GOLDMAN SACHS BOND FUND

 

Schedule of Investments

June 30, 2025 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Mortgage-Backed Obligations – 63.5%

Collateralized Mortgage Obligations – 4.8%

Interest Only – 0.2%

Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE (-1X 1 mo. USD Term SOFR + 5.936%)

$

    214,096       1.632 %(a)(b)    03/15/44   $     21,820

Federal Home Loan Mortgage Corp. REMICS Series 4998, Class GI

    1,035,443       4.000 (a)    08/25/50   210,084

Federal National Mortgage Association REMICS Series 2017-31, Class SG (-1X 1 mo. USD Term SOFR + 5.986%)

    336,103       1.680 (a)(b)    05/25/47   42,395

Federal National Mortgage Association REMICS Series 2012-5, Class SA (-1X 1 mo. USD Term SOFR + 5.836%)

    131,816       1.530 (a)(b)    02/25/42   13,676

Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%)

    98,628       1.668 (a)(b)(c)    10/20/43   5,325

Government National Mortgage Association REMICS Series 2014-133, Class BS (-1X 1 mo. USD Term SOFR + 5.486%)

    89,987       1.168 (a)(b)(c)    09/20/44   7,507

Government National Mortgage Association REMICS Series 2018-122, Class HS (-1X 1 mo. USD Term SOFR + 6.086%)

    291,082       1.768 (a)(b)(c)    09/20/48   35,984

Government National Mortgage Association REMICS Series 2019-6, Class SA (-1X 1 mo. USD Term SOFR + 5.936%)

    68,975       1.618 (a)(b)(c)    01/20/49   8,057

Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%)

    62,221       1.618 (a)(b)(c)    01/20/49   7,297

Government National Mortgage Association REMICS Series 2014-162, Class SA (-1X 1 mo. USD Term SOFR + 5.486%)

    76,742       1.168 (a)(b)(c)    11/20/44   7,332

Government National Mortgage Association REMICS Series 2015-123, Class SP (-1X 1 mo. USD Term SOFR + 6.136%)

    123,758       1.818 (a)(b)(c)    09/20/45   15,711

Government National Mortgage Association REMICS Series 2016-27, Class IA

    99,293       4.000 (a)(c)    06/20/45   14,064

Government National Mortgage Association REMICS Series 2018-122, Class SE (-1X 1 mo. USD Term SOFR + 6.086%)

    203,023       1.768 (a)(b)(c)    09/20/48   25,463

Government National Mortgage Association REMICS Series 2019-153, Class EI

    922,430       4.000 (a)(c)    12/20/49   195,487

Government National Mortgage Association REMICS Series 2010-20, Class SE (-1X 1 mo. USD Term SOFR + 6.136%)

    321,089       1.818 (a)(b)(c)    02/20/40   36,429

 

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%)

$

    99,188       1.818 %(a)(b)(c)    08/20/45   $     12,457

Government National Mortgage Association REMICS Series 2013-181, Class SA (-1X 1 mo. USD Term SOFR + 5.986%)

    158,602       1.668 (a)(b)(c)    11/20/43   17,055

Government National Mortgage Association REMICS Series 2015-167, Class AS (-1X 1 mo. USD Term SOFR + 6.136%)

    74,413       1.818 (a)(b)(c)    11/20/45   9,175
       

 

        685,318

 

Regular Floater – 0.4%

Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%)

    597,225       5.305 (b)    02/25/55   591,424

Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%)

    850,390       5.305 (b)    03/25/55   845,402
       

 

        1,436,826

 

Sequential Fixed Rate – 0.9%

Federal National Mortgage Association REMICS Series 2012- 111, Class B

    11,682       7.000     10/25/42   12,490

Federal National Mortgage Association REMICS Series 2012- 153, Class B

    31,273       7.000     07/25/42   34,012

Federal National Mortgage Association REMICS Series 2011-52, Class GB

    126,046       5.000     06/25/41   126,737

Federal National Mortgage Association REMICS Series 2005-70, Class PA

    15,676       5.500     08/25/35   16,144

Government National Mortgage Association REMICS Series 2021-135, Class A

    2,295,534       2.000 (c)    08/20/51   1,864,780

JP Morgan Mortgage Trust Series 2025-VIS1, Class A2

    1,103,196       5.695 (c)(d)(e)    08/25/55   1,107,570
       

 

        3,161,733

 

Sequential Floating Rate – 3.3%

Angel Oak Mortgage Trust Series 2019-6, Class B1

    500,000       3.941 (b)(c)(d)    11/25/59   469,653

Chase Home Lending Mortgage Trust Series 2024-3, Class A7

    100,000       6.000 (b)(c)(d)    02/25/55   101,327

CIM Trust Series 2019-INV3, Class A15

    46,373       3.500 (b)(c)(d)    08/25/49   41,066

Countrywide Alternative Loan Trust Series 2006-OC8, Class 2A3 (1 mo. USD Term SOFR + 0.614%)

    974,997       4.934 (b)(c)    11/25/36   838,804

 

 


GOLDMAN SACHS 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)

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R08, Class 1B1 (1 mo. USD Term SOFR + 3.550%)

$

    330,000       7.855 %(b)(c)(d)    10/25/43   $    347,730

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1B1 (1 mo. USD Term SOFR + 2.700%)

    650,000       7.005 (b)(c)(d)    01/25/44   666,818

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%)

    225,000       6.105 (b)(c)(d)    01/25/44   227,405

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%)

    250,000       5.955 (b)(c)(d)    05/25/44   251,223

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%)

    250,000       6.256 (b)(c)(d)    03/25/44   252,329

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M1 (1 mo. USD Term SOFR + 1.000%)

    168,390       5.305 (b)(c)(d)    07/25/44   168,285

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%)

    400,000       5.905 (b)(c)(d)    09/25/44   401,894

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1B1 (1 mo. USD Term SOFR + 1.700%)

    350,000       6.006 (b)(c)(d)    01/25/45   349,293

GCAT Trust Series 2019-NQM3, Class M1

    500,000       3.450 (b)(c)(d)    11/25/59   458,669

Government National Mortgage Association REMICS Series 2023-133, Class HS (-1X 1 mo. USD Term SOFR + 6.500%)

    1,305,316       2.198 (b)(c)    09/20/53   90,578

JP Morgan Alternative Loan Trust Series 2006-A7, Class 1A1 (1 mo. USD Term SOFR + 0.434%)

    99,490       4.754 (b)(c)    12/25/36   92,609

JP Morgan Mortgage Trust Series 2021-LTV2, Class A1

    703,120       2.520 (b)(c)(d)    05/25/52   593,192

JP Morgan Mortgage Trust Series 2024-VIS1, Class A1

    563,354       5.990 (b)(c)(d)    07/25/64   567,740

JP Morgan Mortgage Trust Series 2024-3, Class A4

    906,254       3.000 (b)(c)(d)    05/25/54   818,869

JP Morgan Mortgage Trust Series 2024-NQM1, Class M1A

    375,000       6.414 (b)(c)(d)    02/25/64   380,173

Mill City Mortgage Loan Trust Series 2017-2, Class A3

    73,596       3.250 (b)(c)(d)    07/25/59   71,657

Mill City Mortgage Loan Trust Series 2019-GS2, Class M1

    720,000       3.000 (b)(c)(d)    08/25/59   668,064

Mill City Mortgage Loan Trust Series 2021-NMR1, Class M2

    760,000       2.500 (b)(c)(d)    11/25/60   670,279

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Mortgage-Backed Obligations – (continued)

Sequential Floating Rate – (continued)

Morgan Stanley Residential Mortgage Loan Trust Series 2025-HX1, Class A1

$

    689,155       5.960 %(b)(c)(d)    03/25/70   $    697,216

PRKCM Trust Series 2021-AFC2, Class A2

    625,000       2.693 (b)(c)(d)    11/25/56   452,948

Starwood Mortgage Residential Trust Series 2020-2, Class B1E

    950,000       3.000 (b)(c)(d)    04/25/60   912,369

Towd Point Mortgage Trust Series 2017-3, Class B2

    100,000       3.882 (b)(c)(d)    07/25/57   89,504

Verus Securitization Trust Series 2023-3, Class M1

    225,000       7.764 (b)(c)(d)    03/25/68   226,732

Vista Point Securitization Trust Series 2020-2, Class M1

    500,000       3.401 (b)(c)(d)    04/25/65   467,700

Wells Fargo Mortgage-Backed Securities Trust Series 2019-3, Class A1

    22,632       3.500 (b)(c)(d)    07/25/49   20,313
       

 

        11,394,439

 

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS   16,678,316

 

Commercial Mortgage-Backed Securities – 10.6%

Regular Floater – 0.4%

TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR +2.133%)

$

    950,000       6.444 %(b)(d)    11/15/29   $949,764

TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR +2.930%)

    250,000       7.242 (b)(d)    11/15/29   249,783
       

 

        1,199,547

 

Sequential Fixed Rate – 5.2%

Bank Series 2021-BN35, Class A5

    950,000       2.285 (c)    06/15/64   823,377

Bank Series 2023-BNK46, Class A4

    1,000,000       5.745 (c)    08/15/56   1,051,240

Bank Series 2017-BNK6, Class A5

    525,000       3.518 (c)    07/15/60   515,178

Bank5 Series 2024-5YR11, Class A3

    700,000       5.893 (c)    11/15/57   732,914

Bank5 Series 2024-5YR11, Class AS

    300,000       6.139 (c)    11/15/57   313,256

Bank5 Series 2025-5YR15, Class A3

    650,000       5.452 (c)    06/15/30   668,826

BBCMS Mortgage Trust Series 2024-5C29, Class A3

    700,000       5.208 (c)    09/15/57   713,673

BMO Mortgage Trust Series 2023-C7, Class A5

    900,000       6.160 (c)    12/15/56   965,939

BMO Mortgage Trust Series 2024-5C6, Class A3

    300,000       5.316 (c)    09/15/57   306,691

BMO Mortgage Trust Series 2025-5C11, Class A3

    650,000       5.669 (c)    07/15/58   676,793

BWAY Mortgage Trust Series 2013-1515, Class A2

    662,633       3.454 (c)(d)    03/10/33   630,037

 

 


GOLDMAN SACHS BOND FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Mortgage-Backed Obligations – (continued)

Sequential Fixed Rate – (continued)

COMM Mortgage Trust Series 2024-277P, Class A

$

    875,000       6.338 %(d)    08/10/44   $    920,571

DOLP Trust Series 2021-NYC, Class A

    1,100,000       2.956 (d)    05/10/41   974,867

GS Mortgage Securities Trust Series 2020-GC45, Class A5

    600,000       2.911 (c)    02/13/53   555,995

JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-OPO, Class A

    598,000       3.024 (d)    01/05/39   544,575

JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B

    650,000       3.598 (c)(d)    06/05/39   602,501

Manhattan West Mortgage Trust Series 2020-1MW, Class A

    750,000       2.130 (d)    09/10/39   709,242

Morgan Stanley Capital I Trust Series 2018-H4, Class A4

    400,000       4.310 (c)    12/15/51   395,573

MSWF Commercial Mortgage Trust Series 2023-2, Class A2

    800,000       6.890 (c)    12/15/56   847,284

ROCK Trust Series 2024-CNTR, Class A

    1,500,000       5.388 (d)    11/13/41   1,532,899

ROCK Trust Series 2024-CNTR, Class D

    950,000       7.109 (d)    11/13/41   990,615

SLG Office Trust Series 2021-OVA, Class A

    600,000       2.585 (d)    07/15/41   525,845

Wells Fargo Commercial Mortgage Trust Series 2017-C39,

    Class A5        
    1,125,000       3.418 (c)    09/15/50   1,092,015

Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5

    825,000       2.626 (c)    04/15/54   732,299
       

 

        17,822,205

 

Sequential Floating Rate – 5.0%

Bank Series 2022-BNK44, Class A5

    500,000       5.935 (b)(c)    11/15/55   527,231

Bank Series 2025-BNK50, Class AS

    575,000       5.875 (b)(c)    05/15/68   603,438

Bank5 Series 2024-5YR8, Class C

    150,000       7.000 (b)(c)    08/15/57   154,786

Bank5 Trust Series 2025-5YR13, Class AS

    500,000       6.096 (b)(c)    01/15/58   522,057

BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%)

    650,000       5.231 (b)(d)    03/15/37   614,354

BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%)

    225,000       5.480 (b)(d)    03/15/37   207,033

BLP Commercial Mortgage Trust Series 2024-IND2, Class A (1 mo. USD Term SOFR + 1.342%)

    593,017       5.654 (b)(d)    03/15/41   593,594

BSTN Commercial Mortgage Trust Series 2025-1C, Class A

    675,000       5.548 (b)(d)    06/15/44   689,758

BX Commercial Mortgage Trust Series 2024-XL4, Class A (1 mo. USD Term SOFR + 1.442%)

    1,041,667       5.754 (b)(d)    02/15/39   1,042,791

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Mortgage-Backed Obligations – (continued)

Sequential Floating Rate – (continued)

BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%)

$

    446,822       5.703 %(b)(d)    03/15/41   $    447,155

BX Commercial Mortgage Trust Series 2024-VLT5, Class A

    450,000       5.591 (b)(d)    11/13/46   453,777

BX Trust Series 2022-PSB, Class A (1 mo. USD Term SOFR + 2.451%)

    254,062       6.763 (b)(d)    08/15/39   253,915

BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%)

    1,050,000       5.954 (b)(d)    02/15/41   1,049,483

BX Trust Series 2024-BRVE, Class A (1 mo. USD Term SOFR + 1.841%)

    850,000       6.153 (b)(d)    04/15/26   849,258

BX Trust Series 2024-BRVE, Class B (1 mo. USD Term SOFR + 2.540%)

    500,000       6.852 (b)(d)    04/15/26   499,650

BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%)

    700,000       5.456 (b)(d)    03/15/30   695,636

Fashion Show Mall LLC Series 2024-SHOW, Class A

    500,000       5.274 (b)(d)    10/10/41   504,901

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF153, Class AS (1 mo. USD Term SOFR + 0.680%)

    459,447       4.992 (b)(c)    02/25/33   460,322

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF73, Class AS (1 mo. USD SOFR Historical Calendar Day Compounded + 0.670%)

    242,360       4.982 (b)(c)    11/25/29   243,117

Houston Galleria Mall Trust Series 2025-HGLR, Class A

    475,000       5.644 (b)(d)    02/05/45   487,131

Hudson Yards Mortgage Trust Series 2025-SPRL, Class C

    340,000       6.151 (b)(d)    01/13/40   350,060

Hudson Yards Mortgage Trust Series 2025-SPRL, Class D

    375,000       6.551 (b)(d)    01/13/40   388,221

Hudson Yards Mortgage Trust Series 2025-SPRL, Class A

    800,000       5.649 (b)(d)    01/13/40   824,100

IRV Trust Series 2025-200P, Class A

    700,000       5.471 (b)(c)(d)    03/14/47   706,681

IRV Trust Series 2025-200P, Class C

    500,000       5.921 (b)(c)(d)    03/14/47   491,355

IRV Trust Series 2025-200P, Class D

    350,000       6.371 (b)(c)(d)    03/14/47   346,497

JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A

    300,000       5.990 (b)(d)    10/05/39   306,046

KIND Commercial Mortgage Trust Series 2024-1, Class A (1 mo. USD Term SOFR + 1.890%)

    475,000       6.202 (b)(d)    08/15/41   475,371

NY Commercial Mortgage Trust Series 2025-299P, Class B

    450,000       6.125 (b)(d)    02/10/47   463,018

One New York Plaza Trust Series 2020-1NYP, Class A (1 mo. USD Term SOFR + 1.064%)

    575,000       5.377 (b)(d)    01/15/36   558,794

 

 


GOLDMAN SACHS 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)

TEXAS Commercial Mortgage Trust Series 2025-TWR, Class C (1 mo. USD Term SOFR + 2.142%)

$

    150,000       6.454 %(b)(d)    04/15/42   $    149,310

Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A

    875,000       5.484 (b)(d)    07/15/35   880,252

Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B

    550,000       5.935 (b)(d)    07/15/35   553,708
       

 

        17,392,800

 

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES   $ 36,414,552

 

Federal Agencies – 48.1%

Adjustable Rate Federal Home Loan Mortgage Corp. – 0.0%

(RFUCC 1 yr. Treasury + 1.764%)(b)

$

    9,670       7.258   09/01/35   $9,941

 

Federal Home Loan Mortgage Corp. – 0.4%

    15,151       6.000     08/01/27   15,306
    4,577       5.000     08/01/33   4,657
    687       5.000     09/01/33   699
    1,095       5.000     10/01/33   1,114
    1,082       5.000     11/01/34   1,101
    41,285       5.000     12/01/34   42,001
    1,444       5.000     07/01/35   1,469
    2       5.000     11/01/35   2
    17,280       5.000     03/01/39   17,556
    1,151       5.000     05/01/39   1,169
    1,179       5.000     08/01/40   1,194
    11,945       4.000     02/01/41   11,614
    1,180       5.000     06/01/41   1,195
    301,274       4.000     03/01/48   285,415
    308,492       4.000     04/01/48   291,786
    877,024       4.500     08/01/48   858,146
       

 

        1,534,424

 

Government National Mortgage Association – 11.0%

    6,849       5.500     11/15/32   7,019
    2,825       5.500     01/15/33   2,872
    13,367       5.500     02/15/33   13,761
    12,217       5.500     03/15/33   12,544
    14,579       5.500     07/15/33   14,913
    6,578       5.500     08/15/33   6,741
    2,606       5.500     09/15/33   2,658
    6,853       5.500     04/15/34   7,013
    5,754       5.500     05/15/34   5,883
    61,342       5.500     09/15/34   63,562
    59,729       5.500     12/15/34   61,970
    51,831       5.500     01/15/35   53,760
    157       5.500     05/15/36   161
    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

 

Principal

Amount

    Interest
Rate
    Maturity
Date
    Value
Mortgage-Backed Obligations – (continued)

Government National Mortgage Association – (continued)

$

    1,163       4.000     10/20/42     $      1,118
    295,320       4.000       08/20/43     283,506
    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
    34,427       4.000       12/20/44     32,919
    9,362       4.000       05/20/45     8,945
    33,637       4.000       07/20/45     32,108
    183,244       4.000       01/20/46     173,763
    590,091       4.500       05/20/48     576,300
    881,803       4.500       08/20/48     860,092
    100,456       5.000       08/20/48     100,418
    619,146       4.500       09/20/48     603,902
    736,356       5.000       10/20/48     735,617
    402,152       5.000       11/20/48     401,749
    408,412       5.000       12/20/48     408,002
    956,481       4.500       01/20/49     931,436
    767,936       5.000       01/20/49     765,726
    381,138       4.000       02/20/49     358,559
    787,181       4.500       02/20/49     765,586
    20,088       4.500       03/20/49     19,562
    244,526       4.000       03/20/49     230,041
    67,632       5.000       03/20/49     67,564
    417,875       4.000       04/20/49     393,120
    545,487       3.000       08/20/49     484,568
    240,183       4.500       10/20/49     234,269
    246,454       4.500       12/20/49     240,001
    1,064,199       3.000       03/20/50     944,886
    226,398       4.000       01/20/51     212,491
    261,097       2.500       09/20/51     220,227
    486,840       2.500       11/20/51     412,459
    848,126       3.000       11/20/51     746,685
    282,754       2.500       12/20/51     239,554
    1,545,363       4.500       09/20/52     1,492,944
    4,000,000       2.500       TBA-30yr (f)    3,399,487
    3,000,000       3.500       TBA-30yr (f)    2,715,510
    3,000,000       2.000       TBA-30yr (f)    2,444,223
    1,000,000       4.500       TBA-30yr (f)    956,768
    6,000,000       5.000       TBA-30yr (f)    5,891,585
    3,000,000       5.500       TBA-30yr (f)    3,002,980
    6,000,000       6.000       TBA-30yr (f)    6,084,014
       

 

        37,872,174

 

Uniform Mortgage-Backed Security – 36.7%

    2,342       4.500       02/01/39     2,336
    1,491       4.500       04/01/39     1,477
    2,853       4.500       08/01/39     2,828
    37,963       4.500       12/01/39     37,640
    34,698       4.500       06/01/40     34,583
    14,677       4.500       08/01/41     14,525
    26,166       3.000       12/01/42     24,147
    63,165       3.000       01/01/43     58,057
    16,739       3.000       02/01/43     15,399
    5,883       3.000       03/01/43     5,449
    106,491       3.000       04/01/43     97,468

 

 


GOLDMAN SACHS BOND 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)

$

    16,482       3.000     05/01/43     $      14,985
    24,870       3.000       06/01/43     22,636
    7,500       3.000       07/01/43     6,846
    9,709       5.000       06/01/44     9,792
    11,584       3.500       03/01/45     10,716
    764,169       4.500       04/01/45     752,734
    248,167       3.000       04/01/45     221,891
    92,817       4.500       05/01/45     91,371
    355,126       4.500       06/01/45     350,082
    153,008       4.000       11/01/45     145,732
    54,664       4.000       03/01/46     52,016
    28,375       4.000       06/01/46     26,979
    8,570       4.000       08/01/46     8,148
    68,910       4.000       10/01/46     65,521
    49,850       4.000       06/01/47     47,393
    265,505       4.500       07/01/47     259,043
    127,178       4.500       11/01/47     124,003
    158,137       4.000       12/01/47     150,539
    449,698       4.000       01/01/48     427,531
    474,851       4.000       02/01/48     451,444
    333,492       4.000       03/01/48     317,053
    406,862       4.500       05/01/48     395,180
    461,172       4.000       06/01/48     438,008
    228,704       4.500       09/01/48     223,424
    942,970       5.000       11/01/48     943,848
    78,016       4.500       06/01/49     75,723
    1,458,255       3.000       09/01/49     1,289,318
    27,675       4.500       10/01/49     26,811
    737,780       4.500       01/01/50     716,116
    1,777,678       4.000       03/01/50     1,678,385
    4,098,403       4.500       03/01/50     3,984,980
    766,632       2.500       09/01/50     648,574
    5,185,694       2.000       10/01/50     4,143,327
    5,884,041       3.000       10/01/50     5,182,869
    1,825,328       3.000       11/01/50     1,607,020
    5,184,004       2.000       11/01/50     4,140,169
    2,151,775       3.000       12/01/50     1,895,769
    2,513,401       2.500       02/01/51     2,100,889
    2,826,733       2.000       03/01/51     2,263,000
    501,546       2.000       04/01/51     399,648
    9,691,366       2.000       05/01/51     7,724,572
    3,917,083       2.500       05/01/51     3,297,810
    886,277       2.500       08/01/51     747,856
    5,172,030       2.500       09/01/51     4,346,268
    2,689,182       6.000       11/01/52     2,762,922
    472,089       6.000       12/01/52     486,215
    2,522,116       4.500       05/01/53     2,445,165
    2,272,913       6.500       09/01/53     2,357,800
    813,051       6.500       12/01/53     849,514
    2,668,693       6.500       06/01/54     2,794,423
    3,000,000       2.500       TBA-30yr (f)    2,487,069
    7,000,000       3.500       TBA-30yr (f)    6,300,274
    2,000,000       4.000       TBA-30yr (f)    1,859,147
    38,000,000       5.500       TBA-30yr (f)    37,985,138
    10,000,000       6.000       TBA-30yr (f)    10,161,331

 

Principal

Amount

    Interest
Rate
    Maturity
Date
    Value
Mortgage-Backed Obligations – (continued)

Uniform Mortgage-Backed Security – (continued)

$

    4,000,000       6.500     TBA-30yr (f)    $  4,128,750
       

 

        126,737,676

 

TOTAL FEDERAL AGENCIES

 

  $166,154,215

 

TOTAL MORTGAGE-BACKED OBLIGATIONS
(Cost $221,678,075)

 

  $219,247,083

 

       
Corporate Obligations – 32.9%

Aerospace & Defense(c) – 1.2%

Boeing Co.

$

    1,400,000       3.450     11/01/28     $  1,349,642
    145,000       2.950       02/01/30     134,459
    1,211,000       5.150       05/01/30     1,233,258
    457,000       6.528       05/01/34     496,969
    25,000       3.500       03/01/39     19,486
    15,000       3.375       06/15/46     10,218
    386,000       6.858       05/01/54     422,759

RTX Corp.

    385,000       6.100       03/15/34     416,073
       

 

        4,082,864

 

Agriculture(c) – 0.8%

BAT Capital Corp.

    2,525,000       6.000       02/20/34     2,660,896

 

Automotive(c) – 0.4%

Ford Motor Credit Co. LLC

    500,000       5.850       05/17/27     503,935

General Motors Financial Co., Inc.

    300,000       4.300       07/13/25     299,748
    500,000       2.350       01/08/31     432,895
       

 

        1,236,578

 

Banks – 7.9%

Banco do Brasil SA(b)(c) (10 yr. CMT + 4.398%)

    200,000       8.748       10/15/25     201,470

Banco Mercantil del Norte SA(b)(c)(d) (5 yr. CMT + 4.643%)

    260,000       5.875       01/24/27     253,825

Banco Santander SA

    600,000       4.250       04/11/27     598,494
    200,000       2.749       12/03/30     178,148
    600,000       6.921       08/08/33     650,016

Bank of America Corp. (3 mo. USD Term SOFR + 1.252%)

    75,000       2.496 (b)(c)      02/13/31     68,516

(3 mo. USD Term SOFR + 1.572%)

    750,000       4.271 (b)(c)      07/23/29     747,922

(3 mo. USD Term SOFR + 1.837%)

    525,000       3.824 (b)(c)      01/20/28     520,522

(5 yr. CMT + 1.200%)

    475,000       2.482 (b)(c)      09/21/36     402,615

 

 


GOLDMAN SACHS 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 + 1.220%)

$

    550,000       2.651 %(b)(c)    03/11/32   $    493,256

(Secured Overnight Financing Rate + 1.530%)

    600,000       1.898 (b)(c)    07/23/31   526,980

(Secured Overnight Financing Rate + 1.630%)

    1,600,000       5.202 (b)(c)    04/25/29   1,635,136

(Secured Overnight Financing Rate + 1.830%)

    275,000       4.571 (b)(c)    04/27/33   270,452

(Secured Overnight Financing Rate + 2.040%)

    550,000       4.948 (b)(c)    07/22/28   556,297

Barclays PLC (b)(c) (1 yr. CMT + 3.050%)

    875,000       7.325     11/02/26   882,271

BNP Paribas SA(b)(c)(d) (Secured Overnight Financing Rate + 1.004%)

    725,000       1.323     01/13/27   712,479

BPCE SA(d)

    525,000       4.625     09/12/28   525,184

Citigroup, Inc.

    125,000       4.300     11/20/26   124,794

(Secured Overnight Financing Rate + 1.422%)

    550,000       2.976 (b)(c)    11/05/30   514,453

(Secured Overnight Financing Rate + 1.830%)

    355,000       6.020 (b)(c)    01/24/36   364,493

(Secured Overnight Financing Rate + 2.086%)

    800,000       4.910 (b)(c)    05/24/33   798,112

Deutsche Bank AG(b)(c) (Secured Overnight Financing Rate + 1.870%)

    450,000       2.129     11/24/26   445,460

First Horizon Corp.(b)(c) (Secured Overnight Financing Rate + 1.766%)

    330,000       5.514     03/07/31   334,759

ING Groep NV(b)(c)(d) (1 yr. CMT + 1.100%)

    950,000       1.400     07/01/26   950,000

JPMorgan Chase & Co.

    425,000       3.625 (c)    12/01/27   419,229

(3 mo. USD Term SOFR + 1.507%)

    475,000       3.960 (b)(c)    01/29/27   473,670

(3 mo. USD Term SOFR + 2.515%)

    200,000       2.956 (b)(c)    05/13/31   184,874

(Secured Overnight Financing Rate + 1.680%)

    840,000       5.572 (b)(c)    04/22/36   871,374

M&T Bank Corp.(b)(c) (Secured Overnight Financing Rate + 2.260%)

    650,000       6.082     03/13/32   686,094

Macquarie Group Ltd.(b)(c)(d) (Secured Overnight Financing Rate +1.069%)

    450,000       1.340     01/12/27   442,449

Morgan Stanley

    174,000       3.950     04/23/27   172,893

(3 mo. USD Term SOFR + 1.890%)

    200,000       4.431 (b)(c)    01/23/30   199,542

(Secured Overnight Financing Rate + 1.034%)

    750,000       1.794 (b)(c)    02/13/32   641,490

(Secured Overnight Financing Rate + 1.143%)

    725,000       2.699 (b)(c)    01/22/31   668,203

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Banks – (continued)

(Secured Overnight Financing Rate + 1.290%)

$

    141,000       2.943 %(b)(c)    01/21/33   $    125,834

(Secured Overnight Financing Rate + 1.590%)

    1,395,000       5.164 (b)(c)    04/20/29   1,422,426

(Secured Overnight Financing Rate + 1.757%)

    310,000       5.664 (b)(c)    04/17/36   321,352

NatWest Group PLC(b)(c) (1 yr. CMT + 1.050%)

    200,000       5.115     05/23/31   203,382

Toronto-Dominion Bank

    625,000       4.456     06/08/32   613,287

Truist Financial Corp.(b)(c) (Secured Overnight Financing Rate + 2.050%)

    150,000       6.047     06/08/27   152,003

U.S. Bancorp(b)(c) (5 yr. CMT + 2.541%)

    650,000       3.700     01/15/27   624,728

UBS Group AG

    307,000       4.550     04/17/26   307,025
    2,025,000       4.282 (c)(d)    01/09/28   2,015,563

(5 yr. CMT + 4.758%)

    200,000       9.250 (b)(c)(d)    11/13/33   231,074

(Secured Overnight Financing Rate + 1.760%)

    510,000       5.580 (b)(c)(d)    05/09/36   522,067

(Secured Overnight Financing Rate + 5.020%)

    425,000       9.016 (b)(c)(d)    11/15/33   525,296

Wells Fargo & Co.

    675,000       3.000     10/23/26   663,437
    600,000       4.300     07/22/27   600,048
    75,000       4.150 (c)    01/24/29   74,765

(Secured Overnight Financing Rate + 1.980%)

    400,000       4.808 (b)(c)    07/25/28   403,304

(Secured Overnight Financing Rate + 2.100%)

    932,000       4.897 (b)(c)    07/25/33   931,897
       

 

        27,252,960

 

Beverages – 0.8%

Anheuser-Busch InBev Worldwide, Inc.

    50,000       8.200     01/15/39   63,780

Constellation Brands, Inc.

    500,000       3.600 (c)    02/15/28   491,210
    325,000       2.250 (c)    08/01/31   281,918

JDE Peet’s NV(c)(d)

    375,000       1.375     01/15/27   356,779

Keurig Dr. Pepper, Inc.

    575,000       4.597 (c)    05/25/28   579,583
    925,000       2.250 (c)    03/15/31   816,396
       

 

        2,589,666

 

Biotechnology(c) – 0.9%

Amgen, Inc.

    1,278,000       5.250     03/02/30   1,317,324
    800,000       5.250     03/02/33   819,344

CSL Finance PLC(d)

    100,000       3.850     04/27/27   99,250

Royalty Pharma PLC

    425,000       1.200     09/02/25   421,995

 

 


GOLDMAN SACHS BOND FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Biotechnology(c) – (continued)

$

    461,000       5.400   09/02/34   $    467,058
       

 

        3,124,971

 

Building Materials(c) – 0.6%

Builders FirstSource, Inc.(d)

    395,000       6.750     05/15/35   406,723

Carrier Global Corp.

    400,000       2.700     02/15/31   363,884
    764,000       5.900     03/15/34   813,408

Masco Corp.

    325,000       1.500     02/15/28   301,642

Smyrna Ready Mix Concrete LLC(d)

    260,000       8.875     11/15/31   272,769
       

 

        2,158,426

 

Chemicals(c) – 1.0%

Ashland Services BV

EUR

    650,000       2.000     01/30/28   740,378

Celanese U.S. Holdings LLC

$

    400,000       6.850     11/15/28   420,248

Huntsman International LLC

    350,000       4.500     05/01/29   331,859
    250,000       2.950     06/15/31   210,147

International Flavors & Fragrances, Inc.(d)

    170,000       1.832     10/15/27   160,113

OCP SA

    420,000       6.750 (d)    05/02/34   434,507
    360,000       7.500     05/02/54   358,729

Sherwin-Williams Co.

    500,000       3.450     06/01/27   493,245

SNF Group SACA(d)

    320,000       3.375     03/15/30   295,066
       

 

        3,444,292

 

Commercial Services – 0.6%

Ashtead Capital, Inc.(c)(d)

    301,000       5.800     04/15/34   308,396

Brink’s Co.(c)(d)

    70,000       6.500     06/15/29   72,138

CoStar Group, Inc.(c)(d)

    625,000       2.800     07/15/30   564,400

DP World Crescent Ltd.(d)

    560,000       5.500     05/08/35   563,500

Quanta Services, Inc.(c)

    406,000       5.250     08/09/34   410,892

Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.(c)(d)

    15,000       6.750     08/15/32   15,590
       

 

        1,934,916

 

Computers(c) – 0.3%

CACI International, Inc.(d)

    180,000       6.375     06/15/33   185,942

Dell International LLC/EMC Corp.

    268,000       6.020     06/15/26   270,570
    75,000       5.300     10/01/29   77,168

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Computers(c) – (continued)

$

    25,000       8.350   07/15/46   $     31,802

Hewlett Packard Enterprise Co.

    342,000       5.000     10/15/34   331,829

Seagate Data Storage Technology Pte. Ltd.(d)

    225,000       5.875     07/15/30   229,032
       

 

        1,126,343

 

Diversified Financial Services(c) – 1.7%

AerCap Ireland Capital DAC/AerCap Global Aviation Trust

    295,000       6.500     07/15/25   295,183
    675,000       3.000     10/29/28   643,174
    275,000       3.400     10/29/33   242,338

Air Lease Corp.

    225,000       3.375     07/01/25   225,000
    875,000       3.750     06/01/26   869,085

(5 yr. CMT + 2.560%)

    235,000       6.000 (b)    09/24/29   230,237

(5 yr. CMT + 3.149%)

    750,000       4.125 (b)    12/15/26   727,425

Aviation Capital Group LLC (d)

    375,000       1.950     01/30/26   369,082

Intercontinental Exchange, Inc.

    190,000       3.625     09/01/28   186,299

Jane Street Group/JSG Finance, Inc.(d)

    350,000       6.750     05/01/33   360,741

OneMain Finance Corp.

    260,000       7.500     05/15/31   271,671

Rocket Cos., Inc.

    295,000       6.125 (d)    08/01/30   300,626
    255,000       6.375 (d)    08/01/33   260,967

Stonex Escrow Issuer LLC(d)

    440,000       6.875     07/15/32   444,616

VFH Parent LLC/Valor Co-Issuer, Inc.(d)

    460,000       7.500     06/15/31   482,673
       

 

        5,909,117

 

Electrical(c) – 0.5%

Ameren Corp.

    125,000       3.500     01/15/31   118,103

NextEra Energy Capital Holdings, Inc.

    525,000       1.900     06/15/28   490,733

Pacific Gas & Electric Co.

    250,000       2.100     08/01/27   236,882
    125,000       3.300     08/01/40   89,589

Xcel Energy, Inc.

    900,000       3.350     12/01/26   887,076
       

 

        1,822,383

 

Electrical Components & Equipment(c)(d) – 0.0%

WESCO Distribution, Inc.

    60,000       6.375     03/15/33   62,000

 

Electronics(c) – 0.1%

Allegion U.S. Holding Co., Inc.

    256,000       5.600     05/29/34   262,902

 

 


GOLDMAN SACHS BOND FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Electronics(c) – (continued)

Atkore, Inc.(d)

$

    15,000       4.250   06/01/31   $     13,865
       

 

        276,767

 

Energy-Alternate Sources(c)(d) – 0.0%

Greenko Power II Ltd.

    159,500       4.300     12/13/28   149,750

 

Engineering & Construction(c) – 0.3%

MasTec, Inc.(d)

    610,000       4.500     08/15/28   601,814

Mexico City Airport Trust

    200,000       4.250     10/31/26   198,500
    250,000       3.875 (d)    04/30/28   242,375
       

 

        1,042,689

 

Entertainment(c) – 0.2%

Merlin Entertainments Group U.S. Holdings, Inc.(d)

    305,000       7.375     02/15/31   272,356

Warnermedia Holdings, Inc.

    450,000       4.054     03/15/29   366,547
    17,000       4.279     03/15/32   14,338
       

 

        653,241

 

Environmental(c) – 0.3%

Veralto Corp.

    980,000       5.450     09/18/33   1,010,556

Waste Management, Inc.

    27,000       4.950     07/03/31   27,725
       

 

        1,038,281

 

Food & Drug Retailing(c) – 1.8%

Campbell’s Co.

    380,000       5.400     03/21/34   385,890

J.M. Smucker Co.

    449,000       5.900     11/15/28   471,872
    725,000       6.200     11/15/33   778,367

Kroger Co.

    1,260,000       5.000     09/15/34   1,253,045

Mars, Inc.

    875,000       4.800 (d)    03/01/30   886,427
    775,000       5.000 (d)    03/01/32   785,362
    1,400,000       5.200 (d)    03/01/35   1,416,478

Sysco Corp.

    50,000       6.600     04/01/40   54,557
       

 

        6,031,998

 

Gas(c) – 0.0%

NiSource, Inc.

    100,000       3.600     05/01/30   96,052

 

Healthcare Providers & Services – 1.9%

Adventist Health System(c)

    235,000       5.757     12/01/34   235,283

Alcon Finance Corp.(c)(d)

    933,000       3.000     09/23/29   878,597

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Healthcare Providers & Services – (continued)

Baxter International, Inc.(c)

$

    179,000       1.915   02/01/27   $    172,366

Centene Corp.(c)

    59,000       4.250     12/15/27   58,124

CommonSpirit Health

    635,000       3.910 (c)    10/01/50   470,143
    610,000       6.461 (c)    11/01/52   646,177

HCA, Inc.

    770,000       5.450 (c)    04/01/31   793,801
    685,000       5.900 (c)    06/01/53   661,594

Insulet Corp.(c)(d)

    45,000       6.500     04/01/33   46,926

Solventum Corp.

    700,000       5.400 (c)    03/01/29   720,923
    1,070,000       5.600 (c)    03/23/34   1,100,966

STERIS Irish FinCo UnLtd Co.(c)

    218,000       2.700     03/15/31   195,805

UnitedHealth Group, Inc.

    500,000       5.800     03/15/36   525,040
    75,000       3.050 (c)    05/15/41   55,100
       

 

        6,560,845

 

Insurance – 0.3%

Acrisure LLC/Acrisure Finance, Inc.(c)(d)

    280,000       6.750     07/01/32   283,945

American International Group, Inc.(c)

    250,000       3.400     06/30/30   237,868

Chubb Corp.

    342,000       6.800     11/15/31   381,330
       

 

        903,143

 

Internet(c) – 0.6%

Expedia Group, Inc.

    260,000       4.625     08/01/27   261,032
    200,000       3.250     02/15/30   188,858
    81,000       2.950     03/15/31   73,788

Prosus NV(d)

    200,000       3.832     02/08/51   127,850

Uber Technologies, Inc.(d)

    1,280,000       4.500     08/15/29   1,273,408
       

 

        1,924,936

 

Iron/Steel(c) – 0.2%

Cleveland-Cliffs, Inc.(d)

    395,000       7.000     03/15/32   372,623

Steel Dynamics, Inc.

    275,000       1.650     10/15/27   259,207

Vale Overseas Ltd.

    200,000       6.400     06/28/54   195,502
       

 

        827,332

 

Leisure Time(c)(d) – 0.3%

Carnival Corp.

    1,050,000       5.875     06/15/31   1,069,436

 

 


GOLDMAN SACHS BOND FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Lodging(c) – 0.7%

Choice Hotels International, Inc.

$

    262,000       5.850   08/01/34   $    264,154

Hyatt Hotels Corp.

    630,000       5.500     06/30/34   630,731

Las Vegas Sands Corp.

    230,000       5.625     06/15/28   234,427
    90,000       6.000     06/14/30   92,776

Marriott International, Inc.

    475,000       5.000     10/15/27   482,757
    221,000       4.875     05/15/29   224,173
    400,000       2.850     04/15/31   363,288

Sands China Ltd.

    200,000       5.400     08/08/28   200,930
       

 

        2,493,236

 

Machinery-Diversified(c) – 0.2%

AGCO Corp.

    210,000       5.800     03/21/34   213,140

Ingersoll Rand, Inc.

    177,000       5.314     06/15/31   183,319
    204,000       5.450     06/15/34   209,616
       

 

        606,075

 

Media(c) – 0.0%

Charter Communications Operating LLC/Charter Communications Operating Capital

    98,000       4.908     07/23/25   97,989

Comcast Corp.

    75,000       3.750     04/01/40   62,149
       

 

        160,138

 

Mining(c)(d) – 0.2%

Alumina Pty. Ltd.

    285,000       6.125     03/15/30   289,309
    240,000       6.375     09/15/32   244,563

Glencore Funding LLC

    250,000       2.625     09/23/31   219,660
       

 

        753,532

 

Miscellaneous Manufacturing – 0.1%

Axon Enterprise, Inc.

    55,000       6.125 (c)(d)    03/15/30   56,581
    55,000       6.250 (c)(d)    03/15/33   56,817

GE Capital International Funding Co. Unlimited Co.

    230,000       4.418     11/15/35   220,609

Hillenbrand, Inc.(c)

    169,000       6.250     02/15/29   172,125
       

 

        506,132

 

Oil Field Services – 0.7%

Ecopetrol SA

    90,000       8.625 (c)    01/19/29   95,074
    40,000       6.875 (c)    04/29/30   39,520
    90,000       7.750 (c)    02/01/32   88,313
    110,000       8.875 (c)    01/13/33   113,300

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Oil Field Services – (continued)

EQT Corp.

$

    109,000       3.900 %(c)    10/01/27   $    107,533
    610,000       3.625 (c)(d)    05/15/31   565,866

Occidental Petroleum Corp.

    278,000       7.875     09/15/31   312,277

Petronas Capital Ltd.

    200,000       4.950 (c)(d)    01/03/31   203,440
    200,000       5.340 (c)(d)    04/03/35   204,702

Raizen Fuels Finance SA(c)(d)

    460,000       6.700     02/25/37   450,513

Saudi Arabian Oil Co.(c)(d)

    200,000       5.750     07/17/54   186,260

Sunoco LP(c)(d)

    165,000       6.250     07/01/33   167,724
       

 

        2,534,522

 

Packaging(c) – 0.2%

Berry Global, Inc.

    375,000       1.570     01/15/26   367,883

Crown Americas LLC(d)

    370,000       5.875     06/01/33   372,564
       

 

        740,447

 

Pharmaceuticals(c) – 1.1%

Cardinal Health, Inc.

    247,000       5.125     02/15/29   253,175
    600,000       5.350     11/15/34   611,478

Cigna Group

    184,000       2.400     03/15/30   167,863
    550,000       5.125     05/15/31   565,840

CVS Health Corp.

    1,388,000       4.780     03/25/38   1,273,421

Opal Bidco SAS(d)

    665,000       6.500     03/31/32   677,821

PRA Health Sciences, Inc.(d)

    200,000       2.875     07/15/26   195,208
       

 

        3,744,806

 

Pipelines – 1.0%

Cheniere Energy Partners LP(c)

    230,000       5.950     06/30/33   240,003

DCP Midstream Operating LP(c)

    455,000       3.250     02/15/32   401,669

Energy Transfer LP

    725,000       5.500 (c)    06/01/27   738,115
    550,000       5.250 (c)    04/15/29   563,172
    75,000       5.400 (c)    10/01/47   66,871

Galaxy Pipeline Assets Bidco Ltd.(d)

    200,000       2.625     03/31/36   169,500

Global Partners LP/GLP Finance Corp.(c)(d)

    135,000       8.250     01/15/32   142,039

Kinder Morgan, Inc.

    500       7.750     01/15/32   577

MPLX LP(c)

    225,000       4.800     02/15/29   227,099

 

 


GOLDMAN SACHS BOND FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Pipelines – (continued)

Targa Resources Corp.(c)

$

    235,000       4.200   02/01/33   $    220,200

Venture Global LNG, Inc.(c)(d)

    270,000       8.375     06/01/31   280,514

Williams Cos., Inc.(c)

    425,000       5.650     03/15/33   441,673
       

 

        3,491,432

 

Real Estate Investment Trust(c) – 1.1%

Alexandria Real Estate Equities, Inc.

    350,000       3.375     08/15/31   323,537

American Homes 4 Rent LP

    180,000       2.375     07/15/31   156,670

CubeSmart LP

    90,000       2.500     02/15/32   77,400

Host Hotels & Resorts LP

    224,000       2.900     12/15/31   196,327

Invitation Homes Operating Partnership LP

    300,000       2.300     11/15/28   280,830

Kilroy Realty LP

    397,000       4.750     12/15/28   394,015

NNN REIT, Inc.

    400,000       4.000     11/15/25   398,812

Regency Centers LP

    700,000       2.950     09/15/29   662,081

RHP Hotel Properties LP/RHP Finance Corp.(d)

    110,000       6.500     06/15/33   113,252

UDR, Inc.

    150,000       2.100     08/01/32   124,191

VICI Properties LP/VICI Note Co., Inc.(d)

    590,000       3.750     02/15/27   580,595

WP Carey, Inc.

    425,000       3.850     07/15/29   413,720
       

 

        3,721,430

 

Retailing(c) – 0.7%

1011778 BC ULC/New Red Finance, Inc.(d)

    185,000       6.125     06/15/29   190,065

Arko Corp.(d)

    255,000       5.125     11/15/29   215,105

AutoNation, Inc.

    317,000       4.500     10/01/25   316,449
    450,000       4.750     06/01/30   447,746

LCM Investments Holdings II LLC(d)

    265,000       8.250     08/01/31   281,536

Lowe’s Cos., Inc.

    425,000       1.700     09/15/28   393,193

QXO Building Products, Inc.(d)

    440,000       6.750     04/30/32   454,269
       

 

        2,298,363

 

Semiconductors(c) – 0.5%

Broadcom, Inc.

    490,000       2.600 (d)    02/15/33   419,219
    240,000       3.469 (d)    04/15/34   214,078

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Semiconductors(c) – (continued)

$

    651,000       3.137 %(d)    11/15/35   $    549,125

Intel Corp.

    159,000       5.150     02/21/34   158,480

NXP BV/NXP Funding LLC/NXP USA, Inc.

    275,000       3.400     05/01/30   260,356
       

 

        1,601,258

 

Software(c) – 1.4%

Fair Isaac Corp.(d)

    295,000       6.000     05/15/33   298,384

MSCI, Inc.(d)

    760,000       3.875     02/15/31   716,399

Oracle Corp.

    2,239,000       2.950     04/01/30   2,089,569
    490,000       2.875     03/25/31   446,738

Synopsys, Inc.

    329,000       5.000     04/01/32   333,191
    220,000       5.150     04/01/35   221,780

Take-Two Interactive Software, Inc.

    360,000       3.700     04/14/27   356,468

VMware LLC

    175,000       1.800     08/15/28   161,899

Workday, Inc.

    225,000       3.500     04/01/27   222,167
    150,000       3.800     04/01/32   140,999
       

 

        4,987,594

 

Telecommunication Services – 2.3%

AT&T, Inc.

    336,000       2.300 (c)    06/01/27   323,847
    100,000       1.650 (c)    02/01/28   93,840
    500,000       2.750 (c)    06/01/31   453,100
    175,000       4.900 (c)    08/15/37   167,697
    100,000       5.150 (c)    11/15/46   92,078

Rogers Communications, Inc.(c)

    1,215,000       3.200     03/15/27   1,191,368

T-Mobile USA, Inc.

    375,000       1.500 (c)    02/15/26   367,605
    1,000,000       3.750 (c)    04/15/27   989,910
    275,000       2.050 (c)    02/15/28   259,919
    520,000       2.875 (c)    02/15/31   473,517
    1,500,000       3.500 (c)    04/15/31   1,409,220
    350,000       5.200 (c)    01/15/33   355,569
    450,000       3.000 (c)    02/15/41   329,000

Verizon Communications, Inc.

    467,000       4.329     09/21/28   468,947
    975,000       2.550 (c)    03/21/31   874,624
       

 

    7,850,241

 

TOTAL CORPORATE OBLIGATIONS
(Cost $114,159,629)
  $113,469,088

 

 


GOLDMAN SACHS BOND FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Asset-Backed Securities(c) – 10.8%

Automotive – 0.8%

Exeter Automobile Receivables Trust Series 2025-1A, Class A2

$

    396,767       4.700   09/15/27   $    396,671

Exeter Automobile Receivables Trust Series 2025-1A, Class A3

    225,000       4.670     08/15/28   225,034

Hyundai Auto Lease Securitization Trust Series 2024-B, Class A3(d)

    1,100,000       5.410     05/17/27   1,108,579

Santander Drive Auto Receivables Trust Series 2025-1, Class A2

    239,646       4.760     08/16/27   239,713

Santander Drive Auto Receivables Trust Series 2025-1, Class A3

    750,000       4.740     01/16/29   752,756
       

 

        2,722,753

 

Collateralized Loan Obligations(d) – 6.4%

1988 CLO 4 Ltd. Series 2024-4A, Class B(b) (3 mo. USD Term SOFR + 2.100%)

    500,000       6.356     04/15/37   501,713

1988 CLO 6 Ltd. Series 2025-6A, Class E(b) (3 mo. USD Term SOFR + 4.900%)

    900,000       9.166     04/15/38   899,473

Apidos CLO LIII Ltd. Series 2025-53A, Class A1(b) (3 mo. USD Term SOFR + 1.320%)

    1,925,000       5.649     07/20/38   1,929,560

Balboa Bay Loan Funding Ltd. Series 2020-1A, Class A1RR(b) (3 mo. USD Term SOFR + 1.290%)

    875,000       5.560     10/20/35   875,018

CIFC Funding Ltd. Series 2023-3A, Class E(b) (3 mo. USD Term SOFR + 7.650%)

    500,000       11.920     01/20/37   507,282

CIFC Funding Ltd. Series 2023-3A, Class B(b) (3 mo. USD Term SOFR + 2.300%)

    400,000       6.570     01/20/37   402,036

CIFC Funding Ltd. Series 2019-4A, Class A1R2(b) (-1X 3 mo. USD Term SOFR + 1.300%)

    2,450,000       0.000     07/15/38   2,450,000

Crown City CLO IV Series 2022-4A, Class C1R(b) (3 mo. USD Term SOFR + 4.500%)

    650,000       8.770     04/20/37   654,365

CVC Cordatus Loan Fund XXXIV DAC Series 34A, Class B(b) (3 mo. EUR EURIBOR + 1.700%)

EUR

    800,000       3.977     04/20/38   932,048

HalseyPoint CLO 7 Ltd. Series 2023-7A, Class A1R(b) (3 mo. USD Term SOFR + 1.450%)

$

    2,500,000       5.773     07/20/38   2,500,000

JP Morgan Mortgage Trust Series 2023-HE3, Class A1(b) (1 mo. USD Term SOFR + 1.600%)

    170,959       5.902     05/20/54   171,790

Katayma CLO I Ltd. Series 2023-1A, Class B(b) (3 mo. USD Term SOFR + 2.650%)

    600,000       6.920     10/20/36   601,720

KKR CLO 57 Ltd. Series 2025-57A, Class A(b) (-1X 3 mo. USD Term SOFR + 1.400%)

    2,000,000       0.000     07/15/38   2,007,000

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Asset-Backed Securities(c) – (continued)

Collateralized Loan Obligations(d) – (continued)

Mountain View CLO LLC Series 2016-1A, Class AR2(b)
(3 mo. USD Term SOFR + 1.260%)

$

    1,195,656       5.502   04/14/33   $  1,196,735

Neuberger Berman Loan Advisers CLO 45Ltd. Series 2021-45A, Class AR(b) (3 mo. USD Term SOFR + 1.060%)

    460,000       5.302     10/14/36   460,451

OCP CLO Ltd. Series 2016-11A, Class AR3(b) (-1X 3 mo. USD Term SOFR + 1.300%)

    1,175,000       0.000     07/26/38   1,175,000

Octagon 67 Ltd. Series 2023-1A, Class AR(b) (3 mo. USD Term SOFR + 1.450%)

    1,700,000       5.773     07/25/38   1,707,264

OZLM XVII Ltd. Series 2017-17A, Class A1RR(b) (3 mo. USD Term SOFR + 1.150%)

    144,140       5.420     07/20/30   144,241

Southwick Park CLO LLC Series 2019-4A, Class A1R(b) (3 mo. USD Term SOFR + 1.322%)

    956,336       5.591     07/20/32   957,026

Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A

    89,022       5.750     12/20/50   89,881

TCW CLO Ltd. Series 2023-1A, Class A1R(b) (3 mo. USD Term SOFR + 1.380%)

    1,775,000       5.722     03/31/38   1,775,000
       

 

        21,937,603

 

Credit Card – 0.3%

American Express Credit Account Master Trust Series 2025-3, Class A

    1,050,000       4.510     04/15/32   1,064,083

 

Home Equity(b) – 0.3%

Citigroup Mortgage Loan Trust, Inc. Series 2005-HE4, Class M2 (1 mo. USD Term SOFR + 0.789%)

    122,544       5.109     10/25/35   120,549

Credit Suisse First Boston Mortgage Securities Corp. Series 2001-HE17, Class A1 (1 mo. USD Term SOFR + 0.734%)

    287       4.562     01/25/32   278

Home Equity Asset Trust Series 2002-1, Class A4 (1 mo. USD Term SOFR + 0.714%)

    257       5.034     11/25/32   239

Home Equity Loan Trust Series 2007-FRE1, Class 2AV3 (1 mo. USD Term SOFR + 0.344%)

    324,629       4.664     04/25/37   313,912

Morgan Stanley Mortgage Loan Trust Series 2007-7AX, Class 1A (1 mo. USD Term SOFR + 0.554%)

    2,343,062       4.874     04/25/37   565,916
       

 

        1,000,894

 

Student Loan(b) – 3.0%

AccessLex Institute Series 2004-1, Class A2 (3 mo. USD Term SOFR + 0.472%)

    195,304       4.813     09/26/33   192,935

 

 


GOLDMAN SACHS BOND FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Asset-Backed Securities(c) – (continued)

Student Loan(b) – (continued)

Diameter Capital CLO 4 Ltd. Series 2022-4A, Class A1R(d) (3 mo. USD Term SOFR + 1.830%)

$

    600,000       6.086   01/15/37   $    602,486

Flatiron CLO 20 Ltd. Series 2020-1A, Class AR(d) (3 mo. USD Term SOFR + 1.380%)

    1,100,000       5.702     05/20/36   1,101,538

Katayma CLO II Ltd. Series 2024-2A, Class B(d) (3 mo. USD Term SOFR + 2.150%)

    600,000       6.420     04/20/37   602,017

Marble Point CLO XIV Ltd. Series 2018-2A, Class A12R(d) (3 mo. USD Term SOFR + 1.200%)

    1,224,275       5.470     01/20/32   1,223,031

Navient Student Loan Trust Series 2017-2A, Class A(d) (1 mo. USD Term SOFR + 1.164%)

    1,984,653       5.470     12/27/66   1,983,720

OCP CLO Ltd. Series 2016-11A, Class A1R2(d) (3 mo. USD Term SOFR + 1.420%)

    1,175,000       5.703     04/26/36   1,175,000

Palmer Square Loan Funding Ltd. Series 2022-3A, Class A1BR(d) (3 mo. USD Term SOFR + 1.400%)

    1,000,000       5.656     04/15/31   1,000,003

PHEAA Student Loan Trust Series 2016-1A, Class A(d) (1 mo. USD Term SOFR + 1.264%)

    394,516       5.570     09/25/65   393,326

RRE 2 Loan Management DAC Series 2X, Class A2R (3 mo. EUR EURIBOR + 1.450%)

EUR

    1,500,000       3.729     07/15/35   1,757,390

Sycamore Tree CLO Ltd. Series 2023-2A, Class DR(d) (3 mo. USD Term SOFR + 4.500%)

$

    500,000       8.770     01/20/37   502,774
       

 

        10,534,220

 

TOTAL ASSET-BACKED SECURITIES
(Cost $37,345,252)
  $ 37,259,553

 

       
Municipal Debt Obligations – 1.0%

California – 0.3%

California State GO Bonds Build America Taxable Series 2009(c)

$

    210,000       7.550   04/01/39   $    251,681

East Bay Municipal Utility District Water System RB Build America Sub Series 2010

    900,000       5.874     06/01/40   946,614
       

 

        1,198,295

 

Illinois – 0.3%

Illinois State GO Bonds Build America Series 2010

    662,033       7.350     07/01/35       706,187

Illinois State GO Bonds Taxable-Pension Series 2003

    462,451       5.100     06/01/33   463,831
       

 

        1,170,018

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Municipal Debt Obligations – (continued)    

Maryland – 0.2%

Maryland Economic Development Corp. RB Taxable Series 2024

$

    145,000       5.018   11/30/33   $    147,343

Maryland Economic Development Corp. RB Taxable Series 2024 (Prince George’s County Public Schools Alternative Construction Financing, Package 2 Project)

    360,000       4.968     11/30/32   366,830
       

 

        514,173

 

New York – 0.1%

Metropolitan Transportation Authority Revenue Taxable Series 2020

    60,000       5.175     11/15/49   53,739

Port Authority of New York & New Jersey Consolidated Bonds - 192 Series 2015

    375,000       4.810     10/15/65   336,312
       

 

        390,051

 

Ohio – 0.1%

American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010

    230,000       6.270     02/15/50   236,441

 

TOTAL MUNICIPAL DEBT OBLIGATIONS
(Cost $3,624,927)
  $  3,508,978

 

       
Sovereign Debt Obligations – 1.0%

Euro – 0.2%

Ivory Coast Government International Bonds

EUR

    120,000       4.875   01/30/32   $    126,645
    130,000       6.625     03/22/48   119,368

Romania Government International Bonds

    10,000       2.875     03/11/29   11,276
    190,000       3.624 (d)    05/26/30   212,551
    70,000       3.375     01/28/50   49,721
    80,000       3.375 (d)    01/28/50   56,824
       

 

        576,385

 

Sovereign – 0.1%

Hungary Government International Bonds

$

    400,000       6.125     05/22/28   412,128

 

United States Dollar – 0.7%

Chile Government International Bonds (c)

    300,000       5.650     01/13/37   309,600

Dominican Republic International Bonds

    150,000       7.050 (c)    02/03/31   157,230
    150,000       6.600 (c)(d)    06/01/36   151,275

Ecuador Government International Bonds (d)(g)

    41,572       0.000     07/31/30   30,181

Ivory Coast Government International Bonds

    200,000       6.125     06/15/33   181,876

Mexico Government International Bonds

    624,000       3.771 (c)    05/24/61   367,536
    289,000       3.750 (c)    04/19/71   164,152

 

 


GOLDMAN SACHS BOND FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Sovereign Debt Obligations – (continued)

United States Dollar – (continued)

Panama Government International Bonds(c)

$

    200,000       4.500   01/19/63   $    128,375

Peru Government International Bonds

    20,000       2.780 (c)    12/01/60   10,740
    100,000       3.230 (c)(h)    07/28/21   53,700

Republic of Poland Government International Bonds

    290,000       5.125 (c)    09/18/34   290,580
    350,000       5.500 (c)    03/18/54   323,750

Romania Government International Bonds

    70,000       6.375     01/30/34   68,530

State of Israel

    200,000       3.800     05/13/60   129,800
       

 

        2,367,325

 

TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $3,890,572)
  $  3,355,838

 

       
Bank Loans(i) – 0.8%

Automotive – Parts – 0.2%

Adient U.S. LLC(1 mo. USD Term SOFR + 2.250%)

$

    666,563       6.577   01/31/31   $    667,502

 

Consumer Cyclical Services – 0.2%

IRB Holding Corp.(1 mo. USD Term SOFR + 2.500%)

    668,267       6.827     12/15/27   668,033

 

Diversified Manufacturing – 0.2%

Chart Industries, Inc.(3 mo. USD Term SOFR + 2.500%)

    654,307       6.788     03/15/30   654,922

 

Lodging – 0.2%

Travel & Leisure Co.(1 mo. USD Term SOFR + 2.500%)

    668,258       6.827     12/14/29   668,760

 

Restaurants – 0.0%

SeaWorld Parks & Entertainment, Inc.(1 mo. USD Term SOFR + 2.000%)

    246,264       6.327     12/04/31   245,649

 

TOTAL BANK LOANS
(Cost $2,916,894)
  $  2,904,866

 

       
U.S. Treasury Obligations – 6.2%

U.S. Treasury Bonds

$

    1,500,000       3.125   05/15/48   $  1,138,125
    1,450,000       3.375     11/15/48   1,147,086
    1,550,000       2.875     05/15/49   1,112,851
    15,000       4.250     08/15/54   13,702

U.S. Treasury Inflation-Indexed Bonds

    1,917,525       1.500     02/15/53   1,519,414

U.S. Treasury Notes

    1,920,000       1.250     05/31/28   1,791,150
    1,970,000       1.500     02/15/30   1,782,850
    2,600       3.500     04/30/30   2,567

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
U.S. Treasury Obligations – (continued)

U.S. Treasury Notes – (continued)

$

    6,380,000       3.875   06/30/30   $  6,404,922
    6,390,000       4.000     06/30/32   6,394,992

 

TOTAL U.S. TREASURY OBLIGATIONS
(Cost $21,390,207)
  $ 21,307,659

 

       
    Shares    

Dividend

Rate

  Value
Investment Company(j) – 6.2%

Goldman Sachs Financial Square Government Fund — Institutional Shares

    21,451,283       4.231%   $ 21,451,283
(Cost $21,451,283)  

 

TOTAL INVESTMENTS BEFORE
SHORT-TERM INVESTMENTS – 122.4%
(Cost $426,456,839)
  $422,504,348

 

       

Principal

Amount

   

Interest

Rate

   

Maturity

Date

  Value
Short-term Investments – 0.6%

Certificates of Deposit – 0.2%

National Bank of Kuwait

$

    835,000       4.630   08/28/25   $    835,260

 

Commercial Paper(d)(g) – 0.4%

Reckitt Benckiser Treasury Services PLC

    1,396,000       0.000     07/01/25   1,395,828

 

TOTAL SHORT-TERM INVESTMENTS
(Cost $2,231,013)
  $  2,231,088

 

TOTAL INVESTMENTS – 123.0%
(Cost $428,687,852)
  $424,735,436

 

LIABILITIES IN EXCESS OF
 OTHER ASSETS – (23.0)%
  (79,463,228)

 

NET ASSETS – 100.0%   $345,272,208

 

 

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)   Exempt from registration under Rule 144A of the Securities Act of 1933.
(e)   Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on June 30, 2025.
 


GOLDMAN SACHS BOND FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

(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 $87,416,276 which represents approximately 25.3% of net assets as of June 30, 2025.
(g)   Issued with a zero coupon. Income is recognized through the accretion of discount.
(h)  

Actual maturity date is July 28, 2121.

(i)   Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on June 30, 2025. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the Secured Overnight Financing Rate (“SOFR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.
(j)   Represents an affiliated issuer.
 

 

 

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
 

 

 

JPMorgan Securities, Inc.

    

AUD

         2,392,334        NZD          2,581,213          07/11/25        $ 855  
    

AUD

     746,839        USD      485,682          07/11/25          5,938  
    

AUD

     3,080,223        USD      1,994,444          07/24/25          33,792  
    

AUD

     3,210,100        USD      2,089,775          08/07/25          24,595  
    

AUD

     4,320,228        USD      2,819,981          08/25/25          26,671  
    

AUD

     7,528,604        USD      4,888,863          09/17/25          74,152  
    

AUD

     1,838,804        USD      1,193,408          12/17/25          21,055  
    

BRL

     532,875        USD      96,412          07/02/25          1,618  
    

BRL

     342,063        USD      59,521          09/17/25          2,215  
    

CAD

     928,708        USD      656,295          07/02/25          25,771  
    

CAD

     1,035,400        USD      758,342          07/11/25          2,452  
    

CAD

     7,094,259        USD      5,209,814          09/17/25          20,438  
    

CAD

     942,374        USD      692,814          09/25/25          2,223  
    

CHF

     986,818        EUR      1,054,291          07/11/25          2,655  
    

CHF

     1,701,869        USD      2,081,659          07/29/25          71,843  
    

CHF

     3,699,713        USD      4,556,183          09/17/25           152,759  
    

CLP

     203,917,200        USD      218,000          07/28/25          887  
    

CLP

     225,392,846        USD      237,341          09/17/25          4,554  
    

CNH

     13,087,747        USD      1,824,737          07/07/25          4,659  
    

CNH

     13,500,827        USD      1,881,626          07/09/25          5,824  
    

CNH

     22,335,051        USD      3,068,953          07/10/25          53,804  
    

CNH

     10,376,073        USD      1,449,812          07/11/25          1,031  
    

CNH

     24,256,555        USD      3,337,753          07/14/25          54,787  
    

CNH

     5,421,466        USD      756,818          07/23/25          2,001  
    

CNH

     13,166,490        USD      1,839,666          08/06/25          5,118  
    

CNH

     68,551,809        USD      9,603,300          09/17/25          33,809  
    

CNH

     973,149        USD      134,646          09/18/25          2,173  
    

CNH

     3,471,050        USD      486,462          09/22/25          1,717  


GOLDMAN SACHS 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
 

 

 

JPMorgan Securities, Inc. (continued)

    

COP

     444,664,637        USD      106,438          09/17/25        $ 1,228  
    

CZK

     123,319,247        USD      5,707,414          09/17/25            181,858  
    

CZK

     5,210,499        USD      240,790          12/17/25          8,764  
    

EUR

     4,447,161        GBP          3,795,013          07/11/25          33,023  
    

EUR

     1,062,418        PLN      4,504,734          07/11/25          2,962  
    

EUR

     1,933,956        SEK      21,420,597          07/11/25          14,041  
    

EUR

     1,712,253        USD      1,954,023          07/07/25          63,854  
    

EUR

     4,392,416        USD      5,044,591          07/16/25          135,320  
    

EUR

         1,286,033        USD      1,470,579          07/22/25          46,702  
    

EUR

     1,490,690        USD      1,708,322          07/23/25          50,547  
    

EUR

     3,651,944        USD      4,241,425          07/28/25          69,125  
    

EUR

     1,662,999        USD      1,953,192          08/04/25          10,515  
    

EUR

     353,252        USD      414,541          08/11/25          2,774  
    

EUR

     1,722,709        USD      1,942,010          08/19/25          94,158  
    

EUR

     1,723,401        USD      1,963,798          08/20/25          73,318  
    

EUR

     8,761,843        USD      10,067,794          09/17/25          307,068  
    

EUR

     921,071        USD      1,049,094          09/18/25          41,614  
    

EUR

     997,038        USD      1,098,037          09/19/25          82,704  
    

EUR

     9,657,038        USD      11,372,804          09/23/25          66,513  
    

EUR

     882,860        USD      1,032,153          12/17/25          19,221  
    

GBP

     1,472,104        USD      1,978,508          07/21/25          42,379  
    

GBP

     291,434        USD      394,619          08/28/25          5,565  
    

GBP

     3,658,844        USD      4,950,090          09/17/25          74,753  
    

GBP

     283,761        USD      383,329          12/17/25          6,519  
    

HUF

     346,963,099        USD      978,516          09/17/25          39,962  
    

ILS

     7,859,242        USD      2,226,232          09/17/25          109,416  
    

ILS

     1,100,413        USD      299,959          09/18/25          27,074  
    

INR

     103,251,053        USD      1,199,181          07/03/25          4,953  
    

INR

     113,622,347        USD      1,318,377          07/07/25          6,974  
    

INR

     103,116,226        USD      1,190,538          07/09/25          12,142  
    

INR

     51,299,704        USD      596,647          07/28/25          1,103  
    

INR

     29,045,581        USD      337,269          08/14/25          919  
    

INR

     164,004,193        USD          1,903,582          09/17/25          2,981  
    

JPY

     129,255,322        USD      901,362          08/05/25          20  
    

JPY

     183,836,878        USD      1,280,197          09/17/25          7,727  
    

JPY

     86,407,051        USD      607,897          12/17/25          3,491  
    

KRW

     655,591,759        USD      481,814          07/02/25          3,651  
    

KRW

     329,125,392        USD      240,000          07/07/25          3,337  
    

KRW

     182,486,107        USD      133,865          07/09/25          1,074  
    

KRW

     321,257,243        USD      237,431          07/11/25          156  
    

KRW

     339,769,465        USD      251,103          07/16/25          264  
    

KRW

     294,836,986        USD      216,967          07/28/25          1,343  
    

KRW

     4,739,213,822        USD      3,505,878          09/17/25          13,820  
    

KRW

     203,466,410        USD      147,313          09/18/25          3,806  
    

KRW

     304,843,218        USD      227,443          12/17/25          180  
    

MXN

     14,121,701        USD      727,923          07/17/25          23,235  
    

MXN

     23,890,850        USD      1,252,114          08/12/25          15,182  
    

MXN

     28,049,308        USD      1,457,396          09/17/25          25,021  
    

NOK

     11,148,968        USD      1,103,502          09/17/25          3,146  
    

NZD

     1,015,998        AUD      941,000          07/11/25          93  
    

NZD

     5,045,978        USD      3,039,561          07/07/25          36,865  
    

NZD

     1,157,057        USD      697,148          07/11/25          8,389  
    

NZD

     4,569,616        USD      2,746,080          07/14/25          40,631  
    

NZD

     2,258,668        USD      1,358,589          07/17/25          18,977  
    

NZD

     5,929,456        USD      3,565,580          07/28/25          52,261  


GOLDMAN SACHS 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
 

 

 

JPMorgan Securities, Inc. (continued)

    

NZD

         4,880,264          USD        2,911,061          07/30/25        $    66,836  
    

NZD

     823,564          USD        496,188          07/31/25          6,345  
    

NZD

     3,356,437          USD        2,010,506          08/04/25          37,841  
    

NZD

     8,084,337          USD        4,839,650          08/06/25          94,346  
    

NZD

     8,798,444          USD        5,311,509          09/17/25          65,728  
    

PLN

     5,616,948          EUR        1,318,993          07/11/25          3,067  
    

PLN

     12,188,599          USD        3,275,379          09/17/25          99,980  
    

SEK

     20,883,366          USD        2,194,681          09/17/25          24,065  
    

SEK

     53,069,545          USD        5,595,040          09/18/25          43,684  
    

SGD

     1,589,289          USD        1,243,944          07/11/25          7,043  
    

SGD

     4,745,105          USD        3,719,603          09/17/25          33,663  
    

TRY

     17,077,690          USD        394,002          09/17/25          5,994  
    

TWD

     12,781,300          USD        434,000          07/25/25          7,773  
    

TWD

     18,846,681          USD        644,502          09/17/25          15,234  
    

TWD

     4,028,407          USD        139,720          12/17/25          3,800  
    

USD

     246,220          CAD        331,812          12/17/25          541  
    

USD

     846,296          CNH        6,016,848          09/17/25          440  
    

USD

     86,637          GBP        62,948          12/17/25          156  
    

USD

     595,456          INR        50,936,330          07/09/25          1,368  
    

USD

     425,380          INR        36,433,116          08/01/25          919  
    

USD

     173,775          INR        14,936,681          09/17/25          135  
    

USD

     486,650          INR        42,005,681          12/17/25          717  
    

USD

     916,727          JPY          130,499,177          09/11/25          3,085  
    

USD

     114,734          JPY        16,369,547          09/17/25          52  
    

USD

     160,816          JPY        22,710,868          09/18/25          1,691  
    

USD

     394,550          JPY        55,623,264          12/17/25          978  
    

USD

     155,378          KRW        209,634,250          07/09/25          365  
    

USD

     251,402          KRW        339,769,465          07/16/25          35  
    

USD

     451,118          KRW        603,489,818          12/17/25          499  
    

USD

     1,537,784          NOK        15,189,526          08/15/25          30,374  
    

USD

     1,024,265          SEK        9,614,272          09/17/25          2,800  
    

USD

     238,374          TWD        6,854,311          07/25/25          1,461  
    

ZAR

     9,652,924          USD        540,451          09/17/25          1,682  

 

 

TOTAL

                          $ 3,104,811  

 

 

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

 

Counterparty     

Currency

Purchased

      

Currency

Sold

       Settlement
Date
       Unrealized
Loss
 

 

 

JPMorgan Securities, Inc.

    

AUD

     1,822,234        NZD      1,968,836          07/11/25        $ (1,014
    

CAD

     1,371,106        USD      1,015,036          09/17/25          (4,187
    

EUR

     862,042        CHF      807,008          07/11/25          (2,342
    

EUR

     532,052        SEK      5,933,463          07/11/25          (413
    

GBP

     1,768,129        EUR      2,071,624          07/11/25            (14,977
    

GBP

     284,732        EUR      333,724          09/17/25          (4,128
    

GBP

     62,967        USD      86,637          09/17/25          (162
    

INR

     54,253,110        USD      632,985          07/03/25          (274
    

INR

     102,385,071        USD      1,195,456          07/14/25          (1,606
    

INR

     40,291,513        USD      470,462          07/16/25          (695
    

INR

     103,903,782        USD           1,211,000          07/31/25          (423
    

INR

     6,784,074        USD      79,532          08/14/25          (543
    

INR

       284,658,511        USD      3,316,071          09/17/25          (6,889
    

JPY

     280,803,847        USD      2,002,255          08/05/25          (44,028


GOLDMAN SACHS 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
 

 

 

JPMorgan Securities, Inc. (continued)

    

JPY

     96,673,823        USD      679,112          09/11/25        $ (2,285
    

JPY

     390,278,730        USD      2,741,418          09/17/25          (7,203
    

JPY

     27,052,368        USD      192,067          09/18/25          (2,522
    

JPY

     16,211,868        USD      114,734          12/17/25          (24
    

KRW

     552,344,197        USD      409,305          07/09/25          (874
    

KRW

     161,941,200        USD      120,000          07/16/25          (193
    

KRW

     846,050,047        USD      628,623          09/17/25          (282
    

NOK

     15,813,511        USD      1,600,956          08/15/25          (31,622
    

NOK

     14,544,711        USD          1,453,972          09/17/25            (10,262
    

NZD

     2,621,395        AUD      2,433,283          07/11/25          (3,310
    

PLN

     3,176,289        EUR      748,456          07/11/25          (1,317
    

SEK

         5,712,798        EUR      516,416          07/11/25          (4,495
    

SEK

     356,857        EUR      32,521          07/14/25          (591
    

TWD

     6,854,311        USD      237,123          07/07/25          (1,612
    

TWD

     5,091,627        USD      178,278          07/31/25          (2,000
    

TWD

     5,501,651        USD      192,399          08/01/25          (1,878
    

USD

     1,353,562        AUD      2,073,342          07/11/25          (11,253
    

USD

     1,914,045        AUD      2,966,653          07/24/25          (39,409
    

USD

     2,600,674        AUD      3,984,248          08/25/25          (24,597
    

USD

     6,916,012        AUD      10,630,248          09/17/25          (91,671
    

USD

     93,569        BRL      532,875          07/02/25          (4,462
    

USD

     95,693        BRL      532,875          08/04/25          (1,533
    

USD

     214,909        BRL      1,208,380          09/17/25          (3,179
    

USD

     728,273        CAD      1,030,563          07/02/25          (28,597
    

USD

     1,978,615        CAD      2,708,987          07/11/25          (11,903
    

USD

     3,205,301        CAD      4,405,094          09/17/25          (42,361
    

USD

     757,649        CAD      1,030,563          09/25/25          (2,431
    

USD

     244,560        CAD      332,916          12/17/25          (1,936
    

USD

     2,066,729        CHF      1,689,663          07/29/25          (71,328
    

USD

     5,065,161        CHF      4,138,406          09/17/25          (202,144
    

USD

     742,757        CHF      594,174          12/17/25          (22,129
    

USD

     170,423        CLP      159,536,629          09/17/25          (793
    

USD

     1,824,590        CNH      13,083,594          07/07/25          (4,225
    

USD

     1,910,521        CNH      13,701,383          07/09/25          (4,966
    

USD

     1,949,476        CNH      14,146,347          07/10/25          (28,384
    

USD

     1,786,203        CNH      12,789,243          07/11/25          (2,065
    

USD

     3,712,277        CNH      27,129,992          07/14/25          (82,145
    

USD

     694,945        CNH      5,059,897          07/23/25          (13,266
    

USD

     5,615,815        CNH      40,106,358          09/17/25          (22,390
    

USD

     136,254        CNH      973,663          09/18/25          (637
    

USD

     694,945        CNH      5,038,354          09/22/25          (13,664
    

USD

     1,164,620        CNH      8,241,167          12/17/25          (1,605
    

USD

     48,279        COP      201,231,775          09/17/25          (445
    

USD

     2,771,880        CZK      59,833,070          09/17/25          (85,527
    

USD

     866,774        CZK      18,699,115          12/17/25          (28,809
    

USD

     6,874,882        EUR      5,912,763          07/07/25          (93,266
    

USD

     2,086,171        EUR      1,783,075          07/11/25          (15,798
    

USD

     2,184,719        EUR      1,883,395          07/16/25          (36,340
    

USD

     664,290        EUR      572,269          07/22/25          (10,881
    

USD

     525,855        EUR      448,682          07/23/25          (3,546
    

USD

     747,667        EUR      636,854          07/28/25          (4,040
    

USD

     1,118,018        EUR      974,817          08/19/25          (34,174
    

USD

     13,300,013        EUR      11,573,933          09/17/25          (404,633
    

USD

     1,400,248        EUR      1,262,976          09/19/25          (95,429
    

USD

     15,603,074        EUR      13,249,106          09/23/25          (91,254


GOLDMAN SACHS 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
 

 

 

JPMorgan Securities, Inc. (continued)

    

USD

     859,009          EUR        728,638          12/17/25        $ (8,706
    

USD

     1,951,966          GBP            1,434,514          07/21/25          (17,318
    

USD

     1,142,127          GBP        842,046          08/28/25          (14,130
    

USD

     5,403,849          GBP        4,041,744          09/17/25          (146,851
    

USD

     58,845          GBP        43,161          12/17/25          (452
    

USD

     1,280,859          HUF        450,211,258          09/17/25          (40,693
    

USD

     1,782,577          ILS        6,203,122          09/17/25          (60,896
    

USD

     313,328          ILS        1,100,307          09/18/25          (13,673
    

USD

     741,364          ILS        2,630,849          12/17/25          (41,921
    

USD

     1,826,590          INR        157,389,707          07/03/25          (8,920
    

USD

     1,319,528          INR        113,406,834          07/07/25          (3,309
    

USD

     604,000          INR        51,890,848          07/09/25          (1,221
    

USD

     128,580          INR        11,029,385          07/11/25          (46
    

USD

         1,517,713          INR        130,904,798          07/16/25          (8,533
    

USD

     241,000          INR        20,896,001          07/25/25          (2,520
    

USD

     3,569,054          INR        309,766,276          09/17/25            (32,007
    

USD

     2,678,117          JPY        402,326,505          08/05/25          (127,569
    

USD

     2,363,096          JPY        340,862,184          09/17/25          (24,916
    

USD

     380,247          JPY        54,701,493          09/18/25          (3,023
    

USD

     176,657          JPY        25,047,410          12/17/25          (571
    

USD

     481,114          KRW        655,591,759          07/02/25          (4,351
    

USD

     238,596          KRW        326,278,175          07/07/25          (2,636
    

USD

     385,994          KRW        525,810,191          07/09/25          (2,816
    

USD

     237,160          KRW        322,477,254          07/11/25          (1,330
    

USD

     457,336          KRW        623,052,299          07/14/25          (3,542
    

USD

     1,746,059          KRW        2,420,225,793          09/17/25          (51,383
    

USD

     660,239          KRW        932,179,815          09/18/25          (32,111
    

USD

     586,757          KRW        789,757,444          12/17/25          (2,946
    

USD

     714,244          MXN        13,646,967          07/17/25          (11,662
    

USD

     1,957,339          MXN        37,815,523          09/17/25          (41,227
    

USD

     1,134,183          NOK        11,457,556          09/17/25          (3,095
    

USD

     374,497          NOK        3,779,662          12/17/25          (811
    

USD

     1,457,245          NZD        2,411,060          07/07/25          (12,729
    

USD

     2,108,711          NZD        3,479,445          07/11/25          (12,943
    

USD

     2,839,698          NZD        4,743,899          07/14/25          (53,297
    

USD

     2,457,099          NZD        4,165,987          07/17/25          (83,744
    

USD

     4,744,550          NZD        7,999,578          07/28/25          (136,370
    

USD

     767,020          NZD        1,272,799          07/31/25          (9,631
    

USD

     2,962,197          NZD        5,018,971          08/04/25          (100,752
    

USD

     6,834,799          NZD        11,275,755          09/17/25          (56,467
    

USD

     284,295          NZD        466,116          12/17/25          (1,348
    

USD

     4,964,116          PLN        18,478,862          09/17/25          (153,190
    

USD

     1,736,587          SEK        16,631,570          09/17/25          (30,428
    

USD

     5,518,999          SEK        52,348,287          09/18/25          (43,090
    

USD

     1,505,798          SGD        1,916,823          07/11/25          (3,002
    

USD

     333,829          SGD        426,416          09/17/25          (3,456
    

USD

     402,850          TRY        17,458,401          09/17/25          (6,062
    

USD

     230,204          TWD        6,854,311          07/07/25          (5,307
    

USD

     461,073          TWD        13,503,673          07/28/25          (6,132
    

USD

     1,162,281          TWD        33,908,427          09/17/25          (24,699
    

USD

     227,643          ZAR        4,095,279          07/18/25          (3,342
    

USD

     1,066,804          ZAR        19,040,250          09/17/25          (2,546

 

 

TOTAL

                          $ (3,253,086

 

 


GOLDMAN SACHS BOND FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

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        $ (2,000,000)        $ (1,767,318)  

Uniform Mortgage-Backed Security

       2.000        TBA - 30yr          07/15/25          (3,000,000)          (2,373,749)  

Uniform Mortgage-Backed Security

       3.000        TBA - 30yr          07/15/25          (6,000,000)          (5,188,128)  

Uniform Mortgage-Backed Security

       4.500        TBA - 30yr          07/15/25          (25,000,000)          (23,904,295)  

Uniform Mortgage-Backed Security

       5.000        TBA - 30yr          07/15/25          (26,000,000)          (25,477,962)  

 

 

(PROCEEDS RECEIVED: $(57,902,266))

                       $ (58,711,452)  

 

 

 

(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

     134       09/19/25      $ 15,024,750      $ 158,917  

2 Year U.S. Treasury Notes

      95       09/30/25        19,762,227        38,008  

20 Year U.S. Treasury Bonds

     161       09/19/25        18,590,469        582,855  

5 Year U.S. Treasury Notes

     343       09/30/25        37,387,000        388,518  

ICE 3M Sonia Bonds

      86       03/17/26        28,445,110        39,907  

Ultra Long U.S. Treasury Bonds

     175       09/19/25        20,846,875        757,465  

 

 

Total

                  $ 1,965,670  

 

 

Short position contracts:

                 

30 Year German Euro-Buxl

     (1)      09/08/25        (139,870      1,812  

French 10 Year Government Bonds

     (1)      09/08/25        (145,877      894  

 

 

Total

                  $ 2,706  

 

 

TOTAL FUTURES CONTRACTS

                  $ 1,968,376  

 

 

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)
 

 

 

12M EURO(a)

      1.892%(a)   09/17/25   EUR  204,430 (b)     $ (7,851   $ (7   $ (7,844

1M BID Average(a)

   13.750(a)   01/04/27   BRL  21,120       (12,757     (24,812     12,055  

13.750%(c)

   1M BID Average(c)   01/04/27     24,720       14,932       14,160       772  

12M SOFR(a)

    3.620(a)   06/30/27   $ 21,810 (b)      86,658       (12,485     99,143  

Mexico Interbank TIIE 28 Days(d)

    8.250(d)   09/15/27   MXN  10,310 (b)      8,294       6,964       1,330  

1M CNRR(e)

    1.500(e)   09/17/27   CNY  33,890 (b)      4,163       (2,828     6,991  

6M EURO(f)

    1.500(a)   09/17/27   EUR  2,470 (b)      (28,194     (26,493     (1,701

12M THOR(e)

    1.750(e)   09/17/27   THB  9,830 (b)      3,440       736       2,704  

8.250(e)

   12M CPIBR(e)   09/17/27   COP  5,092,170 (b)      1,389       (8,386     9,775  

0.750(a)

   12M JYOR(a)   09/17/27   JPY  1,748,000 (b)      6,496       9,585       (3,089

3.500(a)

   12M SOFR(a)   09/17/27   $ 690 (b)      (2,019     648       (2,667


GOLDMAN SACHS 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)
    Market
Value
    Upfront
Premium
(Received)
Paid
    Unrealized
Appreciation/
(Depreciation)
 

 

 

3.750%(a)

   12M SOFR(a)   09/17/27   $ 32,630 (b)     $ (251,137   $ (77,861   $ (173,276

12M EURO(a)

     2.000%(a)   09/17/27   EUR   1,960 (b)      10,170       10,335       (165

3M STIBOR(e)

   2.250(a)   09/17/27   SEK  198,260 (b)      151,766       91,805       59,961  

12M CDOR(f)

   2.500(f)   09/17/27   CAD  1,970 (b)      1,536       252       1,284  

12M CDOR(f)

   2.750(f)   09/17/27     29,840 (b)      128,971       77,289       51,682  

6M PRIBOR(f)

    3.500(a)   09/17/27   CZK  5,900 (b)      (137     1,656       (1,793

3M AUDOR(e)

    3.500(e)   09/17/27   AUD  4,470 (b)      23,100       16,890       6,210  

12M GBP(a)

    3.500(a)   09/17/27   GBP  300 (b)      (244     (1,825     1,581  

12M GBP(a)

    3.750(a)   09/17/27     22,130 (b)      124,815       14,680       110,135  

12M SOFR(a)

    3.750(a)   09/17/27   $ 1,030 (b)      7,927       2,452       5,475  

3.750(e)

   3M AUDOR(e)   09/17/27   AUD  53,600 (b)      (446,277     (385,138     (61,139

7.500(e)

   3M JIBAR(e)   09/17/27   ZAR  14,390 (b)      (8,436     (7,927     (509

2.500(e)

   3M KWCDC(e)   09/17/27   KRW  278,830 (b)      (512     (217     (295

6M NIBOR(f)

   4.250(a)   09/17/27   NOK  191,450 (b)      184,097       73,927       110,170  

6M WIBOR(f)

   4.750(a)   09/17/27   PLN  3,990 (b)      12,354       5,194       7,160  

12M CLICP(f)

   5.500(f)   09/17/27   CLP  164,320 (b)      3,933       3,666       267  

12M MIBOR(f)

    6.000(f)   09/17/27   INR  234,080 (b)      23,457       7,193       16,264  

6M BUBOR(f)

    6.250(a)   09/17/27   HUF  445,130 (b)      6,302       12,594       (6,292

4.250(a)

   6M WIBOR(f)   09/17/27   PLN  7,930 (b)      (4,102     (1,650     (2,452

3M EURO(e)

   2.143(c)   11/20/27   EUR  101,700 (b)      122,625       (759,441     882,066  

2.180(c)

   6M EURO(f)   11/20/27     101,700 (b)      (80,444     (717,896     637,452  

6M EURO(f)

    2.500(a)   05/14/28     6,432 (b)      56,849       (105,604     162,453  

12M SOFR(c)

    3.368(c)   06/23/28   $ 23,430 (b)      36,356       (644     37,000  

1M BID Average(a)

   13.250(a)   01/02/29   BRL  8,390       6,705       (4,273     10,978  

6M EURO(f)

   2.325(a)   02/25/29   EUR  5,262 (b)      3,948       (307,248     311,196  

3.620(a)

   12M SOFR(a)   11/30/29   $ 24,240 (b)      (254,098     (17,694     (236,404

3.600(a)

   12M SOFR(a)   11/30/29     20,840 (b)      (202,127     23,430       (225,557

1M BID Average(c)

   13.250(c)   01/02/30   BRL  3,970       3,898       (14,719     18,617  

13.250(c)

   1M BID Average(c)   01/02/30     3,970       (3,898     4,015       (7,913

3.600(a)

   12M SOFR(a)   06/23/30   $ 24,740 (b)      (61,026     5,640       (66,666

Mexico Interbank TIIE 28 Days(d)

   8.500(d)   09/11/30   MXN  15,420 (b)      27,487       25,469       2,018  

1.000(a)

   12M JYOR(a)   09/17/30   JPY  6,007,400 (b)      (129,535     (99,527     (30,008

2.000(e)

   12M THOR(e)   09/17/30   THB  40,700 (b)      (43,864     (13,295     (30,569

1.500(e)

   1M CNRR(e)   09/17/30   CNY  14,520 (b)      (2,511     9,409       (11,920

6M EURO(f)

   2.000(a)   09/17/30   EUR  6,090 (b)      (96,537     (92,085     (4,452

12M CDOR(f)

   2.750(f)   09/17/30   CAD  4,300 (b)      19,061       1,691       17,370  

12M GBP(a)

   3.750(a)   09/17/30   GBP  5,880 (b)      40,714       (28,496     69,210  

3M NZDOR(e)

   3.750(f)   09/17/30   NZD  9,590 (b)      38,118       29,355       8,763  

2.000(a)

   6M EURO(f)   09/17/30   EUR  870 (b)      13,791       12,610       1,181  

3M JIBAR(e)

   8.000(e)   09/17/30   ZAR  14,550 (b)      21,272       12,581       8,691  

12M CPIBR(e)

   8.750(e)   09/17/30   COP  2,129,060 (b)      772       10,749       (9,977

12M SOFR(a)

   3.845(a)   05/21/32   $ 4,770 (b)      65,621       (2,337     67,958  

12M SOFR(a)

   3.750(a)   09/17/32     80(b     1,188       (60     1,248  

1.295(a)

   12M JYOR(a)   08/02/34   JPY  912,780 (b)      30,991       (274,115     305,106  

3.750(a)

   6M PRIBOR(f)   03/19/35   CZK  7,220       2,762       (114     2,876  

12M SOFR(a)

   4.098(a)   06/24/35   $ 6,030 (b)      22,357       (2,178     24,535  

Mexico Interbank TIIE 28 Days(d)

   8.750(d)   09/05/35   MXN  7,300 (b)      17,135       6,080       11,055  

12M CHFOR(a)

   0.500(a)   09/17/35   CHF  170 (b)      (1,084     (354     (730

1.250(a)

   12M JYOR(a)   09/17/35   JPY  1,533,000 (b)      (429     32,819       (33,248

3.750(a)

   12M SOFR(a)   09/17/35   $ 2,450 (b)      (14,729     33,718       (48,447

6M EURO(f)

   2.000(a)   09/17/35   EUR  930 (b)      (60,104     (64,213     4,109  

3M STIBOR(e)

   2.750(a)   09/17/35   SEK  15,140 (b)      28,546       10,920       17,626  

12M CDOR(f)

   3.000(f)   09/17/35   CAD  1,380 (b)      1,089       (8,724     9,813  


GOLDMAN SACHS 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)
    Market
Value
    Upfront
Premium
(Received)
Paid
    Unrealized
Appreciation/
(Depreciation)
 

 

 

12M GBP(a)

     3.750%(a)     09/17/35     GBP  1,120 (b)    $  (30,252   $ (45,787   $ 15,535  

12M SOFR(a)

   3.750(a)     09/17/35     $  2,800 (b)      16,833       (21,864     38,697  

3M NZDOR(e)

   4.250(f)     09/17/35     NZD  5,840 (b)      40,620       35,151       5,469  

12M CLICP(f)

   5.750(f)     09/17/35     CLP  413,020 (b)      21,909       23,170       (1,261

6M BUBOR(f)

   6.750(a)     09/17/35     HUF  36,410 (b)      1,390       839       551  

4.500%(f)

   6M AUDOR(f)     09/17/35     AUD  100 (b)      (2,360     (1,899     (461

4.250(a)

   6M NIBOR(f)     09/17/35     NOK  33,160 (b)      (134,511     (67,239     (67,272

12M CPIBR(e)

   9.250(e)     09/17/35     COP  357,360 (b)      (339     2,913       (3,252

3M JIBAR(e)

   9.250(e)     09/17/35     ZAR  6,850 (b)      20,707       4,014       16,693  

12M JYOR(a)

   2.160(a)     08/02/44     JPY  1,027,650 (b)      (225,494     (357,500     132,006  

6M EURO(f)

   2.000(a)     09/17/45     EUR  1,280 (b)      (190,382     (167,607     (22,775

2.000(a)

   6M EURO(f)     05/17/53       2,304 (b)      193,222       (28,327     221,549  

2.500(a)

   6M EURO(f)     11/10/53       1,588 (b)      48,709       (174,535     223,244  

4.213(a)

   12M SOFR(a)     05/21/55     $ 2,750 (b)      (24,275     20,773       (45,048

12M JYOR(a)

   1.750(a)     09/17/55     JPY  465,000 (b)      (348,937     (342,965     (5,972

1.750(a)

   6M EURO(f)     09/17/55     EUR  1,620 (b)      394,927       350,637       44,290  

12M EURO(a)

   2.530(a)     03/19/56       1,830 (b)      (66,393     (15,078     (51,315

2.610(a)

   6M EURO(f)     03/19/56       1,830 (b)      74,738       6,850       67,888  

2.500(a)

   6M EURO(f)     09/17/75       650 (b)      37,066       12,377       24,689  

 

 

TOTAL

         $ (519,789   $ (3,260,211   $ 2,740,422  

 

 

 

(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.
(d)   Payments made at monthly.
(e)   Payments made quarterly.
(f)   Payments made semi-annually.

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    $ 375      $ (42,651   $ (46,453   $ 3,802  

 

 

 

(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 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:

 

            

CDX.NA.IG Index 43

     1.000%    0.453%    12/20/29      $ 23,000        $ 524,979        $ 423,022      $ 101,957  

 

 

 

(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

     BNP Paribas SA      1.950%       05/11/2026        2,370,000      $ 2,370,000     $ 11,434     $ 29,992      $ (18,558

2Y IRS

     BNP Paribas SA      2.050         05/13/2026        2,980,000        2,980,000       18,587       40,476        (21,889

2Y IRS

     BNP Paribas SA      2.000         11/11/2026        2,390,000        2,390,000       17,574       35,923        (18,349

2Y IRS

     BNP Paribas SA      2.250         03/08/2027        6,830,000        6,830,000       52,143       46,353        5,790  

9M IRS

     BNP Paribas SA      2.450         03/24/2026        1,280,000        1,280,000       17,165       20,254        (3,089

 

 

Total purchased option contracts

          15,850,000      $ 15,850,000     $ 116,903     $ 172,998      $ (56,095

 

 

Written option contracts

                 

Calls

                      

2Y IRS

     BNP Paribas SA      2.065         05/11/2026        (700,000)        (700,000     (4,735     (30,072      25,337  

2Y IRS

     BNP Paribas SA      2.105         05/13/2026        (870,000)        (870,000     (6,632     (40,186      33,554  

2Y IRS

     BNP Paribas SA      2.085         11/11/2026        (710,000)        (710,000     (9,463     (36,275      26,812  

2Y IRS

     BNP Paribas SA      2.347         03/08/2027        (640,000)        (640,000     (27,882     (46,584      18,702  

9M IRS

     BNP Paribas SA      2.498         03/24/2026        (540,000)        (540,000     (16,179     (20,351      4,172  

1M IRS

     BofA Securities LLC      2.582         07/16/2025        (1,590,000)        (1,590,000     (6,954     (12,319      5,365  

1M IRS

     Citibank NA      2.606         07/30/2025        (1,570,000)        (1,570,000     (11,542     (11,651      109  

1M IRS

     Citibank NA      3.692         07/30/2025        (1,760,000)        (1,760,000     (15,558     (14,590      (968

1M IRS

     Deutsche Bank AG (London)      3.946         07/09/2025        (1,810,000)        (1,810,000     (40,111     (15,385      (24,726

1M IRS

     Deutsche Bank AG (London)      3.913         07/16/2025        (1,780,000)        (1,780,000     (35,920     (15,486      (20,434

1M IRS

     Deutsche Bank AG (London)      2.539         07/23/2025        (1,590,000)        (1,590,000     (5,789     (11,690      5,901  

1M IRS

     MS & Co. Int. PLC      2.596         07/09/2025        (1,620,000)        (1,620,000     (6,198     (11,844      5,646  

1M IRS

     MS & Co. Int. PLC      3.768         07/23/2025        (1,780,000)        (1,780,000     (20,583     (15,620      (4,963

 

 
               (16,960,000)      $ (16,960,000   $ (207,546   $ (282,053    $ 74,507  

 

 

Puts

                      

1M IRS

     BofA Securities LLC      2.582         07/16/2025        (1,590,000)        (1,590,000     (11,005     (12,319      1,314  

1M IRS

     Citibank NA      2.606         07/30/2025        (1,570,000)        (1,570,000     (12,212     (11,651      (561

1M IRS

     Citibank NA      3.692         07/30/2025        (1,760,000)        (1,760,000     (14,087     (14,590      503  

1M IRS

     Deutsche Bank AG (London)      3.946         07/09/2025        (1,810,000)        (1,810,000     (378     (15,385      15,007  

1M IRS

     Deutsche Bank AG (London)      3.913         07/16/2025        (1,780,000)        (1,780,000     (1,686     (15,486      13,800  

1M IRS

     Deutsche Bank AG (London)      2.539         07/23/2025        (1,590,000)        (1,590,000     (17,268     (11,690      (5,578

1M IRS

     MS & Co. Int. PLC      2.596         07/09/2025        (1,620,000)        (1,620,000     (7,651     (11,844      4,193  


GOLDMAN SACHS BOND FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

OVER-THE-COUNTER INTEREST RATE SWAPTIONS (continued)

 

Description      Counterparty      Exercise
Rate
    Expiration
Date
     Number of
Contracts
   Notional
Amount
    Market
Value
    Premiums Paid
(Received) by
Fund
     Unrealized
Appreciation/
(Depreciation)
 

 

 

Written option contracts (continued)

 

            

Puts (continued)

 

            

1M IRS

       MS & Co. Int. PLC        3.768%       07/23/2025      (1,780,000)    $ (1,780,000   $ (7,873   $ (15,620    $ 7,747  

 

 
             (13,500,000)    $ (13,500,000   $ (72,160   $ (108,585    $ 36,425  

 

 

Total written option contracts

 

   (30,460,000)    $ (30,460,000   $ (279,706   $ (390,638    $ 110,932  

 

 

TOTAL

             (14,610,000)    $ (14,610,000   $ (162,803   $ (217,640    $ 54,837  

 

 

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY

 

Description    Counterparty  

Exercise

Price

   

Expiration

Date

   

Number of

Contracts

   

Notional

Amount

   

Market

Value

   

Premiums Paid

(Received)

by Fund

   

Unrealized

Appreciation/

(Depreciation)

 

 

 

Purchased option contracts

             

Calls

                

Call USD/Put CNY

   Barclays Bank PLC   $ 7.190       08/04/2025       4,803,000     $ 4,803,000     $ 9,640     $ 23,823     $ (14,183

Call USD/Put CNY

   BNP Paribas SA     7.217       07/07/2025       3,621,000       3,621,000       735       23,040       (22,305

Call USD/Put MXN

   BofA Securities LLC     18.950       08/08/2025       2,428,000       2,428,000       26,849       31,807       (4,958

Call USD/Put CNY

   Citibank NA     7.320       07/08/2025       4,917,000       4,917,000       44       48,401       (48,357

Call USD/Put CNY

   Citibank NA     7.540       07/10/2025       4,910,000       4,910,000             35,081       (35,081

Call USD/Put CNY

   Citibank NA     7.208       07/21/2025       1,225,000       1,225,000       1,087       20,828       (19,741

Call EUR/Put USD

   Deutsche Bank AG (London)     1.142       09/17/2025       2,232,000       2,232,000       102,835       30,324       72,511  

Call USD/Put CNY

   Deutsche Bank AG (London)     7.480       07/10/2025       2,391,000       2,391,000             932       (932

Call USD/Put INR

   HSBC Bank PLC     85.300       08/12/2025       1,203,000       1,203,000       13,302       13,408       (106

Call USD/Put CNY

   JPMorgan Securities, Inc.     7.540       07/08/2025       4,902,000       4,902,000             34,535       (34,535

Call USD/Put CNY

   JPMorgan Securities, Inc.     7.290       07/10/2025       4,919,000       4,919,000       266       53,947       (53,681

Call USD/Put TWD

   Standard Chartered Bank     29.450       07/31/2025       4,852,000       4,852,000       18,549       23,590       (5,041

 

 
           42,403,000     $ 42,403,000     $ 173,307     $ 339,716     $ (166,409

 

 

Puts

                

Put USD/Call CNY

   Barclays Bank PLC     7.070       07/10/2025       2,455,000       2,455,000       989       10,876       (9,887

Put AUD/Call USD

   BNP Paribas SA     0.637       07/22/2025       7,462,000       7,462,000       6,915       51,032       (44,117

Put AUD/Call USD

   BNP Paribas SA     0.648       08/05/2025       7,528,000       7,528,000       30,223       56,377       (26,154

Put EUR/Call USD

   BNP Paribas SA     1.167       07/31/2025       4,170,000       4,170,000       25,548       37,335       (11,787

Put EUR/Call USD

   BNP Paribas SA     1.165       08/07/2025       2,085,000       2,085,000       13,231       20,273       (7,042

Put EUR/Call USD

   BNP Paribas SA     1.118       08/15/2025       4,265,000       4,265,000       3,090       53,142       (50,052

Put EUR/Call USD

   BNP Paribas SA     1.137       08/18/2025       2,125,000       2,125,000       4,325       25,522       (21,197

Put EUR/Call USD

   BNP Paribas SA     1.156       08/18/2025       2,099,000       2,099,000       10,459       22,762       (12,303

Put USD/Call CAD

   BNP Paribas SA     1.362       08/06/2025       2,408,000       2,408,000       20,639       24,213       (3,574

Put EUR/Call USD

   BofA Securities LLC     1.150       07/14/2025       4,190,000       4,190,000       2,591       31,260       (28,669

Put NZD/Call USD

   BofA Securities LLC     0.598       07/03/2025       8,082,000       8,082,000       1,345       42,779       (41,434

Put NZD/Call USD

   BofA Securities LLC     0.601       07/24/2025       7,963,000       7,963,000       22,192       47,577       (25,385

Put USD/Call JPY

   BofA Securities LLC     144.100       08/01/2025       4,936,000       4,936,000       72,895       57,174       15,721  

Put EUR/Call USD

   Citibank NA     1.148       07/24/2025       4,190,000       4,190,000       6,332       35,335       (29,003

Put NZD/Call USD

   Citibank NA     0.592       07/10/2025       8,049,000       8,049,000       2,885       46,465       (43,580

Put NZD/Call USD

   Citibank NA     0.589       07/24/2025       3,997,000       3,997,000       3,579       34,286       (30,707

Put NZD/Call USD

   Citibank NA     0.601       07/28/2025       8,143,000       8,143,000       24,783       48,658       (23,875


GOLDMAN SACHS BOND FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

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

 

Description    Counterparty  

Exercise

Price

   

Expiration

Date

   

Number of

Contracts

 

Notional

Amount

   

Market

Value

   

Premiums Paid

(Received)

by Fund

   

Unrealized

Appreciation/

(Depreciation)

 

 

 

Purchased option contracts (continued)

       

Puts (continued)

       

Put NZD/Call USD

   Citibank NA   $ 0.605       08/04/2025     12,075,000   $ 12,075,000     $ 60,774     $ 79,834     $ (19,060

Put USD/Call CNY

   Citibank NA     7.070       07/10/2025     2,455,000     2,455,000       989       5,254       (4,265

Put USD/Call JPY

   Citibank NA     137.750       08/01/2025     2,986,000     2,986,000       7,647       54,614       (46,967

Put EUR/Call USD

   Deutsche Bank AG (London)     1.134       07/03/2025     4,205,000     4,205,000       5       31,475       (31,470

Put EUR/Call USD

   Deutsche Bank AG (London)     1.128       07/14/2025     4,254,000     4,254,000       226       40,534       (40,308

Put EUR/Call USD

   Deutsche Bank AG (London)     1.135       07/18/2025     3,156,000     3,156,000       1,034       26,944       (25,910

Put AUD/Call USD

   HSBC Bank PLC     0.645       07/22/2025     7,468,000     7,468,000       14,603       46,985       (32,382

Put EUR/Call USD

   HSBC Bank PLC     1.168       07/24/2025     3,127,000     3,127,000       16,988       26,660       (9,672

Put USD/Call CNY

   HSBC Bank PLC     7.085       07/08/2025     4,902,000     4,902,000       1,735       15,905       (14,170

Put USD/Call INR

   HSBC Bank PLC     85.300       08/12/2025     1,203,000     1,203,000       5,219       13,407       (8,188

Put EUR/Call USD

   JPMorgan Securities, Inc.     1.063       09/17/2025     2,232,000     2,232,000       318       20,723       (20,405

Put NZD/Call USD

   JPMorgan Securities, Inc.     0.603       07/24/2025     3,988,000     3,988,000       13,319       25,940       (12,621

Put EUR/Call USD

   Standard Chartered Bank     1.111       07/14/2025     4,190,000     4,190,000       20       34,992       (34,972

Put EUR/Call USD

   Standard Chartered Bank     1.151       07/24/2025     3,142,000     3,142,000       5,814       25,565       (19,751

Put NZD/Call USD

   Standard Chartered Bank     0.603       07/10/2025     7,975,000     7,975,000       12,979       39,233       (26,254

Put NZD/Call USD

   Standard Chartered Bank     0.588       07/28/2025     6,059,000     6,059,000       5,743       41,314       (35,571

Put NZD/Call USD

   UBS AG (London)     0.597       07/31/2025     7,978,000     7,978,000       19,228       57,991       (38,763

 

 
         165,542,000   $ 165,542,000     $ 418,662     $ 1,232,436     $ (813,774

 

 

Total purchased option contracts

      207,945,000   $ 207,945,000     $ 591,969     $ 1,572,152     $ (980,183

 

 

Written option contracts

             

Calls

                

Call EUR/Put PLN

   Barclays Bank PLC     4.260       07/03/2025     (1,063,000)     (1,063,000     (1,122     (7,725     6,603  

Call USD/Put CNY

   Barclays Bank PLC     7.217       07/07/2025     (3,621,000)     (3,621,000     (735     (6,373     5,638  

Call USD/Put CNY

   Barclays Bank PLC     7.480       07/10/2025     (2,391,000)     (2,391,000           (11,357     11,357  

Call EUR/Put GBP

   BNP Paribas SA     0.843       07/09/2025     (1,053,000)     (1,053,000     (23,338     (5,900     (17,438

Call USD/Put CNY

   BNP Paribas SA     7.290       07/10/2025     (2,459,500)     (2,459,500     (133     (42,402     42,269  

Call USD/Put INR

   BNP Paribas SA     85.300       08/12/2025     (1,203,000)     (1,203,000     (13,301     (13,810     509  

Call AUD/Put NZD

   BofA Securities LLC     1.078       07/10/2025     (1,842,000)     (1,842,000     (5,147     (6,226     1,079  

Call AUD/Put NZD

   BofA Securities LLC     1.079       07/24/2025     (1,863,000)     (1,863,000     (6,047     (5,997     (50

Call EUR/Put CHF

   BofA Securities LLC     0.939       07/09/2025     (1,052,000)     (1,052,000     (2,004     (7,980     5,976  

Call EUR/Put PLN

   BofA Securities LLC     4.241       07/30/2025     (1,037,000)     (1,037,000     (9,163     (6,832     (2,331

Call EUR/Put SEK

   BofA Securities LLC     11.130       07/31/2025     (1,035,000)     (1,035,000     (9,567     (8,633     (934

Call USD/Put CAD

   BofA Securities LLC     1.364       07/30/2025     (1,214,000)     (1,214,000     (6,492     (8,204     1,712  

Call USD/Put CNY

   BofA Securities LLC     7.208       07/21/2025     (1,225,000)     (1,225,000     (1,087     (23,562     22,475  

Call USD/Put CNY

   BofA Securities LLC     7.160       07/24/2025     (1,210,000)     (1,210,000     (3,398     (5,352     1,954  

Call USD/Put INR

   BofA Securities LLC     85.800       07/29/2025     (1,211,000)     (1,211,000     (7,308     (7,890     582  

Call USD/Put JPY

   BofA Securities LLC     158.500       08/01/2025     (4,936,000)     (4,936,000     (64     (51,976     51,912  

Call USD/Put SGD

   BofA Securities LLC     1.270       07/29/2025     (1,211,000)     (1,211,000     (6,519     (8,074     1,555  

Call AUD/Put NZD

   Citibank NA     1.076       07/03/2025     (1,856,000)     (1,856,000     (4,598     (5,806     1,208  

Call AUD/Put NZD

   Citibank NA     1.075       07/17/2025     (1,836,000)     (1,836,000     (7,667     (6,161     (1,506

Call EUR/Put GBP

   Citibank NA     0.842       07/01/2025     (1,061,000)     (1,061,000     (23,628     (7,127     (16,501

Call EUR/Put GBP

   Citibank NA     0.856       07/17/2025     (1,045,000)     (1,045,000     (7,902     (6,341     (1,561


GOLDMAN SACHS BOND FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

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

 

Description    Counterparty  

Exercise

Price

   

Expiration

Date

   

Number of

Contracts

 

Notional

Amount

   

Market

Value

   

Premiums Paid

(Received)

by Fund

   

Unrealized

Appreciation/

(Depreciation)

 

 

 

Written option contracts (continued)

       

Calls (continued)

       

Call USD/Put CNY

   Citibank NA   $ 7.540       07/08/2025     (4,902,000)   $ (4,902,000   $     $ (18,587   $ 18,587  

Call USD/Put CNY

   Citibank NA     7.150       07/31/2025     (1,213,000)     (1,213,000     (4,585     (5,546     961  

Call EUR/Put SEK

   Deutsche Bank AG (London)     10.970       07/10/2025     (1,048,000)     (1,048,000     (19,704     (8,293     (11,411

Call USD/Put CNY

   Deutsche Bank AG (London)     7.320       07/08/2025     (4,917,036)     (4,917,036     (44     (22,569     22,525  

Call USD/Put CNY

   Deutsche Bank AG (London)     7.170       07/08/2025     (1,205,000)     (1,205,000     (1,462     (5,607     4,145  

Call AUD/Put NZD

   JPMorgan Securities, Inc.     1.078       07/07/2025     (1,834,000)     (1,834,000     (3,456     (5,144     1,688  

Call AUD/Put NZD

   JPMorgan Securities, Inc.     1.077       07/31/2025     (1,858,000)     (1,858,000     (7,637     (6,304     (1,333

Call EUR/Put CHF

   JPMorgan Securities, Inc.     0.933       07/01/2025     (1,061,000)     (1,061,000     (2,727     (8,152     5,425  

Call EUR/Put SEK

   JPMorgan Securities, Inc.     10.935       07/03/2025     (1,056,000)     (1,056,000     (23,376     (8,679     (14,697

Call EUR/Put SEK

   JPMorgan Securities, Inc.     11.100       07/22/2025     (1,051,000)     (1,051,000     (10,017     (8,858     (1,159

Call EUR/Put USD

   JPMorgan Securities, Inc.     1.142       09/17/2025     (2,232,000)     (2,232,000     (102,835     (18,649     (84,186

Call USD/Put CNY

   JPMorgan Securities, Inc.     7.540       07/10/2025     (4,910,000)     (4,910,000           (18,236     18,236  

Call USD/Put CNY

   JPMorgan Securities, Inc.     7.290       07/10/2025     (2,459,500)     (2,459,500     (133     (44,935     44,802  

Call USD/Put SGD

   JPMorgan Securities, Inc.     1.272       08/04/2025     (1,213,000)     (1,213,000     (6,593     (7,982     1,389  

Call AUD/Put NZD

   MS & Co. Int. PLC     1.078       07/15/2025     (1,848,000)     (1,848,000     (5,635     (6,388     753  

Call EUR/Put GBP

   MS & Co. Int. PLC     0.854       07/29/2025     (1,042,000)     (1,042,000     (11,184     (6,319     (4,865

Call USD/Put SGD

   MS & Co. Int. PLC     1.285       07/21/2025     (1,205,000)     (1,205,000     (1,434     (7,456     6,022  

Call USD/Put CAD

   Royal Bank of Canada     1.361       07/15/2025     (2,413,000)     (2,413,000     (11,594     (16,629     5,035  

Call USD/Put CAD

   Royal Bank of Canada     1.367       07/22/2025     (1,205,000)     (1,205,000     (4,437     (8,083     3,646  

Call EUR/Put USD

   Standard Chartered Bank     1.188       07/14/2025     (4,190,000)     (4,190,000     (17,635     (36,376     18,741  

Call USD/Put TWD

   Standard Chartered Bank     28.850       07/31/2025     (2,426,000)     (2,426,000     (29,641     (33,612     3,971  

Call AUD/Put NZD

   UBS AG (London)     1.082       07/22/2025     (1,867,000)     (1,867,000     (3,964     (6,283     2,319  

Call EUR/Put PLN

   UBS AG (London)     4.280       07/07/2025     (1,056,000)     (1,056,000     (724     (8,365     7,641  

 

 
         (83,636,036)   $ (83,636,036   $ (408,037   $ (570,780   $ 162,743  

 

 

Puts

                

Put EUR/Call PLN

   Barclays Bank PLC     4.260       07/03/2025     (1,063,000)     (1,063,000     (4,877     (7,725     2,848  

Put USD/Call JPY

   Barclays Bank PLC     137.750       08/01/2025     (2,986,000)     (2,986,000     (7,647     (50,732     43,085  

Put AUD/Call USD

   BNP Paribas SA     0.645       07/22/2025     (7,468,000)     (7,468,000     (14,603     (81,370     66,767  

Put AUD/Call USD

   BNP Paribas SA     0.637       07/22/2025     (7,462,000)     (7,462,000     (6,915     (19,064     12,149  

Put EUR/Call GBP

   BNP Paribas SA     0.843       07/09/2025     (1,053,000)     (1,053,000     (24     (5,900     5,876  

Put EUR/Call USD

   BNP Paribas SA     1.150       07/14/2025     (4,190,000)     (4,190,000     (2,591     (24,303     21,712  

Put EUR/Call USD

   BNP Paribas SA     1.148       07/24/2025     (4,190,000)     (4,190,000     (6,332     (11,085     4,753  

Put EUR/Call USD

   BNP Paribas SA     1.137       08/18/2025     (2,125,000)     (2,125,000     (4,325     (10,709     6,384  

Put USD/Call CAD

   BNP Paribas SA     1.332       08/06/2025     (3,611,000)     (3,611,000     (5,850     (14,515     8,665  

Put USD/Call INR

   BNP Paribas SA     85.300       08/12/2025     (1,203,000)     (1,203,000     (5,220     (13,811     8,591  

Put AUD/Call NZD

   BofA Securities LLC     1.078       07/10/2025     (1,842,000)     (1,842,000     (2,946     (6,227     3,281  

Put AUD/Call NZD

   BofA Securities LLC     1.079       07/24/2025     (1,863,000)     (1,863,000     (5,190     (5,998     808  

Put EUR/Call CHF

   BofA Securities LLC     0.939       07/09/2025     (1,052,000)     (1,052,000     (7,870     (7,980     110  


GOLDMAN SACHS BOND FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

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

 

Description    Counterparty  

Exercise

Price

   

Expiration

Date

   

Number of

Contracts

 

Notional

Amount

   

Market

Value

   

Premiums Paid

(Received)

by Fund

   

Unrealized

Appreciation/

(Depreciation)

 

 

 

Written option contracts (continued)

       

Puts (continued)

       

Put EUR/Call PLN

   BofA Securities LLC   $ 4.241       07/30/2025     (1,037,000)   $ (1,037,000   $ (4,614   $ (6,832   $ 2,218  

Put EUR/Call SEK

   BofA Securities LLC     11.130       07/31/2025     (1,035,000)     (1,035,000     (7,941     (8,633     692  

Put EUR/Call USD

   BofA Securities LLC     1.134       07/03/2025     (4,205,000)     (4,205,000     (5     (7,682     7,677  

Put EUR/Call USD

   BofA Securities LLC     1.063       09/17/2025     (2,232,000)     (2,232,000     (318     (16,007     15,689  

Put NZD/Call USD

   BofA Securities LLC     0.598       07/03/2025     (8,082,000)     (8,082,000     (1,345     (23,085     21,740  

Put USD/Call CAD

   BofA Securities LLC     1.364       07/30/2025     (1,214,000)     (1,214,000     (10,185     (8,204     (1,981

Put USD/Call CNY

   BofA Securities LLC     7.160       07/24/2025     (1,210,000)     (1,210,000     (6,071     (5,352     (719

Put USD/Call INR

   BofA Securities LLC     85.800       07/29/2025     (1,211,000)     (1,211,000     (6,968     (7,890     922  

Put USD/Call SGD

   BofA Securities LLC     1.270       07/29/2025     (1,211,000)     (1,211,000     (7,672     (8,074     402  

Put AUD/Call NZD

   Citibank NA     1.076       07/03/2025     (1,856,000)     (1,856,000     (600     (5,806     5,206  

Put AUD/Call NZD

   Citibank NA     1.075       07/17/2025     (1,836,000)     (1,836,000     (2,805     (6,161     3,356  

Put EUR/Call GBP

   Citibank NA     0.842       07/01/2025     (1,061,000)     (1,061,000           (7,127     7,127  

Put EUR/Call GBP

   Citibank NA     0.856       07/17/2025     (1,045,000)     (1,045,000     (2,638     (6,341     3,703  

Put EUR/Call USD

   Citibank NA     1.128       07/14/2025     (4,254,000)     (4,254,000     (226     (8,092     7,866  

Put NZD/Call USD

   Citibank NA     0.601       07/24/2025     (11,944,500)     (11,944,500     (33,288     (141,416     108,128  

Put NZD/Call USD

   Citibank NA     0.588       07/28/2025     (6,059,000)     (6,059,000     (5,743     (13,768     8,025  

Put USD/Call CNY

   Citibank NA     7.070       07/10/2025     (4,910,000)     (4,910,000     (1,979     (33,413     31,434  

Put USD/Call CNY

   Citibank NA     7.150       07/31/2025     (1,213,000)     (1,213,000     (6,208     (5,546     (662

Put USD/Call JPY

   Citibank NA     144.100       08/01/2025     (3,084,508)     (3,084,508     (45,552     (125,700     80,148  

Put EUR/Call SEK

   Deutsche Bank AG (London)     10.970       07/10/2025     (1,048,000)     (1,048,000     (379     (8,293     7,914  

Put EUR/Call USD

   Deutsche Bank AG (London)     1.111       07/14/2025     (4,190,000)     (4,190,000     (20     (17,709     17,689  

Put EUR/Call USD

   Deutsche Bank AG (London)     1.118       08/15/2025     (4,265,000)     (4,265,000     (3,090     (24,218     21,128  

Put USD/Call CNY

   Deutsche Bank AG (London)     7.170       07/08/2025     (1,205,000)     (1,205,000     (4,137     (5,607     1,470  

Put EUR/Call USD

   HSBC Bank PLC     1.151       07/24/2025     (3,142,000)     (3,142,000     (5,814     (10,371     4,557  

Put AUD/Call NZD

   JPMorgan Securities, Inc.     1.078       07/07/2025     (1,834,000)     (1,834,000     (1,757     (5,144     3,387  

Put AUD/Call NZD

   JPMorgan Securities, Inc.     1.077       07/31/2025     (1,858,000)     (1,858,000     (5,196     (6,304     1,108  

Put EUR/Call CHF

   JPMorgan Securities, Inc.     0.933       07/01/2025     (1,061,000)     (1,061,000     (696     (8,152     7,456  

Put EUR/Call SEK

   JPMorgan Securities, Inc.     10.935       07/03/2025     (1,056,000)     (1,056,000     (2     (8,679     8,677  

Put EUR/Call SEK

   JPMorgan Securities, Inc.     11.100       07/22/2025     (1,051,000)     (1,051,000     (5,054     (8,858     3,804  

Put NZD/Call USD

   JPMorgan Securities, Inc.     0.589       07/24/2025     (3,997,000)     (3,997,000     (3,579     (9,936     6,357  

Put USD/Call CNY

   JPMorgan Securities, Inc.     7.085       07/08/2025     (4,902,000)     (4,902,000     (1,735     (33,642     31,907  

Put USD/Call SGD

   JPMorgan Securities, Inc.     1.272       08/04/2025     (1,213,000)     (1,213,000     (9,705     (7,982     (1,723

Put AUD/Call NZD

   MS & Co. Int. PLC     1.078       07/15/2025     (1,848,000)     (1,848,000     (3,474     (6,388     2,914  

Put EUR/Call GBP

   MS & Co. Int. PLC     0.854       07/29/2025     (1,042,000)     (1,042,000     (3,056     (6,319     3,263  

Put USD/Call SGD

   MS & Co. Int. PLC     1.285       07/21/2025     (1,205,000)     (1,205,000     (16,071     (7,456     (8,615

Put USD/Call CAD

   Royal Bank of Canada     1.361       07/15/2025     (2,413,000)     (2,413,000     (11,833     (16,629     4,796  

Put USD/Call CAD

   Royal Bank of Canada     1.367       07/22/2025     (1,205,000)     (1,205,000     (10,275     (8,083     (2,192

Put EUR/Call USD

   Standard Chartered Bank     1.135       07/18/2025     (3,156,000)     (3,156,000     (1,034     (9,482     8,448  

Put NZD/Call USD

   Standard Chartered Bank     0.592       07/10/2025     (8,049,000)     (8,049,000     (2,885     (16,120     13,235  


GOLDMAN SACHS BOND FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

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

 

Description    Counterparty  

Exercise

Price

   

Expiration

Date

   

Number of

Contracts

 

Notional

Amount

   

Market

Value

   

Premiums Paid

(Received)

by Fund

   

Unrealized

Appreciation/

(Depreciation)

 

 

 

Written option contracts (continued)

       

Puts (continued)

       

Put NZD/Call USD

   Standard Chartered Bank   $ 0.597       07/31/2025     (7,978,000)   $ (7,978,000   $ (19,228   $ (92,700   $ 73,472  

Put AUD/Call NZD

   UBS AG (London)     1.082       07/22/2025     (1,867,000)     (1,867,000     (7,024     (6,283     (741

Put EUR/Call PLN

   UBS AG (London)     4.280       07/07/2025     (1,056,000)     (1,056,000     (10,083     (8,365     (1,718

Put NZD/Call USD

   UBS AG (London)     0.603       07/10/2025     (7,975,000)     (7,975,000     (12,979     (63,895     50,916  

Put USD/Call JPY

   UBS AG (London)     144.100       08/01/2025     (1,851,492)     (1,851,492     (27,343     (55,822     28,479  

 

 
         (169,275,500)   $ (169,275,500   $ (384,997   $ (1,156,985   $ 771,988  

 

 

Total written option contracts

      (252,911,536)   $ (252,911,536   $ (793,034   $ (1,727,765   $ 934,731  

 

 

TOTAL

         (44,966,536)   $ (44,966,536   $ (201,065   $ (155,613   $ (45,452

 

 

 

 

Currency Abbreviations:
AUD  

—Australian Dollar

BRL  

—Brazil Real

CAD  

—Canadian Dollar

CHF  

—Swiss Franc

CLP  

—Chilean Peso

CNH  

—Chinese Yuan Renminbi Offshore

CNY  

—Chinese Yuan Renminbi

COP  

—Colombia Peso

CZK  

—Czech Republic Koruna

EUR  

—Euro

GBP  

—British Pound

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

THB  

—Thailand Baht

TRY  

—Turkish Lira

TWD  

—Taiwan Dollar

USD  

—U.S. Dollar

ZAR  

—South African Rand

 

 


GOLDMAN SACHS BOND FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

 

Investment Abbreviations:
CLO  

—  Collateralized Loan Obligation

CMT  

—  Constant Maturity Treasury Indexes

EURIBOR  

—  Euro Interbank Offered Rate

GO  

—  General Obligation

LLC  

—  Limited Liability Company

LP  

—  Limited Partnership

MSCI  

—  Morgan Stanley Capital International

PLC  

—  Public Limited Company

RB  

—  Revenue Bond

REIT  

—  Real Estate Investment Trust

REMICS  

—  Real Estate Mortgage Investment Conduits

RFUCC  

—  Refinitive USD IBOR Consumer Cash Fallbacks 1  year

SOFR  

—  Secured Overnight Financing Rate

 
 
Abbreviations:
1M BID Avg  

—  1 Month Brazilian Interbank Deposit Average

1M IRS  

—  1 Month Interest Rate Swaptions

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

BUBOR  

—  Budapest Interbank Offered Rate

CDOR  

—  Canadian Dollar Offered Rate

CDX.NA.IG Ind 43  

—  CDX North America Investment Grade Index 43

CHFOR  

—  Swiss Franc Offered Rate

CLICP  

—  Sinacofi Chile Interbank Rate

CMBX  

—  Commercial Mortgage Backed Securities Index

CNRR  

—  China Fixing Repo Rate

EURO  

—  Euro Offered Rate

JIBAR  

—  Johannesburg Interbank Agreed Rate

JYOR  

—  Japanese Yen Offered Rate

KWCDC  

—  South Korean Won Certificate of Deposit

MIBOR  

—  Mumbai Interbank Offered Rate

MS & Co. Int. PLC  

—  Morgan Stanley & Co. International PLC

NIBOR  

—  Norwegian Interbank Offered Rate

NZDOR  

—  New Zealand Dollar Offered Rate

PRIBOR  

—  Prague Interbank Offered Rate

SOFR  

—  Secured Overnight Financing Rate

STIBOR  

—  Stockholm Interbank Offered Rate

TIIE  

—  La Tasa de Interbank Equilibrium Interest Rate

WIBOR  

—  Warsaw Interbank Offered Rate

 

 


GOLDMAN SACHS CORE FIXED INCOME FUND

 

Schedule of Investments

June 30, 2025 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Mortgage-Backed Obligations – 45.8%

Collateralized Mortgage Obligations – 2.3%

Regular Floater – 0.4%

Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%)

$

    3,959,382       5.305 %(a)    02/25/55   $    3,920,917

Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR +1.000%)

    5,661,167       5.305 (a)    03/25/55       5,627,963
       

 

        9,548,880

 

Sequential Fixed Rate – 0.7%

Federal Home Loan Mortgage Corp. REMICS Series 4246, Class PT

    59,833       6.500     02/15/36   62,520

Federal Home Loan Mortgage Corp. REMICS Series 2755, Class ZA

    148,654       5.000     02/15/34   150,022

Federal National Mortgage Association REMICS Series 2011-99, Class DB

    266,795       5.000     10/25/41   268,248

Federal National Mortgage Association REMICS Series 2012- 111, Class B

    50,624       7.000     10/25/42   54,121

Federal National Mortgage Association REMICS Series 2012- 153, Class B

    177,211       7.000     07/25/42   192,734

Federal National Mortgage Association REMICS Series 2011-52, Class GB

    291,307       5.000     06/25/41   292,904

Government National Mortgage Association REMICS Series 2021-135,Class A

    12,409,691       2.000 (b)    08/20/51   10,081,028

JP Morgan Mortgage Trust Series 2024-VIS2, Class A1

    3,183,728       5.853 (b)(c)(d)    11/25/64   3,209,359

Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC1,Class A1

    1,960,066       5.562 (b)(c)(d)    03/25/70   1,973,093
       

 

        16,284,029

 

Sequential Floating Rate – 1.2%

Chase Home Lending Mortgage Trust Series 2024-3, Class A7

    425,000       6.000 (a)(b)(c)    02/25/55   430,641

CSMC Trust Series 2020-AFC1, Class M1

    1,650,000       2.841 (a)(b)(c)    02/25/50   1,478,081

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA5, Class M2 (1 mo. USD Term SOFR + 1.650%)

    239,274       5.955 (a)(b)(c)    01/25/34   240,655

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2025-DNA2, Class A1 (1 mo. USD Term SOFR + 1.100%)

    3,801,875       5.405 (a)(b)(c)    05/25/45   3,807,944

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2 (1 mo. USD Term SOFR + 1.550%)

    637,361       5.855 (a)(b)(c)    10/25/41   639,401

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Mortgage-Backed Obligations – (continued)

Sequential Floating Rate – (continued)

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2 (1 mo. USD Term SOFR + 1.650%)

$

    884,000       5.955 %(a)(b)(c)    12/25/41   $      889,100

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%)

    1,300,000       6.105 (a)(b)(c)    01/25/44   1,313,895

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M1 (1 mo. USD Term SOFR + 1.000%)

    1,226,844       5.305 (a)(b)(c)    07/25/44   1,226,079

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1M2 (1 mo. USD Term SOFR + 1.500%)

    3,450,000       5.806 (a)(b)(c)    01/25/45   3,452,643

HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1 mo. USD Term SOFR + 0.594%)

    34,474       4.912 (a)(b)    01/19/36   38,884

Impac CMB Trust Series 2004-8, Class 1A (1 mo. USD Term SOFR + 0.834%)

    22,210       5.154 (a)(b)    10/25/34   21,501

JP Morgan Mortgage Trust Series 2021-LTV2, Class A1

    2,885,143       2.520 (a)(b)(c)    05/25/52   2,434,071

JP Morgan Mortgage Trust Series 2024-1, Class A4

    2,596,062       6.000 (a)(b)(c)    06/25/54   2,617,733

Mill City Mortgage Loan Trust Series 2017-2, Class A3

    177,949       3.250 (a)(b)(c)    07/25/59   173,259

Morgan Stanley Residential Mortgage Loan Trust Series 2025-HX1, Class A1

    4,415,516       5.960 (a)(b)(c)    03/25/70   4,467,161

PRKCM Trust Series 2021-AFC2, Class A2

    4,132,000       2.693 (a)(b)(c)    11/25/56   2,994,533

Verus Securitization Trust Series 2022-1, Class A3

    3,010,922       3.288 (a)(b)(c)    01/25/67   2,737,289

WaMu Mortgage Pass-Through Certificates Trust Series 2002-AR19, Class A7

    6,782       5.661 (a)(b)    02/25/33   6,513

Wells Fargo Mortgage-Backed Securities Trust Series 2019-3, Class A1

    73,930       3.500 (a)(b)(c)    07/25/49   66,355
       

 

     29,035,738

 

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS   54,868,647

 

Commercial Mortgage-Backed Securities – 5.4%

Regular Floater – 0.1%

BX Commercial Mortgage Trust Series 2024-GPA3, Class A (1 mo. USD Term SOFR + 1.293%)

$

    2,531,828       5.605 %(a)(c)    12/15/39   $    2,534,035

 

Sequential Fixed Rate – 1.9%

Bank Series 2019-BN21, Class A5

    950,000       2.851 (b)    10/17/52   880,676

Bank Series 2023-BNK46, Class A4

    3,350,000       5.745 (b)    08/15/56   3,521,654

Bank5 Series 2024-5YR8, Class A3

    2,250,000       5.884 (b)    08/15/57   2,349,025

 

 


GOLDMAN SACHS CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Mortgage-Backed Obligations – (continued)

Sequential Fixed Rate – (continued)

Bank5 Series 2024-5YR11, Class A3

$

    3,100,000       5.893 %(b)    11/15/57   $    3,245,764

BMO Mortgage Trust Series 2023-C7, Class A5

    3,000,000       6.160 (b)    12/15/56   3,219,798

BMO Mortgage Trust Series 2024-5C6, Class A3

    1,900,000       5.316 (b)    09/15/57   1,942,376

BX Trust Series 2022-CLS, Class A

    2,400,000       5.760 (c)    10/13/27   2,429,248

COMM Mortgage Trust Series 2024-277P, Class A

    5,425,000       6.338 (c)    08/10/44   5,707,539

DOLP Trust Series 2021-NYC, Class A

    4,650,000       2.956 (c)    05/10/41   4,121,029

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-161, Class A2

    3,450,000       4.900 (a)(b)    10/25/33   3,536,644

JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-OPO, Class A

    3,678,000       3.024(c)     01/05/39   3,349,412

JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B

    4,000,000       3.598 (b)(c)    06/05/39   3,707,696

ROCK Trust Series 2024-CNTR, Class A

    6,850,000       5.388 (c)    11/13/41   7,000,240
       

 

        45,011,101

 

Sequential Floating Rate – 3.4%

3650R Commercial Mortgage Trust Series 2021-PF1, Class AS

    2,526,000       2.778 (a)    11/15/54   2,129,866

Bank5 Series 2024-5YR9, Class AS

    3,950,000       6.182 (a)(b)    08/15/57   4,121,248

Bank5 Trust Series 2025-5YR13, Class AS

    3,372,000       6.096 (a)(b)    01/15/58   3,520,752

BBCMS Mortgage Trust Series 2024-C26, Class B

    4,040,000       5.943 (a)(b)    05/15/57   4,132,778

Benchmark Mortgage Trust Series 2024-V8, Class A3

    2,800,000       6.189 (a)(b)    07/15/57   2,952,168

BSTN Commercial Mortgage Trust Series 2025-1C, Class A

    4,825,000       5.548 (a)(c)    06/15/44   4,930,491

BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%)

    2,661,503       5.703 (a)(c)    03/15/41   2,663,489

BX Commercial Mortgage Trust Series 2024-AIRC, Class A (1 mo. USD Term SOFR + 1.691%)

    1,956,000       6.003 (a)(c)    08/15/39   1,960,572

BX Trust Series 2022-PSB, Class A (1 mo. USD Term SOFR + 2.451%)

    703,557       6.763 (a)(c)    08/15/39   703,148

BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%)

    4,725,000       5.954 (a)(c)    02/15/41   4,722,674

BX Trust Series 2024-PAT, Class A (1 mo. USD Term SOFR + 2.090%)

    1,450,000       6.402 (a)(c)    03/15/41   1,448,855

BX Trust Series 2024-PAT, Class B (1 mo. USD Term SOFR + 3.039%)

    500,000       7.351 (a)(c)    03/15/41   499,979

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Mortgage-Backed Obligations – (continued)

Sequential Floating Rate – (continued)

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-152, Class A2

$

    3,600,000       3.780 %(a)(b)    11/25/32   $    3,452,938

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF153, Class AS (1 mo. USD Term SOFR + 0.680%)

    1,990,938       4.992 (a)(b)    02/25/33   1,994,727

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K510, Class A2

    1,350,000       5.069 (a)(b)    10/25/28   1,387,590

Houston Galleria Mall Trust Series 2025-HGLR, Class A

    3,300,000       5.644 (a)(c)    02/05/45   3,384,281

Hudson Yards Mortgage Trust Series 2025-SPRL, Class A

    5,280,000       5.649 (a)(c)    01/13/40   5,439,063

IRV Trust Series 2025-200P, Class A

    3,600,000       5.471 (a)(b)(c)    03/14/47   3,634,358

JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A

    1,975,000       5.990 (a)(c)    10/05/39   2,014,802

KIND Commercial Mortgage Trust Series 2024-1, Class A (1 mo. USD Term SOFR + 1.890%)

    5,150,000       6.202 (a)(c)    08/15/41   5,154,021

NY Commercial Mortgage Trust Series 2025-299P, Class B

    1,950,000       6.125 (a)(c)    02/10/47   2,006,409

NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%)

    2,300,000       6.004 (a)(c)    02/15/42   2,279,593

ROCK Trust Series 2024-CNTR, Class B

    2,250,000       5.930 (c)    11/13/41   2,319,163

Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A

    4,150,000       5.484 (a)(c)    07/15/35   4,174,912

Wells Fargo Commercial Mortgage Trust Series 2024-MGP, Class A12 (1 mo. USD Term SOFR + 1.691%)

    4,900,000       6.003 (a)(c)    08/15/41   4,875,515

Wells Fargo Commercial Mortgage Trust Series 2024-MGP, Class B12 (1 mo. USD Term SOFR + 2.290%)

    2,700,000       6.602 (a)(c)    08/15/41   2,659,525
       

 

  78,562,917

 

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES   $  126,108,053

 

Federal Agencies – 38.1%

Adjustable Rate Federal National Mortgage Association – 0.0%

(1 yr. CMT + 2.161%)(a)

$

    728       6.270   06/01/33   $          741

(RFUCC 1 yr. Treasury + 1.655%)(a)

    73,744       7.488     07/01/34   75,590

(RFUCC 1 yr. Treasury + 1.576%)(a)

    312,043       6.948     09/01/34   319,170

(RFUCC 1 yr. Treasury + 1.732%)(a)

    178,365       6.707     05/01/35   184,367

(RFUCC 1 yr. Treasury + 1.233%)(a)

    108,152       6.100     06/01/35   109,930
       

 

  689,798

 

 


GOLDMAN SACHS CORE FIXED 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. – 0.1%

$

    718       5.500   10/01/25   $          717
    5,913       7.500     12/01/30   6,272
    2,940       7.500     01/01/31   3,114
    3,252       5.000     10/01/33   3,310
    333       5.000     04/01/35   339
    4,948       5.000     07/01/35   5,034
    30,707       5.000     12/01/35   31,103
    74,122       5.000     01/01/38   75,373
    150,799       5.000     01/01/39   153,315
    56,774       5.000     06/01/39   57,681
    6,156       4.000     06/01/40   5,986
    3,502       5.000     08/01/40   3,548
    958       4.500     11/01/40   956
    41,433       4.000     02/01/41   40,282
    3,505       5.000     06/01/41   3,551
    3,789       4.000     11/01/41   3,658
    877,025       4.500     08/01/48   858,146
       

 

  1,252,385

 

Federal National Mortgage Association – 0.0%

    1,778       8.000     02/01/31   1,786
    8,430       7.000     03/01/31   8,866
       

 

  10,652

 

Government National Mortgage Association – 9.4%

    3,898       6.000     11/15/38   4,062
    34,859       5.000     07/15/40   35,502
    2,159       4.000     02/20/41   2,083
    3,473       4.000     11/20/41   3,346
    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
    17,601       4.000     08/20/43   16,897
    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
    9,362       4.000     05/20/45   8,945
    1,254,586       4.000     07/20/45   1,197,559
    20,034       4.000     10/20/45   19,029
    95,270       4.500     02/20/48   93,162
    256,396       4.500     04/20/48   250,564
    687,914       4.500     05/20/48   671,837
    641,490       5.000     07/20/48   641,247
    1,099,961       4.500     08/20/48   1,072,878
    577,625       5.000     08/20/48   577,406
    4,710,359       4.500     09/20/48   4,594,383
    4,818       3.500     09/20/48   4,461
    736,356       5.000     10/20/48   735,617
    2,271,484       5.000     11/20/48   2,269,204
    4,238,047       4.500     12/20/48   4,127,079
    1,286,237       5.000     12/20/48   1,284,946
    2,424,771       4.500     01/20/49   2,361,281
    2,097,418       5.000     01/20/49   2,091,380
    1,651,597       4.000     02/20/49   1,553,755
    524,787       4.500     02/20/49   510,391
    418,375       4.500     03/20/49   407,420
    1,476,785       4.000     03/20/49   1,389,300
    740,483       5.000     03/20/49   739,740

 

Principal

Amount

    Interest
Rate
    Maturity
Date
    Value
Mortgage-Backed Obligations – (continued)

Government National Mortgage Association – (continued)

$

    6,825       3.500     04/20/49     $        6,304
    1,671,500       4.000       04/20/49     1,572,479
    519,938       4.000       05/20/49     488,649
    16,688       3.500       08/20/49     15,363
    2,727,708       3.000       08/20/49     2,423,081
    1,711,720       5.000       08/20/49     1,711,071
    623,450       4.500       10/20/49     608,100
    13,363,004       3.000       10/20/49     11,847,255
    497,271       3.500       12/20/49     457,798
    1,446,381       3.500       02/20/50     1,331,567
    4,966,263       3.000       03/20/50     4,409,469
    135,060       3.500       06/20/50     124,419
    317,084       3.500       07/20/50     291,914
    905,593       4.000       01/20/51     849,964
    633,682       3.000       07/20/51     560,661
    1,306,161       2.500       09/20/51     1,101,703
    1,555,265       2.500       10/20/51     1,318,619
    6,929,138       3.000       11/20/51     6,116,115
    2,433,475       2.500       11/20/51     2,061,682
    5,741,455       3.000       12/20/51     5,078,511
    2,975,485       2.500       12/20/51     2,526,732
    30,699,644       4.500       09/20/52     29,658,311
    1,631,152       3.500       02/20/53     1,502,634
    16,000,000       2.500       TBA-30yr (e)    13,597,947
    8,000,000       3.500       TBA-30yr (e)    7,241,359
    14,000,000       2.000       TBA-30yr (e)    11,406,373
    6,000,000       4.000       TBA-30yr (e)    5,575,221
    19,000,000       5.000       TBA-30yr (e)    18,656,685
    27,000,000       5.500       TBA-30yr (e)    27,026,822
    33,000,000       6.000       TBA-30yr (e)    33,462,079
       

 

  219,834,684

 

Uniform Mortgage-Backed Security – 28.6%

    2,339       7.000       08/01/27     2,366
    136       6.500       09/01/27     137
    12,033       7.000       03/01/28     12,205
    470       6.500       05/01/28     478
    3,954       4.500       04/01/39     3,917
    2,795       4.500       05/01/39     2,772
    3,547       4.500       07/01/39     3,514
    11,755       4.500       08/01/39     11,653
    100,678       4.500       12/01/39     99,820
    6,813       4.500       04/01/41     6,763
    223,129       4.500       05/01/41     221,485
    30,985       4.500       08/01/41     30,664
    10,271       3.000       11/01/42     9,400
    228,830       3.000       12/01/42     210,095
    328,660       3.000       01/01/43     301,868
    46,603       3.000       02/01/43     42,873
    370,886       3.000       03/01/43     339,665
    663,756       3.000       04/01/43     607,341
    452,562       3.000       05/01/43     413,665
    48,541       3.000       06/01/43     44,180
    384,089       3.000       07/01/43     350,766
    224,948       5.000       05/01/44     227,115
    1,146,254       4.500       04/01/45     1,129,102
    139,226       4.500       05/01/45     137,056
    355,126       4.500       06/01/45     350,082

 

 


GOLDMAN SACHS CORE FIXED 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)

$

    2,802,384       4.000   08/01/45   $    2,688,290
    54,664       4.000     03/01/46   52,016
    28,375       4.000     06/01/46   26,979
    8,570       4.000     08/01/46   8,148
    68,910       4.000     10/01/46   65,521
    99,700       4.000     06/01/47   94,785
    1,307,739       4.500     07/01/47   1,275,911
    339,141       4.500     11/01/47   330,675
    158,137       4.000     12/01/47   150,539
    599,598       4.000     01/01/48   570,042
    1,741,359       4.000     02/01/48   1,653,372
    41,090       4.500     02/01/48   39,936
    1,262,349       4.000     03/01/48   1,198,382
    68,083       4.500     05/01/48   66,129
    922,345       4.000     06/01/48   876,015
    11,695       4.500     06/01/48   11,355
    10,009       4.500     07/01/48   9,720
    873,426       4.000     07/01/48   829,312
    1,430,211       4.000     08/01/48   1,356,583
    6,954       4.500     08/01/48   6,752
    859,511       4.500     09/01/48   837,279
    2,487,703       5.000     11/01/48   2,490,020
    1,426,960       4.500     11/01/48   1,384,394
    959,830       4.500     12/01/48   930,770
    1,234,932       4.500     01/01/49   1,197,691
    887,496       4.500     02/01/49   861,029
    741,978       3.000     02/01/49   664,034
    3,211       4.500     03/01/49   3,114
    426,420       4.500     06/01/49   413,904
    1,662,003       4.500     07/01/49   1,610,513
    163,699       3.500     07/01/49   150,035
    819,238       4.500     08/01/49   794,097
    5,346,936       3.000     09/01/49   4,727,498
    2,354,530       5.000     10/01/49   2,351,572
    1,059,888       3.000     10/01/49   937,101
    1,496,656       3.000     12/01/49   1,321,399
    105,053       4.500     02/01/50   101,969
    18,852,019       4.500     03/01/50   18,323,046
    7,821,785       4.000     03/01/50   7,384,894
    2,079,917       5.000     03/01/50   2,073,405
    15,004       4.500     04/01/50   14,539
    886,071       4.500     05/01/50   858,742
    2,299,896       2.500     09/01/50   1,945,724
    19,878,494       2.000     10/01/50   15,882,753
    18,305,903       3.000     10/01/50   16,124,480
    5,310,045       3.000     11/01/50   4,674,968
    19,872,017       2.000     11/01/50   15,870,648
    2,571,126       2.500     11/01/50   2,166,347
    6,993,269       3.000     12/01/50   6,161,250
    9,450,656       2.500     01/01/51   7,894,958
    4,189,001       2.500     02/01/51   3,501,482
    179,621       4.500     03/01/51   174,092
    870,316       2.000     03/01/51   696,750
    14,929,490       2.500     05/01/51   12,563,378
    11,971,990       2.000     05/01/51   9,544,369
    31,019,696       2.500     08/01/51   26,174,965
    501,864       2.000     08/01/51   399,026
    21,410,923       2.500     09/01/51   17,993,638

 

Principal

Amount

    Interest
Rate
   

Maturity

Date

    Value
Mortgage-Backed Obligations – (continued)

Uniform Mortgage-Backed Security – (continued)

$

    2,321,168       2.000     09/01/51     $    1,846,280
    236,047       4.500       10/01/51     226,696
    3,187,082       2.000       10/01/51     2,533,990
    54,945,952       2.000       02/01/52       43,592,546
    157,175       4.500       03/01/52     150,832
    573,060       2.000       03/01/52     454,052
    8,538,971       2.500       03/01/52     7,095,794
    2,688,428       2.000       04/01/52     2,133,671
    4,200,439       4.500       04/01/52     4,033,479
    11,564,700       2.500       04/01/52     9,605,675
    1,345,258       4.500       05/01/52     1,290,864
    4,812,248       2.500       05/01/52     3,999,204
    4,753,333       5.500       09/01/52     4,814,204
    11,366,264       6.000       11/01/52     11,677,938
    4,242,585       6.000       12/01/52     4,364,035
    4,750,304       5.500       04/01/53     4,793,120
    2,415,482       6.000       04/01/53     2,483,013
    15,132,694       4.500       05/01/53     14,670,988
    5,303,464       6.500       09/01/53     5,501,535
    2,439,153       6.500       12/01/53     2,548,542
    11,532,697       2.500       01/01/54     9,584,211
    19,567,554       6.500       06/01/54     20,489,438
    53,000,000       2.500       TBA-30yr (e)    43,938,219
    28,000,000       3.000       TBA-30yr (e)    24,211,264
    31,000,000       3.500       TBA-30yr (e)    27,901,215
    21,000,000       4.000       TBA-30yr (e)    19,521,044
    145,000,000       5.500       TBA-30yr (e)    144,943,290
    23,000,000       6.000       TBA-30yr (e)    23,371,061
    23,000,000       6.500       TBA-30yr (e)    23,740,315
       

 

        672,585,832

 

TOTAL FEDERAL AGENCIES

 

  $  894,373,351

 

TOTAL MORTGAGE-BACKED OBLIGATIONS
(Cost $1,093,026,681)

 

  $1,075,350,051

 

       
Corporate Obligations – 22.0%

Aerospace & Defense(b) – 0.7%

Boeing Co.

$

    1,575,000       3.450     11/01/28     $    1,518,347
    2,211,000       5.150       05/01/30     2,251,638
    4,599,000       6.528       05/01/34     5,001,229
    163,000       3.375       06/15/46     111,034
    100,000       3.625       03/01/48     68,939
    100,000       3.850       11/01/48     71,731
    1,225,000       5.805       05/01/50     1,175,216
    4,093,000       6.858       05/01/54     4,482,776

Howmet Aerospace, Inc.

    1,728,000       4.850       10/15/31     1,752,797
       

 

        16,433,707

 

Agriculture(b) – 0.3%

BAT Capital Corp.

    5,749,000       6.000       02/20/34     6,058,411

 

 


GOLDMAN SACHS CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

Principal

Amount

    Interest
Rate
   

Maturity

Date

  Value
Corporate Obligations – (continued)

Agriculture(b) – (continued)

Bunge Ltd. Finance Corp.

$

    843,000       4.200   09/17/29   $      833,727
       

 

        6,892,138

 

Automotive(b) – 0.1%

General Motors Financial Co., Inc.

    3,200,000       1.500     06/10/26   3,106,240

 

Banks – 5.9%

Banco Santander SA

    400,000       4.250     04/11/27   398,996
    800,000       3.306     06/27/29   767,384
    800,000       2.749     12/03/30   712,592
    4,400,000       6.921     08/08/33   4,766,784

Bank of America Corp.

    237,000       6.110     01/29/37   250,407

(5 yr. CMT + 1.200%)

    94,000       2.482 (a)(b)    09/21/36   79,675

(Secured Overnight Financing Rate + 1.220%)

    1,375,000       2.651 (a)(b)    03/11/32   1,233,141

(Secured Overnight Financing Rate + 1.310%)

    150,000       5.511 (a)(b)    01/24/36   154,272

(Secured Overnight Financing Rate + 1.370%)

    3,150,000       1.922 (a)(b)    10/24/31   2,745,792

(Secured Overnight Financing Rate + 1.630%)

    9,205,000       5.202 (a)(b)    04/25/29   9,407,142

(Secured Overnight Financing Rate + 1.830%)

    5,000,000       4.571 (a)(b)    04/27/33   4,917,300

(Secured Overnight Financing Rate + 2.150%)

    5,225,000       2.592 (a)(b)    04/29/31   4,778,001

(Secured Overnight Financing Rate + 2.160%)

    1,089,000       5.015 (a)(b)    07/22/33   1,101,861

Bank of New York Mellon Corp.(a)(b) (Secured Overnight Financing Rate + 1.755%)

    315,000       4.596     07/26/30   318,345

Barclays PLC (1 yr. CMT + 3.500%)

    4,410,000       7.437 (a)(b)    11/02/33   5,001,601

(Secured Overnight Financing Rate + 1.590%)

    2,090,000       5.785 (a)(b)    02/25/36   2,136,231

BNP Paribas SA (a)(b)(c) (Secured Overnight Financing Rate + 1.620%)

    3,975,000       5.786     01/13/33   4,134,795

BPCE SA (a)(b)(c) (Secured Overnight Financing Rate + 1.312%)

    1,650,000       2.277     01/20/32   1,427,135

Canadian Imperial Bank of Commerce (a)(b) (Secured Overnight Financing Rate + 1.105%)

    3,925,000       5.245     01/13/31   4,018,964

Citigroup, Inc.

    925,000       3.400     05/01/26   917,859
    2,450,000       4.450     09/29/27   2,451,568

(Secured Overnight Financing Rate + 1.351%)

    100,000       3.057 (a)(b)    01/25/33   89,407

(Secured Overnight Financing Rate + 1.422%)

    1,375,000       2.976 (a)(b)    11/05/30   1,286,134

(Secured Overnight Financing Rate + 1.830%)

    2,360,000       6.020 (a)(b)    01/24/36   2,423,106

 

Principal

Amount

    Interest
Rate
   

Maturity

Date

  Value
Corporate Obligations – (continued)

Banks – (continued)

(Secured Overnight Financing Rate + 2.086%)

$

    2,495,000       4.910 %(a)(b)    05/24/33   $    2,489,112

First Horizon Corp.(a)(b) (Secured Overnight Financing Rate + 1.766%)

    715,000       5.514     03/07/31   725,310

HSBC Holdings PLC

    600,000       4.950     03/31/30   609,918

Huntington Bancshares, Inc. (a)(b) (Secured Overnight Financing Rate + 1.870%)

    5,485,000       5.709     02/02/35   5,604,189

JPMorgan Chase & Co.

(3 mo. USD Term SOFR + 1.599%)

    2,150,000       3.782 (a)(b)    02/01/28   2,131,209

(3 mo. USD Term SOFR + 2.515%)

    675,000       2.956 (a)(b)    05/13/31   623,950

(Secured Overnight Financing Rate + 1.260%)

    3,475,000       2.963 (a)(b)    01/25/33   3,122,287

(Secured Overnight Financing Rate + 1.680%)

    4,285,000       5.572 (a)(b)    04/22/36   4,445,045

(Secured Overnight Financing Rate + 1.800%)

    3,692,000       4.586 (a)(b)    04/26/33   3,654,785

Kreditanstalt fuer Wiederaufbau (f)

    11,340,000       5.125     09/29/25   11,357,010

M&T Bank Corp.

(Secured Overnight Financing Rate + 1.610%)

    6,050,000       5.385 (a)(b)    01/16/36   6,021,504

(Secured Overnight Financing Rate + 1.850%)

    2,280,000       5.053 (a)(b)    01/27/34   2,248,012

(Secured Overnight Financing Rate + 2.800%)

    1,930,000       7.413 (a)(b)    10/30/29   2,094,166

Morgan Stanley

    1,631,000       3.950     04/23/27   1,620,627

(Secured Overnight Financing Rate + 1.034%)

    2,625,000       1.794 (a)(b)    02/13/32   2,245,215

(Secured Overnight Financing Rate + 1.143%)

    3,900,000       2.699 (a)(b)    01/22/31   3,594,474

(Secured Overnight Financing Rate + 1.360%)

    3,175,000       2.484 (a)(b)    09/16/36   2,697,385

(Secured Overnight Financing Rate + 1.590%)

    4,320,000       5.164 (a)(b)    04/20/29   4,404,931

(Secured Overnight Financing Rate + 1.757%)

    695,000       5.664 (a)(b)    04/17/36   720,451

Royal Bank of Canada

    1,700,000       5.000     02/01/33   1,726,469

Shinhan Bank Co. Ltd.(c)

    540,000       4.500     04/12/28   541,372

State Street Corp.(a)(b) (Secured Overnight Financing Rate + 2.650%)

    100,000       3.152     03/30/31   94,525

Truist Financial Corp.(a)(b) (Secured Overnight Financing Rate + 2.050%)

    100,000       6.047     06/08/27   101,335

U.S. Bancorp(a)(b) (Secured Overnight Financing Rate + 2.020%)

    3,640,000       5.775     06/12/29   3,777,847

UBS AG

    4,135,000       1.250     08/07/26   4,001,150

UBS Group AG

    683,000       4.550     04/17/26   683,055

 

 


GOLDMAN SACHS CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

Principal

Amount

    Interest
Rate
   

Maturity

Date

  Value
Corporate Obligations – (continued)

Banks – (continued)

(3 mo. USD LIBOR + 1.410%)

$

    1,675,000       3.869 %(a)(b)(c)    01/12/29   $    1,648,870

(5 yr. CMT + 4.758%)

    695,000       9.250 (a)(b)(c)    11/13/33   802,982

(Secured Overnight Financing Rate + 0.980%)

    315,000       1.305 (a)(b)(c)    02/02/27   309,100

(Secured Overnight Financing Rate + 1.730%)

    1,545,000       3.091 (a)(b)(c)    05/14/32   1,403,138

(Secured Overnight Financing Rate + 1.760%)

    1,915,000       5.580 (a)(b)(c)    05/09/36   1,960,309

(Secured Overnight Financing Rate + 5.020%)

    1,725,000       9.016 (a)(b)(c)    11/15/33   2,132,083

Wells Fargo & Co.

    2,700,000       3.000     10/23/26   2,653,749
    325,000       4.300     07/22/27   325,026

Westpac Banking Corp.(a)(b) (5 yr. CMT + 2.000%)

    700,000       4.110     07/24/34   676,403
       

 

        138,765,485

 

Beverages – 0.9%

Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.(b)

    960,000       4.700     02/01/36   936,682

Anheuser-Busch InBev Worldwide, Inc.

    585,000       8.200     01/15/39   746,232

Bacardi-Martini BV(b)(c)

    6,350,000       5.550     02/01/30   6,517,132

Coca-Cola Consolidated, Inc.(b)

    1,421,000       5.450     06/01/34   1,464,454

Constellation Brands, Inc.

    50,000       3.600 (b)    02/15/28   49,121
    50,000       3.150 (b)    08/01/29   47,500
    1,900,000       2.250 (b)    08/01/31   1,648,136

JDE Peet’s NV(b)(c)

    1,650,000       1.375     01/15/27   1,569,826

Keurig Dr. Pepper, Inc.(b)

    1,968,000       2.250     03/15/31   1,736,937

Pernod Ricard International Finance LLC(b)(c)

    7,265,000       1.625     04/01/31   6,122,797
       

 

        20,838,817

 

Biotechnology(b) – 0.6%

Amgen, Inc.

    3,370,000       5.250     03/02/30   3,473,695
    4,225,000       4.200     03/01/33   4,061,112
    2,793,000       5.250     03/02/33   2,860,535

Royalty Pharma PLC

    2,844,000       5.400     09/02/34   2,881,370
       

 

        13,276,712

 

Building Materials(b) – 0.3%

Carrier Global Corp.

    3,375,000       2.493     02/15/27   3,284,922
    2,675,000       2.700     02/15/31   2,433,474
    2,309,000       5.900     03/15/34   2,458,323
       

 

        8,176,719

 

Principal

Amount

    Interest
Rate
   

Maturity

Date

  Value
Corporate Obligations – (continued)

Chemicals(b) – 0.1%

DuPont de Nemours, Inc.

$

    975,000       4.493   11/15/25   $      973,615

Huntsman International LLC

    850,000       4.500     05/01/29   805,945

International Flavors & Fragrances, Inc.(c)

    599,000       1.832     10/15/27   564,162
       

 

        2,343,722

 

Commercial Services – 0.4%

Ashtead Capital, Inc.

    650,000       1.500 (b)(c)    08/12/26   628,862
    2,087,000       5.800 (b)(c)    04/15/34   2,138,278

DP World Crescent Ltd.(c)

    3,290,000       5.500     05/08/35   3,310,562

DP World Ltd.

    100,000       6.850 (c)    07/02/37   109,094
    600,000       5.625     09/25/48   559,312

Quanta Services, Inc.(b)

    2,594,000       5.250     08/09/34   2,625,258
       

 

        9,371,366

 

Computers(b) – 0.1%

Dell International LLC/EMC Corp.

    200,000       6.200     07/15/30   213,890
    540,000       8.100     07/15/36   650,101

Hewlett Packard Enterprise Co.

    2,174,000       5.000     10/15/34   2,109,345
       

 

           2,973,336

 

Diversified Financial Services – 0.9%

AerCap Ireland Capital DAC/AerCap Global Aviation Trust

    965,000       6.500 (b)    07/15/25   965,598
    5,125,000       2.450 (b)    10/29/26   4,993,288
    3,472,000       5.375 (b)    12/15/31   3,550,571

Air Lease Corp.

    625,000       2.875 (b)    01/15/26   618,631
    3,750,000       5.200 (b)    07/15/31   3,833,138

American Express Co.(a)(b) (Secured Overnight Financing Rate + 1.420%)

    4,855,000       5.284     07/26/35   4,919,474

Aviation Capital Group LLC(b)(c)

    450,000       1.950     01/30/26   442,899

Avolon Holdings Funding Ltd.(b)(c)

    873,000       5.150     01/15/30   879,399

Nomura Holdings, Inc.

    950,000       2.608     07/14/31   837,511

REC Ltd.(c)

    200,000       5.625     04/11/28   204,122
       

 

        21,244,631

 

Electrical(b) – 0.1%

Alliant Energy Finance LLC(c)

    225,000       4.250     06/15/28   222,406

Ameren Corp.

    400,000       3.500     01/15/31   377,928

American Electric Power Co., Inc.

    850,000       2.300     03/01/30   767,499

 

 


GOLDMAN SACHS CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

Principal

Amount

    Interest
Rate
   

Maturity

Date

  Value
Corporate Obligations – (continued)

Electrical(b) – (continued)

Arizona Public Service Co.

$

    425,000       2.950   09/15/27   $      411,302

Ohio Power Co.

    675,000       2.600     04/01/30   621,898

Pacific Gas & Electric Co.

    500,000       3.300     08/01/40   358,355
       

 

        2,759,388

 

Electronics(b) – 0.1%

Allegion U.S. Holding Co., Inc.

    1,593,000       5.600     05/29/34   1,635,947

 

Engineering & Construction(b) – 0.1%

Mexico City Airport Trust

    400,000       4.250     10/31/26   397,000
    440,000       3.875 (c)    04/30/28   426,580
    200,000       5.500 (c)    10/31/46   165,175
    420,000       5.500     07/31/47   346,153
    340,000       5.500 (c)    07/31/47   280,220
       

 

        1,615,128

 

Entertainment(b) – 0.0%

Warnermedia Holdings, Inc.

    800,000       4.054     03/15/29   651,640
    13,000       4.279     03/15/32   9,667
       

 

        661,307

 

Environmental – 0.3%

Nature Conservancy

    60,000       0.944     07/01/26   57,457
    75,000       1.304     07/01/28   67,934

Veralto Corp.(b)

    5,840,000       5.450     09/18/33      6,022,091
       

 

        6,147,482

 

Food & Drug Retailing(b) – 1.5%

Campbell’s Co.

    7,343,000       5.400     03/21/34   7,456,816

J.M. Smucker Co.

    2,498,000       5.900     11/15/28   2,625,248
    2,495,000       6.200     11/15/33   2,678,657

Kroger Co.

    2,729,000       5.000     09/15/34   2,713,936

Mars, Inc.

    5,800,000       4.800 (c)    03/01/30   5,875,748
    5,175,000       5.000 (c)    03/01/32   5,244,190
    8,975,000       5.200 (c)    03/01/35   9,080,636

Sysco Corp.

    225,000       6.600     04/01/40   245,507
       

 

        35,920,738

 

Gas(b) – 0.0%

NiSource, Inc.

    325,000       3.600     05/01/30   312,169

 

Hand/Machine Tools(b) – 0.3%

Regal Rexnord Corp.

    6,578,000       6.300     02/15/30   6,893,152

 

Principal

Amount

    Interest
Rate
   

Maturity

Date

  Value
Corporate Obligations – (continued)

Healthcare Providers & Services(b) – 2.2%

Adventist Health System

$

    540,000       2.952   03/01/29   $      501,513
    1,345,000       5.757     12/01/34   1,346,620

Alcon Finance Corp.(c)

    4,572,000       3.000     09/23/29   4,305,407

Banner Health

    3,235,000       2.338     01/01/30   2,972,012

Baylor Scott & White Holdings

    1,140,000       1.777     11/15/30   998,434

Centene Corp.

    392,000       4.250     12/15/27   386,183
    1,276,000       2.625     08/01/31   1,093,979

CommonSpirit Health

    2,385,000       3.910     10/01/50   1,765,813
    2,655,000       6.461     11/01/52   2,812,460

HCA, Inc.

    1,590,000       3.500     09/01/30   1,503,377
    7,985,000       5.450     04/01/31   8,231,816
    1,610,000       5.900     06/01/53   1,554,986

Humana, Inc.

    785,000       5.950     03/15/34   815,136

Laboratory Corp. of America Holdings

    1,719,000       4.800     10/01/34   1,683,451

Rush Obligated Group

    1,320,000       3.922     11/15/29   1,294,546

Solventum Corp.

    4,135,000       5.400     03/01/29   4,258,595
    3,040,000       5.450     03/13/31   3,155,520
    5,675,000       5.600     03/23/34   5,839,234

STERIS Irish FinCo UnLtd Co.

    501,000       2.700     03/15/31   449,993

Stryker Corp.

    475,000       3.375     11/01/25   472,829
    75,000       1.950     06/15/30   66,908

Sutter Health

    605,000       2.294     08/15/30   546,394

UnitedHealth Group, Inc.

    3,700,000       5.000     04/15/34   3,696,189
    1,750,000       3.050     05/15/41   1,285,673
       

 

           51,037,068

 

Insurance – 0.2%

Arch Capital Group Ltd.

    300,000       7.350     05/01/34   346,830

Chubb Corp.

    2,440,000       6.800     11/15/31   2,720,600

Willis North America, Inc.(b)

    700,000       2.950     09/15/29   658,889
       

 

        3,726,319

 

Internet – 0.4%

Expedia Group, Inc.

    1,212,000       4.625 (b)    08/01/27   1,216,812
    825,000       3.800 (b)    02/15/28   812,765
    89,000       3.250 (b)    02/15/30   84,042
    331,000       2.950 (b)    03/15/31   301,528

Netflix, Inc.

    3,010,000       5.875     11/15/28   3,172,841

 

 


GOLDMAN SACHS CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

Principal

Amount

    Interest
Rate
   

Maturity

Date

  Value
Corporate Obligations – (continued)

Internet – (continued)

$

    2,604,000       5.375 %(c)    11/15/29   $    2,720,112

Prosus NV

EUR

    100,000       2.031 (b)(c)    08/03/32   104,749

$

    230,000       4.027 (b)(c)    08/03/50   153,309
    210,000       3.832 (b)(c)    02/08/51   134,242
       

 

        8,700,400

 

Investment Companies(b) – 0.1%

Blackstone Private Credit Fund

    950,000       6.000     01/29/32   955,738

Blackstone Secured Lending Fund

    1,650,000       5.875     11/15/27   1,685,343

JAB Holdings BV (c)

    500,000       2.200     11/23/30   430,565
       

 

        3,071,646

 

Iron/Steel(c) – 0.0%

POSCO

    260,000       5.750     01/17/28   266,843

 

Lodging(b) – 0.7%

Choice Hotels International, Inc.

    1,639,000       5.850     08/01/34   1,652,473

Hyatt Hotels Corp.

    5,295,000       5.500     06/30/34   5,301,142

Las Vegas Sands Corp.

    1,590,000       5.625     06/15/28   1,620,607
    590,000       6.000     06/14/30   608,197

Marriott International, Inc.

    2,100,000       5.000     10/15/27   2,134,293
    5,300,000       2.850     04/15/31   4,813,566
       

 

           16,130,278

 

Machinery-Diversified(b) – 0.2%

AGCO Corp.

    1,298,000       5.800     03/21/34   1,317,405

IDEX Corp.

    1,515,000       2.625     06/15/31   1,351,440

Ingersoll Rand, Inc.

    1,270,000       5.700     08/14/33   1,329,665
       

 

        3,998,510

 

Media(b) – 0.3%

Charter Communications Operating LLC/Charter Communications Operating Capital

    6,675,000       3.750     02/15/28   6,545,371

Comcast Corp.

    100,000       3.750     04/01/40   82,865

Time Warner Cable LLC

    275,000       5.875     11/15/40   263,937
       

 

        6,892,173

 

Miscellaneous Manufacturing – 0.0%

GE Capital International Funding Co. Unlimited Co.

    405,000       4.418     11/15/35   388,464

General Electric Co.

    700,000       5.875     01/14/38   746,858
       

 

        1,135,322

 

Principal

Amount

    Interest
Rate
   

Maturity

Date

  Value
Corporate Obligations – (continued)

Oil Field Services – 0.3%

Marathon Petroleum Corp.(b)

$

    375,000       3.800   04/01/28   $      369,784

Occidental Petroleum Corp.

    1,034,000       7.875     09/15/31   1,161,492

Petronas Capital Ltd.

    1,200,000       4.950 (b)(c)    01/03/31   1,220,640
    1,290,000       5.340 (b)(c)    04/03/35   1,320,328

Phillips 66(b)

    725,000       1.300     02/15/26   710,152

QatarEnergy(b)(c)

    410,000       3.300     07/12/51   276,801

Reliance Industries Ltd.

    480,000       2.875 (c)    01/12/32   425,304
    250,000       3.750 (c)    01/12/62   166,328

Saudi Arabian Oil Co.(b)(c)

    1,950,000       5.750     07/17/54   1,816,035
       

 

        7,466,864

 

Pharmaceuticals(b) – 0.6%

Cardinal Health, Inc.

    3,830,000       5.350     11/15/34   3,903,268

Cigna Group

    3,515,000       5.125     05/15/31   3,616,232
    1,025,000       4.800     08/15/38   962,291

CVS Health Corp.

    5,632,000       4.780     03/25/38   5,167,078
       

 

           13,648,869

 

Pipelines – 0.9%

Abu Dhabi Crude Oil Pipeline LLC(c)

    1,190,000       4.600     11/02/47   1,063,562

Cheniere Energy Partners LP(b)

    1,185,000       5.950     06/30/33   1,236,536

Columbia Pipelines Operating Co. LLC(b)(c)

    3,620,000       6.036     11/15/33   3,800,457

Enbridge, Inc.(b)

    2,300,000       2.500     08/01/33   1,913,968

Energy Transfer LP

    50,000       4.950 (b)    06/15/28   50,723
    375,000       5.300 (b)    04/15/47   330,323

Galaxy Pipeline Assets Bidco Ltd.

    200,000       2.625 (c)    03/31/36   169,500
    2,685,050       2.940     09/30/40   2,200,908
    320,000       3.250 (c)    09/30/40   248,339

Kinder Morgan, Inc.(b)

    4,835,000       5.200     06/01/33   4,861,399

MPLX LP

 
    275,000       4.500 (b)    04/15/38   243,474
    645,000       5.500 (b)    02/15/49   583,461

Plains All American Pipeline LP/PAA Finance Corp.(b)

    875,000       3.800     09/15/30   836,395

Sabine Pass Liquefaction LLC(b)

    275,000       5.000     03/15/27   276,645

Targa Resources Corp.(b)

    1,010,000       4.200     02/01/33   946,390

Western Midstream Operating LP(b)

    225,000       5.450     04/01/44   195,813

 

 


GOLDMAN SACHS CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

Principal

Amount

    Interest
Rate
   

Maturity

Date

  Value
Corporate Obligations – (continued)

Pipelines – (continued)

Williams Cos., Inc.

$

    800,000       4.000 %(b)    09/15/25   $      798,456
    1,800,000       5.650 (b)    03/15/33   1,870,614
       

 

        21,626,963

 

Real Estate Investment Trust(b) – 0.3%

American Homes 4 Rent LP

    723,000       4.900     02/15/29   730,895

CubeSmart LP

    600,000       4.000     11/15/25   597,882
    370,000       2.500     02/15/32   318,200

Host Hotels & Resorts LP

    952,000       2.900     12/15/31   834,390

Invitation Homes Operating Partnership LP

    1,120,000       2.000     08/15/31   951,194

Realty Income Corp.

    400,000       3.950     08/15/27   397,704

UDR, Inc.

    475,000       2.100     08/01/32   393,271

WP Carey, Inc.

    1,000,000       3.850     07/15/29   973,460
    725,000       2.400     02/01/31   637,884
       

 

        5,834,880

 

Retailing(b) – 0.2%

AutoNation, Inc.

    500,000       1.950     08/01/28   463,780
    825,000       4.750     06/01/30   820,867

Dollar General Corp.

    2,331,000       3.875     04/15/27   2,311,000

Lowe’s Cos., Inc.

    125,000       1.700     10/15/30   108,870
       

 

           3,704,517

 

Savings & Loans(a)(b)(c) – 0.0%

Nationwide Building Society (3 mo. USD LIBOR + 1.855%)

    975,000       3.960     07/18/30   950,723

 

Semiconductors(b) – 0.6%

Broadcom, Inc.

    2,770,000       2.600 (c)    02/15/33   2,369,873
    1,156,000       3.419 (c)    04/15/33   1,047,059
    425,000       3.137 (c)    11/15/35   358,492
    156,000       3.187 (c)    11/15/36   129,310

Intel Corp.

    2,750,000       5.200     02/10/33   2,773,210
    934,000       5.150     02/21/34   930,946

NXP BV/NXP Funding LLC/NXP USA, Inc.

    825,000       3.400     05/01/30   781,069
    3,125,000       2.500     05/11/31   2,758,187
    2,250,000       2.650     02/15/32   1,956,577
       

 

        13,104,723

 

Software(b) – 1.4%

AppLovin Corp.

    6,273,000       5.500     12/01/34   6,370,859

Constellation Software, Inc. (c)

    1,366,000       5.461     02/16/34   1,393,183

 

Principal

Amount

    Interest
Rate
   

Maturity

Date

  Value
Corporate Obligations – (continued)

Software(b) – (continued)

MSCI, Inc. (c)

$

    650,000       4.000   11/15/29   $      628,609

Oracle Corp.

    2,000,000       4.500     05/06/28   2,010,980
    1,881,000       2.950     04/01/30   1,755,462
    2,550,000       4.650     05/06/30   2,574,404
    5,625,000       2.875     03/25/31   5,128,369
    3,520,000       5.250     02/03/32   3,611,414
    2,211,000       4.900     02/06/33   2,216,240
    350,000       3.600     04/01/40   280,119
    1,615,000       5.550     02/06/53   1,516,727

ServiceNow, Inc.

    1,040,000       1.400     09/01/30   901,014

Synopsys, Inc.

    2,177,000       5.000     04/01/32   2,204,735
    1,476,000       5.150     04/01/35   1,487,941

VMware LLC

    700,000       1.800     08/15/28   647,598

Workday, Inc.

    50,000       3.700     04/01/29   48,849
    675,000       3.800     04/01/32   634,493
       

 

        33,410,996

 

Telecommunication Services – 0.9%

AT&T, Inc.

    2,355,000       4.850 (b)    03/01/39   2,226,770
    450,000       5.150 (b)    11/15/46   414,351

British Telecommunications PLC

    3,265,000       9.625     12/15/30   4,016,440

Rogers Communications, Inc. (b)

    745,000       3.200     03/15/27   730,510

Telefonica Emisiones SA

    425,000       4.665     03/06/38      382,530

T-Mobile USA, Inc.

    5,163,000       3.750 (b)    04/15/27   5,110,905
    700,000       4.750 (b)    02/01/28   700,966
    533,000       3.875 (b)    04/15/30   517,516
    6,025,000       5.200 (b)    01/15/33   6,120,858

Verizon Communications, Inc.

    100,000       1.750 (b)    01/20/31   86,317
    1,500,000       2.550 (b)    03/21/31   1,345,575
       

 

  21,652,738

 

TOTAL CORPORATE OBLIGATIONS
(Cost $518,114,867)
  $  515,728,016

 

 
Asset-Backed Securities(b) – 11.4%

Automotive – 0.9%

Exeter Automobile Receivables Trust Series 2025-1A, Class A2

$

    2,568,546       4.700   09/15/27   $    2,567,921

Exeter Automobile Receivables Trust Series 2025-1A, Class A3

    1,425,000       4.670     08/15/28   1,425,218

Ford Credit Auto Owner Trust Series 2024-1, Class A(c)(d)

    4,900,000       4.870     08/15/36   4,993,549

 

 


GOLDMAN SACHS CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

Principal

Amount

    Interest
Rate
   

Maturity

Date

  Value
Asset-Backed Securities(b) – (continued)

Automotive – (continued)

GMF Floorplan Owner Revolving Trust Series 2023-1, Class A1(c)

$

    4,700,000       5.340   06/15/28   $    4,740,717

Santander Drive Auto Receivables Trust Series 2025-1, Class A2

    1,640,650       4.760     08/16/27   1,641,114

Santander Drive Auto Receivables Trust Series 2025-1, Class A3

    5,075,000       4.740     01/16/29   5,093,652
       

 

  20,462,171

 

Collateralized Loan Obligations(c) – 8.5%

1988 CLO 4 Ltd. Series 2024-4A, Class B(a) (3 mo. USD Term SOFR + 2.100%)

    3,250,000       6.356     04/15/37   3,261,134

AB BSL CLO 2 Ltd. Series 2021-2A, Class A(a) (3 mo. USD Term SOFR + 1.362%)

    5,600,000       5.618     04/15/34   5,607,935

ARES European CLO XXI DAC Series 21A, Class B(a) (3 mo. EUR EURIBOR + 1.700%)

EUR

    1,610,000       4.147     04/15/38   1,897,329

Atlas Senior Loan Fund XIII Series 2019-13A, Class CR(a) (3 mo. USD Term SOFR + 2.912%)

$

    2,100,000       7.184     04/22/31   2,103,686

Cedar Funding IX CLO Ltd. Series 2018-9A, Class AR(a) (3 mo. USD Term SOFR + 1.420%)

    3,795,000       5.690     07/20/37        3,809,353

CIFC Funding Ltd. Series 2023-3A, Class A(a) (3 mo. USD Term SOFR + 1.600%)

    4,750,000       5.870     01/20/37   4,763,300

CIFC Funding Ltd. Series 2023-3A, Class B(a) (3 mo. USD Term SOFR + 2.300%)

    3,775,000       6.570     01/20/37   3,794,219

CIFC Funding Ltd. Series 2019-4A, Class A1R2(a) (-1X 3 mo. USD Term SOFR + 1.300%)

    14,700,000       0.000     07/15/38   14,700,000

CQS U.S. CLO Ltd. Series 2021-1A, Class AR(a) (3 mo. USD Term SOFR + 1.200%)

    6,125,000       5.470     01/20/35   6,119,561

Crown City CLO I Series 2020-1A, Class A2R(a) (3 mo. USD Term SOFR + 2.012%)

    4,600,000       6.281     07/20/34   4,605,893

Fidelity Grand Harbour CLO DAC Series 2023-1A, Class B1R(a) (3 mo. EUR EURIBOR + 1.750%)

EUR

    3,680,000       3.893     02/15/38   4,323,254

Generate CLO 22 Ltd. Series 2025-22A, Class A(a) (-1X 3 mo. USD Term SOFR + 1.330%)

$

    11,675,000       0.000     07/20/38   11,675,000

HalseyPoint CLO 3 Ltd. Series 2020-3A, Class A1R(a) (3 mo. USD Term SOFR + 1.480%)

    2,000,000       5.760     07/30/37   2,005,152

HalseyPoint CLO 7 Ltd. Series 2023-7A, Class A1R(a) (3 mo. USD Term SOFR + 1.450%)

    13,650,000       5.773     07/20/38   13,650,000

Harvest U.S. CLO Ltd. Series 2024-2A, Class A1(a) (3 mo. USD Term SOFR + 1.400%)

    3,000,000       5.656     10/15/37   3,006,288

Katayma CLO I Ltd. Series 2023-1A, Class B(a) (3 mo. USD Term SOFR + 2.650%)

    4,400,000       6.920     10/20/36   4,412,610

 

Principal

Amount

    Interest
Rate
   

Maturity

Date

  Value
Asset-Backed Securities(b) – (continued)

Collateralized Loan Obligations(c) – (continued)

KKR CLO 57 Ltd. Series 2025-57A, Class A(a) (-1X 3 mo. USD Term SOFR + 1.400%)

$

    13,300,000       0.000   07/15/38   $   13,346,550

Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR2(a) (3 mo. USD Term SOFR + 1.530%)

    4,475,000       5.786     04/15/37   4,497,545

Mountain View CLO LLC Series 2016-1A, Class AR2(a) (3 mo. USD Term SOFR + 1.260%)

    3,487,332       5.502     04/14/33   3,490,477

Oaktree CLO Ltd. Series 2021-1A, Class A1R(a) (3 mo. USD Term SOFR + 1.350%)

    3,500,000       5.606     01/15/38   3,503,899

Oaktree CLO Ltd. Series 2022-1A, Class A1AR(a) (-1X 3 mo. USD Term SOFR + 1.370%)

    4,000,000       1.000     07/15/38   4,000,000

OCP CLO Ltd. Series 2019-16A, Class AR(a) (3 mo. USD Term SOFR + 1.262%)

    3,042,609       5.472     04/10/33   3,044,130

Octagon 67 Ltd. Series 2023-1A, Class AR(a) (3 mo. USD Term SOFR + 1.450%)

    9,900,000       5.773     07/25/38   9,942,303

Octagon Investment Partners 40 Ltd. Series 2019-1A, Class A1RR(a) (3 mo. USD Term SOFR + 1.040%)

    4,700,000       5.310     01/20/35   4,674,596

OHA Credit Funding 11 Ltd. Series 2022-11A, Class A2R(a) (3 mo. USD Term SOFR + 1.520%)

    4,000,000       5.790     07/19/37   4,012,032

OHA Credit Funding 17 Ltd. Series 2024-17A, Class A(a) (3 mo. USD Term SOFR + 1.480%)

    5,000,000       5.750     04/20/37   5,026,215

Palmer Square CLO Ltd. Series 2019-1A, Class A1R(a) (3 mo. USD Term SOFR + 1.412%)

    6,000,000       5.719     11/14/34   6,004,224

Palmer Square CLO Ltd. Series 2023-1A, Class AR(a) (3 mo. USD Term SOFR + 1.250%)

    5,200,000       5.520     01/20/38   5,206,152

Regatta 30 Funding Ltd. Series 2024-4A, Class A1(a) (3 mo. USD Term SOFR + 1.320%)

    5,025,000       5.633     01/25/38   5,038,573

RR 26 Ltd. Series 2023-26A, Class A1R(a) (3 mo. USD Term SOFR + 1.120%)

    2,800,000       5.376     04/15/38   2,789,452

Sound Point Euro CLO 14 Funding DAC Series 14A, Class B(a) (3 mo. EUR EURIBOR + 1.600%)

EUR

    3,730,000       3.894     04/20/39   4,371,260

Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A

$

    378,342       5.750     12/20/50   381,993

TCW CLO Ltd. Series 2023-1A, Class A1R(a) (3 mo. USD Term SOFR + 1.380%)

    4,450,000       5.722     03/31/38   4,450,000

Texas Debt Capital CLO Ltd. Series 2023-1A, Class A1R(a) (3 mo. USD Term SOFR + 1.300%)

    5,500,000       5.575     07/20/38   5,500,000

Venture 32 CLO Ltd. Series 2018-32A, Class A1(a) (3 mo. USD Term SOFR + 1.362%)

    2,121,928       5.631     07/18/31   2,122,803

 

 


GOLDMAN SACHS CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

Principal

Amount

    Interest
Rate
   

Maturity

Date

  Value
Asset-Backed Securities(b) – (continued)

Collateralized Loan Obligations(c) – (continued)

Venture 50 CLO Ltd. Series 2024-50A, Class A1(a) (3 mo. USD Term SOFR + 1.450%)

$

    3,000,000       5.720   10/20/37   $    3,014,385

Voya CLO Ltd. Series 2020-2A, Class A1RR(a) (3 mo. USD Term SOFR + 1.310%)

    11,350,000       5.590     01/20/38   11,366,423

Zais CLO 15 Ltd. Series 2020-15A, Class A1RR(a) (3 mo. USD Term SOFR + 1.490%)

    3,250,000       5.773     07/28/37   3,245,125
       

 

  198,762,851

 

Credit Card – 1.2%

American Express Credit Account Master Trust Series 2025-3, Class A

    7,300,000       4.510     04/15/32      7,397,908

Barclays Dryrock Issuance Trust Series 2023-1, Class A

    8,400,000       4.720     02/15/29   8,418,783

Capital One Multi-Asset Execution Trust Series 2022-A3, Class A

    4,200,000       4.950     10/15/27   4,205,010

Citibank Credit Card Issuance Trust Series 2025-A2, Class A

    4,875,000       4.490     06/21/32   4,908,731

Discover Card Execution Note Trust Series 2023-A1, Class A

    4,300,000       4.310     03/15/28   4,297,031
       

 

  29,227,463

 

Ohio – 0.1%

Louisiana Local Government Environmental Facilities & Community Development Authority Series ELL, Class A3

    2,270,000       4.275     02/01/36   2,207,214

 

Student Loan(a) – 0.7%

AccessLex Institute Series 2004-1, Class A2 (3 mo. USD Term SOFR + 0.472%)

    328,828       4.813     09/26/33   324,839

Apidos CLO XV Ltd. Series 2013-15A, Class A1RR(c) (3 mo. USD Term SOFR + 1.272%)

    1,821,118       5.541     04/20/31   1,822,037

Marble Point CLO XIV Ltd. Series 2018-2A, Class A12R(c) (3 mo. USD Term SOFR + 1.200%)

    3,999,299       5.470     01/20/32   3,995,236

Palmer Square Loan Funding Ltd. Series 2022-3A, Class A1BR(c) (3 mo. USD Term SOFR + 1.400%)

    4,625,000       5.656     04/15/31   4,625,014

PHEAA Student Loan Trust Series 2016-1A, Class A(c) (1 mo. USD Term SOFR + 1.264%)

    774,942       5.570     09/25/65   772,604

Silver Point CLO 4 Ltd. Series 2024-4A, Class A1(c) (3 mo. USD Term SOFR + 1.630%)

    4,950,000       5.886     04/15/37   4,965,513
       

 

  16,505,243

 

TOTAL ASSET- BACKED SECURITIES
(Cost $265,486,915)
  $  267,164,942

 

Principal

Amount

    Interest
Rate
   

Maturity

Date

  Value
Sovereign Debt Obligations – 1.2%

Euro – 0.0%

Mexico Government International Bonds(b)

EUR

    839,000       1.450   10/25/33   $      776,063

Romania Government International Bonds(c)

    360,000       3.375     01/28/50   255,709
       

 

  1,031,772

 

Sovereign – 0.2%

Hungary Government International Bonds

$

    1,700,000       6.125     05/22/28   1,751,544

Mexico Government International Bonds

    200,000       3.750     01/11/28   197,000
    240,000       3.250 (b)    04/16/30   221,280
    1,746,000       3.500 (b)    02/12/34   1,473,624

Romania Government International Bonds(c)

    770,000       3.000     02/27/27   741,510
       

 

     4,384,958

 

United States Dollar – 1.0%

Export-Import Bank of Korea

    390,000       5.125     01/11/33   401,692

Israel Government AID Bonds(g)

    4,700,000       5.500     09/18/33   5,018,425

Israel Government International Bonds(h)

    200,000       4.500     04/03/20   141,313

Mexico Government International Bonds

    200,000       4.750 (b)    04/27/32   190,400
    1,960,000       3.771 (b)    05/24/61   1,154,440
    600,000       3.750 (b)    04/19/71   340,800

Panama Government International Bonds

    360,000       6.875 (b)    01/31/36   358,920
    800,000       6.853 (b)    03/28/54   732,700
    210,000       4.500 (b)    01/19/63   134,794

Peru Government International Bonds

    10,000       2.780 (b)    12/01/60   5,370
    100,000       3.230 (b)(i)    07/28/21   53,700

Province of Quebec

    11,760,000       0.600     07/23/25   11,731,776

Republic of Poland Government International Bonds(b)

    2,600,000       5.125     09/18/34   2,605,200

Romania Government International Bonds

    690,000       5.125     06/15/48   528,816
    580,000       4.000     02/14/51   363,499

State of Israel

    680,000       3.800     05/13/60   441,320
       

 

  24,203,165

 

TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $31,917,802)
  $   29,619,895

 

 
Agency Debentures – 1.0%

United States Dollar – 1.0%

Federal Farm Credit Banks Funding Corp.

$

    7,050,000       2.850   03/28/34   $    6,215,068

Federal Farm Credit Banks Funding Corp.

    2,500,000       3.500     09/01/32   2,383,425

 

 


GOLDMAN SACHS CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

Principal

Amount

    Interest
Rate
   

Maturity

Date

  Value
Agency Debentures – (continued)

United States Dollar – (continued)

Federal Farm Credit Banks Funding Corp.

$

    11,930,000       2.900   04/12/32   $   10,994,569

Federal Farm Credit Banks Funding Corp.

    3,840,000       3.300     05/19/32   3,630,298

 

TOTAL AGENCY DEBENTURES
(Cost $25,228,481)
  $   23,223,360

 

 
Municipal Debt Obligations – 0.5%

Arizona(b) – 0.0%

Phoenix City AZ Civic Improvement Corp. RB Series 2020

$

    40,000       5.000   07/01/34   $       43,190

 

California(b) – 0.1%

California State GO Bonds Build America Taxable Series 2009

    2,600,000       7.550     04/01/39       3,079,187

 

Florida(b) – 0.0%

Florida State Board of Administration Finance Corp. RB Taxable Series A

    595,000       2.154     07/01/30   532,377

 

Illinois – 0.1%

Illinois Finance Authority RB (Refunding) Series A

    40,000       5.000     10/01/35   44,564

Illinois State GO Bonds Build America Series 2010

    1,376,291       7.350     07/01/35       1,469,222

Illinois State GO Bonds Taxable-Pension Series 2003

    1,020,883       5.100     06/01/33   1,023,929

Sales Tax Securitization Corp. RB (Refunding) Series A

    40,000       5.000     01/01/33   44,274
       

 

  2,581,989

 

Maryland – 0.2%

Maryland Economic Development Corp. RB Taxable Series 2024 (Prince George’s County Public Schools Alternative Construction Financing, Package 2 Project)

    3,245,000       4.827     11/30/30       3,309,001

 

New Jersey(b) – 0.0%

New Jersey Educational Facilities Authority RB Series A1

    40,000       5.000     03/01/36   44,617

 

New York – 0.0%

Metropolitan Transportation Authority Revenue Taxable Series 2020

    210,000       5.175     11/15/49   188,088

New York City NY GO Bonds Series 2008-L, Subseries L-5(b)

    40,000       5.000     04/01/33   43,712
       

 

  231,800

 

Ohio – 0.1%

American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010

    1,505,000       6.270     02/15/50   1,547,150

 

Principal

Amount

    Interest
Rate
   

Maturity

Date

  Value
Municipal Debt Obligations – (continued)

Pennsylvania(b) – 0.0%

Pennsylvania Higher Educational Facilities Authority RB Series 2019

$

    40,000       5.000   08/15/30   $       43,279

 

TOTAL MUNICIPAL DEBT OBLIGATIONS
(Cost $11,012,678)
  $   11,412,590

 

       
U.S. Treasury Obligations – 23.3%

U.S. Treasury Bonds

$

    6,530,000       4.250   05/15/39   $    6,354,506
    6,740,000       4.375     05/15/40   6,585,191
    75,750,000       4.250     11/15/40   72,589,805
    210,000       3.375     05/15/44   172,659
    51,100,000       3.000     02/15/47   38,364,922
    6,740,000       3.125     05/15/48   5,113,975
    6,490,000       3.375     11/15/48   5,134,198
    6,820,000       2.875     05/15/49   4,896,547
    7,580,000       2.375     11/15/49   4,876,072
    7,925,500       4.000     11/15/52   6,932,336
    5,220,000       4.750     11/15/53   5,174,325

U.S. Treasury Inflation-Indexed Bonds

    6,615,839       1.500     02/15/53   5,242,278

U.S. Treasury Notes

    21,720,000       0.750     05/31/26   21,078,581
    46,220,000       0.875     06/30/26   44,811,734
    59,493,500       4.375     08/15/26   59,751,460
    24,880,000       0.750     08/31/26   23,979,072
    22,370,000       1.375     08/31/26   21,718,124
    25,100,000       2.625     05/31/27   24,583,293
    25,680,000       0.500     06/30/27   24,097,069
    16,320,000       3.500     04/30/28   16,232,025
    36,750,000       1.250     05/31/28   34,283,731
    1,000,000       4.625     09/30/28   1,027,813
    7,010,000       1.500     02/15/30   6,344,050
    3,831,000       3.625     03/31/30   3,803,764
    2,512,700       0.625     05/15/30   2,162,100
    19,890,000       3.875     06/30/30   19,967,695
    19,980,000       4.000     06/30/32   19,995,609
    2,490,000       4.375     05/15/34   2,529,295

U.S. Treasury STRIPS Coupon

    37,781,200       0.000 (j)    11/15/29   31,932,365
    2,540,000       0.000 (j)    08/15/30   2,078,771
    2,540,000       0.000 (j)    11/15/30   2,055,352
    2,540,000       0.000 (j)    11/15/31   1,961,785
    2,540,000       0.000 (j)    08/15/33   1,802,735
    26,090,000       0.000 (j)    05/15/35   16,900,468

U.S. Treasury STRIPS Principal(j)

    12,660,000       0.000     11/15/53   3,237,928

 

TOTAL U.S. TREASURY OBLIGATIONS
(Cost $586,725,346)
  $  547,771,633

 

 


GOLDMAN SACHS CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

Shares   

   

Dividend

Rate

  Value
Investment Company(k) – 10.6%

Goldman Sachs Financial Square Government Fund — Institutional Shares

    249,294,957       4.231%   $  249,294,957
(Cost $249,294,957)  

 

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 114.8 %
(Cost $2,755,579,246)
  $2,696,342,084

 

       

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Short-term Investments – 0.7%

Certificates of Deposit – 0.3%

National Bank of Kuwait

$

    5,840,000       4.630   08/28/25   $    5,841,817

 

Commercial Paper(c)(j) – 0.4%

Reckitt Benckiser Treasury Services PLC

    9,743,000       0.000     07/01/25   9,741,804

 

TOTAL SHORT- TERM INVESTMENTS
(Cost $15,583,093)
  $   15,583,621

 

TOTAL INVESTMENTS – 116.5%
(Cost $2,796,390,820)
  $2,735,149,065

 

LIABILITIES IN EXCESS OF
 OTHER ASSETS – (16.5)%
  (386,868,263)

 

NET ASSETS – 100.0%   $2,348,280,802

 

 

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 $424,592,894 which represents approximately 18.1% of net assets as of June 30, 2025.
(f)   Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $11,357,010, which represents approximately 0.5% of the Fund’s net assets as of June 30, 2025.
(g)   Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $5,018,425, which represents approximately 0.2% of the Fund’s net assets as of June 30, 2025
(h)   Actual maturity date is April 03, 2120.
(i)   Actual maturity date is July 28, 2121.
(j)   Issued with a zero coupon. Income is recognized through the accretion of discount.
(k)   Represents an affiliated issuer.

 

 

 

 

 

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
 

 

 

MS & Co. Int. PLC

    

USD

     10,737,017        EUR      9,117,170          09/23/25        $ (62,795

 

 


GOLDMAN SACHS CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

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        $ (25,000,000)        $ (22,091,480)  

Government National Mortgage Association

       4.500        TBA - 30yr          07/15/25          (16,000,000)          (15,308,288)  

Uniform Mortgage-Backed Security

       2.000        TBA - 30yr          07/15/25          (37,000,000)          (29,276,242)  

Uniform Mortgage-Backed Security

       4.500        TBA - 30yr          07/15/25          (140,000,000)          (133,864,052)  

Uniform Mortgage-Backed Security

       5.000        TBA - 30yr          07/15/25          (43,000,000)          (42,136,629)  

 

 

(PROCEEDS RECEIVED: $(239,528,125))

                       $ (242,676,691)  

 

 

 

(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

     561        09/19/25      $ 62,902,125      $ 100,934  

2 Year U.S. Treasury Notes

     847        09/30/25        176,195,852        593,987  

20 Year U.S. Treasury Bonds

     328        09/19/25        37,873,750        1,096,294  

30 Year German Euro-Buxl

     5        09/08/25        699,349        (8,725

5 Year German Euro-Bund

     5        09/08/25        766,551        (3,801

5 Year U.S. Treasury Notes

     2,298        09/30/25        250,482,000        1,958,851  

ICE 3M Sonia Bonds

     270        03/17/26        89,304,417        125,958  

Ultra Long U.S. Treasury Bonds

     975        09/19/25        116,146,875        4,564,942  

 

 

Total

                  $ 8,428,440  

 

 

Short position contracts:

                 

French 10 Year Government Bonds

     (2)       09/08/25        (291,755      1,787  

Ultra 10-Year U.S. Treasury Notes

     (95)       09/19/25        (10,855,234      (192,072

 

 

Total

                  $ (190,285

 

 

TOTAL FUTURES CONTRACTS

                  $ 8,238,155  

 

 

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)

     1.892%(b)   09/17/25   EUR  615,980     $ (23,654   $ (20   $ (23,634

12M SOFR(b)

   3.620(b)   06/30/27   $ 67,950       269,986       (38,898     308,884  

6M EURO(c)

   1.500(b)   09/17/27   EUR 7,440       (84,924     (79,800     (5,124

3.750%(b)

   12M SOFR(b)   09/17/27   $ 99,830       (768,341     (236,973     (531,368

6M EURO(b)

   2.000(b)   09/17/27   EUR 5,900       30,615       31,111       (496


GOLDMAN SACHS CORE FIXED INCOME 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 STIBOR(d)

     2.250%(b)    09/17/27    SEK 608,860      $ 466,074     $ 281,889     $ 184,185  

6M CDOR(c)

   2.500(c)    09/17/27    CAD 3,110        2,425       398       2,027  

6M CDOR(c)

   2.750(c)    09/17/27      91,700        396,335       237,526       158,809  

3M AUDOR(d)

   3.500(d)    09/17/27    AUD 13,850        71,576       52,333       19,243  

6M GBP(b)

   3.500(b)    09/17/27    GBP 1,540        (1,256     (9,369     8,113  

12M SOFR(b)

   3.500(b)    09/17/27    $ 2,030        5,939       (1,819     7,758  

6M GBP(b)

   3.750(b)    09/17/27    GBP 67,930        383,130       45,177       337,953  

12M SOFR(b)

   3.750(b)    09/17/27    $ 8,860        68,191       21,093       47,098  

3.750%(d)

   3M AUDOR(d)    09/17/27    AUD 164,850        (1,372,551     (1,184,504     (188,047

6M NIBOR(c)

   4.250(b)    09/17/27    NOK 588,470        565,870       227,233       338,637  

0.750(b)

   6M JYOR(b)    09/17/27    JPY 5,369,000        19,954       29,442       (9,488

3M EURO(d)

   2.143(e)    11/20/27    EUR 311,870        376,037       (2,376,770     2,752,807  

2.180(e)

   6M EURO(c)    11/20/27      311,870        (246,687     (2,155,460     1,908,773  

6M EURO(c)

   2.500(b)    05/14/28      19,494        172,308       (306,258     478,566  

12M SOFR(e)

   3.368(e)    06/23/28    $ 87,840        136,301       17,504       118,797  

6M EURO(c)

   2.325(b)    02/25/29    EUR 16,413        12,316       (948,824     961,140  

3.620(b)

   12M SOFR(b)    11/30/29    $ 74,200        (777,809     (55,724     (722,085

3.600(b)

   12M SOFR(b)    11/30/29      64,940        (629,853     73,010       (702,863

3.600(b)

   12M SOFR(b)    06/23/30      92,540        (228,268     (20,124     (208,144

6M EURO(c)

   2.000(b)    09/17/30    EUR 19,020        (301,499     (287,594     (13,905

6M CDOR(c)

   2.750(c)    09/17/30    CAD 13,210        58,557       5,182       53,375  

6M GBP(b)

   3.750(b)    09/17/30    GBP 16,100        111,480       (78,025     189,505  

3M NZDOR(d)

   3.750(c)    09/17/30    NZD 29,410        116,900       90,008       26,892  

1.000(b)

   6M JYOR(b)    09/17/30    JPY  17,515,570        (377,679     (292,510     (85,169

12M SOFR(b)

   3.845(b)    05/21/32    $ 14,890        204,840       (4,071     208,911  

12M SOFR(b)

   3.750(b)    09/17/32      320        4,749       (242     4,991  

1.295(b)

   6M JYOR(b)    08/02/34    JPY 2,843,586        96,548       (803,643     900,191  

12M SOFR(b)

   4.098(b)    06/24/35    $ 22,530        83,532       6,443       77,089  

6M CHFOR(b)

   0.500(b)    09/17/35    CHF 870        (5,549     (1,812     (3,737

3.750(b)

   12M SOFR(b)    09/17/35    $ 7,150        (42,984     98,402       (141,386

6M EURO(c)

   2.000(b)    09/17/35    EUR 1,390        (89,832     (98,193     8,361  

3M STIBOR(d)

   2.750(b)    09/17/35    SEK 42,880        80,850       30,928       49,922  

6M CDOR(c)

   3.000(c)    09/17/35    CAD 6,140        4,843       (38,817     43,660  

6M GBP(b)

   3.750(b)    09/17/35    GBP 1,680        (45,377     (68,680     23,303  

12M SOFR(b)

   3.750(b)    09/17/35    $ 5,910        35,530       (47,531     83,061  

4.500(c)

   3M AUDOR(c)    09/17/35    AUD 610        (14,400     (11,586     (2,814

3M NZDOR(d)

   4.250(c)    09/17/35    NZD 14,860        103,358       89,443       13,915  

1.250(b)

   6M JYOR(b)    09/17/35    JPY 4,428,000        (1,239     104,190       (105,429

4.250(b)

   6M NIBOR(c)    09/17/35    NOK 81,170        (329,260     (164,589     (164,671

6M JYOR(b)

   2.160(b)    08/02/44    JPY 3,201,470        (702,489     (1,049,848     347,359  

6M EURO(c)

   2.000(b)    09/17/45    EUR 3,940        (586,021     (509,307     (76,714

2.000(b)

   6M EURO(c)    05/17/53      6,984        585,656       (71,127     656,783  

2.500(b)

   6M EURO(c)    11/10/53      4,935        151,312       (544,180     695,492  

4.213(b)

   12M SOFR(b)    05/21/55    $ 8,590        (75,827     56,312       (132,139

6M JYOR(b)

   1.750(b)    09/17/55    JPY 1,273,000        (955,261     (948,358     (6,903

1.750(b)

   6M EURO(c)    09/17/55    EUR 5,060        1,233,539       1,095,235       138,304  

6M EURO(b)

   2.530(b)    03/19/56      5,690        (206,436     (46,593     (159,843

2.610(b)

   6M EURO(c)    03/19/56      5,690        232,382       21,717       210,665  


GOLDMAN SACHS CORE FIXED INCOME 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)


 

 

 

2.500%(b)

   6M EURO(c)      09/17/75        EUR 1,990      $ 113,476     $ 36,965     $ 76,511  

 

 

TOTAL

            $ (1,672,587   $ (9,829,708   $ 8,157,121  

 

 

 

(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.

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:

             

CDX.NA.IG Index 42

    1.000%       0.397%       06/20/29     $ 102,467     $ 2,318,627     $ 1,710,804     $ 607,823  

CDX.NA.IG Index 43

    1.000         0.453         12/20/29       145,975       3,331,902       2,926,660       405,242  

CDX.NA.IG Index 44

    1.000         0.510         06/20/30       73,900       1,659,214       1,413,345       245,869  

Republic of Chile, 3.240%, 02/06/28

    1.000         0.538         06/20/30       5,440       116,385       99,732       16,653  

Republic of Indonesia, 8.750%, 11/21/33

    1.000         0.822         06/20/30       5,160       43,177       25,697       17,480  

Republic of the Philippines, 9.500%, 02/02/30

    1.000         0.633         06/20/30       5,150       87,114       60,350       26,764  

 

 

TOTAL

          $ 7,556,419     $ 6,236,588     $ 1,319,831  

 

 

 

(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

  BNP Paribas SA     1.950%       05/11/2026        8,300,000     $ 8,300,000     $ 40,042     $ 105,033     $ (64,991

2Y IRS

  BNP Paribas SA     2.050         05/13/2026        8,320,000       8,320,000       51,895       113,007       (61,112

2Y IRS

  BNP Paribas SA     2.000         11/11/2026        8,390,000       8,390,000       61,694       126,107       (64,413

2Y IRS

  BNP Paribas SA     2.250         03/08/2027       21,170,000       21,170,000       161,620       143,675       17,945  

9M IRS

  BNP Paribas SA     2.450         03/24/2026        3,920,000       3,920,000       52,569       62,027       (9,458

 

 

Total purchased option contracts

        50,100,000     $ 50,100,000     $ 367,820     $ 549,849     $ (182,029

 

 


GOLDMAN SACHS CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

OVER-THE-COUNTER INTEREST RATE SWAPTIONS (continued)

 

Description    Counterparty   

Exercise

Rate

   

Expiration

Date

    

Number of

Contracts

  

Notional

Amount

   

Market

Value

   

Premiums Paid

(Received)

by Fund

   

Unrealized

Appreciation/

(Depreciation)

 

 

 

Written option contracts

                

Calls

                   

2Y IRS

   BNP Paribas SA      2.065%       05/11/2026      (2,440,000)    $ (2,440,000   $ (16,506   $ (104,822   $ 88,316  

2Y IRS

   BNP Paribas SA      2.105         05/13/2026      (2,450,000)      (2,450,000     (18,676     (113,166     94,490  

2Y IRS

   BNP Paribas SA      2.085         11/11/2026      (2,470,000)      (2,470,000     (32,921     (126,195     93,274  

2Y IRS

   BNP Paribas SA      2.347         03/08/2027      (1,970,000)      (1,970,000     (85,823     (143,391     57,568  

9M IRS

   BNP Paribas SA      2.498         03/24/2026      (1,640,000)      (1,640,000     (49,136     (61,805     12,669  

1M IRS

   BofA Securities LLC      2.582         07/16/2025      (4,950,000)      (4,950,000     (21,650     (38,352     16,702  

1M IRS

   Citibank NA      2.606         07/30/2025      (4,920,000)      (4,920,000     (36,169     (36,512     343  

1M IRS

   Citibank NA      3.692         07/30/2025      (5,510,000)      (5,510,000     (48,709     (45,678     (3,031

1M IRS

   Deutsche Bank AG (London)      3.946         07/09/2025      (5,650,000)      (5,650,000     (125,210     (48,025     (77,185

1M IRS

   Deutsche Bank AG (London)      3.913         07/16/2025      (5,550,000)      (5,550,000     (111,998     (48,285     (63,713

1M IRS

   Deutsche Bank AG (London)      2.539         07/23/2025      (4,930,000)      (4,930,000     (17,951     (36,247     18,296  

1M IRS

   MS & Co. Int. PLC      2.596         07/09/2025      (5,040,000)      (5,040,000     (19,283     (36,848     17,565  

1M IRS

   MS & Co. Int. PLC      3.768         07/23/2025      (5,430,000)      (5,430,000     (62,789     (47,648     (15,141

 

 
           (52,950,000)    $ (52,950,000   $ (646,821   $ (886,974   $ 240,153  

 

 

Puts

                   

1M IRS

   BofA Securities LLC      2.582         07/16/2025      (4,950,000)      (4,950,000     (34,261     (38,352     4,091  

1M IRS

   Citibank NA      2.606         07/30/2025      (4,920,000)      (4,920,000     (38,271     (36,512     (1,759

1M IRS

   Citibank NA      3.692         07/30/2025      (5,510,000)      (5,510,000     (44,103     (45,678     1,575  

1M IRS

   Deutsche Bank AG (London)      3.946         07/09/2025      (5,650,000)      (5,650,000     (1,179     (48,025     46,846  

1M IRS

   Deutsche Bank AG (London)      3.913         07/16/2025      (5,550,000)      (5,550,000     (5,258     (48,285     43,027  

1M IRS

   Deutsche Bank AG (London)      2.539         07/23/2025      (4,930,000)      (4,930,000     (53,542     (36,247     (17,295

1M IRS

   MS & Co. Int. PLC      2.596         07/09/2025      (5,040,000)      (5,040,000     (23,804     (36,848     13,044  

1M IRS

   MS & Co. Int. PLC      3.768         07/23/2025      (5,430,000)      (5,430,000     (24,017     (47,648     23,631  

 

 
           (41,980,000)    $ (41,980,000   $ (224,435   $ (337,595   $ 113,160  

 

 

Total written option contracts

        (94,930,000)    $ (94,930,000   $ (871,256   $ (1,224,569   $ 353,313  

 

 

TOTAL

           (44,830,000)    $ (44,830,000   $ (503,436   $ (674,720   $ 171,284  

 

 

 

 

Currency Abbreviations:
AUD  

— Australian Dollar

CAD  

— Canadian Dollar

CHF  

— Swiss Franc

EUR  

— Euro

GBP  

— British Pound

JPY  

— Japanese Yen

NOK  

— Norwegian Krone

NZD  

— New Zealand Dollar

SEK  

— Swedish Krona

USD  

— U.S. Dollar

 

 


GOLDMAN SACHS CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

 

Investment Abbreviations:
CLO  

— Collateralized Loan Obligation

CMT  

— Constant Maturity Treasury Indexes

EURIBOR  

— Euro Interbank Offered Rate

GO  

— General Obligation

LIBOR  

— London Interbank Offered Rate

LLC  

— Limited Liability Company

LP  

— Limited Partnership

MSCI  

— Morgan Stanley Capital International

PLC  

— Public Limited Company

RB  

— Revenue Bond

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

STRIPS  

— Separate Trading of Registered Interest and Principal of Securities

Abbreviations:
1M IRS  

— 1 Month Interest Rate Swaptions

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.IG Ind 42  

— CDX North America Investment Grade Index 42

CDX.NA.IG Ind 43  

— CDX North America Investment Grade Index 43

CDX.NA.IG Ind 44  

— CDX North America Investment Grade Index 44

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 DYNAMIC BOND FUND

 

Schedule of Investments

June 30, 2025 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Mortgage-Backed Obligations – 61.4%

Collateralized Mortgage Obligations – 6.9%

Interest Only – 0.7%

Federal Home Loan Mortgage Corp. REMICS Series 4468, Class SY (-1X 1 mo. USD Term SOFR + 5.986%)

$

    3,215,890       1.682 %(a)(b)    05/15/45   $      363,568

Federal Home Loan Mortgage Corp. REMICS Series 5012, Class DI

    1,511,823       4.000 (a)    09/25/50   310,565

Federal National Mortgage Association REMICS Series 2011- 100, Class S (-1X 1 mo. USD Term SOFR + 6.336%)

    1,805,674       2.030 (a)(b)    10/25/41   200,061

Federal National Mortgage Association REMICS Series 2012-88, Class SB (-1X 1 mo. USD Term SOFR + 6.556%)

    1,658,744       2.250 (a)(b)    07/25/42   172,022

Federal National Mortgage Association REMICS Series 2017- 104, Class SB (-1X 1 mo. USD Term SOFR + 6.036%)

    731,475       1.730 (a)(b)    01/25/48   91,700

Government National Mortgage Association REMICS Series 2010-35, Class DS (-1X 1 mo. USD Term SOFR + 5.566%)

    2,339,058       1.248 (a)(b)(c)    03/20/40   203,396

Government National Mortgage Association REMICS Series 2013-103, Class DS (-1X 1 mo. USD Term SOFR + 6.036%)

    2,908,060       1.718 (a)(b)(c)    07/20/43   313,061

Government National Mortgage Association REMICS Series 2013-117, Class PS (-1X 1 mo. USD Term SOFR + 6.036%)

    3,170,689       1.718 (a)(b)(c)    04/20/43   231,541

Government National Mortgage Association REMICS Series 2014-11, Class NI

    491,771       4.500 (a)(c)    12/16/42   14,758

Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%)

    2,817,344       1.668 (a)(b)(c)    10/20/43   152,118

Government National Mortgage Association REMICS Series 2014-180, Class PI

    2,152,594       4.000 (a)(c)    08/20/44   289,132

Government National Mortgage Association REMICS Series 2015-133, Class SA (-1X 1 mo. USD Term SOFR + 5.586%)

    1,046,102       1.268 (a)(b)(c)    09/20/45   104,704

Government National Mortgage Association REMICS Series 2015-133, Class SB (-1X 1 mo. USD Term SOFR + 5.586%)

    1,355,650       1.268 (a)(b)(c)    09/20/45   135,992

Government National Mortgage Association REMICS Series 2015-129, Class IC

    809,230       4.500 (a)(c)    09/16/45   153,685

Government National Mortgage Association REMICS Series 2015-111, Class SM (-1X 1 mo. USD Term SOFR + 6.086%)

    2,892,826       1.768 (a)(b)(c)    08/20/45   363,029

Government National Mortgage Association REMICS Series 2015-144, Class QS (-1X 1 mo. USD Term SOFR + 5.586%)

    3,524,844       1.268 (a)(b)(c)    10/20/45   321,632

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Mortgage-Backed Obligations – (continued)

Interest Only – (continued)

Government National Mortgage Association REMICS Series 2015-126, Class LS (-1X 1 mo. USD Term SOFR + 6.086%)

$

    1,865,084       1.768 %(a)(b)(c)    09/20/45   $      234,055

Government National Mortgage Association REMICS Series 2016-6, Class S (-1X 1 mo. USD Term SOFR + 5.536%)

    4,350,773       1.218 (a)(b)(c)    01/20/46   371,884

Government National Mortgage Association REMICS Series 2017-112, Class SJ (-1X 1 mo. USD Term SOFR + 5.546%)

    846,409       1.228 (a)(b)(c)    07/20/47   88,428

Government National Mortgage Association REMICS Series 2018-7, Class DS (-1X 1 mo. USD Term SOFR + 5.586%)

    941,483       1.268 (a)(b)(c)    01/20/48   101,794

Government National Mortgage Association REMICS Series 2018-67, Class PS (-1X 1 mo. USD Term SOFR + 6.086%)

    1,360,013       1.768 (a)(b)(c)    05/20/48   169,097

Government National Mortgage Association REMICS Series 2018-124, Class SN (-1X 1 mo. USD Term SOFR + 6.086%)

    1,218,829       1.768 (a)(b)(c)    09/20/48   153,318

Government National Mortgage Association REMICS Series 2018-122, Class HS (-1X 1 mo. USD Term SOFR + 6.086%)

    578,538       1.768 (a)(b)(c)    09/20/48   71,519

Government National Mortgage Association REMICS Series 2018-139, Class SQ (-1X 1 mo. USD Term SOFR + 6.036%)

    848,384       1.718 (a)(b)(c)    10/20/48   103,530

Government National Mortgage Association REMICS Series 2019-6, Class SA (-1X 1 mo. USD Term SOFR + 5.936%)

    338,089       1.618 (a)(b)(c)    01/20/49   39,491

Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%)

    957,254       1.618 (a)(b)(c)    01/20/49   112,260

Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%)

    580,099       1.668 (a)(b)(c)    06/20/49   67,700

Government National Mortgage Association REMICS Series 2019-151, Class NI

    2,087,468       3.500 (a)(c)    10/20/49   372,897

Government National Mortgage Association REMICS Series 2020-21, Class SA (-1X 1 mo. USD Term SOFR + 5.936%)

    2,566,498       1.618 (a)(b)(c)    02/20/50   332,144

Government National Mortgage Association REMICS Series 2020-78, Class DI

    2,934,113       4.000 (a)(c)    06/20/50   638,402

Government National Mortgage Association REMICS Series 2020-146, Class KI

    7,702,915       2.500 (a)(c)    10/20/50   1,150,446

 

 


GOLDMAN SACHS DYNAMIC 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 2020-146, Class IM

$

    1,066,989       2.500 %(a)(c)    10/20/50   $      157,496
       

 

        7,585,425

 

Regular Floater – 0.1%

Federal Home Loan Mortgage Corp. REMICS Series 3827, Class KF (1 mo. USD Term SOFR + 0.484%)

    111,868       4.788 (b)    03/15/41   111,563

Federal Home Loan Mortgage Corp. REMICS Series 3231, Class FB (1 mo. USD Term SOFR + 0.464%)

    103,510       4.768 (b)    10/15/36   102,652

Federal Home Loan Mortgage Corp. REMICS Series 3314, Class FC (1 mo. USD Term SOFR + 0.514%)

    67,118       4.818 (b)    12/15/36   66,363

Federal Home Loan Mortgage Corp. REMICS Series 3371, Class FA (1 mo. USD Term SOFR + 0.714%)

    118,110       5.018 (b)(c)    09/15/37   117,441

Federal Home Loan Mortgage Corp. REMICS Series 3545, Class FA (1 mo. USD Term SOFR + 0.964%)

    31,482       5.268 (b)    06/15/39   31,724

Federal National Mortgage Association REMICS Series 2006-45, Class TF (1 mo. USD Term SOFR + 0.514%)

    208,250       4.820 (b)    06/25/36   206,455

Federal National Mortgage Association REMICS Series 2006-76, Class QF (1 mo. USD Term SOFR + 0.514%)

    244,051       4.820 (b)    08/25/36   242,003

Federal National Mortgage Association REMICS Series 2006-79, Class PF (1 mo. USD Term SOFR + 0.514%)

    248,862       4.820 (b)    08/25/36   246,734

Federal National Mortgage Association REMICS Series 2007-75, Class VF (1 mo. USD Term SOFR + 0.564%)

    84,379       4.870 (b)    08/25/37   83,806

Federal National Mortgage Association REMICS Series 2009-84, Class WF (1 mo. USD Term SOFR + 1.214%)

    30,944       5.520 (b)    10/25/39   31,314
       

 

        1,240,055

 

Sequential Fixed Rate – 0.6%

JP Morgan Mortgage Trust Series 2025-VIS1, Class A2

    2,581,969       5.695 (c)(d)(e)    08/25/55   2,592,206

RALI Trust Series 2006-QS6, Class 1A13

    278,920       6.000 (c)    06/25/36   229,043

RALI Trust Series 2006-QS9, Class 1A11

    497,195       6.500 (c)    07/25/36   407,234

RALI Trust Series 2006-QS2, Class 1A9

    177,436       5.500 (c)    02/25/36   144,335

Residential Asset Securitization Trust Series 2006-A8, Class 1A1

    653,539       6.000 (c)    08/25/36   441,501

RFMSI Trust Series 2007-S9, Class 1A1

    1,322,812       6.000 (c)    10/25/37   652,293

Verus Securitization Trust Series 2021-7, Class A1

    1,332,425       1.829 (c)(d)(e)    10/25/66   1,197,340
       

 

        5,663,952

 

Sequential Floating Rate – 5.5%

Angel Oak Mortgage Trust Series 2021-6, Class A1

    310,087       1.458 (b)(c)(d)    09/25/66   260,146

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Mortgage-Backed Obligations – (continued)

Sequential Floating Rate – (continued)

Angel Oak Mortgage Trust Series 2020-4, Class A3

$

    533,681       2.805 %(b)(c)(d)    06/25/65   $      514,939

Angel Oak Mortgage Trust Series 2020-2, Class M1

    1,054,000       4.500 (b)(c)(d)    01/26/65   999,681

Angel Oak Mortgage Trust Series 2019-6, Class B1

    1,275,000       3.941 (b)(c)(d)    11/25/59   1,197,615

Banc of America Funding Trust Series 2007-2, Class 2A1

    4,208       4.924 (b)(c)    03/25/37   4,137

Chase Home Lending Mortgage Trust Series 2024-3, Class A7

    175,000       6.000 (b)(c)(d)    02/25/55   177,323

Countrywide Alternative Loan Trust Series 2007-16CB, Class 4A3 (1 mo. USD Term SOFR + 0.614%)

    1,587,811       4.934 (b)(c)    08/25/37   1,029,844

Countrywide Alternative Loan Trust Series 2005-26CB, Class A1 (1 mo. USD Term SOFR + 0.614%)

    216,357       4.934 (b)(c)    07/25/35   142,989

Countrywide Alternative Loan Trust Series 2005-64CB, Class 1A12 (1 mo. USD Term SOFR + 0.914%)

    242,341       5.234 (b)(c)    12/25/35   206,990

Countrywide Alternative Loan Trust Series 2007-16CB, Class 1A2 (1 mo. USD Term SOFR + 0.514%)

    237,329       4.834 (b)(c)    08/25/37   151,471

CSMC Trust Series 2020-AFC1, Class M1

    700,000       2.841 (b)(c)(d)    02/25/50   627,065

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2020-DNA6, Class B2 (1 mo. USD Term SOFR + 5.650%)

    600,000       9.955 (b)(c)(d)    12/25/50   684,306

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2025-DNA2, Class A1 (1 mo. USD Term SOFR + 1.100%)

    1,684,375       5.405 (b)(c)(d)    05/25/45   1,687,064

Federal Home Loan Mortgage Corp. STACR Trust Series 2019-HQA2, Class M2 (1 mo. USD Term SOFR + 2.164%)

    356,277       6.470 (b)(c)(d)    04/25/49   361,576

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%)

    279,000       7.305 (b)(c)(d)    04/25/42   286,388

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R08, Class 1B1 (1 mo. USD Term SOFR + 3.550%)

    2,185,000       7.855 (b)(c)(d)    10/25/43   2,302,395

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1B1 (1 mo. USD Term SOFR + 2.700%)

    2,800,000       7.005 (b)(c)(d)    01/25/44   2,872,447

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%)

    1,350,000       6.105 (b)(c)(d)    01/25/44   1,364,430

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M1 (1 mo. USD Term SOFR + 1.150%)

    1,417,804       5.456 (b)(c)(d)    03/25/44   1,418,987

 

 


GOLDMAN SACHS DYNAMIC 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)

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%)

$

    3,200,000       5.955 %(b)(c)(d)    05/25/44   $    3,215,660

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%)

    900,000       6.256 (b)(c)(d)    03/25/44   908,384

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2B1 (1 mo. USD Term SOFR + 2.800%)

    2,275,000       7.106 (b)(c)(d)    03/25/44   2,341,590

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M1 (1 mo. USD Term SOFR + 1.000%)

    384,892       5.305 (b)(c)(d)    07/25/44   384,652

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%)

    2,475,000       5.905 (b)(c)(d)    09/25/44   2,486,720

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1B1 (1 mo. USD Term SOFR + 2.050%)

    1,400,000       6.355 (b)(c)(d)    09/25/44   1,406,836

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1B1 (1 mo. USD Term SOFR + 1.700%)

    2,172,000       6.006 (b)(c)(d)    01/25/45   2,167,614

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R03, Class 2M2 (1 mo. USD Term SOFR + 2.250%)

    2,300,000       6.555 (b)(c)(d)    03/25/45   2,340,031

GCAT Trust Series 2020-NQM2, Class M1

    1,625,000       3.589 (b)(c)(d)    04/25/65   1,487,540

Government National Mortgage Association REMICS Series 2023-70, Class SE (-1X 1 mo. USD Term SOFR + 6.120%)

    3,531,392       1.818 (b)(c)    05/20/53   232,972

Government National Mortgage Association REMICS Series 2023-133, Class HS (-1X 1 mo. USD Term SOFR + 6.500%)

    6,526,579       2.198 (b)(c)    09/20/53   452,891

JP Morgan Mortgage Trust Series 2021-LTV2, Class A1

    1,162,606       2.520 (b)(c)(d)    05/25/52   980,840

JP Morgan Mortgage Trust Series 2022-LTV1, Class A2

    398,188       3.513 (b)(c)(d)    07/25/52   352,001

JP Morgan Mortgage Trust Series 2023-2, Class A3A

    1,354,271       5.000 (b)(c)(d)    07/25/53   1,317,346

JP Morgan Mortgage Trust Series 2023-DSC1, Class A1

    1,397,880       4.625 (b)(c)(d)    07/25/63   1,372,598

JP Morgan Mortgage Trust Series 2024-2, Class A5A

    600,000       6.000 (b)(c)(d)    08/25/54   611,381

JP Morgan Mortgage Trust Series 2024-VIS1, Class A1

    1,377,088       5.990 (b)(c)(d)    07/25/64   1,387,809

JP Morgan Mortgage Trust Series 2024-3, Class A4

    1,985,127       3.000 (b)(c)(d)    05/25/54   1,793,713

JP Morgan Mortgage Trust Series 2024-VIS1, Class A2

    1,544,012       6.192 (b)(c)(d)    07/25/64   1,557,617

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Mortgage-Backed Obligations – (continued)

Sequential Floating Rate – (continued)

JP Morgan Mortgage Trust Series 2023-DSC2, Class A1

$

    590,128       5.250 %(b)(c)(d)    11/25/63   $      592,701

JP Morgan Mortgage Trust Series 2022-DSC1, Class A3

    779,667       4.750 (b)(c)(d)    01/25/63   763,942

JP Morgan Mortgage Trust Series 2024-NQM1, Class M1A

    875,000       6.414 (b)(c)(d)    02/25/64   887,070

JP Morgan Mortgage Trust Series 2024-1, Class A4

    878,982       6.000 (b)(c)(d)    06/25/54   886,319

MFA Trust Series 2020-NQM3, Class B1

    800,000       3.661 (b)(c)(d)    01/26/65   722,511

Mill City Mortgage Loan Trust Series 2017-2, Class A3

    262,529       3.250 (b)(c)(d)    07/25/59   255,611

Morgan Stanley Residential Mortgage Loan Trust Series 2025-HX1, Class A1

    1,870,564       5.960 (b)(c)(d)    03/25/70   1,892,443

OBX Trust Series 2022-NQM1, Class A2

    500,000       3.001 (b)(c)(d)    11/25/61   389,965

OBX Trust Series 2022-J2, Class A1

    982,429       3.500 (b)(c)(d)    08/25/52   867,608

RALI Trust Series 2006-QO7, Class 3A2 (1 mo. USD Term SOFR + 0.524%)

    57,007       4.844 (b)(c)    09/25/46   55,481

Residential Mortgage Loan Trust Series 2020-2, Class A3

    152,000       2.911 (b)(c)(d)    05/25/60   146,860

Starwood Mortgage Residential Trust Series 2020-2, Class B1E

    1,875,000       3.000 (b)(c)(d)    04/25/60   1,800,728

Towd Point Mortgage Trust Series 2020-1, Class A2A

    550,000       3.100 (b)(c)(d)    01/25/60   496,535

Verus Securitization Trust Series 2021-6, Class A1

    201,356       1.630 (b)(c)(d)    10/25/66   175,862

Verus Securitization Trust Series 2021-8, Class A1

    678,386       1.824 (b)(c)(d)    11/25/66   615,295

Verus Securitization Trust Series 2021-7, Class A2

    637,559       2.137 (b)(c)(d)    10/25/66   553,931

Verus Securitization Trust Series 2022-1, Class A3

    1,052,009       3.288 (b)(c)(d)    01/25/67   956,402

Verus Securitization Trust Series 2023-3, Class M1

    500,000       7.764 (b)(c)(d)    03/25/68   503,849

Visio Trust Series 2020-1, Class M1

    500,000       4.450 (b)(c)(d)    08/25/55   474,039
       

 

  56,125,140

 

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS   70,614,572

 

Commercial Mortgage-Backed Securities – 12.9%

Regular Floater – 0.5%

BFLD Commercial Mortgage Trust Series 2024-UNIV, Class A (1 mo. USD Term SOFR + 1.493%)

$

    1,800,000       5.804 %(b)(d)    11/15/41   $    1,801,265

TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR +2.133%)

    2,550,000       6.444 (b)(d)    11/15/29   2,549,367

TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR +2.930%)

    550,000       7.242 (b)(d)    11/15/29   549,522
       

 

  4,900,154

 

 


GOLDMAN SACHS DYNAMIC BOND FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Mortgage-Backed Obligations – (continued)

Sequential Fixed Rate – 5.4%

1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2

$

    2,300,000       3.901 %(d)    08/10/35   $    2,292,756

Bank Series 2021-BN38, Class A5

    1,050,000       2.521 (c)    12/15/64   912,080

Bank Series 2023-BNK45, Class A5

    725,000       5.203 (c)    02/15/56   736,697

Bank Series 2019-BN18, Class A4

    1,500,000       3.584 (c)    05/15/62   1,424,525

Bank Series 2024-BNK48, Class A5

    1,800,000       5.053 (c)    10/15/57   1,806,436

Bank5 Series 2024-5YR7, Class A3

    1,325,000       5.769 (c)    06/15/57   1,376,441

Bank5 Series 2024-5YR10, Class A3

    1,250,000       5.302 (c)    10/15/57   1,280,314

Bank5 Series 2024-5YR11, Class A3

    1,500,000       5.893 (c)    11/15/57   1,570,531

Bank5 Series 2024-5YR11, Class AS

    675,000       6.139 (c)    11/15/57   704,827

Bank5 Series 2025-5YR15, Class A3

    2,000,000       5.452 (c)    06/15/30   2,057,925

BBCMS Mortgage Trust Series 2023-C20, Class A3

    1,600,000       5.991 (c)    07/15/56   1,635,595

BBCMS Mortgage Trust Series 2019-C3, Class C

    865,000       4.178 (c)    05/15/52   754,225

BBCMS Mortgage Trust Series 2024-5C27, Class A3

    1,375,000       6.014 (c)    07/15/57   1,440,404

BBCMS Mortgage Trust Series 2024-5C29, Class A3

    1,450,000       5.208 (c)    09/15/57   1,478,323

BBCMS Mortgage Trust Series 2025-5C34, Class A3

    3,000,000       5.659 (c)    05/15/58   3,126,011

Benchmark Mortgage Trust Series 2022-B33, Class A5

    1,125,000       3.458 (c)    03/15/55   1,029,259

Benchmark Mortgage Trust Series 2020-B21, Class A5

    1,000,000       1.978 (c)    12/17/53   868,021

Benchmark Mortgage Trust Series 2021-B24, Class A5

    1,325,000       2.584 (c)    03/15/54   1,163,371

Benchmark Mortgage Trust Series 2020-B22, Class A5

    1,050,000       1.973 (c)    01/15/54   902,695

BMO Mortgage Trust Series 2024-5C3, Class D

    1,350,000       4.000 (c)(d)    02/15/57   1,200,879

BWAY Mortgage Trust Series 2013-1515, Class A2

    1,742,480       3.454 (c)(d)    03/10/33   1,656,764

CFK Trust Series 2020-MF2, Class C

    1,200,000       2.995 (d)    03/15/39   1,072,663

Citigroup Commercial Mortgage Trust Series 2017-P8, Class D

    1,000,000       3.000 (c)(d)    09/15/50   622,799

COMM Mortgage Trust Series 2024-277P, Class A

    2,500,000       6.338 (d)    08/10/44   2,630,202

CSMC Trust Series 2017-TIME, Class A

    1,600,000       3.646 (d)    11/13/39   1,508,585

DOLP Trust Series 2021-NYC, Class A

    1,600,000       2.956 (d)    05/10/41   1,417,988

JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-OPO, Class A

    1,349,000       3.024 (d)    01/05/39   1,228,482

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Mortgage-Backed Obligations – (continued)

Sequential Fixed Rate – (continued)

JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B

$

    1,400,000       3.598 %(c)(d)    06/05/39   $    1,297,694

JP Morgan Chase Commercial Mortgage Securities Trust Series 2025-NSLB, Class A

    1,900,000       6.234 (d)    06/05/42   1,971,311

Morgan Stanley Capital I Trust Series 2014-150E, Class A

    1,600,000       3.912 (c)(d)    09/09/32   1,393,272

MSWF Commercial Mortgage Trust Series 2023-2, Class A2

    1,575,000       6.890 (c)    12/15/56   1,668,091

ROCK Trust Series 2024-CNTR, Class A

    3,900,000       5.388 (d)    11/13/41   3,985,538

ROCK Trust Series 2024-CNTR, Class D

    2,350,000       7.109 (d)    11/13/41   2,450,470

SLG Office Trust Series 2021-OVA, Class A

    3,000,000       2.585 (d)    07/15/41   2,629,224

Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D

    756,000       3.250 (c)(d)    01/15/60   666,402

Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5

    1,500,000       2.626 (c)    04/15/54   1,331,453

Wells Fargo Commercial Mortgage Trust Series 2024-C63, Class A5

    45,000       5.309 (c)    08/15/57   45,941
       

 

  55,338,194

 

Sequential Floating Rate – 7.0%

3650R Commercial Mortgage Trust Series 2021-PF1, Class AS

    1,050,000       2.778 (b)    11/15/54   885,336

Banc of America Commercial Mortgage Trust Series 2015-UBS7, Class AS

    1,100,000       3.989 (b)(c)    09/15/48   1,093,693

Bank Series 2021-BN37, Class A5

    600,000       2.618 (b)(c)    11/15/64   525,981

Bank Series 2021-BN31, Class AS

    1,900,000       2.211 (b)(c)    02/15/54   1,587,041

Bank Series 2022-BNK39, Class A4

    2,400,000       2.928 (b)(c)    02/15/55   2,144,628

Bank Series 2021-BN33, Class AS

    1,470,000       2.792 (c)    05/15/64   1,288,122

Bank Series 2025-BNK50, Class AS

    1,575,000       5.875 (b)(c)    05/15/68   1,652,896

Bank5 Series 2024-5YR8, Class C

    300,000       7.000 (b)(c)    08/15/57   309,572

Bank5 Series 2024-5YR9, Class AS

    1,150,000       6.182 (b)(c)    08/15/57   1,199,857

Bank5 Series 2024-5YR10, Class AS

    500,000       5.637 (c)    10/15/57   512,103

BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%)

    2,600,000       5.231 (b)(d)    03/15/37   2,457,417

BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%)

    750,000       5.480 (b)(d)    03/15/37   690,110

Benchmark Mortgage Trust Series 2022-B32, Class A5

    1,800,000       3.002 (b)    01/15/55   1,587,953

 

 


GOLDMAN SACHS DYNAMIC 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)

BFLD Trust Series 2025-EWEST, Class B (1 mo. USD Term SOFR + 1.900%)

$

    2,250,000       6.200 %(b)(d)    06/15/42   $    2,252,981

BMO Mortgage Trust Series 2022-C2, Class A5

    1,361,000       4.970 (b)    07/15/54   1,365,731

BPR Trust Series 2024-PMDW, Class A

    850,000       5.358 (b)(d)    11/05/41   862,047

BSTN Commercial Mortgage Trust Series 2025-1C, Class A

    2,400,000       5.548 (b)(d)    06/15/44   2,452,472

BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%)

    951,925       5.703 (b)(d)    03/15/41   952,635

BX Commercial Mortgage Trust Series 2024-AIRC, Class A (1 mo. USD Term SOFR + 1.691%)

    1,067,792       6.003 (b)(d)    08/15/39   1,070,287

BX Commercial Mortgage Trust Series 2024-VLT5, Class A

    1,000,000       5.591 (b)(d)    11/13/46   1,008,394

BX Trust Series 2022-PSB, Class A (1 mo. USD Term SOFR + 2.451%)

    898,990       6.763 (b)(d)    08/15/39   898,467

BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%)

    1,425,000       5.954 (b)(d)    02/15/41   1,424,298

BX Trust Series 2024-PAT, Class A (1 mo. USD Term SOFR + 2.090%)

    500,000       6.402 (b)(d)    03/15/41   499,605

BX Trust Series 2024-PAT, Class B (1 mo. USD Term SOFR + 3.039%)

    150,000       7.351 (b)(d)    03/15/41   149,994

BX Trust Series 2024-BRVE, Class A (1 mo. USD Term SOFR + 1.841%)

    1,975,000       6.153 (b)(d)    04/15/26   1,973,275

BX Trust Series 2024-BRVE, Class B (1 mo. USD Term SOFR + 2.540%)

    1,700,000       6.852 (b)(d)    04/15/26   1,698,809

BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%)

    1,700,000       5.456 (b)(d)    03/15/30   1,689,402

BX Trust Series 2025-TAIL, Class A (1 mo. USD Term SOFR + 1.400%)

    2,450,000       5.712 (b)(d)    06/15/35   2,453,109

CSAIL Commercial Mortgage Trust Series 2018-CX12, Class AS

    1,750,000       4.463 (b)(c)    08/15/51   1,715,780

CSTL Commercial Mortgage Trust Series 2024-GATE, Class A

    1,675,000       4.923 (b)(d)    11/10/41   1,673,568

Fashion Show Mall LLC Series 2024-SHOW, Class A

    1,450,000       5.274 (b)(d)    10/10/41   1,464,212

Houston Galleria Mall Trust Series 2025-HGLR, Class A

    1,150,000       5.644 (b)(d)    02/05/45   1,179,371

Hudson Yards Mortgage Trust Series 2025-SPRL, Class C

    1,070,000       6.151 (b)(d)    01/13/40   1,101,661

Hudson Yards Mortgage Trust Series 2025-SPRL, Class D

    900,000       6.551 (b)(d)    01/13/40   931,731

Hudson Yards Mortgage Trust Series 2025-SPRL, Class A

    2,150,000       5.649 (b)(d)    01/13/40   2,214,770

ILPT Commercial Mortgage Trust Series 2025-LPF2, Class A

    2,900,000       5.292 (b)(d)    07/15/42   2,930,638

 

Principal
Amount
    Interest
Rate
    Maturity
Date
  Value
Mortgage-Backed Obligations – (continued)

Sequential Floating Rate – (continued)

IRV Trust Series 2025-200P, Class A

$

    3,100,000       5.471 %(b)(c)(d)    03/14/47   $    3,129,586

IRV Trust Series 2025-200P, Class D

    950,000       6.371 (b)(c)(d)    03/14/47   940,492

JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class B (1 mo. USD Term SOFR + 1.357%)

    1,195,942       5.669 (b)(d)    04/15/37   1,174,263

JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A

    1,450,000       5.990 (b)(d)    10/05/39   1,479,222

KIND Commercial Mortgage Trust Series 2024-1, Class A (1 mo. USD Term SOFR + 1.890%)

    950,000       6.202 (b)(d)    08/15/41   950,742

LEX Mortgage Trust Series 2024-BBG, Class A

    1,350,000       5.036 (b)(c)(d)    10/13/33   1,356,676

Morgan Stanley Capital I Trust Series 2022-L8, Class A5

    550,000       3.919 (b)(c)    04/15/55   512,548

MSWF Commercial Mortgage Trust Series 2023-2, Class A5

    1,750,000       6.014 (b)(c)    12/15/56   1,875,206

NY Commercial Mortgage Trust Series 2025-299P, Class B

    1,050,000       6.125 (b)(d)    02/10/47   1,080,374

One New York Plaza Trust Series 2020-1NYP, Class A (1 mo. USD Term SOFR + 1.064%)

    1,650,000       5.377 (b)(d)    01/15/36   1,603,495

TEXAS Commercial Mortgage Trust Series 2025-TWR, Class D (1 mo. USD Term SOFR + 3.091%)

    800,000       7.402 (b)(d)    04/15/42   801,000

WB Commercial Mortgage Trust Series 2024-HQ, Class B

    2,425,000       6.634 (b)(d)    03/15/40   2,475,666

Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A

    1,750,000       5.484 (b)(d)    07/15/35   1,760,505

Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B

    1,100,000       5.935 (b)(d)    07/15/35   1,107,416

Wells Fargo Commercial Mortgage Trust Series 2024-MGP, Class B12 (1 mo. USD Term SOFR + 2.290%)

    1,825,000       6.602 (b)(d)    08/15/41   1,797,642
       

 

  71,942,779

 

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES   $  132,181,127

 

Federal Agencies – 41.6%

Federal Home Loan Mortgage Corp. – 0.0%

$

    5,244       5.000   01/01/33   $        5,328
    224       5.000     03/01/33   228
    3,201       5.000     04/01/33   3,258
    378       5.000     05/01/33   385
    1,270       5.000     06/01/33   1,293
    7,867       5.000     07/01/33   8,006
    12,002       5.000     08/01/33   12,207
    1,236       5.000     09/01/33   1,255
    2,943       5.000     10/01/33   2,994
    5,203       5.000     11/01/33   5,295
    2,674       5.000     12/01/33   2,722
    2,270       5.000     01/01/34   2,311
    7,839       5.000     02/01/34   7,977

 

 


GOLDMAN SACHS DYNAMIC BOND 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)

$

    4,495       5.000     03/01/34     $        4,573
    6,598       5.000       04/01/34     6,713
    8,987       5.000       05/01/34     9,146
    136,141       5.000       06/01/34     138,545
    3,124       5.000       11/01/34     3,178
    31,433       5.000       04/01/35     31,990
    9       5.000       11/01/35     9
       

 

  247,413

 

Government National Mortgage Association – 12.1%

    6,742,348       4.500       12/20/48     6,565,807
    2,459,790       5.000       12/20/48     2,457,320
    3,862,483       4.500       01/20/49     3,761,348
    1,555,265       2.500       10/20/51     1,318,618
    1,946,635       2.500       11/20/51     1,649,222
    2,691,983       2.500       12/20/51     2,286,544
    3,000,000       2.500       TBA-30yr (f)    2,549,615
    8,000,000       2.000       TBA-30yr (f)    6,517,927
    4,000,000       4.000       TBA-30yr (f)    3,716,815
    29,000,000       4.500       TBA-30yr (f)    27,746,272
    10,000,000       5.000       TBA-30yr (f)    9,819,308
    2,000,000       5.500       TBA-30yr (f)    2,001,987
    47,000,000       6.000       TBA-30yr (f)    47,658,113
    5,000,000       6.500       TBA-30yr (f)    5,132,547
       

 

  123,181,443

 

Uniform Mortgage-Backed Security – 29.5%

    12,395       4.500       08/01/37     12,424
    2,554       4.500       04/01/39     2,533
    4,163       4.000       08/01/39     4,042
    1,853       4.000       09/01/39     1,800
    14,426       4.500       10/01/39     14,327
    1,837       4.500       05/01/41     1,816
    7,663       4.500       06/01/41     7,586
    7,971       4.500       08/01/41     7,880
    2,314       4.500       10/01/41     2,290
    590       4.500       11/01/42     583
    9,941       4.500       12/01/43     9,819
    382,241       4.500       11/01/48     370,668
    70,551       4.500       01/01/49     68,415
    465,236       4.500       06/01/49     451,271
    344,631       4.500       08/01/49     333,981
    200,259       4.500       01/01/50     194,373
    6,197,611       6.000       01/01/53     6,356,427
    1,640,830       5.500       04/01/53     1,657,741
    2,415,482       6.000       04/01/53     2,483,013
    8,000,000       2.500       TBA-30yr (f)    6,632,184
    29,000,000       3.500       TBA-30yr (f)    26,101,137
    19,000,000       4.000       TBA-30yr (f)    17,661,897
    173,000,000       5.500       TBA-30yr (f)    173,261,423

 

Principal
Amount
    Interest
Rate
    Maturity
Date
  Value
Mortgage-Backed Obligations – (continued)

Uniform Mortgage-Backed Security – (continued)

$

    65,000,000       6.000   TBA-30yr(f)   $   66,205,216
       

 

  301,842,846

 

TOTAL FEDERAL AGENCIES   $  425,271,702

 

TOTAL MORTGAGE-BACKED OBLIGATIONS

(Cost $623,173,452)

  $  628,067,401

 

       
Corporate Obligations – 17.0%

Advertising(c) – 0.1%

Lamar Media Corp.

$

    535,000       3.625   01/15/31   $      493,773

Outfront Media Capital LLC/Outfront Media Capital Corp.(d)

    254,000       5.000     08/15/27   252,303
       

 

  746,076

 

Aerospace & Defense(c) – 0.5%

Boeing Co.

    3,900,000       5.150     05/01/30   3,971,682

TransDigm, Inc.(d)

    795,000       6.750     08/15/28   811,957
       

 

  4,783,639

 

Airlines(c)(d) – 0.1%

American Airlines, Inc.

    915,000       7.250     02/15/28   934,041

 

Apparel(c)(d) – 0.2%

Beach Acquisition Bidco LLC

EUR

    469,000       5.250     07/15/32   556,757

Champ Acquisition Corp.

$

    1,360,000       8.375     12/01/31   1,450,114
       

 

  2,006,871

 

Automotive(c)(d) – 0.2%

Phinia, Inc.

    370,000       6.750     04/15/29   381,537
    460,000       6.625     10/15/32   467,056

ZF North America Capital, Inc.

    885,000       6.875     04/14/28   886,947
       

 

  1,735,540

 

Banks(c) – 2.8%

Banco Mercantil del Norte SA(b)(d) (5 yr. CMT + 4.643%)

    1,190,000       5.875     01/24/27   1,161,738

Banco Santander SA(b) (-1X 5 yr. EUR Swap + 4.534%)

EUR

    2,400,000       4.375     01/14/26   2,827,082

Bank of America Corp.(b) (5 yr. CMT + 2.760%)

$

    2,565,000       4.375     01/27/27   2,520,856
Barclays PLC
(5 yr. CMT + 5.431%)
    415,000       8.000 (b)    03/15/29   435,439

(5 yr. CMT + 5.867%)

    2,500,000       6.125 (b)    12/15/25   2,500,075

 

 


GOLDMAN SACHS DYNAMIC BOND FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Banks(c) – (continued)

(5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 3.686%)

$

    435,000       7.625 %(b)    03/15/35   $      437,610

Citigroup, Inc.

(5 yr. CMT + 3.209%)

    2,365,000       7.375 (b)    05/15/28   2,486,821

(5 yr. CMT + 3.597%)

    2,545,000       4.000 (b)    12/10/25   2,526,472

(Secured Overnight Financing Rate + 1.887%)

    3,160,000       4.658 (b)    05/24/28   3,172,292

Deutsche Bank AG(b) (5 yr. CMT + 4.524%)

    1,400,000       6.000     10/30/25   1,394,302

JPMorgan Chase & Co.(b) (5 yr. CMT + 2.737%)

    2,325,000       6.875     06/01/29   2,452,526

PNC Financial Services Group, Inc. (b) (5 yr. CMT + 3.238%)

    2,445,000       6.200     09/15/27   2,491,455

Societe Generale SA(b) (5 yr. USD Swap + 3.929%)

    224,000       6.750     04/06/28   220,660

UBS Group AG(b)(d) (5 yr. CMT + 4.745%)

    470,000       9.250     11/13/28   512,319

Walker & Dunlop, Inc.(d)

    505,000       6.625     04/01/33   520,357

Wells Fargo & Co.(b) (5 yr. CMT + 3.453%)

    2,565,000       3.900     03/15/26   2,541,710
       

 

        28,201,714

 

Building Materials(c)(d) – 0.1%

Standard Building Solutions, Inc.

    610,000       6.500     08/15/32   624,475

 

Chemicals(c) – 0.8%

Chemours Co.

    285,000       5.375     05/15/27   281,948
    450,000       5.750 (d)    11/15/28   421,650
    415,000       8.000 (d)    01/15/33   388,311

Ingevity Corp.(d)

    1,461,000       3.875     11/01/28   1,392,201

Methanex U.S. Operations, Inc. (d)

    630,000       6.250     03/15/32   627,871

OCP SA

    320,000       6.100 (d)    04/30/30   323,600
    1,800,000       6.750 (d)    05/02/34   1,862,172
    420,000       7.500     05/02/54   418,517

Olympus Water U.S. Holding Corp.(d)

    895,000       7.250     06/15/31   913,160

WR Grace Holdings LLC(d)

    1,315,000       5.625     08/15/29   1,190,443
       

 

        7,819,873

 

Commercial Services – 0.7%

ADT Security Corp.(c)(d)

    1,525,000       4.125     08/01/29   1,471,595

Belron U.K. Finance PLC(c)(d)

    470,000       5.750     10/15/29   473,393

DP World Crescent Ltd.(d)

    1,530,000       5.500     05/08/35   1,539,562

Garda World Security Corp.(c)(d)

    360,000       8.375     11/15/32   369,857

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Commercial Services – (continued)

Herc Holdings, Inc.(c)(d)

$

    884,000       5.500   07/15/27   $      883,646

TriNet Group, Inc.(c)(d)

    525,000       3.500     03/01/29   492,923

United Rentals North America, Inc.(c)

    424,000       3.875     02/15/31   398,594

VT Topco, Inc.(c)(d)

    1,114,000       8.500     08/15/30   1,183,168
       

 

        6,812,738

 

Computers(c) – 0.2%

KBR, Inc.(d)

    498,000       4.750     09/30/28   478,832

McAfee Corp.(d)

    1,575,000       7.375     02/15/30   1,486,816

Seagate HDD Cayman

    430,000       8.250     12/15/29   459,313
       

 

        2,424,961

 

Diversified Financial Services(c) – 1.3%

AG Issuer LLC(d)

    1,193,000       6.250     03/01/28   1,195,935

American Express Co.(b) (5 yr. CMT + 2.854%)

    2,635,000       3.550     09/15/26   2,575,791

Focus Financial Partners LLC(d)

    1,100,000       6.750     09/15/31   1,123,144

Freedom Mortgage Holdings LLC(d)

    1,395,000       9.250     02/01/29   1,448,638

Jane Street Group/JSG Finance, Inc.(d)

    905,000       6.125     11/01/32   913,000

Midcap Financial Issuer Trust(d)

    1,176,000       6.500     05/01/28   1,165,216

Navient Corp.

    615,000       5.500     03/15/29   602,472
    860,000       9.375     07/25/30   948,477

OneMain Finance Corp.

    645,000       3.875     09/15/28   617,994
    1,055,000       4.000     09/15/30   973,301

Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.(d)

    1,490,000       2.875     10/15/26   1,453,689

StoneX Group, Inc.(d)

    685,000       7.875     03/01/31   718,161
       

 

        13,735,818

 

Electrical(c)(d) – 0.5%

California Buyer Ltd./Atlantica Sustainable Infrastructure PLC

    960,000       6.375     02/15/32   959,847

Calpine Corp.

    733,000       4.625     02/01/29   723,310

Lightning Power LLC

    720,000       7.250     08/15/32   757,778

NRG Energy, Inc.

    535,000       3.375     02/15/29   504,847

Pike Corp.

    1,226,000       5.500     09/01/28   1,224,370

 

 


GOLDMAN SACHS DYNAMIC BOND FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Electrical(c)(d) – (continued)

Vistra Operations Co. LLC

$

    1,015,000       4.375   05/01/29   $      989,026
       

 

        5,159,178

 

Electronics(c)(d) – 0.3%

Imola Merger Corp.

    495,000       4.750     05/15/29   478,492

Sensata Technologies BV

    515,000       4.000     04/15/29   489,636

Sensata Technologies, Inc.

    1,059,000       4.375     02/15/30   1,010,402

TTM Technologies, Inc.

    1,040,000       4.000     03/01/29   992,857
       

 

        2,971,387

 

Energy-Alternate Sources(c)(d) – 0.0%

Greenko Dutch BV

    176,000       3.850     03/29/26   172,568

Greenko Power II Ltd.

    159,500       4.300     12/13/28   149,750
       

 

        322,318

 

Engineering & Construction(c) – 0.2%

Dycom Industries, Inc.(d)

    505,000       4.500     04/15/29   491,572

Mexico City Airport Trust

    320,000       4.250 (d)    10/31/26   317,600
    1,726,000       5.500     07/31/47   1,422,526
       

 

        2,231,698

 

Entertainment(c)(d) – 0.3%

Caesars Entertainment, Inc.

    670,000       6.000     10/15/32   656,674

Cinemark USA, Inc.

    510,000       7.000     08/01/32   529,946

WMG Acquisition Corp.

    1,855,000       3.750     12/01/29   1,739,507
       

 

        2,926,127

 

Environmental(c)(d) – 0.5%

GFL Environmental, Inc.

    2,300,000       3.500     09/01/28   2,218,994

Madison IAQ LLC

    654,000       5.875     06/30/29   642,653

Waste Pro USA, Inc.

    2,015,000       7.000     02/01/33   2,095,661
       

 

        4,957,308

 

Food & Drug Retailing(c) – 0.5%

J.M. Smucker Co.

    2,205,000       6.200     11/15/33   2,367,310

Lamb Weston Holdings, Inc.(d)

    1,540,000       4.125     01/31/30   1,468,328

Performance Food Group, Inc.(d)

    701,000       5.500     10/15/27   700,271

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Food & Drug Retailing(c) – (continued)

United Natural Foods, Inc.(d)

$

    1,060,000       6.750   10/15/28   $    1,047,079
       

 

        5,582,988

 

Healthcare Providers & Services(c) – 0.5%

Charles River Laboratories International, Inc.(d)

    1,035,000       3.750     03/15/29   970,975

Encompass Health Corp.

    451,000       4.500     02/01/28   446,684

LifePoint Health, Inc.(d)

    1,485,000       5.375     01/15/29   1,385,342

Medline Borrower LP(d)

    1,257,000       5.250     10/01/29   1,247,321

Prime Healthcare Services, Inc.(d)

    790,000       9.375     09/01/29   784,051

Tenet Healthcare Corp.

    591,000       6.125     10/01/28   591,739
       

 

        5,426,112

 

Holding Companies-Diversified(c)(d) – 0.1%

Benteler International AG

    790,000       10.500     05/15/28   831,475

 

Housewares(c) – 0.1%

Newell Brands, Inc.

    235,000       6.375     05/15/30   228,531
    370,000       6.625     05/15/32   353,927
       

 

        582,458

 

Insurance(c)(d) – 0.7%

Acrisure LLC/Acrisure Finance, Inc.

    835,000       8.250     02/01/29   863,749

Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer

    510,000       6.750     10/15/27   510,857

APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC

    1,590,000       7.875     11/01/29   1,626,586

Ardonagh Group Finance Ltd.

    2,093,000       8.875     02/15/32   2,202,443

BroadStreet Partners, Inc.

    1,244,000       5.875     04/15/29   1,229,582

HUB International Ltd.

    585,000       7.375     01/31/32   611,974

USI, Inc.

    320,000       7.500     01/15/32   337,709
       

 

        7,382,900

 

Internet(c)(d) – 0.3%

Gen Digital, Inc.

    780,000       6.250     04/01/33   801,848

Go Daddy Operating Co. LLC/GD Finance Co., Inc.

    520,000       3.500     03/01/29   491,868

ION Trading Technologies SARL

    863,000       9.500     05/30/29   891,539

Match Group Holdings II LLC

    984,000       4.625     06/01/28   959,725

 

 


GOLDMAN SACHS DYNAMIC BOND FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Internet(c)(d) – (continued)

Snap, Inc.

$

    490,000       6.875   03/01/33   $      502,524
       

 

        3,647,504

 

Iron/Steel(c) – 0.2%

Cleveland-Cliffs, Inc.(d)

    610,000       6.875     11/01/29   600,673

Vale Overseas Ltd.

    1,320,000       6.400     06/28/54   1,290,313
       

 

        1,890,986

 

Leisure Time(c)(d) – 0.1%

Royal Caribbean Cruises Ltd.

    895,000       5.625     09/30/31   900,531
    355,000       6.250     03/15/32   364,912
       

 

        1,265,443

 

Lodging(c) – 0.8%

Genting New York LLC/GENNY Capital, Inc.(d)

    2,190,000       7.250     10/01/29   2,272,914

Hilton Domestic Operating Co., Inc.

    1,174,000       4.875     01/15/30   1,167,790

Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.(d)

    1,263,000       5.000     06/01/29   1,214,210

Las Vegas Sands Corp.

    1,370,000       5.625     06/15/28   1,396,372
    510,000       6.000     06/14/30   525,730

MGM Resorts International

    1,005,000       4.750     10/15/28   992,578

Travel & Leisure Co.(d)

    525,000       4.500     12/01/29   505,428
       

 

        8,075,022

 

Machinery-Construction & Mining(c)(d) – 0.0%

Terex Corp.

    520,000       6.250     10/15/32   521,128

 

Machinery-Diversified(c)(d) – 0.2%

Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC

    585,000       9.000     02/15/29   611,542

TK Elevator Holdco GmbH

    1,185,000       7.625     07/15/28   1,185,995
       

 

        1,797,537

 

Media(c)(d) – 0.6%

CCO Holdings LLC/CCO Holdings Capital Corp.

    610,000       6.375     09/01/29   622,383
    934,000       4.250     02/01/31   871,581

Directv Financing LLC/Directv Financing Co-Obligor, Inc.

    505,000       5.875     08/15/27   503,273

iHeartCommunications, Inc.

    177,332       10.875     05/01/30   86,902

News Corp.

    1,830,000       3.875     05/15/29   1,751,804

Nexstar Media, Inc.

    549,000       5.625     07/15/27   547,644

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Media(c)(d) – (continued)

Sirius XM Radio LLC

$

    1,525,000       4.000   07/15/28   $    1,464,564
       

 

        5,848,151

 

Miscellaneous Manufacturing(c) – 0.1%

Axon Enterprise, Inc.

    255,000       6.125 (d)    03/15/30   262,331
    260,000       6.250 (d)    03/15/33   268,590

Hillenbrand, Inc.

    436,000       6.250     02/15/29   444,062
       

 

        974,983

 

Oil Field Services – 1.3%

Aethon United BR LP/Aethon United Finance Corp.(c)(d)

    478,000       7.500     10/01/29   500,820

Archrock Partners LP/Archrock Partners Finance Corp.(c)(d)

    620,000       6.625     09/01/32   631,991

Civitas Resources, Inc.(c)(d)

    435,000       8.375     07/01/28   445,940

Ecopetrol SA

    120,000       8.625 (c)    01/19/29   126,766
    1,170,000       6.875 (c)    04/29/30   1,155,960
    15,000       7.750 (c)    02/01/32   14,719
    140,000       8.875 (c)    01/13/33   144,200

Kodiak Gas Services LLC(c)(d)

    240,000       7.250     02/15/29   248,446

Matador Resources Co.(c)(d)

    696,000       6.250     04/15/33   691,991

Murphy Oil Corp.(c)

    712,000       6.000     10/01/32   680,173

Nabors Industries, Inc.(c)(d)

    660,000       9.125     01/31/30   631,871

Noble Finance II LLC(c)(d)

    800,000       8.000     04/15/30   814,720

Petroleos Mexicanos

    110,000       6.500     01/23/29   107,678
    1,050,000       8.750 (c)    06/02/29   1,085,259
    410,000       6.840 (c)    01/23/30   395,609

Petronas Capital Ltd.

    530,000       4.950 (c)(d)    01/03/31   539,116
    520,000       5.340 (c)(d)    04/03/35   532,225

Raizen Fuels Finance SA

    210,000       5.700 (c)    01/17/35   196,612
    440,000       6.700 (c)(d)    02/25/37   430,925
    210,000       6.950 (c)(d)    03/05/54   194,565
    200,000       6.950 (c)    03/05/54   185,300

SM Energy Co.

    330,000       6.750 (c)(d)    08/01/29   328,875
    530,000       7.000 (c)(d)    08/01/32   522,855

Sunoco LP/Sunoco Finance Corp.

    895,000       7.000 (c)(d)    09/15/28   922,378
    495,000       4.500 (c)    05/15/29   480,353

Transocean, Inc.

    295,000       8.250 (c)(d)    05/15/29   273,111
    300,000       8.500 (c)(d)    05/15/31   267,573

 

 


GOLDMAN SACHS DYNAMIC BOND FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Oil Field Services – (continued)

USA Compression Partners LP/USA Compression Finance Corp.(c)(d)

$

    880,000       7.125   03/15/29   $      902,035
       

 

        13,452,066

 

Packaging(c) – 0.4%

ARD Finance SA

(PIK 5.750%, Cash 5.000%)

EUR

    242,954       5.000 (g)    06/30/27   10,801

(PIK 7.250%, Cash 6.500%)

$

    2,489,738       6.500 (d)(g)    06/30/27   103,025

Crown Americas LLC

    2,058,000       5.250     04/01/30   2,089,055

LABL, Inc. (d)

    171,000       10.500     07/15/27   163,686

Sealed Air Corp./Sealed Air Corp. U.S.(d)

    1,375,000       6.125     02/01/28   1,394,044
       

 

        3,760,611

 

Pharmaceuticals(c)(d) – 0.2%

Jazz Securities DAC

    990,000       4.375     01/15/29   956,231

Organon & Co./Organon Foreign Debt Co-Issuer BV

    985,000       4.125     04/30/28   946,772
       

 

        1,903,003

 

Pipelines – 1.1%

Antero Midstream Partners LP/Antero Midstream Finance Corp.(c)(d)

    480,000       5.375     06/15/29   476,674

Buckeye Partners LP

    734,000       3.950 (c)    12/01/26   725,096
    1,070,000       6.875 (c)(d)    07/01/29   1,108,199

CQP Holdco LP/BIP-V Chinook Holdco LLC(c)(d)

    1,241,000       5.500     06/15/31   1,225,636

Delek Logistics Partners LP/Delek Logistics Finance Corp.(c)(d)

    725,000       8.625     03/15/29   752,760

Galaxy Pipeline Assets Bidco Ltd.

    240,000       2.625 (d)    03/31/36   203,400
    1,731,150       2.940     09/30/40   1,419,007

Genesis Energy LP/Genesis Energy Finance Corp.(c)

    910,000       7.875     05/15/32   946,373

Prairie Acquiror LP(c)(d)

    535,000       9.000     08/01/29   557,604

Summit Midstream Holdings LLC(c)(d)

    1,490,000       8.625     10/31/29   1,519,532

Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(c)(d)

    710,000       7.375     02/15/29   729,546

Venture Global LNG, Inc.(c)(d)

    1,310,000       9.500     02/01/29   1,427,494
       

 

        11,091,321

 

Real Estate Investment Trust(c) – 0.1%

Iron Mountain, Inc.(d)

    460,000       7.000     02/15/29   475,810

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Real Estate Investment Trust(c) – (continued)

MPT Operating Partnership LP/MPT Finance Corp.

$

    903,000       4.625   08/01/29   $      711,275
       

 

        1,187,085

 

Retailing(c) – 0.5%

Asbury Automotive Group, Inc.(d)

    510,000       4.625     11/15/29   492,436

Cougar JV Subsidiary LLC(d)

    1,114,000       8.000     05/15/32   1,187,903

Group 1 Automotive, Inc.(d)

    219,000       4.000     08/15/28   211,646

LCM Investments Holdings II LLC(d)

    1,273,000       4.875     05/01/29   1,237,763

Lithia Motors, Inc.(d)

    520,000       3.875     06/01/29   496,272

Penske Automotive Group, Inc.

    662,000       3.500     09/01/25   659,716

Sonic Automotive, Inc.(d)

    525,000       4.625     11/15/29   509,056
       

 

        4,794,792

 

Semiconductors(c)(d) – 0.0%

Entegris, Inc.

    470,000       5.950     06/15/30   476,815

 

Software(c) – 0.3%

AppLovin Corp.

    740,000       5.500     12/01/34   751,544

Camelot Finance SA(d)

    31,000       4.500     11/01/26   30,582

Castle U.S. Holding Corp.(d)

    574,000       9.500     02/15/28   255,235

Clarivate Science Holdings Corp.(d)

    510,000       3.875     07/01/28   488,708

Open Text Corp.(d)

    1,585,000       3.875     12/01/29   1,493,419

Twilio, Inc.

    525,000       3.625     03/15/29   499,721
       

 

        3,519,209

 

Telecommunication Services – 0.0%

Hughes Satellite Systems Corp.

    650,000       6.625     08/01/26   466,115

 

Transportation(c)(d) – 0.1%

Rand Parent LLC

    725,000       8.500     02/15/30   727,371

 

TOTAL CORPORATE OBLIGATIONS
(Cost $171,673,380)
  $  173,598,837

 

       
Asset-Backed Securities – 14.1%

Automotive(c) – 1.1%

Citizens Auto Receivables Trust Series 2024-1, Class A2A(d)

$

    358,202       5.430   10/15/26   $      358,427

Exeter Automobile Receivables Trust Series 2025-1A, Class A2

    897,947       4.700     09/15/27   897,728

 

 


GOLDMAN SACHS DYNAMIC BOND FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Asset-Backed Securities – (continued)

Automotive(c) – (continued)

Exeter Automobile Receivables Trust Series 2025-1A, Class A3

$

    500,000       4.670   08/15/28   $      500,077

Exeter Automobile Receivables Trust Series 2025-3A, Class A3

    1,950,000       4.780     07/16/29   1,957,602

GM Financial Revolving Receivables Trust Series 2024-1, Class A(d)

    1,550,000       4.980     12/11/36   1,583,571

Santander Drive Auto Receivables Trust Series 2025-1, Class A2

    589,897       4.760     08/16/27   590,063

Santander Drive Auto Receivables Trust Series 2025-1, Class A3

    1,800,000       4.740     01/16/29   1,806,615

Tesla Auto Lease Trust Series 2024-A, Class A3(d)

    800,000       5.300     06/21/27   802,729

Toyota Auto Receivables Owner Trust Series 2023-B, Class A3

    2,238,371       4.710     02/15/28   2,242,273
       

 

        10,739,085

 

Collateralized Loan Obligations – 9.3%

1988 CLO 3 Ltd. Series 2023-3A, Class A1(b)(c)(d) (3 mo. USD Term SOFR + 2.000%)

    2,500,000       6.256     10/15/38   2,506,408

1988 CLO 4 Ltd. Series 2024-4A, Class C(b)(c)(d) (3 mo. USD Term SOFR + 2.600%)

    2,100,000       6.856     04/15/37   2,112,506

1988 CLO 4 Ltd. Series 2024-4A, Class D(b)(c)(d) (3 mo. USD Term SOFR + 4.250%)

    2,700,000       8.506     04/15/37   2,724,870

1988 CLO 5 Ltd. Series 2024-5A, Class D1(b)(c)(d) (3 mo. USD Term SOFR + 3.300%)

    1,900,000       7.556     07/15/37   1,901,045

1988 CLO 6 Ltd. Series 2025-6A, Class E(b)(c)(d) (3 mo. USD Term SOFR + 4.900%)

    2,100,000       9.166     04/15/38   2,098,769

Apidos CLO XXIII Ltd. Series 2015-23A, Class ARR(b)(c)(d) (3 mo. USD Term SOFR + 1.050%)

    2,600,000       5.306     04/15/33   2,596,214

Benefit Street Partners CLO XXXIII Ltd. Series 2023-33A, Class D(b)(c)(d) (3 mo. USD Term SOFR + 4.250%)

    2,000,000       8.532     01/25/36   2,014,306

Benefit Street Partners CLO XXXV Ltd. Series 2024-35A, Class E(b)(c)(d) (3 mo. USD Term SOFR + 6.100%)

    1,000,000       10.382     04/25/37   1,014,617

Birch Grove CLO 7 Ltd. Series 2023-7A, Class A1(b)(c)(d) (3 mo. USD Term SOFR + 1.800%)

    2,070,000       6.070     10/20/36   2,074,658

Brant Point CLO Ltd. Series 2024-3A, Class A1(b)(c)(d) (3 mo. USD Term SOFR + 1.600%)

    2,400,000       5.922     02/20/37   2,405,952

Bridgepoint CLO 2 DAC Series 2X, Class D(b)(c) (3 mo. EUR EURIBOR + 3.000%)

EUR

    800,000       5.279     04/15/35   942,531

Bryant Park Funding Ltd. Series 2023-21A, Class A1(b)(c)(d) (3 mo. USD Term SOFR + 2.050%)

    $2,000,000       6.320     10/18/36   2,005,272

Captree Park CLO Ltd. Series 2024-1A, Class E(b)(c)(d) (3 mo. USD Term SOFR + 6.000%)

    625,000       10.270     07/20/37   630,904

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Asset-Backed Securities – (continued)

Collateralized Loan Obligations – (continued)

CIFC Funding Ltd. Series 2023-3A, Class E(b)(c)(d) (3 mo. USD Term SOFR + 7.650%)

$

    1,025,000       11.920   01/20/37   $    1,039,928

CIFC Funding Ltd. Series 2023-3A, Class B(b)(c)(d) (3 mo. USD Term SOFR + 2.300%)

    1,300,000       6.570     01/20/37   1,306,618

CIFC Funding Ltd. Series 2022-3A, Class A(b)(c)(d) (3 mo. USD Term SOFR + 1.410%)

    2,000,000       5.682     04/21/35   2,002,222

Crown City CLO I Series 2020-1A, Class A1AR(b)(c)(d) (3 mo. USD Term SOFR + 1.452%)

    2,000,000       5.721     07/20/34   2,000,674

Crown City CLO IV Series 2022-4A, Class C1R(b)(c)(d) (3 mo. USD Term SOFR + 4.500%)

    1,300,000       8.770     04/20/37   1,308,731

Crown City CLO V Series 2023-5A, Class A1R(b)(c)(d) (3 mo. USD Term SOFR + 1.600%)

    1,700,000       5.870     04/20/37   1,705,020

CVC Cordatus Loan Fund III DAC Series 3A, Class B1R3(b)(c)(d) (3 mo. EUR EURIBOR + 1.650%)

EUR

    1,600,000       3.939     05/26/38   1,876,856

CVC Cordatus Loan Fund XXXIV DAC Series 34A, Class B(b)(c)(d) (3 mo. EUR EURIBOR + 1.700%)

    1,800,000       3.977     04/20/38   2,097,109

Elmwood CLO 29 Ltd. Series 2024-5A, Class AR2(b)(c)(d) (3 mo. USD Term SOFR + 1.700%)

$

    1,325,000       5.970     04/20/37   1,328,360

Generate CLO 15 Ltd. Series 2024-15A, Class A(b)(c)(d) (3 mo. USD Term SOFR + 1.570%)

    2,000,000       5.840     07/20/37   2,006,728

Halsey Point CLO I Ltd. Series 2019-1A, Class AR(b)(c)(d) (3 mo. USD Term SOFR + 1.450%)

    5,000,000       5.720     10/20/37   5,011,880

Halseypoint CLO II Ltd. Series 2020-2A, Class D1R(b)(c)(d) (3 mo. USD Term SOFR + 3.600%)

    1,425,000       7.870     07/20/37   1,425,613

JP Morgan Mortgage Trust Series 2023-HE3, Class A1(b)(c)(d) (1 mo. USD Term SOFR + 1.600%)

    341,919       5.902     05/20/54   343,580

Madison Park Funding LXI Ltd. Series 2023-61A, Class A(b)(c)(d) (3 mo. USD Term SOFR + 1.730%)

    1,000,000       6.000     01/20/37   1,004,058

Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR2(b)(c)(d) (3 mo. USD Term SOFR + 1.530%)

    1,500,000       5.786     04/15/37   1,507,557

Man GLG U.S. CLO Ltd. Series 2021-1A, Class A1(b)(c)(d) (3 mo. USD Term SOFR + 1.562%)

    6,700,000       5.818     07/15/34   6,699,832

Marathon CLO XIII Ltd. Series 2019-1A, Class A2R2(b)(c)(d) (3 mo. USD Term SOFR + 1.950%)

    2,050,000       6.206     04/15/32   2,050,472

MF1 Ltd. Series 2021-FL6, Class A(b)(c)(d) (1 mo. USD Term SOFR + 1.214%)

    279,766       5.529     07/16/36   279,407

Mountain View CLO XVI Ltd. Series 2022-1A, Class A1R(b)(c)(d) (3 mo. USD Term SOFR + 1.460%)

    1,700,000       5.716     04/15/34   1,701,700

 

 


GOLDMAN SACHS DYNAMIC BOND FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Asset-Backed Securities – (continued)

Collateralized Loan Obligations – (continued)

Nissan Master Owner Trust Receivables Series 2024-B, Class A(c)(d)

$

    2,725,000       5.050   02/15/29   $    2,754,487

North Westerly VII ESG CLO DAC Series VII-X, Class D(b)(c) (3 mo. EUR EURIBOR + 2.950%)

EUR

    1,200,000       5.093     05/15/34   1,400,946

OCP Euro DAC Series 2025-12A, Class B1(b)(c)(d) (3 mo. EUR EURIBOR + 1.700%)

    2,000,000       4.062     01/20/38   2,333,030

Octagon 67 Ltd. Series 2023-1A, Class AR(b)(c)(d) (3 mo. USD Term SOFR + 1.450%)

$

    4,000,000       5.773     07/25/38   4,017,092

OZLM XVII Ltd. Series 2017-17A, Class A1RR(b)(c)(d) (3 mo. USD Term SOFR + 1.150%)

    432,419       5.420     07/20/30   432,722

Palmer Square CLO Ltd. Series 2021-4A, Class E(b)(c)(d) (3 mo. USD Term SOFR + 6.312%)

    260,000       10.568     10/15/34   260,000

Palmer Square Loan Funding Ltd. Series 2022-3A, Class CR(b)(c)(d) (3 mo. USD Term SOFR + 3.000%)

    3,000,000       7.256     04/15/31   3,009,957

Park Blue CLO Ltd. Series 2023-4A, Class D1(b)(c)(d) (3 mo. USD Term SOFR + 5.400%)

    1,350,000       9.682     01/25/37   1,371,175

Park Blue CLO Ltd. Series 2022-1A, Class A1R(b)(c)(d) (3 mo. USD Term SOFR + 1.420%)

    1,200,000       5.690     10/20/37   1,202,490

Penta CLO DAC Series 2021-2A, Class BR(b)(c)(d) (3 mo. EUR EURIBOR + 1.650%)

EUR

    1,350,000       4.009     04/15/38   1,591,757

RRE 5 Loan Management DAC Series 5X, Class A2R(b)(c) (3 mo. EUR EURIBOR + 1.750%)

    2,200,000       4.029     01/15/37   2,596,664

Silver Point CLO 3 Ltd. Series 2023-3A, Class D(b)(c)(d) (3 mo. USD Term SOFR + 5.900%)

$

    1,500,000       10.182     11/29/36   1,518,552

Stellar Jay Ireland DAC Series 2021-1, Class A(d)

    869,089       3.967     10/15/41   851,980

Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A(c)(d)

    155,788       5.750     12/20/50   157,291

Trinitas CLO XXV Ltd. Series 2023-25A, Class A1(b)(c)(d) (3 mo. USD Term SOFR + 1.850%)

    1,870,000       6.129     01/23/37   1,876,969

Venture 41 CLO Ltd. Series 2021-41A, Class A1NR(b)(c)(d) (3 mo. USD Term SOFR + 1.430%)

    2,925,000       5.700     01/20/34   2,931,104

Venture 49 CLO Ltd. Series 2024-49A, Class C1(b)(c)(d) (3 mo. USD Term SOFR + 2.650%)

    1,700,000       6.920     04/20/37   1,710,907

Voya CLO Ltd. Series 2019-2A, Class AR(b)(c)(d) (3 mo. USD Term SOFR + 1.200%)

    2,461,726       5.470     07/20/32   2,460,525

Voya CLO Ltd. Series 2024-1A, Class D(b)(c)(d) (3 mo. USD Term SOFR + 3.650%)

    1,375,000       7.906     04/15/37   1,383,575
       

 

        95,585,620

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Asset-Backed Securities – (continued)

Collateralized Mortgage Obligations(b)(c)(d) – 0.2%

Brookhaven Park CLO Ltd. Series 2024-1A, Class A (3 mo. USD Term SOFR + 1.500%)

$

    1,700,000       5.770   04/19/37   $    1,706,416

 

Credit Card(c) – 1.0%

American Express Credit Account Master Trust Series 2025-3, Class A

    2,950,000       4.510     04/15/32   2,989,566

Barclays Dryrock Issuance Trust Series 2023-2, Class A(b) (1 mo. USD Term SOFR + 0.900%)

    4,100,000       5.204     08/15/28   4,107,024

Citibank Credit Card Issuance Trust Series 2023-A1, Class A1

    1,350,000       5.230     12/08/27   1,353,941

Citibank Credit Card Issuance Trust Series 2025-A2, Class A

    2,175,000       4.490     06/21/32   2,190,049
       

 

        10,640,580

 

Home Equity(b)(c) – 0.1%

JP Morgan Mortgage Trust Series 2023-HE1, Class A1(d) (1 mo. USD Term SOFR + 1.750%)

    664,285       6.052     11/25/53   667,745

Lehman XS Trust Series 2007-3, Class 1BA2 (6 mo. USD Term SOFR + 0.928%)

    50,795       5.210     03/25/37   53,760

Morgan Stanley Mortgage Loan Trust Series 2006-16AX, Class 1A (1 mo. USD Term SOFR + 0.454%)

    640,211       4.774     11/25/36   104,176
       

 

        825,681

 

Student Loan(b)(c)(d) – 2.4%

AMMC CLO 30 Ltd. Series 2024-30A, Class E (3 mo. USD Term SOFR + 7.730%)

    1,000,000       11.986     01/15/37   1,014,005

Apidos CLO XV Ltd. Series 2013-15A, Class A1RR (3 mo. USD Term SOFR + 1.272%)

    597,979       5.541     04/20/31   598,281

Bain Capital CLO Ltd. Series 2024-1A, Class D1 (3 mo. USD Term SOFR + 3.850%)

    1,000,000       8.111     04/16/37   1,006,801

Bain Capital Credit CLO Ltd. Series 2023-3A, Class A (3 mo. USD Term SOFR + 1.800%)

    3,900,000       6.075     07/24/36   3,907,640

Barings CLO Ltd. Series 2024-1A, Class D (3 mo. USD Term SOFR + 4.000%)

    1,325,000       8.270     01/20/37   1,334,051

Carlyle U.S. CLO Ltd. Series 2024-1A, Class D (3 mo. USD Term SOFR + 3.900%)

    1,250,000       8.156     04/15/37   1,259,641

Diameter Capital CLO 4 Ltd. Series 2022-4A, Class A1R (3 mo. USD Term SOFR + 1.830%)

    3,900,000       6.086     01/15/37   3,916,162

Elmwood CLO 27 Ltd. Series 2024-3A, Class A (3 mo. USD Term SOFR + 1.520%)

    2,875,000       5.790     04/18/37   2,884,421

Flatiron CLO 20 Ltd. Series 2020-1A, Class AR (3 mo. USD Term SOFR + 1.380%)

    2,300,000       5.702     05/20/36   2,303,215

 

 


GOLDMAN SACHS DYNAMIC BOND FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Asset-Backed Securities – (continued)

Student Loan(b)(c)(d) – (continued)

Neuberger Berman Loan Advisers CLO 39 Ltd. Series 2020-39A, Class A1R (3 mo. USD Term SOFR + 1.530%)

$

    2,000,000       5.800   04/20/38   $    2,012,126

Neuberger Berman Loan Advisers CLO 54 Ltd. Series 2024-54A, Class D (3 mo. USD Term SOFR + 3.500%)

    1,975,000       7.779     04/23/38   1,983,431

Neuberger Berman Loan Advisers CLO 54 Ltd. Series 2024-54A, Class E (3 mo. USD Term SOFR + 6.350%)

    600,000       10.629     04/23/38   605,789

Sycamore Tree CLO Ltd. Series 2023-2A, Class DR (3 mo. USD Term SOFR + 4.500%)

    1,325,000       8.770     01/20/37   1,332,350
       

 

        24,157,913

 

TOTAL ASSET- BACKED SECURITIES
(Cost $142,323,703)
  $  143,655,295

 

       
Bank Loans(h) – 5.0%

Aerospace & Defense – 0.3%

Bleriot U.S. Bidco, Inc.(3 mo. USD Term SOFR + 2.750%)

$

    693,013       7.046   10/31/30   $      694,316

Kaman Corp.

    206,897       1.000     02/26/32   206,574

(3 mo. USD Term SOFR + 2.750%)

    2,193,103       7.083     02/26/32   2,189,682
       

 

        3,090,572

 

Automotive - Parts – 0.2%

Adient U.S. LLC(1 mo. USD Term SOFR + 2.250%)

    1,678,750       6.577     01/31/31   1,681,117

 

Banks – 0.1%

Nouryon Finance BV(3 mo. USD Term SOFR + 3.250%)

    1,235,116       7.510     04/03/28   1,239,748

 

Building & Construction – 0.4%

AAL Delaware Holdco, Inc.(1 mo. USD Term SOFR + 2.750%)

    2,506,094       7.077     07/30/31   2,504,540

Construction Partners, Inc.(1 mo. USD Term SOFR + 2.500%)

    348,250       6.827     11/03/31   349,121

KKR Apple Bidco LLC(1 mo. USD Term SOFR + 2.500%)

    1,447,725       6.827     09/23/31   1,443,990
       

 

        4,297,651

 

Commercial Services – 0.6%

Anticimex International AB(3 mo. USD Term SOFR + 3.400%)

    3,332,835       7.660     11/16/28   3,342,000

Fleet Midco I Ltd.(6 mo. USD Term SOFR + 2.750%)

    2,359,007       7.055     02/21/31   2,361,956

Fugue Finance BV(3 mo. USD Term SOFR + 3.250%)

    249,375       7.583     01/09/32   250,727
       

 

        5,954,683

 

Consumer Cyclical Services – 0.2%

IRB Holding Corp.(1 mo. USD Term SOFR + 2.500%)

    2,376,060       6.827     12/15/27   2,375,228

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Bank Loans(h) – (continued)

Diversified Financial Services – 0.4%

FNZ Group Services Ltd.(3 mo. USD Term SOFR + 5.000%)

$

    773,063       9.260   11/05/31   $     632,945

GEN II Fund Services LLC(6 mo. USD Term SOFR + 2.750%)

    1,391,512       6.967     11/26/31   1,391,513

VFH Parent LLC(1 mo. USD Term SOFR + 2.500%)

    1,825,000       6.827     06/21/31   1,829,562
       

 

        3,854,020

 

Diversified Manufacturing – 0.2%

Chart Industries, Inc.(3 mo. USD Term SOFR + 2.500%)

    2,326,426       6.788     03/15/30   2,328,612

 

Energy - Exploration & Production – 0.3%

CQP Holdco LP(3 mo. USD Term SOFR + 2.000%)

    2,363,140       6.296     12/31/30   2,362,265

Kohler Energy Co. LLC(3 mo. USD Term SOFR + 3.750%)

    482,078       8.046     05/01/31   481,929
       

 

        2,844,194

 

Entertainment – 0.1%

Crown Finance U.S., Inc.(1 mo. USD Term SOFR + 5.250%)

    1,492,500       9.566     12/02/31   1,490,634

 

Food & Beverages(i) – 0.2%

Sazerac Co., Inc.

    1,625,000       0.000     06/26/32   1,622,969

 

Healthcare – 0.1%

LifePoint Health, Inc.(3 mo. USD Term SOFR + 3.750%)

    939,151       8.006     05/19/31   928,144

 

Internet – 0.2%

BEP Intermediate Holdco LLC(1 mo. USD Term SOFR + 3.250%)

    544,510       7.577     04/25/31   545,191

Plano HoldCo, Inc.(3 mo. USD Term SOFR + 3.500%)

    1,296,750       7.796     10/02/31   1,228,671
       

 

        1,773,862

 

Machinery – 0.2%

TK Elevator Midco GmbH(3 mo. USD Term SOFR + 3.000%)

    2,370,150       7.237     04/30/30   2,375,269

 

Media - Cable – 0.0%

iHeartCommunications, Inc.(1 mo. USD Term SOFR + 5.775%)

    605,391       10.216     05/01/29   491,881

 

Midstream – 0.1%

AL GCX Holdings LLC(1 mo. USD Term SOFR + 2.000%)

    515,507       6.313     05/17/29   515,414

 

Mining – 0.2%

Crosby U.S. Acquisition Corp.(1 mo. USD Term SOFR +

    3.500 %)       
    1,649,959       7.827     08/16/29   1,654,909

 

Pipelines – 0.4%

Prairie ECI Acquiror LP(1 mo. USD Term SOFR + 4.250%)

    1,985,000       8.577     08/01/29   1,995,540

 

 


GOLDMAN SACHS DYNAMIC BOND FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Bank Loans(h) – (continued)

Pipelines – (continued)

WhiteWater DBR HoldCo LLC(3 mo. USD Term SOFR + 2.250%)

$

    1,662,459       6.563   03/03/31   $    1,662,459
       

 

    3,657,999

 

Retailers – 0.2%

Harbor Freight Tools USA, Inc.(1 mo. USD Term SOFR + 2.250%)

    2,406,813       6.577     06/11/31   2,352,659

 

Technology – 0.0%

McAfee LLC(1 mo. USD Term SOFR + 3.000%)

    347,379       7.316     03/01/29   336,885

 

Technology - Software – 0.6%

Athenahealth Group, Inc.(1 mo. USD Term SOFR + 2.750%)

    1,707,552       7.077     02/15/29   1,704,889

Camelot U.S. Acquisition LLC(1 mo. USD Term SOFR + 2.750%)

    1,831,968       7.077     01/31/31   1,810,791

Drake Software LLC(3 mo. USD Term SOFR + 4.250%)

    868,374       8.546     06/26/31   864,032

Epicor Software Corp.(1 mo. USD Term SOFR + 2.750%)

    392,038       7.077     05/30/31   392,825

iSolved, Inc.(1 mo. USD Term SOFR + 3.000%)

    633,117       7.327     10/15/30   634,896

Travelport Finance (Luxembourg) SARL(3 mo. USD Term SOFR + 7.887%)

    12,539       12.184     09/30/28   9,616

UKG, Inc.(1 mo. USD Term SOFR + 3.000%)

    677,015       7.311     02/10/31   679,398
       

 

    6,096,447

 

TOTAL BANK LOANS
(Cost $51,417,272)
  $   50,962,897

 

       
Municipal Debt Obligations – 0.7%

Illinois – 0.7%

Illinois State GO Bonds Build America Series 2010

$

    3,512,143       7.350   07/01/35   $    3,755,182

Illinois State GO Bonds Taxable-Pension Series 2003

    3,734,510       5.100     06/01/33   3,745,656

 

TOTAL MUNICIPAL DEBT OBLIGATIONS
(Cost $7,492,899)
  $    7,500,838

 

       
Sovereign Debt Obligations – 0.7%

Euro – 0.2%

Ivory Coast Government International Bonds

EUR

    530,000       4.875   01/30/32   $      559,348

Romania Government International Bonds (d)

    1,250,000       3.624     05/26/30   1,398,360
       

 

    1,957,708

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Sovereign Debt Obligations – (continued)

Sovereign – 0.1%

Romania Government International Bonds

$

    930,000       3.000   02/14/31   $      794,685
       

 

United States Dollar – 0.4%

Dominican Republic International Bonds

    236,000       7.050 (c)    02/03/31   247,375
    185,000       6.600 (c)(d)    06/01/36   186,573
    1,289,000       6.950 (c)(d)    03/15/37   1,314,941

Ivory Coast Government International Bonds

    1,896,000       6.125     06/15/33   1,724,184
    560,000       8.075 (d)    04/01/36   539,140

Mexico Government International Bonds(c)

    360,000       3.771     05/24/61   212,040
       

 

        4,224,253

 

TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $7,093,892)
  $    6,976,646

 

       
Shares      Description   Value
  Common Stocks(j) – 0.0%  
 

Media – 0.0%

 
       242,215      iHeartMedia, Inc. Class A   $      426,298
  (Cost $641,642)  

 

 

 

Units   Expiration
Date
    Value
Rights(j) – 0.0%

Cineworld Group PLC

  16,800     12/31/99     $      391,205
(Cost $426,888)

 

 

 

   

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
U.S. Treasury Obligations – 23.7%

U.S. Treasury Bills(k)

$

    32,220,200       0.000   07/10/25   $   32,186,537

U.S. Treasury Bonds

    13,490,000       4.750     02/15/45   13,420,442

U.S. Treasury Inflation-Indexed Bonds

    17,929,993       1.500     02/15/53   14,207,419

U.S. Treasury Notes

    11,400       3.875     11/30/29   11,452
    62,450,000       3.875     06/30/30   62,693,945
    56,500,000       4.125 (l)    03/31/32   57,012,031
    62,740,000       4.000     06/30/32   62,789,016

 

TOTAL U.S. TREASURY OBLIGATIONS
(Cost $241,340,133)
  $  242,320,842

 

 


GOLDMAN SACHS DYNAMIC BOND FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

Shares     Dividend
Rate
  Value
Investment Company(m) – 6.6%

Goldman Sachs Financial Square Government Fund — Institutional Shares

    66,935,101       4.231%   $   66,935,101
(Cost $66,935,101)  

 

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 129.2%
(Cost $1,312,518,362)
  $1,320,835,360

 

       

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Short-term Investments – 4.6%

Certificates of Deposit – 0.2%

National Bank of Kuwait

$

    2,524,000       4.630   08/28/25   $    2,524,786

 

Commercial Paper(k) – 4.4%

Alimentation Couche-Tard, Inc.(d)

    1,699,000       0.000     07/29/25   1,692,579

American Honda Finance Corp.

    2,962,000       0.000     08/18/25   2,943,277

Dominion Energy, Inc.(d)

    9,614,000       0.000     08/27/25   9,542,626

General Motors Financial Co., Inc.

    1,000,000       0.000 (d)    09/02/25   991,654
    5,224,000       0.000 (d)    01/26/26   5,083,145

Hyundai Capital America(d)

    4,899,000       0.000     08/27/25   4,862,393

PPG Industries, Inc.

    1,890,000       0.000     08/15/25   1,878,886

Reckitt Benckiser Treasury Services PLC

    4,320,000       0.000 (d)    07/01/25   4,319,470
    8,258,000       0.000 (d)    07/14/25   8,243,754

VW Credit, Inc.(d)

    5,000,000       0.000     07/07/25   4,995,479
       

 

        44,553,263

 

TOTAL SHORT-TERM INVESTMENTS
(Cost $47,086,686)
  $   47,078,049

 

TOTAL INVESTMENTS – 133.8%
(Cost $1,359,605,048)
  $1,367,913,409

 

LIABILITIES IN EXCESS OF

 OTHER ASSETS – (33.8)%

  (345,289,599)

 

NET ASSETS – 100.0%   $1,022,623,810

 

 

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)   Exempt from registration under Rule 144A of the Securities Act of 1933.
(e)   Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on June 30, 2025.
(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 $395,004,441 which represents approximately 38.7% of net assets as of June 30, 2025.
(g)   Pay-in-kind securities.
(h)   Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on June 30, 2025. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the Secured Overnight Financing Rate (“SOFR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.
(i)   This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.
(j)   Security is currently in default and/or non-income producing.
(k)   Issued with a zero coupon. Income is recognized through the accretion of discount.
(l)   All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.
(m)   Represents an affiliated issuer.
 


GOLDMAN SACHS DYNAMIC 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
 

 

 

JPMorgan Securities, Inc.

    

AUD

     15,304,709        NZD      16,513,046          07/11/25        $ 5,480  
    

AUD

     4,996,098        USD      3,249,047          07/11/25          39,726  
    

AUD

     20,628,583        USD      13,357,008          07/24/25          226,312  
    

AUD

     21,495,477        USD      13,993,555          08/07/25          164,692  
    

AUD

     2,842,202        USD      1,855,216          08/25/25          17,546  
    

AUD

     50,319,760        USD      32,683,581          09/17/25          488,277  
    

AUD

     12,216,308        USD      7,928,253          12/17/25          140,177  
    

BRL

     3,189,341        USD      577,042          07/02/25          9,687  
    

BRL

     1,284,923        USD      223,583          09/17/25          8,319  
    

CAD

     5,178,465        USD      3,659,491          07/02/25          143,699  
    

CAD

     6,938,874        USD      5,082,139          07/11/25          16,427  
    

CAD

     45,475,984        USD      33,395,206          09/17/25          132,030  
    

CAD

     5,178,465        USD      3,807,101          09/25/25          12,213  
    

CHF

     6,449,762        EUR      6,890,756          07/11/25          17,355  
    

CHF

     24,176,155        USD      29,777,390          09/17/25          993,676  
    

CLP

     1,368,490,200        USD      1,463,000          07/28/25          5,956  
    

CLP

     1,472,566,623        USD      1,550,625          09/17/25          29,753  
    

CNH

     81,644,163        USD      11,383,102          07/07/25          29,065  
    

CNH

     83,642,120        USD      11,657,356          07/09/25          36,029  
    

CNH

     118,149,567        USD      16,235,330          07/10/25          283,660  
    

CNH

     69,821,538        USD      9,755,922          07/11/25          6,934  
    

CNH

     131,230,729        USD      18,061,889          07/14/25          292,140  
    

CNH

     29,081,184        USD      4,059,633          07/23/25          10,731  
    

CNH

     86,364,825        USD      12,067,182          08/06/25          33,568  
    

CNH

     444,201,163        USD      62,233,961          09/17/25          212,437  
    

CNH

     5,935,130        USD      821,191          09/18/25          13,251  
    

CNH

     19,874,194        USD      2,785,334          09/22/25          9,833  
    

COP

      3,789,887,398        USD      907,177          09/17/25          10,466  
    

CZK

     807,679,650        USD      37,383,255          09/17/25           1,188,544  
    

CZK

     34,231,194        USD      1,581,907          12/17/25          57,573  
    

EUR

     29,932,094        GBP      25,542,763          07/11/25          222,233  
    

EUR

     6,984,921        PLN      29,616,594          07/11/25          19,477  
    

EUR

     12,821,629        SEK      142,013,051          07/11/25          93,086  
    

EUR

     11,202,329        USD      12,784,097          07/07/25          417,765  
    

EUR

     27,938,775        USD      32,090,842          07/16/25          856,946  
    

EUR

     8,407,704        USD      9,614,210          07/22/25          305,321  
    

EUR

     9,684,926        USD      11,099,939          07/23/25          327,332  
    

EUR

     24,138,559        USD      28,036,038          07/28/25          455,766  
    

EUR

     11,151,661        USD      13,097,626          08/04/25          70,508  
    

EUR

     2,368,737        USD      2,779,713          08/11/25          18,598  
    

EUR

     11,045,132        USD      12,451,177          08/19/25          603,690  
    

EUR

     11,221,611        USD      12,790,188          08/20/25          474,120  
    

EUR

     53,816,133        USD      62,038,013          09/17/25          1,685,442  
    

EUR

     5,715,488        USD      6,508,770          09/18/25          259,356  
    

EUR

     5,711,971        USD      6,290,593          09/19/25          473,806  
    

EUR

     5,824,648        USD      6,809,459          12/17/25          126,957  
    

GBP

     9,842,787        USD      13,228,706          07/21/25          283,357  
    

GBP

     23,889,322        USD      32,320,115          09/17/25          488,086  
    

GBP

     1,871,246        USD      2,527,792          12/17/25          43,042  
    

HUF

     1,972,427,085        USD      5,563,328          09/17/25          226,547  
    

ILS

     51,070,581        USD      14,467,057          09/17/25          710,338  
    

ILS

     6,692,338        USD      1,824,249          09/18/25          164,653  


GOLDMAN SACHS DYNAMIC 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
 

 

 

JPMorgan Securities, Inc. (continued)

    

INR

     658,820,356        USD      7,651,689          07/03/25        $ 31,603  
    

INR

     744,668,932        USD      8,640,505          07/07/25          45,707  
    

INR

     672,960,017        USD      7,769,726          07/09/25          79,239  
    

INR

     343,580,829        USD      3,996,055          07/28/25          7,389  
    

INR

     183,713,903        USD      2,133,232          08/14/25          5,812  
    

INR

     1,004,851,496        USD      11,663,120          09/17/25          18,369  
    

JPY

     698,465,803        USD      4,870,752          08/05/25          106  
    

JPY

     1,217,219,664        USD      8,473,204          09/17/25          54,394  
    

JPY

     577,984,035        USD      4,066,276          12/17/25          23,351  
    

KRW

     4,283,199,507        USD      3,147,851          07/02/25          23,849  
    

KRW

     2,157,142,673        USD      1,573,000          07/07/25          21,871  
    

KRW

     1,196,001,388        USD      877,342          07/09/25          7,040  
    

KRW

     2,110,549,942        USD      1,559,843          07/11/25          1,022  
    

KRW

     2,233,173,555        USD      1,650,401          07/16/25          1,735  
    

KRW

     1,974,920,448        USD      1,453,323          07/28/25          8,995  
    

KRW

      31,947,982,058        USD      23,612,760          09/17/25          114,220  
    

KRW

     1,256,836,323        USD      909,970          09/18/25          23,509  
    

KRW

     2,005,479,763        USD      1,496,285          12/17/25          1,184  
    

MXN

     92,312,995        USD      4,758,402          07/17/25          151,889  
    

MXN

     158,447,208        USD      8,304,754          08/12/25          100,122  
    

MXN

     54,082,237        USD      2,815,586          08/29/25          48,289  
    

MXN

     184,928,266        USD      9,608,804          09/17/25          164,728  
    

NOK

     71,661,925        USD      7,093,059          09/17/25          20,108  
    

NZD

     6,803,190        AUD      6,301,000          07/11/25          618  
    

NZD

     31,829,982        USD      19,174,058          07/07/25          232,008  
    

NZD

     7,755,863        USD      4,673,047          07/11/25          56,230  
    

NZD

     29,948,878        USD      17,997,922          07/14/25          265,947  
    

NZD

     14,866,188        USD      8,942,012          07/17/25          124,902  
    

NZD

     38,911,480        USD      23,399,900          07/28/25          341,828  
    

NZD

     32,690,429        USD      19,499,651          07/30/25          447,781  
    

NZD

     272,260        USD      161,750          07/31/25          4,381  
    

NZD

     22,460,951        USD      13,454,109          08/04/25          253,231  
    

NZD

     54,187,980        USD      32,439,524          08/06/25          632,241  
    

NZD

     56,194,915        USD      33,917,591          09/17/25          426,380  
    

PLN

     37,629,504        EUR      8,836,307          07/11/25          20,542  
    

PLN

     23,007,495        USD      6,083,084          08/04/25          294,509  
    

PLN

     77,907,239        USD      20,971,466          09/17/25          603,192  
    

SEK

     137,453,123        USD      14,455,540          09/17/25          148,116  
    

SGD

     10,652,613        USD      8,337,868          07/11/25          47,185  
    

SGD

     30,574,280        USD      23,967,322          09/17/25          216,208  
    

TRY

     118,603,293        USD      2,736,197          09/17/25          41,743  
    

TWD

     85,670,050        USD      2,909,000          07/25/25          52,101  
    

TWD

     117,605,993        USD      4,021,705          09/17/25          95,143  
    

TWD

     26,465,239        USD      917,912          12/17/25          24,963  
    

USD

     1,619,145        CAD      2,182,003          12/17/25          3,560  
    

USD

     5,524,536        CNH      39,277,388          09/17/25          2,868  
    

USD

     580,464        GBP      421,747          12/17/25          1,042  
    

USD

     3,880,931        INR      331,981,467          07/09/25          8,917  
    

USD

     2,856,590        INR      244,662,649          08/01/25          6,174  
    

USD

     1,133,102        INR      97,394,808          09/17/25          879  
    

USD

     3,195,880        INR      275,855,578          12/17/25          4,708  
    

USD

     754,494        JPY      107,646,601          09/17/25          343  
    

USD

     993,377        JPY      140,287,380          09/18/25          10,443  
    

USD

     2,595,639        JPY      365,930,590          12/17/25          6,433  
    

USD

     980,174        KRW      1,322,435,928          07/09/25          2,300  


GOLDMAN SACHS DYNAMIC 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
 

 

 

JPMorgan Securities, Inc. (continued)

    

USD

     1,652,367          KRW        2,233,173,555          07/16/25        $ 231  
    

USD

     2,963,690          KRW        3,964,721,181          12/17/25          3,279  
    

USD

     6,382,987          SEK        59,913,967          09/17/25          17,449  
    

USD

     1,564,326          TWD        44,981,416          07/25/25          9,588  
    

ZAR

     14,782,761          USD        820,663          08/18/25          11,275  
    

ZAR

          60,144,412          USD         3,367,313          09/17/25          10,555  

 

 

TOTAL

                          $ 18,345,806  

 

 

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

 

Counterparty      Currency
Purchased
       Currency
Sold
       Settlement
Date
       Unrealized
Loss
 

 

 

JPMorgan Securities, Inc.

    

AUD

     11,871,710        NZD      12,826,813          07/11/25        $ (6,608
    

CAD

     9,077,884        USD      6,720,491          09/17/25          (27,807)  
    

EUR

     5,696,727        CHF      5,333,042          07/11/25          (15,477
    

EUR

     3,586,732        SEK      39,999,328          07/11/25          (2,783
    

GBP

     11,525,640        EUR      13,503,995          07/11/25          (97,639
    

GBP

     1,940,201        EUR      2,274,036          09/17/25          (28,118
    

GBP

     421,876        USD      580,464          09/17/25          (1,084
    

HKD

     6,378,741        USD      823,752          07/10/25          (10,233
    

INR

     354,627,885        USD      4,137,532          07/03/25          (1,792
    

INR

     670,427,964        USD      7,827,931          07/14/25          (10,481
    

INR

     265,371,127        USD      3,098,592          07/16/25          (4,575
    

INR

     697,039,078        USD      8,124,000          07/31/25          (2,842
    

INR

     42,909,408        USD      503,041          08/14/25          (3,432
    

INR

     1,874,619,998        USD      21,836,826          09/17/25          (44,198
    

JPY

     1,622,592,789        USD      11,568,968          08/05/25          (253,568
    

JPY

     104,032,997        USD      731,047          09/11/25          (2,698
    

JPY

     2,260,842,157        USD      15,880,742          09/17/25          (41,733
    

JPY

     168,026,041        USD      1,192,955          09/18/25          (15,667
    

JPY

     106,609,700        USD      754,494          12/17/25          (158
    

KRW

     3,571,469,960        USD      2,646,572          07/09/25          (5,653
    

KRW

     1,068,811,920        USD      792,000          07/16/25          (1,277
    

KRW

     6,802,099,476        USD      5,053,684          09/17/25          (1,933
    

NOK

     109,584,641        USD      10,962,653          09/17/25          (85,276
    

NZD

     17,582,560        AUD      16,320,823          07/11/25          (22,201
    

PLN

     21,342,624        EUR      5,029,145          07/11/25          (8,846
    

SEK

     36,861,378        EUR      3,332,133          07/11/25          (29,005
    

SEK

     2,357,024        EUR      214,802          07/14/25          (3,903
    

TWD

     44,981,416        USD      1,556,122          07/07/25          (10,581
    

TWD

     34,189,644        USD      1,197,116          07/31/25          (13,428
    

TWD

     36,949,359        USD      1,292,162          08/01/25          (12,611
    

USD

     9,080,491        AUD      13,909,115          07/11/25          (75,441
    

USD

     12,821,847        AUD       19,873,036          07/24/25          (263,966
    

USD

     44,276,605        AUD      68,060,377          09/17/25          (590,242
    

USD

     560,024        BRL      3,189,341          07/02/25          (26,705
    

USD

     572,739        BRL      3,189,341          08/04/25          (9,172
    

USD

     1,439,878        BRL      8,096,080          09/17/25          (21,298
    

USD

     4,193,196        CAD      5,933,700          07/02/25          (164,656
    

USD

     12,273,848        CAD      16,804,935          07/11/25          (74,132
    

USD

     20,872,502        CAD      28,658,868          09/17/25          (256,292
    

USD

     4,362,335        CAD      5,933,700          09/25/25          (13,995
    

USD

     1,636,240        CAD      2,227,392          12/17/25          (12,952


GOLDMAN SACHS DYNAMIC 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
 

 

 

JPMorgan Securities, Inc. (continued)

    

USD

     34,444,362        CHF      28,117,619          09/17/25        $ (1,343,345
    

USD

     4,917,727        CHF      3,933,847          12/17/25          (146,351)  
    

USD

     1,580,775        CLP      1,479,688,698          09/17/25          (7,247
    

USD

     11,382,186        CNH      81,618,261          07/07/25          (26,361
    

USD

     9,759,068        CNH      69,984,744          07/09/25          (24,981
    

USD

     10,377,922        CNH      75,305,112          07/10/25          (150,803
    

USD

     11,745,341        CNH      84,097,287          07/11/25          (13,634
    

USD

     21,279,984        CNH      155,511,369          07/14/25          (469,954
    

USD

     3,979,049        CNH      28,971,453          07/23/25          (75,957
    

USD

     36,131,139        CNH      258,010,725          09/17/25          (140,357
    

USD

     830,995        CNH      5,938,261          09/18/25          (3,887
    

USD

     3,979,049        CNH      28,848,102          09/22/25          (78,237
    

USD

     7,728,311        CNH      54,687,692          12/17/25          (10,663
    

USD

     233,071        COP      971,468,245          09/17/25          (2,150
    

USD

     16,129,706        CZK      347,981,781          09/17/25          (488,621
    

USD

     5,694,408        CZK      122,846,774          12/17/25          (189,255
    

USD

     44,335,736        EUR      38,131,493          07/07/25          (601,949
    

USD

     14,011,392        EUR      11,975,573          07/11/25          (105,952
    

USD

     14,301,829        EUR      12,328,950          07/16/25          (237,520
    

USD

     4,342,931        EUR      3,741,326          07/22/25          (71,139
    

USD

     3,460,856        EUR      2,952,949          07/23/25          (23,336
    

USD

     4,923,361        EUR      4,193,663          07/28/25          (26,605
    

USD

     7,168,157        EUR      6,250,028          08/19/25          (219,105
    

USD

      86,037,382        EUR      74,806,309          09/17/25           (2,540,459)  
    

USD

     7,949,351        EUR      7,168,841          09/19/25          (540,347
    

USD

     21,593,117        EUR      18,331,552          09/23/25          (121,662
    

USD

     5,749,972        EUR      4,877,279          12/17/25          (58,248
    

USD

     13,056,166        GBP      9,595,072          07/21/25          (115,836
    

USD

     4,326,094        GBP      3,190,153          08/28/25          (54,477
    

USD

     34,270,677        GBP      25,604,073          09/17/25          (892,467
    

USD

     393,655        GBP      288,731          12/17/25          (3,022
    

USD

     5,546,018        HUF      1,938,158,792          09/17/25          (143,265
    

USD

     11,035,651        ILS      38,403,263          09/17/25          (377,210
    

USD

     1,905,552        ILS      6,691,692          09/18/25          (83,157
    

USD

     4,902,000        ILS      17,393,224          12/17/25          (276,495
    

USD

     11,752,647        INR      1,012,717,926          07/03/25          (57,868
    

USD

     8,648,048        INR      743,256,485          07/07/25          (21,688
    

USD

     3,947,000        INR      339,094,664          07/09/25          (7,978
    

USD

     844,727        INR      72,459,322          07/11/25          (305
    

USD

     9,970,823        INR      860,119,340          07/16/25          (57,486
    

USD

     1,617,000        INR      140,202,632          07/25/25          (16,906
    

USD

     22,274,449        INR      1,932,568,360          09/17/25          (191,835
    

USD

     14,513,094        JPY      2,180,010,490          08/05/25          (689,542
    

USD

     15,234,423        JPY      2,196,741,113          09/17/25          (155,509
    

USD

     2,435,886        JPY      350,421,176          09/18/25          (19,367
    

USD

     1,182,859        JPY      167,712,083          12/17/25          (3,818
    

USD

     3,143,277        KRW      4,283,199,507          07/02/25          (28,423
    

USD

     1,558,826        KRW      2,131,684,089          07/07/25          (17,222
    

USD

     2,531,931        KRW      3,449,060,401          07/09/25          (18,473
    

USD

     1,558,057        KRW      2,118,565,047          07/11/25          (8,735
    

USD

     3,008,893        KRW      4,099,164,902          07/14/25          (23,302
    

USD

     11,088,489        KRW      15,349,554,277          09/17/25          (311,247
    

USD

     4,019,383        KRW      5,674,880,345          09/18/25          (195,472
    

USD

     3,903,211        KRW      5,253,514,708          12/17/25          (19,528
    

USD

     4,845,053        MXN      92,570,685          07/17/25          (78,944


GOLDMAN SACHS DYNAMIC 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
 

 

 

JPMorgan Securities, Inc. (continued)

    

USD

     12,190,185          MXN        235,517,345          09/17/25        $ (257,000)  
    

USD

     7,594,148          NOK        76,716,595          09/17/25          (20,745
    

USD

     2,506,998          NOK        25,302,218          12/17/25          (5,432
    

USD

     9,494,268          NZD        15,708,584          07/07/25          (82,923
    

USD

     14,162,259          NZD        23,367,966          07/11/25          (86,778
    

USD

     18,674,707          NZD        31,197,306          07/14/25          (350,497
    

USD

     16,172,233          NZD        27,419,859          07/17/25          (551,187
    

USD

     31,244,438          NZD        52,679,881          07/28/25          (898,043
    

USD

     4,193,598          NZD        6,941,686          07/31/25          (42,163
    

USD

     19,822,733          NZD        33,586,468          08/04/25          (674,224
    

USD

     46,004,026          NZD        75,946,280          09/17/25          (411,152
    

USD

     1,870,300          NZD        3,066,453          12/17/25          (8,869
    

USD

     6,069,073          PLN        22,954,502          08/04/25          (293,831
    

USD

     31,050,712          PLN        115,597,944          09/17/25          (961,538
    

USD

     11,162,931          SEK        106,805,914          09/17/25          (184,623
    

USD

     8,927,852          SGD        11,358,745          07/11/25          (13,022
    

USD

     6,652          SGD        8,512          08/28/25          (72
    

USD

     3,258,331          SGD        4,165,867          09/17/25          (36,770
    

USD

     2,547,676          TRY        110,437,424          09/17/25          (39,001
    

USD

     1,510,711          TWD        44,981,416          07/07/25          (34,830
    

USD

     3,087,791          TWD        90,433,690          07/28/25          (41,063
    

USD

     7,329,461          TWD        213,798,849          09/17/25          (154,659
    

USD

     1,450,277          ZAR        26,090,339          07/18/25          (21,289
    

USD

     21,707          ZAR        391,288          08/18/25          (314
    

USD

     7,232,471          ZAR        129,081,345          09/17/25          (17,075

 

 

TOTAL

                          $ (19,049,260

 

 

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)  

Uniform Mortgage-Backed Security

       2.000        TBA - 30yr          07/15/25          (8,000,000)          (6,329,998)  

Uniform Mortgage-Backed Security

       3.000        TBA - 30yr          07/15/25          (15,000,000)          (12,970,320)  

Uniform Mortgage-Backed Security

       4.500        TBA - 30yr          07/15/25          (155,000,000)          (148,206,629)  

Uniform Mortgage-Backed Security

       5.000        TBA - 30yr          07/15/25          (84,000,000)          (82,313,414)  

 

 

(PROCEEDS RECEIVED: $(253,377,891))

                       $ (256,889,635)  

 

 

 

(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 DYNAMIC 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:

                 

30 Year German Euro-Buxl

     1       09/08/25      $ 139,870      $ (1,745

5 Year U.S. Treasury Notes

     3,237       09/30/25        352,833,000        2,219,278  

ICE 3M Sonia Bonds

     816       03/17/26        269,897,792        378,652  

 

 

Total

                  $ 2,596,185  

 

 

Short position contracts:

                 

10 Year U.S. Treasury Notes

     (421)       09/19/25        (47,204,625      (9,918

2 Year U.S. Treasury Notes

     (138)       09/30/25        (28,707,234      (9,944

20 Year U.S. Treasury Bonds

     (177)       09/19/25        (20,437,969      (83,551

Ultra 10-Year U.S. Treasury Notes

     (302)       09/19/25        (34,508,219      (435,913

Ultra Long U.S. Treasury Bonds

     (32)       09/19/25        (3,812,000      (14,046

 

 

Total

                  $ (553,372

 

 

TOTAL FUTURES CONTRACTS

                  $ 2,042,813  

 

 

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)
 

 

 

12M EURO(a)

     1.892%(a)   09/17/25   EUR 1,828,160 (b)    $ (70,204   $ (60   $ (70,144

1M BID Average(a)

   13.750(a)   01/04/27   BRL 204,880       (123,758     (240,902     117,144  

13.750%(c)

   1M BID Average(c)   01/04/27     266,990       161,275       148,803       12,472  

3.490(a)

   12M SOFR(a)   05/31/27   $ 10       11       (14     25  

12M SOFR(a)

   3.620(a)   06/30/27     204,670 (b)      813,215       (117,163     930,378  
Mexico Interbank TIIE 28 Days(d)    8.250(d)   09/15/27   MXN 121,490 (b)      97,728       82,058       15,670  

1M CNRR(e)

   1.500(e)   09/17/27   CNY 440,160 (b)      54,061       (11,388     65,449  

6M EURO(f)

   1.500(a)   09/17/27   EUR 21,800 (b)      (248,837     (233,823     (15,014

12M THOR(e)

   1.750(e)   09/17/27   THB 90,060 (b)      31,522       6,746       24,776  

8.250(e)

   12M CPIBR(e)   09/17/27   COP  47,527,720 (b)      12,966       (78,267     91,233  

0.750(a)

   12M JYOR(a)   09/17/27   JPY  19,467,000 (b)      72,349       99,808       (27,459

3.750(a)

   12M SOFR(a)   09/17/27   $ 326,150 (b)      (2,510,214     (782,684     (1,727,530

12M EURO(a)

   2.000(a)   09/17/27   EUR 25,770 (b)      133,724       135,888       (2,164

3M STIBOR(e)

   2.250(a)   09/17/27   SEK 1,869,220 (b)      1,430,864       866,546       564,318  

12M CDOR(f)

   2.500(f)   09/17/27   CAD 8,770 (b)      6,840       1,123       5,717  

12M CDOR(f)

   2.750(f)   09/17/27     280,410 (b)      1,211,956       726,390       485,566  

6M PRIBOR(f)

   3.500(a)   09/17/27   CZK 119,190 (b)      (2,763     33,451       (36,214

3M AUDOR(e)

   3.500(e)   09/17/27   AUD 38,710 (b)      200,050       146,268       53,782  

12M GBP(a)

   3.500(a)   09/17/27   GBP 7,430 (b)      (6,057     (45,205     39,148  

12M SOFR(a)

   3.500(a)   09/17/27   $ 2,780 (b)      8,132       (2,492     10,624  

12M GBP(a)

   3.750(a)   09/17/27   GBP 206,320 (b)      1,163,661       138,178       1,025,483  

3.750(e)

   3M AUDOR(e)   09/17/27   AUD 543,840 (b)      (4,528,045     (3,906,184     (621,861

7.500(e)

   3M JIBAR(e)   09/17/27   ZAR 164,890 (b)      (96,660     (90,831     (5,829

2.500(e)

   3M KWCDC(e)   09/17/27   KRW 3,552,670 (b)      (6,526     (2,769     (3,757

6M NIBOR(f)

   4.250(a)   09/17/27   NOK 1,798,450 (b)      1,729,380       694,458       1,034,922  

6M WIBOR(f)

   4.750(a)   09/17/27   PLN 35,450 (b)      109,765       61,033       48,732  

12M CLICP(f)

   5.500(f)   09/17/27   CLP 2,994,500 (b)      71,671       66,798       4,873  


GOLDMAN SACHS DYNAMIC 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)
    Market
Value
    Upfront
Premium
(Received)
Paid
    Unrealized
Appreciation/
(Depreciation)
 

 

 

12M MIBOR(f)

     6.000%(f)   09/17/27   INR 2,240,820 (b)    $ 224,545     $ 68,855     $ 155,690  

6M BUBOR(f)

   6.250(a)   09/17/27   HUF 5,450,120 (b)      77,160       153,559       (76,399

4.250%(a)

   6M WIBOR(f)   09/17/27   PLN 86,090 (b)      (44,536     (17,913     (26,623

3M EURO(e)

   2.143(c)   11/20/27   EUR 876,930 (b)      1,057,359       (5,592,587     6,649,946  

2.180(c)

   6M EURO(f)   11/20/27     876,930 (b)      (693,646     (5,046,832     4,353,186  

6M EURO(f)

   2.500(a)   05/14/28     50,838 (b)      449,352       (803,331     1,252,683  

12M SOFR(c)

   3.368(c)   06/23/28   $ 276,120 (b)      428,455       19,287       409,168  

1.750(a)

   6M EURO(f)   09/17/28   EUR 2,100 (b)      25,187       23,995       1,192  

1.250(a)

   6M EURO(f)   12/19/28     2,630       72,904       (28,186     101,090  

1M BID Average(a)

   13.250(a)   01/02/29   BRL 93,720       74,900       (47,732     122,632  

6M EURO(f)

   2.325(a)   02/25/29   EUR 50,559 (b)      37,938       (3,056,438     3,094,376  

3.620(a)

   12M SOFR(a)   11/30/29   $ 237,250 (b)      (2,486,997     (188,994     (2,298,003

3.600(a)

   12M SOFR(a)   11/30/29     195,620 (b)      (1,897,318     219,931       (2,117,249

1M BID Average(c)

   13.250(c)   01/02/30   BRL 39,590       38,868       (146,501     185,369  

13.250(c)

   1M BID Average(c)   01/02/30     39,590       (38,868     38,277       (77,145

3.600(a)

   12M SOFR(a)   06/23/30   $ 290,940 (b)      (717,662     7,829       (725,491
Mexico Interbank TIIE 28 Days(d)    8.500(d)   09/11/30   MXN 168,910 (b)      301,095       278,976       22,119  

1.000(a)

   12M JYOR(a)   09/17/30   JPY  56,949,920 (b)      (1,227,979     (950,721     (277,258

2.000(e)

   12M THOR(e)   09/17/30   THB 488,950 (b)      (526,957     (215,894     (311,063

1.500(e)

   1M CNRR(e)   09/17/30   CNY 141,030 (b)      (24,391     91,388       (115,779

6M EURO(f)

   2.000(a)   09/17/30   EUR 58,500 (b)      (927,324     (884,559     (42,765

12M CDOR(f)

   2.750(f)   09/17/30   CAD 40,690 (b)      180,369       16,144       164,225  

12M GBP(a)

   3.750(a)   09/17/30   GBP 51,970 (b)      359,851       (251,861     611,712  

3M NZDOR(e)

   3.750(f)   09/17/30   NZD 90,950 (b)      361,510       278,736       82,774  

3M JIBAR(e)

   8.000(e)   09/17/30   ZAR 158,920 (b)      232,334       137,417       94,917  

12M CPIBR(e)

   8.750(e)   09/17/30   COP 18,087,610 (b)      6,560       91,321       (84,761

12M SOFR(a)

   3.845(a)   05/21/32   $ 45,430 (b)      624,976       (12,121     637,097  

12M SOFR(a)

   3.750(a)   09/17/32     1,140 (b)      16,918       (861     17,779  

1.295(a)

   12M JYOR(a)   08/02/34   JPY 8,713,821 (b)      295,860       (2,183,634     2,479,494  

3.750(a)

   6M PRIBOR(f)   03/19/35   CZK 72,660       27,799       (1,834     29,633  

12M CDOR(f)

   3.394(f)   06/03/35   CAD 88,570 (b)      52,800       (71,505     124,305  

12M SOFR(a)

   4.098(a)   06/24/35   $ 70,850 (b)      262,684       (12,509     275,193  
Mexico Interbank TIIE 28 Days(d)    8.750(d)   09/05/35   MXN 63,810 (b)      149,778       53,144       96,634  

12M CHFOR(a)

   0.500(a)   09/17/35   CHF 2,190 (b)      (13,969     (4,561     (9,408

1.250(a)

   12M JYOR(a)   09/17/35   JPY 14,268,000 (b)      (3,993     335,723       (339,716

3.750(a)

   12M SOFR(a)   09/17/35   $ 21,550 (b)      (129,554     296,582       (426,136

6M EURO(f)

   2.000(a)   09/17/35   EUR 8,530 (b)      (551,275     (583,062     31,787  

3M STIBOR(e)

   2.750(a)   09/17/35   SEK 132,330 (b)      249,508       95,446       154,062  

12M CDOR(f)

   3.000(f)   09/17/35   CAD 13,840 (b)      10,918       (87,495     98,413  

12M GBP(a)

   3.750(a)   09/17/35   GBP 8,950 (b)      (241,742     (365,886     124,144  

12M SOFR(a)

   3.750(a)   09/17/35   $ 34,060 (b)      204,762       (261,929     466,691  

3M NZDOR(e)

   4.250(f)   09/17/35   NZD 51,810 (b)      360,362       311,847       48,515  

12M CLICP(f)

   5.750(f)   09/17/35   CLP 5,241,020 (b)      278,003       297,402       (19,399

6M BUBOR(f)

   6.750(a)   09/17/35   HUF 418,300 (b)      15,970       9,635       6,335  

4.500(f)

   6M AUDOR(f)   09/17/35   AUD 350 (b)      (8,262     (6,647     (1,615

4.250(a)

   6M NIBOR(f)   09/17/35   NOK 310,450 (b)      (1,259,316     (629,502     (629,814

12M CPIBR(e)

   9.250(e)   09/17/35   COP 4,766,270 (b)      (4,522     38,849       (43,371

3M JIBAR(e)

   9.250(e)   09/17/35   ZAR 61,720 (b)      186,569       31,641       154,928  

12M JYOR(a)

   2.160(a)   08/02/44   JPY 9,810,390 (b)      (2,152,665     (2,948,615     795,950  

6M EURO(f)

   2.000(a)   09/17/45   EUR 11,780 (b)      (1,752,113     (1,522,750     (229,363

2.000(a)

   6M EURO(f)   09/17/45     580 (b)      86,267       75,742       10,525  


GOLDMAN SACHS DYNAMIC 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)
    Market
Value
    Upfront
Premium
(Received)
Paid
    Unrealized
Appreciation/
(Depreciation)
 

 

 

2.000%(a)

   6M EURO(f)     05/17/53     EUR 18,213 (b)    $ 1,527,304     $ (200,563   $ 1,727,867  

2.500(a)

   6M EURO(f)     11/10/53       15,235 (b)      467,162       (1,640,670     2,107,832  

4.213(a)

   12M SOFR(a)     05/21/55     $      26,200 (b)      (231,278     172,130       (403,408

3.337(f)

   12M CDOR(f)     06/03/55     CAD 24,500 (b)      71,756       89,596       (17,840

12M JYOR(a)

   1.750%(a)     09/17/55     JPY  4,466,000 (b)      (3,351,291     (3,314,221     (37,070

1.750(a)

   6M EURO(f)     09/17/55     EUR 15,560 (b)      3,793,256       3,367,947       425,309  

12M EURO(a)

   2.530(a)     03/19/56       17,370 (b)      (630,193     (120,110     (510,083

2.610(a)

   6M EURO(f)     03/19/56       17,370 (b)      709,397       59,386       650,011  

2.500(a)

   6M EURO(f)     09/17/75       6,010 (b)      342,711       111,639       231,072  

 

 

TOTAL

         $ (5,536,598   $ (26,731,834   $ 21,195,236  

 

 

 

(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.
(d)   Payments made at monthly.
(e)   Payments made quarterly.
(f)   Payments made semi-annually.

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   $ 2,575     $ (292,867   $ (318,975   $ 26,108  

 

 

 

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

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

 

Referenced Obligation/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:

 

     

CDX.NA.HY Index 39

  5.000%   2.236%   12/20/27   $ 21,533     $ 1,400,109     $ 1,048,314     $ 351,795  

CDX.NA.HY Index 44

  5.000     3.186     06/20/30     80,500       6,168,536       4,206,386       1,962,150  

CDX.NA.IG Index 40

  1.000     0.281     06/20/28     26,349       544,166       254,091       290,075  

Republic of Chile, 3.240%, 2/06/28

  1.000     0.538     06/20/30     5,200       111,250       95,332       15,918  

Republic of Indonesia, 2.150%, 07/28/31

  1.000     0.777     06/20/30     5,230       54,289       28,390       25,899  

Republic of Peru, 8.750%, 11/21/33

  1.000     0.822     06/20/30     5,190       43,428       25,847       17,581  


GOLDMAN SACHS DYNAMIC BOND FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS (continued)

 

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: (continued)

             

Republic of the Philippines, 9.500%, 02/02/30

    1.000%       0.633%       06/20/30     $ 5,170     $ 87,452     $ 60,584     $ 26,868  

 

 

TOTAL

          $ 8,409,230     $ 5,718,944     $ 2,690,286  

 

 

 

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

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

 

Reference

Obligation/Index

 

Financing Rate

Paid/(Received) by

the Fund(a)

  Counterparty   Termination
Date#
  Notional
Amount
(000s)
    Unrealized
Appreciation/
(Depreciation)*
 

 

 

JPMBKTL4 Index

  12MSOFR-0.570%   JPMorgan Securities, Inc.   07/22/25   $ 52,896     $ (2,328,611

 

 

 

(a)   Payments made quarterly.
#   The Fund pays/receives annual coupon payments in accordance with the swap contract(s). On the termination date of the swap contract(s), the Fund will either receive from or pay to the counterparty an amount equal to the net of the accrued financing fees and the value of the reference security subtracted from the original notional cost (notional multiplied by the price change of the reference security, converted to U.S. Dollars).
*   There is no upfront payment on the bond forward contract, therefore the unrealized gain (loss) of the bond forward contract is equal to its market value.

 

A basket (JPMBKTL4) of Corporate Obligations                              
Corporate Obligations      Sector      Shares      Value      Weight  

 

 

UnitedHealth Group Inc, 6.875, 02/15/38

     Consumer Staples        (399    $ (45,400      1.7

ConocoPhillips, 6.500, 02/01/39

     Energy        (399      (44,581      1.4  

United Parcel Service Inc, 6.200, 01/15/38

     Industrials        (399      (43,592      1.4  

Enbridge Inc, 6.700, 11/15/53

     Energy        (399      (43,285      1.3  

Valero Energy Corp, 6.625, 06/15/37

     Energy        (399      (42,968      1.2  

Berkshire Hathaway Energy Co, 6.125, 04/01/36

     Utilities        (399      (42,904      1.2  

Home Depot Inc/The, 5.875, 12/16/36

     Consumer Staples        (399      (42,814      1.2  

Walmart Inc, 5.250, 09/01/35

     Consumer Staples        (399      (41,900      1.2  

Bank of America Corp, 5.875, 02/07/42

     Financials        (399      (41,754      1.2  

Marathon Petroleum Corp, 6.500, 03/01/41

     Energy        (399      (41,705      1.7  

ONEOK Inc, 6.625, 09/01/53

     Energy        (399      (41,544      1.7  

Cisco Systems Inc, 5.500, 01/15/40

     Communications        (399      (41,258      1.7  

Rio Tinto Finance USA PLC, 5.750, 03/14/55

     Materials        (399      (40,062      1.7  

Apple Inc, 4.500, 02/23/36

     Technology        (399      (39,823      1.7  

Anheuser-Busch InBev Worldwide Inc, 5.550, 01/23/49

     Consumer Staples        (399      (39,767      1.5  

Intuit Inc, 5.500, 09/15/53

     Technology        (399      (39,673      1.5  

Burlington Northern Santa Fe LLC, 5.500, 03/15/55

     Industrials        (399      (39,633      1.5  

Cooperatieve Rabobank UA, 5.250, 05/24/41

     Financials        (399      (39,299      1.4  

Waste Management Inc, 5.350, 10/15/54

     Industrials        (399      (38,598      1.4  

Marsh & McLennan Cos Inc, 5.400, 03/15/55

     Financials        (399      (38,546      1.4  

BlackRock Funding Inc, 5.250, 03/14/54

     Financials        (399      (38,488      1.4  

RTX Corp, 5.375, 02/27/53

     Industrials        (399      (38,316      1.4  

Coca-Cola Co/The, 5.200, 01/14/55

     Consumer Staples        (399      (38,281      1.4  

Dow Chemical Co/The, 5.950, 03/15/55

     Materials        (399      (38,101      1.4  

Honeywell International Inc, 5.250, 03/01/54

     Industrials        (399      (37,999      1.4  

Abbott Laboratories, 4.900, 11/30/46

     Consumer Staples        (399      (37,855      1.4  

Shell Finance US Inc, 4.125, 05/11/35

     Energy        (399      (37,733      1.4  

BHP Billiton Finance USA Ltd, 5.000, 09/30/43

     Materials        (399      (37,611      1.4  

Eli Lilly & Co, 5.000, 02/09/54

     Consumer Staples        (399      (37,365      1.4  

Kenvue Inc, 5.050, 03/22/53

     Consumer Staples        (399      (37,181      1.4  

Devon Energy Corp, 5.600, 07/15/41

     Energy        (399      (36,967      1.4  


GOLDMAN SACHS DYNAMIC BOND FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

A basket (JPMBKTL4) of Corporate Obligations (continued)                
Corporate Obligations      Sector      Shares      Value      Weight  

 

 

KLA Corp, 4.950, 07/15/52

     Technology        (399    $ (36,456      1.3

QUALCOMM Inc, 4.800, 05/20/45

     Technology        (399      (36,454      1.3  

Intercontinental Exchange Inc, 4.950, 06/15/52

     Financials        (399      (36,186      1.3  

Enterprise Products Operating LLC, 4.850, 03/15/44

     Energy        (399      (36,082      1.3  

Medtronic Inc, 4.625, 03/15/45

     Consumer Staples        (399      (35,979      1.3  

Microsoft Corp, 3.450, 08/08/36

     Technology        (399      (35,864      1.3  

Gilead Sciences Inc, 4.750, 03/01/46

     Consumer Staples        (399      (35,795      1.3  

Energy Transfer LP, 5.400, 10/01/47

     Energy        (399      (35,688      1.3  

Novartis Capital Corp, 4.400, 05/06/44

     Consumer Staples        (399      (35,672      1.3  

Visa Inc, 4.300, 12/14/45

     Financials        (399      (34,784      1.3  

Phillips 66, 4.875, 11/15/44

     Energy        (399      (34,678      1.3  

Chubb INA Holdings LLC, 4.350, 11/03/45

     Financials        (399      (34,617      1.3  

Mitsubishi UFJ Financial Group Inc, 3.751, 07/18/39

     Financials        (399      (34,414      1.3  

Berkshire Hathaway Finance Corp, 4.250, 01/15/49

     Financials        (399      (33,812      1.2  

Meta Platforms Inc, 4.450, 08/15/52

     Communications        (399      (33,765      1.2  

Comcast Corp, 3.750, 04/01/40

     Communications        (399      (33,121      1.2  

Amazon.com Inc, 4.050, 08/22/47

     Communications        (399      (33,096      1.2  

Caterpillar Inc, 3.803, 08/15/42

     Industrials        (399      (33,035      1.2  

Texas Instruments Inc, 4.150, 05/15/48

     Technology        (399      (32,966      1.2  

 

 

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

   BNP Paribas SA     1.950     05/11/2026       21,520,000     $ 21,520,000     $ 103,819     $ 272,326     $ (168,507

2Y IRS

   BNP Paribas SA     2.050       05/13/2026       21,790,000       21,790,000       135,912       295,966       (160,054

2Y IRS

   BNP Paribas SA     2.000       11/11/2026       21,760,000       21,760,000       160,006       327,067       (167,061

2Y IRS

   BNP Paribas SA     2.250       03/08/2027       56,160,000       56,160,000       428,749       381,142       47,607  

9M IRS

   BNP Paribas SA     2.450       03/24/2026       12,480,000       12,480,000       167,363       197,473       (30,110

 

 

Total purchased option contracts

 

      133,710,000       $ 133,710,000     $ 995,849     $ 1,473,974     $ (478,125

 

 

Written option contracts

 

           

Calls

                

2Y IRS

   BNP Paribas SA     2.065       05/11/2026       (6,340,000)       (6,340,000     (42,888     (272,365     229,477  

2Y IRS

   BNP Paribas SA     2.105       05/13/2026       (6,410,000)       (6,410,000     (48,863     (296,080     247,217  

2Y IRS

   BNP Paribas SA     2.085       11/11/2026       (6,400,000)       (6,400,000     (85,300     (326,983     241,683  

2Y IRS

   BNP Paribas SA     2.347       03/08/2027       (5,240,000)       (5,240,000     (228,281     (381,404     153,123  

9M IRS

   BNP Paribas SA     2.498       03/24/2026       (5,240,000)       (5,240,000     (156,997     (197,475     40,478  

1M IRS

   BofA Securities LLC     2.582       07/16/2025       (15,520,000)       (15,520,000     (67,880     (120,248     52,368  

1M IRS

   Citibank NA     2.606       07/30/2025       (15,520,000)       (15,520,000     (114,095     (115,175     1,080  

1M IRS

   Citibank NA     3.692       07/30/2025       (17,370,000)       (17,370,000     (153,553     (143,997     (9,556

1M IRS

   Deutsche Bank AG (London)     3.946       07/09/2025       (17,380,000)       (17,380,000     (385,158     (147,730     (237,428

1M IRS

   Deutsche Bank AG (London)     3.913       07/16/2025       (17,380,000)       (17,380,000     (350,725     (151,206     (199,519

1M IRS

   Deutsche Bank AG (London)     2.539       07/23/2025       (15,520,000)       (15,520,000     (56,513     (114,108     57,595  

1M IRS

   MS & Co. Int. PLC     2.596       07/09/2025       (15,520,000)       (15,520,000     (59,379     (113,467     54,088  

1M IRS

   MS & Co. Int. PLC     3.768       07/23/2025       (17,380,000)       (17,380,000     (200,970     (152,510     (48,460

 

 
           (161,220,000)     $ (161,220,000   $ (1,950,602   $ (2,532,748   $ 582,146  

 

 

Puts

                

1M IRS

   BofA Securities LLC     2.582       07/16/2025       (15,520,000)       (15,520,000     (107,420     (120,248     12,828  


GOLDMAN SACHS DYNAMIC BOND FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

OVER-THE-COUNTER INTEREST RATE SWAPTIONS (continued)

 

Description    Counterparty   Exercise
Rate
    Expiration
Date
    Number of
Contracts
  Notional
Amount
    Market
Value
    Premiums Paid
(Received) by
Fund
    Unrealized
Appreciation/
(Depreciation)
 

 

 

Written option contracts (continued)

 

   

Puts (continued)

 

     

1M IRS

   Citibank NA     2.606     07/30/2025     (15,520,000)   $ (15,520,000   $ (120,724   $ (115,175   $ (5,549

1M IRS

   Citibank NA     3.692       07/30/2025     (17,370,000)     (17,370,000     (139,033     (143,997     4,964  

1M IRS

   Deutsche Bank AG (London)     3.946       07/09/2025     (17,380,000)     (17,380,000     (3,625     (147,730     144,105  

1M IRS

   Deutsche Bank AG (London)     3.913       07/16/2025     (17,380,000)     (17,380,000     (16,466     (151,206     134,740  

1M IRS

   Deutsche Bank AG (London)     2.539       07/23/2025     (15,520,000)     (15,520,000     (168,554     (114,108     (54,446

1M IRS

   MS & Co. Int. PLC     2.596       07/09/2025     (15,520,000)     (15,520,000     (73,303     (113,467     40,164  

1M IRS

   MS & Co. Int. PLC     3.768       07/23/2025     (17,380,000)     (17,380,000     (76,873     (152,510     75,637  

 

 
         (131,590,000)   $ (131,590,000   $ (705,998   $ (1,058,441   $ 352,443  

 

 

Total written option contracts

      (292,810,000)   $ (292,810,000   $ (2,656,600   $ (3,591,189   $ 934,589  

 

 

TOTAL

         (159,100,000)   $ (159,100,000   $ (1,660,751   $ (2,117,215   $ 456,464  

 

 

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY

 

Description    Counterparty   Exercise
Price
    Expiration
Date
    Number of
Contracts
    Notional
Amount
    Market
Value
    Premiums Paid
(Received) by
Fund
    Unrealized
Appreciation/
(Depreciation)
 

 

 

Purchased option contracts

 

           

Calls

                

Call USD/Put CNY

   Barclays Bank PLC   $ 7.190       08/04/2025       31,505,000     $ 31,505,000     $ 63,231     $ 156,265     $ (93,034

Call USD/Put CNY

   BNP Paribas SA     7.217       07/07/2025       22,385,000       22,385,000       4,544       142,436       (137,892

Call USD/Put MXN

   BofA Securities LLC     18.950       08/08/2025       16,323,000       16,323,000       180,500       213,831       (33,331

Call USD/Put CNY

   Citibank NA     7.320       07/08/2025       26,421,000       26,421,000       238       260,079       (259,841

Call USD/Put CNY

   Citibank NA     7.540       07/10/2025       25,826,000       25,826,000             184,523       (184,523

Call USD/Put CNY

   Citibank NA     7.208       07/21/2025       6,571,000       6,571,000       5,828       111,723       (105,895

Call EUR/Put USD

   Deutsche Bank AG (London)     1.142       09/17/2025       12,787,000       12,787,000       589,138       173,724       415,414  

Call USD/Put CNY

   Deutsche Bank AG (London)     7.480       07/10/2025       14,435,000       14,435,000             5,630       (5,630

Call USD/Put INR

   HSBC Bank PLC     85.300       08/12/2025       7,609,000       7,609,000       84,133       84,802       (669

Call USD/Put CNY

   JPMorgan Securities, Inc.     7.540       07/08/2025       25,754,000       25,754,000             181,437       (181,437

Call USD/Put CNY

   JPMorgan Securities, Inc.     7.290       07/10/2025       27,935,000       27,935,000       1,508       306,363       (304,855

Call USD/Put TWD

   Standard Chartered Bank     29.450       07/31/2025       32,735,000       32,735,000       125,146       159,158       (34,012

 

 
           250,286,000      $ 250,286,000     $ 1,054,266     $ 1,979,971     $ (925,705

 

 

Puts

                

Put USD/Call CNY

   Barclays Bank PLC     7.070       07/10/2025       12,913,000       12,913,000       5,204       57,205       (52,001

Put AUD/Call USD

   BNP Paribas SA     0.637       07/22/2025       49,998,000       49,998,000       46,331       341,935       (295,604

Put AUD/Call USD

   BNP Paribas SA     0.648       08/05/2025       50,409,000       50,409,000       202,378       377,514       (175,136

Put EUR/Call USD

   BNP Paribas SA     1.167       07/31/2025       27,963,000       27,963,000       171,316       250,356       (79,040

Put EUR/Call USD

   BNP Paribas SA     1.165       08/07/2025       13,981,000       13,981,000       88,718       135,943       (47,225

Put EUR/Call USD

   BNP Paribas SA     1.118       08/15/2025       27,345,000       27,345,000       19,810       340,721       (320,911

Put EUR/Call USD

   BNP Paribas SA     1.137       08/18/2025       13,846,000       13,846,000       28,184       164,981       (136,797

Put EUR/Call USD

   BNP Paribas SA     1.156       08/18/2025       14,057,000       14,057,000       70,042       152,434       (82,392


GOLDMAN SACHS DYNAMIC BOND FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

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

 

Description    Counterparty   Exercise
Price
    Expiration
Date
    Number of
Contracts
    Notional
Amount
    Market
Value
    Premiums Paid
(Received) by
Fund
    Unrealized
Appreciation/
(Depreciation)
 

 

 

Purchased option contracts (continued)

 

   

Puts (continued)

 

   

Put USD/Call CAD

   BNP Paribas SA   $ 1.362       08/06/2025       15,018,000     $ 15,018,000     $ 128,719     $ 151,012     $ (22,293

Put EUR/Call USD

   BofA Securities LLC     1.150       07/14/2025       27,591,000       27,591,000       17,063       205,844       (188,781

Put NZD/Call USD

   BofA Securities LLC     0.598       07/03/2025       52,656,000       52,656,000       8,762       278,713       (269,951

Put NZD/Call USD

   BofA Securities LLC     0.601       07/24/2025       52,439,000       52,439,000       146,140       313,310       (167,170

Put USD/Call JPY

   BofA Securities LLC     144.100       08/01/2025       26,673,000       26,673,000       393,907       308,953       84,954  

Put EUR/Call USD

   Citibank NA     1.148       07/24/2025       27,591,000       27,591,000       41,699       232,677       (190,978

Put NZD/Call USD

   Citibank NA     0.592       07/10/2025       52,653,000       52,653,000       18,872       303,952       (285,080

Put NZD/Call USD

   Citibank NA     0.589       07/24/2025       26,036,000       26,036,000       23,313       223,333       (200,020

Put NZD/Call USD

   Citibank NA     0.601       07/28/2025       54,525,000       54,525,000       165,945       325,810       (159,865

Put NZD/Call USD

   Citibank NA     0.605       08/04/2025       80,976,000       80,976,000       407,556       535,371       (127,815

Put USD/Call CNY

   Citibank NA     7.070       07/10/2025       12,913,000       12,913,000       5,204       27,634       (22,430

Put USD/Call JPY

   Citibank NA     137.750       08/01/2025       18,467,000       18,467,000       47,294       337,761       (290,467

Put EUR/Call USD

   Deutsche Bank AG (London)     1.134       07/03/2025       27,511,000       27,511,000       32       205,920       (205,888

Put EUR/Call USD

   Deutsche Bank AG (London)     1.128       07/14/2025       27,437,000       27,437,000       1,454       261,429       (259,975

Put EUR/Call USD

   Deutsche Bank AG (London)     1.135       07/18/2025       20,633,000       20,633,000       6,757       176,155       (169,398

Put AUD/Call USD

   HSBC Bank PLC     0.645       07/22/2025       50,014,000       50,014,000       97,795       314,662       (216,867

Put EUR/Call USD

   HSBC Bank PLC     1.168       07/24/2025       20,972,000       20,972,000       113,935       178,804       (64,869

Put USD/Call CNY

   HSBC Bank PLC     7.085       07/08/2025       25,754,000       25,754,000       9,117       83,564       (74,447

Put USD/Call INR

   HSBC Bank PLC     85.300       08/12/2025       7,609,000       7,609,000       33,015       84,802       (51,787

Put EUR/Call USD

   JPMorgan              
   Securities, Inc.     1.063       09/17/2025       12,787,000       12,787,000       1,823       118,724       (116,901

Put NZD/Call USD

   JPMorgan              
   Securities, Inc.     0.603       07/24/2025       26,223,000       26,223,000       87,578       170,571       (82,993

Put EUR/Call USD

   Standard Chartered Bank     1.111       07/14/2025       25,580,000       25,580,000       121       213,627       (213,506

Put EUR/Call USD

   Standard Chartered Bank     1.151       07/24/2025       20,693,000       20,693,000       38,294       168,372       (130,078

Put NZD/Call USD

   Standard              
   Chartered Bank     0.603       07/10/2025       52,446,000       52,446,000       85,356       258,007       (172,651

Put NZD/Call USD

   Standard Chartered Bank     0.588       07/28/2025       40,600,000       40,600,000       38,483       276,835       (238,352

Put NZD/Call USD

   UBS AG (London)     0.597       07/31/2025       53,388,000       53,388,000       128,674       388,072       (259,398

 

 
           1,069,697,000     $ 1,069,697,000     $ 2,678,891     $ 7,965,003     $ (5,286,112

 

 

Total purchased option contracts

 

      1,319,983,000     $ 1,319,983,000     $ 3,733,157     $ 9,944,974     $ (6,211,817

 

 

Written option contracts

             

Calls

                

Call EUR/Put PLN

   Barclays Bank PLC     4.260       07/03/2025       (6,923,000)       (6,923,000     (7,307     (50,309     43,002  

Call USD/Put CNY

   Barclays Bank PLC     7.217       07/07/2025       (22,385,000)       (22,385,000     (4,544     (39,398     34,854  

Call USD/Put CNY

   Barclays Bank PLC     7.480       07/10/2025       (14,435,000)       (14,435,000           (68,566     68,566  

Call EUR/Put GBP

   BNP Paribas SA     0.843       07/09/2025       (6,923,000)       (6,923,000     (153,435     (38,791     (114,644


GOLDMAN SACHS DYNAMIC BOND FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

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

 

Description    Counterparty   Exercise
Price
    Expiration
Date
    Number of
Contracts
    Notional
Amount
    Market
Value
    Premiums Paid
(Received) by
Fund
    Unrealized
Appreciation/
(Depreciation)
 

 

 

Written option contracts (continued)

 

         

Calls (continued)

 

           

Call USD/Put CNY

   BNP Paribas SA   $ 7.290       07/10/2025       (13,967,500)     $ (13,967,500   $ (754   $ (240,800   $ 240,046  

Call USD/Put INR

   BNP Paribas SA     85.300       08/12/2025       (7,609,000)       (7,609,000     (84,133     (87,351     3,218  

Call AUD/Put NZD

   BofA Securities LLC     1.078       07/10/2025       (12,107,000)       (12,107,000     (33,833     (40,954     7,121  

Call AUD/Put NZD

   BofA Securities LLC     1.079       07/24/2025       (12,489,000)       (12,489,000     (40,539     (40,206     (333

Call EUR/Put CHF

   BofA Securities LLC     0.939       07/09/2025       (6,878,000)       (6,878,000     (13,101     (52,176     39,075  

Call EUR/Put PLN

   BofA Securities LLC     4.241       07/30/2025       (6,971,000)       (6,971,000     (61,595     (45,928     (15,667

Call EUR/Put SEK

   BofA Securities LLC     11.130       07/31/2025       (6,984,000)       (6,984,000     (64,556     (58,254     (6,302

Call USD/Put CAD

   BofA Securities LLC     1.364       07/30/2025       (8,162,000)       (8,162,000     (43,650     (55,158     11,508  

Call USD/Put CNY

   BofA Securities LLC     7.208       07/21/2025       (6,571,000)       (6,571,000     (5,828     (126,387     120,559  

Call USD/Put CNY

   BofA Securities LLC     7.160       07/24/2025       (8,104,000)       (8,104,000     (22,756     (35,844     13,088  

Call USD/Put INR

   BofA Securities LLC     85.800       07/29/2025       (8,124,000)       (8,124,000     (49,028     (52,928     3,900  

Call USD/Put JPY

   BofA Securities LLC     158.500       08/01/2025       (26,673,000)       (26,673,000     (347     (280,867     280,520  

Call USD/Put SGD

   BofA Securities LLC     1.270       07/29/2025       (8,124,000)       (8,124,000     (43,731     (54,163     10,432  

Call AUD/Put NZD

   Citibank NA     1.076       07/03/2025       (12,177,000)       (12,177,000     (30,166     (38,094     7,928  

Call AUD/Put NZD

   Citibank NA     1.075       07/17/2025       (12,299,000)       (12,299,000     (51,360     (41,275     (10,085

Call EUR/Put GBP

   Citibank NA     0.842       07/01/2025       (6,939,000)       (6,939,000     (154,526     (46,613     (107,913

Call EUR/Put GBP

   Citibank NA     0.856       07/17/2025       (6,987,000)       (6,987,000     (52,831     (42,395     (10,436

Call USD/Put CNY

   Citibank NA     7.540       07/08/2025       (25,754,000)       (25,754,000           (97,653     97,653  

Call USD/Put CNY

   Citibank NA     7.150       07/31/2025       (8,184,000)       (8,184,000     (30,936     (37,421     6,485  

Call EUR/Put SEK

   Deutsche Bank AG (London)     10.970       07/10/2025       (6,922,000)       (6,922,000     (130,142     (54,777     (75,365

Call USD/Put CNY

   Deutsche Bank AG (London)     7.320       07/08/2025       (26,421,193)       (26,421,193     (238     (121,273     121,035  

Call USD/Put CNY

   Deutsche Bank AG (London)     7.170       07/08/2025       (7,880,000)       (7,880,000     (9,558     (36,670     27,112  

Call AUD/Put NZD

   JPMorgan Securities, Inc.     1.078       07/07/2025       (12,121,000)       (12,121,000     (22,839     (33,994     11,155  

Call AUD/Put NZD

   JPMorgan Securities, Inc.     1.077       07/31/2025       (12,536,000)       (12,536,000     (51,525     (42,532     (8,993

Call EUR/Put CHF

   JPMorgan Securities, Inc.     0.933       07/01/2025       (6,934,000)       (6,934,000     (17,822     (53,279     35,457  

Call EUR/Put SEK

   JPMorgan Securities, Inc.     10.935       07/03/2025       (6,905,000)       (6,905,000     (152,849     (56,749     (96,100

Call EUR/Put SEK

   JPMorgan Securities, Inc.     11.100       07/22/2025       (7,037,000)       (7,037,000     (67,068     (59,308     (7,760

Call EUR/Put USD

   JPMorgan Securities, Inc.     1.142       09/17/2025       (12,787,000)       (12,787,000     (589,138     (106,839     (482,299

Call USD/Put CNY

   JPMorgan Securities, Inc.     7.540       07/10/2025       (25,826,000)       (25,826,000           (95,918     95,918  

Call USD/Put CNY

   JPMorgan Securities, Inc.     7.290       07/10/2025       (13,967,500)       (13,967,500     (754     (255,186     254,432  

Call USD/Put SGD

   JPMorgan Securities, Inc.     1.272       08/04/2025       (8,184,000)       (8,184,000     (44,480     (53,851     9,371  


GOLDMAN SACHS DYNAMIC BOND FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

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

 

Description    Counterparty   Exercise
Price
    Expiration
Date
    Number of
Contracts
    Notional
Amount
    Market
Value
    Premiums Paid
(Received) by
Fund
    Unrealized
Appreciation/
(Depreciation)
 

 

 

Written option contracts (continued)

 

         

Calls (continued)

 

           

Call AUD/Put NZD

   MS & Co. Int. PLC   $ 1.078       07/15/2025       (12,165,000)     $ (12,165,000   $ (37,094   $ (42,052   $ 4,958  

Call EUR/Put GBP

   MS & Co. Int. PLC     0.854       07/29/2025       (6,991,000)       (6,991,000     (75,038     (42,393     (32,645

Call USD/Put SGD

   MS & Co. Int. PLC     1.285       07/21/2025       (8,061,000)       (8,061,000     (9,593     (49,877     40,284  

Call USD/Put CAD

   Royal Bank of Canada     1.361       07/15/2025       (15,881,000)       (15,881,000     (76,308     (109,444     33,136  

Call USD/Put CAD

   Royal Bank of Canada     1.367       07/22/2025       (8,070,000)       (8,070,000     (29,714     (54,130     24,416  

Call EUR/Put USD

   Standard Chartered Bank     1.188       07/14/2025       (25,580,000)       (25,580,000     (107,662     (222,076     114,414  

Call USD/Put TWD

   Standard Chartered Bank     28.850       07/31/2025       (16,368,000)       (16,368,000     (199,985     (226,779     26,794  

Call AUD/Put NZD

   UBS AG (London)     1.082       07/22/2025       (12,503,000)       (12,503,000     (26,546     (42,073     15,527  

Call EUR/Put PLN

   UBS AG (London)     4.280       07/07/2025       (6,905,000)       (6,905,000     (4,734     (54,694     49,960  

 

 
           (515,814,193)     $ (515,814,193   $ (2,602,043   $ (3,485,425   $ 883,382  

 

 

Puts

                

Put EUR/Call PLN

   Barclays Bank PLC     4.260       07/03/2025       (6,923,000)       (6,923,000     (31,764     (50,309     18,545  

Put USD/Call JPY

   Barclays Bank PLC     137.750       08/01/2025       (18,467,000)       (18,467,000     (47,294     (313,754     266,460  

Put AUD/Call USD

   BNP Paribas SA     0.645       07/22/2025       (50,014,000)       (50,014,000     (97,795     (544,945     447,150  

Put AUD/Call USD

   BNP Paribas SA     0.637       07/22/2025       (49,998,000)       (49,998,000     (46,332     (127,736     81,404  

Put EUR/Call GBP

   BNP Paribas SA     0.843       07/09/2025       (6,923,000)       (6,923,000     (155     (38,791     38,636  

Put EUR/Call USD

   BNP Paribas SA     1.150       07/14/2025       (27,591,000)       (27,591,000     (17,063     (160,037     142,974  

Put EUR/Call USD

   BNP Paribas SA     1.148       07/24/2025       (27,591,000)       (27,591,000     (41,699     (72,997     31,298  

Put EUR/Call USD

   BNP Paribas SA     1.137       08/18/2025       (13,846,000)       (13,846,000     (28,183     (69,775     41,592  

Put USD/Call CAD

   BNP Paribas SA     1.332       08/06/2025       (22,528,000)       (22,528,000     (36,495     (90,553     54,058  

Put USD/Call INR

   BNP Paribas SA     85.300       08/12/2025       (7,609,000)       (7,609,000     (33,015     (87,351     54,336  

Put AUD/Call NZD

   BofA Securities LLC     1.078       07/10/2025       (12,107,000)       (12,107,000     (19,363     (40,926     21,563  

Put AUD/Call NZD

   BofA Securities LLC     1.079       07/24/2025       (12,489,000)       (12,489,000     (34,794     (40,206     5,412  

Put EUR/Call CHF

   BofA Securities LLC     0.939       07/09/2025       (6,878,000)       (6,878,000     (51,455     (52,176     721  

Put EUR/Call PLN

   BofA Securities LLC     4.241       07/30/2025       (6,971,000)       (6,971,000     (31,015     (45,928     14,913  

Put EUR/Call SEK

   BofA Securities LLC     11.130       07/31/2025       (6,984,000)       (6,984,000     (53,581     (58,254     4,673  

Put EUR/Call USD

   BofA Securities LLC     1.134       07/03/2025       (27,511,000)       (27,511,000     (32     (50,261     50,229  

Put EUR/Call USD

   BofA Securities LLC     1.063       09/17/2025       (12,787,000)       (12,787,000     (1,823     (91,701     89,878  

Put NZD/Call USD

   BofA Securities LLC     0.598       07/03/2025       (52,656,000)       (52,656,000     (8,762     (150,405     141,643  

Put USD/Call CAD

   BofA Securities LLC     1.364       07/30/2025       (8,162,000)       (8,162,000     (68,479     (55,159     (13,320

Put USD/Call CNY

   BofA Securities LLC     7.160       07/24/2025       (8,104,000)       (8,104,000     (40,658     (35,844     (4,814


GOLDMAN SACHS DYNAMIC BOND FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

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

 

Description    Counterparty   Exercise
Price
    Expiration
Date
    Number of
Contracts
    Notional
Amount
    Market
Value
    Premiums Paid
(Received) by
Fund
    Unrealized
Appreciation/
(Depreciation)
 

 

 

Written option contracts (continued)

 

         

Puts (continued)

 

           

Put USD/Call INR

   BofA Securities LLC   $ 85.800       07/29/2025       (8,124,000)     $ (8,124,000   $ (46,746   $ (52,928   $ 6,182  

Put USD/Call SGD

   BofA Securities LLC     1.270       07/29/2025       (8,124,000)       (8,124,000     (51,466     (54,163     2,697  

Put AUD/Call NZD

   Citibank NA     1.076       07/03/2025       (12,177,000)       (12,177,000     (3,935     (38,094     34,159  

Put AUD/Call NZD

   Citibank NA     1.075       07/17/2025       (12,299,000)       (12,299,000     (18,788     (41,275     22,487  

Put EUR/Call GBP

   Citibank NA     0.842       07/01/2025       (6,939,000)       (6,939,000           (46,613     46,613  

Put EUR/Call GBP

   Citibank NA     0.856       07/17/2025       (6,987,000)       (6,987,000     (17,638     (42,395     24,757  

Put EUR/Call USD

   Citibank NA     1.128       07/14/2025       (27,437,000)       (27,437,000     (1,454     (52,190     50,736  

Put NZD/Call USD

   Citibank NA     0.601       07/24/2025       (78,658,500)       (78,658,500     (219,210     (931,273     712,063  

Put NZD/Call USD

   Citibank NA     0.588       07/28/2025       (40,600,000)       (40,600,000     (38,483     (92,257     53,774  

Put USD/Call CNY

   Citibank NA     7.070       07/10/2025       (25,826,000)       (25,826,000     (10,408     (175,746     165,338  

Put USD/Call CNY

   Citibank NA     7.150       07/31/2025       (8,184,000)       (8,184,000     (41,886     (37,421     (4,465

Put USD/Call JPY

   Citibank NA     144.100       08/01/2025       (16,667,967)       (16,667,967     (246,153     (679,253     433,100  

Put EUR/Call SEK

   Deutsche Bank AG (London)     10.970       07/10/2025       (6,922,000)       (6,922,000     (2,503     (54,777     52,274  

Put EUR/Call USD

   Deutsche Bank AG (London)     1.111       07/14/2025       (25,580,000)       (25,580,000     (121     (108,114     107,993  

Put EUR/Call USD

   Deutsche Bank AG (London)     1.118       08/15/2025       (27,345,000)       (27,345,000     (19,810     (155,275     135,465  

Put USD/Call CNY

   Deutsche Bank AG (London)     7.170       07/08/2025       (7,880,000)       (7,880,000     (27,052     (36,670     9,618  

Put EUR/Call USD

   HSBC Bank PLC     1.151       07/24/2025       (20,693,000)       (20,693,000     (38,294     (68,300     30,006  

Put AUD/Call NZD

   JPMorgan Securities, Inc.     1.078       07/07/2025       (12,121,000)       (12,121,000     (11,615     (33,994     22,379  

Put AUD/Call NZD

   JPMorgan Securities, Inc.     1.077       07/31/2025       (12,536,000)       (12,536,000     (35,057     (42,532     7,475  

Put EUR/Call CHF

   JPMorgan Securities, Inc.     0.933       07/01/2025       (6,934,000)       (6,934,000     (4,550     (53,280     48,730  

Put EUR/Call SEK

   JPMorgan Securities, Inc.     10.935       07/03/2025       (6,905,000)       (6,905,000     (16     (56,749     56,733  

Put EUR/Call SEK

   JPMorgan Securities, Inc.     11.100       07/22/2025       (7,037,000)       (7,037,000     (33,837     (59,308     25,471  

Put NZD/Call USD

   JPMorgan Securities, Inc.     0.589       07/24/2025       (26,036,000)       (26,036,000     (23,313     (64,719     41,406  

Put USD/Call CNY

   JPMorgan Securities, Inc.     7.085       07/08/2025       (25,754,000)       (25,754,000     (9,117     (176,750     167,633  

Put USD/Call SGD

   JPMorgan Securities, Inc.     1.272       08/04/2025       (8,184,000)       (8,184,000     (65,480     (53,851     (11,629

Put AUD/Call NZD

   MS & Co. Int. PLC     1.078       07/15/2025       (12,165,000)       (12,165,000     (22,866     (42,052     19,186  

Put EUR/Call GBP

   MS & Co. Int. PLC     0.854       07/29/2025       (6,991,000)       (6,991,000     (20,505     (42,393     21,888  

Put USD/Call SGD

   MS & Co. Int. PLC     1.285       07/21/2025       (8,061,000)       (8,061,000     (107,509     (49,877     (57,632

Put USD/Call CAD

   Royal Bank of Canada     1.361       07/15/2025       (15,881,000)       (15,881,000     (77,880     (109,444     31,564  

Put USD/Call CAD

   Royal Bank of Canada     1.367       07/22/2025       (8,070,000)       (8,070,000     (68,813     (54,130     (14,683

Put EUR/Call USD

   Standard Chartered Bank     1.135       07/18/2025       (20,633,000)       (20,633,000     (6,757     (61,989     55,232  

Put NZD/Call USD

   Standard Chartered Bank     0.592       07/10/2025       (52,653,000)       (52,653,000     (18,872     (105,452     86,580  


GOLDMAN SACHS DYNAMIC BOND FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

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

 

Description    Counterparty   Exercise
Price
    Expiration
Date
    Number of
Contracts
  Notional
Amount
    Market
Value
    Premiums Paid
(Received) by
Fund
    Unrealized
Appreciation/
(Depreciation)
 

 

 

Written option contracts (continued)

 

   

Puts (continued)

 

   

Put NZD/Call USD

   Standard Chartered Bank   $ 0.597       07/31/2025     (53,388,000)   $ (53,388,000   $ (128,674   $ (620,343   $ 491,669  

Put AUD/Call NZD

   UBS AG (London)     1.082       07/22/2025     (12,503,000)     (12,503,000     (47,036     (42,073     (4,963

Put EUR/Call PLN

   UBS AG (London)     4.280       07/07/2025     (6,905,000)     (6,905,000     (65,932     (54,694     (11,238

Put NZD/Call USD

   UBS AG (London)     0.603       07/10/2025     (52,446,000)     (52,446,000     (85,356     (420,196     334,840  

Put USD/Call JPY

   UBS AG (London)     144.100       08/01/2025     (10,005,033)     (10,005,033     (147,754     (301,652     153,898  

 

 
         (1,091,790,500)    $ (1,091,790,500   $ (2,454,643   $ (7,289,330   $ 4,834,687  

 

 

Total written option contracts

 

    (1,607,604,693)     $ (1,607,604,693   $ (5,056,686   $ (10,774,755   $ 5,718,069  

 

 

TOTAL

         (287,621,693)   $ (287,621,693   $ (1,323,529   $ (829,781   $ (493,748

 

 

 

 

Currency Abbreviations:
AUD  

— Australian Dollar

BRL  

— Brazil Real

CAD  

— Canadian Dollar

CHF  

— Swiss Franc

CLP  

— Chilean Peso

CNH  

— Chinese Yuan Renminbi Offshore

CNY  

— Chinese Yuan Renminbi

COP  

— Colombia Peso

CZK  

— Czech Republic Koruna

EUR  

— Euro

GBP  

— British Pound

HKD  

— Hong Kong Dollar

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

THB  

— Thailand Baht

TRY  

— Turkish Lira

TWD  

— Taiwan Dollar

USD  

— U.S. Dollar

ZAR  

— South African Rand

 

 


GOLDMAN SACHS DYNAMIC BOND FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

 

Investment Abbreviations:
CLO  

— Collateralized Loan Obligation

CMT  

— Constant Maturity Treasury Indexes

EURIBOR  

— Euro Interbank Offered Rate

GO  

— General Obligation

ICE  

— Inter-Continental Exchange

LLC  

— Limited Liability Company

LP  

— Limited Partnership

PI  

— Private Investment

PIK  

— Payment in kind

PLC  

— Public Limited Company

REMICS  

— Real Estate Mortgage Investment Conduits

SOFR  

— Secured Overnight Financing Rate

STACR  

— Structured Agency Credit Risk

Abbreviations:    
1M IRS  

— 1 Month Interest Rate Swaptions

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

BUBOR  

— Budapest Interbank Offered Rate

CDOR  

— Canadian Dollar Offered Rate

CDX.NA.HY Ind 39  

— CDX North America High Yield Index 39

CDX.NA.HY Ind 44  

— CDX North America High Yield Index 44

CDX.NA.IG Ind 40  

— CDX North America Investment Grade Index 40

CHFOR  

— Swiss Franc Offered Rate

CLICP  

— Sinacofi Chile Interbank Rate

CMBX  

— Commercial Mortgage Backed Securities Index

CNRR  

— China Fixing Repo Rate

EURO  

— Euro Offered Rate

JIBAR  

— Johannesburg Interbank Agreed Rate

JYOR  

— Japanese Yen Offered Rate

KWCDC  

— South Korean Won Certificate of Deposit

MIBOR  

— Mumbai Interbank Offered Rate

MS & Co. Int. PLC  

— Morgan Stanley & Co. International PLC

NIBOR  

— Norwegian Interbank Offered Rate

NZDOR  

— New Zealand Dollar Offered Rate

PRIBOR  

— Prague Interbank Offered Rate

SOFR  

— Secured Overnight Financing Rate

STIBOR  

— Stockholm Interbank Offered Rate

TIIE  

— La Tasa de Interbank Equilibrium Interest Rate

WIBOR  

— Warsaw Interbank Offered Rate

 

 


GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

 

Schedule of Investments

June 30, 2025 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Mortgage-Backed Obligations – 35.6%
Collateralized Mortgage Obligations – 5.6%
Interest Only – 0.1%

Federal Home Loan Mortgage Corp. REMICS Series 5002, Class SJ (-1X 1 mo. USD Term SOFR + 5.986%)

$

    839,936       1.680 %(a)(b)    07/25/50   $    106,434

Federal Home Loan Mortgage Corp. REMICS Series 4583, Class ST (-1X 1 mo. USD Term SOFR + 5.886%)

    357,529       1.582 (a)(b)    05/15/46   41,268

Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE (-1X 1 mo. USD Term SOFR + 5.936%)

    98,309       1.632 (a)(b)    03/15/44   10,019

Federal Home Loan Mortgage Corp. REMICS Series 4998, Class GI

    739,602       4.000 (a)    08/25/50   150,060

Federal National Mortgage Association REMICS Series 2017-31, Class SG (-1X 1 mo. USD Term SOFR + 5.986%)

    282,272       1.680 (a)(b)    05/25/47   35,605

Federal National Mortgage Association REMICS Series 2012-5, Class SA (-1X 1 mo. USD Term SOFR + 5.836%)

    131,817       1.530 (a)(b)    02/25/42   13,676

Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%)

    98,628       1.668 (a)(b)(c)    10/20/43   5,325

Government National Mortgage Association REMICS Series 2015-129, Class IC

    80,923       4.500 (a)(c)    09/16/45   15,369

Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%)

    126,100       1.618 (a)(b)(c)    01/20/49   14,788

Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%)

    85,920       1.668 (a)(b)(c)    06/20/49   10,027

Government National Mortgage Association REMICS Series 2020-78, Class DI

    497,169       4.000 (a)(c)    06/20/50   108,174

Government National Mortgage Association REMICS Series 2020-146, Class KI

    1,050,398       2.500 (a)(c)    10/20/50   156,879

Government National Mortgage Association REMICS Series 2013-124, Class CS (-1X 1 mo. USD Term SOFR + 5.936%)

    202,652       1.618 (a)(b)(c)    08/20/43   22,892

Government National Mortgage Association REMICS Series 2015-123, Class SP (-1X 1 mo. USD Term SOFR + 6.136%)

    123,758       1.818 (a)(b)(c)    09/20/45   15,711

Government National Mortgage Association REMICS Series 2016-27, Class IA

    84,644       4.000 (a)(c)    06/20/45   11,989

Government National Mortgage Association REMICS Series 2018-122, Class SE (-1X 1 mo. USD Term SOFR + 6.086%)

    256,665       1.768 (a)(b)(c)    09/20/48   32,190

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Mortgage-Backed Obligations – (continued)
Interest Only – (continued)

Government National Mortgage Association REMICS Series 2010-20, Class SE (-1X 1 mo. USD Term SOFR + 6.136%)

$

    242,147       1.818 %(a)(b)(c)    02/20/40   $     27,473

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   11,303

Government National Mortgage Association REMICS Series 2019-151, Class IA

    1,151,312       3.500 (a)(c)    12/20/49   218,449

Government National Mortgage Association REMICS Series 2016-138, Class GI

    215,960       4.000 (a)(c)    10/20/46   44,063

Government National Mortgage Association REMICS Series 2015-167, Class AS (-1X 1 mo. USD Term SOFR + 6.136%)

    74,413       1.818 (a)(b)(c)    11/20/45   9,175
       

 

        1,060,869

 

Regular Floater – 0.4%

Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%)

    1,172,331       5.305 (b)    02/25/55   1,160,942

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA3, Class A1 (1 mo. USD Term SOFR + 1.050%)

    447,187       5.355 (b)(c)(d)    10/25/44   447,603

Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%)

    1,725,077       5.305 (b)    03/25/55   1,714,959
       

 

        3,323,504

 

Sequential Fixed Rate – 1.6%

BRAVO Residential Funding Trust Series 2025-NQM4, Class A1

    1,838,356       5.613 (c)(d)(e)    02/25/65   1,848,799

CIM Trust Series 2025-I1, Class A2

    1,093,234       5.908 (c)(d)(e)    10/25/69   1,102,851

Federal National Mortgage Association REMICS Series 2011-99, Class DB

    109,857       5.000     10/25/41   110,455

Federal National Mortgage Association REMICS Series 2012- 111, Class B

    15,577       7.000     10/25/42   16,652

Federal National Mortgage Association REMICS Series 2012- 153, Class B

    62,545       7.000     07/25/42   68,024

Federal National Mortgage Association REMICS Series 2011-52, Class GB

    126,046       5.000     06/25/41   126,737

JP Morgan Mortgage Trust Series 2024-VIS2, Class A1

    1,773,791       5.853 (c)(d)(e)    11/25/64   1,788,071

Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC1, Class A1

    1,519,051       5.562 (c)(d)(e)    03/25/70   1,529,147

New Residential Mortgage Loan Trust Series 2025-NQM1, Class A1

    1,075,696       5.643 (c)(d)(e)    01/25/65   1,086,755

 

 


GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Mortgage-Backed Obligations – (continued)
Sequential Fixed Rate – (continued)

OBX Trust Series 2024-NQM2, Class A1

$

    1,218,371       5.878 %(c)(d)(e)    12/25/63   $  1,224,466

Santander Mortgage Asset Receivable Trust Series 2025-NQM1,

    Class A1        
    1,615,473       5.545 (c)(d)(e)    01/25/65   1,621,804

Verus Securitization Trust Series 2023-INV2, Class A3

    664,282       7.079 (c)(d)(e)    08/25/68   670,718

Verus Securitization Trust Series 2024-INV2, Class A1

    1,196,401       5.332 (c)(d)(e)    08/26/69   1,198,329
       

 

        12,392,808

 

Sequential Floating Rate – 3.5%

Angel Oak Mortgage Trust Series 2021-3, Class A1

    609,094       1.068 (b)(c)(d)    05/25/66   520,995

Angel Oak Mortgage Trust Series 2019-6, Class B1

    1,025,000       3.941 (b)(c)(d)    11/25/59   962,789

Angel Oak Mortgage Trust Series 2021-7, Class A1

    2,208,370       1.978 (b)(c)(d)    10/25/66   1,909,802

Chase Home Lending Mortgage Trust Series 2024-3, Class A5

    275,000       6.000 (b)(c)(d)    02/25/55   276,238

Chase Home Lending Mortgage Trust Series 2024-3, Class A5A

    425,000       5.500 (b)(c)(d)    02/25/55   413,950

Chase Home Lending Mortgage Trust Series 2024-3, Class A7

    200,000       6.000 (b)(c)(d)    02/25/55   202,654

Countrywide Alternative Loan Trust Series 2005-38, Class A1 (1 yr. MTA + 1.500%)

    31,567       5.899 (b)(c)    09/25/35   28,328

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA5, Class M2 (1 mo. USD Term SOFR + 1.650%)

    77,511       5.955 (b)(c)(d)    01/25/34   77,959

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA2, Class M1 (1 mo. USD Term SOFR + 1.200%)

    1,505,980       5.505 (b)(c)(d)    05/25/44   1,507,634

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2 (1 mo. USD Term SOFR + 1.550%)

    207,240       5.855 (b)(c)(d)    10/25/41   207,903

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2 (1 mo. USD Term SOFR + 1.650%)

    285,000       5.955 (b)(c)(d)    12/25/41   286,644

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1 (1 mo. USD Term SOFR + 1.900%)

    77,803       6.205 (b)(c)(d)    04/25/42   78,147

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%)

    227,000       7.305 (b)(c)(d)    04/25/42   233,011

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%)

    450,000       6.105 (b)(c)(d)    01/25/44   454,810

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Mortgage-Backed Obligations – (continued)

Sequential Floating Rate – (continued)

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R02, Class 1M2 (1 mo. USD Term SOFR + 1.800%)

$

    1,845,000       6.105 %(b)(c)(d)    02/25/44   $  1,864,418

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%)

    1,650,000       5.955 (b)(c)(d)    05/25/44   1,658,075

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%)

    250,000       6.256 (b)(c)(d)    03/25/44   252,329

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M1 (1 mo. USD Term SOFR + 1.000%)

    324,753       5.305 (b)(c)(d)    07/25/44   324,550

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M2 (1 mo. USD Term SOFR + 1.700%)

    1,150,000       6.005 (b)(c)(d)    07/25/44   1,154,179

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%)

    775,000       5.905 (b)(c)(d)    09/25/44   778,670

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R03, Class 2A1 (1 mo. USD Term SOFR + 1.450%)

    1,094,953       5.755 (b)(c)(d)    03/25/45   1,101,525

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1M2 (1 mo. USD Term SOFR + 1.500%)

    1,850,000       5.806 (b)(c)(d)    01/25/45   1,851,417

HarborView Mortgage Loan Trust Series 2006-6, Class 3A1A

    139,807       4.874 (b)(c)    08/19/36   113,571

JP Morgan Mortgage Trust Series 2021-LTV2, Class A1

    938,918       2.520 (b)(c)(d)    05/25/52   792,125

JP Morgan Mortgage Trust Series 2022-LTV1, Class A2

    313,956       3.513 (b)(c)(d)    07/25/52   277,539

JP Morgan Mortgage Trust Series 2023-DSC1, Class A1

    718,910       4.625 (b)(c)(d)    07/25/63   705,908

JP Morgan Mortgage Trust Series 2024-VIS1, Class A1

    1,377,088       5.990 (b)(c)(d)    07/25/64   1,387,809

JP Morgan Mortgage Trust Series 2024-3, Class A4

    1,726,197       3.000 (b)(c)(d)    05/25/54   1,559,750

JP Morgan Mortgage Trust Series 2022-DSC1, Class A3

    741,634       4.750 (b)(c)(d)    01/25/63   726,676

JP Morgan Mortgage Trust Series 2024-4, Class A5A

    700,000       6.000 (b)(c)(d)    10/25/54   706,245

JP Morgan Mortgage Trust Series 2024-NQM1, Class M1A

    750,000       6.414 (b)(c)(d)    02/25/64   760,345

JP Morgan Mortgage Trust Series 2024-1, Class A4

    843,209       6.000 (b)(c)(d)    06/25/54   850,248

JP Morgan Mortgage Trust Series 2025-VIS1, Class A1

    1,740,598       5.493 (b)(c)(d)    08/25/55   1,751,978

JP Morgan Mortgage Trust Series 2025-DSC1, Class A1

    1,538,099       5.664 (b)(c)(d)    09/25/65   1,551,543

Mill City Mortgage Loan Trust Series 2017-2, Class A3

    108,746       3.250 (b)(c)(d)    07/25/59   105,881

 

 


GOLDMAN SACHS GLOBAL CORE FIXED 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)

Sequoia Mortgage Trust Series 2004-10, Class A3A (6 mo. USD Term SOFR + 1.088%)

$

    22,815       5.216 %(b)(c)    11/20/34   $     21,069

Towd Point Mortgage Trust Series 2020-1, Class A2A

    530,000       3.100 (b)(c)(d)    01/25/60   478,479

Verus Securitization Trust Series 2021-8, Class A1

    100,611       1.824 (b)(c)(d)    11/25/66   91,254
       

 

        28,026,447

 

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS   $ 44,803,628

 

Commercial Mortgage-Backed Securities – 10.2%

Regular Floater – 0.6%

BFLD Commercial Mortgage Trust Series 2024-UNIV, Class A (1 mo. USD Term SOFR + 1.493%)

$

    1,600,000       5.804 %(b)(d)    11/15/41   $  1,601,125

TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR +2.133%)

    1,900,000       6.444 (b)(d)    11/15/29   1,899,528

WCORE Commercial Mortgage Trust Series 2024-CORE, Class A (1 mo. USD Term SOFR + 1.492%)

    900,000       5.804 (b)(d)    11/15/41   900,388
       

 

        4,401,041

 

Sequential Fixed Rate – 4.4%

Bank Series 2023-BNK46, Class A4

    1,700,000       5.745 (c)    08/15/56   1,787,108

Bank Series 2024-BNK47, Class A5

    1,250,000       5.716 (c)    06/15/57   1,313,697

Bank5 Series 2024-5YR7, Class A3

    1,200,000       5.769 (c)    06/15/57   1,246,588

Bank5 Series 2024-5YR10, Class A3

    1,150,000       5.302 (c)    10/15/57   1,177,889

Bank5 Series 2024-5YR11, Class A3

    900,000       5.893 (c)    11/15/57   942,319

Bank5 Series 2024-5YR11, Class AS

    575,000       6.139 (c)    11/15/57   600,408

Bank5 Series 2025-5YR14, Class A3

    1,500,000       5.646 (c)    04/15/58   1,561,169

Bank5 Series 2025-5YR15, Class A3

    1,450,000       5.452 (c)    06/15/30   1,491,996

BBCMS Mortgage Trust Series 2025-5C34, Class A3

    2,500,000       5.659 (c)    05/15/58   2,605,009

Benchmark Mortgage Trust Series 2023-B39, Class A5

    1,125,000       5.754 (c)    07/15/56   1,184,011

BMO Mortgage Trust Series 2023-C7, Class A5

    2,300,000       6.160 (c)    12/15/56   2,468,511

BMO Mortgage Trust Series 2024-5C6, Class A3

    1,600,000       5.316 (c)    09/15/57   1,635,685

BMO Mortgage Trust Series 2025-5C11, Class A3

    1,500,000       5.669 (c)    07/15/58   1,561,829

BWAY Mortgage Trust Series 2013-1515, Class A2

    1,227,098       3.454 (c)(d)    03/10/33   1,166,736

Citigroup Commercial Mortgage Trust Series 2017-P8, Class D

    400,000       3.000 (c)(d)    09/15/50   249,120

COMM Mortgage Trust Series 2024-277P, Class A

    1,825,000       6.338 (d)    08/10/44   1,920,048

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Mortgage-Backed Obligations – (continued)

Sequential Fixed Rate – (continued)

DOLP Trust Series 2021-NYC, Class A

$

    1,500,000       2.956 %(d)    05/10/41   $  1,329,364

JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-OPO, Class A

    1,223,000       3.024 (d)    01/05/39   1,113,739

JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B

    1,300,000       3.598 (c)(d)    06/05/39   1,205,001

JP Morgan Chase Commercial Mortgage Securities Trust Series 2025-NSLB, Class A

    1,600,000       6.234 (d)    06/05/42   1,660,051

ROCK Trust Series 2024-CNTR, Class A

    3,325,000       5.388 (d)    11/13/41   3,397,927

ROCK Trust Series 2024-CNTR, Class D

    1,750,000       7.109 (d)    11/13/41   1,824,818

Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5

    1,100,000       2.626 (c)    04/15/54   976,399

Wells Fargo Commercial Mortgage Trust Series 2024-C63, Class A5

    530,000       5.309 (c)    08/15/57   541,083
       

 

        34,960,505

 

Sequential Floating Rate – 5.2%

3650R Commercial Mortgage Trust Series 2021-PF1, Class AS

    850,000       2.778 (b)    11/15/54   716,701

Banc of America Commercial Mortgage Trust Series 2015-UBS7, Class AS

    975,000       3.989 (b)(c)    09/15/48   969,410

Bank Series 2022-BNK39, Class A4

    1,900,000       2.928 (b)(c)    02/15/55   1,697,830

Bank Series 2022-BNK40, Class A4

    1,150,000       3.504 (b)(c)    03/15/64   1,054,043

Bank Series 2025-BNK50, Class A5

    675,000       5.652 (b)(c)    05/15/68   705,798

Bank Series 2025-BNK50, Class AS

    1,250,000       5.875 (b)(c)    05/15/68   1,311,822

Bank5 Series 2024-5YR10, Class AS

    400,000       5.637 (c)    10/15/57   409,683

Bank5 Trust Series 2025-5YR13, Class AS

    1,050,000       6.096 (b)(c)    01/15/58   1,096,319

BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%)

    1,775,000       5.231 (b)(d)    03/15/37   1,677,660

BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%)

    475,000       5.480 (b)(d)    03/15/37   437,070

BFLD Trust Series 2025-EWEST, Class B (1 mo. USD Term SOFR + 1.900%)

    1,750,000       6.200 (b)(d)    06/15/42   1,752,318

BLP Commercial Mortgage Trust Series 2024-IND2, Class A (1 mo. USD Term SOFR + 1.342%)

    1,162,314       5.654 (b)(d)    03/15/41   1,163,444

BSTN Commercial Mortgage Trust Series 2025-1C, Class A

    1,800,000       5.548 (b)(d)    06/15/44   1,839,354

BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%)

    854,789       5.703 (b)(d)    03/15/41   855,427

 

 


GOLDMAN SACHS GLOBAL CORE FIXED 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)

BX Commercial Mortgage Trust Series 2024-VLT5, Class A

$

    900,000       5.591 %(b)(d)    11/13/46   $    907,555

BX Trust Series 2022-PSB, Class A (1 mo. USD Term SOFR + 2.451%)

    469,038       6.763 (b)(d)    08/15/39   468,766

BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%)

    2,050,000       5.954 (b)(d)    02/15/41   2,048,991

BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%)

    1,500,000       5.456 (b)(d)    03/15/30   1,490,649

BX Trust Series 2025-TAIL, Class A (1 mo. USD Term SOFR + 1.400%)

    1,550,000       5.712 (b)(d)    06/15/35   1,551,967

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF153, Class AS (1 mo. USD Term SOFR + 0.680%)

    612,596       4.992 (b)(c)    02/25/33   613,762

Houston Galleria Mall Trust Series 2025-HGLR, Class A

    975,000       5.644 (b)(d)    02/05/45   999,901

Hudson Yards Mortgage Trust Series 2025-SPRL, Class D

    750,000       6.551 (b)(d)    01/13/40   776,442

Hudson Yards Mortgage Trust Series 2025-SPRL, Class A

    1,550,000       5.649 (b)(d)    01/13/40   1,596,695

IRV Trust Series 2025-200P, Class A

    2,100,000       5.471 (b)(c)(d)    03/14/47   2,120,042

IRV Trust Series 2025-200P, Class C

    675,000       5.921 (b)(c)(d)    03/14/47   663,329

IRV Trust Series 2025-200P, Class D

    750,000       6.371 (b)(c)(d)    03/14/47   742,493

JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class B (1 mo. USD Term SOFR + 1.357%)

    1,000,687       5.669 (b)(d)    04/15/37   982,547

JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A

    550,000       5.990 (b)(d)    10/05/39   561,084

KRE Commercial Mortgage Trust Series 2025-AIP4, Class A (1 mo. USD Term SOFR + 1.300%)

    1,700,000       5.612 (b)(d)    03/15/42   1,695,751

LEX Mortgage Trust Series 2024-BBG, Class A

    1,875,000       5.036 (b)(c)(d)    10/13/33   1,884,272

MSWF Commercial Mortgage Trust Series 2023-2, Class A5

    1,600,000       6.014 (b)(c)    12/15/56   1,714,474

NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%)

    1,200,000       6.004 (b)(d)    02/15/42   1,189,353

TEXAS Commercial Mortgage Trust Series 2025-TWR, Class C (1 mo. USD Term SOFR + 2.142%)

    350,000       6.454 (b)(d)    04/15/42   348,390

UBS Commercial Mortgage Trust Series 2017-C2, Class AS

    1,125,000       3.740 (b)(c)    08/15/50   1,096,577

Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A

    1,600,000       5.484 (b)(d)    07/15/35   1,609,605

 

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

$

    1,000,000       5.935 %(b)(d)    07/15/35   $  1,006,742
       

 

  41,756,266

 

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES   $ 81,117,812

 

Federal Agencies – 19.8%

Federal Home Loan Mortgage Corp. – 0.0%

$

    863       5.000   01/01/33   $        877
    129       5.000     06/01/33   131
    1,294       5.000     07/01/33   1,317
    1,696       5.000     08/01/33   1,726
    317       5.000     10/01/33   323
    856       5.000     11/01/33   871
    379       5.000     12/01/33   386
    1,198       5.000     02/01/34   1,219
    614       5.000     03/01/34   625
    920       5.000     04/01/34   935
    1,358       5.000     05/01/34   1,383
    22,398       5.000     06/01/34   22,792
    438       5.000     11/01/34   446
    5,171       5.000     04/01/35   5,263
    1       5.000     11/01/35   1
    5,814       5.000     01/01/40   5,888
    4,617       4.000     06/01/40   4,490
    31,075       4.000     02/01/41   30,211
    2,842       4.000     11/01/41   2,744
       

 

        81,628

 

Government National Mortgage Association – 5.9%

    141,497       4.000     11/20/44   135,300
    13,395       4.000     05/20/45   12,798
    304,487       4.000     07/20/45   290,647
    211,589       4.000     01/20/46   200,641
    71,419       4.500     02/20/48   69,839
    24,195       4.500     03/20/48   23,660
    85,465       4.500     04/20/48   83,521
    193,279       4.500     05/20/48   188,761
    774,363       4.000     07/20/48   729,699
    267,213       4.500     08/20/48   260,634
    150,685       5.000     08/20/48   150,628
    781,257       4.000     09/20/48   740,014
    1,255,740       4.500     09/20/48   1,224,821
    175,321       5.000     09/20/48   175,255
    177,944       5.000     10/20/48   177,766
    694,524       5.000     11/20/48   693,827
    289,114       5.000     12/20/48   288,824
    970,089       4.500     01/20/49   944,688
    500,229       5.000     01/20/49   498,789
    262,394       4.500     02/20/49   255,195
    186,042       4.500     03/20/49   181,171
    283,663       5.000     03/20/49   283,378
    545,542       3.000     08/20/49   484,616
    413,013       4.500     10/20/49   402,844
    158,286       4.500     12/20/49   154,142
    1,773,665       3.000     03/20/50   1,574,810

 

 


GOLDMAN SACHS GLOBAL CORE FIXED INCOME 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)

$

    659,524       3.000   07/20/51   $    583,526
    326,540       2.500     09/20/51   275,426
    777,991       2.500     10/20/51   659,613
    486,840       2.500     11/20/51   412,460
    717,682       3.000     12/20/51   634,814
    1,510,993       2.500     12/20/51   1,281,386
    11,464,177       4.500     10/20/52   11,075,171
    5,000,000       2.000     TBA-30yr(f)   4,073,705
    13,000,000       5.500     TBA-30yr(f)   13,012,914
    4,000,000       6.000     TBA-30yr(f)   4,056,010
    1,000,000       6.500     TBA-30yr(f)   1,026,509
       

 

        47,317,802

 

Uniform Mortgage-Backed Security – 13.9%

    121,301       4.500     07/01/36   120,407
    5,452       4.500     12/01/36   5,412
    3,946       4.500     05/01/38   3,935
    9,012       4.500     05/01/39   8,939
    5,463       4.500     06/01/39   5,419
    2,853       4.500     08/01/39   2,828
    3,998       4.500     09/01/39   3,987
    7,668       4.500     10/01/39   7,646
    3,138       4.500     03/01/40   3,129
    39,304       4.500     04/01/40   39,174
    4,262       4.500     12/01/40   4,248
    37,641       4.500     01/01/41   37,516
    12,343       4.500     04/01/41   12,252
    19,124       4.500     06/01/41   18,983
    18,144       4.500     07/01/41   18,010
    28,235       4.500     08/01/41   27,984
    72,922       4.500     09/01/41   72,385
    41,042       4.500     10/01/41   40,739
    52,149       4.500     11/01/41   51,765
    46,120       4.500     12/01/41   45,780
    37,324       4.500     01/01/42   37,049
    3,057       4.500     03/01/42   3,031
    8,500       4.500     04/01/42   8,429
    38,914       3.000     12/01/42   35,968
    94,935       3.000     01/01/43   87,334
    136,984       3.000     04/01/43   125,378
    177,563       4.500     06/01/45   175,041
    1,401,192       4.000     08/01/45   1,344,145
    749,982       4.500     11/01/47   731,728
    2,271,040       4.000     01/01/48   2,154,835
    12,798       4.500     08/01/48   12,426
    228,704       4.500     09/01/48   223,424
    149,846       5.000     11/01/48   149,986
    741,978       3.000     02/01/49   664,034
    10,491       4.500     03/01/49   10,173
    81,850       3.500     07/01/49   75,017
    750,518       4.000     07/01/49   710,127
    342,024       4.500     10/01/50   331,882
    2,151,775       3.000     12/01/50   1,895,769
    132,542       2.500     03/01/51   112,007
    5,427,830       2.000     03/01/51   4,345,362
    2,349,079       2.500     05/01/51   1,976,953
    655,216       2.000     07/01/51   521,411
    864,051       2.000     08/01/51   687,298

 

Principal

Amount

    Interest
Rate
   

Maturity

Date

  Value
Mortgage-Backed Obligations – (continued)

Uniform Mortgage-Backed Security – (continued)

$

    2,344,831       2.500   09/01/51   $  1,970,946
    653,474       2.500     10/01/51   551,004
    686,192       2.500     11/01/51   578,592
    1,726,625       2.000     01/01/52   1,381,826
    742,073       2.000     02/01/52   588,719
    1,231,127       2.500     02/01/52   1,024,461
    408,864       2.000     03/01/52   323,954
    702,540       2.500     03/01/52   583,221
    915,446       4.500     04/01/52   880,942
    985,429       2.000     04/01/52   780,784
    796,993       3.000     08/01/52   700,428
    792,222       5.500     09/01/52   802,367
    341,536       2.500     09/01/52   283,833
    1,613,812       5.500     11/01/52   1,634,478
    2,273,378       6.000     11/01/52   2,342,124
    1,496,955       6.000     12/01/52   1,538,003
    781,489       6.000     01/01/53   803,162
    785,978       5.500     04/01/53   792,850
    5,044,232       4.500     05/01/53   4,890,330
    431,570       2.500     01/01/54   358,655
    28,000,000       2.500     TBA-30yr(f)   23,212,644
    1,000,000       3.000     TBA-30yr(f)   864,688
    8,000,000       3.500     TBA-30yr(f)   7,200,314
    12,000,000       5.000     TBA-30yr(f)   11,759,059
    26,000,000       5.500     TBA-30yr(f)   25,989,831
    2,000,000       6.500     TBA-30yr(f)   2,064,375
       

 

        110,850,935

 

TOTAL FEDERAL AGENCIES   $158,250,365

 

TOTAL MORTGAGE-BACKED OBLIGATIONS
(Cost $285,590,598)
  $284,171,805

 

       
Corporate Obligations – 23.7%

Aerospace & Defense(c) – 0.9%

Boeing Co.

$

    4,954,000       5.150   05/01/30   $  5,045,055
    1,634,000       6.528     05/01/34   1,776,910

L3Harris Technologies, Inc.

    50,000       4.400     06/15/28   50,117
       

 

        6,872,082

 

Agriculture(c) – 0.2%

BAT Capital Corp.

    50,000       3.557     08/15/27   49,186

BAT International Finance PLC

GBP

    948,000       2.250     06/26/28   1,217,327

EUR

    200,000       2.250     01/16/30   227,481
       

 

        1,493,994

 

Automotive(c) – 0.6%

Ford Motor Credit Co. LLC

$

    975,000       5.800     03/05/27   982,273
    818,000       5.850     05/17/27   824,438

General Motors Financial Co., Inc.

EUR

    195,000       0.850     02/26/26   227,387

 

 


GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Automotive(c) – (continued)

$

    249,000       1.500   06/10/26   $    241,704
    650,000       5.000     04/09/27   654,011

Hyundai Capital America(d)

    941,000       1.650     09/17/26   908,357

Traton Finance Luxembourg SA

EUR

    1,000,000       3.375     01/14/28   1,192,557
       

 

        5,030,727

 

Banks – 10.6%

ABN AMRO Bank NV(b)(c)(d) (1 yr. CMT + 0.800%)

$

    1,200,000       1.542     06/16/27   1,166,532

AIB Group PLC(b)(c) (-1X 5 yr. EUR Swap + 3.300%)

EUR

    805,000       2.875     05/30/31   946,297

Australia & New Zealand Banking Group Ltd.(b)(c)(d) (5 yr. CMT + 1.288%)

$

    750,000       2.950     07/22/30   749,175

Banco Santander SA

    1,000,000       3.800     02/23/28   982,510

EUR

    1,200,000       3.875     04/22/29   1,463,580

(1 yr. CMT + 1.250%)

$

    1,000,000       5.552 (b)(c)    03/14/28   1,016,100

(5 yr. CMT + 3.753%)

    600,000       4.750 (b)(c)    11/12/26   579,798

Bank of America Corp.

(Secured Overnight Financing Rate + 1.570%)

    2,993,000       5.819 (b)(c)    09/15/29   3,119,903

(Secured Overnight Financing Rate + 1.630%)

    2,125,000       5.202 (b)(c)    04/25/29   2,171,665

(Secured Overnight Financing Rate + 2.150%)

    375,000       2.592 (b)(c)    04/29/31   342,919

Bank of Ireland Group PLC(b)(c) (5 yr. EUR Swap + 4.150%)

EUR

    400,000       6.750     03/01/33   508,154

Barclays PLC

(1 yr. EUR Swap + 1.750%)

    1,671,000       4.918 (b)(c)    08/08/30   2,098,641

(5 yr. EURIBOR ICE Swap + 2.100%)

    650,000       4.973 (b)(c)    05/31/36   799,947

(Secured Overnight Financing Rate + 1.230%)

$

    1,250,000       5.367 (b)(c)    02/25/31   1,276,387

(Secured Overnight Financing Rate + 1.490%)

    605,000       5.674 (b)(c)    03/12/28   616,580

(Secured Overnight Financing Rate + 1.560%)

    639,000       4.942 (b)(c)    09/10/30   643,697

(Secured Overnight Financing Rate + 1.740%)

    573,000       5.690 (b)(c)    03/12/30   592,969

BNP Paribas SA(b)(c)(d) (Secured Overnight Financing Rate + 1.004%)

    575,000       1.323     01/13/27   565,070

BPCE SA

EUR

    300,000       1.750     04/26/27   349,392

(Secured Overnight Financing Rate + 1.520%)

$

    1,000,000       1.652 (b)(c)(d)    10/06/26   991,850

CaixaBank SA

(-1X 3 mo. EUR EURIBOR + 0.850%)

EUR

    700,000       0.375 (b)(c)    11/18/26   818,365

(-1X 3 mo. EUR EURIBOR + 1.000%)

    300,000       0.750 (b)(c)    05/26/28   341,883

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Banks – (continued)

(3 mo. EUR EURIBOR + 0.620%)

EUR

    300,000       0.625 %(b)(c)    01/21/28   $    343,674

Citigroup, Inc.(b)(c) (Secured Overnight Financing Rate + 1.364%)

$

    1,750,000       5.174     02/13/30   1,784,912

Cooperatieve Rabobank UA(b)(c) (-1X 5 yr. EUR Swap + 3.702%)

EUR

    600,000       3.250     12/29/26   694,451

Credit Agricole SA(b)(c)(d) (Secured Overnight Financing Rate + 0.892%)

$

    1,100,000       1.247     01/26/27   1,079,122

Danske Bank AS(b)(c)(d) (1 yr. CMT + 1.750%)

    1,275,000       4.298     04/01/28   1,270,117

Deutsche Bank AG

(-1X 3 mo. EUR EURIBOR + 2.050%)

EUR

    400,000       1.750 (b)(c)    11/19/30   441,666

(3 mo. EUR EURIBOR + 2.950%)

    2,100,000       5.000 (b)(c)    09/05/30   2,637,480

(Secured Overnight Financing Rate + 1.870%)

$

    275,000       2.129 (b)(c)    11/24/26   272,225

Fifth Third Bancorp(b)(c) (Secured Overnight Financing Rate + 1.486%)

    1,091,000       4.895     09/06/30   1,103,197

HSBC Holdings PLC(b)(c) (Secured Overnight Financing Rate + 1.040%)

    975,000       5.130     11/19/28   987,402

Huntington Bancshares, Inc.

(Secured Overnight Financing Rate + 1.276%)

    750,000       5.272 (b)(c)    01/15/31   768,195

(Secured Overnight Financing Rate + 1.870%)

    1,175,000       5.709 (b)(c)    02/02/35   1,200,533

(Secured Overnight Financing Rate + 2.020%)

    817,000       6.208 (b)(c)    08/21/29   857,074

ING Groep NV(b)(c) (Secured Overnight Financing Rate + 1.830%)

    400,000       4.017     03/28/28   397,464

JPMorgan Chase & Co.

(Secured Overnight Financing Rate + 1.160%)

    1,750,000       5.581 (b)(c)    04/22/30   1,817,532

(Secured Overnight Financing Rate + 1.560%)

    3,125,000       4.323 (b)(c)    04/26/28   3,122,875

Kreditanstalt fuer Wiederaufbau

EUR

    3,500,000       3.125 (g)    10/10/28   4,244,286
    4,070,000       2.625 (g)    04/26/29   4,858,646

M&T Bank Corp.

(Secured Overnight Financing Rate + 0.930%)

$

    525,000       4.833 (b)(c)    01/16/29   529,331

(Secured Overnight Financing Rate + 1.400%)

    1,650,000       5.179 (b)(c)    07/08/31   1,677,703

(Secured Overnight Financing Rate + 1.610%)

    1,200,000       5.385 (b)(c)    01/16/36   1,194,348

(Secured Overnight Financing Rate + 2.800%)

    630,000       7.413 (b)(c)    10/30/29   683,588

Macquarie Group Ltd.

(3 mo. USD Term SOFR + 1.634%)

    380,000       3.763 (b)(c)(d)    11/28/28   372,966

(Secured Overnight Financing Rate + 1.069%)

    400,000       1.340 (b)(c)(d)    01/12/27   393,288

 

 


GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Banks – (continued)

Morgan Stanley

(Secured Overnight Financing Rate + 1.100%)

$

    1,141,000       4.654 %(b)(c)    10/18/30   $  1,143,362

(Secured Overnight Financing Rate + 1.450%)

    1,150,000       5.173 (b)(c)    01/16/30   1,174,230

(Secured Overnight Financing Rate + 1.590%)

    3,325,000       5.164 (b)(c)    04/20/29   3,390,369

NatWest Group PLC

(1 yr. CMT + 1.050%)

    425,000       5.115 (b)(c)    05/23/31   432,187

(-1X 3 mo. EUR EURIBOR + 0.889%)

EUR

    1,750,000       0.670 (b)(c)    09/14/29   1,930,906

(-1X 3 mo. EUR EURIBOR + 0.949%)

    2,252,000       0.780 (b)(c)    02/26/30   2,457,927

Nykredit Realkredit AS

    1,310,000       4.625     01/19/29   1,630,363

Permanent TSB Group Holdings PLC

(1 yr. EURIBOR ICE Swap + 3.500%)

    265,000       6.625 (b)(c)    04/25/28   333,449
    1,020,000       6.625 (b)(c)    06/30/29   1,320,820

Santander U.K. Group Holdings PLC(b)(c) (1 yr. CMT + 1.250%)

$

    1,000,000       1.532     08/21/26   995,350

Shinhan Bank Co. Ltd.(d)

    240,000       4.500     04/12/28   240,610

Societe Generale SA(b)(c)(d) (1 yr. CMT + 1.100%)

    1,500,000       1.488     12/14/26   1,478,145

Standard Chartered PLC(b)(c)(d) (1 yr. CMT + 1.000%)

    1,550,000       1.456     01/14/27   1,523,991

Sumitomo Mitsui Financial Group, Inc.

EUR

    1,375,000       0.632     10/23/29   1,473,295

Truist Bank(b)(c) (Secured Overnight Financing Rate + 0.590%)

$

    1,575,000       4.671     05/20/27   1,577,536

Truist Financial Corp.(b)(c) (Secured Overnight Financing Rate + 2.050%)

    225,000       6.047     06/08/27   228,004

U.S. Bancorp

(Secured Overnight Financing Rate + 1.560%)

    725,000       5.384 (b)(c)    01/23/30   746,656

(Secured Overnight Financing Rate + 2.020%)

    700,000       5.775 (b)(c)    06/12/29   726,509

UBS Group AG

(1 yr. CMT + 1.520%)

    1,112,000       5.428 (b)(c)(d)    02/08/30   1,141,401

(1 yr. EURIBOR ICE Swap + 4.950%)

EUR

    834,000       7.750 (b)(c)    03/01/29   1,106,450

(-1X 1 yr. EURIBOR ICE Swap + 0.770%)

    509,000       0.650 (b)(c)    01/14/28   582,933

(-1X 1 yr. EURIBOR ICE Swap + 1.050%)

    750,000       1.000 (b)(c)    06/24/27   870,997

(3 mo. USD LIBOR + 1.410%)

$

    2,800,000       3.869 (b)(c)(d)    01/12/29   2,756,320

Wells Fargo & Co.(b)(c) (Secured Overnight Financing Rate + 1.500%)

    175,000       5.198     01/23/30   179,184
       

 

        84,314,483

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Beverages(c) – 0.3%

Bacardi Ltd.(d)

$

    1,200,000       4.700   05/15/28   $  1,204,044

Constellation Brands, Inc.

    1,500,000       4.400     11/15/25   1,497,405
    25,000       4.650     11/15/28   25,182
       

 

        2,726,631

 

Biotechnology(c) – 0.1%

Amgen, Inc.

    650,000       5.150     03/02/28   664,047

 

Building Materials(c) – 0.1%

Carrier Global Corp.

    145,000       2.493     02/15/27   141,130

Owens Corning

    975,000       3.500     02/15/30   931,661
       

 

        1,072,791

 

Chemicals(c) – 0.2%

DuPont de Nemours, Inc.

    600,000       4.493     11/15/25   599,148

International Flavors & Fragrances, Inc.

    185,000       1.230 (d)    10/01/25   183,224
    53,000       1.832 (d)    10/15/27   49,918
    600,000       2.300 (d)    11/01/30   530,658
       

 

        1,362,948

 

Commercial Services – 0.6%

DP World Crescent Ltd.

    200,000       4.848     09/26/28   200,062
    950,000       5.500 (d)    05/08/35   955,937

DP World Ltd.

    390,000       5.625     09/25/48   363,553

Motability Operations Group PLC(c)

EUR

    1,247,000       3.625     07/24/29   1,505,392

Quanta Services, Inc.(c)

$

    847,000       4.750     08/09/27   854,157

RELX Finance BV(c)

EUR

    437,000       3.750     06/12/31   533,111
       

 

        4,412,212

 

Computers(c) – 0.2%

Dell International LLC/EMC Corp.

$

    893,000       6.020     06/15/26   901,564
    875,000       5.300     10/01/29   900,296
       

 

        1,801,860

 

Diversified Financial Services(c) – 0.9%

AerCap Ireland Capital DAC/AerCap Global Aviation Trust

    1,375,000       4.875     04/01/28   1,389,286
    244,000       3.000     10/29/28   232,495
    350,000       5.100     01/19/29   356,132

Air Lease Corp.

    575,000       2.875     01/15/26   569,141
    1,300,000       5.300     02/01/28   1,328,951

Ally Financial, Inc.

    650,000       7.100     11/15/27   685,224

 

 


GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Diversified Financial Services(c) – (continued)

Aviation Capital Group LLC(d)

$

    400,000       1.950   01/30/26   $    393,688

Avolon Holdings Funding Ltd.(d)

    1,036,000       4.950     01/15/28   1,041,221

Macquarie Airfinance Holdings Ltd.(d)

    850,000       5.200     03/27/28   859,478
       

 

        6,855,616

 

Electrical – 0.8%

Dominion Energy, Inc.(c)

    925,000       4.600     05/15/28   931,799

DTE Energy Co.(c)

    700,000       4.950     07/01/27   708,316

E.ON International Finance BV

GBP

    417,000       6.375     06/07/32   616,452

Electricite de France SA(c)(d)

$

    1,450,000       4.500     09/21/28   1,448,666

Enel SpA

(-1X 5 yr. EUR Swap + 1.719%)

EUR

    523,000       1.375 (b)(c)    06/08/27   593,674

(5 yr. EUR Swap + 2.580%)

    935,000       3.375 (b)(c)    08/24/26   1,103,939

Sempra(c)

$

    700,000       3.400     02/01/28   683,389

Teollisuuden Voima OYJ(c)

EUR

    250,000       1.375     06/23/28   282,384
       

 

        6,368,619

 

Engineering & Construction(c) – 0.1%

Mexico City Airport Trust

$

    540,000       3.875 (d)    04/30/28   523,530
    200,000       5.500 (d)    10/31/46   165,175
    200,000       5.500     07/31/47   164,835
       

 

        853,540

 

Entertainment(c) – 0.0%

Warnermedia Holdings, Inc.

    325,000       4.054     03/15/29   264,729

 

Environmental(c) – 0.1%

Veralto Corp.

    1,050,000       5.350     09/18/28   1,082,361

 

Food & Drug Retailing(c) – 1.0%

Campbell’s Co.

    1,000,000       5.200     03/21/29   1,023,780

J.M. Smucker Co.

    1,225,000       5.900     11/15/28   1,287,401

Mars, Inc.

    875,000       4.800 (d)    03/01/30   886,428
    800,000       5.000 (d)    03/01/32   810,696
    3,575,000       5.200 (d)    03/01/35   3,617,078
       

 

        7,625,383

 

Food Service(c)(d) – 0.1%

Sodexo, Inc.

    1,025,000       5.150     08/15/30   1,041,707

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Gas(c) – 0.1%

NiSource, Inc.

$

    600,000       5.200   07/01/29   $    615,984

 

Healthcare Providers & Services(c) – 0.4%

HCA, Inc.

    250,000       3.375     03/15/29   239,902

Solventum Corp.

    975,000       5.400     03/01/29   1,004,143

UnitedHealth Group, Inc.

    1,775,000       4.250     01/15/29   1,771,308
       

 

        3,015,353

 

Insurance – 0.1%

Aviva PLC(b)(c) (5 yr. U.K. Government Bond + 2.850%)

GBP

    10,000       6.125     11/14/36   13,949

Corebridge Global Funding(d)

$

    925,000       5.200     06/24/29   947,376
       

 

        961,325

 

Internet – 0.4%

Booking Holdings, Inc.(c)

EUR

    729,000       3.500     03/01/29   880,418

Netflix, Inc.

    1,800,000       4.625     05/15/29   2,264,704

Prosus NV(c)(d)

$

    200,000       3.832     02/08/51   127,850
       

 

        3,272,972

 

Iron/Steel(c) – 0.2%

Steel Dynamics, Inc.

    1,275,000       1.650     10/15/27   1,201,777

Vale Overseas Ltd.

    350,000       6.400     06/28/54   342,128
       

 

        1,543,905

 

Lodging(c) – 0.3%

Choice Hotels International, Inc.

    248,000       3.700     01/15/31   230,134

Hyatt Hotels Corp.

    575,000       5.500     06/30/34   575,667

Las Vegas Sands Corp.

    530,000       5.625     06/15/28   540,202
    200,000       6.000     06/14/30   206,169

Marriott International, Inc.

    515,000       5.000     10/15/27   523,410
    573,000       4.650     12/01/28   577,034
    135,000       4.875     05/15/29   136,939
       

 

        2,789,555

 

Machinery-Diversified(c) – 0.1%

Otis Worldwide Corp.

    225,000       5.250     08/16/28   231,539

Westinghouse Air Brake Technologies Corp.

    700,000       4.900     05/29/30   709,373
       

 

        940,912

 

 


GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Media(c) – 0.1%

Charter Communications Operating LLC/Charter Communications Operating Capital

$

    784,000       4.908   07/23/25   $    783,914

Comcast Corp.

    300,000       4.150     10/15/28   299,466
       

 

        1,083,380

 

Mining(c) – 0.3%

Glencore Finance Europe Ltd.

GBP

    125,000       3.125     03/26/26   169,701

Glencore Funding LLC

$

    455,000       1.625 (d)    04/27/26   444,794
    775,000       4.875 (d)    03/12/29   782,487
    1,150,000       5.371 (d)    04/04/29   1,178,324
       

 

        2,575,306

 

Multi-National – 1.4%

European Investment Bank

EUR

    1,240,000       0.875     01/14/28   1,417,263
    3,500,000       3.000     11/15/28   4,227,382
    4,410,000       2.250     03/15/30   5,167,905
       

 

        10,812,550

 

Oil & Gas(c) – 0.1%

Occidental Petroleum Corp.

$

    750,000       8.500     07/15/27   794,505

 

Oil Field Services – 0.4%

BP Capital Markets PLC

EUR

    300,000       1.594     07/03/28   344,264

Petronas Capital Ltd.(c)(d)

$

    430,000       5.340     04/03/35   440,109

QatarEnergy(c)(d)

    820,000       3.300     07/12/51   553,603

Raizen Fuels Finance SA

    610,000       5.700 (c)    01/17/35   571,112
    580,000       6.950 (c)(d)    03/05/54   537,370

Saudi Arabian Oil Co.(c)(d)

    530,000       5.750     07/17/54   493,589

TotalEnergies SE(b)(c) (5 yr. EUR Swap + 3.350%)

EUR

    300,000       3.369     10/06/26   354,679
       

 

        3,294,726

 

Pharmaceuticals(c) – 0.5%

Bayer U.S. Finance II LLC(d)

$

    1,000,000       4.250     12/15/25   997,180

Becton Dickinson & Co.

EUR

    185,000       0.034     08/13/25   217,250

Cencora, Inc.

    900,000       2.875     05/22/28   1,064,014

Cigna Group

$

    300,000       4.375     10/15/28   300,396

CVS Health Corp.

    325,000       4.780     03/25/38   298,171

McKesson Corp.

EUR

    125,000       1.500     11/17/25   146,745

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Pharmaceuticals(c) – (continued)

Pfizer Netherlands International Finance BV

EUR

    1,031,000       2.875   05/19/29   $  1,223,333
       

 

        4,247,089

 

Pipelines – 0.4%

Abu Dhabi Crude Oil Pipeline LLC(d)

$

    1,260,000       4.600     11/02/47   1,126,125

Enbridge, Inc.(c)

    350,000       6.000     11/15/28   367,602

Energy Transfer LP

    750,000       6.100 (c)    12/01/28   787,882
    250,000       5.250 (c)    04/15/29   255,988

Galaxy Pipeline Assets Bidco Ltd.

    200,000       2.625 (d)    03/31/36   169,500
    547,609       2.940     09/30/40   448,869

Williams Cos., Inc.(c)

    350,000       2.600     03/15/31   313,649
       

 

        3,469,615

 

Real Estate(c) – 0.4%

Blackstone Property Partners Europe Holdings SARL

EUR

    1,050,000       1.000     05/04/28   1,166,422
    350,000       1.750     03/12/29   389,199
    325,000       3.625     10/29/29   383,910

CBRE Services, Inc.

$

    258,000       5.500     04/01/29   266,661

Logicor Financing SARL

EUR

    550,000       3.250     11/13/28   647,970
    325,000       1.625     01/17/30   351,281
       

 

        3,205,443

 

Real Estate Investment Trust(c) – 0.2%

American Homes 4 Rent LP

$

    125,000       2.375     07/15/31   108,799

Realty Income Corp.

    900,000       4.625     11/01/25   899,415
    300,000       2.100     03/15/28   284,109
       

 

        1,292,323

 

Retailing(c) – 0.0%

AutoNation, Inc.

    200,000       1.950     08/01/28   185,512

 

Semiconductors(c) – 0.2%

Broadcom, Inc.(d)

    1,531,000       3.137     11/15/35   1,291,414

Micron Technology, Inc.

    125,000       6.750     11/01/29   135,132
       

 

        1,426,546

 

Software(c) – 0.6%

Constellation Software, Inc.(d)

    438,000       5.158     02/16/29   446,322

Fidelity National Information Services, Inc.

EUR

    550,000       0.625     12/03/25   643,364

MSCI, Inc.(d)

$

    1,547,000       3.875     02/15/31   1,458,249

 

 


GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Software(c) – (continued)

Synopsys, Inc.

$

    1,100,000       5.000   04/01/32   $  1,114,014

Take-Two Interactive Software, Inc.

    943,000       5.400     06/12/29   971,582

Workday, Inc.

    125,000       3.700     04/01/29   122,122
       

 

        4,755,653

 

Telecommunication Services – 0.4%

Deutsche Telekom International Finance BV

    250,000       8.750     06/15/30   295,203

Rogers Communications, Inc.(c)

    1,074,000       5.000     02/15/29   1,089,530

Telefonica Emisiones SA

GBP

    450,000       5.445     10/08/29   631,411

T-Mobile USA, Inc.

$

    656,000       3.750 (c)    04/15/27   649,381
    300,000       4.750 (c)    02/01/28   300,414

Verizon Communications, Inc.

    300,000       4.329     09/21/28   301,251
       

 

        3,267,190

 

Trucking & Leasing(c)(d) – 0.1%

Penske Truck Leasing Co. LP/PTL Finance Corp.

    500,000       5.250     07/01/29   511,985

 

Water(c) – 0.2%

Veolia Environnement SA

EUR

    1,300,000       1.940     01/07/30   1,470,082

 

TOTAL CORPORATE OBLIGATIONS
(Cost $183,595,930)
  $189,375,641

 

       
Sovereign Debt Obligations – 20.9%

British Pound – 0.6%

U.K. Gilts

GBP

    1,990,000       3.500   01/22/45   $  2,178,402
    840,000       1.500     07/31/53   523,347
    220,000       1.750     07/22/57   141,168
    2,130,000       3.500     07/22/68   2,096,207
       

 

        4,939,124

 

Canadian Dollar – 0.8%

Province of British Columbia

CAD

    2,000,000       4.950     06/18/40   1,573,901

Province of Ontario

    2,300,000       4.650     06/02/41   1,751,530

Province of Quebec

GBP

    2,390,000       2.250     09/15/26   3,209,804
       

 

        6,535,235

 

Colombia Peso – 0.1%

Colombia TES

COP

    897,700,000       13.250     02/09/33   229,767
    890,400,000       9.250     05/28/42   167,008
       

 

        396,775

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Sovereign Debt Obligations – (continued)

Euro – 7.4%

European Financial Stability Facility(g)

EUR

    1,170,000       0.875   04/10/35   $  1,136,548

European Union

    6,632,868       1.625     12/04/29   7,561,372
    820,000       0.200     06/04/36   705,807

Finland Government Bonds

    1,190,000       1.500     09/15/32   1,289,410

French Republic Government Bonds OAT

    7,350,000       3.500     11/25/33   8,913,346
    1,760,000       1.250     05/25/34   1,769,719
    1,030,000       4.500     04/25/41   1,332,192
    310,000       3.250     05/25/45   337,310
    210,000       2.000     05/25/48   177,525
    800,000       1.750     05/25/66   508,488

Ireland Government Bonds

    430,000       0.200     10/18/30   451,106
    920,000       0.350     10/18/32   918,296

Italy Buoni Poliennali Del Tesoro

    5,400,000       0.000 (h)    08/01/26   6,235,559
    3,220,000       0.900     04/01/31   3,415,825
    1,680,000       6.000     05/01/31   2,324,048
    1,130,000       3.250     03/01/38   1,274,194
    1,370,000       4.450     09/01/43   1,705,407
    1,170,000       2.150     09/01/52   932,643
    357,000       4.500     10/01/53   436,399
    100,000       2.800     03/01/67   85,171

Kingdom of Belgium Government Bonds

    1,690,000       0.350     06/22/32   1,687,428
    250,000       2.150     06/22/66   184,388

Netherlands Government Bonds

    709,181       2.500     07/15/34   820,652
    673,445       0.000 (h)    01/15/38   546,581
    838,544       3.750     01/15/42   1,071,289
    687,236       2.000     01/15/54   628,050

Portugal Obrigacoes do Tesouro OT

    1,200,000       1.950     06/15/29   1,402,727

Region Wallonne Belgium

    1,300,000       2.875     01/14/38   1,399,427

Republic of Austria Government Bonds

    1,270,000       0.000 (h)    10/20/28   1,393,866
    280,000       2.100 (i)    09/20/17   200,053
    280,000       0.850 (j)    06/30/20   105,165

Romania Government International Bonds

    630,000       2.124     07/16/31   617,346
    400,000       3.375 (d)    01/28/50   284,122

Spain Government Bonds

    870,000       1.250     10/31/30   958,173
    3,430,000       2.550     10/31/32   3,959,482
    650,000       0.850     07/30/37   572,321
    700,000       2.900     10/31/46   715,393
    1,110,000       3.450     07/30/66   1,139,312
       

 

        59,196,140

 

Indonesia Rupiah – 0.4%

Indonesia Treasury Bonds

IDR

    10,285,000,000       6.500     07/15/30   638,440
    7,702,000,000       6.500     02/15/31   475,357
    7,391,000,000       6.375     04/15/32   451,631

 

 


GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Sovereign Debt Obligations – (continued)

Indonesia Rupiah – (continued)

IDR

    18,210,000,000       6.625   02/15/34   $  1,120,062
    5,281,000,000       7.125     06/15/38   332,555
       

 

        3,018,045

 

Israeli Shekel – 0.2%

Israel Government Bonds

ILS

    2,430,000       2.000     03/31/27   697,354
    2,500,000       1.300     04/30/32   622,495
       

 

        1,319,849

 

Japanese Yen – 9.2%

Japan Government Five Year Bonds

JPY

    958,350,000       1.100     12/20/29   6,696,371

Japan Government Forty Year Bonds

    712,600,000       1.000     03/20/62   2,760,932

Japan Government Ten Year Bonds

    245,900,000       0.200     06/20/32   1,601,505
    768,800,000       1.400     03/20/35   5,324,343

Japan Government Thirty Year Bonds

    721,900,000       1.400     09/20/52   3,719,661

Japan Government Twenty Year Bonds

    903,000,000       1.100     09/20/42   5,283,119
    1,167,350,000       1.600     03/20/44   7,244,047

Japan Treasury Discount Bills

    3,187,550,000       0.000 (h)    07/28/25   22,127,912
    1,597,100,000       0.000 (h)    08/12/25   11,085,153
    1,133,700,000       0.000 (h)    09/01/25   7,866,975
       

 

        73,710,018

 

Mexican Peso – 0.2%

Mexico Bonos

MXN

    39,000,000       7.750     11/23/34   1,897,988

 

Peruvian Nuevo Sol – 0.1%

Peru Government Bonds

PEN

    1,550,000       5.940     02/12/29   458,555

 

Singapore Dollar – 0.1%

Singapore Government Bonds

SGD

    1,320,000       3.375     09/01/33   1,131,359

 

South Korean Won – 0.5%

Korea Treasury Bonds

KRW

    2,598,070,000       1.875     06/10/29   1,875,407
    2,641,660,000       1.375     12/10/29   1,855,191
       

 

        3,730,598

 

Sovereign – 0.4%

Hungary Government International Bonds

$

    2,040,000       6.125     05/22/28   2,101,853

Korea Hydro & Nuclear Power Co. Ltd.(d)

    630,000       4.250     07/27/27   629,691

Romania Government International Bonds(d)

    240,000       3.000     02/27/27   231,120
       

 

        2,962,664

 

Thailand Baht – 0.1%

Thailand Government Bonds

THB

    6,350,000       2.650     06/17/28   201,861
    6,710,000       2.875     12/17/28   216,014

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Sovereign Debt Obligations – (continued)

Thailand Baht – (continued)

THB

    70,000       3.390   06/17/37   $      2,548
    9,116,000       3.450     06/17/43   337,917
       

 

        758,340

 

Total Romania New Leu – 0.0%

Romania Government Bonds

RON

    1,375,000       6.700     02/25/32   306,790

 

United States Dollar – 0.8%

Chile Government International Bonds(c)

$

    430,000       3.100     05/07/41   319,920

Export-Import Bank of Korea

    390,000       5.000     01/11/28   398,151
    330,000       5.125     01/11/33   339,893

Mexico Government International Bonds

    1,521,000       3.771 (c)    05/24/61   895,869
    1,810,000       3.750 (c)    04/19/71   1,028,080

Panama Government International Bonds(c)

    200,000       6.875     01/31/36   199,400

Peru Government International Bonds

    10,000       2.780 (c)    12/01/60   5,370
    100,000       3.230 (c)(k)    07/28/21   53,700

Philippines Government International Bonds

    470,000       3.700     03/01/41   381,053

Republic of Poland Government International Bonds

    600,000       5.125 (c)    09/18/34   601,200
    650,000       5.500 (c)    03/18/54   601,250

Romania Government International Bonds

    70,000       6.375     01/30/34   68,530

Saudi Government International Bonds

    830,000       4.875     07/18/33   829,988

State of Israel

    400,000       3.800     05/13/60   259,600

Uruguay Government International Bonds

    31,914       4.375 (c)    01/23/31   31,882
    57,058       5.442 (c)    02/14/37   58,456
       

 

        6,072,342

 

TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $174,615,627)
  $166,433,822

 

       
Asset-Backed Securities(c) – 13.4%

 

Automotive – 1.9%

Bank of America Auto Trust Series 2023-2A, Class A2(d)

$

    14,649       5.850   08/17/26   $     14,656

BMW Vehicle Lease Trust Series 2025-1, Class A3

    1,775,000       4.430     06/26/28   1,784,867

Exeter Automobile Receivables Trust Series 2025-1A, Class A2

    751,770       4.700     09/15/27   751,586

Exeter Automobile Receivables Trust Series 2025-1A, Class A3

    425,000       4.670     08/15/28   425,065

Exeter Automobile Receivables Trust Series 2025-3A, Class A3

    1,550,000       4.780     07/16/29   1,556,042

Ford Credit Auto Lease Trust Series 2024-A, Class A2A

    32,634       5.240     07/15/26   32,642

Ford Credit Auto Owner Trust Series 2023-C, Class A2A

    159,203       5.680     09/15/26   159,300

 

 


GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Asset-Backed Securities(c) – (continued)    

Automotive – (continued)

Ford Credit Auto Owner Trust Series 2024-1, Class A(d)(e)

$

    1,625,000       4.870   08/15/36   $  1,656,024

GM Financial Consumer Automobile Receivables Trust Series 2023-4, Class A2A

    72,256       5.890     11/16/26   72,294

GMF Floorplan Owner Revolving Trust Series 2023-1, Class A1(d)

    1,500,000       5.340     06/15/28   1,512,995

Hyundai Auto Lease Securitization Trust Series 2024-A, Class A2A(d)

    620,404       5.150     06/15/26   620,704

Mercedes-Benz Auto Receivables Trust Series 2023-2, Class A2

    718       5.920     11/16/26   718

Nissan Auto Lease Trust Series 2024-A, Class A2A

    1,365,927       5.110     10/15/26   1,367,493

Nissan Auto Receivables Owner Trust Series 2023-B, Class A3

    425,000       5.930     03/15/28   428,619

Santander Drive Auto Receivables Trust Series 2025-1, Class A2

    479,291       4.760     08/16/27   479,426

Santander Drive Auto Receivables Trust Series 2025-1, Class A3

    1,525,000       4.740     01/16/29   1,530,605

Toyota Auto Loan Extended Note Trust Series 2025-1A, Class A(d)

    2,525,000       4.650     05/25/38   2,557,055
       

 

        14,950,091

 

Collateralized Loan Obligations(d) – 7.9%

1988 CLO 4 Ltd. Series 2024-4A, Class D(b) (3 mo. USD Term SOFR + 4.250%)

    1,575,000       8.506     04/15/37   1,589,507

1988 CLO 5 Ltd. Series 2024-5A, Class A1(b) (3 mo. USD Term SOFR + 1.540%)

    1,275,000       5.796     07/15/37   1,278,685

AGL CLO 3 Ltd. Series 2020-3A, Class A1R(b) (3 mo. USD Term SOFR + 1.150%)

    2,100,000       5.406     04/15/38   2,096,516

Apex Credit CLO Ltd. Series 2024-2A, Class A(b) (3 mo. USD Term SOFR + 1.520%)

    1,275,000       5.802     07/25/37   1,280,228

ARES European CLO XXI DAC Series 21A, Class B(b) (3 mo. EUR EURIBOR + 1.700%)

EUR

    540,000       4.147     04/15/38   636,371

Bain Capital Credit CLO Ltd. Series 2020-1A, Class A1R(b) (3 mo. USD Term SOFR + 1.250%)

$

    2,575,000       5.519     04/18/33   2,580,922

Carlyle U.S. CLO Ltd. Series 2024-2A, Class B(b) (3 mo. USD Term SOFR + 2.050%)

    1,900,000       6.332     04/25/37   1,908,731

CQS U.S. CLO Ltd. Series 2021-1A, Class AR(b) (3 mo. USD Term SOFR + 1.200%)

    1,800,000       5.470     01/20/35   1,798,402

CVC Cordatus Loan Fund III DAC Series 3A, Class B1R3(b) (3 mo. EUR EURIBOR + 1.650%)

EUR

    1,400,000       3.939     05/26/38   1,642,249

Elmwood CLO 41 Ltd. Series 2025-4A, Class A(b) (3 mo. USD Term SOFR + 1.350%)

$

    6,000,000       5.636     07/17/38   6,021,504

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Asset-Backed Securities(c) – (continued)    

Collateralized Loan Obligations(d) – (continued)

Generate CLO 20 Ltd. Series 2024-20A, Class A(b) (3 mo. USD Term SOFR + 1.300%)

$

    1,900,000       5.589   01/25/38   $  1,902,160

Generate CLO 22 Ltd. Series 2025-22A, Class A(b) (-1X 3 mo. USD Term SOFR + 1.330%)

    4,775,000       0.000     07/20/38   4,775,000

Jamestown CLO XII Ltd. Series 2019-1A, Class A2BR(b) (3 mo. USD Term SOFR + 1.850%)

    1,650,000       6.119     04/20/32   1,651,704

JP Morgan Mortgage Trust Series 2023-HE3, Class A1(b) (1 mo. USD Term SOFR + 1.600%)

    336,891       5.902     05/20/54   338,528

Mountain View CLO LLC Series 2016-1A, Class AR2(b) (3 mo. USD Term SOFR + 1.260%)

    1,793,485       5.502     04/14/33   1,795,102

Mountain View CLO XV Ltd. Series 2019-2A, Class A1R(b) (3 mo. USD Term SOFR + 1.670%)

    1,225,000       5.926     07/15/37   1,230,521

Neuberger Berman Loan Advisers CLO 45Ltd. Series 2021-45A, Class AR(b) (3 mo. USD Term SOFR + 1.060%)

    740,000       5.302     10/14/36   740,726

Oaktree CLO Ltd. Series 2021-1A, Class A1R(b) (3 mo. USD Term SOFR + 1.350%)

    5,000,000       5.606     01/15/38   5,005,570

OHA Credit Funding 7 Ltd. Series 2020-7A, Class A1R2(b) (-1X 3 mo. USD Term SOFR + 1.280%)

    5,000,000       0.000     07/19/38   5,000,000

OZLM XIV Ltd. Series 2015-14A, Class C1R3(b) (3 mo. USD Term SOFR + 3.400%)

    1,700,000       7.656     01/15/38   1,699,913

Penta CLO DAC Series 2021-2A, Class BR(b) (3 mo. EUR EURIBOR + 1.650%)

EUR

    1,300,000       4.009     04/15/38   1,532,803

Pikes Peak CLO 5 Series 2020-5A, Class A1R(b) (3 mo. USD Term SOFR + 1.400%)

$

    1,875,000       5.670     10/20/37   1,879,174

Polus U.S. CLO II Ltd. Series 2025-2A, Class A1(b) (3 mo. USD Term SOFR + 1.520%)

    1,650,000       5.804     07/20/38   1,655,805

Regatta XI Funding Ltd. Series 2018-1A, Class BR(b) (3 mo. USD Term SOFR + 1.750%)

    1,475,000       6.030     07/17/37   1,478,267

RR 40 Ltd. Series 2025-40A, Class A1(b) (3 mo. USD Term SOFR + 1.340%)

    6,200,000       5.637     07/15/38   6,220,770

Sagard-Halseypoint CLO 8 Ltd. Series 2024-8A, Class A1(b) (3 mo. USD Term SOFR + 1.390%)

    1,025,000       5.704     01/30/38   1,026,810

Sound Point Euro CLO 14 Funding DAC Series 14A, Class B(b) (3 mo. EUR EURIBOR + 1.600%)

EUR

    1,130,000       3.894     04/20/39   1,324,269

Storm King Park CLO Ltd. Series 2022-1A, Class BR(b) (3 mo. USD Term SOFR + 1.700%)

$

    1,350,000       5.956     10/15/37   1,353,059

Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A

    155,788       5.750     12/20/50   157,291

 

 


GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Asset-Backed Securities(c) – (continued)

Collateralized Loan Obligations(d) – (continued)

Venture 36 CLO Ltd. Series 2019-36A, Class D(b) (3 mo. USD Term SOFR + 4.412%)

$

    900,000       8.684   04/20/32   $    877,415

Voya CLO Ltd. Series 2019-1A, Class A1RR(b) (3 mo. USD Term SOFR + 1.370%)

    1,150,000       5.626     10/15/37   1,152,036
       

 

        63,630,038

 

Credit Card – 1.5%

American Express Credit Account Master Trust Series 2025-3, Class A

    2,425,000       4.510     04/15/32   2,457,524

Barclays Dryrock Issuance Trust Series 2023-1, Class A

    1,500,000       4.720     02/15/29   1,503,354

Barclays Dryrock Issuance Trust Series 2023-2, Class A(b) (1 mo. USD Term SOFR + 0.900%)

    2,600,000       5.204     08/15/28   2,604,454

Citibank Credit Card Issuance Trust Series 2023-A1, Class A1

    1,275,000       5.230     12/08/27   1,278,723

Citibank Credit Card Issuance Trust Series 2025-A2, Class A

    1,675,000       4.490     06/21/32   1,686,590

WF Card Issuance Trust Series 2025-A1, Class A

    2,325,000       4.340     05/15/30   2,341,936
       

 

        11,872,581

 

Student Loan(b)(d) – 2.1%

Apidos CLO XV Ltd. Series 2013-15A, Class A1RR (3 mo. USD Term SOFR + 1.272%)

    597,979       5.541     04/20/31   598,281

Bain Capital Credit CLO Ltd. Series 2023-3A, Class A (3 mo. USD Term SOFR + 1.800%)

    1,650,000       6.075     07/24/36   1,653,232

Balboa Bay Loan Funding Ltd. Series 2023-1A, Class AR (3 mo. USD Term SOFR + 1.420%)

    2,975,000       5.690     04/20/36   2,975,000

ECMC Group Student Loan Trust Series 2017-1A, Class A (1 mo. USD Term SOFR + 1.314%)

    1,964,722       5.620     12/27/66   1,974,662

Navient Student Loan Trust Series 2017-2A, Class A (1 mo. USD Term SOFR + 1.164%)

    2,850,683       5.470     12/27/66   2,849,343

Palmer Square Loan Funding Ltd. Series 2022-3A, Class A1BR (3 mo. USD Term SOFR + 1.400%)

    1,500,000       5.656     04/15/31   1,500,005

PHEAA Student Loan Trust Series 2016-1A, Class A (1 mo. USD Term SOFR + 1.264%)

    634,043       5.570     09/25/65   632,131

Silver Point CLO 4 Ltd. Series 2024-4A, Class A1 (3 mo. USD Term SOFR + 1.630%)

    4,500,000       5.886     04/15/37   4,514,103
       

 

        16,696,757

 

TOTAL ASSET- BACKED SECURITIES
(Cost $106,403,572)
  $107,149,467

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
U.S. Treasury Obligations – 14.1%

U.S. Treasury Bills

$

    28,492,000       0.000 %(h)    07/01/25   $ 28,488,709
    76,315,700       0.000 (h)    07/03/25   76,298,034

U.S. Treasury Bonds

    3,560,000       2.375     11/15/49   2,290,081
    2,440,000       4.750     11/15/53   2,418,650

U.S. Treasury Inflation-Indexed Bonds

    2,093,415       1.500     02/15/53   1,658,786

U.S. Treasury Notes

    1,574,700       0.625     05/15/30   1,354,980

 

TOTAL U.S. TREASURY OBLIGATIONS
(Cost $112,713,914)
  $112,509,240

 

       
    Shares     Description   Value
Exchange Traded Funds – 0.0%
    3,755      
Vanguard Intermediate-Term
Corporate Bond ETF
  $    311,364
(Cost $306,202)  

 

       
    Shares     Dividend
Rate
  Value
Investment Company(l) – 0.0%

Goldman Sachs Financial Square Government Fund — Institutional Shares

    20,725       4.231%   $     20,725
(Cost $20,725)  

 

TOTAL INVESTMENTS – 107.7%

(Cost $863,246,568)

  $859,972,064

 

LIABILITIES IN EXCESS OF
 OTHER ASSETS – (7.7)%
  (61,583,806)

 

NET ASSETS – 100.0%   $798,388,258

 

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)   Exempt from registration under Rule 144A of the Securities Act of 1933.
(e)   Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on June 30, 2025.
 


GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

(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 $93,260,049 which represents approximately 11.7% of net assets as of June 30, 2025.
(g)   Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $10,239,480, which represents approximately 1.2% of the Fund’s net assets as of June 30, 2025.
(h)   Issued with a zero coupon. Income is recognized through the accretion of discount.
(i)   Actual maturity date is September 20, 2117.
(j)   Actual maturity date is June 30, 2120.
(k)   Actual maturity date is July 28, 2121.
(l)   Represents an affiliated issuer.
 

 

 

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
 

 

 

JPMorgan Securities, Inc.

    

AUD

     1,652,027        USD      1,078,342          08/25/25        $ 10,199  
    

AUD

     12,925,958        USD      8,397,480          09/17/25          123,586  
    

AUD

     3,280,961        USD      2,129,387          12/17/25          37,569  
    

BRL

     954,501        USD      172,696          07/02/25          2,899  
    

BRL

     468,271        USD      81,482          09/17/25          3,032  
    

CAD

     2,324,699        USD      1,684,248          07/02/25          23,067  
    

CAD

     10,754,608        USD      7,896,024          09/17/25          32,827  
    

CHF

     6,567,141        USD      8,087,842          09/17/25          270,724  
    

CLP

     363,870,600        USD      389,000          07/28/25          1,584  
    

CLP

     396,315,758        USD      417,324          09/17/25          8,007  
    

CNH

     119,810,913        USD      16,786,313          09/17/25          56,866  
    

CNH

     1,692,217        USD      234,137          09/18/25          3,778  
    

COP

     704,163,736        USD      168,554          09/17/25          1,945  
    

CZK

     218,421,059        USD      10,109,149          09/17/25          321,835  
    

CZK

     9,291,582        USD      429,387          12/17/25          15,628  
    

EUR

     13,260,233        USD      15,249,107          09/17/25          452,279  
    

EUR

     1,604,201        USD      1,827,140          09/18/25          72,511  
    

EUR

     1,576,021        USD      1,842,528          12/17/25          34,313  
    

GBP

     4,742,241        USD      6,420,211          08/28/25          91,615  
    

GBP

     6,160,081        USD      8,333,422          09/17/25          126,475  
    

GBP

     505,846        USD      683,340          12/17/25          11,624  
    

HUF

     555,176,639        USD      1,565,857          09/17/25          63,813  
    

ILS

     13,920,637        USD      3,943,189          09/17/25          193,812  
    

ILS

     1,908,428        USD      520,214          09/18/25          46,953  
    

INR

     202,591,363        USD      2,350,698          07/07/25          12,435  
    

INR

     181,247,588        USD      2,092,612          07/09/25          21,341  
    

INR

     91,406,745        USD      1,063,116          07/28/25          1,966  
    

INR

     280,409,279        USD      3,254,576          09/17/25          5,208  
    

JPY

     317,283,089        USD      2,211,547          09/17/25          11,275  
    

JPY

     154,011,127        USD      1,083,508          12/17/25          6,224  
    

KRW

     1,152,748,842        USD      847,189          07/02/25          6,419  
    

KRW

     267,414,381        USD      195,000          07/07/25          2,711  
    

KRW

     325,377,779        USD      238,685          07/09/25          1,915  
    

KRW

     572,879,384        USD      423,398          07/11/25          277  
    

KRW

     525,102,224        USD      386,417          07/28/25          2,392  
    

KRW

     8,501,039,767        USD      6,289,005          09/17/25          24,507  
    

KRW

     355,246,140        USD      257,204          09/18/25          6,645  
    

KRW

     544,213,827        USD      406,037          12/17/25          321  
    

MXN

     13,537,207        USD      709,651          08/29/25          7,199  
    

MXN

     50,007,889        USD      2,598,421          09/17/25          44,516  
    

NOK

     19,966,623        USD      1,976,253          09/17/25          5,635  
    

NZD

     3,566,387        AUD      3,301,000          09/17/25          3,537  


GOLDMAN SACHS GLOBAL CORE FIXED INCOME 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
 

 

 

JPMorgan Securities, Inc. (continued)

    

NZD

     11,241,200          USD        6,801,658          09/17/25        $ 68,493  
    

PLN

     21,148,653          USD        5,689,316          09/17/25          167,328  
    

SEK

     36,305,081          USD        3,818,215          09/17/25          39,005  
    

SGD

     8,350,092          USD        6,545,682          09/17/25          59,043  
    

TRY

     33,306,940          USD        768,378          09/17/25          11,742  
    

TWD

     22,823,750          USD        775,000          07/25/25          13,880  
    

TWD

     33,022,554          USD        1,129,268          09/17/25          26,700  
    

TWD

     7,183,608          USD        249,154          12/17/25          6,776  
    

USD

     439,266          CAD        591,967          12/17/25          966  
    

USD

     1,493,528          CNH        10,618,444          09/17/25          773  
    

USD

     154,452          GBP        112,220          12/17/25          277  
    

USD

     1,035,302          INR        88,561,455          07/09/25          2,379  
    

USD

     305,599          INR        26,267,499          09/17/25          237  
    

USD

     866,982          INR        74,834,418          12/17/25          1,277  
    

USD

     22,286,960          JPY        3,184,668,454          07/28/25          95,851  
    

USD

     40,388,794          JPY        5,749,478,105          09/11/25          135,905  
    

USD

     204,690          JPY        29,203,920          09/17/25          93  
    

USD

     280,780          JPY        39,652,509          09/18/25          2,952  
    

USD

     704,362          JPY        99,300,250          12/17/25          1,746  
    

USD

     252,378          KRW        339,642,211          09/17/25          134  
    

USD

     804,452          KRW        1,076,168,332          12/17/25          890  
    

USD

     609,130          SEK        5,717,606          09/17/25          1,665  
    

USD

     425,099          TWD        12,223,521          07/25/25          2,605  
    

ZAR

     19,570,408          USD        1,095,780          09/17/25          3,346  

 

 

TOTAL

                          $ 2,815,527  

 

 

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

 

Counterparty     

Currency
Purchased

      

Currency
Sold

       Settlement
Date
       Unrealized
Loss
 

 

 

JPMorgan Securities, Inc.

    

CAD

     3,020,499        USD      2,226,879          07/02/25        $ (8,552
    

CAD

     2,448,138        USD      1,812,369          09/17/25          (7,476
    

GBP

     112,254        USD      154,452          09/17/25          (289
    

INR

     180,225,629        USD      2,104,302          07/14/25          (2,801
    

INR

     505,613,628        USD      5,890,044          09/17/25          (12,237
    

JPY

     699,029,597        USD      4,910,164          09/17/25          (12,902
    

JPY

     46,896,245        USD      332,955          09/18/25          (4,373
    

JPY

     28,922,615        USD      204,690          12/17/25          (43
    

KRW

     289,897,398        USD      215,000          07/16/25          (530
    

KRW

     1,082,539,595        USD      804,452          09/17/25          (477
    

NOK

     26,908,141        USD      2,690,451          09/17/25          (19,547
    

TWD

     12,223,521        USD      422,870          07/07/25          (2,875
    

TWD

     9,089,185        USD      318,249          07/31/25          (3,570
    

TWD

     9,803,353        USD      342,835          08/01/25          (3,346
    

USD

     9,613,495        AUD      14,761,691          09/17/25          (117,727
    

USD

     167,603        BRL      954,501          07/02/25          (7,992
    

USD

     171,408        BRL      954,501          08/04/25          (2,745
    

USD

     383,128        BRL      2,154,234          09/17/25          (5,667
    

USD

     6,941,069        CAD      9,822,154          07/02/25          (272,556
    

USD

     5,599,134        CAD      7,689,842          09/17/25          (70,213
    

USD

     3,291,367        CAD      4,476,956          09/25/25          (10,559
    

USD

     436,492        CAD      594,191          12/17/25          (3,455
    

USD

     8,744,396        CHF      7,140,738          09/17/25          (344,234


GOLDMAN SACHS GLOBAL CORE FIXED INCOME 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
 

 

 

JPMorgan Securities, Inc. (continued)

    

USD

     1,324,832        CHF      1,059,809          12/17/25        $ (39,470
    

USD

     490,195        CLP      458,839,911          09/17/25          (2,238
    

USD

     9,341,656        CNH      66,716,017          09/17/25          (37,372
    

USD

     236,932        CNH      1,693,110          09/18/25          (1,108
    

USD

     2,077,046        CNH      14,697,741          12/17/25          (2,863
    

USD

     185,786        COP      774,378,155          09/17/25          (1,714
    

USD

     5,024,876        CZK      108,472,286          09/17/25          (155,360
    

USD

     1,545,668        CZK      33,345,051          12/17/25          (51,371
    

USD

     20,092,361        EUR      17,446,239          09/17/25          (565,657
    

USD

     408,861        EUR      375,496          09/19/25          (35,820
    

USD

     126,073,593        EUR      107,053,413          09/23/25          (737,334
    

USD

     1,531,224        EUR      1,298,832          12/17/25          (15,520
    

USD

     18,248,899        GBP      13,477,181          08/28/25          (257,346
    

USD

     8,816,244        GBP      6,590,978          09/17/25          (235,423
    

USD

     104,850        GBP      76,903          12/17/25          (805
    

USD

     1,134,425        HUF      394,486,559          09/17/25          (23,553
    

USD

     3,563,098        IDR      58,363,551,868          09/10/25          (41,518
    

USD

     1,216,113        ILS      4,377,855          07/30/25          (83,841
    

USD

     3,055,209        ILS      10,631,859          09/17/25          (104,417
    

USD

     543,399        ILS      1,908,244          09/18/25          (23,714
    

USD

     1,322,680        ILS      4,693,739          12/17/25          (74,790
    

USD

     2,352,750        INR      202,207,099          07/07/25          (5,900
    

USD

     1,073,000        INR      92,183,576          07/09/25          (2,169
    

USD

     229,289        INR      19,668,041          07/11/25          (83
    

USD

     5,773,374        INR      500,997,190          09/17/25          (50,764
    

USD

     10,998,574        JPY      1,595,742,465          08/12/25          (138,032
    

USD

     4,093,672        JPY      590,307,616          09/17/25          (41,906
    

USD

     664,902        JPY      95,651,330          09/18/25          (5,287
    

USD

     314,866        JPY      44,643,366          12/17/25          (1,016
    

USD

     845,959        KRW      1,152,748,842          07/02/25          (7,649
    

USD

     419,531        KRW      573,705,789          07/07/25          (4,635
    

USD

     240,147        KRW      326,472,792          07/09/25          (1,263
    

USD

     422,913        KRW      575,054,968          07/11/25          (2,371
    

USD

     815,583        KRW      1,111,109,936          07/14/25          (6,316
    

USD

     4,174,912        KRW      5,702,052,867          09/10/25          (58,029
    

USD

     3,026,051        KRW      4,190,555,822          09/17/25          (86,172
    

USD

     1,146,124        KRW      1,618,188,071          09/18/25          (55,738
    

USD

     1,045,429        KRW      1,407,116,107          12/17/25          (5,248
    

USD

     2,603,938        MXN      50,612,648          08/29/25          (76,207
    

USD

     4,126,012        MXN      79,695,400          09/17/25          (85,922
    

USD

     2,023,190        NOK      20,438,275          09/17/25          (5,514
    

USD

     668,209        NOK      6,743,990          12/17/25          (1,448
    

USD

     1,214,009        NZD      2,014,993          07/31/25          (15,523
    

USD

     12,272,744        NZD      20,254,470          09/17/25          (105,938
    

USD

     507,532        NZD      832,125          12/17/25          (2,407
    

USD

     7,851,999        PLN      29,227,923          09/17/25          (242,017
    

USD

     4,124,172        SEK      39,465,554          09/17/25          (68,831
    

USD

     2,089,458        SGD      2,673,785          08/28/25          (22,674
    

USD

     595,225        SGD      760,311          09/17/25          (6,163
    

USD

     777,960        THB      25,251,644          09/17/25          (3,432
    

USD

     677,045        TRY      29,352,413          09/17/25          (10,450
    

USD

     410,530        TWD      12,223,521          07/07/25          (9,465
    

USD

     821,802        TWD      24,068,530          07/28/25          (10,929
    

USD

     2,043,901        TWD      59,629,750          09/17/25          (43,464
    

USD

     398,376        ZAR      7,166,738          07/18/25          (5,848


GOLDMAN SACHS GLOBAL CORE FIXED INCOME 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
 

 

 

JPMorgan Securities, Inc. (continued)

    

USD

     2,017,464          ZAR        36,005,955          09/17/25        $ (4,726

 

 

TOTAL

                          $ (4,598,936

 

 

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        $ (2,000,000)        $ (1,767,318)  

Government National Mortgage Association

       4.000        TBA - 30yr          07/15/25          (2,000,000)          (1,858,642)  

Government National Mortgage Association

       4.500        TBA - 30yr          07/15/25          (15,000,000)          (14,351,520)  

Government National Mortgage Association

       5.000        TBA - 30yr          07/15/25          (2,000,000)          (1,963,862)  

Uniform Mortgage-Backed Security

       2.000        TBA - 30yr          07/15/25          (10,000,000)          (7,912,498)  

Uniform Mortgage-Backed Security

       4.000        TBA - 30yr          07/15/25          (4,000,000)          (3,718,294)  

Uniform Mortgage-Backed Security

       4.500        TBA - 30yr          07/15/25          (8,000,000)          (7,649,374)  

 

 

(PROCEEDS RECEIVED: $(38,718,359))

                       $ (39,221,508)  

 

 

 

(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.K. Long Gilt

     101       09/26/25      $ 12,897,458        $ 285,934  

10 Year U.S. Treasury Notes

     182       09/19/25        20,406,750          103,819  

20 Year U.S. Treasury Bonds

     160       09/19/25        18,475,000          467,272  

30 Year German Euro-Buxl

     72       09/08/25        10,070,630          (125,644

5 Year German Euro-Bund

     155       09/08/25        23,763,093          (188,321

5 Year U.S. Treasury Notes

     755       09/30/25        82,295,000          815,630  

Australian 10 Year Government Bonds

     48       09/15/25        3,620,961          38,602  

Australian 3 Year Government Bonds

     120       09/15/25        8,509,174          32,551  

Canada 10 Year Government Bonds

     154       09/18/25        13,796,952          134,237  

Euro BTP

     15       09/08/25        2,137,980          4,274  

Euro-Bobl

     121       09/08/25        16,773,169          (57,217

Euro-Schatz

     231       09/08/25        29,183,433          (56,171

French 10 Year Government Bonds

     12       09/08/25        1,750,529          (10,198

ICE 3M Sonia Bonds

     205       03/17/26        67,805,205          95,223  

Japan 10 Year Government Bond

     10       09/12/25        9,653,831          37,124  

Ultra Long U.S. Treasury Bonds

     106       09/19/25        12,627,250          259,681  

 

 

Total

                    $ 1,836,796  

 

 


GOLDMAN SACHS GLOBAL CORE FIXED 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:

                 

2 Year U.S. Treasury Notes

     (234)      09/30/25      $ (48,677,484    $ (130,876

 

 

TOTAL FUTURES CONTRACTS

                  $ 1,705,920  

 

 

SWAP CONTRACTS — At June 30, 2025, the Fund had the following swap contracts:

OVER THE COUNTER INTEREST RATE SWAP CONTRACTS

 

Payments Made
by the Fund
   Payments
Received by
the Fund(a)
  Counterparty     Termination
Date
    Notional
Amount
(000s)
    Value     Upfront
Payments
(Received)
Paid
    Unrealized
Appreciation/
(Depreciation)
 

 

 

3M KLIBOR

     3.735%     Citibank NA       07/14/32       MYR 1,950     $ 13,135     $     $ 13,135  

3M KLIBOR

   3.750     Citibank NA       12/21/32       3,450       24,085       (35,728     59,813  

3M KLIBOR

   3.680     MS & Co. Int. PLC       07/12/32       1,940       11,407             11,407  

 

 

TOTAL

           $ 48,627     $ (35,728   $ 84,355  

 

 

 

(a)   Payments made quarterly.

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)
 

 

 

6M EURO(a)

     1.891%(a)     09/17/25     EUR     470,420 (b)    $ (18,065   $ (15   $ (18,050

13.750%(c)

   1M BID Average(c)     01/04/27     BRL     14,680       8,868       2,650       6,218  

12M SOFR(a)

   3.620(a)     06/30/27     $       52,060 (b)      206,850       (29,802     236,652  

Mexico Interbank TIIE

              

28 Days(d)

   8.250(d)     09/15/27     MXN     31,160 (b)      25,065       21,046       4,019  

1M CNRR(e)

   1.500(e)     09/17/27     CNY     259,650 (b)      31,891       (21,670     53,561  

6M EURO(f)

   1.500(a)     09/17/27     EUR     5,070 (b)      (57,872     (54,380     (3,492

12M THOR(e)

   1.750(e)     09/17/27     THB     26,080 (b)      9,129       1,954       7,175  

8.250(e)

   12M CPIBR(e)     09/17/27     COP     13,054,810 (b)      3,562       (21,498     25,060  

3.750(a)

   12M SOFR(a)     09/17/27     $       69,340 (b)      (533,676     (171,775     (361,901

6M EURO(a)

   2.000(a)     09/17/27     EUR     6,110 (b)      31,706       32,219       (513

3M STIBOR(e)

   2.250(a)     09/17/27     SEK     457,430 (b)      350,157       211,830       138,327  

6M CDOR(f)

   2.500(f)     09/17/27     CAD     1,410 (b)      1,100       181       919  

6M CDOR(f)

   2.750(f)     09/17/27         68,820 (b)      297,446       178,262       119,184  

6M PRIBOR(f)

   3.500(a)     09/17/27     CZK     29,850 (b)      (692     8,377       (9,069

6M AUDOR(e)

   3.500(e)     09/17/27     AUD     9,630 (b)      49,768       36,388       13,380  

6M GBP(a)

   3.500(a)     09/17/27     GBP     1,280 (b)      (1,044     (7,788     6,744  

3M LIBOR(a)

   3.500(a)     09/17/27     $       160 (b)      468       (143     611  

6M GBP(a)

   3.750(a)     09/17/27     GBP     48,110 (b)      271,344       34,270       237,074  

7.500(e)

   3M JIBAR(e)     09/17/27     ZAR     43,220 (b)      (25,336     (23,808     (1,528

2.500(e)

   3M KWCDC(e)     09/17/27     KRW     3,892,120 (b)      (7,150     (3,034     (4,116

3M NIBOR(f)

   4.250(a)     09/17/27     NOK     441,430 (b)      424,477       170,455       254,022  

6M WIBOR(f)

   4.750(a)     09/17/27     PLN     9,650 (b)      29,880       15,806       14,074  

12M CLICP(f)

   5.500(f)     09/17/27     CLP     683,000 (b)      16,347       15,235       1,112  

12M MIBOR(f)

   6.000(f)     09/17/27     INR     610,730 (b)      61,199       18,766       42,433  

6M BUBOR(f)

   6.250(a)     09/17/27     HUF     1,449,610 (b)      20,523       40,864       (20,341


GOLDMAN SACHS GLOBAL CORE FIXED INCOME 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)

    Market
Value
    Upfront
Premium
(Received)
Paid
    Unrealized
Appreciation/
(Depreciation)
 

 

 

3.750%(e)

   6M AUDOR(e)     09/17/27     AUD     123,660 (b)    $ (1,029,601   $ (888,557   $ (141,044

0.750(a)

   6M JYOR(a)     09/17/27     JPY     3,913,000 (b)      14,542       21,457       (6,915

4.250(a)

   6M WIBOR(f)     09/17/27     PLN     23,480 (b)      (12,146     (4,885     (7,261

6M EURO(e)

     2.143%(c)     11/20/27     EUR     210,250 (b)      253,509       (1,611,669     1,865,178  

2.180(c)

   6M EURO(f)     11/20/27         210,250 (b)      (166,306     (1,449,992     1,283,686  

6M EURO(f)

   2.500(a)     05/14/28         13,291 (b)      117,476       (209,753     327,229  

12M SOFR(c)

   3.368(c)     06/23/28     $       67,730 (b)      105,097       4,585       100,512  

3.750(a)

   6M GBP(a)     09/17/28     GBP     440 (b)      (3,518     180       (3,698

1M BID Average(a)

   13.250(a)     01/02/29     BRL     24,810       19,827       (12,636     32,463  

6M EURO(f)

   2.325(a)     02/25/29     EUR     12,670 (b)      9,507       (859,415     868,922  

3.620(a)

   12M SOFR(a)     11/30/29     $       58,120 (b)      (609,249     (42,740     (566,509

3.600(a)

   12M SOFR(a)     11/30/29         49,750 (b)      (482,525     55,933       (538,458

1M BID Average(c)

   13.250(c)     01/02/30     BRL     6,200       6,087       (21,382     27,469  

13.250(c)

   1M BID Average(c)     01/02/30         6,200       (6,087     5,304       (11,391

3.600(a)

   12M SOFR(a)     06/23/30     $       71,370 (b)      (176,049     2,173       (178,222

Mexico Interbank TIIE

              

28 Days(d)

   8.500(d)     09/11/30     MXN     45,620 (b)      81,321       75,346       5,975  

1M CNRR(e)

   1.500(e)     09/17/30     CNY     564,400 (b)      97,611       (247,972     345,583  

2.000(e)

   12M THOR(e)     09/17/30     THB     68,650 (b)      (73,987     (22,425     (51,562

6M EURO(f)

   2.000(a)     09/17/30     EUR     14,620 (b)      (231,752     (221,066     (10,686

6M CDOR(f)

   2.750(f)     09/17/30     CAD     9,940 (b)      44,062       3,907       40,155  

6M GBP(a)

   3.750(a)     09/17/30     GBP     14,990 (b)      103,793       (72,646     176,439  

3M NZDOR(e)

   3.750(f)     09/17/30     NZD     22,130 (b)      87,962       67,751       20,211  

1.000(a)

   6M JYOR(a)     09/17/30     JPY     11,776,560 (b)      (253,931     (199,945     (53,986

3M JIBAR(e)

   8.000(e)     09/17/30     ZAR     42,970 (b)      62,820       37,155       25,665  

12M CPIBR(e)

   8.750(e)     09/17/30     COP     5,255,320 (b)      1,906       26,533       (24,627

12M SOFR(a)

   3.845(a)     05/21/32     $       11,410 (b)      156,967       (2,802     159,769  

6M JYOR(a)

   1.000(a)     09/17/32     JPY     62,000 (b)      (1,368     (2,338     970  

1.295(a)

   6M JYOR(a)     08/02/34         2,162,808 (b)      73,434       (606,984     680,418  

3.750(a)

   6M PRIBOR(f)     03/19/35     CZK     19,030       7,281       (170     7,451  

12M SOFR(a)

   4.098(a)     06/24/35     $       17,370 (b)      64,401       (3,168     67,569  

Mexico Interbank TIIE

              

28 Days(d)

   8.750(d)     09/05/35     MXN     17,690 (b)      41,523       14,733       26,790  

6M CHFOR(a)

   0.500(a)     09/17/35     CHF     2,930 (b)      (18,689     3,355       (22,044

6M EURO(f)

   2.000(a)     09/17/35     EUR     2,060 (b)      (130,577     (127,849     (2,728

3M STIBOR(e)

   2.750(a)     09/17/35     SEK     36,290 (b)      68,425       26,175       42,250  

6M CDOR(f)

   3.000(f)     09/17/35     CAD     1,870 (b)      1,475       (11,822     13,297  

3M KWCDC(e)

   3.750(e)     09/17/35     KRW     11,720,770 (b)      878,636       825,579       53,057  

6M GBP(a)

   3.750(a)     09/17/35     GBP     1,720 (b)      (46,458     (70,315     23,857  

12M SOFR(a)

   3.750(a)     09/17/35     $       2,610 (b)      15,691       (22,551     38,242  

4.250(a)

   3M NIBOR(f)     09/17/35     NOK     60,040 (b)      (243,548     (121,744     (121,804

3M NZDOR(e)

   4.250(f)     09/17/35     NZD     11,950 (b)      83,118       71,928       11,190  

12M CLICP(f)

   5.750(f)     09/17/35     CLP     1,010,150 (b)      53,582       56,377       (2,795

6M BUBOR(f)

   6.750(a)     09/17/35     HUF     109,420 (b)      4,177       2,520       1,657  

4.500(f)

   6M AUDOR(f)     09/17/35     AUD     1,810 (b)      (42,728     (34,377     (8,351

1.250(a)

   6M JYOR(a)     09/17/35     JPY     2,773,000 (b)      (776     65,248       (66,024

12M CPIBR(e)

   9.250(e)     09/17/35     COP     830,100 (b)      (788     6,766       (7,554

3M JIBAR(e)

   9.250(e)     09/17/35     ZAR     16,850 (b)      50,934       9,030       41,904  

6M JYOR(a)

   2.160(a)     08/02/44     JPY     2,435,570 (b)      (534,430     (772,681     238,251  

6M EURO(f)

   2.000(a)     09/17/45     EUR     2,640 (b)      (392,664     (342,348     (50,316

2.000(a)

   6M EURO(f)     05/17/53         4,761 (b)      399,288       (47,292     446,580  

2.500(a)

   6M EURO(f)     11/10/53         3,817 (b)      117,060       (429,814     546,874  

4.213(a)

   12M SOFR(a)     05/21/55     $       6,580 (b)      (58,084     43,131       (101,215


GOLDMAN SACHS GLOBAL CORE FIXED INCOME 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)

    Market
Value
    Upfront
Premium
(Received)
Paid
    Unrealized
Appreciation/
(Depreciation)
 

 

 

6M JYOR(a)

     1.750%(a)     09/17/55       JPY       921,000 (b)    $ (691,119   $ (686,125   $ (4,994

1.750%(a)

   6M EURO(f)     09/17/55       EUR       3,890 (b)      948,314       841,984       106,330  

6M EURO(a)

   2.530(a)     03/19/56         4,360 (b)      (158,183     (34,274     (123,909

2.610(a)

   6M EURO(f)     03/19/56         4,360 (b)      178,064       18,696       159,368  

2.500(a)

   6M EURO(f)     09/17/75         1,520 (b)      86,675       24,111       62,564  

 

 

TOTAL

           $ 65,947     $ (6,417,390   $ 6,483,337  

 

 

 

(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.
(d)   Payments made at monthly.
(e)   Payments made quarterly.
(f)   Payments made semi-annually.

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      $ 925      $ (105,205   $ (114,583    $ 9,378  

 

 

 

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

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

 

Referenced
Obligation/Index
   Financing Rate
Received/(Paid)
by the Fund
  Credit
Spread at
June 30,
2025
    Termination
Date
    Notional
Amount
(000s)
    Value     Upfront
Premiums
(Received)
Paid
    Unrealized
Appreciation/
(Depreciation)
 

 

 

Protection Purchased:

              

ICE CD ITXEB 43

   (1.000)%     0.587%       06/20/30     EUR  12,382     $ (286,594   $ (220,016   $ (66,578

Next Group PLC, 3.625%, 5/18/28

   (1.000)       0.524          06/20/30       939       (25,237     (16,254     (8,983

Protection Sold:

              

CDX.NA.IG Index 43

   1.000       0.453          12/20/29     $ 78,409       1,789,703       1,552,565       237,138  

CDX.NA.IG Index 44

   1.000       0.510          06/20/30       3,385       76,002       48,931       27,071  

ICE CD ITXEB 43

   1.000       0.545          06/20/30     EUR   13,893       354,729       294,922       59,807  

Republic of Chile, 3.240%, 02/06/28

   1.000       0.538          06/20/30     $ 1,250       26,743       22,916       3,827  

Republic of Indonesia, 2.150%, 07/28/31

   1.000       0.777          06/20/30       1,740       18,062       9,445       8,617  

Republic of Peru, 8.750%, 11/21/33

   1.000       0.822          06/20/30       1,150       9,622       5,727       3,895  

 

 

TOTAL

           $ 1,963,030     $ 1,698,236     $ 264,794  

 

 


GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

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

     BNP Paribas SA       1.950%       05/11/2026        5,680,000     $ 5,680,000     $ 27,402     $ 71,878     $ (44,476

2Y IRS

     BNP Paribas SA       2.050         05/13/2026        5,740,000       5,740,000       35,802       77,964       (42,162

2Y IRS

     BNP Paribas SA       2.000         11/11/2026        5,740,000       5,740,000       42,208       86,276       (44,068

2Y IRS

     BNP Paribas SA       2.250         03/08/2027        14,390,000       14,390,000       109,859       97,661       12,198  

9M IRS

     BNP Paribas SA       2.450         03/24/2026        3,060,000       3,060,000       41,036       48,419       (7,383

 

 

Total purchased option contracts

 

       34,610,000     $ 34,610,000     $ 256,307     $ 382,198     $ (125,891

 

 

Written option contracts

 

              

Calls

                 

2Y IRS

     BNP Paribas SA       2.065         05/11/2026        (1,670,000     (1,670,000     (11,297     (71,743     60,446  

2Y IRS

     BNP Paribas SA       2.105         05/13/2026        (1,690,000     (1,690,000     (12,883     (78,062     65,179  

2Y IRS

     BNP Paribas SA       2.085         11/11/2026        (1,690,000     (1,690,000     (22,525     (86,344     63,819  

2Y IRS

     BNP Paribas SA       2.347         03/08/2027        (1,340,000     (1,340,000     (58,377     (97,534     39,157  

9M IRS

     BNP Paribas SA       2.498         03/24/2026        (1,280,000     (1,280,000     (38,350     (48,238     9,888  

1M IRS

     BofA Securities LLC       2.582         07/16/2025        (3,830,000     (3,830,000     (16,751     (29,675     12,924  

1M IRS

     Citibank NA       2.606         07/30/2025        (3,780,000     (3,780,000     (27,789     (28,052     263  

1M IRS

     Citibank NA       3.692         07/30/2025        (4,230,000     (4,230,000     (37,394     (35,067     (2,327

1M IRS

     Deutsche Bank AG (London)       3.946         07/09/2025        (4,340,000     (4,340,000     (96,179     (36,890     (59,289

1M IRS

     Deutsche Bank AG (London)       3.913         07/16/2025        (4,290,000     (4,290,000     (86,571     (37,323     (49,248

1M IRS

     Deutsche Bank AG (London)       2.539         07/23/2025        (3,810,000     (3,810,000     (13,873     (28,012     14,139  

1M IRS

     MS & Co. Int. PLC       2.596         07/09/2025        (3,880,000     (3,880,000     (14,845     (28,367     13,522  

1M IRS

     MS & Co. Int. PLC       3.768         07/23/2025        (4,270,000     (4,270,000     (49,375     (37,469     (11,906

 

 
         (40,100,000   $ (40,100,000   $ (486,209   $ (642,776   $ 156,567  

 

 

Puts

                 

1M IRS

     BofA Securities LLC       2.582         07/16/2025        (3,830,000     (3,830,000     (26,509     (29,675     3,166  

1M IRS

     Citibank NA       2.606         07/30/2025        (3,780,000     (3,780,000     (29,403     (28,052     (1,351

1M IRS

     Citibank NA       3.692         07/30/2025        (4,230,000     (4,230,000     (33,858     (35,067     1,209  

1M IRS

     Deutsche Bank AG (London)       3.946         07/09/2025        (4,340,000     (4,340,000     (905     (36,890     35,985  

1M IRS

     Deutsche Bank AG (London)       3.913         07/16/2025        (4,290,000     (4,290,000     (4,064     (37,323     33,259  

1M IRS

     Deutsche Bank AG (London)       2.539         07/23/2025        (3,810,000     (3,810,000     (41,378     (28,012     (13,366

1M IRS

     MS & Co. Int. PLC       2.596         07/09/2025        (3,880,000     (3,880,000     (18,326     (28,367     10,041  

1M IRS

     MS & Co. Int. PLC       3.768         07/23/2025        (4,270,000     (4,270,000     (18,887     (37,469     18,582  

 

 
            (32,430,000   $ (32,430,000   $ (173,330   $ (260,855   $ 87,525  

 

 

Total written option contracts

 

       (72,530,000   $ (72,530,000   $ (659,539   $ (903,631   $ 244,092  

 

 

TOTAL

            (37,920,000   $ (37,920,000   $ (403,232   $ (521,433   $ 118,201  

 

 


GOLDMAN SACHS GLOBAL CORE FIXED INCOME 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

CNY  

— Chinese Yuan Renminbi

COP  

— Colombia Peso

CZK  

— Czech Republic Koruna

EUR  

— Euro

GBP  

— British Pound

HUF  

— Hungarian Forint

IDR  

— Indonesia Rupiah

ILS  

— Israeli Shekel

INR  

— Indian Rupee

JPY  

— Japanese Yen

KRW  

— South Korean Won

MXN  

— Mexican Peso

MYR  

— Malaysia Ringgit

NOK  

— Norwegian Krone

NZD  

— New Zealand Dollar

PEN  

— Peru Nuevo Sol

PLN  

— Polish Zloty

RON  

— Romania New Leu

SEK  

— Swedish Krona

SGD  

— Singapore Dollar

THB  

— Thailand Baht

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

ETF  

— Exchange Traded Fund

EURIBOR  

— Euro Interbank Offered Rate

ICE  

— Inter-Continental Exchange

LIBOR  

— London Interbank Offered Rate

LLC  

— Limited Liability Company

LP  

— Limited Partnership

MSCI  

— Morgan Stanley Capital International

MTA  

— Monthly Treasury Average

PLC  

— Public Limited Company

REMICS  

— Real Estate Mortgage Investment Conduits

SOFR  

— Secured Overnight Financing Rate

SpA  

— Stand-by Purchase Agreement

STACR  

— Structured Agency Credit Risk

 

 


GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

 

Abbreviations:    
1M IRS  

— 1 Month Interest Rate Swaptions

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

BUBOR  

— Budapest Interbank Offered Rate

CDOR  

— Canadian Dollar Offered Rate

CDX.NA.IG Ind 43  

— CDX North America Investment Grade Index 43

CDX.NA.IG Ind 44  

— CDX North America Investment Grade Index 44

CHFOR  

— Swiss Franc Offered Rate

CLICP  

— Sinacofi Chile Interbank Rate

CNRR  

— China Fixing Repo Rate

EURO  

— Euro Offered Rate

ICE  

— Inter-Continental Exchange

ICE CD ITXEB  

— iTraxx Europe Index

JIBAR  

— Johannesburg Interbank Agreed Rate

JYOR  

— Japanese Yen Offered Rate

KLIBOR  

— Kuala Lumpur Interbank Offered Rate

KWCDC  

— South Korean Won Certificate of Deposit

LIBOR  

— London Interbank Offered Rate

MIBOR  

— Mumbai Interbank Offered Rate

MS & Co. Int. PLC  

— Morgan Stanley & Co. International PLC

NIBOR  

— Norwegian Interbank Offered Rate

NZDOR  

— New Zealand Dollar Offered Rate

PRIBOR  

— Prague Interbank Offered Rate

SOFR  

— Secured Overnight Financing Rate

STIBOR  

— Stockholm Interbank Offered Rate

TIIE  

— La Tasa de Interbank Equilibrium Interest Rate

WIBOR  

— Warsaw Interbank Offered Rate

 

 


GOLDMAN SACHS INCOME FUND

 

Schedule of Investments

June 30, 2025 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – 76.0%

Advertising(a)(b) – 0.3%

Clear Channel Outdoor Holdings, Inc.

$

    40,000       7.750   04/15/28   $     37,853
    309,000       7.875     04/01/30   318,919
       

 

        356,772

 

Aerospace & Defense – 1.6%

Boeing Co.

    858,000       6.298 (a)    05/01/29   907,138
    90,000       5.150 (a)    05/01/30   91,654
    25,000       3.250 (a)    02/01/35   21,048
    90,000       5.805 (a)    05/01/50   86,342

Bombardier, Inc.

    120,000       7.000 (a)(b)    06/01/32   125,016
    55,000       6.750 (a)(b)    06/15/33   56,972

Howmet Aerospace, Inc.

    180,000       5.950     02/01/37   191,450

TransDigm, Inc.

    465,000       4.625 (a)    01/15/29   456,146
    220,000       4.875 (a)    05/01/29   215,963
       

 

        2,151,729

 

Agriculture – 0.6%

BAT Capital Corp.(a)

    578,000       6.000     02/20/34   609,108

MHP Lux SA

    200,000       6.950     04/03/26   186,000
       

 

        795,108

 

Airlines(b) – 0.7%

American Airlines, Inc./AAdvantage Loyalty IP Ltd.

    280,000       5.750     04/20/29   280,652

OneSky Flight LLC(a)

    250,000       8.875     12/15/29   260,225

VistaJet Malta Finance PLC/Vista Management Holding, Inc.

    265,000       7.875 (a)    05/01/27   266,712
    115,000       9.500 (a)    06/01/28   118,119
       

 

        925,708

 

Apparel(a)(b) – 0.5%

Beach Acquisition Bidco LLC

EUR

    100,000       5.250     07/15/32   118,712

(PIK 10.750%, Cash 10.000%)

$

    200,000       10.000 (c)    07/15/33   208,020

Champ Acquisition Corp.

    375,000       8.375     12/01/31   399,847
       

 

        726,579

 

Automotive(a) – 1.7%

Clarios Global LP/Clarios U.S. Finance Co.(b)

    280,000       6.750     02/15/30   291,155

Dealer Tire LLC/DT Issuer LLC(b)

    443,000       8.000     02/01/28   426,799

Ford Motor Credit Co. LLC

    200,000       5.850     05/17/27   201,574

Forvia SE

EUR

    100,000       2.375     06/15/29   108,211

General Motors Co.

$

    84,000       6.125     10/01/25   84,174

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Automotive(a) – (continued)

General Motors Financial Co., Inc.

$

    365,000       5.650   01/17/29   $    372,968

Hyundai Capital America(b)

    370,000       6.200     09/21/30   391,164

Phinia, Inc.

    105,000       6.750 (b)    04/15/29   108,274
    90,000       6.625 (b)    10/15/32   91,381

Schaeffler AG

EUR

    100,000       4.750     08/14/29   119,389

ZF Europe Finance BV

    100,000       6.125     03/13/29   115,650
       

 

        2,310,739

 

Banks – 12.8%

Banco do Brasil SA(a)(d) (10 yr. CMT + 4.398%)

$

    200,000       8.748     10/15/25   201,470

Banco Mercantil del Norte SA (10 yr. CMT + 4.299%)

    450,000       8.750 (a)(b)(d)    05/20/35   454,725

(10 yr. CMT + 5.353%)

    400,000       7.625 (a)(d)    01/10/28   401,600

Banco Santander SA

    600,000       2.749     12/03/30   534,444
    400,000       6.921     08/08/33   433,344

Bank of America Corp.

(3 mo. USD Term SOFR + 1.252%)

    345,000       2.496 (a)(d)    02/13/31   315,175

(3 mo. USD Term SOFR + 1.332%)

    285,000       3.970 (a)(d)    03/05/29   281,797

(3 mo. USD Term SOFR + 1.572%)

    340,000       4.271 (a)(d)    07/23/29   339,058

(5 yr. CMT + 3.231%)

    325,000       6.125 (a)(d)    04/27/27   330,437

(Secured Overnight Financing Rate + 1.220%)

    415,000       2.651 (a)(d)    03/11/32   372,184

(Secured Overnight Financing Rate + 1.530%)

    470,000       1.898 (a)(d)    07/23/31   412,801

(Secured Overnight Financing Rate + 1.630%)

    150,000       5.202 (a)(d)    04/25/29   153,294

(Secured Overnight Financing Rate + 2.150%)

    515,000       2.592 (a)(d)    04/29/31   470,942

Bank of New York Mellon Corp.

(5 yr. CMT + 2.297%)

    125,000       6.300 (a)(d)    03/20/30   128,699

(Secured Overnight Financing Rate + 1.755%)

    15,000       4.596 (a)(d)    07/26/30   15,159

Barclays PLC

    250,000       4.337 (a)    01/10/28   249,252

(5 yr. CMT + 5.431%)

    205,000       8.000 (a)(d)    03/15/29   215,096

BBVA Mexico SA Institucion De Banca Multiple Grupo
Financiero BBVA Mexico(a)(d) (5 yr. CMT + 2.650%)

    200,000       5.125     01/18/33   192,376

Citigroup, Inc.

    635,000       4.125     07/25/28   630,606

(5 yr. CMT + 2.572%)

    330,000       6.750 (a)(d)    02/15/30   332,290

 

 


GOLDMAN SACHS INCOME FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Banks – (continued)

(5 yr. CMT + 3.417%)

$

    260,000       3.875 %(a)(d)    02/18/26   $    256,612

(Secured Overnight Financing Rate + 1.422%)

    370,000       2.976 (a)(d)    11/05/30   346,087

Citizens Financial Group, Inc.(a)(d) (5 yr. CMT + 5.313%)

    150,000       5.650     10/06/25   149,915

Commerzbank AG(a)(d) (1 yr. USD Secured Overnight Financing
Rate ICE Swap Rate + 4.322%)

    200,000       7.500     10/09/30   203,432

Fifth Third Bancorp(a)(d) (Secured Overnight Financing
Rate + 2.127%)

    350,000       4.772     07/28/30   351,977

JPMorgan Chase & Co. (3 mo. USD Term SOFR + 1.207%)

    285,000       3.509 (a)(d)    01/23/29   279,149

(3 mo. USD Term SOFR + 2.515%)

    335,000       2.956 (a)(d)    05/13/31   309,664

(5 yr. CMT + 2.152%)

    240,000       6.500 (a)(d)    04/01/30   247,622

(Secured Overnight Financing Rate + 1.800%)

    765,000       4.586 (a)(d)    04/26/33   757,289

M&T Bank Corp. (5 yr. CMT + 2.679%)

    360,000       3.500 (a)(d)    09/01/26   347,828

(Secured Overnight Financing Rate + 1.850%)

    475,000       5.053 (a)(d)    01/27/34   468,336

Macquarie Bank Ltd.(a)(b)(d) (5 yr. CMT + 1.700%)

    635,000       3.052     03/03/36   563,074

Morgan Stanley (3 mo. USD Term SOFR + 1.890%)

    280,000       4.431 (a)(d)    01/23/30   279,359

(Secured Overnight Financing Rate + 1.034%)

    405,000       1.794 (a)(d)    02/13/32   346,405

(Secured Overnight Financing Rate + 1.143%)

    750,000       2.699 (a)(d)    01/22/31   691,245

(Secured Overnight Financing Rate + 1.590%)

    125,000       5.164 (a)(d)    04/20/29   127,458

(Secured Overnight Financing Rate + 1.610%)

    150,000       4.210 (a)(d)    04/20/28   149,631

PNC Financial Services Group, Inc.(a)(d) (5 yr. CMT + 3.238%)

    510,000       6.200     09/15/27   519,690

Royal Bank of Canada(a)(d) (5 yr. CMT + 2.887%)

    485,000       7.500     05/02/84   502,465

State Street Corp. (5 yr. CMT + 2.135%)

    140,000       6.450 (a)(d)    09/15/30   142,115

(5 yr. CMT + 2.613%)

    245,000       6.700 (a)(d)    03/15/29   255,307

Truist Financial Corp. (10 yr. CMT + 4.349%)

    561,000       5.100 (a)(d)    03/01/30   555,362

(5 yr. CMT + 3.003%)

    255,000       6.669 (a)(d)    09/01/25   256,005

(Secured Overnight Financing Rate + 2.050%)

    25,000       6.047 (a)(d)    06/08/27   25,334

U.S. Bancorp(a)(d) (5 yr. CMT + 2.541%)

    285,000       3.700     01/15/27   273,919

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Banks – (continued)

UBS Group AG (1 yr. CMT + 1.100%)

$

    435,000       2.746 %(a)(b)(d)    02/11/33   $    379,620

(5 yr. CMT + 4.745%)

    200,000       9.250 (a)(b)(d)    11/13/28   218,008

(5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 3.179%)

    240,000       7.125 (a)(b)(d)    08/10/34   238,625

Walker & Dunlop, Inc.(a)(b)

    115,000       6.625     04/01/33   118,497

Wells Fargo & Co.

    95,000       4.150 (a)    01/24/29   94,702

(5 yr. CMT + 2.767%)

    210,000       6.850 (a)(d)    09/15/29   220,252

(5 yr. CMT + 3.453%)

    260,000       3.900 (a)(d)    03/15/26   257,639

(5 yr. CMT + 3.606%)

    400,000       7.625 (a)(d)    09/15/28   430,092

(Secured Overnight Financing Rate + 2.100%)

    390,000       4.897 (a)(d)    07/25/33   389,957

Yapi ve Kredi Bankasi AS(a)(b)(d) (5 yr. CMT + 5.278%)

    200,000       9.250     01/17/34   207,602
       

 

        17,425,023

 

Beverages(a) – 0.6%

Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.

    390,000       4.700     02/01/36   380,527

Constellation Brands, Inc.

    100,000       3.150     08/01/29   95,001

Keurig Dr. Pepper, Inc.

    421,000       3.200     05/01/30   396,885
       

 

        872,413

 

Biotechnology(a) – 0.4%

Amgen, Inc.

    115,000       5.250     03/02/30   118,539
    375,000       5.250     03/02/33   384,067
       

 

        502,606

 

Building Materials(a) – 1.5%

Carrier Global Corp.

    410,000       2.722     02/15/30   381,394

Johnson Controls International PLC/Tyco Fire & Security Finance SCA

    270,000       4.900     12/01/32   271,210

Quikrete Holdings, Inc.

    175,000       6.375 (b)    03/01/32   180,063
    195,000       6.750 (b)    03/01/33   201,148

Smyrna Ready Mix Concrete LLC(b)

    472,000       8.875     11/15/31   495,180

Standard Building Solutions, Inc.(b)

    265,000       6.500     08/15/32   271,288

Standard Industries, Inc.(b)

    230,000       4.375     07/15/30   217,686
       

 

        2,017,969

 

 


GOLDMAN SACHS INCOME FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Chemicals(a) – 1.7%

Avient Corp.(b)

$

    180,000       7.125   08/01/30   $    185,585

Axalta Coating Systems LLC(b)

    325,000       3.375     02/15/29   307,430

Celanese U.S. Holdings LLC

    60,000       6.500     04/15/30   61,385
    85,000       6.750     04/15/33   85,873

Chemours Co.

    315,000       4.625 (b)    11/15/29   274,567
    50,000       8.000 (b)    01/15/33   46,785

Ingevity Corp.(b)

    190,000       3.875     11/01/28   181,053

International Flavors & Fragrances, Inc.(b)

    266,000       2.300     11/01/30   235,258

Methanex U.S. Operations, Inc.(b)

    125,000       6.250     03/15/32   124,578

Minerals Technologies, Inc.(b)

    325,000       5.000     07/01/28   319,819

Olympus Water U.S. Holding Corp.(b)

    245,000       7.250     06/15/31   249,971

WR Grace Holdings LLC(b)

    230,000       5.625     08/15/29   208,214
       

 

        2,280,518

 

Commercial Services – 2.6%

Adani Ports & Special Economic Zone Ltd.(a)

    350,000       4.000     07/30/27   337,444

Alarm.com Holdings, Inc.(e)

    15,000       0.000     01/15/26   14,550

APi Group DE, Inc.

    365,000       4.125 (a)(b)    07/15/29   348,082
    50,000       4.750 (a)(b)    10/15/29   49,144

Avis Budget Car Rental LLC/Avis Budget Finance, Inc.(a)(b)

    65,000       8.375     06/15/32   68,006

Belron U.K. Finance PLC(a)(b)

    205,000       5.750     10/15/29   206,480

CoStar Group, Inc.(a)(b)

    75,000       2.800     07/15/30   67,728

Garda World Security Corp.

    75,000       7.750 (a)(b)    02/15/28   77,589
    95,000       8.250 (a)(b)    08/01/32   97,628
    100,000       8.375 (a)(b)    11/15/32   102,738

GXO Logistics, Inc.(a)

    471,000       2.650     07/15/31   409,906

Herc Holdings, Inc.(a)(b)

    165,000       7.000     06/15/30   172,755

Hertz Corp.(a)(b)

    107,000       12.625     07/15/29   111,902

Quanta Services, Inc.(a)

    61,000       2.900     10/01/30   56,277

Verisure Midholding AB(a)

EUR

    380,000       5.250     02/15/29   449,801

Veritiv Operating Co.(a)(b)

$

    10,000       10.500     11/30/30   10,831

VT Topco, Inc.(a)(b)

    411,000       8.500     08/15/30   436,519

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Commercial Services – (continued)

Wand NewCo 3, Inc.(a)(b)

$

    437,000       7.625   01/30/32   $    459,401
       

 

        3,476,781

 

Computers(a) – 1.6%

Ahead DB Holdings LLC(b)

    458,000       6.625     05/01/28   459,173

Atos SE(f)

EUR

    200,000       9.000     12/18/29   262,782

CACI International, Inc.(b)

$

    100,000       6.375     06/15/33   103,301

Dell International LLC/EMC Corp.

    71,000       6.020     06/15/26   71,681
    270,000       5.300     10/01/29   277,806

Diebold Nixdorf, Inc.(b)

    240,000       7.750     03/31/30   255,386

KBR, Inc.(b)

    110,000       4.750     09/30/28   105,766

McAfee Corp.(b)

    420,000       7.375     02/15/30   396,484

Virtusa Corp.(b)

    254,000       7.125     12/15/28   242,001
       

 

        2,174,380

 

Cosmetics & Personal Care(a) – 0.1%

Perrigo Finance Unlimited Co.

    85,000       6.125     09/30/32   85,816

 

Diversified Financial Services(a) – 4.3%

AerCap Ireland Capital DAC/AerCap Global Aviation Trust

    175,000       6.500     07/15/25   175,108

AG Issuer LLC(b)

    350,000       6.250     03/01/28   350,861

AG TTMT Escrow Issuer LLC(b)

    45,000       8.625     09/30/27   46,624

Ally Financial, Inc.(d) (7 yr. CMT + 3.481%)

    295,000       4.700     05/15/28   264,889

Aviation Capital Group LLC(b)

    75,000       1.950     01/30/26   73,817

Capital One Financial Corp.(d) (3 mo. USD Term SOFR + 3.338%)

    290,000       5.500     10/30/27   288,185

Charles Schwab Corp.(d) (5 yr. CMT + 3.256%)

    265,000       5.000     06/01/27   264,685

Credit Acceptance Corp.(b)

    175,000       6.625     03/15/30   177,473

Focus Financial Partners LLC(b)

    192,000       6.750     09/15/31   196,040

Freedom Mortgage Holdings LLC(b)

    340,000       9.250     02/01/29   353,073

Jane Street Group/JSG Finance, Inc.(b)

    250,000       6.125     11/01/32   252,210

Midcap Financial Issuer Trust(b)

    463,000       6.500     05/01/28   458,754

Nationstar Mortgage Holdings, Inc.(b)

    200,000       5.500     08/15/28   199,770

Navient Corp.

    300,000       5.500     03/15/29   293,889

 

 


GOLDMAN SACHS INCOME FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Diversified Financial Services(a) – (continued)

OneMain Finance Corp.

$

    250,000       4.000   09/15/30   $    230,640
    445,000       7.125     09/15/32   460,655

Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc.(b)

    160,000       6.375     02/01/27   160,946

PennyMac Financial Services, Inc.(b)

    190,000       6.875     05/15/32   194,459

Rocket Cos., Inc.

    205,000       6.125 (b)    08/01/30   208,909
    180,000       6.375 (b)    08/01/33   184,212

SLM Corp.

    105,000       6.500     01/31/30   110,026

Stonex Escrow Issuer LLC(b)

    110,000       6.875     07/15/32   111,154

StoneX Group, Inc.(b)

    130,000       7.875     03/01/31   136,293

United Wholesale Mortgage LLC

    265,000       5.500 (b)    11/15/25   264,841
    210,000       5.500 (b)    04/15/29   204,070

VFH Parent LLC/Valor Co-Issuer, Inc.(b)

    125,000       7.500     06/15/31   131,161
       

 

        5,792,744

 

Electrical(a) – 2.0%

AES Panama Generation Holdings SRL

    376,335       4.375     05/31/30   342,465

American Electric Power Co., Inc.

    325,000       2.300     03/01/30   293,456

California Buyer Ltd./Atlantica Sustainable Infrastructure PLC(b)

    265,000       6.375     02/15/32   264,958

Lightning Power LLC(b)

    195,000       7.250     08/15/32   205,232

NextEra Energy Capital Holdings, Inc.

(5 yr. CMT + 1.979%)

    180,000       6.500 (d)    08/15/55   184,680

(5 yr. CMT + 2.053%)

    125,000       6.375 (d)    08/15/55   127,861

NRG Energy, Inc.(b)

    305,000       5.750     07/15/29   305,387

Pacific Gas & Electric Co.

    25,000       2.100     08/01/27   23,688
    355,000       2.500     02/01/31   308,151

Pike Corp.(b)

    445,000       5.500     09/01/28   444,408

Vistra Operations Co. LLC(b)

    60,000       4.300     07/15/29   59,155

XPLR Infrastructure Operating Partners LP(b)

    165,000       7.250     01/15/29   169,161
       

 

        2,728,602

 

Electronics(a)(b) – 0.3%

Imola Merger Corp.

    375,000       4.750     05/15/29   362,494

 

Engineering & Construction(a) – 1.1%

Aeropuerto Internacional de Tocumen SA(b)

    210,000       4.000     08/11/41   158,288

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Engineering & Construction(a) – (continued)

Arcosa, Inc.

$

    190,000       4.375 %(b)    04/15/29   $    183,496
    60,000       6.875 (b)    08/15/32   62,186

Global Infrastructure Solutions, Inc.

    280,000       5.625 (b)    06/01/29   278,118
    85,000       7.500 (b)    04/15/32   86,554

IHS Holding Ltd.(b)

    460,000       8.250     11/29/31   464,315

Mexico City Airport Trust

    400,000       5.500     10/31/46   330,350
       

 

        1,563,307

 

Entertainment(a)(b) – 1.3%

AMC Entertainment Holdings, Inc.

    158,000       7.500     02/15/29   124,520

Caesars Entertainment, Inc.

    436,000       4.625     10/15/29   416,149
    130,000       6.000     10/15/32   127,414

Cinemark USA, Inc.

    311,000       5.250     07/15/28   309,697
    85,000       7.000     08/01/32   88,324

Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.

    262,000       6.625     02/01/33   262,540

SeaWorld Parks & Entertainment, Inc.

    290,000       5.250     08/15/29   283,611

Vail Resorts, Inc.

    145,000       5.625     07/15/30   145,000
       

 

        1,757,255

 

Environmental(a)(b) – 0.9%

GFL Environmental, Inc.

    340,000       4.000     08/01/28   329,684

Luna 2 5SARL

EUR

    100,000       5.500     07/01/32   120,073

Madison IAQ LLC

$

    265,000       4.125     06/30/28   257,249

Waste Pro USA, Inc.

    480,000       7.000     02/01/33   499,215
       

 

        1,206,221

 

Food & Drug Retailing – 2.3%

Chobani Holdco II LLC(a)(b)(c) (PIK 9.500%, Cash 8.750%)

    41,678       8.750     10/01/29   44,691

Fiesta Purchaser, Inc.(a)(b)

    183,000       9.625     09/15/32   193,570

J.M. Smucker Co.(a)

    626,000       6.200     11/15/33   672,080

Kraft Heinz Foods Co.

    155,000       6.875     01/26/39   171,655
    351,000       5.500 (a)    06/01/50   327,795

Mars, Inc.

    325,000       4.800 (a)(b)    03/01/30   329,245
    300,000       5.000 (a)(b)    03/01/32   304,011
    400,000       5.200 (a)(b)    03/01/35   404,708

Post Holdings, Inc.(a)(b)

    363,000       6.375     03/01/33   366,412

U.S. Foods, Inc.(a)(b)

    205,000       4.625     06/01/30   199,668

 

 


GOLDMAN SACHS INCOME FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Food & Drug Retailing – (continued)

United Natural Foods, Inc.(a)(b)

$

    180,000       6.750   10/15/28   $    177,806
       

 

        3,191,641

 

Hand/Machine Tools(a) – 0.1%

Regal Rexnord Corp.

    105,000       6.300     02/15/30   110,031

 

Healthcare Providers & Services(a) – 1.9%

CAB SELAS

EUR

    150,000       3.375 (b)    02/01/28   168,210
    100,000       3.375     02/01/28   112,140

DaVita, Inc.

$

    305,000       3.750 (b)    02/15/31   277,376
    205,000       6.750 (b)    07/15/33   211,656

LifePoint Health, Inc.

    210,000       5.375 (b)    01/15/29   195,907
    140,000       11.000 (b)    10/15/30   154,714

Medline Borrower LP

    400,000       3.875 (b)    04/01/29   384,056
    275,000       5.250 (b)    10/01/29   272,882

Molina Healthcare, Inc.(b)

    235,000       6.250     01/15/33   239,197

Prime Healthcare Services, Inc.(b)

    150,000       9.375     09/01/29   148,871

Select Medical Corp.(b)

    325,000       6.250     12/01/32   326,963

Tenet Healthcare Corp.

    155,000       6.125     06/15/30   157,691
       

 

        2,649,663

 

Home Builders(a) – 0.4%

KB Home

    185,000       7.250     07/15/30   191,397

LGI Homes, Inc.(b)

    294,000       4.000     07/15/29   262,874

New Home Co., Inc.(b)

    140,000       8.500     11/01/30   142,607
       

 

        596,878

 

Household Products(a)(b) – 0.1%

Kronos Acquisition Holdings, Inc.

    120,000       8.250     06/30/31   108,974

 

Housewares(a) – 0.3%

Newell Brands, Inc.

    90,000       8.500 (b)    06/01/28   94,775
    45,000       6.375     05/15/30   43,761
    75,000       6.625     05/15/32   71,742

Scotts Miracle-Gro Co.

    250,000       4.000     04/01/31   229,315
       

 

        439,593

 

Insurance(a) – 3.0%

Acrisure LLC/Acrisure Finance, Inc.

    70,000       8.250 (b)    02/01/29   72,410
    200,000       4.250 (b)    02/15/29   192,250
    445,000       6.000 (b)    08/01/29   433,844
    110,000       6.750 (b)    07/01/32   111,550

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Insurance(a) – (continued)

Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer

$

    345,000       6.750 %(b)    10/15/27   $    345,579
    85,000       7.375 (b)    10/01/32   87,705

American International Group, Inc.

    305,000       3.400     06/30/30   290,198

APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC(b)

    310,000       7.875     11/01/29   317,133

Ardonagh Group Finance Ltd.(b)

    740,000       8.875     02/15/32   778,694

AssuredPartners, Inc.(b)

    110,000       5.625     01/15/29   109,981

BroadStreet Partners, Inc.(b)

    510,000       5.875     04/15/29   504,089

Equitable Holdings, Inc.

    60,000       4.350     04/20/28   59,869

Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC(b)

    340,000       8.125     02/15/32   353,692

HUB International Ltd.(b)

    115,000       7.375     01/31/32   120,303

MetLife, Inc.(d) (5 yr. CMT + 2.078%)

    80,000       6.350     03/15/55   82,133

Ryan Specialty LLC(b)

    135,000       5.875     08/01/32   135,965

USI, Inc.(b)

    90,000       7.500     01/15/32   94,981
       

 

        4,090,376

 

Internet(a) – 1.1%

ANGI Group LLC(b)

    194,000       3.875     08/15/28   181,161

Expedia Group, Inc.

    72,000       4.625     08/01/27   72,286
    326,000       2.950     03/15/31   296,973

Gen Digital, Inc.(b)

    125,000       6.250     04/01/33   128,501

Match Group Holdings II LLC

    145,000       5.625 (b)    02/15/29   143,898
    110,000       3.625 (b)    10/01/31   98,255

Meta Platforms, Inc.

    80,000       5.750     05/15/63   80,714

Prosus NV(b)

EUR

    120,000       2.031     08/03/32   125,699

Snap, Inc.(b)

    80,000       6.875     03/01/33   82,045

United Group BV

EUR

    175,000       4.625 (b)    08/15/28   204,068

(3 mo. EUR EURIBOR + 4.250%)

    110,000       6.393 (d)    02/15/31   129,574
       

 

        1,543,174

 

Investment Companies(a)(b) – 0.3%

Icahn Enterprises LP/Icahn Enterprises Finance Corp.

$

    145,000       10.000     11/15/29   143,533

 

 


GOLDMAN SACHS INCOME FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Investment Companies(a)(b) – (continued)

JAB Holdings BV

$

    250,000       2.200   11/23/30   $    215,282
       

 

        358,815

 

Iron/Steel(a) – 0.3%

Cleveland-Cliffs, Inc.

    120,000       6.875 (b)    11/01/29   118,165
    95,000       7.500 (b)    09/15/31   91,631

Metinvest BV

    200,000       8.500     04/23/26   179,000
       

 

        388,796

 

Leisure Time(a)(b) – 0.9%

Carnival Corp.

    60,000       7.000     08/15/29   63,236
    240,000       5.750     03/15/30   244,190
    200,000       6.125     02/15/33   204,444

MajorDrive Holdings IV LLC

    315,000       6.375     06/01/29   249,086

NCL Corp. Ltd.

    210,000       6.750     02/01/32   214,526

Royal Caribbean Cruises Ltd.

    250,000       5.625     09/30/31   251,545
    65,000       6.250     03/15/32   66,815
       

 

        1,293,842

 

Lodging(a) – 0.8%

Genting New York LLC/GENNY Capital, Inc.(b)

    435,000       7.250     10/01/29   451,469

Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.(b)

    350,000       5.000     06/01/29   336,479

Marriott International, Inc.

    75,000       5.000     10/15/27   76,225
    185,000       4.900     04/15/29   188,160
    58,000       4.875     05/15/29   58,833
       

 

        1,111,166

 

Machinery - Construction & Mining(a)(b) – 0.3%

Terex Corp.

    105,000       6.250     10/15/32   105,228

Vertiv Group Corp.

    255,000       4.125     11/15/28   248,543
       

 

        353,771

 

Machinery-Diversified(a) – 0.6%

Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC(b)

    225,000       9.000     02/15/29   235,208

Otis Worldwide Corp.

    245,000       2.565     02/15/30   225,971

TK Elevator Holdco GmbH(b)

    428,000       7.625     07/15/28   428,360
       

 

        889,539

 

Media – 2.6%

AMC Networks, Inc.(a)(b)

    80,000       10.250     01/15/29   82,975

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Media – (continued)

CCO Holdings LLC/CCO Holdings Capital Corp.

$

    520,000       4.750 %(a)(b)    03/01/30   $    504,015
    575,000       4.750 (a)(b)    02/01/32   545,060

Charter Communications Operating LLC/Charter Communications Operating Capital(a)

    170,000       3.750     02/15/28   166,699

CSC Holdings LLC

    200,000       5.750 (a)(b)    01/15/30   99,000
    210,000       3.375 (a)(b)    02/15/31   145,217

Directv Financing LLC/Directv Financing Co-Obligor, Inc.(a)(b)

    470,000       5.875     08/15/27   468,393

DISH DBS Corp.

    110,000       5.250 (a)(b)    12/01/26   99,852
    14,000       5.750 (a)(b)    12/01/28   12,131
    7,000       5.125     06/01/29   4,665

DISH Network Corp.(a)(b)

    170,000       11.750     11/15/27   175,032

GCI LLC(a)(b)

    440,000       4.750     10/15/28   425,533

iHeartCommunications, Inc.(a)(b)

    232,000       10.875     05/01/30   113,692

Sinclair Television Group, Inc.(a)(b)

    170,000       5.125     02/15/27   163,727

Sirius XM Radio LLC(a)(b)

    635,000       3.875     09/01/31   564,235
       

 

        3,570,226

 

Mining(a)(b) – 0.0%

Novelis Corp.

    70,000       6.875     01/30/30   72,379

 

Miscellaneous Manufacturing – 0.4%

Amsted Industries, Inc.(a)(b)

    50,000       6.375     03/15/33   50,797

Axon Enterprise, Inc.

    80,000       6.125 (a)(b)    03/15/30   82,300
    80,000       6.250 (a)(b)    03/15/33   82,643

General Electric Co.

    95,000       5.875     01/14/38   101,359

Hillenbrand, Inc.

    84,000       6.250 (a)    02/15/29   85,553
    235,000       3.750 (a)    03/01/31   210,657
       

 

        613,309

 

Oil Field Services – 4.5%

Aethon United BR LP/Aethon United Finance Corp.(a)(b)

    95,000       7.500     10/01/29   99,535

Archrock Partners LP/Archrock Partners Finance Corp.(a)(b)

    170,000       6.625     09/01/32   173,288

Aris Water Holdings LLC(a)(b)

    160,000       7.250     04/01/30   164,930

Cenovus Energy, Inc.

    11,000       6.750     11/15/39   11,794

Chord Energy Corp.(a)(b)

    195,000       6.750     03/15/33   199,501

Civitas Resources, Inc.

    55,000       8.375 (a)(b)    07/01/28   56,383
    100,000       9.625 (a)(b)    06/15/33   102,492

 

 


GOLDMAN SACHS INCOME FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Oil Field Services – (continued)

CNX Resources Corp.(a)(b)

$

    175,000       7.250   03/01/32   $    181,412

Crescent Energy Finance LLC

    50,000       7.625 (a)(b)    04/01/32   48,838
    485,000       7.375 (a)(b)    01/15/33   464,140

Ecopetrol SA (a)

    240,000       6.875     04/29/30   237,120

Expand Energy Corp.(a)

    180,000       4.750     02/01/32   174,787

Kodiak Gas Services LLC(a)(b)

    148,000       7.250     02/15/29   153,208

Marathon Petroleum Corp.(a)

    50,000       3.800     04/01/28   49,305

Matador Resources Co.

    230,000       6.875 (a)(b)    04/15/28   234,616
    110,000       6.500 (a)(b)    04/15/32   109,994
    191,000       6.250 (a)(b)    04/15/33   189,900

MEG Energy Corp.(a)(b)

    215,000       5.875     02/01/29   214,740

Murphy Oil Corp.(a)

    142,000       6.000     10/01/32   135,653

Noble Finance II LLC(a)(b)

    350,000       8.000     04/15/30   356,440

Permian Resources Operating LLC

    83,000       5.875 (a)(b)    07/01/29   83,304
    79,000       7.000 (a)(b)    01/15/32   81,887
    115,000       6.250 (a)(b)    02/01/33   116,056

Sitio Royalties Operating Partnership LP/Sitio Finance Corp.(a)(b)

    431,000       7.875     11/01/28   451,192

SM Energy Co.

    90,000       6.750 (a)(b)    08/01/29   89,693
    140,000       7.000 (a)(b)    08/01/32   138,113

Sunoco LP

    190,000       7.000 (a)(b)    05/01/29   197,877
    145,000       7.250 (a)(b)    05/01/32   152,283
    35,000       6.250 (a)(b)    07/01/33   35,578

TechnipFMC PLC(a)(b)

    375,000       6.500     02/01/26   374,336

Tidewater, Inc.(a)(b)

    110,000       9.125     07/15/30   113,162

Transocean Poseidon Ltd.(a)(b)

    57,750       6.875     02/01/27   57,846

Transocean Titan Financing Ltd.(a)(b)

    63,334       8.375     02/01/28   64,781

Transocean, Inc.

    100,000       8.250 (a)(b)    05/15/29   92,580
    24,800       8.750 (a)(b)    02/15/30   25,563
    105,000       8.500 (a)(b)    05/15/31   93,651

USA Compression Partners LP/USA Compression Finance
Corp.(a)(b)

    165,000       7.125     03/15/29   169,132

Wildfire Intermediate Holdings LLC(a)(b)

    95,000       7.500     10/15/29   94,311

YPF SA(a)(b)

    330,000       8.250     01/17/34   331,914
       

 

        6,121,335

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Packaging(a)(b) – 0.7%

ARD Finance SA(c) (PIK 7.250%, Cash 6.500%)

$

    434,894       6.500   06/30/27   $     17,996

Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.

    200,000       5.250     08/15/27   89,166

Efesto Bidco SpA Efesto U.S. LLC

    290,000       7.500     02/15/32   294,469

Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC

    350,000       6.000     09/15/28   350,000

LABL, Inc.

    180,000       8.625     10/01/31   153,900
       

 

        905,531

 

Pharmaceuticals(a) – 1.0%

1261229 BC Ltd.(b)

    200,000       10.000     04/15/32   201,792

AdaptHealth LLC

    220,000       6.125 (b)    08/01/28   220,134
    95,000       4.625 (b)    08/01/29   89,571
    65,000       5.125 (b)    03/01/30   61,806

Bausch Health Cos., Inc.(b)

    60,000       5.000     01/30/28   48,586

Opal Bidco SAS(b)

    485,000       6.500     03/31/32   494,351

Teva Pharmaceutical Finance Netherlands IV BV

    200,000       5.750     12/01/30   202,910
       

 

        1,319,150

 

Pipelines(a) – 6.2%

Antero Midstream Partners LP/Antero Midstream Finance Corp.(b)

    155,000       6.625     02/01/32   160,107

Blue Racer Midstream LLC/Blue Racer Finance Corp.

    55,000       7.000 (b)    07/15/29   57,426
    55,000       7.250 (b)    07/15/32   58,287

Buckeye Partners LP

    185,000       6.875 (b)    07/01/29   191,604
    85,000       6.750 (b)    02/01/30   88,256

Cheniere Energy Partners LP

    40,000       5.950     06/30/33   41,740

CNX Midstream Partners LP(b)

    145,000       4.750     04/15/30   137,219

Columbia Pipelines Operating Co. LLC(b)

    345,000       6.036     11/15/33   362,198

CQP Holdco LP/BIP-V Chinook Holdco LLC(b)

    685,000       5.500     06/15/31   676,520

Delek Logistics Partners LP/Delek Logistics Finance Corp.

    140,000       8.625 (b)    03/15/29   145,361
    255,000       7.375 (b)    06/30/33   253,870

Energy Transfer LP

    385,000       5.250     04/15/29   394,221

Excelerate Energy LP(b)

    190,000       8.000     05/15/30   200,233

Genesis Energy LP/Genesis Energy Finance Corp.

    129,000       7.750     02/01/28   130,908
    220,000       7.875     05/15/32   228,793

Global Partners LP/GLP Finance Corp.

    440,000       6.875     01/15/29   447,792

 

 


GOLDMAN SACHS INCOME FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Pipelines(a) – (continued)

Howard Midstream Energy Partners LLC

$

    120,000       8.875 %(b)    07/15/28   $    125,950
    115,000       7.375 (b)    07/15/32   120,949

Kinetik Holdings LP

    70,000       6.625 (b)    12/15/28   71,593
    265,000       5.875 (b)    06/15/30   267,343

MPLX LP

    105,000       4.000     03/15/28   103,938
    365,000       2.650     08/15/30   330,427

NuStar Logistics LP

    285,000       6.375     10/01/30   295,314

ONEOK, Inc.

    275,000       6.350     01/15/31   293,983

Plains All American Pipeline LP/PAA Finance Corp.

    400,000       3.800     09/15/30   382,352

Prairie Acquiror LP(b)

    255,000       9.000     08/01/29   265,774

Rockies Express Pipeline LLC(b)

    150,000       6.750     03/15/33   156,646

Summit Midstream Holdings LLC(b)

    405,000       8.625     10/31/29   413,027

Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.

    140,000       7.375 (b)    02/15/29   143,854
    75,000       6.000 (b)    12/31/30   73,643

Targa Resources Partners LP/Targa Resources Partners Finance Corp.

    395,000       4.875     02/01/31   391,639
    197,000       4.000     01/15/32   183,340

TransMontaigne Partners LLC(b)

    460,000       8.500     06/15/30   478,667

Venture Global LNG, Inc.

    278,000       8.125 (b)    06/01/28   287,113
    30,000       9.500 (b)    02/01/29   32,691
    150,000       7.000 (b)    01/15/30   151,801

Venture Global Plaquemines LNG LLC

    145,000       6.500     01/15/34   145,000
    145,000       6.750     01/15/36   145,000
       

 

        8,434,579

 

Real Estate(a)(b) – 0.1%

Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp.

    160,000       5.750     01/15/29   140,469

 

Real Estate Investment Trust(a) – 1.3%

Agree LP

    25,000       2.900     10/01/30   23,071

Iron Mountain Information Management Services, Inc.(b)

    318,000       5.000     07/15/32   305,045

MPT Operating Partnership LP/MPT Finance Corp.(b)

    10,000       8.500     02/15/32   10,471

Prologis LP

    25,000       1.750     07/01/30   21,965

Realty Income Corp.

    60,000       4.000     07/15/29   59,226
    355,000       2.850     12/15/32   310,820

Regency Centers LP

    60,000       2.950     09/15/29   56,750

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Real Estate Investment Trust(a) – (continued)

RHP Hotel Properties LP/RHP Finance Corp.(b)

$

    45,000       6.500   06/15/33   $     46,330

Starwood Property Trust, Inc.(b)

    215,000       6.500     07/01/30   222,151

Trust Fibra Uno

    200,000       4.869     01/15/30   189,410

Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC(b)

    200,000       4.750     04/15/28   195,894

WP Carey, Inc.

    60,000       3.850     07/15/29   58,408
    25,000       2.400     02/01/31   21,996

XHR LP(b)

    277,000       4.875     06/01/29   268,466
       

 

        1,790,003

 

Retailing(a) – 1.9%

Asbury Automotive Group, Inc.

    220,000       4.625 (b)    11/15/29   212,423
    55,000       5.000 (b)    02/15/32   52,385

Cougar JV Subsidiary LLC(b)

    90,000       8.000     05/15/32   95,971

Foundation Building Materials, Inc.(b)

    270,000       6.000     03/01/29   247,884

Group 1 Automotive, Inc.

    110,000       4.000 (b)    08/15/28   106,306
    45,000       6.375 (b)    01/15/30   46,313

GYP Holdings III Corp.(b)

    180,000       4.625     05/01/29   180,419

Ken Garff Automotive LLC(b)

    290,000       4.875     09/15/28   286,610

LCM Investments Holdings II LLC(b)

    410,000       4.875     05/01/29   398,651

Penske Automotive Group, Inc.

    290,000       3.750     06/15/29   275,367

QXO Building Products, Inc.(b)

    125,000       6.750     04/30/32   129,054

Sonic Automotive, Inc.

    185,000       4.625 (b)    11/15/29   179,381
    75,000       4.875 (b)    11/15/31   71,248

Staples, Inc.

    50,000       10.750 (b)    09/01/29   47,489
    10,000       12.750 (b)    01/15/30   6,757

Tractor Supply Co.

    75,000       1.750     11/01/30   64,993

Yum! Brands, Inc.(b)

    135,000       4.750     01/15/30   133,746
       

 

        2,534,997

 

Semiconductors(a) – 1.3%

Broadcom, Inc.

    372,000       3.469 (b)    04/15/34   331,820
    594,000       3.137 (b)    11/15/35   501,045
    645,000       3.187 (b)    11/15/36   534,647

NXP BV/NXP Funding LLC/NXP USA, Inc.

    360,000       3.400     05/01/30   340,830
       

 

        1,708,342

 

 


GOLDMAN SACHS INCOME FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Software(a) – 3.6%

AthenaHealth Group, Inc.(b)

$

    421,000       6.500   02/15/30   $    414,218

Castle U.S. Holding Corp.(b)

    362,000       9.500     02/15/28   160,967

Clarivate Science Holdings Corp.(b)

    365,000       3.875     07/01/28   349,761

Cloud Software Group, Inc.(b)

    297,000       8.250     06/30/32   316,183

CoreWeave, Inc.(b)

    340,000       9.250     06/01/30   347,609

Elastic NV(b)

    245,000       4.125     07/15/29   234,149

MSCI, Inc.(b)

    748,000       3.875     02/15/31   705,087

Oracle Corp.

    850,000       2.950     04/01/30   793,271
    415,000       2.875     03/25/31   378,360
    580,000       6.250     11/09/32   627,316

TeamSystem SpA(b)

EUR

    435,000       3.500     02/15/28   507,285
       

 

        4,834,206

 

Telecommunication Services – 2.6%

AT&T, Inc.

$

    365,000       2.750 (a)    06/01/31   330,763
    482,000       2.550 (a)    12/01/33   403,482
    135,000       4.900 (a)    08/15/37   129,366
    315,000       5.150 (a)    11/15/46   290,046
    395,000       3.650 (a)    06/01/51   280,134
    420,000       3.500 (a)    09/15/53   284,340

CommScope LLC

    63,000       8.250 (a)(b)    03/01/27   62,745
    133,000       9.500 (a)(b)    12/15/31   139,187

EchoStar Corp.

    220,000       10.750 (a)    11/30/29   226,180

(PIK 6.750%, Cash 6.750%)

    98,526       6.750 (a)(c)    11/30/30   90,124

Frontier Communications Holdings LLC(a)(b)

    125,000       5.000     05/01/28   124,924

Hughes Satellite Systems Corp.

    85,000       6.625     08/01/26   60,953

Level 3 Financing, Inc.(a)(b)

    220,000       6.875     06/30/33   223,839

Sprint Capital Corp.

    325,000       8.750     03/15/32   394,283

T-Mobile USA, Inc.(a)

    402,000       3.875     04/15/30   390,322

Windstream Services LLC/Windstream Escrow Finance Corp.(a)(b)

    90,000       8.250     10/01/31   94,261
       

 

        3,524,949

 

Transportation – 0.8%

Beacon Mobility Corp.(a)(b)

    135,000       7.250     08/01/30   137,774

MV24 Capital BV

    439,392       6.748     06/01/34   425,555

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Transportation – (continued)

Rand Parent LLC(a)(b)

$

    240,000       8.500   02/15/30   $    240,785

RXO, Inc.(a)(b)

    170,000       7.500     11/15/27   174,452

XPO, Inc.(a)(b)

    110,000       7.125     02/01/32   115,210
       

 

        1,093,776

 

TOTAL CORPORATE OBLIGATIONS
(Cost $100,738,463)
  $103,302,274

 

       
Mortgage-Backed Obligations – 19.1%

Collateralized Mortgage Obligations(a) – 0.8%

Interest Only – 0.2%

Government National Mortgage Association REMICS Series 2018-124, Class SN (-1X 1 mo. USD Term SOFR + 6.086%)

$

    116,772       1.768 %(d)(g)    09/20/48   $     14,689

Government National Mortgage Association REMICS Series 2020-7, Class GI

    52,048       4.000 (g)    01/20/50   10,865

Government National Mortgage Association REMICS Series 2020-21, Class SA (-1X 1 mo. USD Term SOFR + 5.936%)

    151,607       1.618 (d)(g)    02/20/50   19,620

Government National Mortgage Association REMICS Series 2020-146, Class KI

    525,199       2.500 (g)    10/20/50   78,440

Government National Mortgage Association REMICS Series 2019-153, Class EI

    297,438       4.000 (g)    12/20/49   63,035

Government National Mortgage Association REMICS Series 2020-55, Class AS (-1X 1 mo. USD Term SOFR + 5.936%)

    222,282       1.618 (d)(g)    04/20/50   28,993

Government National Mortgage Association REMICS Series 2020-61, Class GI

    118,340       5.000 (g)    05/20/50   28,405
       

 

  244,047

 

Sequential Fixed Rate – 0.2%

OBX Trust Series 2024-NQM8, Class A1

    263,374       6.233 (b)(f)    05/25/64   266,359

 

Sequential Floating Rate – 0.4%

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-HQA2, Class M1B (1 mo. USD Term SOFR +4.000%)

    100,000       8.305 (b)(d)    07/25/42   105,456

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA2, Class M1 (1 mo. USD Term SOFR + 1.200%)

    235,876       5.505 (b)(d)    05/25/44   236,135

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R08, Class 1M2 (1 mo. USD Term SOFR + 3.600%)

    30,000       7.905 (b)(d)    07/25/42   31,294

 

 


GOLDMAN SACHS 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)

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%)

$

    85,000       7.305 %(b)(d)    04/25/42   $     87,251

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%)

    100,000       5.955 (b)(d)    05/25/44   100,489
       

 

  560,625

 

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS   $  1,071,031

 

Commercial Mortgage-Backed Securities – 3.8%

Regular Floater – 0.2%

TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR +2.133%)

$

    200,000       6.444 %(b)(d)    11/15/29   $    199,950

TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term
SOFR +2.930%)

    100,000       7.242 (b)(d)    11/15/29   99,913
       

 

  299,863

 

Sequential Fixed Rate – 0.9%

Morgan Stanley Capital I Trust Series 2017-HR2, Class A4

    275,000       3.587 (a)    12/15/50   268,345

ROCK Trust Series 2024-CNTR, Class A

    250,000       5.388 (b)    11/13/41   255,483

ROCK Trust Series 2024-CNTR, Class D

    300,000       7.109 (b)    11/13/41   312,826

SLG Office Trust Series 2021-OVA, Class A

    500,000       2.585 (b)    07/15/41   438,204
       

 

  1,274,858

 

Sequential Floating Rate – 2.7%

Bank Series 2021-BN37, Class A5

    210,000       2.618 (a)(d)    11/15/64   184,094

Bank Series 2022-BNK42, Class A5

    400,000       4.493 (a)(d)    06/15/55   388,768

Bank Series 2018-BN13, Class A5

    375,000       4.217 (a)(d)    08/15/61   371,104

Bank Series 2021-BN33, Class AS

    500,000       2.792 (a)    05/15/64   438,137

BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%)

    550,000       5.231 (b)(d)    03/15/37   519,838

BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%)

    400,000       5.954 (b)(d)    02/15/41   399,803

Hudson Yards Mortgage Trust Series 2025-SPRL, Class D

    150,000       6.551 (b)(d)    01/13/40   155,289

IRV Trust Series 2025-200P, Class A

    350,000       5.471 (a)(b)(d)    03/14/47   353,340

IRV Trust Series 2025-200P, Class D

    100,000       6.371 (a)(b)(d)    03/14/47   98,999

LEX Mortgage Trust Series 2024-BBG, Class A

    250,000       5.036 (a)(b)(d)    10/13/33   251,236

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Mortgage-Backed Obligations – (continued)

Sequential Floating Rate – (continued)

MSWF Commercial Mortgage Trust Series 2023-2, Class A5

$

    185,000       6.014 %(a)(d)    12/15/56   $    198,236

NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%)

    250,000       6.004 (b)(d)    02/15/42   247,782
       

 

        3,606,626

 

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES   $  5,181,347

 

Federal Agencies(h) – 14.5%

Government National Mortgage Association – 4.4%

$

    2,000,000       4.500   TBA-30yr   $  1,913,536
    2,000,000       5.500     TBA-30yr   2,001,987
    2,000,000       6.000     TBA-30yr   2,028,005
       

 

  5,943,528

 

Uniform Mortgage-Backed Security – 10.1%

    1,000,000       2.500     TBA-30yr   829,023
    1,000,000       4.000     TBA-30yr   929,574
    11,000,000       5.500     TBA-30yr   11,013,980
    1,000,000       6.000     TBA-30yr   1,028,176
       

 

        13,800,753

 

TOTAL FEDERAL AGENCIES   $ 19,744,281

 

TOTAL MORTGAGE-BACKED OBLIGATIONS
(Cost $25,682,368)
  $ 25,996,659

 

       
Bank Loans(i) – 6.0%

Aerospace & Defense – 0.7%

Bleriot U.S. Bidco, Inc. (3 mo. USD Term SOFR + 2.750%)

$

    99,002       7.046   10/31/30   $     99,188

Dynasty Acquisition Co., Inc. (1 mo. USD Term SOFR + 2.000%)

    447,750       6.327     10/31/31   447,813

Kaman Corp.(3 mo. USD Term SOFR + 2.750%)

    365,517       7.083     02/26/32   364,947
       

 

  911,948

 

Automotive – 0.3%

First Brands Group LLC

(3 mo. USD Term SOFR + 8.500%)

    250,000       13.041     03/30/28   223,750

(3 mo. USD Term SOFR + 5.000%)

    127,236       9.541     03/30/27   119,991
       

 

  343,741

 

Building & Construction – 0.5%

AAL Delaware Holdco, Inc.(1 mo. USD Term SOFR + 2.750%)

    397,005       7.077     07/30/31   396,759

Construction Partners, Inc.(1 mo. USD Term SOFR + 2.500%)

    49,750       6.827     11/03/31   49,874

TRC Cos. LLC(1 mo. USD Term SOFR + 3.000%)

    235,911       7.327     12/08/28   235,145
       

 

  681,778

 

 


GOLDMAN SACHS INCOME FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

Principal

Amount

   

Interest

Rate

    Maturity
Date
  Value
Bank Loans(i) – (continued)

Building Materials – 0.4%

Chamberlain Group, Inc. (1 mo. USD Term SOFR + 3.250%)

$

    337,750       7.677   11/03/28   $    338,095

Icebox Holdco III, Inc.

(3 mo. USD Term SOFR + 3.500%)

    169,459       8.057     12/22/28   169,831

(3 mo. USD Term SOFR + 6.750%)

    50,000       11.307     12/21/29   49,958
       

 

  557,884

 

Capital Goods - Others – 0.3%

Engineered Machinery Holdings, Inc.

(3 mo. EUR EURIBOR + 3.750%)

EUR

    72,187       5.730     05/21/28   85,033

(3 mo. USD Term SOFR + 3.500%)

$

    182,976       8.057     05/19/28   183,990

LSF12 Crown U.S. Commercial Bidco LLC(1 mo. USD Term SOFR + 4.250%)

    195,000       8.574     12/02/31   195,854
       

 

  464,877

 

Commercial Services – 0.8%

Ankura Consulting Group LLC(3 mo. USD Term SOFR + 3.500%)

    472,625       7.802     12/29/31   471,798

Cinemark USA, Inc.(1 mo. USD Term SOFR + 2.750%) – (3 mo. USD Term SOFR + 2.750%)

    147,019       7.046–7.077     05/24/30   147,432

Fugue Finance BV(3 mo. USD Term SOFR + 3.500%)

    49,875       7.583     01/09/32   50,145

Teneo Holdings LLC(1 mo. USD Term SOFR + 4.750%)

    446,608       9.077     03/13/31   450,516
       

 

  1,119,891

 

Construction Machinery – 0.0%

Clark Equipment Co.(3 mo. USD Term SOFR + 2.000%)

    21,281       6.296     04/20/29   21,352

 

Containers & Packaging – 0.1%

LABL, Inc.(1 mo. USD Term SOFR + 5.000%)

    70,137       9.427     10/30/28   63,012

 

Diversified Financial Services – 0.5%

DRW Holdings LLC(1 mo. USD Term SOFR + 3.500%)

    360,112       7.827     06/26/31   360,563

FNZ Group Services Ltd.(3 mo. USD Term SOFR + 5.000%)

    124,688       9.260     11/05/31   102,088

GEN II Fund Services LLC(6 mo. USD Term SOFR + 2.750%)

    229,425       6.967     11/26/31   229,425
       

 

  692,076

 

Energy - Exploration & Production – 0.1%

Kohler Energy Co. LLC(3 mo. USD Term SOFR + 3.750%)

    91,824       8.046     05/01/31   91,796

 

Entertainment – 0.3%

Arcis Golf LLC(1 mo. USD Term SOFR + 2.750%)

    170,252       7.077     11/24/28   170,253

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Bank Loans(i) – (continued)

Entertainment – (continued)

Crown Finance U.S., Inc.(1 mo. USD Term SOFR + 5.250%)

$

    248,750       9.566   12/02/31   $    248,439
       

 

  418,692

 

Food & Beverages(j) – 0.2%

Sazerac Co., Inc.

    225,000       0.000     06/26/32   224,719

 

Internet – 0.2%

Plano HoldCo, Inc.(3 mo. USD Term SOFR + 3.500%)

    299,250       7.796     10/02/31   283,539

 

Media – 0.0%

Audacy Capital Corp.(1 mo. USD Term SOFR + 7.000%)

    6,598       11.441     10/02/28   6,548

 

Media - Cable – 0.0%

DirecTV Financing LLC(3 mo. USD Term SOFR + 5.000%)

    25,187       9.541     08/02/27   25,256

 

Media - Non Cable – 0.0%

Audacy Capital Corp.(1 mo. USD Term SOFR + 6.000%)

    59,105       10.441     10/01/29   48,111

 

Midstream – 0.1%

AL GCX Holdings LLC(1 mo. USD Term SOFR + 2.000%)

    73,644       6.313     05/17/29   73,631

 

Pipelines – 0.2%

Prairie ECI Acquiror LP(1 mo. USD Term SOFR + 4.250%)

    322,563       8.577     08/01/29   324,275

 

Retailers – 0.2%

Harbor Freight Tools USA, Inc.

    149,812       0.000     06/11/31   146,441

TruGreen LP(3 mo. USD Term SOFR + 8.500%)

    210,000       13.041     11/02/28   164,587
       

 

  311,028

 

Technology – 0.7%

Kaseya, Inc.(1 mo. USD Term SOFR + 3.250%)

    349,125       7.577     03/20/32   350,326

Pitney Bowes, Inc.(1 mo. USD Term SOFR + 3.750%)

    349,125       8.077     03/19/32   348,106

Syndigo LLC(3 mo. USD Term SOFR + 4.500%)

    215,438       9.094     12/15/27   215,842
       

 

  914,274

 

Technology - Hardware – 0.1%

Grinding Media, Inc.(3 mo. USD Term SOFR + 3.500%)

    192,545       7.830     10/12/28   190,619

 

Technology - Software – 0.3%

Drake Software LLC(3 mo. USD Term SOFR + 4.250%)

    173,675       8.546     06/26/31   172,807

iSolved, Inc.(1 mo. USD Term SOFR + 3.000%)

    52,347       7.327     10/15/30   52,494

 

 


GOLDMAN SACHS INCOME FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Bank Loans(i) – (continued)

Technology - Software – (continued)

Virtusa Corp.(1 mo. USD Term SOFR + 3.250%)

$

    188,949       7.577   02/15/29   $    188,855
       

 

        414,156

 

TOTAL BANK LOANS
(Cost $8,358,907)
  $  8,183,203

 

       
Asset-Backed Securities(a)(b)(d) – 5.8%

Collateralized Loan Obligations – 5.8%

1988 CLO 3 Ltd. Series 2023-3A, Class A1 (3 mo. USD Term SOFR + 2.000%)

$

    500,000       6.256   10/15/38   $    501,281

1988 CLO 5 Ltd. Series 2024-5A, Class A1 (3 mo. USD Term SOFR + 1.540%)

    500,000       5.796     07/15/37   501,445

Bain Capital Credit CLO Ltd. Series 2024-3A, Class A1 (3 mo. USD Term SOFR + 1.480%)

    725,000       5.741     07/16/37   727,096

Bain Capital Credit CLO Ltd. Series 2019-1A, Class DR2 (3 mo. USD Term SOFR + 3.100%)

    175,000       7.370     04/19/34   175,218

CIFC Funding Ltd. Series 2022-6A, Class BR (3 mo. USD Term SOFR + 1.750%)

    600,000       6.011     10/16/38   601,601

Golub Capital Partners CLO 74 B Ltd. Series 2024-74A, Class A (3 mo. USD Term SOFR + 1.500%)

    725,000       5.782     07/25/37   726,707

Katayma CLO I Ltd. Series 2023-1A, Class A1 (3 mo. USD Term SOFR + 2.000%)

    1,000,000       6.270     10/20/36   1,004,500

Madison Park Funding LXI Ltd. Series 2023-61A, Class A (3 mo. USD Term SOFR + 1.730%)

    500,000       6.000     01/20/37   502,029

Madison Park Funding XXI Ltd. Series 2016-21A, Class C1RR (3 mo. USD Term SOFR + 3.512%)

    600,000       7.768     10/15/32   600,550

Mountain View CLO XV Ltd. Series 2019-2A, Class A1R (3 mo. USD Term SOFR + 1.670%)

    400,000       5.926     07/15/37   401,803

Oaktree CLO Ltd. Series 2019-4A, Class ARR (3 mo. USD Term SOFR + 1.510%)

    250,000       5.780     07/20/37   250,615

OHA Credit Funding 13 Ltd. Series 2022-13A, Class AR (3 mo. USD Term SOFR + 1.350%)

    575,000       5.620     07/20/37   576,223

Rad CLO 22 Ltd. Series 2023-22A, Class B (3 mo. USD Term SOFR + 2.670%)

    350,000       6.940     01/20/37   352,118

Rockford Tower CLO Ltd. Series 2023-1A, Class C (3 mo. USD Term SOFR + 3.200%)

    300,000       7.470     01/20/36   301,633

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Asset-Backed Securities(a)(b)(d) – (continued)

Collateralized Loan Obligations – (continued)

THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR (3 mo. USD Term SOFR + 3.982%)

$

    600,000       8.251   04/18/36   $    601,283
       

 

        7,824,102

 

TOTAL ASSET- BACKED SECURITIES
(Cost $7,816,900)
  $  7,824,102

 

       
Sovereign Debt Obligations – 3.4%

Euro – 0.9%

Egypt Government International Bonds

EUR

    200,000       4.750   04/16/26   $    237,136

Indonesia Government International Bonds

    100,000       1.100     03/12/33   98,506

Ivory Coast Government International Bonds(b)

    500,000       4.875     01/30/32   527,687

Romania Government International Bonds

    290,000       2.875     03/11/29   326,997
    30,000       2.625 (b)    12/02/40   21,987
       

 

  1,212,313

 

Sovereign(a) – 0.4%

Mexico Government International Bonds

$

    603,000       3.500     02/12/34   508,932

 

United States Dollar – 2.1%

Abu Dhabi Government International Bonds(b)

    200,000       3.875     04/16/50   153,700

Argentina Republic Government International Bonds

    12,528       1.000 (a)    07/09/29   10,450
    401,192       0.750 (a)(f)    07/09/30   317,985

Benin Government International Bonds

    200,000       7.960     02/13/38   188,500

Dominican Republic International Bonds(b)

    240,000       4.875     09/23/32   221,400

Ecuador Government International Bonds

    34,036       0.000 (b)(e)    07/31/30   24,710
    40,000       6.900 (b)(f)    07/31/30   34,680
    46,400       5.000 (b)(f)    07/31/40   29,151

Egypt Government International Bonds(b)

    200,000       8.875     05/29/50   166,400

Morocco Government International Bonds(b)

    310,000       3.000     12/15/32   262,415

National Bank of Uzbekistan

    260,000       4.850     10/21/25   258,554

Republic of Uzbekistan International Bonds(b)

    200,000       3.700     11/25/30   177,750

Turkiye Government International Bonds

    200,000       6.125     10/24/28   201,020
    200,000       7.625     04/26/29   209,000
    250,000       7.125     07/17/32   249,695
    200,000       6.500     09/20/33   191,550

Ukraine Government International Bonds

    54,803       1.750 (b)(f)    02/01/29   33,772
    10,241       0.000 (b)(f)    02/01/30   4,898
    38,270       0.000 (b)(f)    02/01/34   14,657
    79,801       1.750 (b)(f)    02/01/34   41,097

 

 


GOLDMAN SACHS INCOME FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Sovereign Debt Obligations – (continued)

United States Dollar – (continued)

$

    32,341       0.000 %(b)(f)    02/01/35   $     15,155
    33,651       1.750 (b)(f)    02/01/35   17,095
    26,951       0.000 (b)(f)    02/01/36   12,600
    19,229       1.750 (b)(f)    02/01/36   9,542
       

 

        2,845,776

 

TOTAL SOVEREIGN DEBT OBLIGATIONS

(Cost $4,936,149)

  $  4,567,021

 

       
Shares     Description   Value
Common Stocks(k) – 0.2%

Communications Equipment – 0.1%

    4,216       Intelsat SA   $    180,234

 

Media – 0.1%

    2,022       Audacy Class A   24,264
    222       Audacy Capital Corp. Class B   2,886
    45,301       iHeartMedia, Inc. Class A   79,730
       

 

        106,880

 

TOTAL COMMON STOCKS
(Cost $454,095)
  $    287,114

 

       
Units    

Expiration

Date

  Value
Rights(k) – 0.0%

Cineworld Group PLC

    2,800       12/31/99   $     65,201
(Cost $71,148)  

 

       

Principal

Amount

   

Interest

Rate

    Maturity
Date
  Value
U.S. Treasury Obligations – 1.1%

U.S. Treasury Notes

$

    1,510,000       4.000   06/30/32   $  1,511,179
(Cost $1,507,991)  

 

       
    Shares    

Dividend

Rate

  Value
Investment Company(l) – 0.5%

Goldman Sachs Financial Square Government Fund — Institutional Shares

    672,624       4.231%   $    672,624
(Cost $672,624)  

 

TOTAL INVESTMENTS – 112.1%
(Cost $150,238,645)
  $152,409,377

 

LIABILITIES IN EXCESS OF
 OTHER ASSETS – (12.1)%
  (16,451,370)

 

NET ASSETS – 100.0%   $135,958,007

 

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)   Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(b)   Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)   Pay-in-kind securities.
(d)   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.
(e)   Issued with a zero coupon. Income is recognized through the accretion of discount.
(f)   Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on June 30, 2025.
(g)   Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(h)   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 $19,744,281 which represents approximately 14.5% of net assets as of June 30, 2025.
(i)   Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on June 30, 2025. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the Secured Overnight Financing Rate (“SOFR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.
(j)   This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.
(k)   Security is currently in default and/or non-income producing.
(l)   Represents an affiliated issuer.
 


GOLDMAN SACHS INCOME FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION

 

 

UNFUNDED LOAN COMMITMENTS — At June 30, 2025, the Fund had unfunded loan commitments which could be extended at the option of the borrowers, pursuant to the following loan agreements:

 

Borrower      Principal
Amount
       Current
Value
       Unrealized
Gain (Loss)
 

 

 

Kaman Corp. (NR/NR), due 02/26/32

     $  34,483        $  34,429        $ (169

 

 

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
 

 

 

JPMorgan Securities, Inc.

     USD 3,713,425      EUR 3,153,197        09/23/25        $ (21,718

 

 

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  

 

 

Uniform Mortgage-Backed Security

     3.000%      TBA - 30yr          07/15/25          $(1,000,000)      $ (864,688

Uniform Mortgage-Backed Security

     4.500      TBA - 30yr          07/15/25          (8,000,000)        (7,649,374

Uniform Mortgage-Backed Security

     5.000      TBA - 30yr          07/15/25          (1,000,000)        (979,922

Uniform Mortgage-Backed Security

     6.000      TBA - 30yr          07/15/25          (4,000,000)        (4,064,532

 

 

(PROCEEDS RECEIVED: $(13,396,172))

 

             $ (13,558,516

 

 

 

(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

     39        09/19/25      $ 4,372,875      $ 42,784  

2 Year U.S. Treasury Notes

     159        09/30/25        33,075,727        125,472  

5 Year U.S. Treasury Notes

     191        09/30/25        20,819,000        214,361  

 

 

Total

                  $ 382,617  

 

 

Short position contracts:

                 

20 Year U.S. Treasury Bonds

     (1)       09/19/25        (115,469      (347

Ultra 10-Year U.S. Treasury Notes

     (13)       09/19/25        (1,485,453      (27,708

Ultra Long U.S. Treasury Bonds

     (19)       09/19/25        (2,263,375      (56,419

 

 

Total

                  $ (84,474

 

 

TOTAL FUTURES CONTRACTS

                  $ 298,143  

 

 


GOLDMAN SACHS INCOME FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

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)
 

 

 

2.750%(b)

     12M CDOR(b)      09/17/27        CAD  150        $ (648    $ (313    $ (335

1.750(c)

     6M EURO(b)      09/17/28        EUR   460          5,517        5,256        261  

2.000(c)

     6M EURO(b)      09/17/30          740          11,730        10,726        1,004  

2.000(c)

     6M EURO(b)      09/17/32          640          21,343        19,218        2,125  

2.000(c)

     6M EURO(b)      09/17/35          410          26,498        23,892        2,606  

 

 

TOTAL

                  $ 64,440      $ 58,779      $ 5,661  

 

 

 

(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 semi-annually.
(c)   Payments made annually.

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:

 

            

CDX.NA.HY Index 43

       5.000      3.186      06/20/30        $ 1,200        $ 91,953        $ 60,224      $ 31,729  

CDX.NA.IG Index 41

       1.000        0.334        12/20/28          4,990          110,301          61,612        48,689  

 

 

TOTAL

                     $ 202,254        $ 121,836      $ 80,418  

 

 

 

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

 

 

Currency Abbreviations:
CAD  

— Canadian Dollar

EUR  

— Euro

USD  

— U.S. Dollar

 

Investment Abbreviations:
CLO  

— Collateralized Loan Obligation

CMT  

— Constant Maturity Treasury Indexes

EURIBOR  

— Euro Interbank Offered Rate

ICE  

— Inter-Continental Exchange

LLC  

— Limited Liability Company

LP  

— Limited Partnership

MSCI  

— Morgan Stanley Capital International

PIK  

— Payment in kind

PLC  

— Public Limited Company

REMICS  

— Real Estate Mortgage Investment Conduits

SOFR  

— Secured Overnight Financing Rate

STACR  

— Structured Agency Credit Risk

 

 


GOLDMAN SACHS INCOME FUND

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

 

Abbreviations:
CDOR  

— Canadian Dollar Offered Rate

CDX.NA.HY Ind 43  

— CDX North America High Yield Index 43

CDX.NA.IG Ind 41  

— CDX North America Investment Grade Index 41

EURO  

— Euro Offered Rate

 

 


GOLDMAN SACHS MULTI SECTOR 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.

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

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

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

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

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM and GSAMI have 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 and GSAMI regularly perform price verification procedures and issue 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 and GSAMI to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e., where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

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


GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

 

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

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

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

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

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

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

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


GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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.

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

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

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

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

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and 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 MULTI SECTOR 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 Fund’s investment in credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If a Fund buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the


GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

counterparty. Upon the occurrence of a specified credit event, a Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. A Fund may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.

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

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

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


GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of June 30, 2025:

 

BOND FUND             
Investment Type      Level 1        Level 2      Level 3  
Assets             

Fixed Income

            

Mortgage-Backed Obligations

     $        $ 219,247,083      $    —  

Corporate Obligations

                113,469,088         

Asset-Backed Securities

                37,259,553         

U.S. Treasury Obligations

       21,307,659                  

Municipal Debt Obligations

                3,508,978         

Sovereign Debt Obligations

                3,355,838         

Bank Loans

                2,904,866         

Investment Company

       21,451,283                  

Short-term Investments

                2,231,088         
Total      $ 42,758,942        $ 381,976,494      $  
Liabilities             

Fixed Income

            

Mortgage-Backed Obligations — Forward Sales Contracts

     $        $ (58,711,452    $  
Derivative Type                            
Assets             

Forward Foreign Currency Exchange Contracts(a)

     $        $ 3,104,811      $  

Futures Contracts(a)

       1,968,376                  

Interest Rate Swap Contracts(a)

                3,904,891         

Credit Default Swap Contracts(a)

                105,759         

Purchased Option Contracts

                708,872         
Total      $ 1,968,376        $ 7,824,333      $  
Liabilities             

Forward Foreign Currency Exchange Contracts(a)

     $        $ (3,253,086    $  

Interest Rate Swap Contracts(a)

                (1,164,469       

Written Option Contracts

                (1,072,740       
Total      $        $ (5,490,295    $  


GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

CORE FIXED INCOME FUND           
Investment Type      Level 1      Level 2      Level 3  
Assets           

Fixed Income

          

Mortgage-Backed Obligations

     $      $ 1,075,350,051      $  

U.S. Treasury Obligations

       547,771,633                

Corporate Obligations

              515,728,016         

Asset-Backed Securities

              267,164,942         

Sovereign Debt Obligations

       11,731,776        17,888,119         

Agency Debentures

              23,223,360         

Municipal Debt Obligations

              11,412,590         

Investment Company

       249,294,957                

Short-term Investments

              15,583,621         
Total      $ 808,798,366      $ 1,926,350,699      $  
Liabilities           

Fixed Income

          

Mortgage-Backed Obligations — Forward Sales Contracts

     $      $ (242,676,691    $  
Derivative Type                          
Assets           

Futures Contracts(a)

     $ 8,442,753      $      $  

Interest Rate Swap Contracts(a)

              11,441,080         

Credit Default Swap Contracts(a)

              1,319,831         

Purchased Option Contracts

              367,820         
Total      $ 8,442,753      $ 13,128,731      $  
Liabilities           

Forward Foreign Currency Exchange Contracts(a)

     $      $ (62,795    $  

Futures Contracts(a)

       (204,598              

Interest Rate Swap Contracts(a)

              (3,283,959       

Written Option Contracts

              (871,256       
Total      $ (204,598    $ (4,218,010    $    —  


GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

DYNAMIC BOND FUND           
Investment Type      Level 1      Level 2      Level 3  
Assets           

Fixed Income

          

Mortgage-Backed Obligations

     $      $ 628,067,401      $    —  

U.S. Treasury Obligations

       242,320,842                

Corporate Obligations

              173,598,837         

Asset-Backed Securities

              143,655,295         

Bank Loans

              50,962,897         

Municipal Debt Obligations

              7,500,838         

Sovereign Debt Obligations

              6,976,646         

Common Stock and/or Other Equity Investments(b)

          

North America

       426,298                

Rights

              391,205         

Investment Company

       66,935,101                

Short-term Investments

              47,078,049         
Total      $ 309,682,241      $ 1,058,231,168      $  
Liabilities           

Fixed Income

          

Mortgage-Backed Obligations — Forward Sales Contracts

     $      $ (256,889,635    $  
Derivative Type                          
Assets           

Forward Foreign Currency Exchange Contracts(a)

     $      $ 18,345,806      $  

Futures Contracts(a)

       2,597,930                

Interest Rate Swap Contracts(a)

              32,524,967         

Credit Default Swap Contracts(a)

              2,716,394         

Purchased Option Contracts

              4,729,006         
Total      $ 2,597,930      $ 58,316,173      $  
Liabilities           

Forward Foreign Currency Exchange Contracts(a)

     $      $ (19,049,260    $  

Futures Contracts(a)

       (555,117              

Interest Rate Swap Contracts(a)

              (11,329,731       

Total Return Swap Contracts(a)

              (2,328,611       

Written Option Contracts

              (7,713,286       
Total      $ (555,117    $ (40,420,888    $  


GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

GLOBAL CORE FIXED INCOME FUND           
Investment Type      Level 1      Level 2      Level 3  
Assets           

Fixed Income

          

Mortgage-Backed Obligations

     $      $ 284,171,805      $  

Corporate Obligations

              189,375,641         

Sovereign Debt Obligations

       114,632,203        51,801,619         

U.S. Treasury Obligations

       112,509,240                

Asset-Backed Securities

              107,149,467         

Exchange Traded Funds

       311,364                

Investment Company

       20,725                
Total      $ 227,473,532      $ 632,498,532      $  
Liabilities           

Fixed Income

          

Mortgage-Backed Obligations — Forward Sales Contracts

     $      $ (39,221,508    $  
Derivative Type                          
Assets           

Forward Foreign Currency Exchange Contracts(a)

     $      $ 2,815,527      $  

Futures Contracts(a)

       2,274,347                

Interest Rate Swap Contracts(a)

              9,092,795         

Credit Default Swap Contracts(a)

              349,733         

Purchased Option Contracts

              256,307         
Total      $ 2,274,347      $ 12,514,362      $  
Liabilities           

Forward Foreign Currency Exchange Contracts(a)

     $      $ (4,598,936    $  

Futures Contracts(a)

       (568,427              

Interest Rate Swap Contracts(a)

              (2,525,103       

Credit Default Swap Contracts(a)

              (75,561       

Written Option Contracts

              (659,539       
Total      $ (568,427    $ (7,859,139    $    —  


GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

INCOME FUND           
Investment Type      Level 1      Level 2      Level 3  
Assets           

Fixed Income

          

Corporate Obligations

     $      $ 103,302,274      $    —  

Mortgage-Backed Obligations

              25,996,659         

Bank Loans

              8,183,203         

Asset-Backed Securities

              7,824,102         

Sovereign Debt Obligations

              4,567,021         

U.S. Treasury Obligations

       1,511,179                

Common Stock and/or Other Equity Investments(b)

          

Europe

              180,234         

North America

       79,730        27,150         

Rights

              65,201         

Investment Company

       672,624                
Total      $ 2,263,533      $ 150,145,844      $  
Liabilities           

Fixed Income

          

Unfunded Loan Committment(a)

     $      $ (169    $  

Mortgage-Backed Obligations — Forward Sales Contracts

              (13,558,516       
Derivative Type                          
Assets(a)           

Futures Contracts

     $ 382,617      $      $  

Interest Rate Swap Contracts

              5,996         

Credit Default Swap Contracts

              80,418         
Total      $ 382,617      $ 86,414      $  
Liabilities(a)           

Forward Foreign Currency Exchange Contracts

     $      $ (21,718    $  

Futures Contracts

       (84,474              

Interest Rate Swap Contracts

              (335       
Total      $ (84,474    $ (22,053    $  

 

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

 

(b)   Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of 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.

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

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

Collateralized Loan Obligations Risk — The Funds may invest in collateralized loan obligations (“CLOs”) and other similarly structured investments. A CLO is an asset-backed security whose underlying collateral is a pool of loans, which may include, among others, floating rate and fixed rate senior secured loans, senior unsecured loans, and subordinate corporate loans, including


GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

loans that may be rated below investment grade or equivalent unrated loans. In addition to the normal risks associated with loan-and credit-related securities discussed elsewhere in the Prospectus (e.g., loan-related investments risk, interest rate risk and default risk), investments in CLOs carry additional risks including, but not limited to, the risk that: (i) distributions from the collateral may not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Funds may invest in tranches of CLOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; and (v) the CLO’s manager may perform poorly.

Credit/Default Risk — An issuer or guarantor of a security held by the Funds, or a bank or other financial institution that has entered into a repurchase agreement with the Funds, may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair a Fund’s liquidity and cause significant deterioration in NAV.

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 obligation, 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.

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

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. 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


GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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 Fund’s investments, which would make it harder for the Fund to sell its investments at an advantageous time.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an 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. ETFs are subject to risks that do not apply to conventional mutual funds, including, but not limited to, the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

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

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

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


GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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

Non-Investment Grade Fixed Income Securities Risk Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as “junk bonds”) are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity. The Funds may purchase the securities of issuers that are in default.

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.

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

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


GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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.