04/16/30 | 2,636,920 | |||||||||
Republic of Poland Government International Bonds(a) | ||||||||||||
2,600,000 | 4.625 | 03/18/29 | 2,635,750 | |||||||||
Romania Government International Bonds(c) | ||||||||||||
1,500,000 | 3.000 | 02/27/27 | 1,444,500 | |||||||||
| ||||||||||||
14,322,460 | ||||||||||||
| ||||||||||||
United States Dollar 0.9% | ||||||||||||
Indonesia Government International Bonds(a) | ||||||||||||
6,030,000 | 4.550 | 01/11/28 | 6,084,270 | |||||||||
Peru Government International Bonds(a) | ||||||||||||
2,120,000 | 2.392 | 01/23/26 | 2,088,730 | |||||||||
Romania Government International Bonds | ||||||||||||
1,700,000 | 5.875 | 01/30/29 | 1,708,500 | |||||||||
Saudi Government International Bonds(c) | ||||||||||||
800,000 | 2.900 | 10/22/25 | 795,200 | |||||||||
| ||||||||||||
10,676,700 | ||||||||||||
| ||||||||||||
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $24,801,329) |
$24,999,160 | |||||||||||
|
GOLDMAN SACHS SHORT DURATION BOND FUND
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
Shares |
Description | Value | ||||||||||
Common Stocks(c) 0.0% | ||||||||||||
Real Estate Management & Development 0.0% | ||||||||||||
22,377 | Sunac Services Holdings Ltd. | $ 4,939 | ||||||||||
(Cost $42,588) | ||||||||||||
| ||||||||||||
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
U.S. Treasury Obligations 7.7% | ||||||||||||
U.S. Treasury Bills(f) | ||||||||||||
$ |
26,820,700 | 0.000 | % | 09/18/25 | $ 26,572,654 | |||||||
U.S. Treasury Notes | ||||||||||||
16,170,000 | 1.250 | 11/30/26 | 15,592,681 | |||||||||
9,400,000 | 0.500 | 06/30/27 | 8,820,578 | |||||||||
15,370,000 | 1.250 | 03/31/28 | 14,392,564 | |||||||||
850,000 | 2.875 | 08/15/28 | 829,148 | |||||||||
30,810,000 | 4.500 | 05/31/29 | 31,654,868 | |||||||||
| ||||||||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $97,002,258) |
$ 97,862,493 | |||||||||||
| ||||||||||||
Shares | Dividend Rate |
Value | ||||||||||
Investment Company(g) 0.0% | ||||||||||||
Goldman Sachs Financial Square Government Fund Institutional Shares | ||||||||||||
142,906 | 4.231% | $ 142,906 | ||||||||||
(Cost $142,906) | ||||||||||||
| ||||||||||||
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS 83.0% (Cost $1,052,906,578) |
$1,060,518,642 | |||||||||||
| ||||||||||||
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Short-term Investments 13.6% | ||||||||||||
Certificates of Deposit(b) 0.9% | ||||||||||||
National Bank of Kuwait | ||||||||||||
$ |
12,310,000 | 4.600 | % | 08/11/25 | $ 12,312,152 | |||||||
| ||||||||||||
Commercial Paper(f) 12.7% | ||||||||||||
Air Lease Corp. | ||||||||||||
3,156,000 | 0.000 | (c) | 07/17/25 | 3,148,876 | ||||||||
3,389,000 | 0.000 | (c) | 07/23/25 | 3,378,555 | ||||||||
Alimentation Couche-Tard, Inc. | ||||||||||||
2,755,000 | 0.000 | (c) | 07/03/25 | 2,753,933 | ||||||||
5,325,000 | 0.000 | (c) | 07/09/25 | 5,318,788 | ||||||||
1,868,000 | 0.000 | (c) | 07/29/25 | 1,860,940 | ||||||||
American Honda Finance Corp. | ||||||||||||
6,183,000 | 0.000 | 08/11/25 | 6,149,645 | |||||||||
3,880,000 | 0.000 | 08/18/25 | 3,855,475 | |||||||||
6,904,000 | 0.000 | 09/04/25 | 6,844,561 | |||||||||
Bayer Corp.(c) | ||||||||||||
10,000,000 | 0.000 | 07/16/25 | 9,979,212 | |||||||||
Beth Israel Deaconess Medical Center, Inc. | ||||||||||||
15,730,000 | 0.000 | 07/10/25 | 15,708,969 | |||||||||
6,100,000 | 0.000 | 08/12/25 | 6,064,288 | |||||||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Short-term Investments (continued) | ||||||||||||
Commercial Paper(f) (continued) | ||||||||||||
Broadcom, Inc.(c) | ||||||||||||
$ |
6,580,000 | 0.000 | % | 07/24/25 | $ 6,559,609 | |||||||
Campbells Co.(c) | ||||||||||||
5,908,000 | 0.000 | 08/13/25 | 5,874,283 | |||||||||
Dominion Energy, Inc.(c) | ||||||||||||
11,584,000 | 0.000 | 08/27/25 | 11,498,000 | |||||||||
Energy Transfer LP(c) | ||||||||||||
9,810,000 | 0.000 | 07/01/25 | 9,808,757 | |||||||||
General Motors Financial Co., Inc.(c) | ||||||||||||
7,626,000 | 0.000 | 07/01/25 | 7,625,042 | |||||||||
Hyundai Capital America(c) | ||||||||||||
5,593,000 | 0.000 | 08/27/25 | 5,551,207 | |||||||||
Marathon Petroleum Corp.(c) | ||||||||||||
9,810,000 | 0.000 | 07/01/25 | 9,808,725 | |||||||||
National Grid North America, Inc.(c) | ||||||||||||
6,167,000 | 0.000 | 07/29/25 | 6,144,132 | |||||||||
Northrop Grumman Corp. | ||||||||||||
6,289,000 | 0.000 | 07/24/25 | 6,269,637 | |||||||||
PPG Industries, Inc. | ||||||||||||
2,279,000 | 0.000 | 08/15/25 | 2,265,599 | |||||||||
Protective Life Corp.(c) | ||||||||||||
3,083,000 | 0.000 | 08/07/25 | 3,067,917 | |||||||||
Reckitt Benckiser Treasury Services PLC | ||||||||||||
5,208,000 | 0.000 | (c) | 07/01/25 | 5,207,361 | ||||||||
6,274,000 | 0.000 | (c) | 07/14/25 | 6,263,177 | ||||||||
3,847,000 | 0.000 | (c) | 08/20/25 | 3,821,729 | ||||||||
3,848,000 | 0.000 | (c) | 08/21/25 | 3,822,262 | ||||||||
Sysco Corp.(c) | ||||||||||||
3,728,000 | 0.000 | 07/01/25 | 3,727,523 | |||||||||
| ||||||||||||
162,378,202 | ||||||||||||
| ||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $174,711,882) |
$ 174,690,354 | |||||||||||
| ||||||||||||
TOTAL INVESTMENTS 96.6% (Cost $1,227,618,460) |
$1,235,208,996 | |||||||||||
| ||||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES 3.4% |
42,885,228 | |||||||||||
| ||||||||||||
NET ASSETS 100.0% | $1,278,094,224 | |||||||||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
(a) | Security with Call features with resetting interest rates. Maturity dates disclosed are the final maturity dates. | |
(b) | Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2025. | |
(c) | Exempt from registration under Rule 144A of the Securities Act of 1933. | |
(d) | Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on June 30, 2025. | |
(e) | Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate. | |
(f) | Issued with a zero coupon. Income is recognized through the accretion of discount. | |
(g) | Represents an affiliated issuer. |
GOLDMAN SACHS SHORT DURATION BOND FUND
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS At June 30, 2025, the Fund had the following forward foreign currency exchange contracts:
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN
Counterparty | Currency Purchased |
Currency Sold |
Settlement Date |
Unrealized Gain |
||||||||||||||||
|
||||||||||||||||||||
MS & Co. Int. PLC |
AUD |
1,513,543 | USD | 987,917 | 08/25/25 | $ | 9,376 | |||||||||||||
AUD |
11,615,082 | USD | 7,545,504 | 09/17/25 | 111,404 | |||||||||||||||
AUD |
2,945,564 | USD | 1,911,714 | 12/17/25 | 33,724 | |||||||||||||||
BRL |
535,717 | USD | 93,217 | 09/17/25 | 3,468 | |||||||||||||||
CAD |
9,877,284 | USD | 7,253,110 | 09/17/25 | 28,934 | |||||||||||||||
CHF |
5,917,422 | USD | 7,287,320 | 09/17/25 | 244,289 | |||||||||||||||
CLP |
326,454,600 | USD | 349,000 | 07/28/25 | 1,421 | |||||||||||||||
CLP |
360,628,561 | USD | 379,745 | 09/17/25 | 7,286 | |||||||||||||||
CNH |
107,193,329 | USD | 15,017,389 | 09/17/25 | 51,996 | |||||||||||||||
CNH |
1,549,533 | USD | 214,395 | 09/18/25 | 3,459 | |||||||||||||||
COP |
430,545,939 | USD | 103,059 | 09/17/25 | 1,189 | |||||||||||||||
CZK |
199,350,078 | USD | 9,227,453 | 09/17/25 | 292,771 | |||||||||||||||
CZK |
8,348,729 | USD | 385,815 | 12/17/25 | 14,042 | |||||||||||||||
EUR |
13,197,491 | USD | 15,183,158 | 09/17/25 | 443,933 | |||||||||||||||
EUR |
1,471,848 | USD | 1,676,358 | 09/18/25 | 66,564 | |||||||||||||||
EUR |
1,414,978 | USD | 1,653,924 | 12/17/25 | 31,134 | |||||||||||||||
GBP |
6,035,213 | USD | 8,164,735 | 09/17/25 | 123,674 | |||||||||||||||
GBP |
454,313 | USD | 613,726 | 12/17/25 | 10,437 | |||||||||||||||
HUF |
448,588,567 | USD | 1,265,343 | 09/17/25 | 51,447 | |||||||||||||||
ILS |
12,560,522 | USD | 3,559,412 | 09/17/25 | 173,384 | |||||||||||||||
ILS |
1,746,084 | USD | 475,961 | 09/18/25 | 42,959 | |||||||||||||||
INR |
182,296,147 | USD | 2,115,209 | 07/07/25 | 11,189 | |||||||||||||||
INR |
164,717,262 | USD | 1,903,275 | 07/09/25 | 17,879 | |||||||||||||||
INR |
81,994,734 | USD | 953,649 | 07/28/25 | 1,763 | |||||||||||||||
INR |
259,037,900 | USD | 3,007,009 | 09/17/25 | 4,331 | |||||||||||||||
JPY |
261,744,697 | USD | 1,824,449 | 09/17/25 | 9,282 | |||||||||||||||
JPY |
138,304,680 | USD | 973,011 | 12/17/25 | 5,588 | |||||||||||||||
KRW |
1,048,985,053 | USD | 770,930 | 07/02/25 | 5,841 | |||||||||||||||
KRW |
527,971,983 | USD | 385,000 | 07/07/25 | 5,353 | |||||||||||||||
KRW |
292,782,065 | USD | 214,774 | 07/09/25 | 1,723 | |||||||||||||||
KRW |
514,747,098 | USD | 380,434 | 07/11/25 | 249 | |||||||||||||||
KRW |
471,495,508 | USD | 346,969 | 07/28/25 | 2,147 | |||||||||||||||
KRW |
7,836,939,337 | USD | 5,797,760 | 09/17/25 | 22,542 | |||||||||||||||
KRW |
322,173,680 | USD | 233,259 | 09/18/25 | 6,026 | |||||||||||||||
KRW |
488,946,309 | USD | 364,802 | 12/17/25 | 289 | |||||||||||||||
MXN |
44,901,854 | USD | 2,333,096 | 09/17/25 | 39,987 | |||||||||||||||
NOK |
19,050,753 | USD | 1,885,703 | 09/17/25 | 5,275 | |||||||||||||||
NZD |
3,192,570 | AUD | 2,955,000 | 09/17/25 | 3,166 | |||||||||||||||
NZD |
10,106,792 | USD | 6,115,193 | 09/17/25 | 61,654 | |||||||||||||||
PLN |
18,664,305 | USD | 5,023,869 | 09/17/25 | 144,790 | |||||||||||||||
SEK |
33,295,340 | USD | 3,499,320 | 09/17/25 | 38,131 | |||||||||||||||
SGD |
7,450,405 | USD | 5,840,258 | 09/17/25 | 52,835 | |||||||||||||||
TRY |
30,693,442 | USD | 708,072 | 09/17/25 | 10,832 | |||||||||||||||
TWD |
20,467,750 | USD | 695,000 | 07/25/25 | 12,448 | |||||||||||||||
TWD |
29,955,571 | USD | 1,022,776 | 09/17/25 | 25,831 | |||||||||||||||
TWD |
6,454,649 | USD | 223,871 | 12/17/25 | 6,088 | |||||||||||||||
USD |
394,076 | CAD | 531,067 | 12/17/25 | 866 | |||||||||||||||
USD |
1,357,169 | CNH | 9,648,954 | 09/17/25 | 706 | |||||||||||||||
USD |
138,697 | GBP | 100,773 | 12/17/25 | 249 | |||||||||||||||
USD |
953,002 | INR | 81,521,398 | 07/09/25 | 2,190 |
GOLDMAN SACHS SHORT DURATION BOND FUND
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION (continued)
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)
Counterparty | Currency Purchased |
Currency Sold |
Settlement Date |
Unrealized Gain |
||||||||||||||||||
|
||||||||||||||||||||||
MS & Co. Int. PLC (continued) |
USD |
278,224 | INR | 23,914,505 | 09/17/25 | $ | 216 | |||||||||||||||
USD |
779,248 | INR | 67,261,570 | 12/17/25 | 1,148 | |||||||||||||||||
USD |
183,633 | JPY | 26,199,636 | 09/17/25 | 84 | |||||||||||||||||
USD |
254,639 | JPY | 35,960,805 | 09/18/25 | 2,677 | |||||||||||||||||
USD |
632,830 | JPY | 89,219,980 | 12/17/25 | 1,538 | |||||||||||||||||
USD |
722,822 | KRW | 966,965,357 | 12/17/25 | 800 | |||||||||||||||||
USD |
212,674 | NOK | 2,103,651 | 09/17/25 | 3,866 | |||||||||||||||||
USD |
676,845 | SEK | 6,354,086 | 09/17/25 | 1,758 | |||||||||||||||||
USD |
382,391 | TWD | 10,995,457 | 07/25/25 | 2,344 | |||||||||||||||||
ZAR |
16,921,359 | USD | 947,167 | 09/17/25 | 3,181 | |||||||||||||||||
|
||||||||||||||||||||||
TOTAL |
$ | 2,263,753 | ||||||||||||||||||||
|
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS
Counterparty | Currency Purchased |
Currency Sold |
Settlement Date |
Unrealized Loss |
||||||||||||||||
|
||||||||||||||||||||
MS & Co. Int. PLC |
CAD |
2,196,411 | USD | 1,626,015 | 09/17/25 | $ | (6,708 | ) | ||||||||||||
GBP |
100,804 | USD | 138,697 | 09/17/25 | (259 | ) | ||||||||||||||
INR |
163,839,387 | USD | 1,913,002 | 07/14/25 | (2,571 | ) | ||||||||||||||
INR |
454,379,735 | USD | 5,293,243 | 09/17/25 | (11,037 | ) | ||||||||||||||
JPY |
632,088,378 | USD | 4,439,528 | 09/17/25 | (11,243 | ) | ||||||||||||||
JPY |
42,497,402 | USD | 301,724 | 09/18/25 | (3,963 | ) | ||||||||||||||
JPY |
25,947,269 | USD | 183,633 | 12/17/25 | (39 | ) | ||||||||||||||
KRW |
260,233,478 | USD | 193,000 | 07/16/25 | (475 | ) | ||||||||||||||
KRW |
1,113,960,761 | USD | 827,749 | 09/17/25 | (438 | ) | ||||||||||||||
NOK |
28,466,561 | USD | 2,846,965 | 09/17/25 | (21,372 | ) | ||||||||||||||
TWD |
10,995,457 | USD | 380,385 | 07/07/25 | (2,587 | ) | ||||||||||||||
TWD |
8,142,395 | USD | 285,098 | 07/31/25 | (3,198 | ) | ||||||||||||||
TWD |
8,761,888 | USD | 306,413 | 08/01/25 | (2,991 | ) | ||||||||||||||
USD |
9,903,193 | AUD | 15,200,717 | 09/17/25 | (117,444 | ) | ||||||||||||||
USD |
155,076 | BRL | 883,159 | 07/02/25 | (7,395 | ) | ||||||||||||||
USD |
344,046 | BRL | 1,934,486 | 09/17/25 | (5,089 | ) | ||||||||||||||
USD |
5,198,462 | CAD | 7,134,096 | 09/17/25 | (61,162 | ) | ||||||||||||||
USD |
391,858 | CAD | 533,431 | 12/17/25 | (3,102 | ) | ||||||||||||||
USD |
8,264,742 | CHF | 6,743,016 | 09/17/25 | (317,674 | ) | ||||||||||||||
USD |
1,190,410 | CHF | 952,277 | 12/17/25 | (35,465 | ) | ||||||||||||||
USD |
383,165 | CLP | 358,581,310 | 09/17/25 | (1,669 | ) | ||||||||||||||
USD |
8,680,220 | CNH | 61,988,934 | 09/17/25 | (34,268 | ) | ||||||||||||||
USD |
216,955 | CNH | 1,550,350 | 09/18/25 | (1,015 | ) | ||||||||||||||
USD |
1,866,006 | CNH | 13,203,856 | 12/17/25 | (2,500 | ) | ||||||||||||||
USD |
57,778 | COP | 240,825,751 | 09/17/25 | (533 | ) | ||||||||||||||
USD |
4,047,590 | CZK | 87,259,739 | 09/17/25 | (119,612 | ) | ||||||||||||||
USD |
1,388,823 | CZK | 29,964,509 | 12/17/25 | (46,307 | ) | ||||||||||||||
USD |
19,375,561 | EUR | 16,834,162 | 09/17/25 | (557,700 | ) | ||||||||||||||
USD |
323,163 | EUR | 296,791 | 09/19/25 | (28,312 | ) | ||||||||||||||
USD |
16,572,989 | EUR | 14,070,065 | 09/23/25 | (93,813 | ) | ||||||||||||||
USD |
1,375,009 | EUR | 1,166,350 | 12/17/25 | (13,966 | ) | ||||||||||||||
USD |
1,124,437 | GBP | 826,063 | 08/28/25 | (9,874 | ) | ||||||||||||||
USD |
8,376,186 | GBP | 6,257,377 | 09/17/25 | (217,332 | ) | ||||||||||||||
USD |
94,191 | GBP | 69,091 | 12/17/25 | (731 | ) | ||||||||||||||
USD |
1,575,967 | HUF | 552,507,574 | 09/17/25 | (45,866 | ) | ||||||||||||||
USD |
2,732,133 | ILS | 9,506,376 | 09/17/25 | (93,017 | ) | ||||||||||||||
USD |
497,174 | ILS | 1,745,915 | 09/18/25 | (21,696 | ) |
GOLDMAN SACHS SHORT DURATION BOND FUND
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION (continued)
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)
Counterparty | Currency Purchased |
Currency Sold |
Settlement Date |
Unrealized Loss |
||||||||||||||||||
|
||||||||||||||||||||||
MS & Co. Int. PLC (continued) |
USD |
1,187,184 | ILS | 4,210,897 | 12/17/25 | $ | (66,529 | ) | ||||||||||||||
USD |
2,117,056 | INR | 181,950,378 | 07/07/25 | (5,309 | ) | ||||||||||||||||
USD |
963,000 | INR | 82,733,256 | 07/09/25 | (1,947 | ) | ||||||||||||||||
USD |
206,022 | INR | 17,672,235 | 07/11/25 | (74 | ) | ||||||||||||||||
USD |
5,244,564 | INR | 455,073,433 | 09/17/25 | (45,705 | ) | ||||||||||||||||
USD |
3,639,444 | JPY | 524,705,192 | 09/17/25 | (36,535 | ) | ||||||||||||||||
USD |
612,429 | JPY | 88,102,682 | 09/18/25 | (4,869 | ) | ||||||||||||||||
USD |
282,792 | JPY | 40,095,820 | 12/17/25 | (913 | ) | ||||||||||||||||
USD |
769,796 | KRW | 1,048,985,053 | 07/02/25 | (6,975 | ) | ||||||||||||||||
USD |
381,767 | KRW | 522,064,113 | 07/07/25 | (4,218 | ) | ||||||||||||||||
USD |
216,090 | KRW | 293,767,383 | 07/09/25 | (1,136 | ) | ||||||||||||||||
USD |
379,998 | KRW | 516,701,918 | 07/11/25 | (2,130 | ) | ||||||||||||||||
USD |
731,738 | KRW | 996,883,673 | 07/14/25 | (5,667 | ) | ||||||||||||||||
USD |
2,879,920 | KRW | 3,978,576,900 | 09/17/25 | (74,871 | ) | ||||||||||||||||
USD |
1,048,932 | KRW | 1,480,963,567 | 09/18/25 | (51,012 | ) | ||||||||||||||||
USD |
939,305 | KRW | 1,264,276,986 | 12/17/25 | (4,716 | ) | ||||||||||||||||
USD |
3,522,483 | MXN | 68,042,918 | 09/17/25 | (73,613 | ) | ||||||||||||||||
USD |
1,812,076 | NOK | 18,305,667 | 09/17/25 | (4,945 | ) | ||||||||||||||||
USD |
600,421 | NOK | 6,059,831 | 12/17/25 | (1,301 | ) | ||||||||||||||||
USD |
1,035,060 | NZD | 1,718,236 | 07/31/25 | (13,393 | ) | ||||||||||||||||
USD |
10,871,350 | NZD | 17,935,111 | 09/17/25 | (89,837 | ) | ||||||||||||||||
USD |
455,989 | NZD | 747,617 | 12/17/25 | (2,162 | ) | ||||||||||||||||
USD |
7,083,638 | PLN | 26,383,920 | 09/17/25 | (222,796 | ) | ||||||||||||||||
USD |
2,699,922 | SEK | 25,818,722 | 09/17/25 | (43,179 | ) | ||||||||||||||||
USD |
535,596 | SGD | 684,144 | 09/17/25 | (5,545 | ) | ||||||||||||||||
USD |
523,726 | TRY | 22,729,298 | 09/17/25 | (8,641 | ) | ||||||||||||||||
USD |
369,285 | TWD | 10,995,457 | 07/07/25 | (8,514 | ) | ||||||||||||||||
USD |
736,701 | TWD | 21,576,117 | 07/28/25 | (9,797 | ) | ||||||||||||||||
USD |
1,740,444 | TWD | 50,756,816 | 09/17/25 | (36,321 | ) | ||||||||||||||||
USD |
361,126 | ZAR | 6,496,629 | 07/18/25 | (5,301 | ) | ||||||||||||||||
USD |
1,826,946 | ZAR | 32,607,183 | 09/17/25 | (4,358 | ) | ||||||||||||||||
|
||||||||||||||||||||||
TOTAL |
$ | (2,744,732 | ) | |||||||||||||||||||
|
FORWARD SALES CONTRACTS At June 30, 2025, the Fund had the following forward sales contracts:
Description | Interest Rate |
Maturity Date(a) |
Settlement Date |
Principal Amount |
Value | |||||||||||||||
|
||||||||||||||||||||
Government National Mortgage Association |
4.000 | % | TBA - 30yr | 07/15/25 | $ | (1,000,000) | $ | (929,321) | ||||||||||||
Government National Mortgage Association |
4.500 | TBA - 30yr | 07/15/25 | (5,000,000) | (4,783,840) | |||||||||||||||
Uniform Mortgage-Backed Security |
5.500 | TBA - 30yr | 07/15/25 | (2,000,000) | (1,999,218) | |||||||||||||||
Uniform Mortgage-Backed Security |
6.500 | TBA - 30yr | 07/15/25 | (9,000,000) | (9,289,688) | |||||||||||||||
|
||||||||||||||||||||
(PROCEEDS RECEIVED: $(16,852,031)) |
$ | (17,002,067) | ||||||||||||||||||
|
(a) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. |
GOLDMAN SACHS SHORT DURATION BOND FUND
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION (continued)
FUTURES CONTRACTS At June 30, 2025, the Fund had the following futures contracts:
Description | Number of Contracts |
Expiration Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
||||||||
|
||||||||||||
Long position contracts: |
||||||||||||
2 Year U.S. Treasury Notes |
2,745 | 09/30/25 | $ | 571,024,337 | $ | 2,081,776 | ||||||
30 Year German Euro-Buxl |
4 | 09/08/25 | 559,480 | (6,980 | ) | |||||||
5 Year German Euro-Bund |
4 | 09/08/25 | 613,241 | (3,046 | ) | |||||||
5 Year U.S. Treasury Notes |
94 | 09/30/25 | 10,246,000 | 87,485 | ||||||||
French 10 Year Government Bonds |
3 | 09/08/25 | 437,632 | (2,550 | ) | |||||||
ICE 3M Sonia Bonds |
181 | 03/17/26 | 59,867,035 | 84,908 | ||||||||
|
||||||||||||
Total |
$ | 2,241,593 | ||||||||||
|
||||||||||||
Short position contracts: |
||||||||||||
10 Year U.S. Treasury Notes |
(4) | 09/19/25 | (448,500 | ) | (5,119 | ) | ||||||
20 Year U.S. Treasury Bonds |
(1) | 09/19/25 | (115,469 | ) | (349 | ) | ||||||
Ultra 10-Year U.S. Treasury Notes |
(99) | 09/19/25 | (11,312,297 | ) | (231,595 | ) | ||||||
Ultra Long U.S. Treasury Bonds |
(50) | 09/19/25 | (5,956,250 | ) | (52,401 | ) | ||||||
|
||||||||||||
Total |
$ | (289,464 | ) | |||||||||
|
||||||||||||
TOTAL FUTURES CONTRACTS |
$ | 1,952,129 | ||||||||||
|
SWAP CONTRACTS At June 30, 2025, the Fund had the following swap contracts:
CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS
Payments Made by the Fund |
Payments Received by Fund |
Termination Date |
Notional Amount (000s)(a) |
Market Value |
Upfront Premium (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||
|
||||||||||||||||||||
6M EURO(b) |
1.891%(b) | 09/17/25 | EUR | 420,280 | $ | (16,140 | ) | $ | (14 | ) | $ | (16,126 | ) | |||||||
12M SOFR(b) |
3.620(b) | 06/30/27 | $ | 45,080 | 179,116 | (25,806 | ) | 204,922 | ||||||||||||
6M EURO(c) |
1.500(b) | 09/17/27 | EUR | 5,610 | (64,036 | ) | (60,172 | ) | (3,864 | ) | ||||||||||
3.500%(b) |
12M SOFR(b) | 09/17/27 | $ | 10 | (30 | ) | 9 | (39 | ) | |||||||||||
3.750(b) |
12M SOFR(b) | 09/17/27 | 72,320 | (556,611 | ) | (172,522 | ) | (384,089 | ) | |||||||||||
6M EURO(b) |
2.000(b) | 09/17/27 | EUR | 4,030 | 20,913 | 21,251 | (338 | ) | ||||||||||||
3M STIBOR(d) |
2.250(b) | 09/17/27 | SEK | 414,070 | 316,965 | 191,735 | 125,230 | |||||||||||||
6M CDOR(c) |
2.500(c) | 09/17/27 | CAD | 2,630 | 2,051 | 337 | 1,714 | |||||||||||||
6M CDOR(c) |
2.750(c) | 09/17/27 | 62,250 | 269,050 | 161,240 | 107,810 | ||||||||||||||
6M AUDOR(d) |
3.500(d) | 09/17/27 | AUD | 10,470 | 54,109 | 39,562 | 14,547 | |||||||||||||
6M GBP(b) |
3.500(b) | 09/17/27 | GBP | 1,000 | (815 | ) | (6,084 | ) | 5,269 | |||||||||||
6M GBP(b) |
3.750(b) | 09/17/27 | 48,950 | 276,082 | 30,254 | 245,828 | ||||||||||||||
3M NIBOR(c) |
4.250(b) | 09/17/27 | NOK | 399,360 | 384,023 | 154,210 | 229,813 | |||||||||||||
3.750(d) |
6M AUDOR(d) | 09/17/27 | AUD | 111,880 | (931,519 | ) | (803,909 | ) | (127,610 | ) | ||||||||||
0.750(b) |
6M JYOR(b) | 09/17/27 | JPY | 3,545,000 | 13,175 | 19,439 | (6,264 | ) | ||||||||||||
6M EURO(d) |
2.143(e) | 11/20/27 | EUR | 208,680 | 251,616 | (1,984,300 | ) | 2,235,916 | ||||||||||||
2.180(e) |
6M EURO(c) | 11/20/27 | 208,680 | (165,065 | ) | (1,760,375 | ) | 1,595,310 | ||||||||||||
6M EURO(c) |
2.500(b) | 05/14/28 | 14,653 | 129,515 | (239,979 | ) | 369,494 | |||||||||||||
12M SOFR(e) |
3.368(e) | 06/23/28 | $ | 58,540 | 90,836 | 3,908 | 86,928 | |||||||||||||
6M EURO(c) |
2.325(b) | 02/25/29 | EUR | 10,924 | 8,197 | (644,064 | ) | 652,261 | ||||||||||||
3.620(b) |
12M SOFR(b) | 11/30/29 | $ | 50,300 | (527,275 | ) | (35,568 | ) | (491,707 | ) | ||||||||||
3.600(b) |
12M SOFR(b) | 11/30/29 | 43,070 | (417,735 | ) | 48,423 | (466,158 | ) | ||||||||||||
3.600(b) |
12M SOFR(b) | 06/23/30 | 61,670 | (152,122 | ) | 1,970 | (154,092 | ) | ||||||||||||
6M EURO(c) |
2.000(b) | 09/17/30 | EUR | 12,670 | (200,840 | ) | (191,578 | ) | (9,262 | ) | ||||||||||
6M CDOR(c) |
2.750(c) | 09/17/30 | CAD | 8,990 | 39,851 | 3,529 | 36,322 | |||||||||||||
6M GBP(b) |
3.750(b) | 09/17/30 | GBP | 11,650 | 80,667 | (56,459 | ) | 137,126 |
GOLDMAN SACHS SHORT DURATION BOND FUND
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION (continued)
CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)
Payments Made by the Fund |
Payments Received by Fund |
Termination Date |
Notional Amount (000s)(a) |
Market Value |
Upfront Premium (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||
|
||||||||||||||||||||||
3M NZDOR(d) |
3.750%(c) | 09/17/30 | NZD | 20,030 | $ | 79,616 | $ | 61,299 | $ | 18,317 | ||||||||||||
1.000%(b) |
6M JYOR(b) | 09/17/30 | JPY | 12,547,340 | (270,551 | ) | (207,789 | ) | (62,762 | ) | ||||||||||||
12M SOFR(b) |
3.845(b) | 05/21/32 | $ | 9,900 | 136,193 | (2,934 | ) | 139,127 | ||||||||||||||
12M SOFR(b) |
3.750(b) | 09/17/32 | 230 | 3,413 | (174 | ) | 3,587 | |||||||||||||||
1.295(b) |
6M JYOR(b) | 08/02/34 | JPY | 1,901,886 | 64,575 | (584,661 | ) | 649,236 | ||||||||||||||
12M SOFR(b) |
4.098(b) | 06/24/35 | $ | 15,030 | 55,726 | (2,749 | ) | 58,475 | ||||||||||||||
6M CHFOR(b) |
0.500(b) | 09/17/35 | CHF | 490 | (3,126 | ) | (1,021 | ) | (2,105 | ) | ||||||||||||
3.750(b) |
12M SOFR(b) | 09/17/35 | $ | 5,030 | (30,240 | ) | 69,225 | (99,465 | ) | |||||||||||||
6M EURO(c) |
2.000(b) | 09/17/35 | EUR | 2,030 | (131,194 | ) | (118,498 | ) | (12,696 | ) | ||||||||||||
3M STIBOR(d) |
2.750(b) | 09/17/35 | SEK | 14,790 | 27,887 | 10,668 | 17,219 | |||||||||||||||
6M CDOR(c) |
3.000(c) | 09/17/35 | CAD | 2,650 | 2,090 | (16,753 | ) | 18,843 | ||||||||||||||
6M GBP(b) |
3.750(b) | 09/17/35 | GBP | 2,190 | (59,153 | ) | (89,530 | ) | 30,377 | |||||||||||||
12M SOFR(b) |
3.750(b) | 09/17/35 | $ | 840 | 5,050 | (6,145 | ) | 11,195 | ||||||||||||||
4.250(b) |
3M NIBOR(c) | 09/17/35 | NOK | 62,190 | (252,269 | ) | (126,103 | ) | (126,166 | ) | ||||||||||||
3M NZDOR(d) |
4.250(c) | 09/17/35 | NZD | 12,280 | 85,413 | 73,914 | 11,499 | |||||||||||||||
4.500(c) |
6M AUDOR(c) | 09/17/35 | AUD | 2,400 | (56,656 | ) | (45,583 | ) | (11,073 | ) | ||||||||||||
1.250(b) |
6M JYOR(b) | 09/17/35 | JPY | 2,999,000 | (839 | ) | 70,566 | (71,405 | ) | |||||||||||||
6M JYOR(b) |
2.160(b) | 08/02/44 | 2,141,380 | (469,877 | ) | (758,371 | ) | 288,494 | ||||||||||||||
6M EURO(c) |
2.000(b) | 09/17/45 | EUR | 2,640 | (392,664 | ) | (342,348 | ) | (50,316 | ) | ||||||||||||
2.000(b) |
6M EURO(c) | 05/17/53 | 5,249 | 440,210 | (63,868 | ) | 504,078 | |||||||||||||||
2.500(b) |
6M EURO(c) | 11/10/53 | 3,293 | 100,975 | (377,980 | ) | 478,955 | |||||||||||||||
4.213(b) |
12M SOFR(b) | 05/21/55 | $ | 5,710 | (50,404 | ) | 37,543 | (87,947 | ) | |||||||||||||
6M JYOR(b) |
1.750(b) | 09/17/55 | JPY | 848,000 | (636,340 | ) | (631,742 | ) | (4,598 | ) | ||||||||||||
1.750(b) |
6M EURO(c) | 09/17/55 | EUR | 3,370 | 821,547 | 729,418 | 92,129 | |||||||||||||||
6M EURO(b) |
2.530(b) | 03/19/56 | 3,790 | (137,503 | ) | (31,025 | ) | (106,478 | ) | |||||||||||||
2.610(b) |
6M EURO(c) | 03/19/56 | 3,790 | 154,785 | 14,478 | 140,307 | ||||||||||||||||
2.500(b) |
6M EURO(c) | 09/17/75 | 1,340 | 76,412 | 21,256 | 55,156 | ||||||||||||||||
|
||||||||||||||||||||||
TOTAL |
$ | (1,352,946 | ) | $ | (7,623,870 | ) | $ | 6,270,924 | ||||||||||||||
|
(a) | Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2025. |
(b) | Payments made annually. |
(c) | Payments made semi-annually. |
(d) | Payments made quarterly. |
(e) | Payments made at maturity. |
OVER-THE-COUNTER CREDIT DEFAULT SWAP CONTRACTS
Reference Obligation/Index |
Financing Rate Received/(Paid) by the Fund(a) |
Credit Spread at June 30, 2025(b) |
Counterparty | Termination Date |
Notional Amount (000s) |
Value | Upfront Premiums (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Protection Sold: |
||||||||||||||||||||||||||||||||
CMBX.NA.BBB.17 |
3.000% | 5.041% | MS & Co. Int. PLC | 12/15/56 | $ | 1,550 | $ | (176,289 | ) | $ | (207,884 | ) | $ | 31,595 | ||||||||||||||||||
|
(a) | Payments made monthly. |
(b) | Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase. |
GOLDMAN SACHS SHORT DURATION BOND FUND
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION (continued)
CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS
Referenced Obligation/Index |
Financing Rate Received/(Paid) by the Fund(a) |
Credit Spread at June 30, 2025(b) |
Termination Date |
Notional Amount (000s) |
Value | Upfront Premiums (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
|||||||||||||||||||||
|
||||||||||||||||||||||||||||
Protection Sold: |
|
|||||||||||||||||||||||||||
AT&T, Inc., 3.800%, 02/15/27 |
1.000% | 0.296% | 06/20/26 | $ | 3,475 | $ | 24,559 | $ | 12,504 | $ | 12,055 | |||||||||||||||||
AT&T, Inc., 3.800%, 02/15/27 |
1.000 | 0.240 | 12/20/25 | 10,000 | 38,973 | 10,115 | 28,858 | |||||||||||||||||||||
CDX.NA.HY Index 44 |
5.000 | 3.186 | 06/20/30 | 30,000 | 2,298,834 | 1,486,810 | 812,024 | |||||||||||||||||||||
CDX.NA.IG Index 40 |
1.000 | 0.281 | 06/20/28 | 19,049 | 393,408 | 183,697 | 209,711 | |||||||||||||||||||||
CDX.NA.IG Index 42 |
1.000 | 0.397 | 06/20/29 | 136,199 | 3,081,923 | 2,083,927 | 997,996 | |||||||||||||||||||||
CDX.NA.IG Index 43 |
1.000 | 0.453 | 12/20/29 | 99,300 | 2,266,538 | 2,065,738 | 200,800 | |||||||||||||||||||||
|
||||||||||||||||||||||||||||
TOTAL |
$ | 8,104,235 | $ | 5,842,791 | $ | 2,261,444 | ||||||||||||||||||||||
|
(a) | Payments made quarterly. |
(b) | Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase. |
PURCHASED AND WRITTEN OPTIONS CONTRACTS At June 30, 2025, the Fund had the following purchased and written options:
OVER-THE-COUNTER INTEREST RATE SWAPTIONS
Description | Counterparty | Exercise Rate |
Expiration Date |
Number of Contracts |
Notional Amount |
Market Value |
Premiums Paid (Received) by Fund |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Purchased option contracts |
|
|||||||||||||||||||||||||||||||
Calls |
|
|||||||||||||||||||||||||||||||
2Y IRS |
BofA Securities LLC | 2.250% | 03/08/2027 | 16,000,000 | $ | 16,000,000 | $ | 122,151 | $ | 103,547 | $ | 18,604 | ||||||||||||||||||||
2Y IRS |
Deutsche Bank AG | 1.950 | 05/11/2026 | 4,860,000 | 4,860,000 | 23,446 | 63,705 | (40,259 | ) | |||||||||||||||||||||||
2Y IRS |
Deutsche Bank AG | 2.050 | 05/13/2026 | 4,920,000 | 4,920,000 | 30,688 | 67,263 | (36,576 | ) | |||||||||||||||||||||||
2Y IRS |
Deutsche Bank AG | 2.000 | 11/11/2026 | 4,910,000 | 4,910,000 | 36,104 | 78,797 | (42,693 | ) | |||||||||||||||||||||||
9M IRS |
JPMorgan Securities, Inc. | 2.450 | 03/24/2026 | 2,650,000 | 2,650,000 | 35,538 | 41,848 | (6,310 | ) | |||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Total purchased option contracts |
33,340,000 | $ | 33,340,000 | $ | 247,927 | $ | 355,160 | $ | (107,234 | ) | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Written option contracts |
|
|||||||||||||||||||||||||||||||
Calls |
|
|||||||||||||||||||||||||||||||
2Y IRS |
BofA Securities LLC | 2.347 | 03/08/2027 | (1,490,000 | ) | (1,490,000 | ) | (64,912 | ) | (102,444 | ) | 37,532 | ||||||||||||||||||||
2Y IRS |
Deutsche Bank AG | 2.065 | 05/11/2026 | (1,430,000 | ) | (1,430,000 | ) | (9,673 | ) | (64,093 | ) | 54,420 | ||||||||||||||||||||
2Y IRS |
Deutsche Bank AG | 2.105 | 05/13/2026 | (1,450,000 | ) | (1,450,000 | ) | (11,053 | ) | (65,743 | ) | 54,689 | ||||||||||||||||||||
2Y IRS |
Deutsche Bank AG | 2.085 | 11/11/2026 | (1,440,000 | ) | (1,440,000 | ) | (19,193 | ) | (79,699 | ) | 60,507 | ||||||||||||||||||||
9M IRS |
JPMorgan Securities, Inc. | 2.498 | 03/24/2026 | (1,110,000 | ) | (1,110,000 | ) | (33,257 | ) | (42,189 | ) | 8,932 | ||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Total written option contracts |
(6,920,000 | ) | $ | (6,920,000 | ) | $ | (138,088 | ) | $ | (354,168 | ) | $ | 216,080 | |||||||||||||||||||
|
||||||||||||||||||||||||||||||||
TOTAL |
26,420,000 | $ | 26,420,000 | $ | 109,839 | $ | 992 | $ | 108,846 | |||||||||||||||||||||||
|
GOLDMAN SACHS SHORT DURATION BOND FUND
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION (continued)
| ||
Currency Abbreviations: | ||
AUD | Australian Dollar | |
BRL | Brazil Real | |
CAD | Canadian Dollar | |
CHF | Swiss Franc | |
CLP | Chilean Peso | |
CNH | Chinese Yuan Renminbi Offshore | |
COP | Colombia Peso | |
CZK | Czech Republic Koruna | |
EUR | Euro | |
GBP | British Pound | |
HUF | Hungarian Forint | |
ILS | Israeli Shekel | |
INR | Indian Rupee | |
JPY | Japanese Yen | |
KRW | South Korean Won | |
MXN | Mexican Peso | |
NOK | Norwegian Krone | |
NZD | New Zealand Dollar | |
PLN | Polish Zloty | |
SEK | Swedish Krona | |
SGD | Singapore Dollar | |
TRY | Turkish Lira | |
TWD | Taiwan Dollar | |
USD | U.S. Dollar | |
ZAR | South African Rand | |
Investment Abbreviations: | ||
CLO | Collateralized Loan Obligation | |
CMT | Constant Maturity Treasury Indexes | |
EURIBOR | Euro Interbank Offered Rate | |
LIBOR | London Interbank Offered Rate | |
LLC | Limited Liability Company | |
LP | Limited Partnership | |
PLC | Public Limited Company | |
REMICS | Real Estate Mortgage Investment Conduits | |
SOFR | Secured Overnight Financing Rate | |
Abbreviations: | ||
2Y IRS | 1 Year Interest Rate Swaptions | |
9M IRS | 9 Months Interest Rate Swaptions | |
AUDOR | Australian Dollar Offered Rate | |
BofA Securities LLC | Bank of America Securities LLC | |
CDOR | Canadian Dollar Offered Rate | |
CDX.NA.HY Ind 44 | CDX North America High Yield Index 44 | |
CDX.NA.IG Ind 40 | CDX North America Investment Grade Index 40 | |
CDX.NA.IG Ind 42 | CDX North America Investment Grade Index 42 | |
CDX.NA.IG Ind 43 | CDX North America Investment Grade Index 43 | |
CHFOR | Swiss Franc Offered Rate | |
EURO | Euro Offered Rate | |
JYOR | Japanese Yen Offered Rate | |
MS & Co. Int. PLC | Morgan Stanley & Co. International PLC | |
NIBOR | Norwegian Interbank Offered Rate | |
NZDOR | New Zealand Dollar Offered Rate | |
SOFR | Secured Overnight Financing Rate | |
STIBOR | Stockholm Interbank Offered Rate | |
|
GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND
Schedule of Investments
June 30, 2025 (Unaudited)
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Mortgage-Backed Obligations 34.7% | ||||||||||||
Collateralized Mortgage Obligations 0.2% | ||||||||||||
Sequential Fixed Rate 0.2% | ||||||||||||
Federal Home Loan Mortgage Corp. REMICS Series 1980, Class Z | ||||||||||||
$ |
20,334 | 7.000 | %(a) | 07/15/27 | $ 20,687 | |||||||
Federal Home Loan Mortgage Corp. REMICS Series 2019, Class Z | ||||||||||||
26,739 | 6.500 | (a) | 12/15/27 | 27,203 | ||||||||
Federal Home Loan Mortgage Corp. REMICS Series 4246, Class PT | ||||||||||||
29,916 | 6.500 | 02/15/36 | 31,260 | |||||||||
Federal Home Loan Mortgage Corp. REMICS Series 2755, Class ZA | ||||||||||||
185,817 | 5.000 | 02/15/34 | 187,528 | |||||||||
Federal National Mortgage Association REMICS Series 2012- 111, Class B | ||||||||||||
118,772 | 7.000 | 10/25/42 | 126,975 | |||||||||
Federal National Mortgage Association REMICS Series 2012- 153, Class B | ||||||||||||
419,573 | 7.000 | 07/25/42 | 456,327 | |||||||||
| ||||||||||||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | 849,980 | |||||||||||
| ||||||||||||
Federal Agencies 34.5% | ||||||||||||
Adjustable Rate Federal Home Loan Mortgage Corp. 0.2% | ||||||||||||
(RFUCC 1 yr. Treasury + 1.840%)(b) | ||||||||||||
$ |
69,511 | 7.076 | % | 11/01/34 | $ 71,462 | |||||||
(1 yr. CMT + 2.250%)(b) | ||||||||||||
171,143 | 6.764 | 06/01/35 | 174,397 | |||||||||
(RFUCC 1 yr. Treasury + 2.330%)(b) | ||||||||||||
23,140 | 7.330 | 05/01/36 | 24,094 | |||||||||
(RFUCC 6 mo. Treasury + 2.057%)(b) | ||||||||||||
10,860 | 6.682 | 10/01/36 | 11,163 | |||||||||
(RFUCC 1 yr. Treasury + 1.753%)(b) | ||||||||||||
44,871 | 7.084 | 06/01/42 | 46,572 | |||||||||
(RFUCC 1 yr. Treasury + 1.647%)(b) | ||||||||||||
429,940 | 7.052 | 11/01/44 | 442,824 | |||||||||
| ||||||||||||
770,512 | ||||||||||||
| ||||||||||||
Adjustable Rate Federal National Mortgage Association 0.5% | ||||||||||||
(11th District Cost of Funds - Consumer + 1.695%)(b) | ||||||||||||
1,429 | 4.627 | 08/01/29 | 1,422 | |||||||||
(RFUCC 1 yr. Treasury + 1.755%)(b) | ||||||||||||
18,804 | 7.630 | 07/01/32 | 19,261 | |||||||||
(RFUCC 1 yr. Treasury + 1.800%)(b) | ||||||||||||
139,067 | 6.722 | 05/01/33 | 143,011 | |||||||||
(11th District Cost of Funds - Consumer + 1.254%)(b) | ||||||||||||
192,182 | 4.589 | 08/01/33 | 192,378 | |||||||||
(1 yr. CMT + 2.288%)(b) | ||||||||||||
63,075 | 6.538 | 02/01/34 | 64,446 | |||||||||
(RFUCC 1 yr. Treasury + 1.695%)(b) | ||||||||||||
4,260 | 6.445 | 05/01/34 | 4,375 | |||||||||
(RFUCC 1 yr. Treasury + 1.720%)(b) | ||||||||||||
136,073 | 6.700 | 05/01/34 | 139,956 | |||||||||
14,596 | 6.595 | 03/01/35 | 15,030 | |||||||||
17,258 | 6.845 | 04/01/35 | 17,813 | |||||||||
(1 yr. CMT + 2.220%)(b) | ||||||||||||
116,649 | 7.345 | 06/01/34 | 119,195 | |||||||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Mortgage-Backed Obligations (continued) | ||||||||||||
Adjustable Rate Federal National Mortgage Association (continued) | ||||||||||||
(RFUCC 1 yr. Treasury + 1.685%)(b) | ||||||||||||
$ |
28,893 | 7.185 | % | 10/01/34 | $ 29,689 | |||||||
(RFUCC 1 yr. Treasury + 1.625%)(b) | ||||||||||||
53,453 | 6.670 | 10/01/34 | 54,834 | |||||||||
(RFUCC 1 yr. Treasury + 1.686%)(b) | ||||||||||||
37,782 | 6.666 | 03/01/35 | 38,891 | |||||||||
(RFUCC 1 yr. Treasury + 1.325%)(b) | ||||||||||||
72,726 | 6.325 | 04/01/35 | 74,145 | |||||||||
(RFUCC 1 yr. Treasury + 1.423%)(b) | ||||||||||||
51,956 | 6.398 | 05/01/35 | 53,109 | |||||||||
(1 yr. CMT + 2.095%)(b) | ||||||||||||
43,639 | 6.634 | 10/01/35 | 44,558 | |||||||||
(RFUCC 1 yr. Treasury + 1.683%)(b) | ||||||||||||
115,942 | 6.575 | 03/01/36 | 119,480 | |||||||||
(RFUCC 1 yr. Treasury + 1.950%)(b) | ||||||||||||
332,451 | 6.825 | 04/01/36 | 344,778 | |||||||||
(RFUCC 1 yr. Treasury + 1.985%)(b) | ||||||||||||
73,110 | 7.985 | 06/01/36 | 75,756 | |||||||||
(1 yr. MTA + 2.107%)(b) | ||||||||||||
204,997 | 6.596 | 07/01/36 | 208,844 | |||||||||
(RFUCC 1 yr. Treasury + 1.935%)(b) | ||||||||||||
26,255 | 6.734 | 11/01/36 | 27,213 | |||||||||
3,246 | 6.560 | 11/01/36 | 3,363 | |||||||||
(RFUCC 1 yr. Treasury + 1.713%)(b) | ||||||||||||
243,519 | 6.861 | 07/01/37 | 251,219 | |||||||||
| ||||||||||||
2,042,766 | ||||||||||||
| ||||||||||||
Adjustable Rate Government National Mortgage Association 0.2% | ||||||||||||
(1 yr. CMT + 1.500%)(b) | ||||||||||||
33,415 | 4.875 | 05/20/34 | 33,856 | |||||||||
98,689 | 4.625 | 07/20/34 | 99,745 | |||||||||
95,690 | 4.625 | 08/20/34 | 96,729 | |||||||||
600,813 | 4.625 | 09/20/34 | 607,345 | |||||||||
86,577 | 4.750 | 10/20/34 | 87,363 | |||||||||
94,396 | 4.750 | 12/20/34 | 95,268 | |||||||||
| ||||||||||||
1,020,306 | ||||||||||||
| ||||||||||||
Federal Home Loan Mortgage Corp. 0.4% | ||||||||||||
2,940 | 7.500 | 01/01/31 | 3,114 | |||||||||
9,782 | 4.500 | 07/01/33 | 9,844 | |||||||||
240,258 | 4.500 | 08/01/33 | 241,804 | |||||||||
482,565 | 4.500 | 09/01/33 | 485,671 | |||||||||
44,966 | 4.500 | 10/01/33 | 45,256 | |||||||||
1,039 | 4.500 | 04/01/34 | 1,046 | |||||||||
1,185 | 4.500 | 04/01/35 | 1,192 | |||||||||
954 | 4.500 | 07/01/35 | 959 | |||||||||
2,008 | 4.500 | 08/01/35 | 2,017 | |||||||||
9,403 | 4.500 | 09/01/35 | 9,456 | |||||||||
2,758 | 4.500 | 10/01/35 | 2,772 | |||||||||
474 | 4.500 | 12/01/35 | 478 | |||||||||
381 | 4.500 | 05/01/36 | 383 | |||||||||
33,707 | 4.500 | 01/01/38 | 33,875 | |||||||||
522 | 4.500 | 04/01/38 | 521 | |||||||||
284 | 4.500 | 05/01/38 | 284 | |||||||||
2,152 | 4.500 | 06/01/38 | 2,163 | |||||||||
55,594 | 4.500 | 09/01/38 | 55,665 | |||||||||
1,218 | 4.500 | 01/01/39 | 1,217 | |||||||||
28,877 | 4.500 | 02/01/39 | 28,835 | |||||||||
|
GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Mortgage-Backed Obligations (continued) | ||||||||||||
Federal Home Loan Mortgage Corp. (continued) | ||||||||||||
$ |
16,340 | 4.500 | % | 03/01/39 | $ 16,314 | |||||||
3,387 | 4.500 | 04/01/39 | 3,382 | |||||||||
80,570 | 4.500 | 05/01/39 | 80,444 | |||||||||
245,807 | 4.500 | 06/01/39 | 245,419 | |||||||||
10,390 | 4.500 | 07/01/39 | 10,374 | |||||||||
11,953 | 4.500 | 08/01/39 | 11,934 | |||||||||
16,247 | 4.500 | 09/01/39 | 16,221 | |||||||||
3,016 | 4.500 | 10/01/39 | 3,011 | |||||||||
5,348 | 4.500 | 11/01/39 | 5,340 | |||||||||
6,545 | 4.500 | 12/01/39 | 6,534 | |||||||||
10,125 | 4.500 | 01/01/40 | 10,109 | |||||||||
2,736 | 4.500 | 02/01/40 | 2,730 | |||||||||
6,777 | 4.500 | 04/01/40 | 6,764 | |||||||||
11,372 | 4.500 | 05/01/40 | 11,348 | |||||||||
13,931 | 4.500 | 06/01/40 | 13,902 | |||||||||
7,969 | 4.500 | 07/01/40 | 7,952 | |||||||||
9,609 | 4.500 | 08/01/40 | 9,589 | |||||||||
6,788 | 4.500 | 09/01/40 | 6,774 | |||||||||
2,779 | 4.500 | 10/01/40 | 2,774 | |||||||||
3,665 | 4.500 | 02/01/41 | 3,643 | |||||||||
10,778 | 4.500 | 03/01/41 | 10,712 | |||||||||
17,458 | 4.500 | 04/01/41 | 17,349 | |||||||||
20,850 | 4.500 | 05/01/41 | 20,723 | |||||||||
37,026 | 4.500 | 06/01/41 | 36,799 | |||||||||
3,309 | 4.500 | 07/01/41 | 3,288 | |||||||||
103,847 | 4.500 | 08/01/41 | 103,219 | |||||||||
107,264 | 4.500 | 09/01/41 | 107,022 | |||||||||
6,846 | 4.500 | 12/01/41 | 6,804 | |||||||||
95,642 | 4.500 | 03/01/42 | 95,055 | |||||||||
| ||||||||||||
1,802,081 | ||||||||||||
| ||||||||||||
Federal National Mortgage Association 0.0% | ||||||||||||
74,973 | 7.500 | 10/01/37 | 80,001 | |||||||||
| ||||||||||||
Government National Mortgage Association 10.5% | ||||||||||||
812 | 6.500 | 01/15/32 | 830 | |||||||||
2,289 | 6.500 | 02/15/32 | 2,361 | |||||||||
1,779 | 6.500 | 08/15/34 | 1,870 | |||||||||
7,303 | 6.500 | 05/15/35 | 7,605 | |||||||||
1,242 | 6.500 | 06/15/35 | 1,295 | |||||||||
5,638 | 6.500 | 07/15/35 | 5,870 | |||||||||
2,155 | 6.500 | 08/15/35 | 2,245 | |||||||||
4,231 | 6.500 | 09/15/35 | 4,413 | |||||||||
7,305 | 6.500 | 11/15/35 | 7,618 | |||||||||
2,467 | 6.500 | 12/15/35 | 2,565 | |||||||||
12,701 | 6.500 | 01/15/36 | 13,215 | |||||||||
14,468 | 6.500 | 02/15/36 | 15,092 | |||||||||
8,138 | 6.500 | 03/15/36 | 8,475 | |||||||||
26,044 | 6.500 | 04/15/36 | 27,251 | |||||||||
29,351 | 6.500 | 05/15/36 | 30,590 | |||||||||
25,734 | 6.500 | 06/15/36 | 26,827 | |||||||||
90,908 | 6.500 | 07/15/36 | 95,548 | |||||||||
91,940 | 6.500 | 08/15/36 | 96,563 | |||||||||
198,507 | 6.500 | 09/15/36 | 209,109 | |||||||||
74,607 | 6.500 | 10/15/36 | 78,362 | |||||||||
107,802 | 6.500 | 11/15/36 | 114,262 | |||||||||
37,308 | 6.500 | 12/15/36 | 39,076 | |||||||||
14,963 | 6.500 | 01/15/37 | 15,623 | |||||||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Mortgage-Backed Obligations (continued) | ||||||||||||||
Government National Mortgage Association (continued) | ||||||||||||||
$ |
12,270 | 6.500 | % | 02/15/37 | $ 12,865 | |||||||||
7,611 | 6.500 | 03/15/37 | 7,945 | |||||||||||
11,328 | 6.500 | 04/15/37 | 11,871 | |||||||||||
4,264 | 6.500 | 05/15/37 | 4,527 | |||||||||||
19,215 | 6.500 | 09/15/37 | 20,148 | |||||||||||
24,966 | 6.500 | 10/15/37 | 27,054 | |||||||||||
10,988 | 6.500 | 11/15/37 | 11,522 | |||||||||||
7,827 | 6.500 | 05/15/38 | 8,213 | |||||||||||
28,829 | 6.000 | 11/15/38 | 30,043 | |||||||||||
1,872 | 6.500 | 01/15/39 | 1,933 | |||||||||||
3,164 | 6.500 | 02/15/39 | 3,290 | |||||||||||
1,874,041 | 4.500 | 08/20/47 | 1,833,755 | |||||||||||
40,285 | 4.500 | 02/20/48 | 39,394 | |||||||||||
98,612 | 4.500 | 05/20/48 | 96,307 | |||||||||||
502,737 | 4.500 | 09/20/48 | 490,359 | |||||||||||
3,638,154 | 5.000 | 09/20/48 | 3,636,776 | |||||||||||
2,831 | 5.000 | 11/20/48 | 2,828 | |||||||||||
1,373,706 | 4.500 | 12/20/48 | 1,337,737 | |||||||||||
3,113,109 | 5.000 | 12/20/48 | 3,109,984 | |||||||||||
277,286 | 4.500 | 01/20/49 | 270,026 | |||||||||||
1,617,523 | 5.000 | 01/20/49 | 1,612,866 | |||||||||||
23,570 | 5.000 | 03/20/49 | 23,547 | |||||||||||
835,750 | 4.000 | 04/20/49 | 786,239 | |||||||||||
10,174 | 5.000 | 05/20/49 | 10,164 | |||||||||||
370,370 | 5.000 | 06/20/49 | 369,998 | |||||||||||
56,620 | 5.000 | 11/20/49 | 56,687 | |||||||||||
602,651 | 5.000 | 12/20/49 | 602,479 | |||||||||||
164,063 | 5.000 | 07/20/50 | 164,995 | |||||||||||
452,797 | 4.000 | 01/20/51 | 424,982 | |||||||||||
391,983 | 2.500 | 09/20/51 | 330,625 | |||||||||||
777,991 | 2.500 | 10/20/51 | 659,613 | |||||||||||
3,536,629 | 3.000 | 11/20/51 | 3,129,373 | |||||||||||
486,840 | 2.500 | 11/20/51 | 412,459 | |||||||||||
5,023,773 | 3.000 | 12/20/51 | 4,443,697 | |||||||||||
1,063,215 | 2.500 | 12/20/51 | 903,700 | |||||||||||
2,423,034 | 4.500 | 09/20/52 | 2,340,845 | |||||||||||
2,897,721 | 4.500 | 10/20/52 | 2,799,395 | |||||||||||
10,000,000 | 2.500 | TBA-30yr | (c) | 8,498,717 | ||||||||||
4,000,000 | 5.500 | TBA-30yr | (c) | 4,003,974 | ||||||||||
| ||||||||||||||
43,337,597 | ||||||||||||||
| ||||||||||||||
Uniform Mortgage-Backed Security 22.7% | ||||||||||||||
121,228 | 4.500 | 11/01/36 | 120,334 | |||||||||||
34,031 | 4.500 | 02/01/39 | 33,938 | |||||||||||
50,134 | 4.500 | 04/01/39 | 49,993 | |||||||||||
2,636 | 4.500 | 08/01/39 | 2,611 | |||||||||||
123,939 | 4.500 | 08/01/41 | 122,656 | |||||||||||
58,391 | 4.500 | 10/01/41 | 57,961 | |||||||||||
2,802,384 | 4.000 | 08/01/45 | 2,688,290 | |||||||||||
280,733 | 4.500 | 06/01/48 | 272,585 | |||||||||||
1,889,950 | 4.500 | 07/01/48 | 1,835,092 | |||||||||||
495,063 | 4.500 | 08/01/48 | 480,694 | |||||||||||
134,656 | 4.500 | 09/01/48 | 130,747 | |||||||||||
2,214,751 | 4.500 | 10/01/48 | 2,154,180 | |||||||||||
1,001,756 | 4.500 | 01/01/49 | 971,937 | |||||||||||
1,410,670 | 4.000 | 01/01/49 | 1,338,047 | |||||||||||
231,667 | 4.500 | 03/01/49 | 224,653 | |||||||||||
133,979 | 5.000 | 07/01/49 | 133,667 | |||||||||||
|
GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Mortgage-Backed Obligations (continued) | ||||||||||||
Uniform Mortgage-Backed Security (continued) | ||||||||||||
$ |
355,536 | 4.000 | % | 03/01/50 | $ 335,677 | |||||||
438,778 | 4.500 | 05/01/50 | 425,273 | |||||||||
2,592,847 | 2.000 | 10/01/50 | 2,071,663 | |||||||||
2,592,002 | 2.000 | 11/01/50 | 2,070,085 | |||||||||
10,053,603 | 2.500 | 02/01/51 | 8,403,558 | |||||||||
13,447,902 | 2.000 | 05/01/51 | 10,721,003 | |||||||||
11,690,144 | 4.500 | 06/01/52 | 11,309,627 | |||||||||
3,168,889 | 5.500 | 09/01/52 | 3,209,469 | |||||||||
3,018,682 | 6.000 | 11/01/52 | 3,109,967 | |||||||||
1,496,955 | 6.000 | 12/01/52 | 1,538,003 | |||||||||
760,887 | 6.000 | 01/01/53 | 780,562 | |||||||||
1,571,955 | 5.500 | 04/01/53 | 1,585,700 | |||||||||
813,051 | 6.500 | 12/01/53 | 849,514 | |||||||||
5,336,527 | 6.500 | 06/01/54 | 5,587,947 | |||||||||
11,000,000 | 5.000 | TBA-30yr(c) | 10,779,138 | |||||||||
6,000,000 | 5.500 | TBA-30yr(c) | 6,034,219 | |||||||||
7,000,000 | 6.000 | TBA-30yr(c) | 7,112,932 | |||||||||
7,000,000 | 6.500 | TBA-30yr(c) | 7,225,313 | |||||||||
| ||||||||||||
93,767,035 | ||||||||||||
| ||||||||||||
TOTAL FEDERAL AGENCIES | $142,820,298 | |||||||||||
| ||||||||||||
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $148,947,386) |
$143,670,278 | |||||||||||
| ||||||||||||
Agency Debentures 2.8% | ||||||||||||
Sovereign 2.8% | ||||||||||||
Federal Home Loan Banks | ||||||||||||
$ |
10,080,000 | 3.500 | % | 06/11/32 | $ 9,650,794 | |||||||
Federal Farm Credit Banks Funding Corp. (Federal Reserve Bank Prime Loan Rate - 3.060%) | ||||||||||||
1,928,000 | 4.440 | (b) | 03/24/26 | 1,925,262 | ||||||||
| ||||||||||||
TOTAL AGENCY DEBENTURES (Cost $12,177,980) |
$ 11,576,056 | |||||||||||
| ||||||||||||
U.S. Treasury Obligations 71.2% | ||||||||||||
U.S. Treasury Bonds | ||||||||||||
$ |
410,000 | 3.375 | % | 05/15/44 | $ 337,097 | |||||||
59,500 | 4.000 | 11/15/52 | 52,044 | |||||||||
1,510,000 | 4.750 | 11/15/53 | 1,496,788 | |||||||||
U.S. Treasury Inflation-Indexed Bonds | ||||||||||||
1,302,450 | 1.500 | 02/15/53 | 1,032,039 | |||||||||
U.S. Treasury Notes | ||||||||||||
20,599,400 | 0.750 | 04/30/26 | 20,040,963 | |||||||||
36,552,800 | 3.625 | 05/15/26 | 36,415,727 | |||||||||
38,860,000 | 0.750 | 05/31/26 | 37,712,416 | |||||||||
22,170,000 | 0.875 | 06/30/26 | 21,494,508 | |||||||||
56,560,000 | 0.625 | 07/31/26 | 54,562,725 | |||||||||
4,200,000 | 1.375 | 08/31/26 | 4,077,609 | |||||||||
5,940,000 | 1.125 | 10/31/26 | 5,728,387 | |||||||||
4,250,000 | 4.375 | 12/15/26 | 4,281,875 | |||||||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
U.S. Treasury Obligations (continued) | ||||||||||||
U.S. Treasury Notes (continued) | ||||||||||||
$ |
12,630,000 | 2.250 | % | 11/15/27 | $ 12,212,618 | |||||||
4,280,000 | 3.875 | 11/30/27 | 4,296,384 | |||||||||
11,010,000 | 1.125 | 02/29/28 | 10,295,210 | |||||||||
1,670,000 | 1.250 | 03/31/28 | 1,563,798 | |||||||||
11,090,000 | 1.250 | 04/30/28 | 10,365,684 | |||||||||
5,680,000 | 1.250 | 05/31/28 | 5,298,819 | |||||||||
2,210,000 | 1.750 | 01/31/29 | 2,064,796 | |||||||||
5,630,000 | 2.625 | 02/15/29 | 5,421,514 | |||||||||
4,240,000 | 4.250 | 02/28/29 | 4,315,525 | |||||||||
4,910,000 | 3.500 | 04/30/30 | 4,847,091 | |||||||||
4,300,000 | 3.875 | 04/30/30 | 4,317,805 | |||||||||
10,070,000 | 0.625 | 05/15/30 | 8,664,920 | |||||||||
2,700,000 | 3.750 | 05/31/30 | 2,694,094 | |||||||||
3,950,000 | 3.750 | 06/30/30 | 3,940,434 | |||||||||
8,925,200 | 0.625 | 08/15/30 | 7,611,522 | |||||||||
4,240,000 | 4.625 | 04/30/31 | 4,402,975 | |||||||||
5,100,000 | 1.250 | 08/15/31 | 4,362,891 | |||||||||
4,410,000 | 4.000 | 04/30/32 | 4,416,202 | |||||||||
1,690,000 | 4.375 | 05/15/34 | 1,716,670 | |||||||||
4,360,000 | 4.250 | 11/15/34 | 4,374,987 | |||||||||
| ||||||||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $295,358,759) |
$294,416,117 | |||||||||||
| ||||||||||||
Shares | Dividend Rate |
Value | ||||||||||
Investment Company(d) 0.0% | ||||||||||||
Goldman Sachs Financial Square Government Fund Institutional Shares | ||||||||||||
63,295 | 4.231% | $ 63,295 | ||||||||||
(Cost $63,295) | ||||||||||||
| ||||||||||||
TOTAL INVESTMENTS 108.7% (Cost $456,547,420) |
$449,725,746 | |||||||||||
| ||||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES (8.7)% |
(36,119,722) | |||||||||||
| ||||||||||||
NET ASSETS 100.0% | $413,606,024 | |||||||||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
(a) | Security with Call features with resetting interest rates. Maturity dates disclosed are the final maturity dates. | |
(b) | Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2025. | |
(c) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $43,654,293 which represents approximately 10.6% of net assets as of June 30, 2025. | |
(d) | Represents an affiliated issuer. |
GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION
FORWARD SALES CONTRACTS At June 30, 2025, the Fund had the following forward sales contracts:
Description | Interest Rate |
Maturity Date(a) |
Settlement Date |
Principal Amount |
Value | |||||||||
|
||||||||||||||
Government National Mortgage Association |
3.000% | TBA - 30yr | 07/15/25 | $ | (8,000,000 | ) | $ | (7,069,274 | ) | |||||
Government National Mortgage Association |
4.000 | TBA - 30yr | 07/15/25 | (1,000,000 | ) | (929,321 | ) | |||||||
Government National Mortgage Association |
4.500 | TBA - 30yr | 07/15/25 | (9,000,000 | ) | (8,610,912 | ) | |||||||
Government National Mortgage Association |
5.000 | TBA - 30yr | 07/15/25 | (9,000,000 | ) | (8,837,377 | ) | |||||||
Uniform Mortgage-Backed Security |
2.000 | TBA - 30yr | 07/15/25 | (18,000,000 | ) | (14,242,496 | ) | |||||||
Uniform Mortgage-Backed Security |
2.500 | TBA - 30yr | 07/14/25 | (10,000,000 | ) | (8,290,230 | ) | |||||||
Uniform Mortgage-Backed Security |
4.000 | TBA - 30yr | 07/15/25 | (1,000,000 | ) | (929,574 | ) | |||||||
Uniform Mortgage-Backed Security |
4.500 | TBA - 30yr | 07/15/25 | (18,000,000 | ) | (17,211,092 | ) | |||||||
|
||||||||||||||
(PROCEEDS RECEIVED: $(65,245,664)) |
$ | (66,120,276 | ) | |||||||||||
|
(a) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. |
FUTURES CONTRACTS At June 30, 2025, the Fund had the following futures contracts:
Description | Number of Contracts |
Expiration Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
||||||||
|
||||||||||||
Long position contracts: |
||||||||||||
2 Year U.S. Treasury Notes |
1,152 | 09/30/25 | $ | 239,643,001 | $ | 879,816 | ||||||
|
||||||||||||
Short position contracts: |
||||||||||||
10 Year U.S. Treasury Notes |
(194) | 09/19/25 | (21,752,250 | ) | (327,530 | ) | ||||||
20 Year U.S. Treasury Bonds |
(78) | 09/19/25 | (9,006,563 | ) | (228,473 | ) | ||||||
5 Year U.S. Treasury Notes |
(190) | 09/30/25 | (20,710,000 | ) | (60,199 | ) | ||||||
Ultra 10-Year U.S. Treasury Notes |
(239) | 09/19/25 | (27,309,484 | ) | (558,370 | ) | ||||||
|
||||||||||||
Total |
$ | (1,174,572 | ) | |||||||||
|
||||||||||||
TOTAL FUTURES CONTRACTS |
$ | (294,756 | ) | |||||||||
|
SWAP CONTRACTS At June 30, 2025, the Fund had the following swap contracts:
CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS
Payments Made by the Fund |
Payments Received by Fund |
Termination Date |
Notional Amount (000s)(a) |
Market Value |
Upfront Premium (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||
|
||||||||||||||||||||||
12M SOFR(b) |
3.620%(b) | 06/30/27 | $ | 14,910 | $ | 59,242 | $ | (8,535 | ) | $ | 67,777 | |||||||||||
12M SOFR(c) |
3.368(c) | 06/23/28 | 15,230 | 23,632 | 2,867 | 20,765 | ||||||||||||||||
3.620%(b) |
12M SOFR(b) | 11/30/29 | 15,700 | (164,576 | ) | (11,700 | ) | (152,876 | ) | |||||||||||||
3.600(b) |
12M SOFR(b) | 11/30/29 | 14,250 | (138,211 | ) | 16,021 | (154,232 | ) | ||||||||||||||
3.600(b) |
12M SOFR(b) | 06/23/30 | 16,070 | (39,640 | ) | (2,815 | ) | (36,825 | ) | |||||||||||||
12M SOFR(b) |
3.845(b) | 05/21/32 | 5,360 | 73,737 | (6,972 | ) | 80,709 | |||||||||||||||
12M SOFR(b) |
4.098(b) | 06/24/35 | 3,910 | 14,497 | 1,593 | 12,904 | ||||||||||||||||
4.213%(b) |
12M SOFR(b) | 05/21/55 | 3,090 | (27,277 | ) | 24,828 | (52,105 | ) | ||||||||||||||
|
||||||||||||||||||||||
TOTAL |
$ | (198,596 | ) | $ | 15,287 | $ | (213,883 | ) | ||||||||||||||
|
(a) | Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2025. |
(b) | Payments made annually. |
(c) | Payments made at maturity. |
GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION (continued)
| ||
Currency Abbreviations: | ||
USD | U.S. Dollar | |
Investment Abbreviations: | ||
CMT | Constant Maturity Treasury Indexes | |
MTA | Monthly Treasury Average | |
REMICS | Real Estate Mortgage Investment Conduits | |
RFUCC | Refinitive USD IBOR Consumer Cash Fallbacks 1 year | |
Abbreviation: | ||
SOFR | Secured Overnight Financing Rate | |
|
GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND
Schedule of Investments
June 30, 2025 (Unaudited)
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Corporate Obligations 61.1% | ||||||||||||
Aerospace & Defense(a) 1.1% | ||||||||||||
BAE Systems Holdings, Inc.(b) | ||||||||||||
$ |
13,702,000 | 3.850 | % | 12/15/25 | $ 13,647,329 | |||||||
RTX Corp. | ||||||||||||
8,557,000 | 3.950 | 08/16/25 | 8,544,421 | |||||||||
2,226,000 | 2.650 | 11/01/26 | 2,181,391 | |||||||||
| ||||||||||||
24,373,141 | ||||||||||||
| ||||||||||||
Automotive 8.0% | ||||||||||||
American Honda Finance Corp. | ||||||||||||
(Secured Overnight Financing Rate + 0.500%) | ||||||||||||
5,000,000 | 4.845 | (c) | 10/10/25 | 5,000,450 | ||||||||
(Secured Overnight Financing Rate + 0.650%) | ||||||||||||
16,600,000 | 5.023 | (c) | 05/20/26 | 16,624,402 | ||||||||
BMW U.S. Capital LLC | ||||||||||||
5,000,000 | 2.800 | (a)(b) | 04/11/26 | 4,938,450 | ||||||||
(Secured Overnight Financing Rate + 0.800%) | ||||||||||||
6,368,000 | 5.166 | (b)(c) | 08/13/26 | 6,391,753 | ||||||||
(Secured Overnight Financing Rate + 0.920%) | ||||||||||||
12,698,000 | 5.326 | (b)(c) | 03/21/28 | 12,680,096 | ||||||||
Daimler Truck Finance North America LLC (b)(c) (Secured Overnight Financing Rate + 0.840%) | ||||||||||||
19,103,000 | 5.185 | 01/13/28 | 19,061,355 | |||||||||
General Motors Financial Co., Inc. | ||||||||||||
10,000,000 | 5.400 | 04/06/26 | 10,045,800 | |||||||||
(Secured Overnight Financing Rate + 1.050%) | ||||||||||||
8,337,000 | 5.395 | (c) | 07/15/27 | 8,311,656 | ||||||||
(Secured Overnight Financing Rate + 1.170%) | ||||||||||||
20,318,000 | 5.525 | (c) | 04/04/28 | 20,170,695 | ||||||||
Hyundai Capital America | ||||||||||||
528,000 | 5.500 | (b) | 03/30/26 | 531,321 | ||||||||
(Secured Overnight Financing Rate + 0.920%) | ||||||||||||
10,477,000 | 5.262 | (b)(c) | 01/07/28 | 10,428,177 | ||||||||
(Secured Overnight Financing Rate + 1.030%) | ||||||||||||
13,073,000 | 5.439 | (b)(c) | 09/24/27 | 13,044,109 | ||||||||
(Secured Overnight Financing Rate + 1.150%) | ||||||||||||
919,000 | 5.509 | (b)(c) | 08/04/25 | 919,358 | ||||||||
(Secured Overnight Financing Rate + 1.500%) | ||||||||||||
13,476,000 | 5.847 | (b)(c) | 01/08/27 | 13,554,565 | ||||||||
Mercedes-Benz Finance North America LLC | ||||||||||||
10,600,000 | 4.875 | (b) | 07/31/26 | 10,648,124 | ||||||||
(Secured Overnight Financing Rate + 0.780%) | ||||||||||||
10,580,000 | 5.195 | (b)(c) | 04/01/27 | 10,562,331 | ||||||||
Volkswagen Group of America Finance LLC | ||||||||||||
602,000 | 1.250 | (a)(b) | 11/24/25 | 593,331 | ||||||||
3,163,000 | 5.400 | (b) | 03/20/26 | 3,175,209 | ||||||||
8,500,000 | 4.900 | (b) | 08/14/26 | 8,516,150 | ||||||||
| ||||||||||||
175,197,332 | ||||||||||||
| ||||||||||||
Banks 34.4% | ||||||||||||
Banco Santander SA | ||||||||||||
13,600,000 | 4.250 | 04/11/27 | 13,565,864 | |||||||||
Bank of America Corp. | ||||||||||||
(3 mo. USD Term SOFR + 1.322%) | ||||||||||||
8,174,000 | 3.559 | (a)(c) | 04/23/27 | 8,115,229 | ||||||||
(Secured Overnight Financing Rate + 0.910%) | ||||||||||||
12,769,000 | 1.658 | (a)(c) | 03/11/27 | 12,526,772 | ||||||||
(Secured Overnight Financing Rate + 1.010%) | ||||||||||||
6,811,000 | 1.197 | (a)(c) | 10/24/26 | 6,740,029 | ||||||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Corporate Obligations (continued) | ||||||||||||
Banks (continued) | ||||||||||||
(Secured Overnight Financing Rate + 1.290%) | ||||||||||||
$ |
14,416,000 | 5.080 | %(a)(c) | 01/20/27 | $ 14,458,095 | |||||||
Bank of America NA (a)(c) (Secured Overnight Financing Rate + 1.020%) | ||||||||||||
8,020,000 | 5.390 | 08/18/26 | 8,068,842 | |||||||||
Bank of Montreal | ||||||||||||
7,100,000 | 4.850 | (a) | 07/30/26 | 7,065,281 | ||||||||
(Secured Overnight Financing Rate + 0.880%) | ||||||||||||
5,018,000 | 5.274 | (a)(c) | 09/10/27 | 5,032,050 | ||||||||
(Secured Overnight Financing Rate + 1.160%) | ||||||||||||
9,755,000 | 5.556 | (c) | 12/11/26 | 9,835,771 | ||||||||
Bank of New York Mellon Corp. (a)(c) (Secured Overnight Financing Rate + 1.345%) | ||||||||||||
2,066,000 | 4.414 | 07/24/26 | 2,065,070 | |||||||||
Banque Federative du Credit Mutuel SA | ||||||||||||
6,113,000 | 4.524 | (b) | 07/13/25 | 6,110,983 | ||||||||
5,769,000 | 4.935 | (b) | 01/26/26 | 5,782,269 | ||||||||
(Secured Overnight Financing Rate + 1.130%) | ||||||||||||
9,494,000 | 5.482 | (b)(c) | 01/23/27 | 9,549,255 | ||||||||
(Secured Overnight Financing Rate + 1.400%) | ||||||||||||
7,345,000 | 5.745 | (b)(c) | 07/13/26 | 7,399,867 | ||||||||
Barclays PLC (a)(c) (1 yr. CMT + 3.050%) | ||||||||||||
14,605,000 | 7.325 | 11/02/26 | 14,726,368 | |||||||||
BPCE SA | ||||||||||||
9,369,000 | 5.100 | (b) | 01/26/26 | 9,393,547 | ||||||||
(Secured Overnight Financing Rate + 0.960%) | ||||||||||||
8,995,000 | 5.366 | (b)(c) | 09/25/25 | 9,005,614 | ||||||||
Canadian Imperial Bank of Commerce | ||||||||||||
3,899,000 | 3.450 | (a) | 04/07/27 | 3,849,366 | ||||||||
(Secured Overnight Financing Rate + 0.930%) | ||||||||||||
8,110,000 | 5.326 | (a)(c) | 09/11/27 | 8,140,169 | ||||||||
(Secured Overnight Financing Rate + 1.220%) | ||||||||||||
12,651,000 | 5.563 | (c) | 10/02/26 | 12,753,726 | ||||||||
Citibank NA (a) | ||||||||||||
10,956,000 | 4.929 | 08/06/26 | 11,031,596 | |||||||||
Citigroup, Inc. (a)(c) (Secured Overnight Financing Rate + 1.143%) | ||||||||||||
16,173,000 | 5.505 | 05/07/28 | 16,250,469 | |||||||||
Cooperatieve Rabobank UA (a)(b)(c) (1 yr. CMT + 0.550%) | ||||||||||||
14,683,000 | 1.106 | 02/24/27 | 14,358,946 | |||||||||
Credit Agricole SA | ||||||||||||
15,478,000 | 5.589 | (b) | 07/05/26 | 15,664,819 | ||||||||
(Secured Overnight Financing Rate + 0.870%) | ||||||||||||
10,000,000 | 5.266 | (b)(c) | 03/11/27 | 10,023,800 | ||||||||
Danske Bank AS (a)(b)(c) (1 yr. CMT + 1.350%) | ||||||||||||
5,199,000 | 1.621 | 09/11/26 | 5,167,130 | |||||||||
Deutsche Bank AG | ||||||||||||
2,725,000 | 1.686 | 03/19/26 | 2,671,645 | |||||||||
(Secured Overnight Financing Rate + 1.219%) | ||||||||||||
16,977,000 | 5.589 | (a)(c) | 11/16/27 | 16,979,547 | ||||||||
(Secured Overnight Financing Rate + 1.870%) | ||||||||||||
2,171,000 | 2.129 | (a)(c) | 11/24/26 | 2,149,095 | ||||||||
(Secured Overnight Financing Rate + 3.190%) | ||||||||||||
8,610,000 | 6.119 | (a)(c) | 07/14/26 | 8,613,444 | ||||||||
Federation des Caisses Desjardins du Quebec | ||||||||||||
5,015,000 | 4.400 | (b) | 08/23/25 | 5,011,289 | ||||||||
(Secured Overnight Financing Rate + 0.630%) | ||||||||||||
7,600,000 | 4.985 | (b)(c) | 01/27/27 | 7,601,202 | ||||||||
|
GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Corporate Obligations (continued) | ||||||||||||
Banks (continued) | ||||||||||||
Fifth Third Bank NA(a) | ||||||||||||
$ |
3,954,000 | 3.850 | % | 03/15/26 | $ 3,926,085 | |||||||
HSBC Holdings PLC(a)(c) (3 mo. USD Term SOFR + 1.609%) | ||||||||||||
3,708,000 | 4.292 | 09/12/26 | 3,704,589 | |||||||||
HSBC USA, Inc.(c) (Secured Overnight Financing Rate + 0.960%) | ||||||||||||
20,660,000 | 5.349 | 03/04/27 | 20,769,498 | |||||||||
ING Groep NV(a)(b)(c) (1 yr. CMT + 1.100%) | ||||||||||||
12,532,000 | 1.400 | 07/01/26 | 12,532,000 | |||||||||
Intesa Sanpaolo SpA(b) | ||||||||||||
11,948,000 | 7.000 | 11/21/25 | 12,046,452 | |||||||||
JPMorgan Chase & Co. | ||||||||||||
(Secured Overnight Financing Rate + 0.800%) | ||||||||||||
11,853,000 | 1.045 | (a)(c) | 11/19/26 | 11,691,799 | ||||||||
(Secured Overnight Financing Rate + 0.885%) | ||||||||||||
10,000,000 | 1.578 | (a)(c) | 04/22/27 | 9,769,000 | ||||||||
Lloyds Banking Group PLC | ||||||||||||
(1 yr. CMT + 1.750%) | ||||||||||||
6,656,000 | 4.716 | (a)(c) | 08/11/26 | 6,655,334 | ||||||||
(Secured Overnight Financing Rate + 1.580%) | ||||||||||||
7,530,000 | 5.920 | (a)(c) | 01/05/28 | 7,604,773 | ||||||||
Macquarie Bank Ltd. | ||||||||||||
(Secured Overnight Financing Rate + 0.920%) | ||||||||||||
6,871,000 | 5.264 | (b)(c) | 07/02/27 | 6,911,676 | ||||||||
(Secured Overnight Financing Rate + 1.200%) | ||||||||||||
6,000,000 | 5.599 | (b)(c) | 12/07/26 | 6,046,140 | ||||||||
(Secured Overnight Financing Rate + 1.240%) | ||||||||||||
6,867,000 | 5.648 | (b)(c) | 06/15/26 | 6,905,799 | ||||||||
Macquarie Group Ltd.(a)(b)(c) (Secured Overnight Financing Rate + 1.069%) | ||||||||||||
8,240,000 | 1.340 | 01/12/27 | 8,101,733 | |||||||||
Manufacturers & Traders Trust Co. | ||||||||||||
2,825,000 | 5.400 | (a) | 11/21/25 | 2,829,887 | ||||||||
31,201,000 | 4.650 | (a) | 01/27/26 | 31,187,896 | ||||||||
Morgan Stanley | ||||||||||||
(Secured Overnight Financing Rate + 0.879%) | ||||||||||||
11,520,000 | 1.593 | (a)(c) | 05/04/27 | 11,242,714 | ||||||||
(Secured Overnight Financing Rate + 1.020%) | ||||||||||||
2,000,000 | 5.367 | (a)(c) | 04/13/28 | 2,010,420 | ||||||||
(Secured Overnight Financing Rate + 1.295%) | ||||||||||||
9,609,000 | 5.050 | (a)(c) | 01/28/27 | 9,636,962 | ||||||||
(Secured Overnight Financing Rate + 1.669%) | ||||||||||||
203,000 | 4.679 | (a)(c) | 07/17/26 | 202,982 | ||||||||
Morgan Stanley Bank NA | ||||||||||||
(Secured Overnight Financing Rate + 0.685%) | ||||||||||||
7,224,000 | 5.030 | (a)(c) | 10/15/27 | 7,228,045 | ||||||||
(Secured Overnight Financing Rate + 1.165%) | ||||||||||||
12,535,000 | 5.524 | (a)(c) | 10/30/26 | 12,634,152 | ||||||||
National Bank of Canada | ||||||||||||
(Secured Overnight Financing Rate + 0.557%) | ||||||||||||
8,709,000 | 4.702 | (a)(c) | 03/05/27 | 8,711,961 | ||||||||
(Secured Overnight Financing Rate + 0.900%) | ||||||||||||
5,728,000 | 5.312 | (a)(c) | 03/25/27 | 5,733,957 | ||||||||
(Secured Overnight Financing Rate + 1.030%) | ||||||||||||
2,000,000 | 5.373 | (a)(c) | 07/02/27 | 2,004,260 | ||||||||
(Secured Overnight Financing Rate + 1.036%) | ||||||||||||
2,267,000 | 5.600 | (a)(c) | 07/02/27 | 2,291,914 | ||||||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Corporate Obligations (continued) | ||||||||||||
Banks (continued) | ||||||||||||
National Securities Clearing Corp.(b) | ||||||||||||
$ |
3,988,000 | 5.150 | % | 06/26/26 | $ 4,024,729 | |||||||
NatWest Group PLC(a)(c) (1 yr. CMT + 1.350%) | ||||||||||||
3,115,000 | 5.847 | 03/02/27 | 3,142,038 | |||||||||
NatWest Markets PLC | ||||||||||||
7,725,000 | 1.600 | (b) | 09/29/26 | 7,471,929 | ||||||||
1,911,000 | 5.416 | (b) | 05/17/27 | 1,952,087 | ||||||||
(Secured Overnight Financing Rate + 0.900%) | ||||||||||||
14,800,000 | 5.270 | (b)(c) | 05/17/27 | 14,860,088 | ||||||||
(Secured Overnight Financing Rate + 0.950%) | ||||||||||||
11,117,000 | 5.356 | (b)(c) | 03/21/28 | 11,123,559 | ||||||||
PNC Bank NA(a)(c) (Secured Overnight Financing Rate + 0.504%) | ||||||||||||
11,859,000 | 4.775 | 01/15/27 | 11,878,212 | |||||||||
Royal Bank of Canada(a)(c) (Secured Overnight Financing Rate + 0.720%) | ||||||||||||
4,388,000 | 5.068 | 10/18/27 | 4,392,169 | |||||||||
Santander U.K. Group Holdings PLC(a)(c) (Secured Overnight Financing Rate + 0.989%) | ||||||||||||
4,136,000 | 1.673 | 06/14/27 | 4,017,090 | |||||||||
Skandinaviska Enskilda Banken AB(b)(c) (Secured Overnight Financing Rate + 0.890%) | ||||||||||||
10,253,000 | 5.280 | 03/05/27 | 10,313,800 | |||||||||
Societe Generale SA | ||||||||||||
8,173,000 | 5.250 | (b) | 02/19/27 | 8,252,850 | ||||||||
(Secured Overnight Financing Rate + 1.100%) | ||||||||||||
17,746,000 | 5.471 | (b)(c) | 02/19/27 | 17,752,211 | ||||||||
Standard Chartered Bank(c) (Secured Overnight Financing Rate + 0.650%) | ||||||||||||
11,099,000 | 4.992 | 10/08/26 | 11,105,770 | |||||||||
Standard Chartered PLC | ||||||||||||
(1 yr. CMT + 1.000%) | ||||||||||||
3,633,000 | 1.456 | (a)(b)(c) | 01/14/27 | 3,572,038 | ||||||||
(1 yr. CMT + 2.050%) | ||||||||||||
3,225,000 | 6.170 | (a)(b)(c) | 01/09/27 | 3,250,897 | ||||||||
State Street Corp.(a)(c) (Secured Overnight Financing Rate + 0.845%) | ||||||||||||
4,891,000 | 5.205 | 08/03/26 | 4,910,319 | |||||||||
Sumitomo Mitsui Financial Group, Inc. | ||||||||||||
5,000,000 | 3.784 | 03/09/26 | 4,978,000 | |||||||||
14,272,000 | 5.880 | 07/13/26 | 14,486,365 | |||||||||
7,434,000 | 2.632 | 07/14/26 | 7,304,277 | |||||||||
Sumitomo Mitsui Trust Bank Ltd.(b)(c) (Secured Overnight Financing Rate + 0.980%) | ||||||||||||
15,148,000 | 5.377 | 09/10/27 | 15,246,159 | |||||||||
Toronto-Dominion Bank | ||||||||||||
2,708,000 | 5.532 | 07/17/26 | 2,741,308 | |||||||||
(Secured Overnight Financing Rate + 0.620%) | ||||||||||||
4,636,000 | 5.022 | (c) | 12/17/26 | 4,639,616 | ||||||||
(Secured Overnight Financing Rate + 0.820%) | ||||||||||||
7,942,000 | 5.179 | (c) | 01/31/28 | 7,945,494 | ||||||||
(Secured Overnight Financing Rate + 1.080%) | ||||||||||||
10,259,000 | 5.428 | (c) | 07/17/26 | 10,323,016 | ||||||||
Truist Bank(a)(c) (Secured Overnight Financing Rate + 0.590%) | ||||||||||||
8,349,000 | 4.671 | 05/20/27 | 8,362,442 | |||||||||
Truist Financial Corp.(a)(c) (Secured Overnight Financing Rate + 0.609%) | ||||||||||||
2,000,000 | 1.267 | 03/02/27 | 1,955,020 | |||||||||
|
GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Corporate Obligations (continued) | ||||||||||||
Banks (continued) | ||||||||||||
UBS Group AG | ||||||||||||
(1 yr. CMT + 1.550%) | ||||||||||||
$ |
23,843,000 | 5.711 | %(a)(b)(c) | 01/12/27 | $ 23,986,058 | |||||||
(Secured Overnight Financing Rate + 3.340%) | ||||||||||||
9,497,000 | 6.373 | (a)(b)(c) | 07/15/26 | 9,501,179 | ||||||||
Wells Fargo Bank NA | ||||||||||||
(Secured Overnight Financing Rate + 1.060%) | ||||||||||||
6,115,000 | 5.421 | (a)(c) | 08/07/26 | 6,155,542 | ||||||||
(Secured Overnight Financing Rate + 1.070%) | ||||||||||||
10,613,000 | 5.466 | (a)(c) | 12/11/26 | 10,698,435 | ||||||||
| ||||||||||||
752,429,874 | ||||||||||||
| ||||||||||||
Beverages(c) 0.3% | ||||||||||||
Keurig Dr. Pepper, Inc. (Secured Overnight Financing Rate + 0.880%) | ||||||||||||
7,500,000 | 5.280 | 03/15/27 | 7,537,350 | |||||||||
| ||||||||||||
Biotechnology(a) 1.2% | ||||||||||||
Amgen, Inc. | ||||||||||||
23,034,000 | 5.507 | 03/02/26 | 23,034,922 | |||||||||
Bio-Rad Laboratories, Inc. | ||||||||||||
2,129,000 | 3.300 | 03/15/27 | 2,087,974 | |||||||||
| ||||||||||||
25,122,896 | ||||||||||||
| ||||||||||||
Chemicals 0.4% | ||||||||||||
Dow Chemical Co.(a) | ||||||||||||
1,910,000 | 4.550 | 11/30/25 | 1,908,835 | |||||||||
Nutrien Ltd. | ||||||||||||
5,968,000 | 4.500 | 03/12/27 | 5,983,815 | |||||||||
| ||||||||||||
7,892,650 | ||||||||||||
| ||||||||||||
Commercial Services(c) 0.2% | ||||||||||||
PayPal Holdings, Inc. (Secured Overnight Financing Rate + 0.670%) | ||||||||||||
4,771,000 | 5.061 | 03/06/28 | 4,773,815 | |||||||||
| ||||||||||||
Diversified Financial Services(a) 5.1% | ||||||||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust | ||||||||||||
13,146,000 | 6.500 | 07/15/25 | 13,154,150 | |||||||||
1,023,000 | 4.450 | 10/01/25 | 1,022,171 | |||||||||
962,000 | 4.450 | 04/03/26 | 959,653 | |||||||||
17,992,000 | 2.450 | 10/29/26 | 17,529,606 | |||||||||
Air Lease Corp. | ||||||||||||
9,236,000 | 3.375 | 07/01/25 | 9,236,000 | |||||||||
15,176,000 | 2.875 | 01/15/26 | 15,021,357 | |||||||||
2,130,000 | 3.750 | 06/01/26 | 2,115,601 | |||||||||
3,734,000 | 1.875 | 08/15/26 | 3,630,568 | |||||||||
American Express Co. | ||||||||||||
(Secured Overnight Financing Rate + 0.750%) | ||||||||||||
8,208,000 | 5.102 | (c) | 04/23/27 | 8,213,171 | ||||||||
(Secured Overnight Financing Rate + 1.350%) | ||||||||||||
13,810,000 | 5.708 | (c) | 10/30/26 | 13,863,997 | ||||||||
Charles Schwab Corp.(c) (Secured Overnight Financing Rate + 0.520%) | ||||||||||||
5,422,000 | 4.886 | 05/13/26 | 5,424,169 | |||||||||
Citigroup Global Markets Holdings, Inc. | ||||||||||||
9,586,000 | 4.800 | 12/19/25 | 9,586,863 | |||||||||
Jefferies Financial Group, Inc. | ||||||||||||
10,752,000 | 5.000 | 02/10/26 | 10,741,140 | |||||||||
| ||||||||||||
110,498,446 | ||||||||||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Corporate Obligations (continued) | ||||||||||||
Electrical 0.7% | ||||||||||||
National Rural Utilities Cooperative Finance Corp. | ||||||||||||
(Secured Overnight Financing Rate + 0.400%) | ||||||||||||
$ |
5,204,000 | 4.788 | %(c) | 12/03/25 | $ 5,207,070 | |||||||
(Secured Overnight Financing Rate + 0.800%) | ||||||||||||
7,000,000 | 5.160 | (c) | 02/05/27 | 7,026,110 | ||||||||
Southern Power Co.(a) | ||||||||||||
2,957,000 | 0.900 | 01/15/26 | 2,895,524 | |||||||||
| ||||||||||||
15,128,704 | ||||||||||||
| ||||||||||||
Food & Drug Retailing 0.2% | ||||||||||||
Campbells Co. | ||||||||||||
4,000,000 | 5.300 | 03/20/26 | 4,016,640 | |||||||||
| ||||||||||||
Gas 0.1% | ||||||||||||
Spire, Inc. | ||||||||||||
1,590,000 | 5.300 | 03/01/26 | 1,595,517 | |||||||||
| ||||||||||||
Healthcare Providers & Services 1.0% | ||||||||||||
Baylor Scott & White Holdings(a) | ||||||||||||
726,000 | 0.827 | 11/15/25 | 713,413 | |||||||||
Highmark, Inc.(a)(b) | ||||||||||||
875,000 | 1.450 | 05/10/26 | 848,199 | |||||||||
PeaceHealth Obligated Group(a) | ||||||||||||
702,000 | 1.375 | 11/15/25 | 692,037 | |||||||||
UnitedHealth Group, Inc. | ||||||||||||
1,698,000 | 3.750 | 07/15/25 | 1,696,727 | |||||||||
2,131,000 | 1.250 | 01/15/26 | 2,090,468 | |||||||||
2,529,000 | 3.100 | 03/15/26 | 2,503,407 | |||||||||
7,000,000 | 1.150 | (a) | 05/15/26 | 6,804,630 | ||||||||
3,857,000 | 3.700 | (a) | 05/15/27 | 3,821,747 | ||||||||
(Secured Overnight Financing Rate + 0.500%) | ||||||||||||
2,032,000 | 4.845 | (c) | 07/15/26 | 2,031,472 | ||||||||
| ||||||||||||
21,202,100 | ||||||||||||
| ||||||||||||
Household Products(a)(b) 0.2% | ||||||||||||
Reckitt Benckiser Treasury Services PLC | ||||||||||||
5,265,000 | 3.000 | 06/26/27 | 5,150,960 | |||||||||
| ||||||||||||
Insurance(b) 4.5% | ||||||||||||
Corebridge Global Funding | ||||||||||||
13,789,000 | 5.350 | 06/24/26 | 13,914,204 | |||||||||
(Secured Overnight Financing Rate + 0.750%) | ||||||||||||
9,529,000 | 5.092 | (c) | 01/07/28 | 9,488,978 | ||||||||
(Secured Overnight Financing Rate + 1.300%) | ||||||||||||
2,371,000 | 5.712 | (c) | 09/25/26 | 2,388,237 | ||||||||
Equitable Financial Life Global Funding | ||||||||||||
5,318,000 | 5.500 | 12/02/25 | 5,338,102 | |||||||||
20,374,000 | 1.000 | 01/09/26 | 20,006,249 | |||||||||
5,957,000 | 4.600 | 04/01/27 | 5,981,066 | |||||||||
Great-West Lifeco U.S. Finance 2020 LP(a) | ||||||||||||
6,257,000 | 0.904 | 08/12/25 | 6,228,030 | |||||||||
Jackson National Life Global Funding | ||||||||||||
10,592,000 | 4.900 | 01/13/27 | 10,672,393 | |||||||||
(Secured Overnight Financing Rate + 0.890%) | ||||||||||||
10,795,000 | 5.282 | (c) | 06/09/27 | 10,797,483 | ||||||||
|
GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Corporate Obligations (continued) | ||||||||||||
Insurance(b) (continued) | ||||||||||||
New York Life Global Funding(c) (Secured Overnight Financing Rate + 0.580%) | ||||||||||||
$ |
2,499,000 | 4.962 | % | 08/28/26 | $ 2,507,047 | |||||||
Pricoa Global Funding I | ||||||||||||
3,350,000 | 1.200 | 09/01/26 | 3,234,593 | |||||||||
Protective Life Global Funding | ||||||||||||
1,392,000 | 5.366 | 01/06/26 | 1,397,833 | |||||||||
5,705,000 | 1.618 | 04/15/26 | 5,576,409 | |||||||||
| ||||||||||||
97,530,624 | ||||||||||||
| ||||||||||||
Internet(a) 0.1% | ||||||||||||
Expedia Group, Inc. | ||||||||||||
2,161,000 | 5.000 | 02/15/26 | 2,161,497 | |||||||||
| ||||||||||||
Machinery-Diversified(c) 0.4% | ||||||||||||
John Deere Capital Corp. (Secured Overnight Financing Rate + 0.680%) | ||||||||||||
9,000,000 | 5.025 | 07/15/27 | 9,035,280 | |||||||||
| ||||||||||||
Mining(b) 0.6% | ||||||||||||
Glencore Funding LLC | ||||||||||||
4,951,000 | 1.625 | (a) | 09/01/25 | 4,924,463 | ||||||||
(Secured Overnight Financing Rate + 1.060%) | ||||||||||||
8,658,000 | 5.403 | (c) | 04/04/27 | 8,692,545 | ||||||||
| ||||||||||||
13,617,008 | ||||||||||||
| ||||||||||||
Miscellaneous Manufacturing(a) 0.2% | ||||||||||||
Textron, Inc. | ||||||||||||
4,632,000 | 4.000 | 03/15/26 | 4,610,925 | |||||||||
| ||||||||||||
Oil Field Services 0.3% | ||||||||||||
Devon Energy Corp.(a) | ||||||||||||
3,413,000 | 5.850 | 12/15/25 | 3,420,236 | |||||||||
Equinor ASA | ||||||||||||
3,861,000 | 7.150 | 11/15/25 | 3,895,015 | |||||||||
| ||||||||||||
7,315,251 | ||||||||||||
| ||||||||||||
Pharmaceuticals(a) 0.2% | ||||||||||||
CVS Health Corp. | ||||||||||||
3,157,000 | 5.000 | 02/20/26 | 3,159,399 | |||||||||
Eli Lilly & Co. | ||||||||||||
1,500,000 | 5.000 | 02/27/26 | 1,500,345 | |||||||||
| ||||||||||||
4,659,744 | ||||||||||||
| ||||||||||||
Pipelines 0.8% | ||||||||||||
Colonial Pipeline Co.(a)(b) | ||||||||||||
3,744,000 | 3.750 | 10/01/25 | 3,733,030 | |||||||||
Energy Transfer LP(a)(b) | ||||||||||||
7,195,000 | 5.625 | 05/01/27 | 7,198,310 | |||||||||
Gulfstream Natural Gas System LLC(b) | ||||||||||||
887,000 | 6.190 | 11/01/25 | 889,812 | |||||||||
Williams Cos., Inc. | ||||||||||||
5,466,000 | 5.400 | 03/02/26 | 5,495,571 | |||||||||
| ||||||||||||
17,316,723 | ||||||||||||
| ||||||||||||
Real Estate Investment Trust(a) 0.1% | ||||||||||||
Realty Income Corp. | ||||||||||||
2,503,000 | 5.050 | 01/13/26 | 2,502,399 | |||||||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Corporate Obligations (continued) | ||||||||||||
Retailing 0.1% | ||||||||||||
Home Depot, Inc. | ||||||||||||
$ |
1,328,000 | 5.150 | % | 06/25/26 | $ 1,340,138 | |||||||
| ||||||||||||
Software 0.2% | ||||||||||||
Take-Two Interactive Software, Inc. | ||||||||||||
4,121,000 | 5.000 | 03/28/26 | 4,130,520 | |||||||||
| ||||||||||||
Telecommunication Services 0.7% | ||||||||||||
NBN Co. Ltd.(a)(b) | ||||||||||||
7,677,000 | 1.450 | 05/05/26 | 7,489,681 | |||||||||
NTT Finance Corp.(a)(b) | ||||||||||||
5,697,000 | 1.162 | 04/03/26 | 5,557,538 | |||||||||
Pacific Bell Telephone Co. | ||||||||||||
1,401,000 | 7.125 | 03/15/26 | 1,420,334 | |||||||||
T-Mobile USA, Inc.(a) | ||||||||||||
992,000 | 5.375 | 04/15/27 | 992,595 | |||||||||
| ||||||||||||
15,460,148 | ||||||||||||
| ||||||||||||
TOTAL CORPORATE OBLIGATIONS (Cost $1,331,324,944) |
$1,334,599,682 | |||||||||||
| ||||||||||||
Asset-Backed Securities(a) 7.3% | ||||||||||||
Automotive 6.3% | ||||||||||||
BMW Vehicle Lease Trust Series 2023-2, Class A4 | ||||||||||||
$ |
10,800,000 | 5.980 | % | 02/25/27 | $ 10,886,375 | |||||||
BMW Vehicle Lease Trust Series 2025-1, Class A2A | ||||||||||||
8,950,000 | 4.430 | 09/27/27 | 8,968,509 | |||||||||
BMW Vehicle Owner Trust Series 2023-A, Class A3 | ||||||||||||
5,883,904 | 5.470 | 02/25/28 | 5,917,837 | |||||||||
Chase Auto Owner Trust Series 2024-5A, Class A2(b) | ||||||||||||
5,062,767 | 4.400 | 11/26/27 | 5,057,928 | |||||||||
Drive Auto Receivables Trust Series 2024-2, Class A2 | ||||||||||||
2,026,729 | 4.940 | 12/15/27 | 2,028,318 | |||||||||
Exeter Automobile Receivables Trust Series 2024-5A, Class A2 | ||||||||||||
2,409,389 | 4.790 | 04/15/27 | 2,409,334 | |||||||||
Exeter Automobile Receivables Trust Series 2024-5A, Class A3 | ||||||||||||
5,600,000 | 4.450 | 03/15/28 | 5,589,513 | |||||||||
Ford Credit Auto Owner Trust Series 2020-2, Class A(b) | ||||||||||||
4,775,000 | 1.060 | 04/15/33 | 4,726,982 | |||||||||
GM Financial Automobile Leasing Trust Series 2023-3, Class A3 | ||||||||||||
5,686,056 | 5.380 | 11/20/26 | 5,695,108 | |||||||||
GM Financial Automobile Leasing Trust Series 2024-3, Class A3 | ||||||||||||
8,225,000 | 4.210 | 10/20/27 | 8,222,318 | |||||||||
Hyundai Auto Lease Securitization Trust Series 2024-C, Class A2A(b) | ||||||||||||
3,791,799 | 4.770 | 03/15/27 | 3,798,152 | |||||||||
Hyundai Auto Lease Securitization Trust Series 2025-B, Class A2A(b) | ||||||||||||
10,050,000 | 4.580 | 09/15/27 | 10,081,527 | |||||||||
Hyundai Auto Receivables Trust Series 2023-A, Class A3 | ||||||||||||
4,869,604 | 4.580 | 04/15/27 | 4,867,340 | |||||||||
Mercedes-Benz Auto Lease Trust Series 2024-B, Class A2A | ||||||||||||
4,505,969 | 4.570 | 12/15/26 | 4,505,532 | |||||||||
Mercedes-Benz Auto Lease Trust Series 2025-A, Class A2A | ||||||||||||
7,475,000 | 4.570 | 04/17/28 | 7,505,254 | |||||||||
Santander Drive Auto Receivables Trust Series 2023-4, Class A3 | ||||||||||||
2,649,503 | 5.730 | 04/17/28 | 2,658,019 | |||||||||
|
GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Asset-Backed Securities(a) (continued) | ||||||||||||
Automotive (continued) | ||||||||||||
Santander Drive Auto Receivables Trust Series 2024-5, Class A2 | ||||||||||||
$ |
4,514,549 | 4.880 | % | 09/15/27 | $ 4,517,013 | |||||||
Santander Drive Auto Receivables Trust Series 2025-2, Class A2 | ||||||||||||
5,050,000 | 4.710 | 06/15/28 | 5,052,669 | |||||||||
SFS Auto Receivables Securitization Trust Series 2025-2A, Class A2(b) | ||||||||||||
5,640,000 | 4.520 | 11/20/28 | 5,647,881 | |||||||||
Tesla Auto Lease Trust Series 2023-B, Class A3(b) | ||||||||||||
2,920,103 | 6.130 | 09/21/26 | 2,928,203 | |||||||||
Toyota Lease Owner Trust Series 2024-A, Class A3(b) | ||||||||||||
7,807,867 | 5.250 | 04/20/27 | 7,842,897 | |||||||||
Toyota Lease Owner Trust Series 2024-B, Class A2A(b) | ||||||||||||
4,850,191 | 4.310 | 02/22/27 | 4,842,849 | |||||||||
Volkswagen Auto Loan Enhanced Trust Series 2024-1, Class A2A | ||||||||||||
8,158,805 | 4.650 | 11/22/27 | 8,162,620 | |||||||||
World Omni Auto Receivables Trust Series 2023-B, Class A3 | ||||||||||||
6,720,043 | 4.660 | 05/15/28 | 6,722,953 | |||||||||
| ||||||||||||
138,635,131 | ||||||||||||
| ||||||||||||
Collateralized Loan Obligations(b)(c) 0.3% | ||||||||||||
Balboa Bay Loan Funding Ltd. Series 2020-1A, Class X (3 mo. USD Term SOFR + 1.030%) | ||||||||||||
3,000,000 | 5.300 | 10/20/35 | 3,000,033 | |||||||||
Halsey Point CLO I Ltd. Series 2019-1A, Class XR (3 mo. USD Term SOFR + 1.100%) | ||||||||||||
3,857,143 | 5.370 | 10/20/37 | 3,857,278 | |||||||||
| ||||||||||||
6,857,311 | ||||||||||||
| ||||||||||||
Credit Card 0.7% | ||||||||||||
American Express Credit Account Master Trust Series 2022-3, Class A | ||||||||||||
7,762,000 | 3.750 | 08/15/27 | 7,754,669 | |||||||||
Discover Card Execution Note Trust Series 2022-A4, Class A | ||||||||||||
6,770,000 | 5.030 | 10/15/27 | 6,780,006 | |||||||||
| ||||||||||||
14,534,675 | ||||||||||||
| ||||||||||||
TOTAL ASSET-BACKED SECURITIES (Cost $160,160,881) |
$ 160,027,117 | |||||||||||
| ||||||||||||
Municipal Debt Obligations(a) 0.3% | ||||||||||||
Texas 0.3% | ||||||||||||
San Antonio GO Bonds Taxable Series 2023 | ||||||||||||
$ |
5,065,000 | 5.635 | % | 02/01/26 | $ 5,071,348 | |||||||
(Cost $5,065,000) | ||||||||||||
| ||||||||||||
U.S. Treasury Obligations 6.2% | ||||||||||||
U.S. Treasury Notes | ||||||||||||
$ |
18,307,700 | 4.750 | % | 07/31/25 | $ 18,310,561 | |||||||
7,772,200 | 5.000 | 08/31/25 | 7,777,968 | |||||||||
29,029,500 | 5.000 | 10/31/25 | 29,090,734 | |||||||||
29,816,900 | 4.250 | 01/31/26 | 29,816,900 | |||||||||
9,785,000 | 4.875 | 05/31/26 | 9,854,947 | |||||||||
6,353,300 | 3.875 | 03/31/27 | 6,363,972 | |||||||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
U.S. Treasury Obligations (continued) | ||||||||||||
U.S. Treasury Notes (continued) | ||||||||||||
$ |
20,000,000 | 3.750 | % | 04/30/27 | $ 19,998,438 | |||||||
13,975,600 | 3.875 | 05/31/27 | 14,008,901 | |||||||||
| ||||||||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $134,916,711) |
$ 135,222,421 | |||||||||||
| ||||||||||||
Shares | Dividend Rate |
Value | ||||||||||
Investment Company(d) 1.6% | ||||||||||||
Goldman Sachs Financial Square Government Fund Institutional Shares | ||||||||||||
35,606,924 | 4.231% | $ 35,606,924 | ||||||||||
(Cost $35,606,924) | ||||||||||||
| ||||||||||||
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS 76.5% (Cost $1,667,074,460) |
$1,670,527,492 | |||||||||||
| ||||||||||||
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Short-term Investments 21.2% | ||||||||||||
Certificates of Deposit 5.9% | ||||||||||||
Bayerische Landesbank(c) (Secured Overnight Financing Rate + 0.390%) | ||||||||||||
$ |
13,128,000 | 4.790 | % | 01/28/26 | $ 13,140,032 | |||||||
Credit Agricole Corporate & Investment Bank SA(c) (Secured Overnight Financing Rate + 0.590%) | ||||||||||||
6,965,000 | 4.990 | 08/28/25 | 6,970,701 | |||||||||
Deutsche Bank AG | ||||||||||||
5,300,000 | 4.630 | 11/06/25 | 5,299,676 | |||||||||
(Secured Overnight Financing Rate + 0.390%) | ||||||||||||
3,138,000 | 4.790 | (c) | 11/21/25 | 3,139,913 | ||||||||
Kookmin Bank | ||||||||||||
8,406,000 | 4.780 | 11/28/25 | 8,410,900 | |||||||||
(Secured Overnight Financing Rate + 0.300%) | ||||||||||||
11,367,000 | 4.580 | (c) | 09/19/25 | 11,368,644 | ||||||||
(Secured Overnight Financing Rate + 0.600%) | ||||||||||||
9,186,000 | 5.000 | (c) | 02/06/26 | 9,196,315 | ||||||||
Macquarie Bank Ltd.(b)(c) (Secured Overnight Financing Rate + 0.430%) | ||||||||||||
4,317,000 | 4.730 | 01/13/26 | 4,321,113 | |||||||||
National Bank of Kuwait (Secured Overnight Financing Rate + 0.590%) | ||||||||||||
10,020,000 | 4.990 | (c) | 03/26/26 | 10,027,437 | ||||||||
(Secured Overnight Financing Rate + 0.630%) | ||||||||||||
19,000,000 | 5.030 | (c) | 12/12/25 | 18,999,958 | ||||||||
Paradelle Funding LLC(c) (Secured Overnight Financing Rate + 0.380%) | ||||||||||||
7,500,000 | 4.660 | 01/02/26 | 7,504,016 | |||||||||
Park Avenue Collateralized Notes Co. LLC (Secured Overnight Financing Rate + 0.400%) | ||||||||||||
9,029,000 | 4.710 | (a)(b)(c) | 12/02/25 | 9,033,325 | ||||||||
(Secured Overnight Financing Rate + 0.450%) | ||||||||||||
11,372,000 | 4.760 | (a)(b)(c) | 12/10/25 | 11,376,260 | ||||||||
Standard Chartered Bank | ||||||||||||
9,418,000 | 4.650 | 11/20/25 | 9,421,065 | |||||||||
(Secured Overnight Financing Rate + 0.400%) | ||||||||||||
136,000 | 4.800 | (c) | 10/06/25 | 136,088 | ||||||||
| ||||||||||||
128,345,443 | ||||||||||||
|
GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Short-term Investments (continued) | ||||||||||||
Commercial Paper(e) 14.4% | ||||||||||||
AbbVie, Inc. | ||||||||||||
$ |
4,225,000 | 0.000 | %(b) | 09/03/25 | $ 4,189,858 | |||||||
10,995,000 | 0.000 | (b) | 09/16/25 | 10,885,465 | ||||||||
Air Lease Corp. | ||||||||||||
8,974,000 | 0.000 | (b) | 07/08/25 | 8,964,628 | ||||||||
5,499,000 | 0.000 | (b) | 07/17/25 | 5,486,587 | ||||||||
American Honda Finance Corp. | ||||||||||||
6,802,000 | 0.000 | 08/18/25 | 6,759,005 | |||||||||
10,000,000 | 0.000 | 08/21/25 | 9,932,660 | |||||||||
10,157,000 | 0.000 | 09/05/25 | 10,068,275 | |||||||||
4,307,000 | 0.000 | 09/18/25 | 4,262,367 | |||||||||
BASF SE | ||||||||||||
7,627,000 | 0.000 | (b) | 10/17/25 | 7,519,364 | ||||||||
9,635,000 | 0.000 | (b) | 11/07/25 | 9,473,560 | ||||||||
BAT International Finance PLC | ||||||||||||
3,215,000 | 0.000 | (b) | 08/14/25 | 3,196,534 | ||||||||
7,750,000 | 0.000 | (b) | 10/23/25 | 7,636,881 | ||||||||
Bayer Corp.(b) | ||||||||||||
17,400,000 | 0.000 | 07/16/25 | 17,363,829 | |||||||||
Beth Israel Deaconess Medical Center, Inc. | ||||||||||||
5,400,000 | 0.000 | 07/10/25 | 5,392,780 | |||||||||
6,000,000 | 0.000 | 08/12/25 | 5,964,874 | |||||||||
CommonSpirit Health | ||||||||||||
14,206,000 | 0.000 | 07/08/25 | 14,190,588 | |||||||||
11,193,000 | 0.000 | 07/22/25 | 11,159,301 | |||||||||
8,817,000 | 0.000 | 07/29/25 | 8,782,111 | |||||||||
CVS Health Corp. | ||||||||||||
5,374,000 | 0.000 | (b) | 07/07/25 | 5,368,932 | ||||||||
8,536,000 | 0.000 | (b) | 09/26/25 | 8,427,776 | ||||||||
Dollar Tree, Inc.(b) | ||||||||||||
11,307,000 | 0.000 | 07/22/25 | 11,274,723 | |||||||||
Dominion Energy, Inc.(b) | ||||||||||||
10,690,000 | 0.000 | 08/04/25 | 10,642,209 | |||||||||
Fidelity National Information Services, Inc.(b) | ||||||||||||
5,407,000 | 0.000 | 07/11/25 | 5,399,397 | |||||||||
First Abu Dhabi Bank PJSC(b) | ||||||||||||
12,099,000 | 0.000 | 02/12/26 | 11,777,471 | |||||||||
General Motors Financial Co., Inc.(b) | ||||||||||||
13,070,000 | 0.000 | 07/01/25 | 13,068,358 | |||||||||
Hannover Funding Co. LLC(b) | ||||||||||||
17,106,000 | 0.000 | 07/03/25 | 17,099,573 | |||||||||
LSEGA Financing PLC | ||||||||||||
7,500,000 | 0.000 | (b) | 07/02/25 | 7,498,149 | ||||||||
3,242,000 | 0.000 | (b) | 07/18/25 | 3,234,771 | ||||||||
National Grid North America, Inc.(b) | ||||||||||||
8,894,000 | 0.000 | 07/24/25 | 8,866,612 | |||||||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Short-term Investments (continued) | ||||||||||||
Commercial Paper(e) (continued) | ||||||||||||
Northrop Grumman Corp. | ||||||||||||
$ |
13,126,000 | 0.000 | % | 07/24/25 | $ 13,085,586 | |||||||
PPG Industries, Inc. | ||||||||||||
3,913,000 | 0.000 | 08/15/25 | 3,889,990 | |||||||||
Reckitt Benckiser Treasury Services PLC | ||||||||||||
1,622,000 | 0.000 | (b) | 07/16/25 | 1,618,801 | ||||||||
3,948,000 | 0.000 | (b) | 08/20/25 | 3,922,065 | ||||||||
3,948,000 | 0.000 | (b) | 08/21/25 | 3,921,593 | ||||||||
RTX Corp.(b) | ||||||||||||
9,266,000 | 0.000 | 07/18/25 | 9,244,441 | |||||||||
RWE AG(b) | ||||||||||||
18,478,000 | 0.000 | 08/13/25 | 18,370,709 | |||||||||
VW Credit, Inc. | ||||||||||||
4,327,000 | 0.000 | (b) | 07/23/25 | 4,314,222 | ||||||||
2,250,000 | 0.000 | (b) | 07/28/25 | 2,241,939 | ||||||||
| ||||||||||||
314,495,984 | ||||||||||||
| ||||||||||||
Repurchase Agreement 0.9% | ||||||||||||
Wells Fargo Securities LLC | ||||||||||||
20,000,000 | 5.260 | 12/09/25 | 20,000,000 | |||||||||
Maturity Value: $20,011,777 | ||||||||||||
Next Reset Date: 11/01/24 | ||||||||||||
Collaterialized by various corporate obligations and medium term notes, 1.050% to 9.000%, due 1/15/26 to 1/1/99. The market value of the collateral, including accrued interest, was $21,329,343. | ||||||||||||
| ||||||||||||
TOTAL SHORT- TERM INVESTMENTS (Cost $462,799,430) |
$ 462,841,427 | |||||||||||
| ||||||||||||
TOTAL INVESTMENTS 97.7% (Cost $2,129,873,890) |
$2,133,368,919 | |||||||||||
| ||||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES 2.3% |
50,943,977 | |||||||||||
| ||||||||||||
NET ASSETS 100.0% | $2,184,312,896 | |||||||||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
(a) | Security with Call features with resetting interest rates. Maturity dates disclosed are the final maturity dates. | |
(b) | Exempt from registration under Rule 144A of the Securities Act of 1933. | |
(c) | Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2025. | |
(d) | Represents an affiliated issuer. | |
(e) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION
| ||
Investment Abbreviations: | ||
CLO | Collateralized Loan Obligation | |
CMT | Constant Maturity Treasury Indexes | |
GO | General Obligation | |
LLC | Limited Liability Company | |
LP | Limited Partnership | |
PLC | Public Limited Company | |
SOFR | Secured Overnight Financing Rate | |
SpA | Stand-by Purchase Agreement | |
|
GOLDMAN SACHS U.S. MORTGAGES FUND
Schedule of Investments
June 30, 2025 (Unaudited)
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Mortgage-Backed Obligations 129.4% | ||||||||||||
Collateralized Mortgage Obligations 10.0% | ||||||||||||
Interest Only 1.1% | ||||||||||||
Federal Home Loan Mortgage Corp. REMICS Series 4468, Class SY (-1X 1 mo. USD Term SOFR + 5.986%) | ||||||||||||
$ |
90,564 | 1.682 | %(a)(b) | 05/15/45 | $ 10,239 | |||||||
Federal Home Loan Mortgage Corp. REMICS Series 5012, Class DI | ||||||||||||
135,704 | 4.000 | (a) | 09/25/50 | 27,877 | ||||||||
Federal Home Loan Mortgage Corp. REMICS Series 4583, Class ST (-1X 1 mo. USD Term SOFR + 5.886%) | ||||||||||||
395,836 | 1.582 | (a)(b) | 05/15/46 | 45,690 | ||||||||
Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE (-1X 1 mo. USD Term SOFR + 5.936%) | ||||||||||||
87,386 | 1.632 | (a)(b) | 03/15/44 | 8,906 | ||||||||
Federal Home Loan Mortgage Corp. REMICS Series 4998, Class GI | ||||||||||||
443,761 | 4.000 | (a) | 08/25/50 | 90,036 | ||||||||
Federal National Mortgage Association REMICS Series 2017- 104, | ||||||||||||
254,567 | 1.730 | (a)(b) | 01/25/48 | 31,913 | ||||||||
Federal National Mortgage Association REMICS Series 2018-8, Class SA (-1X 1 mo. USD Term SOFR + 6.036%) | ||||||||||||
206,779 | 1.730 | (a)(b) | 02/25/48 | 24,528 | ||||||||
Federal National Mortgage Association REMICS Series 2007-36, | ||||||||||||
126,453 | 2.350 | (a)(b) | 04/25/37 | 12,009 | ||||||||
Federal National Mortgage Association REMICS Series 2008-17, Class SI (-1X 1 mo. USD Term SOFR + 6.186%) | ||||||||||||
155,229 | 1.880 | (a)(b) | 03/25/38 | 11,846 | ||||||||
Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) | ||||||||||||
105,673 | 1.668 | (a)(b)(c) | 10/20/43 | 5,706 | ||||||||
Government National Mortgage Association REMICS Series 2015-129, Class IC | ||||||||||||
180,054 | 4.500 | (a)(c) | 09/16/45 | 34,195 | ||||||||
Government National Mortgage Association REMICS Series 2017-112, Class SJ (-1X 1 mo. USD Term SOFR + 5.546%) | ||||||||||||
437,693 | 1.228 | (a)(b)(c) | 07/20/47 | 45,728 | ||||||||
Government National Mortgage Association REMICS Series 2018-7, Class DS (-1X 1 mo. USD Term SOFR + 5.586%) | ||||||||||||
948,928 | 1.268 | (a)(b)(c) | 01/20/48 | 102,599 | ||||||||
Government National Mortgage Association REMICS Series 2018-67, Class PS (-1X 1 mo. USD Term SOFR + 6.086%) | ||||||||||||
376,412 | 1.768 | (a)(b)(c) | 05/20/48 | 46,801 | ||||||||
Government National Mortgage Association REMICS Series 2018-124, Class SN (-1X 1 mo. USD Term SOFR + 6.086%) | ||||||||||||
522,707 | 1.768 | (a)(b)(c) | 09/20/48 | 65,752 | ||||||||
Government National Mortgage Association REMICS Series 2019-6, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | ||||||||||||
140,494 | 1.618 | (a)(b)(c) | 01/20/49 | 16,411 | ||||||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Mortgage-Backed Obligations (continued) | ||||||||||||
Interest Only (continued) | ||||||||||||
Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) | ||||||||||||
$ |
209,307 | 1.618 | %(a)(b)(c) | 01/20/49 | $ 24,546 | |||||||
Government National Mortgage Association REMICS Series 2019-78, | ||||||||||||
134,261 | 1.668 | (a)(b)(c) | 06/20/49 | 15,669 | ||||||||
Government National Mortgage Association REMICS Series 2019-151, Class NI | ||||||||||||
1,075,034 | 3.500 | (a)(c) | 10/20/49 | 192,040 | ||||||||
Government National Mortgage Association REMICS Series 2020-21, | ||||||||||||
545,065 | 1.618 | (a)(b)(c) | 02/20/50 | 70,540 | ||||||||
Government National Mortgage Association REMICS Series 2020-78, Class DI | ||||||||||||
546,071 | 4.000 | (a)(c) | 06/20/50 | 118,814 | ||||||||
Government National Mortgage Association REMICS Series 2020-146, Class KI | ||||||||||||
1,342,175 | 2.500 | (a)(c) | 10/20/50 | 200,456 | ||||||||
Government National Mortgage Association REMICS Series 2020-146, Class IM | ||||||||||||
989,499 | 2.500 | (a)(c) | 10/20/50 | 146,058 | ||||||||
Government National Mortgage Association REMICS Series 2013-124, Class CS (-1X 1 mo. USD Term SOFR + 5.936%) | ||||||||||||
478,645 | 1.618 | (a)(b)(c) | 08/20/43 | 54,069 | ||||||||
Government National Mortgage Association REMICS Series 2015-111, Class IM | ||||||||||||
250,963 | 4.000 | (a)(c) | 08/20/45 | 43,006 | ||||||||
Government National Mortgage Association REMICS Series 2016-27, Class IA | ||||||||||||
136,732 | 4.000 | (a)(c) | 06/20/45 | 19,367 | ||||||||
Government National Mortgage Association REMICS Series 2019-110, Class SD (-1X 1 mo. USD Term SOFR + 5.986%) | ||||||||||||
380,272 | 1.668 | (a)(b)(c) | 09/20/49 | 40,709 | ||||||||
Government National Mortgage Association REMICS Series 2019-110, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) | ||||||||||||
396,327 | 1.668 | (a)(b)(c) | 09/20/49 | 48,598 | ||||||||
Government National Mortgage Association REMICS Series 2019-153, Class EI | ||||||||||||
918,363 | 4.000 | (a)(c) | 12/20/49 | 194,625 | ||||||||
Government National Mortgage Association REMICS Series 2016-138, Class DI | ||||||||||||
61,646 | 4.000 | (a)(c) | 10/20/46 | 12,566 | ||||||||
Government National Mortgage Association REMICS Series 2010-20, | ||||||||||||
141,031 | 1.818 | (a)(b)(c) | 02/20/40 | 16,000 | ||||||||
Government National Mortgage Association REMICS Series 2014-11, Class KI | ||||||||||||
3,041 | 4.500 | (a)(c) | 12/20/42 | 16 | ||||||||
|
GOLDMAN SACHS U.S. MORTGAGES FUND
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Mortgage-Backed Obligations (continued) | ||||||||||||
Interest Only (continued) | ||||||||||||
Government National Mortgage Association REMICS Series 2015-119, Class SN (-1X 1 mo. USD Term SOFR + 6.136%) | ||||||||||||
$ |
198,376 | 1.818 | %(a)(b)(c) | 08/20/45 | $ 24,914 | |||||||
Government National Mortgage Association REMICS Series 2015-90, Class PI | ||||||||||||
8,364 | 3.500 | (a)(c) | 04/20/45 | 719 | ||||||||
Government National Mortgage Association REMICS Series 2015-83, Class PI | ||||||||||||
17,498 | 3.500 | (a)(c) | 06/20/45 | 2,461 | ||||||||
Government National Mortgage Association REMICS Series 2015-72, Class JI | ||||||||||||
7,577 | 3.500 | (a)(c) | 05/20/45 | 856 | ||||||||
Government National Mortgage Association REMICS Series 2016-1, Class ST (-1X 1 mo. USD Term SOFR + 6.086%) | ||||||||||||
91,814 | 1.768 | (a)(b)(c) | 01/20/46 | 11,302 | ||||||||
| ||||||||||||
1,817,567 | ||||||||||||
| ||||||||||||
Regular Floater 3.1% | ||||||||||||
Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%) | ||||||||||||
287,553 | 5.305 | (b) | 02/25/55 | 284,759 | ||||||||
Federal National Mortgage Association REMICS Series 2017-96, Class FA (1 mo. USD Term SOFR + 0.514%) | ||||||||||||
908,351 | 4.820 | (b) | 12/25/57 | 873,060 | ||||||||
Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) | ||||||||||||
413,046 | 5.305 | (b) | 03/25/55 | 410,624 | ||||||||
Government National Mortgage Association REMICS Series 2017-182, Class FN (1 mo. USD Term SOFR + 0.414%) | ||||||||||||
944,255 | 4.726 | (b)(c) | 12/16/47 | 922,301 | ||||||||
Government National Mortgage Association REMICS Series 2021-98, Class FM (1 mo. USD Term SOFR + 0.750%) | ||||||||||||
861,255 | 2.500 | (b)(c) | 06/20/51 | 726,216 | ||||||||
Government National Mortgage Association REMICS Series 2021-122, Class FA (1 mo. USD Term SOFR + 0.400%) | ||||||||||||
2,272,632 | 3.000 | (b)(c) | 07/20/51 | 1,968,536 | ||||||||
| ||||||||||||
5,185,496 | ||||||||||||
| ||||||||||||
Sequential Fixed Rate 2.6% | ||||||||||||
Federal Home Loan Mortgage Corp. REMICS Series 2042, Class N | ||||||||||||
4,478 | 6.500 | (c) | 03/15/28 | 4,567 | ||||||||
Federal Home Loan Mortgage Corp. REMICS Series 4577, Class HM | ||||||||||||
264,881 | 4.000 | (c)(d) | 12/15/50 | 251,958 | ||||||||
Federal National Mortgage Association REMICS Series 2011-99, Class DB | ||||||||||||
134,967 | 5.000 | 10/25/41 | 135,702 | |||||||||
Federal National Mortgage Association REMICS Series 2012- 111, Class B | ||||||||||||
23,365 | 7.000 | 10/25/42 | 24,979 | |||||||||
Federal National Mortgage Association REMICS Series 2012- 153, Class B | ||||||||||||
88,605 | 7.000 | 07/25/42 | 96,367 | |||||||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Mortgage-Backed Obligations (continued) | ||||||||||||
Sequential Fixed Rate (continued) | ||||||||||||
Federal National Mortgage Association REMICS Series 2011-52, Class GB | ||||||||||||
$ |
134,450 | 5.000 | % | 06/25/41 | $ 135,186 | |||||||
Federal National Mortgage Association REMICS Series 2000-16, Class ZG | ||||||||||||
33,268 | 8.500 | 06/25/30 | 35,209 | |||||||||
Federal National Mortgage Association REMICS Series 2017-87, Class EA | ||||||||||||
1,470,284 | 3.000 | 04/25/44 | 1,326,662 | |||||||||
Federal National Mortgage Association REMICS Series 2005-59, Class KZ | ||||||||||||
261,912 | 5.500 | 07/25/35 | 271,191 | |||||||||
Government National Mortgage Association REMICS Series 2021-135, Class A | ||||||||||||
1,984,860 | 2.000 | (c) | 08/20/51 | 1,612,404 | ||||||||
Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC1, | ||||||||||||
588,020 | 5.562 | (c)(d)(e) | 03/25/70 | 591,928 | ||||||||
| ||||||||||||
4,486,153 | ||||||||||||
| ||||||||||||
Sequential Floating Rate 3.2% | ||||||||||||
Bear Stearns ALT-A Trust Series 2005-5, Class 21A1 | ||||||||||||
72,197 | 5.941 | (b)(c) | 07/25/35 | 70,758 | ||||||||
Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA5, Class M2 (1 mo. USD Term SOFR + 1.650%) | ||||||||||||
40,441 | 5.955 | (b)(c)(e) | 01/25/34 | 40,674 | ||||||||
Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2025-DNA2, Class A1 (1 mo. USD Term SOFR + 1.100%) | ||||||||||||
1,155,000 | 5.405 | (b)(c)(e) | 05/25/45 | 1,156,844 | ||||||||
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2 (1 mo. USD Term SOFR + 1.550%) | ||||||||||||
105,575 | 5.855 | (b)(c)(e) | 10/25/41 | 105,913 | ||||||||
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1 (1 mo. USD Term SOFR + 1.900%) | ||||||||||||
32,379 | 6.205 | (b)(c)(e) | 04/25/42 | 32,522 | ||||||||
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) | ||||||||||||
94,000 | 7.305 | (b)(c)(e) | 04/25/42 | 96,489 | ||||||||
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | ||||||||||||
125,000 | 6.105 | (b)(c)(e) | 01/25/44 | 126,336 | ||||||||
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) | ||||||||||||
150,000 | 6.256 | (b)(c)(e) | 03/25/44 | 151,397 | ||||||||
Government National Mortgage Association REMICS Series 2023-70, | ||||||||||||
392,377 | 1.818 | (b)(c) | 05/20/53 | 25,886 | ||||||||
Government National Mortgage Association REMICS Series 2023-101, Class FH (1 mo. USD Term SOFR + 1.000%) | ||||||||||||
2,493,788 | 5.302 | (b)(c) | 07/20/53 | 2,488,707 | ||||||||
|
GOLDMAN SACHS U.S. MORTGAGES FUND
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Mortgage-Backed Obligations (continued) | ||||||||||||
Sequential Floating Rate (continued) | ||||||||||||
Government National Mortgage Association REMICS Series 2023-133, Class HS (-1X 1 mo. USD Term SOFR + 6.500%) | ||||||||||||
$ |
978,987 | 2.198 | %(b)(c) | 09/20/53 | $ 67,934 | |||||||
HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1 mo. USD Term SOFR + 0.594%) | ||||||||||||
11,491 | 4.912 | (b)(c) | 01/19/36 | 12,962 | ||||||||
Impac CMB Trust Series 2004-8, Class 1A (1 mo. USD Term SOFR + 0.834%) | ||||||||||||
3,919 | 5.154 | (b)(c) | 10/25/34 | 3,794 | ||||||||
JP Morgan Mortgage Trust Series 2021-6, Class A3 | ||||||||||||
373,426 | 2.500 | (b)(c)(e) | 10/25/51 | 304,372 | ||||||||
JP Morgan Mortgage Trust Series 2022-LTV1, Class A2 | ||||||||||||
673,856 | 3.513 | (b)(c)(e) | 07/25/52 | 595,694 | ||||||||
New Residential Mortgage Loan Trust Series 2015-1A, Class A1 | ||||||||||||
57,498 | 3.750 | (b)(c)(e) | 05/28/52 | 54,906 | ||||||||
Towd Point Mortgage Trust Series 2016-4, Class M1 | ||||||||||||
56,307 | 3.250 | (b)(c)(e) | 07/25/56 | 55,590 | ||||||||
Verus Securitization Trust Series 2021-8, Class A1 | ||||||||||||
59,425 | 1.824 | (b)(c)(e) | 11/25/66 | 53,898 | ||||||||
Verus Securitization Trust Series 2019-INV3, Class A1 | ||||||||||||
19,028 | 3.692 | (b)(c)(e) | 11/25/59 | 18,748 | ||||||||
Wells Fargo Mortgage-Backed Securities Trust Series 2019-3, Class A1 | ||||||||||||
22,632 | 3.500 | (b)(c)(e) | 07/25/49 | 20,313 | ||||||||
| ||||||||||||
5,483,737 | ||||||||||||
| ||||||||||||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | 16,972,953 | |||||||||||
| ||||||||||||
Commercial Mortgage-Backed Securities 6.0% | ||||||||||||
Sequential Fixed Rate 1.0% | ||||||||||||
Citigroup Commercial Mortgage Trust Series 2017-P8, Class D | ||||||||||||
$ |
400,000 | 3.000 | %(c)(e) | 09/15/50 | $ 249,120 | |||||||
COMM Mortgage Trust Series 2024-277P, Class A | ||||||||||||
375,000 | 6.338 | (e) | 08/10/44 | 394,530 | ||||||||
DOLP Trust Series 2021-NYC, Class A | ||||||||||||
400,000 | 2.956 | (e) | 05/10/41 | 354,497 | ||||||||
JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-OPO, Class A | ||||||||||||
300,000 | 3.024 | (e) | 01/05/39 | 273,198 | ||||||||
ROCK Trust Series 2024-CNTR, Class A | ||||||||||||
450,000 | 5.388 | (e) | 11/13/41 | 459,870 | ||||||||
| ||||||||||||
1,731,215 | ||||||||||||
| ||||||||||||
Sequential Floating Rate 5.0% | ||||||||||||
3650R Commercial Mortgage Trust Series 2021-PF1, Class AS | ||||||||||||
400,000 | 2.778 | (b) | 11/15/54 | 337,271 | ||||||||
Bank Series 2021-BN37, Class A5 | ||||||||||||
200,000 | 2.618 | (b)(c) | 11/15/64 | 175,327 | ||||||||
Bank Series 2025-BNK50, Class A5 | ||||||||||||
250,000 | 5.652 | (b)(c) | 05/15/68 | 261,407 | ||||||||
BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | ||||||||||||
450,000 | 5.231 | (b)(e) | 03/15/37 | 425,322 | ||||||||
BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) | ||||||||||||
125,000 | 5.480 | (b)(e) | 03/15/37 | 115,018 | ||||||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Mortgage-Backed Obligations (continued) | ||||||||||||
Sequential Floating Rate (continued) | ||||||||||||
Benchmark Mortgage Trust Series 2022-B32, Class A5 | ||||||||||||
$ |
500,000 | 3.002 | %(b) | 01/15/55 | $ 441,098 | |||||||
BFLD Trust Series 2025-EWEST, Class B (1 mo. USD Term SOFR + 1.900%) | ||||||||||||
350,000 | 6.200 | (b)(e) | 06/15/42 | 350,464 | ||||||||
BSTN Commercial Mortgage Trust Series 2025-1C, Class A | ||||||||||||
275,000 | 5.548 | (b)(e) | 06/15/44 | 281,013 | ||||||||
BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | ||||||||||||
450,000 | 5.954 | (b)(e) | 02/15/41 | 449,778 | ||||||||
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K148, Class A2 | ||||||||||||
800,000 | 3.500 | (b)(c) | 07/25/32 | 756,121 | ||||||||
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K158, Class A2 | ||||||||||||
1,166,000 | 3.900 | (b)(c) | 12/25/30 | 1,140,672 | ||||||||
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF73, Class AS (1 mo. USD SOFR Historical Calendar Day Compounded + 0.670%) | ||||||||||||
207,737 | 4.982 | (b)(c) | 11/25/29 | 208,386 | ||||||||
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-153, Class A2 | ||||||||||||
800,000 | 3.820 | (b)(c) | 12/25/32 | 772,101 | ||||||||
Houston Galleria Mall Trust Series 2025-HGLR, Class A | ||||||||||||
250,000 | 5.644 | (b)(e) | 02/05/45 | 256,385 | ||||||||
Hudson Yards Mortgage Trust Series 2025-SPRL, Class C | ||||||||||||
255,000 | 6.151 | (b)(e) | 01/13/40 | 262,545 | ||||||||
Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | ||||||||||||
330,000 | 5.649 | (b)(e) | 01/13/40 | 339,942 | ||||||||
IRV Trust Series 2025-200P, Class A | ||||||||||||
600,000 | 5.471 | (b)(c)(e) | 03/14/47 | 605,726 | ||||||||
IRV Trust Series 2025-200P, Class C | ||||||||||||
250,000 | 5.921 | (b)(c)(e) | 03/14/47 | 245,678 | ||||||||
JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class B (1 mo. USD Term SOFR + 1.357%) | ||||||||||||
317,291 | 5.669 | (b)(e) | 04/15/37 | 311,539 | ||||||||
NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) | ||||||||||||
300,000 | 6.004 | (b)(e) | 02/15/42 | 297,338 | ||||||||
ROCK Trust Series 2024-CNTR, Class C | ||||||||||||
250,000 | 6.471 | (e) | 11/13/41 | 258,791 | ||||||||
Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B | ||||||||||||
275,000 | 5.935 | (b)(e) | 07/15/35 | 276,854 | ||||||||
| ||||||||||||
8,568,776 | ||||||||||||
| ||||||||||||
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | $ 10,299,991 | |||||||||||
| ||||||||||||
Federal Agencies 113.4% | ||||||||||||
Adjustable Rate Federal Home Loan Mortgage Corp. 0.0% | ||||||||||||
(1 yr. CMT + 2.250%)(b) | ||||||||||||
$ |
3,498 | 6.500 | % | 04/01/33 | $ 3,562 | |||||||
3,047 | 7.302 | 09/01/33 | 3,101 | |||||||||
3,310 | 6.402 | 11/01/34 | 3,376 | |||||||||
2,720 | 6.500 | 02/01/35 | 2,776 | |||||||||
8,612 | 6.764 | 06/01/35 | 8,776 | |||||||||
|
GOLDMAN SACHS U.S. MORTGAGES FUND
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Mortgage-Backed Obligations (continued) | ||||||||||||
Adjustable Rate Federal Home Loan Mortgage Corp. (continued) | ||||||||||||
(1 yr. CMT + 2.107%)(b) | ||||||||||||
$ |
2,375 | 6.932 | % | 10/01/34 | $ 2,418 | |||||||
| ||||||||||||
24,009 | ||||||||||||
| ||||||||||||
Adjustable Rate Federal National Mortgage Association 0.1% | ||||||||||||
(11th District Cost of Funds - Consumer + 1.350%)(b) | ||||||||||||
1,043 | 4.282 | 07/01/27 | 1,034 | |||||||||
(1 yr. MTA + 1.150%)(b) | ||||||||||||
855 | 5.647 | 11/01/27 | 842 | |||||||||
840 | 5.647 | 01/01/38 | 836 | |||||||||
(1 yr. MTA + 1.125%)(b) | ||||||||||||
4,129 | 5.622 | 06/01/32 | 4,105 | |||||||||
(11th District Cost of Funds - Consumer + 1.250%)(b) | ||||||||||||
3,927 | 4.194 | 08/01/32 | 3,830 | |||||||||
(11th District Cost of Funds - Consumer + 1.326%)(b) | ||||||||||||
3,083 | 4.270 | 05/01/33 | 3,004 | |||||||||
(1 yr. CMT + 2.261%)(b) | ||||||||||||
20,736 | 7.115 | 06/01/33 | 21,142 | |||||||||
(RFUCC 6 mo. Treasury + 1.412%)(b) | ||||||||||||
1,178 | 6.078 | 06/01/33 | 1,195 | |||||||||
(1 yr. CMT + 2.018%)(b) | ||||||||||||
472 | 6.224 | 07/01/33 | 480 | |||||||||
(11th District Cost of Funds - Consumer + 1.254%)(b) | ||||||||||||
18,474 | 4.191 | 08/01/33 | 18,071 | |||||||||
(RFUCC 1 yr. Treasury + 1.637%)(b) | ||||||||||||
9,021 | 6.304 | 12/01/33 | 9,231 | |||||||||
(1 yr. CMT + 2.303%)(b) | ||||||||||||
265 | 6.930 | 04/01/34 | 271 | |||||||||
(RFUCC 1 yr. Treasury + 1.670%)(b) | ||||||||||||
2,869 | 6.848 | 11/01/34 | 2,948 | |||||||||
(1 yr. CMT + 2.193%)(b) | ||||||||||||
4,218 | 6.429 | 02/01/35 | 4,311 | |||||||||
(RFUCC 1 yr. Treasury + 1.619%)(b) | ||||||||||||
8,986 | 6.554 | 03/01/35 | 9,228 | |||||||||
(RFUCC 1 yr. Treasury + 1.810%)(b) | ||||||||||||
4,925 | 6.810 | 04/01/35 | 5,086 | |||||||||
(RFUCC 1 yr. Treasury + 2.475%)(b) | ||||||||||||
2,287 | 7.087 | 05/01/35 | 2,385 | |||||||||
(11th District Cost of Funds - Consumer + 1.239%)(b) | ||||||||||||
2,490 | 4.796 | 12/01/37 | 2,462 | |||||||||
(1 yr. MTA + 1.175%)(b) | ||||||||||||
2,240 | 5.672 | 11/01/40 | 2,230 | |||||||||
| ||||||||||||
92,691 | ||||||||||||
| ||||||||||||
Adjustable Rate Government National Mortgage Association 0.0% | ||||||||||||
(1 yr. CMT + 1.500%)(b) | ||||||||||||
1 | 5.000 | 07/20/25 | 1 | |||||||||
367 | 5.625 | 02/20/26 | 367 | |||||||||
19 | 4.625 | 07/20/26 | 19 | |||||||||
1,798 | 5.625 | 01/20/27 | 1,800 | |||||||||
511 | 5.625 | 02/20/27 | 512 | |||||||||
6,037 | 4.875 | 04/20/27 | 6,051 | |||||||||
458 | 4.875 | 05/20/27 | 459 | |||||||||
1,091 | 4.875 | 06/20/27 | 1,094 | |||||||||
436 | 4.750 | 11/20/27 | 436 | |||||||||
1,151 | 4.750 | 12/20/27 | 1,151 | |||||||||
3,174 | 5.625 | 01/20/28 | 3,185 | |||||||||
1,230 | 5.625 | 02/20/28 | 1,234 | |||||||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Mortgage-Backed Obligations (continued) | ||||||||||||
Adjustable Rate Government National Mortgage Association (continued) | ||||||||||||
(1 yr. CMT + 1.500%)(b) (continued) | ||||||||||||
$ |
1,045 | 5.625 | % | 03/20/28 | $ 1,049 | |||||||
8,441 | 4.625 | 07/20/29 | 8,476 | |||||||||
2,524 | 4.625 | 08/20/29 | 2,535 | |||||||||
833 | 4.625 | 09/20/29 | 836 | |||||||||
3,628 | 4.750 | 10/20/29 | 3,639 | |||||||||
5,232 | 4.750 | 11/20/29 | 5,249 | |||||||||
845 | 4.750 | 12/20/29 | 848 | |||||||||
1,676 | 5.625 | 01/20/30 | 1,688 | |||||||||
479 | 5.625 | 02/20/30 | 482 | |||||||||
2,988 | 5.625 | 03/20/30 | 3,010 | |||||||||
4,355 | 4.875 | 04/20/30 | 4,392 | |||||||||
7,227 | 4.875 | 05/20/30 | 7,287 | |||||||||
5,432 | 5.000 | 05/20/30 | 5,477 | |||||||||
1,435 | 4.875 | 06/20/30 | 1,447 | |||||||||
11,203 | 5.000 | 07/20/30 | 11,273 | |||||||||
2,322 | 5.000 | 09/20/30 | 2,337 | |||||||||
3,436 | 4.750 | 10/20/30 | 3,451 | |||||||||
| ||||||||||||
79,785 | ||||||||||||
| ||||||||||||
Federal Home Loan Mortgage Corp. 6.4% | ||||||||||||
1,125,000 | 4.450 | 12/01/32 | 1,114,558 | |||||||||
22,264 | 5.000 | 10/01/33 | 22,657 | |||||||||
979 | 5.000 | 07/01/35 | 996 | |||||||||
500 | 4.500 | 08/01/35 | 503 | |||||||||
1,181 | 4.500 | 09/01/35 | 1,187 | |||||||||
577 | 4.500 | 10/01/35 | 580 | |||||||||
26,101 | 5.000 | 12/01/35 | 26,438 | |||||||||
8,780 | 4.500 | 01/01/38 | 8,825 | |||||||||
388 | 4.500 | 06/01/38 | 390 | |||||||||
15,168 | 4.500 | 09/01/38 | 15,188 | |||||||||
84 | 4.500 | 01/01/39 | 84 | |||||||||
7,551 | 4.500 | 02/01/39 | 7,541 | |||||||||
2,943 | 4.500 | 03/01/39 | 2,938 | |||||||||
813 | 4.500 | 04/01/39 | 812 | |||||||||
21,882 | 4.500 | 05/01/39 | 21,848 | |||||||||
55,012 | 5.000 | 05/01/39 | 55,812 | |||||||||
66,874 | 4.500 | 06/01/39 | 66,770 | |||||||||
102,808 | 5.000 | 07/01/39 | 104,129 | |||||||||
2,230 | 4.500 | 07/01/39 | 2,227 | |||||||||
1,562 | 4.500 | 08/01/39 | 1,560 | |||||||||
3,630 | 4.500 | 09/01/39 | 3,624 | |||||||||
823 | 4.500 | 10/01/39 | 822 | |||||||||
547 | 4.500 | 11/01/39 | 546 | |||||||||
826 | 4.500 | 12/01/39 | 825 | |||||||||
2,451 | 4.500 | 01/01/40 | 2,446 | |||||||||
1,429 | 4.500 | 04/01/40 | 1,426 | |||||||||
2,497 | 4.500 | 05/01/40 | 2,491 | |||||||||
3,582 | 4.500 | 06/01/40 | 3,575 | |||||||||
6,156 | 4.000 | 06/01/40 | 5,986 | |||||||||
739 | 4.500 | 07/01/40 | 737 | |||||||||
208 | 4.500 | 08/01/40 | 207 | |||||||||
1,424 | 5.000 | 08/01/40 | 1,445 | |||||||||
41,433 | 4.000 | 02/01/41 | 40,282 | |||||||||
13,153 | 4.500 | 02/01/41 | 13,073 | |||||||||
2,941 | 4.500 | 03/01/41 | 2,922 | |||||||||
3,895 | 4.500 | 04/01/41 | 3,871 | |||||||||
5,315 | 4.500 | 05/01/41 | 5,282 | |||||||||
|
GOLDMAN SACHS U.S. MORTGAGES FUND
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Mortgage-Backed Obligations (continued) | ||||||||||||
Federal Home Loan Mortgage Corp. (continued) | ||||||||||||
$ |
9,591 | 4.500 | % | 06/01/41 | $ 9,532 | |||||||
800 | 5.000 | 06/01/41 | 810 | |||||||||
27,732 | 4.500 | 08/01/41 | 27,562 | |||||||||
27,981 | 4.500 | 09/01/41 | 27,923 | |||||||||
21,411 | 4.000 | 10/01/41 | 20,691 | |||||||||
3,789 | 4.000 | 11/01/41 | 3,658 | |||||||||
1,868 | 4.500 | 12/01/41 | 1,856 | |||||||||
26,095 | 4.500 | 03/01/42 | 25,935 | |||||||||
202,504 | 4.000 | 03/01/42 | 196,068 | |||||||||
9,938 | 3.000 | 05/01/42 | 9,070 | |||||||||
151,922 | 3.500 | 06/01/42 | 142,975 | |||||||||
260,742 | 4.500 | 06/01/42 | 258,544 | |||||||||
43,577 | 3.000 | 08/01/42 | 39,915 | |||||||||
34,697 | 3.500 | 08/01/42 | 32,507 | |||||||||
105,530 | 3.500 | 10/01/42 | 98,808 | |||||||||
19,782 | 3.000 | 10/01/42 | 18,061 | |||||||||
55,269 | 3.500 | 11/01/42 | 51,774 | |||||||||
278,162 | 3.000 | 11/01/42 | 255,135 | |||||||||
482,648 | 3.000 | 12/01/42 | 442,759 | |||||||||
851,159 | 3.000 | 01/01/43 | 783,056 | |||||||||
79,473 | 3.000 | 02/01/43 | 72,484 | |||||||||
388,093 | 4.000 | 08/01/43 | 376,574 | |||||||||
173,356 | 4.000 | 01/01/44 | 168,207 | |||||||||
228,554 | 3.500 | 02/01/44 | 213,728 | |||||||||
227,898 | 3.500 | 06/01/44 | 214,400 | |||||||||
4,764 | 4.000 | 11/01/44 | 4,584 | |||||||||
25,380 | 3.500 | 02/01/45 | 23,649 | |||||||||
47,644 | 3.500 | 03/01/45 | 44,345 | |||||||||
6,178 | 3.500 | 08/01/45 | 5,718 | |||||||||
8,329 | 3.500 | 09/01/45 | 7,709 | |||||||||
15,094 | 3.500 | 11/01/45 | 13,970 | |||||||||
123,216 | 3.500 | 03/01/46 | 114,133 | |||||||||
207,356 | 3.500 | 05/01/46 | 191,573 | |||||||||
231,899 | 3.500 | 06/01/46 | 214,195 | |||||||||
108,435 | 3.500 | 07/01/46 | 100,156 | |||||||||
17,753 | 3.500 | 10/01/46 | 16,387 | |||||||||
15,031 | 3.500 | 12/01/46 | 13,874 | |||||||||
5,587,491 | 3.000 | 05/01/47 | 5,005,964 | |||||||||
163,127 | 3.500 | 12/01/47 | 150,724 | |||||||||
| ||||||||||||
10,943,616 | ||||||||||||
| ||||||||||||
Federal National Mortgage Association 3.2% | ||||||||||||
469 | 7.000 | 08/01/31 | 494 | |||||||||
42,641 | 3.500 | 07/01/42 | 39,829 | |||||||||
41,084 | 3.500 | 08/01/42 | 38,450 | |||||||||
25,763 | 3.500 | 09/01/42 | 24,119 | |||||||||
3,432 | 3.500 | 10/01/42 | 3,211 | |||||||||
6,789 | 3.500 | 11/01/42 | 6,353 | |||||||||
3,824 | 3.500 | 01/01/43 | 3,572 | |||||||||
92,213 | 3.500 | 02/01/43 | 86,137 | |||||||||
7,109 | 3.500 | 05/01/43 | 6,683 | |||||||||
391,294 | 3.500 | 07/01/43 | 364,846 | |||||||||
193,302 | 3.500 | 01/01/44 | 180,568 | |||||||||
7,715 | 3.500 | 12/01/44 | 7,136 | |||||||||
172,542 | 4.000 | 03/01/45 | 164,446 | |||||||||
79,423 | 4.000 | 04/01/45 | 75,740 | |||||||||
935,926 | 4.500 | 06/01/51 | 919,031 | |||||||||
2,259,686 | 4.000 | 07/01/56 | 2,105,059 | |||||||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Mortgage-Backed Obligations (continued) | ||||||||||||
Federal National Mortgage Association (continued) | ||||||||||||
$ |
1,499,917 | 4.000 | % | 02/01/57 | $ 1,394,287 | |||||||
| ||||||||||||
5,419,961 | ||||||||||||
| ||||||||||||
Government National Mortgage Association 27.2% | ||||||||||||
120 | 6.500 | 01/15/32 | 123 | |||||||||
340 | 6.500 | 02/15/32 | 350 | |||||||||
100,230 | 5.500 | 04/15/33 | 103,333 | |||||||||
2,703 | 5.000 | 11/15/33 | 2,728 | |||||||||
277 | 6.500 | 08/15/34 | 291 | |||||||||
445 | 6.500 | 02/15/36 | 464 | |||||||||
975 | 6.500 | 03/15/36 | 1,016 | |||||||||
1,592 | 6.500 | 04/15/36 | 1,675 | |||||||||
3,986 | 6.500 | 05/15/36 | 4,156 | |||||||||
1,995 | 6.500 | 06/15/36 | 2,076 | |||||||||
11,817 | 6.500 | 07/15/36 | 12,442 | |||||||||
12,070 | 6.500 | 08/15/36 | 12,696 | |||||||||
25,890 | 6.500 | 09/15/36 | 27,328 | |||||||||
11,069 | 6.500 | 10/15/36 | 11,632 | |||||||||
17,346 | 6.500 | 11/15/36 | 18,388 | |||||||||
6,000 | 6.500 | 12/15/36 | 6,286 | |||||||||
2,404 | 6.500 | 01/15/37 | 2,509 | |||||||||
1,219 | 6.500 | 03/15/37 | 1,272 | |||||||||
1,825 | 6.500 | 04/15/37 | 1,912 | |||||||||
687 | 6.500 | 05/15/37 | 729 | |||||||||
3,096 | 6.500 | 09/15/37 | 3,246 | |||||||||
4,022 | 6.500 | 10/15/37 | 4,358 | |||||||||
1,767 | 6.500 | 11/15/37 | 1,853 | |||||||||
1,254 | 6.500 | 05/15/38 | 1,315 | |||||||||
507 | 6.500 | 02/15/39 | 527 | |||||||||
106,077 | 5.000 | 01/20/40 | 107,459 | |||||||||
107,464 | 4.500 | 05/15/40 | 106,700 | |||||||||
86,541 | 5.000 | 07/15/40 | 88,138 | |||||||||
116,115 | 3.500 | 09/15/42 | 108,593 | |||||||||
125,638 | 3.500 | 02/15/45 | 117,104 | |||||||||
23,442 | 4.000 | 05/20/45 | 22,397 | |||||||||
16,923 | 4.000 | 07/20/45 | 16,154 | |||||||||
29,855 | 4.000 | 10/20/45 | 28,357 | |||||||||
91,581 | 4.000 | 01/20/46 | 86,842 | |||||||||
376,292 | 4.500 | 03/20/46 | 371,262 | |||||||||
766,760 | 4.500 | 02/20/47 | 755,013 | |||||||||
151,999 | 4.500 | 03/20/47 | 149,159 | |||||||||
869,856 | 4.500 | 05/20/47 | 851,157 | |||||||||
147,659 | 4.500 | 06/20/47 | 144,623 | |||||||||
42,595 | 4.500 | 07/20/47 | 41,679 | |||||||||
419,830 | 4.500 | 08/20/47 | 410,805 | |||||||||
462,605 | 4.500 | 09/20/48 | 451,215 | |||||||||
1,085,956 | 5.000 | 11/20/48 | 1,084,866 | |||||||||
554,178 | 4.500 | 12/20/48 | 539,667 | |||||||||
449,129 | 5.000 | 12/20/48 | 448,678 | |||||||||
80,904 | 4.500 | 01/20/49 | 78,786 | |||||||||
262,394 | 4.500 | 02/20/49 | 255,195 | |||||||||
387,955 | 4.500 | 03/20/49 | 377,797 | |||||||||
275,526 | 4.500 | 10/20/49 | 268,742 | |||||||||
546,708 | 3.500 | 12/20/50 | 503,633 | |||||||||
844,892 | 3.000 | 07/20/51 | 743,837 | |||||||||
680,936 | 2.500 | 09/20/51 | 574,348 | |||||||||
486,840 | 2.500 | 11/20/51 | 412,459 | |||||||||
834,343 | 3.000 | 11/20/51 | 732,725 | |||||||||
|
GOLDMAN SACHS U.S. MORTGAGES FUND
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Mortgage-Backed Obligations (continued) | ||||||||||||||
Government National Mortgage Association (continued) | ||||||||||||||
$ |
641,415 | 2.500 | % | 12/20/51 | $ 542,072 | |||||||||
2,846,444 | 4.500 | 10/20/52 | 2,749,858 | |||||||||||
5,000,000 | 2.500 | TBA-30yr | (f) | 4,249,358 | ||||||||||
5,000,000 | 3.500 | TBA-30yr | (f) | 4,525,849 | ||||||||||
7,000,000 | 2.000 | TBA-30yr | (f) | 5,703,186 | ||||||||||
3,000,000 | 3.000 | TBA-30yr | (f) | 2,650,978 | ||||||||||
4,000,000 | 4.000 | TBA-30yr | (f) | 3,716,815 | ||||||||||
2,000,000 | 5.000 | TBA-30yr | (f) | 1,963,862 | ||||||||||
6,000,000 | 5.500 | TBA-30yr | (f) | 6,005,960 | ||||||||||
3,000,000 | 6.000 | TBA-30yr | (f) | 3,042,007 | ||||||||||
1,000,000 | 6.500 | TBA-30yr | (f) | 1,026,509 | ||||||||||
| ||||||||||||||
46,276,549 | ||||||||||||||
| ||||||||||||||
Uniform Mortgage-Backed Security 76.5% | ||||||||||||||
550,085 | 1.500 | 07/01/35 | 494,057 | |||||||||||
129,501 | 1.500 | 08/01/35 | 116,311 | |||||||||||
891,041 | 1.500 | 09/01/35 | 799,978 | |||||||||||
1,329,380 | 1.500 | 10/01/35 | 1,193,058 | |||||||||||
609,927 | 1.500 | 11/01/35 | 547,171 | |||||||||||
673,811 | 1.500 | 12/01/35 | 604,247 | |||||||||||
358,854 | 1.500 | 02/01/36 | 321,966 | |||||||||||
91,479 | 4.500 | 07/01/36 | 90,804 | |||||||||||
685,356 | 1.500 | 10/01/36 | 613,997 | |||||||||||
4,111 | 4.500 | 12/01/36 | 4,081 | |||||||||||
66,467 | 4.500 | 02/01/39 | 66,280 | |||||||||||
2,068 | 4.500 | 03/01/39 | 2,050 | |||||||||||
2,933 | 4.500 | 05/01/39 | 2,907 | |||||||||||
1,423 | 4.500 | 07/01/39 | 1,410 | |||||||||||
1,323 | 4.000 | 08/01/39 | 1,285 | |||||||||||
3,015 | 4.500 | 09/01/39 | 3,007 | |||||||||||
5,782 | 4.500 | 10/01/39 | 5,766 | |||||||||||
12,556 | 4.500 | 02/01/40 | 12,446 | |||||||||||
2,354 | 4.500 | 03/01/40 | 2,347 | |||||||||||
29,634 | 4.500 | 04/01/40 | 29,536 | |||||||||||
12,682 | 4.500 | 06/01/40 | 12,565 | |||||||||||
63,305 | 4.500 | 09/01/40 | 63,082 | |||||||||||
3,196 | 4.500 | 12/01/40 | 3,186 | |||||||||||
28,387 | 4.500 | 01/01/41 | 28,293 | |||||||||||
9,288 | 4.500 | 04/01/41 | 9,220 | |||||||||||
14,422 | 4.500 | 06/01/41 | 14,316 | |||||||||||
13,683 | 4.500 | 07/01/41 | 13,582 | |||||||||||
58,443 | 4.500 | 08/01/41 | 57,810 | |||||||||||
54,994 | 4.500 | 09/01/41 | 54,588 | |||||||||||
30,952 | 4.500 | 10/01/41 | 30,724 | |||||||||||
52,008 | 3.500 | 10/01/41 | 48,984 | |||||||||||
12,053 | 3.500 | 11/01/41 | 11,348 | |||||||||||
39,328 | 4.500 | 11/01/41 | 39,039 | |||||||||||
34,781 | 4.500 | 12/01/41 | 34,525 | |||||||||||
28,148 | 4.500 | 01/01/42 | 27,940 | |||||||||||
42,407 | 3.500 | 01/01/42 | 39,967 | |||||||||||
4,054 | 3.500 | 02/01/42 | 3,798 | |||||||||||
176,472 | 4.000 | 03/01/42 | 170,650 | |||||||||||
2,305 | 4.500 | 03/01/42 | 2,286 | |||||||||||
41,629 | 4.000 | 04/01/42 | 40,255 | |||||||||||
4,416 | 4.500 | 04/01/42 | 4,378 | |||||||||||
5,611 | 3.500 | 05/01/42 | 5,263 | |||||||||||
18,716 | 3.500 | 06/01/42 | 17,604 | |||||||||||
11,554 | 3.500 | 09/01/42 | 10,923 | |||||||||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Mortgage-Backed Obligations (continued) | ||||||||||||
Uniform Mortgage-Backed Security (continued) | ||||||||||||
$ |
38,478 | 3.000 | % | 09/01/42 | $ 35,172 | |||||||
101,505 | 3.500 | 10/01/42 | 95,272 | |||||||||
215,488 | 3.000 | 12/01/42 | 196,797 | |||||||||
35,820 | 3.500 | 12/01/42 | 33,648 | |||||||||
46,155 | 3.000 | 01/01/43 | 42,432 | |||||||||
16,739 | 3.000 | 02/01/43 | 15,399 | |||||||||
134,957 | 3.500 | 02/01/43 | 126,465 | |||||||||
489,021 | 3.000 | 03/01/43 | 447,845 | |||||||||
283,097 | 3.500 | 03/01/43 | 265,512 | |||||||||
546,543 | 3.000 | 04/01/43 | 499,991 | |||||||||
663,567 | 3.000 | 05/01/43 | 606,684 | |||||||||
193,701 | 2.500 | 05/01/43 | 170,980 | |||||||||
83,640 | 3.500 | 05/01/43 | 78,387 | |||||||||
24,896 | 3.000 | 06/01/43 | 22,659 | |||||||||
365,195 | 3.500 | 06/01/43 | 342,211 | |||||||||
196,994 | 3.000 | 07/01/43 | 179,903 | |||||||||
271,492 | 3.500 | 07/01/43 | 254,360 | |||||||||
24,138 | 3.500 | 08/01/43 | 22,525 | |||||||||
18,339 | 3.500 | 09/01/43 | 17,174 | |||||||||
34,087 | 3.500 | 01/01/44 | 31,956 | |||||||||
17,323 | 3.500 | 08/01/44 | 16,058 | |||||||||
22,786 | 3.500 | 09/01/44 | 21,283 | |||||||||
49,379 | 3.500 | 10/01/44 | 46,021 | |||||||||
19,866 | 5.000 | 12/01/44 | 20,038 | |||||||||
11,330 | 3.500 | 01/01/45 | 10,505 | |||||||||
124,740 | 4.000 | 02/01/45 | 119,329 | |||||||||
61,843 | 3.500 | 03/01/45 | 57,438 | |||||||||
29,479 | 3.500 | 04/01/45 | 27,325 | |||||||||
400,726 | 3.500 | 05/01/45 | 372,576 | |||||||||
710,253 | 4.500 | 06/01/45 | 700,164 | |||||||||
42,995 | 3.500 | 07/01/45 | 39,742 | |||||||||
153,008 | 4.000 | 11/01/45 | 145,732 | |||||||||
6,947 | 3.500 | 11/01/45 | 6,422 | |||||||||
132,325 | 3.500 | 01/01/46 | 122,580 | |||||||||
48,540 | 4.000 | 03/01/46 | 46,232 | |||||||||
334,695 | 3.500 | 03/01/46 | 310,880 | |||||||||
54,895 | 3.500 | 04/01/46 | 50,947 | |||||||||
273,186 | 3.500 | 05/01/46 | 252,090 | |||||||||
56,749 | 4.000 | 06/01/46 | 53,959 | |||||||||
132,959 | 4.500 | 06/01/46 | 129,765 | |||||||||
166,179 | 3.000 | 07/01/46 | 147,669 | |||||||||
177,360 | 4.000 | 07/01/46 | 168,638 | |||||||||
17,139 | 4.000 | 08/01/46 | 16,297 | |||||||||
91,760 | 3.000 | 08/01/46 | 81,539 | |||||||||
399,600 | 3.000 | 09/01/46 | 355,088 | |||||||||
121,389 | 3.000 | 10/01/46 | 107,867 | |||||||||
19,810 | 4.000 | 10/01/46 | 18,836 | |||||||||
509,851 | 3.000 | 11/01/46 | 452,964 | |||||||||
223,832 | 3.000 | 12/01/46 | 198,900 | |||||||||
892,851 | 3.000 | 01/01/47 | 793,397 | |||||||||
460,860 | 4.500 | 02/01/47 | 454,313 | |||||||||
43,646 | 3.000 | 02/01/47 | 38,784 | |||||||||
122,052 | 3.000 | 04/01/47 | 108,213 | |||||||||
276,919 | 3.500 | 06/01/47 | 253,934 | |||||||||
127,178 | 4.500 | 11/01/47 | 124,003 | |||||||||
4,376 | 4.500 | 02/01/48 | 4,253 | |||||||||
222,415 | 4.500 | 05/01/48 | 217,394 | |||||||||
366,199 | 3.500 | 06/01/48 | 335,803 | |||||||||
|
GOLDMAN SACHS U.S. MORTGAGES FUND
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Mortgage-Backed Obligations (continued) | ||||||||||||||
Uniform Mortgage-Backed Security (continued) | ||||||||||||||
$ |
186,219 | 4.500 | % | 07/01/48 | $ 180,814 | |||||||||
673,837 | 4.500 | 08/01/48 | 654,278 | |||||||||||
287,921 | 4.500 | 09/01/48 | 279,563 | |||||||||||
5,625 | 4.500 | 10/01/48 | 5,497 | |||||||||||
1,005,460 | 5.000 | 11/01/48 | 1,006,397 | |||||||||||
478,098 | 4.500 | 11/01/48 | 465,174 | |||||||||||
223,499 | 4.500 | 12/01/48 | 216,585 | |||||||||||
278,896 | 4.500 | 02/01/49 | 270,451 | |||||||||||
3,120 | 4.500 | 05/01/49 | 3,028 | |||||||||||
1,458,255 | 3.000 | 09/01/49 | 1,289,318 | |||||||||||
4,962 | 4.500 | 11/01/49 | 4,816 | |||||||||||
306,191 | 4.500 | 01/01/50 | 296,921 | |||||||||||
47,692 | 4.500 | 02/01/50 | 46,254 | |||||||||||
545,911 | 3.000 | 03/01/50 | 481,323 | |||||||||||
3,351,059 | 4.500 | 03/01/50 | 3,258,319 | |||||||||||
371,576 | 4.500 | 04/01/50 | 359,862 | |||||||||||
1,932,973 | 2.000 | 09/01/50 | 1,545,104 | |||||||||||
349,541 | 4.500 | 09/01/50 | 339,281 | |||||||||||
3,066,528 | 2.500 | 09/01/50 | 2,594,298 | |||||||||||
1,961,347 | 3.000 | 10/01/50 | 1,727,623 | |||||||||||
3,413,977 | 2.000 | 10/01/50 | 2,727,740 | |||||||||||
857,042 | 2.500 | 11/01/50 | 722,116 | |||||||||||
3,421,588 | 2.000 | 12/01/50 | 2,732,627 | |||||||||||
859,151 | 2.500 | 01/01/51 | 717,724 | |||||||||||
4,165,016 | 2.000 | 02/01/51 | 3,322,004 | |||||||||||
10,464,080 | 2.000 | 05/01/51 | 8,334,464 | |||||||||||
7,053,088 | 2.500 | 05/01/51 | 5,939,522 | |||||||||||
7,315,634 | 2.500 | 07/01/51 | 6,157,527 | |||||||||||
1,503,588 | 2.500 | 09/01/51 | 1,268,754 | |||||||||||
1,655,168 | 2.000 | 11/01/51 | 1,314,849 | |||||||||||
4,519,770 | 2.500 | 12/01/51 | 3,801,016 | |||||||||||
1,251,936 | 2.000 | 01/01/52 | 1,003,236 | |||||||||||
27,303 | 2.000 | 02/01/52 | 21,907 | |||||||||||
2,089,966 | 2.000 | 03/01/52 | 1,676,096 | |||||||||||
3,187,639 | 2.000 | 04/01/52 | 2,554,408 | |||||||||||
573,709 | 6.000 | 11/01/52 | 589,440 | |||||||||||
816,454 | 4.500 | 05/01/53 | 791,544 | |||||||||||
975,064 | 5.500 | 08/01/53 | 976,382 | |||||||||||
1,009,165 | 6.500 | 08/01/53 | 1,046,855 | |||||||||||
573,965 | 6.500 | 10/01/53 | 595,402 | |||||||||||
2,472,060 | 6.500 | 11/01/53 | 2,575,973 | |||||||||||
2,818,254 | 2.500 | 01/01/54 | 2,342,102 | |||||||||||
4,374,113 | 6.000 | 04/01/54 | 4,485,570 | |||||||||||
2,667,228 | 6.500 | 06/01/54 | 2,782,893 | |||||||||||
1,798,737 | 6.500 | 08/01/54 | 1,875,049 | |||||||||||
888,594 | 6.500 | 09/01/54 | 928,792 | |||||||||||
881,568 | 6.000 | 09/01/54 | 896,134 | |||||||||||
2,797,836 | 5.500 | 10/01/54 | 2,798,456 | |||||||||||
1,922,553 | 5.000 | 12/01/54 | 1,906,170 | |||||||||||
5,000,000 | 2.000 | TBA-30yr | (f) | 4,568,944 | ||||||||||
7,000,000 | 5.000 | TBA-30yr | (f) | 6,913,591 | ||||||||||
15,000,000 | 5.500 | TBA-30yr | (f) | 15,048,981 | ||||||||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||
Mortgage-Backed Obligations (continued) | ||||||||||||
Uniform Mortgage-Backed Security (continued) | ||||||||||||
$ |
6,000,000 | 6.000 | % | TBA-30yr(f) | $ 6,120,885 | |||||||
| ||||||||||||
130,131,439 | ||||||||||||
| ||||||||||||
TOTAL FEDERAL AGENCIES | $192,968,050 | |||||||||||
| ||||||||||||
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $227,363,661) |
$220,240,994 | |||||||||||
| ||||||||||||
Asset-Backed Securities(c) 3.4% | ||||||||||||
Automotive 0.2% | ||||||||||||
Exeter Automobile Receivables Trust Series 2025-3A, Class A3 | ||||||||||||
$ |
350,000 | 4.780 | % | 07/16/29 | $ 351,365 | |||||||
| ||||||||||||
Collateralized Loan Obligations(e) 2.3% | ||||||||||||
BlueMountain CLO XXXIII Ltd. Series 2021-33A, Class B(b) (3 mo. USD Term SOFR + 1.962%) | ||||||||||||
500,000 | 6.284 | 11/20/34 | 500,832 | |||||||||
CIFC Funding Ltd. Series 2023-3A, Class D(b) (3 mo. USD Term SOFR + 4.250%) | ||||||||||||
500,000 | 8.520 | 01/20/37 | 504,829 | |||||||||
Generate CLO 22 Ltd. Series 2025-22A, Class A(b) (-1X 3 mo. USD Term SOFR + 1.330%) | ||||||||||||
1,025,000 | 0.000 | 07/20/38 | 1,025,000 | |||||||||
HalseyPoint CLO 7 Ltd. Series 2023-7A, Class A1R(b) (3 mo. USD Term SOFR + 1.450%) | ||||||||||||
750,000 | 5.773 | 07/20/38 | 750,000 | |||||||||
Oaktree CLO Ltd. Series 2022-1A, Class A1AR(b) (-1X 3 mo. USD Term SOFR + 1.370%) | ||||||||||||
1,000,000 | 1.000 | 07/15/38 | 1,000,000 | |||||||||
Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A | ||||||||||||
89,021 | 5.750 | 12/20/50 | 89,881 | |||||||||
| ||||||||||||
3,870,542 | ||||||||||||
| ||||||||||||
Credit Card 0.5% | ||||||||||||
American Express Credit Account Master Trust Series 2025-3, Class A | ||||||||||||
525,000 | 4.510 | 04/15/32 | 532,041 | |||||||||
Citibank Credit Card Issuance Trust Series 2025-A2, Class A | ||||||||||||
350,000 | 4.490 | 06/21/32 | 352,422 | |||||||||
| ||||||||||||
884,463 | ||||||||||||
| ||||||||||||
Student Loan(b)(e) 0.4% | ||||||||||||
Sycamore Tree CLO Ltd. Series 2023-2A, Class DR (3 mo. USD Term SOFR + 4.500%) | ||||||||||||
600,000 | 8.770 | 01/20/37 | 603,328 | |||||||||
| ||||||||||||
TOTAL ASSET-BACKED SECURITIES (Cost $5,685,214) |
$ 5,709,698 | |||||||||||
| ||||||||||||
U.S. Treasury Obligations 2.4% | ||||||||||||
U.S. Treasury Inflation-Indexed Bonds | ||||||||||||
$ |
485,586 | 1.500 | % | 02/15/53 | $ 384,770 | |||||||
U.S. Treasury Notes | ||||||||||||
556,200 | 4.375 | 11/30/28 | 567,889 | |||||||||
1,570,000 | 3.875 | 06/30/30 | 1,576,133 | |||||||||
1,570,000 | 4.000 | 06/30/32 | 1,571,226 | |||||||||
| ||||||||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $4,115,276) |
$ 4,100,018 | |||||||||||
|
GOLDMAN SACHS U.S. MORTGAGES FUND
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
Shares | Dividend Rate |
Value | ||||||||
Investment Company(g) 2.5% | ||||||||||
Goldman Sachs Financial Square Government Fund Institutional Shares | ||||||||||
4,252,554 | 4.231% | $ 4,252,554 | ||||||||
(Cost $4,252,554) | ||||||||||
| ||||||||||
TOTAL INVESTMENTS 137.7% (Cost $241,416,705) |
$234,303,264 | |||||||||
| ||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS ( 37.7)% |
(64,165,275) | |||||||||
| ||||||||||
NET ASSETS 100.0% | $170,137,989 | |||||||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
(a) | Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate. | |
(b) | Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2025. | |
(c) | Security with Call features with resetting interest rates. Maturity dates disclosed are the final maturity dates. | |
(d) | Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on June 30, 2025. | |
(e) | Exempt from registration under Rule 144A of the Securities Act of 1933. | |
(f) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $65,536,925 which represents approximately 38.8% of net assets as of June 30, 2025. | |
(g) | Represents an affiliated issuer. |
GOLDMAN SACHS U.S. MORTGAGES FUND
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION
FORWARD SALES CONTRACTS At June 30, 2025, the Fund had the following forward sales contracts:
Description | Interest Rate |
Maturity Date(a) |
Settlement Date |
Principal Amount |
Value | |||||||||
|
||||||||||||||
Government National Mortgage |
||||||||||||||
Association |
4.500% | TBA - 30yr | 07/15/25 | $ | (3,000,000 | ) | $ | (2,870,304 | ) | |||||
Uniform Mortgage-Backed Security |
2.000 | TBA - 30yr | 07/15/25 | (4,000,000 | ) | (3,164,999 | ) | |||||||
Uniform Mortgage-Backed Security |
2.500 | TBA - 30yr | 07/14/25 | (3,000,000 | ) | (2,487,069 | ) | |||||||
Uniform Mortgage-Backed Security |
3.000 | TBA - 30yr | 07/15/25 | (9,000,000 | ) | (7,782,192 | ) | |||||||
Uniform Mortgage-Backed Security |
3.500 | TBA - 30yr | 07/15/25 | (1,000,000 | ) | (900,039 | ) | |||||||
Uniform Mortgage-Backed Security |
4.500 | TBA - 30yr | 07/15/25 | (9,000,000 | ) | (8,605,546 | ) | |||||||
Uniform Mortgage-Backed Security |
1.500 | TBA - 15yr | 07/15/25 | (2,000,000 | ) | (1,778,002 | ) | |||||||
Uniform Mortgage-Backed Security |
6.500 | TBA - 30yr | 07/15/25 | (4,000,000 | ) | (4,128,751 | ) | |||||||
|
||||||||||||||
(PROCEEDS RECEIVED: $(31,225,117)) |
$ | (31,716,902 | ) | |||||||||||
|
(a) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. |
FUTURES CONTRACTS At June 30, 2025, the Fund had the following futures contracts:
Description | Number of Contracts |
Expiration Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
||||||||
|
||||||||||||
Long position contracts: |
||||||||||||
10 Year U.S. Treasury Notes |
19 | 09/19/25 | $ | 2,130,375 | $ | 3,902 | ||||||
5 Year U.S. Treasury Notes |
58 | 09/30/25 | 6,322,000 | 52,699 | ||||||||
|
||||||||||||
Total |
$ | 56,601 | ||||||||||
|
||||||||||||
Short position contracts: |
||||||||||||
2 Year U.S. Treasury Notes |
(59) | 09/30/25 | (12,273,383 | ) | (33,981 | ) | ||||||
20 Year U.S. Treasury Bonds |
(10) | 09/19/25 | (1,154,687 | ) | (8,061 | ) | ||||||
Ultra Long U.S. Treasury Bonds |
(8) | 09/19/25 | (953,000 | ) | (6,326 | ) | ||||||
|
||||||||||||
Total |
$ | (48,368 | ) | |||||||||
|
||||||||||||
TOTAL FUTURES CONTRACTS |
$ | 8,233 | ||||||||||
|
SWAP CONTRACTS At June 30, 2025, the Fund had the following swap contracts:
CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS
Payments Made by the Fund |
Payments Received by Fund |
Termination Date |
Notional Amount (000s)(a) |
Market Value |
Upfront Premium (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||
|
||||||||||||||||||||||
12M SOFR(b) |
3.620%(b) | 06/30/27 | $ | 5,190 | $ | 20,621 | $ | (2,971 | ) | $ | 23,592 | |||||||||||
12M SOFR(c) |
3.368(c) | 06/23/28 | 5,750 | 8,923 | 3,374 | 5,549 | ||||||||||||||||
3.620%(b) |
12M SOFR(b) | 11/30/29 | 5,960 | (62,476 | ) | (4,169 | ) | (58,307 | ) | |||||||||||||
3.600(b) |
12M SOFR(b) | 11/30/29 | 4,970 | (48,204 | ) | 5,588 | (53,792 | ) | ||||||||||||||
3.600(b) |
12M SOFR(b) | 06/23/30 | 6,070 | (14,973 | ) | (4,627 | ) | (10,346 | ) | |||||||||||||
12M SOFR(b) |
4.098(b) | 06/24/35 | 1,480 | 5,487 | 1,968 | 3,519 | ||||||||||||||||
|
||||||||||||||||||||||
TOTAL |
$ | (90,622 | ) | $ | (837 | ) | $ | (89,785 | ) | |||||||||||||
|
(a) | Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2025. |
(b) | Payments made annually. |
(c) | Payments made at maturity. |
GOLDMAN SACHS U.S. MORTGAGES FUND
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION (continued)
OVER-THE-COUNTER CREDIT DEFAULT SWAP CONTRACTS
Reference Obligation/Index |
Financing Rate Received/(Paid) by the Fund(a) |
Credit Spread at June 30, 2025(b) |
Counterparty | Termination Date |
Notional Amount (000s) |
Value | Upfront Premiums (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||||||
|
||||||||||||||||||||||||||||||
Protection Sold: |
||||||||||||||||||||||||||||||
CMBX.NA.BBB.17 |
3.000% | 5.041% | JPMorgan Securities, Inc. | 12/15/56 | $ | 25 | $ | (2,844 | ) | $ | (3,097 | ) | $ | 253 | ||||||||||||||||
|
(a) | Payments made monthly. |
(b) | Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase. |
| ||
Currency Abbreviations: | ||
USD | U.S. Dollar | |
Investment Abbreviations: | ||
CLO | Collateralized Loan Obligation | |
CMT | Constant Maturity Treasury Indexes | |
LLC | Limited Liability Company | |
MTA | Monthly Treasury Average | |
PI | Private Investment | |
REMICS | Real Estate Mortgage Investment Conduits | |
RFUCC | Refinitive USD IBOR Consumer Cash Fallbacks 1 year | |
SOFR | Secured Overnight Financing Rate | |
STACR | Structured Agency Credit Risk | |
Abbreviations: | ||
CMBX | Commercial Mortgage Backed Securities Index | |
SOFR | Secured Overnight Financing Rate | |
|
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS
Investment Valuation The Funds valuation policy is to value investments at fair value.
Investments and Fair Value Measurements U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:
Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2 Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;
Level 3 Prices or valuations that require significant unobservable inputs (including GSAMs 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 GSAM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the Valuation Designee). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.
Level 1 and Level 2 Fair Value Investments The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:
Equity Securities Equity securities traded on a United States (U.S.) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e., where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.
Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under the Valuation Procedures and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
Underlying Funds (including Money Market Funds) Underlying funds (Underlying Funds) include exchange-traded funds (ETFs) and other investment companies. Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Funds accounting policies and investment holdings, please see the Underlying Funds shareholder report.
Debt Securities Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.
i. Commercial Paper Commercial paper normally represents short-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations, finance companies and other issuers. Commercial paper consists of direct U.S. dollar-denominated obligations of domestic or foreign issuers. Asset-backed commercial paper is issued by a special purpose entity that is organized to issue the commercial paper and to purchase trade receivables or other financial assets.
ii. Inverse Floaters The interest rate on inverse floating rate securities (inverse floaters) resets in the opposite direction from the market rate of interest to which the inverse floaters are indexed. An inverse floater may be considered to be leveraged to the extent that its interest rate varies by a magnitude that exceeds the magnitude of the change in the index rate of interest. The higher the degree of leverage of an inverse floater, the greater the volatility of its market value.
iii. Mortgage-Backed and Asset-Backed Securities Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of other assets or receivables. The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the markets 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.
iv. Treasury Inflation Protected Securities TIPS are treasury securities in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Pricing Index for Urban Consumers. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government.
v. When-Issued Securities and Forward Commitments When-issued securities, including TBA (To Be Announced) securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to a Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on other investments. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.
vi. Repurchase Agreements Repurchase agreements involve the purchase of securities subject to the sellers agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement (MRA). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes. The underlying securities for all repurchase agreements are held at the Funds custodian or designated sub-custodians under tri-party repurchase agreements. An MRA governs transactions between a Fund and select counterparties. An MRA contains provisions for, among other things, initiation of the transaction, income payments, events of default and maintenance of securities for repurchase agreements. An MRA also permits offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.
If the seller defaults, a Fund could suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral held by the Fund are less than the repurchase price and the Funds costs associated with delay and enforcement of the repurchase agreement. In addition, in the event of default or insolvency of the seller, a court could determine that a Funds interest in the collateral is not enforceable, resulting in additional losses to the Fund.
Pursuant to exemptive relief granted by the Securities and Exchange Commission (SEC) and terms and conditions contained therein, the Funds, together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds maintain pro-rata credit exposure to the underlying repurchase agreements counterparties. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these investments.
Derivative Contracts A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.
Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (OTC) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
i. Forward Contracts A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.
A forward foreign currency exchange contract is a forward contract in which a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.
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.
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.
iv. Swap Contracts Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member (DCM), acting in an agency capacity, and submitted to a central counterparty (CCP) (centrally cleared swaps), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.
An interest rate swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals, based upon or calculated by reference to changes in interest rates on a specified notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.
A credit default swap is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. A Funds investment in credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If a Fund buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the counterparty. Upon the occurrence of a specified credit event, a Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. A Fund may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, a Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, a Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, a Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement.
The maximum potential amount of future payments (undiscounted) that a Fund as seller of protection could be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts received from a settlement of a credit default swap for the same reference security or obligation where a Fund bought credit protection.
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 Funds investments may be determined under the Valuation Procedures. 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 Funds NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.
Fair Value Hierarchy The following is a summary of the Funds investments and derivatives classified in the fair value hierarchy as of June 30, 2025:
ENHANCED INCOME FUND | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Fixed Income |
||||||||||||
Corporate Obligations |
$ | | $ | 265,428,939 | $ | | ||||||
Asset-Backed Securities |
| 86,784,489 | | |||||||||
U.S. Treasury Obligations |
81,214,498 | | | |||||||||
Mortgage-Backed Obligations |
| 29,337,120 | | |||||||||
Municipal Debt Obligations |
| 2,568,658 | | |||||||||
Sovereign Debt Obligations |
| 2,283,019 | | |||||||||
Investment Company |
1,433,326 | | | |||||||||
Short-term Investments |
| 101,878,429 | | |||||||||
Total | $ | 82,647,824 | $ | 488,280,654 | $ | |
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
ENHANCED INCOME FUND (continued) | ||||||||||||
Derivative Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets(a) | ||||||||||||
Futures Contracts |
$ | 711,518 | $ | | $ | | ||||||
Interest Rate Swap Contracts |
| 813,922 | | |||||||||
Total | $ | 711,518 | $ | 813,922 | $ | | ||||||
Liabilities(a) | ||||||||||||
Forward Foreign Currency Exchange Contracts |
$ | | $ | (11,945 | ) | $ | | |||||
Interest Rate Swap Contracts |
| (1,851,680 | ) | | ||||||||
Total | $ | | $ | (1,863,625 | ) | $ | |
(a) | Amount shown represents unrealized gain (loss) at period end. |
GOVERNMENT INCOME FUND | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Fixed Income |
||||||||||||
Mortgage-Backed Obligations |
$ | | $ | 85,020,026 | $ | | ||||||
U.S. Treasury Obligations |
64,621,249 | | | |||||||||
Asset-Backed Securities |
| 3,792,381 | | |||||||||
Agency Debentures |
| 3,465,860 | | |||||||||
Municipal Debt Obligations |
| 2,112,263 | | |||||||||
Investment Company |
5,096 | | | |||||||||
Total | $ | 64,626,345 | $ | 94,390,530 | $ | | ||||||
Liabilities | ||||||||||||
Fixed Income |
||||||||||||
Mortgage-Backed Obligations Forward Sales Contracts |
$ | | $ | (18,323,483 | ) | $ | | |||||
Derivative Type | ||||||||||||
Assets(a) | ||||||||||||
Futures Contracts |
$ | 67,110 | $ | | $ | | ||||||
Interest Rate Swap Contracts |
| 35,426 | | |||||||||
Total | $ | 67,110 | $ | 35,426 | $ | | ||||||
Liabilities(a) | ||||||||||||
Futures Contracts |
$ | (143,836 | ) | $ | | $ | | |||||
Interest Rate Swap Contracts |
| (131,648 | ) | | ||||||||
Total | $ | (143,836 | ) | $ | (131,648 | ) | $ | |
(a) | Amount shown represents unrealized gain (loss) at period end. |
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
INFLATION PROTECTED SECURITIES FUND | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Fixed Income |
||||||||||||
U.S. Treasury Obligations |
$ | 195,070,065 | $ | | $ | | ||||||
Investment Company |
6,860 | | | |||||||||
Total | $ | 195,076,925 | $ | | $ | | ||||||
Derivative Type | ||||||||||||
Assets(a) | ||||||||||||
Futures Contracts |
$ | 875,448 | $ | | $ | | ||||||
Interest Rate Swap Contracts |
| 1,088,996 | | |||||||||
Total | $ | 875,448 | $ | 1,088,996 | $ | | ||||||
Liabilities(a) | ||||||||||||
Futures Contracts |
$ | (567,097 | ) | $ | | $ | | |||||
Interest Rate Swap Contracts |
| (1,336,036 | ) | | ||||||||
Total | $ | (567,097 | ) | $ | (1,336,036 | ) | $ | | ||||
(a) Amount shown represents unrealized gain (loss) at period end. |
| |||||||||||
SHORT DURATION BOND FUND |
||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Fixed Income |
||||||||||||
Corporate Obligations |
$ | | $ | 610,143,445 | $ | | ||||||
Mortgage-Backed Obligations |
| 183,634,316 | | |||||||||
Asset-Backed Securities |
| 143,731,383 | | |||||||||
U.S. Treasury Obligations |
97,862,493 | | | |||||||||
Sovereign Debt Obligations |
| 24,999,160 | | |||||||||
Common Stock and/or Other Equity Investments(a) |
||||||||||||
Asia |
| 4,939 | | |||||||||
Investment Company |
142,906 | | | |||||||||
Short-term Investments |
| 174,690,354 | | |||||||||
Total | $ | 98,005,399 | $ | 1,137,203,597 | $ | | ||||||
Liabilities | ||||||||||||
Fixed Income |
||||||||||||
Mortgage-Backed Obligations Forward Sales Contracts |
$ | | $ | (17,002,067 | ) | $ | |
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
SHORT DURATION BOND FUND (continued) | ||||||||||||
Derivative Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Forward Foreign Currency Exchange Contracts(b) |
$ | | $ | 2,263,753 | $ | | ||||||
Futures Contracts(b) |
2,254,169 | | | |||||||||
Interest Rate Swap Contracts(b) |
| 8,565,484 | | |||||||||
Credit Default Swap Contracts(b) |
| 2,293,039 | | |||||||||
Purchased Option Contracts |
| 247,927 | | |||||||||
Total | $ | 2,254,169 | $ | 13,370,203 | $ | | ||||||
Liabilities | ||||||||||||
Forward Foreign Currency Exchange Contracts(b) |
$ | | $ | (2,744,732 | ) | $ | | |||||
Futures Contracts(b) |
(302,040 | ) | | | ||||||||
Interest Rate Swap Contracts(b) |
| (2,294,560 | ) | | ||||||||
Written Option Contracts |
| (138,088 | ) | | ||||||||
Total | $ | (302,040 | ) | $ | (5,177,380 | ) | $ | |
(a) | Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Fund utilizes fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification. |
(b) | Amount shown represents unrealized gain (loss) at period end. |
SHORT DURATION GOVERNMENT FUND | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Fixed Income |
||||||||||||
U.S. Treasury Obligations |
$ | 294,416,117 | $ | | $ | | ||||||
Mortgage-Backed Obligations |
| 143,670,278 | | |||||||||
Agency Debentures |
| 11,576,056 | | |||||||||
Investment Company |
63,295 | | | |||||||||
Total | $ | 294,479,412 | $ | 155,246,334 | $ | | ||||||
Liabilities | ||||||||||||
Fixed Income |
||||||||||||
Mortgage-Backed Obligations Forward Sales Contracts |
$ | | $ | (66,120,276 | ) | $ | | |||||
Derivative Type | ||||||||||||
Assets(a) | ||||||||||||
Futures Contracts |
$ | 879,816 | $ | | $ | | ||||||
Interest Rate Swap Contracts |
| 182,155 | | |||||||||
Total | $ | 879,816 | $ | 182,155 | $ | | ||||||
Liabilities(a) | ||||||||||||
Futures Contracts |
$ | (1,174,572 | ) | $ | | $ | | |||||
Interest Rate Swap Contracts |
| (396,038 | ) | | ||||||||
Total | $ | (1,174,572 | ) | $ | (396,038 | ) | $ | | ||||
(a) Amount shown represents unrealized gain (loss) at period end. |
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
SHORT-TERM CONSERVATIVE INCOME FUND | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Fixed Income |
||||||||||||
Corporate Obligations |
$ | | $ | 1,334,599,682 | $ | | ||||||
Asset-Backed Securities |
| 160,027,117 | | |||||||||
U.S. Treasury Obligations |
135,222,421 | | | |||||||||
Municipal Debt Obligations |
| 5,071,348 | | |||||||||
Investment Company |
35,606,924 | | | |||||||||
Short-term Investments |
| 462,841,427 | | |||||||||
Total | $ | 170,829,345 | $ | 1,962,539,574 | $ | | ||||||
U.S. MORTGAGES FUND |
||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Fixed Income |
||||||||||||
Mortgage-Backed Obligations |
$ | | $ | 220,240,994 | $ | | ||||||
Asset-Backed Securities |
| 5,709,698 | | |||||||||
U.S. Treasury Obligations |
4,100,018 | | | |||||||||
Investment Company |
4,252,554 | | | |||||||||
Total | $ | 8,352,572 | $ | 225,950,692 | $ | | ||||||
Liabilities | ||||||||||||
Fixed Income |
||||||||||||
Mortgage-Backed Obligations Forward Sales Contracts |
$ | | $ | (31,716,902 | ) | $ | | |||||
Derivative Type | ||||||||||||
Assets(a) | ||||||||||||
Futures Contracts |
$ | 56,601 | $ | | $ | | ||||||
Interest Rate Swap Contracts |
| 32,660 | | |||||||||
Credit Default Swap Contracts |
| 253 | | |||||||||
Total | $ | 56,601 | $ | 32,913 | $ | | ||||||
Liabilities(a) | ||||||||||||
Futures Contracts |
$ | (48,368 | ) | $ | | $ | | |||||
Interest Rate Swap Contracts |
| (122,445 | ) | | ||||||||
Total | $ | (48,368 | ) | $ | (122,445 | ) | $ | |
(a) | Amount shown represents unrealized gain (loss) at period end. |
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
The Funds risks include, but are not limited to, the following:
Asset-Backed Securities Risk Asset-backed securities are subject to credit/default, interest rate and certain additional risks, including extension risk (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and prepayment risk (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing the Funds to reinvest proceeds at lower prevailing interest rates). Due to these risks, asset-backed securities may become more volatile in certain interest rate environments. Asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk.
Call/Prepayment Risk An issuer could exercise its right to pay principal on an obligation held by the Fund (such as a mortgage-backed security) earlier than expected. This may happen when there is a decline in interest rates, when credit spreads change, or when an issuers credit quality improves. Under these circumstances, the Fund may be unable to recoup all of its initial investment and will also suffer from having to reinvest in lower-yielding securities.
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.
Interest Rate Risk When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of a Funds investments, which would make it harder for the Fund to sell its investments at an advantageous time.
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
Investments in Other Investment Companies Risk As a shareholder of another investment company, including an ETF, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein.
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 Funds 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 Funds current expenses being allocated over a smaller asset base, leading to an increase in the Funds expense ratio. Similarly, large Fund share purchases may adversely affect a Funds 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, declining prices of the securities sold, 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 a Funds 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 Funds liquidity.
Market and Credit Risks In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which a Fund has unsettled or open transactions defaults.
Mortgage-Backed and Other Asset-Backed Securities Risk Mortgage-related and other asset-backed securities are subject to credit/ default, interest rate and certain additional risks, including extension risk (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and prepayment risk (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing the Funds to reinvest proceeds at lower prevailing interest rates). Due to these risks, asset-backed securities may become more volatile in certain interest rate environments. Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities, particularly during periods of rising interest rates. Other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk.
GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS
Schedule of Investments (continued)
June 30, 2025 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
Portfolio Turnover Rate Risk A high rate of portfolio turnover may involve correspondingly greater expenses which must be borne by the Funds and their shareholders, and is also likely to result in short-term capital gains taxable to shareholders.
U.S. Government Securities Risk The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. government securities issued by those agencies, instrumentalities and sponsored enterprises, including those issued by Fannie Mae, Freddie Mac and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities held by the Funds may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future. Fannie Mae and Freddie Mac have been operating under conservatorship, with the Federal Housing Finance Agency (FHFA) acting as their conservator, since September 2008. The entities are dependent upon the continued support of the U.S. Department of the Treasury and FHFA in order to continue their business operations. These factors, among others, could affect the future status and role of Fannie Mae and Freddie Mac and the value of their securities and the securities which they guarantee. Additionally, the U.S. government and its agencies and instrumentalities do not guarantee the market values of their securities, which may fluctuate.