GOLDMAN SACHS ENHANCED INCOME FUND

 

Schedule of Investments

December 31, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – 60.6%

Aerospace & Defense(a) – 1.1%

Howmet Aerospace, Inc.

$

     821,000       5.125 %    10/01/24   $       810,524

Teledyne Technologies, Inc.

    2,700,000       0.650     04/01/23   2,666,061

The Boeing Co.

    1,925,000       1.167     02/04/23   1,918,012
    2,550,000       1.950     02/01/24   2,454,707

TransDigm, Inc.

    1,365,000       8.000 (b)    12/15/25   1,382,745
       

 

  9,232,049

 

Airlines(a)(b) – 0.1%

Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.

    985,000       8.000     09/20/25   989,098

 

Apparel(a) – 0.1%

NIKE, Inc.

    725,000       2.400     03/27/25   692,455

 

Automotive – 3.2%

BMW US Capital LLC (SOFR + 0.840%)

    1,389,000       5.163 (b)(c)    04/01/25   1,380,374

Dana Financing Luxembourg S.a.r.l.

    1,405,000       5.750 (a)(b)    04/15/25   1,385,190

Ford Motor Credit Co. LLC

    1,429,000       2.300 (a)    02/10/25   1,304,506

General Motors Co.

    3,423,000       4.875     10/02/23   3,419,782

General Motors Financial Co., Inc.

    4,925,000       1.050     03/08/24   4,677,223
    2,425,000       1.200     10/15/24   2,246,326
    5,415,000       3.800     04/07/25   5,230,673

Hyundai Capital America

    2,375,000       1.000 (b)    09/17/24   2,195,450

The Goodyear Tire & Rubber Co.

    1,330,000       9.500 (a)    05/31/25   1,375,393

Volkswagen Group of America Finance LLC

    2,775,000       3.950 (b)    06/06/25   2,686,561
       

 

  25,901,478

 

Banks – 14.7%

ANZ New Zealand International Ltd.(b) (SOFR + 0.600%)

    1,150,000       4.766 (c)    02/18/25   1,137,925

Banco Santander SA

    1,400,000       2.706     06/27/24   1,343,888
    3,400,000       5.147     08/18/25   3,367,190

(1 year CMT + 0.450%)

    5,400,000       0.701 (a)(c)    06/30/24   5,252,742

Bank of America Corp.

    2,500,000       4.000     01/22/25   2,447,025

(3M USD LIBOR + 0.940%)

    1,300,000       3.864 (a)(c)    07/23/24   1,288,482

(SOFR + 0.670%)

    9,975,000       1.843 (a)(c)    02/04/25   9,555,252

Bank of Montreal

    4,440,000       4.700 (a)    09/14/27   4,395,200

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Banks – (continued)

Banque Federative du Credit Mutuel SA

$

     950,000       0.650 %(b)    02/27/24   $       899,517

BPCE SA

    649,000       4.000 (b)    09/12/23   641,063

Canadian Imperial Bank of Commerce

    1,175,000       0.950     06/23/23   1,153,086

(SOFR + 0.940%)

    2,165,000       4.632 (c)    04/07/25   2,139,713

Citigroup, Inc.(c)

(SOFR + 0.686%)

    1,225,000       0.776 (a)    10/30/24   1,175,363

(SOFR + 0.694%)

    3,925,000       4.615 (a)    01/25/26   3,817,180

(SOFR + 1.372%)

    3,295,000       4.140 (a)    05/24/25   3,244,652

(SOFR + 1.546%)(a)

    4,460,000       5.610     09/29/26   4,472,310

Citizens Bank NA

    900,000       2.250 (a)    04/28/25   838,161

Cooperatieve Rabobank UA

    1,050,000       0.375     01/12/24   1,000,524

Credit Suisse AG

    4,995,000       3.700     02/21/25   4,601,344

Danske Bank A/S

    1,175,000       1.226 (a)(b)    06/22/24   1,093,702

Deutsche Bank AG

    2,105,000       4.162     05/13/25   2,061,174

Federation des Caisses Desjardins du Quebec

    4,840,000       4.400 (b)    08/23/25   4,718,903

Fifth Third Bancorp

    325,000       1.625 (a)    05/05/23   321,263

First Horizon Corp.

    1,000,000       3.550 (a)    05/26/23   992,200

ING Groep NV

    900,000       4.100     10/02/23   892,539

JPMorgan Chase & Co.(a)(c)

(SOFR + 0.420%)

    2,750,000       0.563     02/16/25   2,593,882

(SOFR + 1.455%)

    2,225,000       1.514     06/01/24   2,188,310

(TSFR3M + 0.600%)

    850,000       0.653     09/16/24   819,536

Mitsubishi UFJ Financial Group, Inc.

    1,550,000       3.761     07/26/23   1,537,972

(1 year CMT + 1.550%)

    4,550,000       5.063 (a)(c)    09/12/25   4,521,016

Mizuho Financial Group, Inc. (-1x SOFR + 1.252%)

    1,275,000       1.241 (a)(c)    07/10/24   1,243,355

Morgan Stanley(a)(c)

(3M USD LIBOR + 0.847%)

    1,125,000       3.737     04/24/24   1,118,374

(SOFR + 0.625%)

    7,125,000       4.579     01/24/25   7,017,911

(SOFR + 0.745%)

    725,000       0.864     10/21/25   666,413

 

 

GOLDMAN SACHS ENHANCED INCOME FUND

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Banks – (continued)

(SOFR + 1.669%)

$

     1,590,000       4.679 %    07/17/26   $    1,564,162

Natwest Group PLC(a)(c)

(1 year CMT + 2.150%)

    1,200,000       2.359     05/22/24   1,182,852

(3M USD LIBOR + 1.550%)

    5,170,000       4.519     06/25/24   5,123,418

Royal Bank of Canada

    1,475,000       0.500     10/26/23   1,422,342

Santander Holdings USA, Inc. (SOFR + 1.380%)

    2,315,000       4.260 (a)(c)    06/09/25   2,243,513

Santander UK Group Holdings PLC (SOFR + 0.787%)

    1,425,000       1.089 (a)(c)    03/15/25   1,333,729

Societe Generale SA

    4,885,000       4.351 (b)    06/13/25   4,776,553

Standard Chartered PLC(a)(b)(c)

(1 year CMT + 0.780%)

    875,000       0.991     01/12/25   824,329

(3M USD LIBOR + 1.080%)

    1,400,000       3.885     03/15/24   1,392,804

Sumitomo Mitsui Financial Group, Inc.

    325,000       0.508     01/12/24   309,228
    725,000       0.948     01/12/26   638,863

Sumitomo Mitsui Trust Bank Ltd.

    2,250,000       0.800 (b)    09/12/23   2,179,890

Synovus Financial Corp.

    2,310,000       5.200 (a)    08/11/25   2,287,062

The Bank of New York Mellon Corp.

    1,375,000       0.350 (a)    12/07/23   1,318,185

The Toronto-Dominion Bank

    1,810,000       4.693     09/15/27   1,789,348

UBS AG

    1,775,000       0.450 (b)    02/09/24   1,682,771

Wells Fargo & Co.(a)

    500,000       3.750     01/24/24   493,560

(SOFR + 1.560%)

    2,390,000       4.540 (c)    08/15/26   2,344,255

(SOFR + 1.600%)

    3,125,000       1.654 (c)    06/02/24   3,075,312
       

 

  120,539,343

 

Beverages – 1.2%

Constellation Brands, Inc.

    7,830,000       3.600     05/09/24   7,664,161

JDE Peet’s NV

    2,625,000       0.800 (a)(b)    09/24/24   2,400,142
       

 

  10,064,303

 

Biotechnology – 0.2%

Gilead Sciences, Inc.

    131,000       0.750 (a)    09/29/23   126,905

Royalty Pharma PLC

    1,200,000       0.750     09/02/23   1,162,884
       

 

  1,289,789

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Building Materials(a)(b) – 0.1%

JELD-WEN, Inc.

$

     1,435,000       4.625 %    12/15/25   $    1,198,799

 

Chemicals(a) – 0.2%

Celanese US Holdings LLC

    350,000       3.500     05/08/24   338,240

Westlake Corp.

    975,000       0.875     08/15/24   905,677
       

 

  1,243,917

 

Commercial Services(a) – 0.2%

Global Payments, Inc.

    1,150,000       3.750     06/01/23   1,140,788
    525,000       1.200     03/01/26   457,674
       

 

  1,598,462

 

Computers(a) – 1.0%

Dell International LLC/EMC Corp.

    1,447,000       5.450     06/15/23   1,447,130
    1,075,000       5.850     07/15/25   1,088,405

Hewlett Packard Enterprise Co.

    2,175,000       4.450     10/02/23   2,161,842
    3,625,000       1.450     04/01/24   3,461,150
       

 

  8,158,527

 

Diversified Financial Services – 5.1%

AerCap Ireland Capital DAC/AerCap Global Aviation Trust

    5,600,000       4.125 (a)    07/03/23   5,552,568
    3,375,000       1.150     10/29/23   3,247,054

AIG Global Funding(b)

    2,100,000       0.800     07/07/23   2,056,656
    1,525,000       0.450     12/08/23   1,460,553
    5,075,000       0.650     06/17/24   4,739,339

Air Lease Corp.(a)

    5,549,000       4.250     02/01/24   5,452,836
    825,000       2.300     02/01/25   769,148

Ally Financial, Inc.

    3,075,000       1.450 (a)    10/02/23   2,978,629

Aviation Capital Group LLC(a)(b)

    1,200,000       5.500     12/15/24   1,177,272
    550,000       1.950     01/30/26   479,138

Avolon Holdings Funding Ltd.

    675,000       2.875 (a)(b)    02/15/25   623,633

Capital One Financial Corp.(a)

    725,000       2.600     05/11/23   718,896

(SOFR + 0.690%)

    3,400,000       4.963 (c)    12/06/24   3,332,748

LD Holdings Group LLC

    1,490,000       6.500 (a)(b)    11/01/25   1,015,629

Navient Corp.

    1,395,000       5.500     01/25/23   1,392,433

Nomura Holdings, Inc.

    1,390,000       5.099     07/03/25   1,375,891

OneMain Finance Corp.(a)

    1,415,000       6.125     03/15/24   1,368,687

 

 

GOLDMAN SACHS ENHANCED INCOME FUND

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Diversified Financial Services – (continued)

Synchrony Financial

$

     3,085,000       4.875 %(a)    06/13/25   $    3,009,603

United Wholesale Mortgage LLC

    1,460,000       5.500 (a)(b)    11/15/25   1,318,555
       

 

  42,069,268

 

Electrical – 4.8%

American Electric Power Co., Inc.

    1,750,000       2.031     03/15/24   1,684,865

Avangrid, Inc.

    650,000       3.200 (a)    04/15/25   621,361

Berkshire Hathaway Energy Co.

    650,000       4.050 (a)    04/15/25   640,653

Dominion Energy, Inc.

    2,025,000       1.450 (a)    04/15/26   1,804,477

DTE Energy Co.(a)

    4,810,000       4.220 (d)    11/01/24   4,733,184
    575,000       1.050     06/01/25   520,967

Enel Finance International NV

    2,575,000       1.375 (a)(b)    07/12/26   2,230,877

Entergy Louisiana LLC

    2,000,000       0.950 (a)    10/01/24   1,863,380

Eversource Energy

    2,405,000       4.200     06/27/24   2,377,126

FirstEnergy Corp.

    400,000       2.050 (a)    03/01/25   370,204

Florida Power & Light Co.

    375,000       2.850 (a)    04/01/25   359,325

Georgia Power Co.

    1,000,000       2.100     07/30/23   982,740

NextEra Energy Capital Holdings, Inc.

    3,510,000       4.255     09/01/24   3,467,739
    2,370,000       4.450     06/20/25   2,343,669

NRG Energy, Inc.

    1,225,000       3.750 (a)(b)    06/15/24   1,179,724

PPL Electric Utilities Corp.(a)(c)

(3M USD LIBOR + 0.250%)

    275,000       4.974     09/28/23   273,210

(SOFR + 0.330%)

    1,930,000       4.653     06/24/24   1,904,949

Public Service Enterprise Group, Inc.(a)

    1,725,000       0.841     11/08/23   1,661,451
    675,000       2.875     06/15/24   652,590
    675,000       0.800     08/15/25   606,022

Southern Power Co.

    500,000       0.900 (a)    01/15/26   439,510

The Southern Co.(a)

    1,400,000       2.950     07/01/23   1,387,120
    3,575,000       4.475 (d)    08/01/24   3,530,134

Vistra Operations Co. LLC

    875,000       3.550 (a)(b)    07/15/24   839,694

WEC Energy Group, Inc.

    725,000       0.550     09/15/23   701,706

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Electrical – (continued)

Xcel Energy, Inc.

$

     1,948,000       0.500 %(a)    10/15/23   $    1,875,301
       

 

  39,051,978

 

Entertainment(a)(b) – 0.6%

Banijay Entertainment SASU

    1,410,000       5.375     03/01/25   1,330,589

Caesars Resort Collection LLC/CRC Finco, Inc.

    2,600,000       5.750     07/01/25   2,548,000

Six Flags Theme Parks, Inc.

    610,000       7.000     07/01/25   615,105
       

 

  4,493,694

 

Environmental(a) – 0.2%

GFL Environmental, Inc.

    1,415,000       3.750 (b)    08/01/25   1,336,298

Waste Management, Inc.

    625,000       0.750     11/15/25   559,600
       

 

  1,895,898

 

Food & Drug Retailing – 2.1%

Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertson’s LLC

    1,430,000       3.250 (a)(b)    03/15/26   1,305,333

B&G Foods, Inc.

    1,415,000       5.250 (a)    04/01/25   1,246,601

Danone SA

    7,000,000       2.589 (a)(b)    11/02/23   6,848,450

Mondelez International Holdings Netherlands B.V.(b)

    2,500,000       0.750     09/24/24   2,313,100
    3,250,000       4.250     09/15/25   3,186,267

Mondelez International, Inc.

    525,000       1.500 (a)    05/04/25   486,612

US Foods, Inc.

    1,385,000       6.250 (a)(b)    04/15/25   1,373,768
       

 

  16,760,131

 

Forest Products&Paper(b) – 0.1%

Georgia-Pacific LLC

    1,125,000       0.625     05/15/24   1,057,387

 

Gaming(a) – 0.2%

MGM Resorts International

    1,375,000       6.750     05/01/25   1,385,890

 

Gas(a) – 0.3%

AmeriGas Partners LP/AmeriGas Finance Corp.

    1,290,000       5.875     08/20/26   1,227,525

NiSource, Inc.

    1,025,000       0.950     08/15/25   924,540

The East Ohio Gas Co.

    250,000       1.300 (b)    06/15/25   226,560
       

 

  2,378,625

 

 

GOLDMAN SACHS ENHANCED INCOME FUND

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Healthcare Providers & Services – 2.5%

Aetna, Inc.(a)

$

     975,000       2.800 %    06/15/23   $       964,948
    2,250,000       3.500     11/15/24   2,187,630

Baxter International, Inc.

    4,000,000       0.868     12/01/23   3,847,160

DH Europe Finance II S.a.r.l.

    3,025,000       2.200 (a)    11/15/24   2,880,193

Humana, Inc.

    2,525,000       0.650 (a)    08/03/23   2,462,330

PerkinElmer, Inc.

    1,700,000       0.850 (a)    09/15/24   1,576,886

Thermo Fisher Scientific, Inc.

    4,050,000       1.215 (a)    10/18/24   3,800,965

Zimmer Biomet Holdings, Inc.

    3,000,000       1.450 (a)    11/22/24   2,792,010
       

 

  20,512,122

 

Home Builders(a) – 0.0%

D.R. Horton, Inc.

    199,000       4.750     02/15/23   198,881

 

Insurance – 2.2%

Athene Global Funding(b)

    1,090,000       2.800     05/26/23   1,078,719
    875,000       1.200     10/13/23   844,918
    2,225,000       0.950     01/08/24   2,117,799
    375,000       2.500     01/14/25   350,498
    600,000       1.450     01/08/26   526,218

Equitable Financial Life Global Funding

    700,000       1.400 (b)    07/07/25   635,054

Great-West Lifeco US Finance 2020 LP

    425,000       0.904 (a)(b)    08/12/25   378,369

Jackson Financial, Inc.

    2,325,000       1.125     11/22/23   2,241,509

Pacific Life Global Funding II (SOFR + 0.800%)

    5,400,000       5.123 (b)(c)    03/30/25   5,289,786

Principal Life Global Funding II

    2,150,000       0.500 (b)    01/08/24   2,050,304

Protective Life Global Funding(b)

    2,100,000       0.631     10/13/23   2,027,151
    600,000       0.473     01/12/24   571,494
       

 

  18,111,819

 

Internet(a)(b)  – 0.4%

Prosus NV

    2,260,000       3.257     01/19/27   2,028,350

Uber Technologies, Inc.

    1,365,000       7.500     05/15/25   1,366,952
       

 

  3,395,302

 

Iron/Steel – 0.2%

Nucor Corp.

    730,000       3.950     05/23/25   714,071

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Iron/Steel – (continued)

Steel Dynamics, Inc.

$

     1,240,000       2.400 %(a)    06/15/25   $    1,161,632
       

 

  1,875,703

 

Leisure Time(a)(b) – 0.3%

NCL Corp. Ltd.

    930,000       5.875     02/15/27   804,971

Royal Caribbean Cruises Ltd.

    1,585,000       11.500     06/01/25   1,702,527
       

 

  2,507,498

 

Media – 0.9%

Charter Communications Operating LLC/Charter Communications Operating Capital

    2,700,000       4.500 (a)    02/01/24   2,667,438

CSC Holdings LLC

    1,370,000       5.250     06/01/24   1,276,977

The Walt Disney Co.

    825,000       3.350     03/24/25   799,136

Time Warner Entertainment Co. LP

    2,200,000       8.375     03/15/23   2,214,652
       

 

  6,958,203

 

Mining(a)(b) – 0.1%

Glencore Funding LLC

    675,000       1.625     09/01/25   611,638

 

Miscellaneous Manufacturing – 1.5%

Amsted Industries, Inc.(a)

    522,000       5.625 (b)    07/01/27   498,609

Hillenbrand, Inc.

    1,380,000       5.750 (a)    06/15/25   1,382,746

Parker-Hannifin Corp.

    4,745,000       3.650     06/15/24   4,642,366

Siemens Financieringsmaatschappij NV

    6,150,000       0.650 (b)    03/11/24   5,842,992
       

 

  12,366,713

 

Office & Business Equipment(a)(b) – 0.2%

Xerox Holdings Corp.

    1,385,000       5.000     08/15/25   1,274,823

 

Oil Field Services(a) – 0.9%

Canadian Natural Resources Ltd.

    825,000       2.050     07/15/25   767,803

Exxon Mobil Corp.

    900,000       2.992     03/19/25   867,573

Phillips 66

    950,000       0.900     02/15/24   909,160

Qatar Energy

    2,520,000       1.375 (b)    09/12/26   2,227,522

SA Global Sukuk Ltd.

    2,520,000       1.602     06/17/26   2,244,847
       

 

  7,016,905

 

 

GOLDMAN SACHS ENHANCED INCOME FUND

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Packaging – 0.9%

Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC

$

     557,000       6.000 %(a)(b)    06/15/27   $       545,732

Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.

    1,395,000       5.250 (a)(b)    04/30/25   1,334,415

Ball Corp.

    2,065,000       4.000     11/15/23   2,029,544

Berry Global, Inc.(a)

    2,100,000       0.950     02/15/24   1,995,945
    550,000       1.570     01/15/26   491,100

Mauser Packaging Solutions Holding Co.

    1,160,000       5.500 (a)(b)    04/15/24   1,128,634
       

 

  7,525,370

 

Pharmaceuticals(a) – 2.6%

AbbVie, Inc.

    7,750,000       2.600     11/21/24   7,420,005

AstraZeneca PLC

    2,000,000       3.500     08/17/23   1,983,560

Bristol-Myers Squibb Co.

    1,450,000       0.537     11/13/23   1,397,684

Cigna Corp.

    1,310,000       3.000     07/15/23   1,295,472
    1,357,000       3.750     07/15/23   1,346,999
    3,170,000       0.613     03/15/24   3,005,160

GlaxoSmithKline Capital PLC

    875,000       0.534     10/01/23   846,703

Herbalife Nutrition Ltd./HLF Financing, Inc.

    2,940,000       7.875 (b)    09/01/25   2,610,367

PRA Health Sciences, Inc.

    1,435,000       2.875 (b)    07/15/26   1,299,349
       

 

  21,205,299

 

Pipelines – 2.6%

Enbridge, Inc.

    4,000,000       4.000 (a)    10/01/23   3,958,920
    1,150,000       0.550     10/04/23   1,111,636

(SOFR + 0.400%)

    600,000       4.560 (c)    02/17/23   598,764

(SOFR + 0.630%)

    1,950,000       4.785 (c)    02/16/24   1,932,528

Enterprise Products Operating LLC

    649,000       3.350 (a)    03/15/23   646,683

Kinder Morgan, Inc.

    4,850,000       5.625 (a)(b)    11/15/23   4,850,533

MPLX LP

    4,874,000       4.500 (a)    07/15/23   4,852,944

NuStar Logistics LP

    1,360,000       6.000 (a)    06/01/26   1,313,529

TransCanada PipeLines Ltd.

    2,275,000       1.000 (a)    10/12/24   2,107,333
       

 

  21,372,870

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Real Estate Investment Trust – 0.8%

American Tower Corp.

$

     1,675,000       3.000 %    06/15/23   $    1,657,815
    750,000       0.600     01/15/24   714,780

Crown Castle, Inc.

    700,000       1.350 (a)    07/15/25   636,440

VICI Properties LP

    3,715,000       4.375     05/15/25   3,618,001
       

 

  6,627,036

 

Retailing(a) – 0.9%

7-Eleven, Inc.(b)

    4,325,000       0.800     02/10/24   4,114,156
    400,000       0.950     02/10/26   349,972

Genuine Parts Co.

    1,375,000       1.750     02/01/25   1,285,130

Penske Automotive Group, Inc.

    1,515,000       3.500     09/01/25   1,411,253
       

 

  7,160,511

 

Savings&Loans(a)(b)(c) – 0.1%

Nationwide Building Society (3M USD LIBOR + 1.064%)

    1,001,000       3.766     03/08/24   995,685

 

Semiconductors(a) – 1.1%

Broadcom Corp./Broadcom Cayman Finance Ltd.

    3,600,000       3.625     01/15/24   3,538,476

Broadcom, Inc.

    5,225,000       3.625     10/15/24   5,089,046

NXP B.V./NXP Funding LLC/NXP USA, Inc.

    275,000       2.700     05/01/25   258,552
       

 

  8,886,074

 

Software – 3.3%

Fidelity National Information Services, Inc.(a)

    1,050,000       1.150     03/01/26   921,438
    3,950,000       4.700     07/15/27   3,857,214

Fiserv, Inc.(a)

    825,000       3.800     10/01/23   816,470
    7,950,000       2.750     07/01/24   7,667,934

Infor, Inc.

    1,225,000       1.450 (a)(b)    07/15/23   1,191,790

Intuit, Inc.

    500,000       0.950 (a)    07/15/25   455,335

Oracle Corp.

    1,400,000       2.500 (a)    04/01/25   1,320,074
    1,900,000       5.800     11/10/25   1,940,793

Take-Two Interactive Software, Inc.

    6,205,000       3.300     03/28/24   6,055,832

VMware, Inc.

    2,600,000       1.000 (a)    08/15/24   2,418,572
       

 

  26,645,452

 

Telecommunication Services – 2.8%

AT&T, Inc.

    5,400,000       0.900 (a)    03/25/24   5,131,404

 

 

GOLDMAN SACHS ENHANCED INCOME FUND

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Telecommunication Services – (continued)

The Bell Telephone Co. of Canada

$

     4,275,000       0.750 %    03/17/24   $    4,048,767

T-Mobile USA, Inc.

    8,800,000       3.500 (a)    04/15/25   8,471,584

Verizon Communications, Inc.

    4,525,000       0.750     03/22/24   4,295,537
    1,450,000       0.850 (a)    11/20/25   1,295,068
       

 

  23,242,360

 

Transportation(a) – 0.7%

Canadian Pacific Railway Co.

    5,375,000       1.350     12/02/24   5,015,144

United Parcel Service, Inc.

    1,000,000       3.900     04/01/25   985,170
       

 

  6,000,314

 

Trucking & Leasing(a)(b) – 0.1%

Penske Truck Leasing Co. LP/PTL Finance Corp.

    1,025,000       1.200     11/15/25   902,072

 

TOTAL CORPORATE OBLIGATIONS
(Cost $518,103,357)		   $495,393,741

 

       
Asset-Backed Securities – 25.3%

Automotive – 9.2%

Ford Credit Auto Owner Trust Series 2019-1, Class A

$

     2,600,000       3.520 %(b)    07/15/30   $    2,547,607

Ford Credit Auto Owner Trust Series 2020-1, Class A

    6,835,000       2.040 (b)    08/15/31   6,378,458

Ford Credit Auto Owner Trust Series 2022-D, Class A2A

    2,125,000       5.370     08/15/25   2,125,898

Ford Credit Floorplan Master Owner Trust A Series 2020-1, Class A2 (1M USD LIBOR + 0.500%)

    1,500,000       4.818 (c)    09/15/25   1,493,640

Ford Credit Floorplan Master Owner Trust A Series 2020-2, Class A

    3,200,000       1.060     09/15/27   2,872,509

Ford Credit Floorplan Master Owner Trust Series 2018-2, Class A

    6,900,000       3.170     03/15/25   6,873,339

Ford Credit Floorplan Master Owner Trust Series 2019-4, Class A

    3,625,000       2.440     09/15/26   3,466,820

GM Financial Consumer Automobile Receivables Trust 2021-4, Class A3

    5,700,000       0.680     09/16/26   5,389,325

GMF Floorplan Owner Revolving Trust Series 2019-2, Class A

    1,500,000       2.900 (b)    04/15/26   1,448,168

GMF Floorplan Owner Revolving Trust Series 2020-2, Class A

    1,500,000       0.690 (b)    10/15/25   1,444,698

Hyundai Auto Lease Securitization Trust Series 2021-B, Class A3

    1,550,000       0.330 (b)    06/17/24   1,526,607

Hyundai Auto Lease Securitization Trust Series 2021-C, Class A3

    7,600,000       0.380 (b)    09/16/24   7,383,737

Hyundai Auto Lease Securitization Trust Series 2022-A, Class A3

    3,600,000       1.160 (b)    01/15/25   3,469,889

 

Principal

Amount

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

Automotive – (continued)

Hyundai Auto Receivables Trust Series 2021-A, Class A3

$

     840,959       0.380 %    09/15/25   $       810,919

Hyundai Auto Receivables Trust Series 2022-C, Class A3

    2,975,000       5.390     06/15/27   3,008,118

Mercedes-Benz Auto Lease Trust Series 2021-B, Class A3

    2,550,000       0.400     11/15/24   2,475,285

Mercedes-Benz Auto Receivables Trust Series 2022-1, Class A2

    900,000       5.260     10/15/25   901,371

NextGear Floorplan Master Owner Trust Series 2021-1A, Class A

    5,500,000       0.850 (b)    07/15/26   5,107,596

Tesla Auto Lease Trust Series 2021-A, Class A3

    500,000       0.560 (b)    03/20/25   484,332

Tesla Auto Lease Trust Series 2021-A, Class A4

    1,800,000       0.660 (b)    03/20/25   1,725,980

Tesla Auto Lease Trust Series 2021-B, Class A3

    5,300,000       0.600 (b)    09/22/25   4,990,771

Toyota Auto Receivables Owner Trust Series 2021-D, Class A3

    3,800,000       0.710     04/15/26   3,583,393

Toyota Auto Receivables Owner Trust Series 2022-D, Class A3

    2,000,000       5.300     09/15/27   2,024,776

Toyota Lease Owner Trust Series 2021-A, Class A3

    1,565,511       0.390 (b)    04/22/24   1,543,366

Toyota Lease Owner Trust Series 2021-A, Class A4

    375,000       0.500 (b)    08/20/25   361,460

Toyota Lease Owner Trust Series 2021-B, Class A3

    1,550,000       0.420 (b)    10/21/24   1,505,910
       

 

  74,943,972

 

Collateralized Loan Obligations(b)(c) – 10.2%

AIG CLO Series 2021-1A, Class A (3M USD LIBOR + 1.100%)

    2,100,000       5.425     04/22/34   2,047,225

Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class AR (3M USD LIBOR + 1.200%)

    1,300,000       5.443     07/20/34   1,265,903

Anchorage Capital CLO 18 Ltd. Series 2021-18A, Class A1 (3M USD LIBOR + 1.150%)

    4,000,000       5.229     04/15/34   3,917,632

Anchorage Capital CLO Ltd. Series 2014-4RA, Class A (3M USD LIBOR + 1.050%)

    3,526,267       5.424     01/28/31   3,482,971

Bain Capital Credit CLO Ltd. Series 2021-7A, Class A1 (3M USD LIBOR + 1.140%)

    5,000,000       5.465     01/22/35   4,844,295

BSPDF Issuer Ltd. Series 2021-FL1, Class A (1M USD LIBOR + 1.200%)

    1,000,000       5.518     10/15/36   951,631

CarVal CLO IV Ltd. Series 2021-1A, Class A1A (3M USD LIBOR + 1.180%)

    2,600,000       5.423     07/20/34   2,537,704

CBAM Ltd. Series 2017-2A, Class AR (3M USD LIBOR + 1.190%)

    5,000,000       5.269     07/17/34   4,824,760

Cedar Funding VII CLO Ltd. Series 2018-7A, Class A1 (3M USD LIBOR + 1.000%)

    3,000,000       5.243     01/20/31   2,962,305

 

 

GOLDMAN SACHS ENHANCED INCOME FUND

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

Principal

Amount

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

Collateralized Loan Obligations(b)(c) – (continued)

Dryden 64 CLO, Ltd. Series 2018-64A Class A (3M USD LIBOR + 0.970%)

$

     5,950,000       5.164 %    04/18/31   $    5,850,290

ICG Rhinebeck CLO Ltd. Series 2021-4A, Class A1 (3M USD LIBOR + 1.210%)

    12,000,000       5.537     10/26/34   11,595,072

Madison Park Funding XXX Ltd. Series 2018-30A, Class A (3M USD LIBOR + 0.750%)

    4,976,246       4.829     04/15/29   4,912,068

Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR (3M USD LIBOR + 1.070%)

    1,000,000       5.149     07/15/33   980,442

Northwoods Capital XVIII Ltd. Series 2019-18A, Class AR (3M USD LIBOR + 1.100%)

    5,000,000       5.775     05/20/32   4,854,500

OCP CLO Ltd. Series 2014-5A, Class A1R (3M USD LIBOR + 1.080%)

    2,600,000       5.407     04/26/31   2,560,449

Octagon Investment Partners 07/34 1 Series 2021-1A, Class A1 (3M USD LIBOR + 1.120%)

    1,000,000       5.199     07/15/34   971,145

OHA Credit Funding 3 Ltd. Series 2019-3A, Class AR (3M USD LIBOR + 1.140%)

    2,500,000       5.383     07/02/35   2,438,835

Pikes Peak CLO 2 Series 2018-2A, Class AR (3M USD LIBOR + 1.190%)

    6,700,000       5.384     10/18/34   6,499,261

Trysail CLO Ltd. Series 2021-1A, Class A1 (3M USD LIBOR + 1.320%)

    1,400,000       5.563     07/20/32   1,364,248

Wellfleet CLO Ltd. Series 2021-3A, Class A (3M USD LIBOR + 1.190%)

    15,000,000       5.269     01/15/35   14,465,640

Zais CLO 15 Ltd. Series 2020-15A, Class A1R (3M USD LIBOR + 1.350%)

    475,000       5.724     07/28/32   465,915
       

 

  83,792,291

 

Credit Card – 4.1%

Barclays Dryrock Issuance Trust Series 2021-1, Class A

    6,200,000       0.630     07/15/27   5,768,516

CARDS II Trust Series 2021-1A, Class A

    4,075,000       0.602 (b)    04/15/27   3,843,640

Citibank Credit Card Issuance Trust Series 2017-A5, Class A5 (1M USD LIBOR + 0.620%)

    8,100,000       4.981 (c)    04/22/26   8,086,241

Citibank Credit Card Issuance Trust Series 2018-A2, Class A2 (1M USD LIBOR + 0.330%)

    960,000       4.683 (c)    01/20/25   959,906

Evergreen Credit Card Trust Series 2021-1, Class A

    8,275,000       0.900 (b)    10/15/26   7,677,820

Master Credit Card Trust II Series 2020-1A, Class A

    3,600,000       1.990 (b)    09/21/24   3,577,446

 

Principal

Amount

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

Credit Card – (continued)

Master Credit Card Trust Series 2021-1A, Class A

$

     3,900,000       0.530 %(b)    11/21/25   $    3,664,103
       

 

  33,577,672

 

Student Loan(c) – 1.8%

Access Group, Inc. Series 2013-1, Class A (1M USD LIBOR + 0.500%)

    599,522       4.516 (b)    02/25/36   588,298

ECMC Group Student Loan Trust Series 2017-1A, Class A (1M USD LIBOR + 1.200%)

    1,316,320       5.589 (b)    12/27/66   1,272,098

Educational Services of America, Inc. Series 2014-1, Class A (1M USD LIBOR + 0.700%)

    1,093,902       5.089 (b)    02/25/39   1,083,283

Goal Capital Funding Trust Series 2010-1, Class A (3M USD LIBOR + 0.700%)

    14,575       5.457 (b)    08/25/48   14,138

Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%)

    1,157,338       5.258     07/25/45   1,145,328

Kentucky Higher Education Student Loan Corp. Series 2021-1, Class A1B (1M USD LIBOR + 0.780%)

    772,055       5.169     03/25/51   746,309

Knowledgeworks Foundation Student Loan Series 2010-1, Class A (3M USD LIBOR + 0.950%)

    464,755       5.707     02/25/42   459,449

Massachusetts Educational Financing Authority Series 2008-1, Class A1 (3M USD LIBOR + 0.950%)

    179,286       5.308     04/25/38   175,881

Navient Student Loan Trust Series 2017-2A, Class A (1M USD LIBOR + 1.050%)

    2,110,148       5.439 (b)    12/27/66   2,062,504

Navient Student Loan Trust Series 2017-4A, Class A2 (1M USD LIBOR + 0.500%)

    53,346       4.889 (b)    09/27/66   53,341

Nelnet Student Loan Trust Series 2012-3A, Class A (1M USD LIBOR + 0.700%)

    2,024,495       5.089 (b)    02/25/45   2,024,473

PHEAA Student Loan Trust Series 2014-3A, Class A (1M USD LIBOR + 0.590%)

    2,802,832       4.979 (b)    08/25/40   2,762,362

Rhode Island Student Loan Authority Series 2012-1, Class A1 (1M USD LIBOR + 0.900%)

    642,757       4.668     07/01/31   642,168

SLC Student Loan Trust Series 2007-1, Class A4 (3M USD LIBOR + 0.060%)

    1,207,960       4.666     05/15/29   1,169,218

SLC Student Loan Trust Series 2010-1, Class A (3M USD LIBOR + 0.875%)

    247,002       5.574     11/25/42   244,011

 

 

GOLDMAN SACHS ENHANCED INCOME FUND

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

Principal

Amount

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

Student Loan(c) – (continued)

SLM Student Loan Trust Series 2008-5, Class A4 (3M USD LIBOR + 1.700%)

$

     160,580       6.058 %    07/25/23   $       157,839
       

 

  14,600,700

 

TOTAL ASSET-BACKED SECURITIES

(Cost $214,939,478)

   $206,914,635

 

       
Sovereign Debt Obligations – 4.3%

Japanese Yen(e) –3.6%

Japan Treasury Bills

JPY

     2,610,000,000       0.000 %    01/06/23   $  19,891,406

Japan Treasury Discount Bill

    1,250,000,000       0.000     01/11/23   9,525,297
       

 

  29,416,703

 

United States Dollar – 0.7%

Perusahaan Penerbit SBSN Indonesia III

$

     2,260,000       4.325     05/28/25   2,248,948

Republic of Indonesia

    1,745,000       4.750     01/08/26   1,743,011

Saudi Government International Bond

    2,320,000       3.250     10/26/26   2,216,760
       

 

  6,208,719

 

TOTAL SOVEREIGN DEBT OBLIGATIONS

(Cost $33,600,970)

   $  35,625,422

 

       
Mortgage-Backed Obligations – 3.3%

Collateralized Mortgage Obligations – 0.7%

Regular Floater(c) – 0.1%

FHLMC REMIC Series 3371, Class FA (1M USD LIBOR + 0.600%)

$

     290,127       4.918 %    09/15/37   $       288,800

FHLMC REMIC Series 3374, Class FT (1M USD LIBOR + 0.300%)

    34,378       4.618     04/15/37   33,898

FHLMC REMIC Series 3545, Class FA (1M USD LIBOR + 0.850%)

    34,051       5.168     06/15/39   34,242

FHLMC STRIPS Series 237, Class F23 (1M USD LIBOR + 0.400%)

    97,874       4.718     05/15/36   96,972

FNMA REMIC Series 1998-66, Class FC (1M USD LIBOR + 0.500%)

    250       4.839     11/17/28   250

FNMA REMIC Series 2006-72, Class XF (1M USD LIBOR + 0.500%)

    127,530       4.889     08/25/36   126,244

FNMA REMIC Series 2008-22, Class FD (1M USD LIBOR + 0.840%)

    169,798       5.229     04/25/48   169,993

 

Principal

Amount

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

Regular Floater(c) – (continued)

FNMA REMIC Series 2009-75, Class MF (1M USD LIBOR + 1.150%)

$

     288,787       5.539 %    09/25/39   $       293,069

FNMA REMIC Series 2013-96, Class FW (1M USD LIBOR + 0.400%)

    49,488       4.789     09/25/43   48,826
       

 

  1,092,294

 

Sequential Fixed Rate – 0.1%

FHLMC REMIC Series 4248, Class LM

    223,741       6.500     05/15/41   236,195

OBX Trust Series 2022-NQM7, Class A1

    288,090       5.110 (a)(b)(d)    08/25/62   284,214
       

 

  520,409

 

Sequential Floating Rate – 0.5%

Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2 (SOFR30A + 1.650%)

    442,000       5.578 (b)    12/25/41   416,677

Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1 (SOFR30A + 1.900%)

    464,881       5.828 (b)(c)    04/25/42   461,493

FHLMC STACR REMIC Trust Series 2022-DNA1, Class M1A (SOFR30A + 1.000%)

    798,168       4.928 (b)    01/25/42   779,089

FHLMC STACR REMIC Trust Series 2022-DNA3, Class M1A (SOFR30A + 2.000%)

    392,006       5.928 (b)    04/25/42   391,138

FNMA REMIC Series 1997-20, Class F

    3,929       1.499 (c)    03/25/27   3,858

OBX Trust Series 2022-NQM7, Class A1

    309,169       1.841 (b)    10/25/66   259,161

Verus Securitization Trust Series 2021-8, Class A1

    214,757       1.824 (b)    11/25/66   182,692

Verus Securitization Trust Series 2022-1, Class A1

    1,891,423       2.724 (a)(b)(d)    01/25/67   1,679,232
       

 

  4,173,340

 

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS   5,786,043

 

Commercial Mortgage-Backed Securities – 2.6%

Sequential Fixed Rate – 0.8%

BANK Series 2017-BNK6, Class A3

$

     1,659,373       3.125 %    07/15/60   $    1,599,995

Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C14, Class A5

    2,198,307       4.064     02/15/47   2,159,983

Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C20, Class A4

    3,000,000       3.249     02/15/48   2,860,385
       

 

  6,620,363

 

 

GOLDMAN SACHS ENHANCED INCOME FUND

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

Principal

Amount

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

Sequential Floating Rate(c) – 1.8%

BX Commercial Mortgage Trust Series 2021-21M, Class A (1M USD LIBOR + 0.730%)

$

     484,258       5.048 %(b)    10/15/36   $       465,346

BX Commercial Mortgage Trust Series 2021-CIP, Class A (1M USD LIBOR + 0.921%)

    1,800,000       5.239 (b)    12/15/38   1,738,805

BX Series 2021-MFM1, Class A (1M USD LIBOR + 0.700%)

    100,000       5.018 (b)    01/15/34   96,793

BX Trust Series 2021-ARIA, Class A (1M USD LIBOR +

    0.899 %)       
    1,100,000       5.217 (b)    10/15/36   1,044,283

BX Trust Series 2021-BXMF, Class A (1M USD LIBOR +

    0.636 %)       
    700,000       4.954 (b)    10/15/26   671,022

BXHPP Trust Series 2021-FILM, Class A (1M USD LIBOR +

    0.650 %)       
    1,550,000       4.968 (b)    08/15/36   1,463,070

ELP Commercial Mortgage Trust Series 2021-ELP, Class A (1M USD LIBOR + 0.701%)

    3,700,000       5.019 (b)    11/15/38   3,552,107

EQUS Mortgage Trust Series 2021-EQAZ, Class A (1M USD LIBOR + 0.755%)

    549,989       5.073 (b)    10/15/38   529,550

FHLMC Multifamily Structured Pass Through Certificates Series KF58, Class A (1M USD LIBOR + 0.500%)

    611,443       4.642     01/25/26   607,685

FHLMC Multifamily Structured Pass Through Certificates Series KF60, Class A (1M USD LIBOR + 0.490%)

    482,495       4.632     02/25/26   480,093

FHLMC Multifamily Structured Pass-Through Certificates Series KF19, Class A (1M USD LIBOR + 0.450%)

    302,124       4.592     06/25/23   301,950

FHLMC Multifamily Structured Pass-Through Certificates Series KF31, Class A (1M USD LIBOR + 0.370%)

    172,654       4.512     04/25/24   172,465

FHLMC Multifamily Structured Pass-Through Certificates Series KF32, Class A (1M USD LIBOR + 0.370%)

    276,347       4.512     05/25/24   275,799

Great Wolf Trust Series 2019-WOLF, Class A (1M USD LIBOR + 1.034%)

    600,000       5.352 (b)    12/15/36   582,260

KKR Industrial Portfolio Trust Series 2021-KDIP, Class A (1M USD LIBOR + 0.550%)

    130,657       4.868 (b)    12/15/37   126,254

ONE PARK Mortgage Trust Series 2021-PARK, Class A (1M TSFR LIBOR + 0.814%)

    919,000       5.151 (b)    03/15/36   877,285

STWD Trust Series 2021-FLWR, Class A (1M USD LIBOR + 0.577%)

    1,300,000       4.895 (b)    07/15/36   1,246,163
       

 

  14,230,930

 

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES   $  20,851,293

 

Principal

Amount

    

Interest

Rate

     Maturity
Date		   Value
Mortgage-Backed Obligations – (continued)

Federal Agencies – 0.0%

FHLMC – 0.0%

$

     23       4.500 %    05/01/23   $                23

 

[H]4GNMA – 0.0%

    4,228       7.000     04/15/26   4,276

 

TOTAL FEDERAL AGENCIES

   $           4,299

 

TOTAL MORTGAGE-BACKED OBLIGATIONS

(Cost $28,122,155)

   $  26,641,635

 

       
Municipal Debt Obligations – 0.4%

Alabama(a) – 0.1%

Alabama Federal Aid Highway Finance Authority

$

     360,000       0.449 %    09/01/23   $       350,906

 

Florida – 0.1%

County of Palm Beach FL Revenue Bonds Taxable (Refunding) Series B

    635,000       0.500     12/01/24   586,125

 

Illinois – 0.1%

Illinois State GO Bonds Taxable-Pension Series 2003

    1,069,091       4.950     06/01/23   1,069,649

 

Rhode Island(a)(c) – 0.0%

Rhode Island Student Loan Authority RB Series 2014-1

    132,385       4.820     10/02/28   128,423

 

Tennessee – 0.1%

State of Tennessee GO Bonds Taxable (Refunding) Series B

    1,015,000       0.386     11/01/23   982,892

 

TOTAL MUNICIPAL DEBT OBLIGATIONS

(Cost $3,214,507)

   $    3,117,995

 

    Shares     Description   Value
Exchange Traded Funds – 3.4%
    961,084      
 SPDR Portfolio Short Term
Corporate Bond ETF		   $  28,236,648
(Cost $30,180,440)

 

Shares    

Dividend

Rate

   Value
Investment Company(f) –0.0%

Goldman Sachs Financial Square Money Market Fund - Institutional Shares

    9,258       4.414%   $           9,262
(Cost $9,250)

 

 

GOLDMAN SACHS ENHANCED INCOME FUND

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Short-term Investments – 0.7%

Certificates of Deposit – 0.7%

Credit Suisse AG

  

$

     4,000,000       0.590 %    03/17/23   $    3,951,596

The Toronto-Dominion Bank

    1,629,000       4.070     07/18/23   1,618,839

 

TOTAL INVESTMENTS – 98.0%

(Cost $833,799,157)

   $801,509,773

 

OTHER ASSETS IN EXCESS OF

    LIABILITIES – 2.0%

   16,529,428

 

NET ASSETS – 100.0%   $818,039,201

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)   Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(b)   Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)   Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2022.
(d)   Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on December 31, 2022.
(e)   Issued with a zero coupon. Income is recognized through the accretion of discount.
(f)   Represents an Affiliated Issuer.
 

GOLDMAN SACHS ENHANCED INCOME FUND

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION

 

 

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

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

 

Counterparty     

Currency

Purchased

     

Currency

Sold

     

Settlement

Date

     

Unrealized

Gain

 

 

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

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

 

Counterparty     

Currency

Purchased

       

Currency

Sold

       

Settlement

Date

     

Unrealized

Loss

  

 

  

BNP Paribas SA

      USD     18,360,860        JPY     2,611,696,500        01/06/23      $ (1,555,542 ) 
     USD 8,778,223        JPY 1,250,918,750        01/11/23        (767,739 ) 

 

  

TOTAL

                     $ (2,323,281 ) 

 

  

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

 

Description      Number of
Contracts		      Expiration
Date		        Notional
Amount		      Unrealized
Appreciation/
(Depreciation)		  

 

  

Short position contracts:

                

2 Year U.S. Treasury Notes

        (1,205)        03/31/23        $ (247,119,142 )     $ 32,196  

5 Year U.S. Treasury Notes

        (110)        03/31/23          (11,872,266 )       24,324  

 

  

TOTAL FUTURES CONTRACTS

                 $ 56,520  

 

  

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

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

 

Payments Made by the Fund      Payments
Received by
Fund		      Termination
Date		        Notional
Amount
(000s)(a)		        Market
Value		      Upfront
Premium
(Received)
Paid		      Unrealized
Appreciation/
(Depreciation)		  

 

  

12M SOFR(b)

          4.750%        03/15/24        $ 503,520        $ (740,376 )     $ (724,550 )     $ (15,826 ) 

12M SOFR(c)

       4.430        12/31/24          11,940          (3,404 )       (2,223 )       (1,181 ) 

4.250%(c)

       12M SOFR        03/15/26          81,880          (617,449 )       (899,772 )       282,323  

 

  

TOTAL

                   $ (1,361,229 )     $ (1,626,545 )     $ 265,316  

 

  

 

(a) 

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

(b)

Payments made at maturity.

(c) Payments made annually.

 

 

Currency Abbreviations:
JPY  

— Japanese Yen

USD  

— U.S. Dollar

Investment Abbreviations:
CLO  

— Collateralized Loan Obligation

CMT  

— Constant Maturity Treasury Indexes

ETF  

— Exchange Traded Fund

FHLMC  

— Federal Home Loan Mortgage Corp.

FNMA  

— Federal National Mortgage Association

GNMA  

— Government National Mortgage Association

GO  

— General Obligation

LIBOR  

— London Interbank Offered Rate

LLC  

— Limited Liability Company

LP  

— Limited Partnership

PLC  

— Public Limited Company

RB  

— Revenue Bond

REMIC  

— Real Estate Mortgage Investment Conduit

SOFR  

— Secured Overnight Funding Rate

SPDR  

— Standard and Poor’s Depository Receipt

STACR  

— Structured Agency Credit Risk

STRIPS  

— Separate Trading of Registered Interest and Principal of Securities

TSFR  

— Term Secured Overnight Financing Rate

Abbreviations:
SOFR  

— Secured Overnight Funding Rate

 

 

GOLDMAN SACHS GOVERNMENT INCOME FUND

 

Schedule of Investments

December 31, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Mortgage-Backed Obligations – 61.7%

Collateralized Mortgage Obligations – 0.9%

Inverse Floaters(a) – 0.0%

GNMA REMIC Series 2002-13, Class SB (-1X 1M USD LIBOR + 37.567%)

$

     1,335       17.377 %    02/16/32   $           1,364

 

Regular Floater(a) –0.0%

FHLMC REMIC Series 1760, Class ZB (10 year CMT - 0.600%)

    6,635       3.190     05/15/24   6,613

 

Sequential Fixed Rate – 0.4%

FHLMC REMIC Series 2329, Class ZA

    142,801       6.500     06/15/31   145,727

FHLMC REMIC Series 4246, Class PT

    48,246       6.500     02/15/36   50,773

FNMA REMIC Series 2011-52, Class GB

    242,745       5.000     06/25/41   244,559

FNMA REMIC Series 2011-99, Class DB

    237,823       5.000     10/25/41   239,533

FNMA REMIC Series 2012-111, Class B

    32,895       7.000     10/25/42   34,915

FNMA REMIC Series 2012-153, Class B

    139,637       7.000     07/25/42   149,290

OBX Trust Series 2022-NQM7, Class A1(b)(c)

    96,030       5.110     08/25/62   94,738
       

 

  959,535

 

Sequential Floating Rate – 0.5%

JPMorgan Mortgage Trust Series 2021-6, Class A3(b)

    366,481       2.500     10/25/51   295,332

JPMorgan Mortgage Trust Series 2021-LTV2, Class A1(b)

    575,120       2.520     05/25/52   470,686

Merrill Lynch Mortgage Investors Trust Series 2004-E, Class A2B (6M USD LIBOR + 0.720%)

    49,381       4.903 (a)    11/25/29   46,425

OBX Trust Series 2022-NQM7, Class A1(b)

    103,056       1.841     10/25/66   86,387

Verus Securitization Trust Series 2021-8, Class A1(b)

    82,161       1.824     11/25/66   69,894
       

 

  968,724

 

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS   1,936,236

 

Commercial Mortgage-Backed Securities – 4.3%

Sequential Fixed Rate – 2.0%

BANK Series 2019-BN24, Class A3

$

     1,400,000       2.960 %    11/15/62   $    1,214,827

BANK Series 2020-BN29, Class A4

    600,000       1.997     11/15/53   474,310

BANK Series 2022-BNK39, Class A4

    950,000       2.928     02/15/55   799,344

BBCMS Mortgage Trust Series 2021-C12, Class A5

    950,000       2.689     11/15/54   785,949

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

    600,000       2.130     09/10/39   512,790

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

    500,000       2.626     04/15/54   411,096
       

 

  4,198,316

 

Principal

Amount

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

Sequential Floating Rate – 2.3%

BANK Series 2021-BN31, Class AS

$

     250,000       2.211 %(a)    02/15/54   $       193,944

BANK Series 2021-BNK37, Class A5

    600,000       2.618 (a)    11/15/64   493,323

BBCMS Mortgage Trust Series 2022-C16, Class AS

    550,000       4.600     06/15/55   506,911

BX Trust Series 2021-ARIA, Class A(b) (1M USD LIBOR + 0.899%)

    900,000       5.217 (a)    10/15/36   854,414

BXHPP Trust Series 2021-FILM, Class A(b) (1M USD LIBOR + 0.650%)

    1,600,000       4.968 (a)    08/15/36   1,510,266

Extended Stay America Trust Series 2021-ESH, Class A(b) (1M USD LIBOR + 1.080%)

    390,477       5.398 (a)    07/15/38   379,125

Taubman Centers Commercial Mortgage Trust Series 2022-DPM, Class A(b) (1M TSFR LIBOR + 2.186%)

    450,000       6.522 (a)    05/15/37   436,643

Wells Fargo Commercial Mortgage Trust Series 2022-C62, Class A4

    700,000       4.000 (a)    04/15/55   636,983
       

 

  5,011,609

 

TOTAL COMMERCIAL MORTGAGE-
BACKED SECURITIES		   $  9,209,925

 

Federal Agencies – 56.5%

Adjustable Rate FHLMC(a) – 0.1%

(1 year CMT + 2.224%)

$

     707       4.349 %    11/01/32   $            715

(1 year CMT + 2.250%)

    134,761       4.211     09/01/33   136,381
       

 

  137,096

 

Adjustable Rate FNMA(a) – 0.3%

(12M USD LIBOR + 1.670%)

    14,195       3.920     11/01/32   14,177

(6M USD LIBOR + 1.413%)

    201,332       3.538     05/01/33   200,322

(1 year CMT + 2.181%)

    4,264       3.180     06/01/33   4,318

(12M USD LIBOR + 1.667%)

    149,434       3.917     10/01/33   149,529

(1 year CMT + 2.195%)

    97,103       2.840     02/01/35   98,658

(12M USD LIBOR + 1.389%)

    75,127       3.639     09/01/35   74,865
       

 

  541,869

 

Adjustable Rate GNMA(a) – 0.2%

    1,107       2.875     06/20/23   1,099
    682       2.625     07/20/23   677
    846       2.625     08/20/23   839
    2,224       2.625     09/20/23   2,202
    1,155       2.625     03/20/24   1,140
    12,244       2.875     04/20/24   12,076
    1,807       2.875     05/20/24   1,781
    13,098       2.875     06/20/24   12,905

 

 

GOLDMAN SACHS GOVERNMENT INCOME FUND

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

Principal

Amount

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

Adjustable Rate GNMA(a) – (continued)

$

     2,948       3.000 %    06/20/24   $           2,907
    3,835       2.625     07/20/24   3,766
    5,739       3.000     07/20/24   5,648
    8,601       2.625     08/20/24   8,440
    5,100       3.000     08/20/24   5,017
    4,556       2.625     09/20/24   4,468
    5,761       2.000     11/20/24   5,652
    2,133       2.000     12/20/24   2,091
    5,246       2.500     12/20/24   5,166
    3,949       2.625     01/20/25   3,880
    2,790       2.625     02/20/25   2,740
    10,202       3.000     05/20/25   10,018
    11,606       3.000     07/20/25   11,365
    5,345       2.625     02/20/26   5,235
    266       2.625     07/20/26   259
    15,278       2.625     01/20/27   14,956
    4,506       2.625     02/20/27   4,411
    48,545       2.875     04/20/27   47,511
    5,140       2.875     05/20/27   5,031
    8,376       2.875     06/20/27   8,198
    2,608       1.750     11/20/27   2,526
    36       2.000     11/20/27   35
    7,927       1.750     12/20/27   7,678
    17,941       2.625     01/20/28   17,575
    6,119       2.625     02/20/28   5,995
    5,935       2.625     03/20/28   5,816
    30,968       2.625     07/20/29   30,093
    12,803       2.625     08/20/29   12,441
    3,539       2.625     09/20/29   3,439
    17,084       1.750     10/20/29   16,566
    22,210       1.750     11/20/29   21,537
    4,419       1.750     12/20/29   4,285
    6,744       2.625     01/20/30   6,625
    1,861       2.625     02/20/30   1,829
    15,787       2.625     03/20/30   15,512
    18,510       2.875     04/20/30   18,185
    30,517       2.875     05/20/30   29,986
    26,653       3.000     05/20/30   26,243
    7,197       2.875     06/20/30   7,072
    42,214       3.000     07/20/30   41,377
    10,144       3.000     09/20/30   9,945
    16,238       1.750     10/20/30   15,761
    28,072       2.625     03/20/32   27,667
       

 

        517,666

 

FHLMC – 4.7%

 

      
    12,710       6.500     07/01/28   13,016
    104,864       4.500     03/01/29   103,653
    2,932       8.000     07/01/30   3,024
    6,607       5.000     08/01/33   6,636
    1,055       5.000     09/01/33   1,059
    2,708       5.000     10/01/33   2,720
    1,585       5.000     11/01/34   1,593
    58,122       5.000     12/01/34   58,430
    4,176       5.000     07/01/35   4,199
    64       5.000     11/01/35   65
    8,922       5.000     12/01/35   8,998
    14,059       5.000     02/01/37   14,207

 

Principal

Amount

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

FHLMC – (continued)

$

     1,063       5.000 %    03/01/38   $           1,074
    36,673       5.000     07/01/39   37,107
    5,934       4.000     06/01/40   5,752
    2,186       5.000     08/01/40   2,215
    708       4.500     11/01/40   701
    44,088       4.000     02/01/41   42,661
    2,235       5.000     06/01/41   2,262
    93,829       5.000     07/01/41   95,000
    3,229       4.000     11/01/41   3,126
    4,489       3.000     05/01/42   4,070
    6,184       3.000     08/01/42   5,607
    7,634       3.000     01/01/43   6,935
    34,608       3.000     02/01/43   31,474
    4,752,727       2.000     12/01/51   3,871,097
    407,356       2.000     02/01/52   331,512
    4,967,001       2.000     04/01/52   4,042,213
    647,175       0.000     11/01/52   667,440
    655,705       0.000     12/01/52   676,369
       

 

        10,044,215

 

FNMA – 5.3%

    2,196       6.500     11/01/28   2,246
    26,277       7.000     07/01/31   27,661
    250,733       5.500     07/01/33   254,201
    2,999,701       2.000     02/01/52   2,443,211
    99,138       2.000     03/01/52   80,767
    7,279,474       2.000     04/01/52   5,924,362
    994,237       5.500     09/01/52   1,012,287
    774,764       6.000     11/01/52   799,994
    904,648       6.000     12/01/52   931,283
       

 

        11,476,012

 

[H]4GNMA – 17.1%

    16,656       7.000     12/15/27   16,989
    4,390       6.500     08/15/28   4,462
    32,911       6.000     01/15/29   33,573
    51,321       7.000     10/15/29   52,878
    16,786       5.500     11/15/32   17,178
    333,513       5.500     12/15/32   343,821
    6,682       5.500     01/15/33   6,830
    19,521       5.500     02/15/33   20,113
    22,510       5.500     03/15/33   23,143
    28,552       5.500     07/15/33   29,221
    9,092       5.500     08/15/33   9,321
    4,637       5.500     09/15/33   4,745
    10,854       5.500     04/15/34   11,121
    7,792       5.500     05/15/34   7,964
    143,214       5.500     06/15/34   147,925
    101,568       5.500     09/15/34   105,105
    110,204       5.500     12/15/34   114,135
    80,953       5.500     01/15/35   83,955
    34,692       5.000     03/15/38   35,297
    2,864       4.000     02/20/41   2,761
    4,550       4.000     11/20/41   4,384
    755       4.000     01/20/42   727
    2,411       4.000     04/20/42   2,323
    1,492       4.000     10/20/42   1,437

 

 

GOLDMAN SACHS GOVERNMENT INCOME FUND

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

Principal

Amount

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

GNMA – (continued)

$

     165,650       4.000 %    08/20/43   $       160,897
    2,148       4.000     03/20/44   2,086
    2,654       4.000     05/20/44   2,577
    184,600       4.000     11/20/44   179,016
    818,609       4.000     06/20/45   793,844
    183,210       4.000     01/20/46   177,095
    1,247,733       3.500     04/20/47   1,164,112
    737,242       3.500     12/20/47   687,834
    129,207       4.500     02/20/48   127,513
    519,959       4.500     05/20/48   511,029
    290,722       4.500     08/20/48   285,457
    68,609       5.000     08/20/48   69,014
    2,374,407       4.500     09/20/48   2,331,400
    555,653       5.000     10/20/48   558,585
    322,360       5.000     11/20/48   324,061
    493,881       5.000     12/20/48   496,487
    494,204       4.500     01/20/49   485,561
    681,190       5.000     01/20/49   684,093
    843,755       4.000     02/20/49   806,892
    80,701       4.500     03/20/49   79,290
    431,147       5.000     03/20/49   432,849
    555,637       4.500     10/20/49   543,662
    2,154,761       3.000     11/20/49   1,937,872
    1,395,694       3.000     02/20/50   1,254,434
    460,317       3.000     03/20/50   413,482
    148,174       3.500     01/20/51   137,380
    570,630       3.500     02/20/51   530,089
    915,731       3.000     12/20/51   818,547
    539,682       3.000     02/20/52   481,069
    2,000,000       2.000     01/23/53(d)   1,677,940
    5,000,000       2.500     01/23/53(d)   4,331,216
    5,000,000       3.000     TBA-30yr(d)   4,453,382
    1,000,000       3.500     TBA-30yr(d)   918,780
    2,000,000       4.000     TBA-30yr(d)   1,893,344
    5,000,000       5.500     TBA-30yr(d)   5,025,328
    1,000,000       6.000     TBA-30yr(d)   1,015,845
       

 

        36,871,470

 

UMBS – 15.5%

  
    337       5.500     02/01/23   337
    7,766       5.500     08/01/23   7,734
    685       4.500     07/01/36   678
    854       4.500     04/01/39   846
    4,046       4.500     05/01/39   4,004
    1,820       4.000     08/01/39   1,762
    8,617       4.500     08/01/39   8,530
    149,180       4.500     12/01/39   147,674
    7,752       4.500     01/01/41   7,675
    7,948       4.500     05/01/41   7,867
    43,963       4.500     08/01/41   43,560
    67,120       4.500     08/01/42   66,769
    6,389       3.000     11/01/42   5,778
    98,437       3.000     12/01/42   89,644
    246,158       3.000     01/01/43   224,488
    43,506       3.000     02/01/43   39,680
    311,066       3.000     03/01/43   283,709
    521,898       3.000     04/01/43   475,997
    335,544       3.000     05/01/43   306,007

 

Principal

Amount

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

UMBS – (continued)

$

     62,420       3.000 %    06/01/43   $         56,871
    518,996       3.000     07/01/43   472,864
    516,471       4.500     10/01/44   510,256
    299,244       4.000     12/01/44   289,334
    510,381       4.500     04/01/45   507,232
    61,586       4.500     05/01/45   61,168
    219,598       4.500     06/01/45   216,955
    1,827,668       3.500     07/01/45   1,692,704
    598,235       4.000     08/01/45   578,423
    204,785       4.000     11/01/45   196,772
    1,817,146       4.000     01/01/46   1,746,041
    62,284       4.000     03/01/46   59,645
    4,981       4.500     05/01/46   4,905
    35,843       4.000     06/01/46   34,220
    52,604       4.500     08/01/46   51,803
    10,377       4.000     08/01/46   9,907
    93,827       4.000     10/01/46   89,578
    33,425       4.500     06/01/47   32,955
    597,015       4.500     11/01/47   589,041
    212,091       4.000     12/01/47   204,603
    199,516       4.000     01/01/48   192,285
    726,509       4.000     02/01/48   699,013
    510,849       4.000     03/01/48   490,898
    610,839       4.000     06/01/48   588,128
    189,525       4.000     08/01/48   181,827
    875,340       5.000     11/01/48   886,864
    1,089,948       4.500     01/01/49   1,066,959
    302,442       4.500     03/01/49   295,968
    680,961       4.500     04/01/49   666,053
    556,068       3.500     07/01/49   517,095
    361,576       3.500     08/01/49   336,235
    1,240,009       3.000     09/01/49   1,111,575
    1,252,379       3.000     12/01/49   1,116,011
    1,812,491       4.000     03/01/50   1,734,483
    1,899,152       4.500     03/01/50   1,859,423
    2,866,972       2.500     09/01/50   2,474,844
    1,342,710       3.000     12/01/50   1,199,863
    6,716,735       2.500     05/01/51   5,737,344
    11,959       4.500     05/01/51   11,549
    235,390       4.500     04/01/52   226,574
    42,642       5.000     05/01/52   42,764
    565,235       5.000     06/01/52   566,671
    2,274,746       5.000     07/01/52   2,278,083
    30,681       5.000     08/01/52   30,725
       

 

        33,439,250

 

UMBS, 30 Year, Single Family – 13.3%

    3,000,000       6.000     01/12/53(d)   2,030,938
    8,000,000       5.500     01/23/53(d)   8,023,754
    9,000,000       3.500     TBA-30yr   8,185,073
    5,000,000       2.500     TBA-30yr(d)   4,239,063
    493,506       2.000     04/01/52   401,637

 

 

GOLDMAN SACHS GOVERNMENT INCOME FUND

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

Principal

Amount

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

UMBS, 30 Year, Single Family – (continued)

$

     6,999,699       2.000 %    04/01/52   $    5,696,668
       

 

        28,577,133

 

TOTAL FEDERAL AGENCIES   $121,604,711

 

TOTAL MORTGAGE-BACKED OBLIGATIONS

(Cost $139,029,935)

   $132,750,872

 

       
Agency Debentures – 25.2%

Sovereign – 25.2%

FFCB

$

     2,180,000       3.430 %    12/06/28   $    2,066,575
    720,000       5.270     05/01/29   752,364

FHLB

    3,620,000       3.500     06/11/32   3,266,797

FNMA

    2,600,000       6.250     05/15/29   2,903,108
    27,000,000       0.875     08/05/30   21,452,850
    4,000,000       6.625     11/15/30   4,665,880

Israel Government AID Bond(e)

    700,000       5.500     04/26/24   705,215

Tennessee Valley Authority

    20,150,000       0.750     05/15/25   18,457,601

 

TOTAL AGENCY DEBENTURES
(Cost $60,614,275)		   $  54,270,390

 

       
Asset-Backed Securities(a) – 2.0%

Collateralized Loan Obligations(b) – 0.4%

Towd Point Mortgage Trust Series 2017-4, Class A2

$

     1,030,153       3.000 %    06/25/57   $       883,034

 

Student Loan – 1.6%

ECMC Group Student Loan Trust Series 2018-2A, Class A(b) (1M USD LIBOR + 0.800%)

    982,113       5.189     09/25/68   932,552

Higher Education Funding I Series 2014-1, Class A(b) (3M USD LIBOR + 1.050%)

    192,054       5.807     05/25/34   191,887

Navient Student Loan Trust Series 2017-4A, Class A2(b) (1M USD LIBOR + 0.500%)

    27,071       4.889     09/27/66   27,068

PHEAA Student Loan Trust Series 2016-1A, Class A(b) (1M USD LIBOR + 1.150%)

    606,040       5.539     09/25/65   595,939

Scholar Funding Trust Series 2013-A, Class A(b) (1M USD LIBOR + 0.650%)

    1,093,096       5.039     01/30/45   1,046,802

 

Principal

Amount

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

Student Loan – (continued)

SLM Student Loan Trust Series 2008-5, Class A4 (3M USD LIBOR + 1.700%)

$

     491,185       6.058 %    07/25/23   $       482,803
       

 

        3,277,051

 

TOTAL ASSET-BACKED SECURITIES
(Cost $4,455,118)		   $    4,160,085

 

       
Municipal Debt Obligations – 1.0%

New Jersey – 1.0%

New Jersey Economic Development Authority Series A

$

     2,000,000       7.425 %    02/15/29   $    2,153,005
(Cost $2,000,000)  

 

TOTAL MUNICIPAL DEBT OBLIGATIONS
(Cost $2,000,000)		   $    2,153,005

 

       
Sovereign Debt Obligations(e) – 0.2%

Sovereign – 0.2%

Israel Government AID Bond

$

     500,000       5.500 %    12/04/23   $       502,630
(Cost $510,675)  

 

TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $510,675)		   $       502,630

 

       
U.S. Treasury Obligations – 28.6%

United States Treasury Bonds

$

     1,890,000       3.875 %(f)    08/15/40   $    1,845,112
    3,200,000       1.875     02/15/41   2,264,000
    3,040,000       2.250     05/15/41   2,285,700
    900,000       3.125     11/15/41   777,937
    3,500,000       3.750     11/15/43   3,285,078
    3,830,000       3.625     02/15/44   3,520,608
    9,390,000       3.375     05/15/44   8,291,077
    3,320,000       3.125     08/15/44   2,810,069
    6,400,000       2.875     11/15/46   5,147,000
    5,080,000       2.750     11/15/47   3,985,419
    530,000       2.375     11/15/49   385,575
    1,190,000       2.000     02/15/50   790,048
    2,020,000       2.375     05/15/51   1,456,294

United States Treasury Notes

    1,220,000       0.750     01/31/28   1,037,667
    6,660,000       1.125     02/29/28   5,766,103
    6,430,000       1.250     03/31/28   5,590,584
    12,860,000       3.125     11/15/28   12,261,206

 

 

GOLDMAN SACHS GOVERNMENT INCOME FUND

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

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

United States Treasury Strip Coupon(g)

$

   4,000     0.000 %      11/15/35     $            2,348

 

TOTAL U.S. TREASURY OBLIGATIONS
(Cost $74,810,525)

 

   $  61,501,825

 

TOTAL INVESTMENTS – 118.7%
(Cost $281,420,528)

 

   $255,338,807

 

OTHER ASSETS IN EXCESS OF

    LIABILITIES – (18.7)%

 

 

   (40,199,377)

 

NET ASSETS – 100.0%

 

   $215,139,430

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)   Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2022.
(b)   Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)   Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on December 31, 2022.
(d)   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 $33,609,590 which represents approximately 15.6% of net assets as of December 31, 2022.
(e)   Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $1,207,845, which represents approximately 1% of the Fund’s net assets as of December 31, 2022
(f)   All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.
(g)   Issued with a zero coupon. Income is recognized through the accretion of discount.
 

GOLDMAN SACHS GOVERNMENT INCOME FUND

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION

 

 

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

 

Description      Interest
Rate		      Maturity
Date(a) 		       Settlement
Date		        Principal
Amount		        Value  

 

  

UMBS, 30 Year, Single Family

        2.000 %       TBA-30yr          07/25/51        $ (7,000,000)        $ (5,713,531)  

UMBS, 30 Year, Single Family

        3.000        TBA-30yr          01/12/53          (1,000,000)          (878,516)  

UMBS, 30 Year, Single Family

        5.000        TBA-30yr          01/12/53          (1,000,000)          (986,094)  

GNMA

        4.500        TBA-30yr          01/23/53          (2,000,000)          (1,940,643)  

GNMA

        5.000        TBA-30yr          01/23/53          (2,000,000)          (1,981,696)  

 

  

(PROCEEDS RECEIVABLE: $ (11,668,047))

                        $ (11,500,480)  

 

  

 

(a)   TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned.

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

 

Description     

Number of

Contracts

     

Expiration

Date

     

Notional

Amount

     

Unrealized

Appreciation/

(Depreciation)

  

 

  

Long position contracts:

                  

2 Year U.S. Treasury Notes

      21      03/31/23      $ 4,306,641      $ (4,794 ) 

5 Year U.S. Treasury Notes

      47      03/31/23        5,072,695        (2,706 ) 

 

  

Total

                   $ (7,500 ) 

 

  

Short position contracts:

                  

10 Year U.S. Treasury Notes

      (180)      03/22/23        (20,512,657 )       248,839  

20 Year U.S. Treasury Bonds

      (81)      03/22/23        (10,152,844 )       119,213  

Ultra Long U.S. Treasury Bonds

      (45)      03/22/23        (6,044,062 )       92,640  

 

  

Total

                   $ 460,692  

 

  

TOTAL FUTURES CONTRACTS

                   $ 453,192  

 

  

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

 

Payments Made
by the Fund(a) 		    

Payments

Received

by Fund

     

Termination

Date

     

Notional

Amount

(000s)(b)

       

Market

Value

     

Upfront

Premium

(Received)

Paid

     

Unrealized

Appreciation/

(Depreciation)

  

 

  

3M LIBOR

         4.430%(a)      12/31/24      $ 6,650        $ (1,896 )     $ 9,075      $ (10,971 ) 

3M LIBOR

      2.500(a)      06/04/29        3,190          (40,048 )       (2,150 )       (37,898 ) 

2.570%

      3M LIBOR(a)      06/04/31        8,420          95,133        8,216        86,917  

2.680

      12M SOFR(a)      07/28/32        480          11,821        (2,399 )       14,220  

3.750

      3M LIBOR(a)      03/15/33        500          (9,079 )       (12,346 )       3,267  

3M LIBOR

      2.730(a)      06/04/33        5,340          (53,662 )       (4,529 )       (49,133 ) 

3M LIBOR

      2.910(a)      07/28/37        1,140          (21,090 )       2,031        (23,121 ) 

3M LIBOR

      2.720(a)      08/11/37        6,700          (165,251 )       (194,769 )       29,518  

2.080

      12M SOFR(a)      07/28/47        780          9,766        (496 )       10,262  

2.170

      3M LIBOR(a)      08/11/52        3,240          132,715        132,806        (91 ) 

 

  

TOTAL

                     $ (41,591 )     $ (64,561 )     $ 22,970  

 

  

 

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

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 contract

              

Calls

                 

1Y IRS

    Citibank NA     2.400 %    07/28/2023     2,000,000     $     2,000,000     $     11,476     $       67,000     $ (55,524 ) 

 

  

Written option contracts

              

Calls

                 

1Y IRS

    BofA Securities LLC     2.944     12/15/2023     (3,450,000)       (3,450,000 )      (81,476 )      (128,512 )      47,037  

1Y IRS

    Citibank NA     1.750     07/28/2023     (2,000,000)       (2,000,000 )      (3,331 )      (25,000 )      21,668  

1Y IRS

    Citibank NA     2.075     07/28/2023     (2,000,000)       (2,000,000 )      (6,262 )      (42,000 )      35,738  

 

  
           (7,450,000)     $   (7,450,000 )    $   (91,069 )    $   (195,512 )    $  104,443  

 

  

Puts

                 

1Y IRS

    BofA Securities LLC     2.944     12/15/2023     (3,450,000)       (3,450,000 )      (206,594 )      (128,513 )      (78,081 ) 

 

  

Total written option contracts

 

       (10,900,000)     $ (10,900,000 )    $ (297,663 )    $   (324,025 )    $   26,362  

 

  

TOTAL

            (8,900,000)     $   (8,900,000 )    $ (286,187 )    $   (257,025 )    $ (29,162 ) 

 

  

 

 

Currency Abbreviations:
USD  

— U.S. Dollar

 

            

 

GOLDMAN SACHS GOVERNMENT INCOME FUND

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

 

Investment Abbreviations:
CMT  

— Constant Maturity Treasury Indexes

FFCB  

— Federal Farm Credit Bank

FHLB  

— Federal Home Loan Bank

FHLMC  

— Federal Home Loan Mortgage Corp.

FNMA  

— Federal National Mortgage Association

GNMA  

— Government National Mortgage Association

LIBOR  

— London Interbank Offered Rate

REMIC  

— Real Estate Mortgage Investment Conduit

TSFR  

— Term Secured Overnight Financing Rate

UMBS  

— Uniform Mortgage Backed Securities

Abbreviations:    
1Y IRS  

— 1 Year Interest Rate Swaptions

GNMA  

— Government National Mortgage Association

LIBOR  

— London Interbank Offered Rate

SOFR  

— Secured Overnight Funding Rate

 

 

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

 

Schedule of Investments

December 31, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
U.S. Treasury Obligations – 97.9%

United States Treasury Inflation Indexed Bonds

$

     15,923,061       2.125 %    02/15/40   $  16,827,020
    14,818,163       1.375     02/15/44   13,700,372
    12,527,262       0.750     02/15/45   10,111,723
    11,527,564       1.000     02/15/48   9,656,589
    2,036,738       1.000     02/15/49   1,703,875
    6,131,110       0.250     02/15/50   4,133,680
    8,412,075       0.125     02/15/51   5,415,191

United States Treasury Inflation Indexed Notes

    748,734       0.125 (a)    01/15/23   746,964
    5,704,443       0.500     04/15/24   5,548,220
    34,249,391       0.125     10/15/24   32,995,762
    17,061,596       0.125     04/15/25   16,252,339
    16,309,500       0.375     07/15/25   15,662,654
    10,794,866       0.125     10/15/25   10,254,668
    4,251,196       0.625     01/15/26   4,078,885
    18,213,607       0.125     04/15/26   17,113,886
    12,468,293       0.125     07/15/26   11,743,547
    20,380,510       0.125     10/15/26   19,105,341
    11,558,270       0.375     01/15/27   10,891,421
    14,653,863       0.375     07/15/27   13,809,105
    22,348,000       0.500     01/15/28   21,013,899
    13,164,606       0.750     07/15/28   12,536,737
    55,805,983       0.875     01/15/29   53,132,529
    8,783,346       0.250     07/15/29   8,036,693
    18,978,399       0.125     07/15/30   16,979,830
    7,165,572       0.125     01/15/31   6,354,578
    30,461,950       0.125     07/15/31   26,872,966
    7,900,735       0.125     01/15/32   6,910,836
    11,075,940       0.625     07/15/32   10,141,489

 

TOTAL U.S. TREASURY OBLIGATIONS
(Cost $432,957,445)		   $381,730,799

 

Shares   Dividend
Rate		   Value
Investment Company(b) –0.5%  

Goldman Sachs Financial Square Government Fund - Institutional Shares

          1,988,392

   4.159%   $    1,988,392
(Cost $1,988,392)  

 

TOTAL INVESTMENTS – 98.4%
(Cost $434,945,837)		   $383,719,191

 

OTHER ASSETS IN EXCESS OF

    LIABILITIES – 1.6%

   6,282,737

 

NET ASSETS – 100.0%   $390,001,928

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)   All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.
(b)   Represents an Affiliated Issuer.

 

 

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION

 

 

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

 

Description     

Number of

Contracts

     

Expiration

Date

     

Notional

Amount

     

Unrealized

Appreciation/

(Depreciation)

  

 

  

Long position contracts:

                  

10 Year U.S. Treasury Notes

      19      03/22/23      $ 2,247,344      $ (64,126 ) 

5 Year U.S. Treasury Notes

      187      03/31/23        20,182,852        (207,274 ) 

Ultra Long U.S. Treasury Bonds

      11      03/22/23        1,378,781        (21,166 ) 

 

  

Total

                   $ (292,566 ) 

 

  

Short position contracts:

 

10 Year U.S. Treasury Notes

      (147)      03/22/23        (16,507,641 )       249,312  

2 Year U.S. Treasury Notes

      (127)      03/31/23        (26,044,922 )       11,653  

Ultra Long U.S. Treasury Bonds

      (29)      03/22/23        (3,895,062 )       72,152  

 

  

Total

                   $ 333,117  

 

  

TOTAL FUTURES CONTRACTS

                   $ 40,551  

 

  

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

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

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

 

Payments Made

by the Fund

   

Payments

Received by

Fund

      Termination
Date		        Notional
Amount
(000s)		      Market
Value		     

Upfront
Premium
(Received)

Paid

      Unrealized
Appreciation/
(Depreciation)		  

 

  

2.251%(a)

   1T CPI-U(a)        02/20/24        $   13,700      $ 1,230,576      $ 27      $ 1,230,549  

2.103(a)

   1T CPI-U(a)        12/14/24          10,000        1,022,454        37        1,022,417  

12M SOFR(b)

   4.430%(b)        12/31/24            25,500 (c)       —        33,320        (33,320 ) 

2.007(a)

   1T CPI-U(a)        02/07/26          6,300        690,778        37        690,741  

12M SOFR(b)

   4.000(b)        03/15/28          20 (c)        277        456        (179 ) 

1T CPI-U(a)

   2.103(a)        02/07/29          6,300        (717,980 )       59        (718,039 ) 

12M SOFR(b)

   2.500(b)        06/04/29          12,390 (c)       (155,548 )       (8,349 )       (147,199 ) 

3.750(b)

   12M SOFR(b)        03/15/30          9,080 (c)        (90,966 )       (215,971 )       125,005  

2.570(b)

   SOFR(b)        06/04/31          32,680 (c)       369,232        31,903        337,329  

2.680(b)

   12M SOFR(b)        07/28/32          4,760 (c)        117,232        84,439        32,793  

3.750(b)

   12M SOFR(b)        03/15/33          1,750 (c)        (31,775 )       (43,207 )       11,432  

12M SOFR(b)

   2.730(b)        06/04/33          20,740 (c)       (208,418 )       (17,577 )       (190,841 ) 

12M SOFR(b)

   2.910(b)        07/28/37          11,700 (c)       (216,448 )       (163,888 )       (52,560 ) 

12M SOFR(b)

   2.720(b)        08/11/37          31,370 (c)       (773,722 )       (691,268 )       (82,454 ) 

2.080(b)

   12M SOFR(b)        07/28/47          8,840 (c)        110,678        69,716        40,962  

2.170(b)

   12M SOFR(b)        08/11/52          15,150 (c)       620,567        480,766        139,801  

 

  

TOTAL

                 $ 1,966,937      $ (439,500 )     $ 2,406,437  

 

  

 

(a)   Payments made at maturity.
(b)   Payments made annually.
(c)   Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2022.

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

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

 

Description

   

Counterparty

  

Exercise

Rate

    

Expiration

Date

    

Number of

Contracts

    

Notional

Amount

    

Market

Value

    

Premiums Paid

(Received)

by Fund

    

Unrealized

Appreciation/

(Depreciation)

  

 

  

Written option contracts

              

Calls

                 

1Y IRS

    BofA Securities LLC     2.944 %      12/15/2023       (3,350,000 )    $ (3,350,000 )    $ (79,114 )    $ (124,788 )    $ 45,674  

1Y IRS

    Citibank NA     2.977       12/13/2023       (3,370,000 )      (3,370,000 )      (82,287 )      (134,968 )      52,681  

1Y IRS

    Citibank NA     3.007       12/13/2023       (3,370,000 )      (3,370,000 )      (85,378 )      (134,716 )      49,338  

1Y IRS

    JPMorgan Securities, Inc.     3.020       12/14/2023       (3,370,000 )      (3,370,000 )      (87,106 )      (130,924 )      43,819  

 

  
           (13,460,000 )    $ (13,460,000 )    $ (333,885 )    $ (525,396 )    $ 191,512  

 

  

Puts

                 

1Y IRS

    BofA Securities LLC     2.944       12/15/2023       (3,350,000 )      (3,350,000 )      (200,606 )      (124,788 )      (75,818 ) 

1Y IRS

    Citibank NA     2.977       12/13/2023       (3,370,000 )      (3,370,000 )      (196,021 )      (134,968 )      (61,053 ) 

1Y IRS

    Citibank NA     3.007       12/13/2023       (3,370,000 )      (3,370,000 )      (190,958 )      (134,716 )      (56,242 ) 

1Y IRS

    JPMorgan Securities, Inc.     3.020       12/14/2023       (3,370,000 )      (3,370,000 )      (188,826 )      (130,925 )      (57,902 ) 

 

  
           (13,460,000 )    $ (13,460,000 )    $ (776,411 )    $ (525,397 )    $ (251,015 ) 

 

  

Total written option contracts

         (26,920,000 )    $ (26,920,000 )    $ (1,110,296 )    $ (1,050,793 )    $ (59,503 ) 

 

  

TOTAL

            (26,920,000 )    $ (26,920,000 )    $ (1,110,296 )    $ (1,050,793 )    $ (59,503 ) 

 

  

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

 

Currency Abbreviations:
USD  

— U.S. Dollar

Abbreviations:
1Y IRS  

— 1 Year Interest Rate Swaptions

SOFR  

— Secured Overnight Funding Rate

 

                

 

GOLDMAN SACHS SHORT DURATION BOND FUND

 

Schedule of Investments

December 31, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – 57.3%

Advertising(a)(b)  – 0.3%

  

Outfront Media Capital LLC/Outfront Media Capital Corp.

$

     4,405,000       6.250 %    06/15/25   $       4,383,592

 

Aerospace & Defense(b) – 1.8%

 

    

Howmet Aerospace, Inc.

 

    
    1,491,000       5.125     10/01/24   1,471,975
    1,265,000       6.875     05/01/25   1,299,218

Teledyne Technologies, Inc.

 

    
    9,375,000       1.600     04/01/26   8,380,313

The Boeing Co.

 

      
    11,850,000       4.875     05/01/25   11,754,370
    5,400,000       2.600     10/30/25   5,034,906
       

 

        27,940,782

 

Agriculture(b) – 0.5%

 

      

BAT International Finance PLC

    8,000,000       1.668     03/25/26   7,083,120

 

Airlines(b) – 0.1%

 

      

Delta Air Lines, Inc.

  
    1,960,000       3.800     04/19/23   1,943,634

 

Automotive – 1.6%

 

      

Ford Motor Credit Co. LLC(b)

 

    
    5,639,000       2.300     02/10/25   5,147,730
    250,000       4.687     06/09/25   238,722

General Motors Financial Co., Inc.(b)

    1,100,000       3.950     04/13/24   1,078,341
    8,800,000       1.500     06/10/26   7,638,664

The Goodyear Tire & Rubber Co.

    3,235,000       9.500 (b)    05/31/25   3,345,411

Volkswagen Group of America Finance LLC

  
    5,800,000       3.950 (a)    06/06/25   5,615,154

ZF North America Capital, Inc.

 

    
    900,000       4.750 (a)    04/29/25   855,783
       

 

        23,919,805

 

Banks – 22.1%

 

      

Banco do Brasil SA

 

      
    3,350,000       4.750     03/20/24   3,294,097

Banco Santander SA

 

      
    1,600,000       2.746     05/28/25   1,498,016

Bank of America Corp.

  
    9,025,000       4.000     01/22/25   8,833,760
    23,950,000       3.950     04/21/25   23,331,611

(SOFR + 0.910%)

 

      
    20,250,000       0.981 (b)(c)    09/25/25   18,678,802

(SOFR + 1.110%)

 

      
    12,245,000       3.841 (b)(c)    04/25/25   11,952,834

Barclays PLC(b)(c)

 

      

(3M USD LIBOR + 1.610%)

 

    
    1,850,000       3.932     05/07/25   1,793,686

(SOFR + 2.714%)

 

      
    3,600,000       2.852     05/07/26   3,342,420

BNP Paribas SA(a)

 

      
    10,000,000       4.375     09/28/25   9,737,700

(SOFR + 2.074%)

 

      
    3,275,000       2.219 (b)(c)    06/09/26   3,017,389

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)    

Banks – (continued)

  

BPCE SA(a)

 

      

$

     850,000       2.375 %    01/14/25   $           791,860

(SOFR + 1.520%)

    3,675,000       1.652 (b)(c)    10/06/26   3,266,781

Citigroup, Inc.

    1,525,000       3.875     03/26/25   1,484,039
    1,375,000       4.400     06/10/25   1,349,673
    1,800,000       4.600     03/09/26   1,771,182

(SOFR + 0.686%)

    3,700,000       0.776 (b)(c)    10/30/24   3,550,076

(SOFR + 0.694%)

    15,075,000       2.014 (b)(c)    01/25/26   13,959,148

(SOFR + 1.372%)

    7,355,000       4.140 (b)(c)    05/24/25   7,242,616

(SOFR + 2.842%)

    14,275,000       3.106 (b)(c)    04/08/26   13,501,866

Credit Agricole SA

    5,700,000       4.375     03/17/25   5,502,723

Credit Suisse AG

    9,400,000       6.500 (a)    08/08/23   9,096,662
    11,225,000       3.700     02/21/25   10,340,358
    675,000       2.950     04/09/25   608,951

Credit Suisse Group AG(a)(b)(c)

(3M USD LIBOR + 1.240%)

    2,100,000       4.207     06/12/24   2,046,870

(SOFR + 2.044%)

    9,600,000       2.193     06/05/26   8,201,376

Deutsche Bank AG

    13,025,000       3.700     05/30/24   12,641,544

(SOFR + 2.159%)

    1,525,000       2.222 (b)(c)    09/18/24   1,472,540

Fifth Third Bancorp

    690,000       2.375 (b)    01/28/25   654,389

First Horizon Corp.

    1,500,000       4.000 (b)    05/26/25   1,458,150

First-Citizens Bank & Trust Co.(b)(c)

(SOFR + 3.827%)

    5,210,000       3.929     06/19/24   5,161,234

(TSFR3M + 1.715%)

    1,050,000       2.969     09/27/25   991,095

HSBC Holdings PLC (SOFR + 1.538%)

    8,675,000       1.645 (b)(c)    04/18/26   7,833,178

ING Groep NV(a)

    5,000,000       4.625     01/06/26   4,878,050

(1 year CMT + 1.100%)

    4,750,000       1.400 (b)(c)    07/01/26   4,266,117

JPMorgan Chase & Co.(b)(c)

(SOFR + 0.420%)

    5,150,000       0.563     02/16/25   4,857,634

(SOFR + 0.605%)

    6,525,000       1.561     12/10/25   6,037,387

(SOFR + 0.800%)

    9,200,000       1.045     11/19/26   8,122,956

(SOFR + 1.850%)

    6,360,000       2.083     04/22/26   5,901,635

(TSFR3M + 1.585%)

  
    22,175,000       2.005     03/13/26   20,523,406

 

 

GOLDMAN SACHS SHORT DURATION BOND FUND

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)    

Banks – (continued)

  

Lloyds Banking Group PLC

 

    

$

     1,525,000       4.500 %    11/04/24   $       1,489,330

Macquarie Group Ltd. (SOFR + 1.069%)

  
    2,100,000       1.340 (a)(b)(c)    01/12/27   1,824,732

Mitsubishi UFJ Financial Group, Inc.

    3,025,000       1.412     07/17/25   2,747,184

Morgan Stanley(b)(c)

(SOFR + 0.509%)

    11,250,000       0.791     01/22/25   10,654,087

(SOFR + 0.525%)

    3,700,000       0.790     05/30/25   3,447,549

(SOFR + 0.720%)

    4,025,000       0.985     12/10/26   3,532,340

(SOFR + 0.745%)

    2,125,000       0.864     10/21/25   1,953,279

(SOFR + 1.990%)

    20,275,000       2.188     04/28/26   18,815,200

Natwest Group PLC(b)(c)

(1 year CMT + 2.150%)

    1,325,000       2.359     05/22/24   1,306,066

(3M USD LIBOR + 1.550%)

    6,505,000       4.519     06/25/24   6,446,390

Santander Holdings USA, Inc. (SOFR + 1.380%)

    4,835,000       4.260 (b)(c)    06/09/25   4,685,695

Santander UK Group Holdings PLC (SOFR + 0.787%)

    9,700,000       1.089 (b)(c)    03/15/25   9,078,715

Standard Chartered PLC (1 year CMT + 0.780%)

    2,275,000       0.991 (a)(b)(c)    01/12/25   2,143,255

Sumitomo Mitsui Financial Group, Inc.

    1,925,000       1.474     07/08/25   1,754,195

Wells Fargo & Co.(b)(c)

 

    

(SOFR + 1.560%)

 

      
    9,910,000       4.540     08/15/26   9,720,323

(SOFR + 2.000%)

 

      
    7,200,000       2.188     04/30/26   6,701,400
       

 

        339,293,551

 

Building Materials(b) – 0.9%

  

Carrier Global Corp.

    15,325,000       2.242     02/15/25   14,451,781

JELD-WEN, Inc.

 

      
    125,000       4.875 (a)    12/15/27   94,265

Summit Materials LLC/Summit Materials Finance Corp.

    115,000       6.500 (a)    03/15/27   113,274
       

 

        14,659,320

 

Chemicals(b) – 0.8%

  

Celanese US Holdings LLC

 

    
    900,000       3.500     05/08/24   869,760

International Flavors & Fragrances, Inc.

  
    5,225,000       1.230 (a)    10/01/25   4,619,631

Methanex Corp.

 

      
    3,500,000       4.250     12/01/24   3,370,360

OCI NV

 

      
    1,043,000       4.625 (a)    10/15/25   996,889

Sasol Financing USA LLC

 

    
    450,000       5.875     03/27/24   438,750

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)    

Chemicals(b) – (continued)

 

    

SPCM SA

 

      

$

     1,650,000       3.125 %(a)    03/15/27   $       1,427,811
       

 

        11,723,201

 

Commercial Services – 0.8%

 

    

Global Payments, Inc.

  
    3,175,000       1.200 (b)    03/01/26   2,767,838

Prime Security Services Borrower LLC/Prime Finance, Inc.

    7,400,000       5.250 (a)    04/15/24   7,277,826

The ADT Security Corp.

 

    
    2,050,000       4.125     06/15/23   2,036,798
       

 

        12,082,462

 

Computers(b) – 0.8%

 

    

Dell International LLC/EMC Corp.

    10,665,000       5.850     07/15/25   10,797,993

NetApp, Inc.

 

      
    1,300,000       1.875     06/22/25   1,198,041
       

 

        11,996,034

 

Diversified Financial Services – 3.2%

AerCap Ireland Capital DAC/AerCap Global Aviation Trust(b)

    5,925,000       3.500     01/15/25   5,657,486
    640,000       6.500     07/15/25   650,150

Air Lease Corp.(b)

 

      
    1,500,000       2.300     02/01/25   1,398,450
    1,100,000       3.375     07/01/25   1,037,388
    5,175,000       1.875     08/15/26   4,504,734

Aviation Capital Group LLC

 

    
    1,725,000       1.950 (a)(b)    01/30/26   1,502,751

Avolon Holdings Funding Ltd.(a)(b)

 
    1,075,000       3.950     07/01/24   1,030,366
    2,075,000       2.875     02/15/25   1,917,093

Capital One Financial Corp.

 

    
    6,050,000       3.200 (b)    02/05/25   5,825,666

LD Holdings Group LLC

 

    
    3,610,000       6.500 (a)(b)    11/01/25   2,460,684

Navient Corp.

 

      
    915,000       5.500     01/25/23   913,316

Nomura Holdings, Inc.

  
    2,695,000       5.099     07/03/25   2,667,646

OneMain Finance Corp.(b)

 

    
    4,390,000       6.125     03/15/24   4,246,315

PennyMac Financial Services, Inc.

    2,160,000       5.375 (a)(b)    10/15/25   1,957,046

Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.

    10,460,000       2.875 (a)(b)    10/15/26   9,004,596

Synchrony Financial

  
    4,260,000       4.875 (b)    06/13/25   4,155,886
       

 

        48,929,573

 

Electrical – 2.0%

 

      

Avangrid, Inc.

 

      
    1,375,000       3.200 (b)    04/15/25   1,314,418

DTE Energy Co.

 

      
    3,375,000       1.050 (b)    06/01/25   3,057,851

 

 

GOLDMAN SACHS SHORT DURATION BOND FUND

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Electrical – (continued)

Enel Finance International NV

$

     7,875,000       1.375 %(a)(b)    07/12/26   $       6,822,585

Entergy Corp.

    2,800,000       0.900 (b)    09/15/25   2,495,080

Korea Hydro & Nuclear Power Co., Ltd.

    3,950,000       4.250 (a)    07/27/27   3,779,162

NRG Energy, Inc.(a)(b)

    4,525,000       3.750     06/15/24   4,357,756
    2,855,000       5.250     06/15/29   2,522,364

Vistra Operations Co. LLC(a)(b)

    3,325,000       3.550     07/15/24   3,190,836
    2,965,000       5.000     07/31/27   2,759,259
       

 

  30,299,311

 

Electrical Components & Equipment(a)(b) – 0.2%

Wesco Distribution, Inc.

    2,845,000       7.125     06/15/25   2,883,920

 

Electronics(a) – 0.2%

Sensata Technologies B.V.

    3,000,000       5.000     10/01/25   2,934,780

 

Energy-Alternate Sources(a)(b) – 0.0%

Greenko Dutch B.V.

    191,000       3.850     03/29/26   165,693

Greenko Wind Projects Mauritius Ltd.

    200,000       5.500     04/06/25   186,350
       

 

  352,043

 

Engineering & Construction(b) – 0.2%

AECOM

    2,750,000       5.125     03/15/27   2,661,945

 

Entertainment(a) – 1.9%

Banijay Entertainment SASU

    930,000       5.375 (b)    03/01/25   877,622

Caesars Entertainment, Inc.

    1,895,000       6.250 (b)    07/01/25   1,843,684

Caesars Resort Collection LLC/CRC Finco, Inc.

    6,300,000       5.750 (b)    07/01/25   6,174,000

Six Flags Theme Parks, Inc.(b)

    1,125,000       7.000     07/01/25   1,134,416

Warnermedia Holdings, Inc.

    6,900,000       3.428     03/15/24   6,696,864
    5,500,000       3.528 (b)    03/15/24   5,329,445
    6,900,000       3.638     03/15/25   6,563,004
       

 

  28,619,035

 

Environmental(a)(b) – 0.5%

GFL Environmental, Inc.

    3,880,000       3.750     08/01/25   3,664,194
    4,860,000       5.125     12/15/26   4,671,092
       

 

  8,335,286

 

Food & Drug Retailing(b) – 0.6%

Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/

    Albertson’s LLC(a)

    3,630,000       3.250     03/15/26   3,313,537
    110,000       7.500     03/15/26   112,608

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Food & Drug Retailing(b) – (continued)

B&G Foods, Inc.

$

     2,050,000       5.250 %    04/01/25   $       1,806,029

Performance Food Group, Inc.

    3,020,000       6.875 (a)    05/01/25   3,024,349

US Foods, Inc.

    1,055,000       6.250 (a)    04/15/25   1,046,444
       

 

  9,302,967

 

Gaming(b) – 0.4%

MGM Resorts International

    2,040,000       6.750     05/01/25   2,056,157
    3,511,000       5.750     06/15/25   3,412,200
       

 

  5,468,357

 

Gas(b) – 0.6%

NiSource, Inc.

    11,050,000       0.950     08/15/25   9,966,990

 

Healthcare Providers & Services – 1.5%

Centene Corp.(b)

    1,900,000       4.250     12/15/27   1,784,195
    8,410,000       2.450     07/15/28   7,095,770

HCA, Inc.

    8,810,000       5.375     02/01/25   8,800,485
    6,000,000       5.875 (b)    02/15/26   6,038,340
       

 

  23,718,790

 

Household Products(b) – 0.0%

Spectrum Brands, Inc.

    114,000       5.750     07/15/25   112,820

 

Housewares(b) – 0.2%

Newell Brands, Inc.

    2,770,000       4.875     06/01/25   2,702,384

 

Insurance –  0.4%

American International Group, Inc.

    1,333,000       2.500 (b)    06/30/25   1,255,806

Athene Global Funding

    1,725,000       1.450 (a)    01/08/26   1,512,877

Equitable Financial Life Global Funding

    1,550,000       1.400 (a)    07/07/25   1,406,191

Great-West Lifeco US Finance 2020 LP

    2,000,000       0.904 (a)(b)    08/12/25   1,780,560
       

 

  5,955,434

 

Internet – 1.4%

Netflix, Inc.

    3,265,000       5.875     02/15/25   3,306,498
    4,000,000       3.625 (a)(b)    06/15/25   3,829,320

NortonLifeLock, Inc.

    3,110,000       6.750 (a)(b)    09/30/27   3,053,523

Prosus NV

    7,030,000       3.257 (a)(b)    01/19/27   6,309,425

Uber Technologies, Inc.

    4,340,000       7.500 (a)(b)    05/15/25   4,346,206
       

 

  20,844,972

 

 

GOLDMAN SACHS SHORT DURATION BOND FUND

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)    

Investment Companies – 0.4%

  

Blackstone Private Credit Fund

  

$

     6,000,000       4.700 %    03/24/25   $       5,752,680

 

Iron/Steel(b) – 0.3%

  

Mineral Resources Ltd.

  
    3,555,000       8.000 (a)    11/01/27   3,630,544

Steel Dynamics, Inc.

  
    345,000       2.400     06/15/25   323,196
       

 

  3,953,740

 

Leisure Time(a)(b) – 0.5%

  

NCL Corp. Ltd.

  
    2,245,000       5.875     02/15/27   1,943,182

Royal Caribbean Cruises Ltd.

  
    4,880,000       11.500     06/01/25   5,241,852
       

 

  7,185,034

 

Lodging(b) – 0.3%

  

Marriott International, Inc.

  
    4,918,000       5.750     05/01/25   4,970,032

 

Machinery - Construction & Mining(a)(b) – 0.0%

  

The Manitowoc Co., Inc.

  
    125,000       9.000     04/01/26   116,906

 

Machinery-Diversified(b) – 0.5%

  

Husky III Holding Ltd.(d)

 
    1,104,000       13.000 (a)    02/15/25   977,691

Mueller Water Products, Inc.

  
    2,985,000       4.000 (a)    06/15/29   2,624,233

Otis Worldwide Corp.

  
    4,000,000       2.056     04/05/25   3,745,480
       

 

  7,347,404

 

Media – 1.4%

  

AMC Networks, Inc.

  
    4,486,000       4.750 (b)    08/01/25   3,443,274

Charter Communications Operating LLC/Charter Communications Operating Capital(b)

    8,925,000       4.908     07/23/25   8,752,747

(3M USD LIBOR + 1.650%)

  
    1,275,000       6.090 (c)    02/01/24   1,281,375

CSC Holdings LLC

  
    4,120,000       5.250     06/01/24   3,840,252

DISH DBS Corp.

  
    5,065,000       5.875     11/15/24   4,724,126

Scripps Escrow, Inc.

  
    120,000       5.875 (a)(b)    07/15/27   107,472
       

 

  22,149,246

 

Mining(a)(b) – 0.2%

  

Glencore Funding LLC

  
    4,200,000       1.625     09/01/25   3,805,746

 

Miscellaneous Manufacturing(b) – 0.2%

  

Amsted Industries, Inc.

  
    2,754,000       5.625 (a)    07/01/27   2,630,593

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Miscellaneous Manufacturing(b) – (continued)

Hillenbrand, Inc.

$

     890,000       5.750 %    06/15/25   $          891,771
       

 

  3,522,364

 

Multi-National(a)(b) – 0.1%

The African Export-Import Bank

    1,050,000       2.634     05/17/26   930,846
    1,130,000       3.798     05/17/31   932,307
       

 

  1,863,153

 

Office & Business Equipment(a)(b) – 0.3%

Xerox Holdings Corp.

    4,495,000       5.000     08/15/25   4,137,423

 

Oil Field Services(b) – 1.1%

Canadian Natural Resources Ltd.

    1,875,000       2.050     07/15/25   1,745,006

Continental Resources, Inc.

    6,800,000       3.800     06/01/24   6,611,776

Devon Energy Corp.

    120,000       5.250     09/15/24   120,001

EQT Corp.

    2,625,000       6.125     02/01/25   2,632,035

Petroleos Mexicanos

    210,000       6.875     10/16/25   204,265

Qatar Energy

    2,160,000       1.375     09/12/26   1,909,305

Saudi Arabian Oil Co.

    2,130,000       1.625     11/24/25   1,934,706

Transocean Sentry Ltd.

    1,256,911       5.375 (a)    05/15/23   1,246,931

USA Compression Partners LP/USA Compression Finance Corp.

    120,000       6.875     04/01/26   115,285
       

 

  16,519,310

 

Packaging – 1.1%

Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC

    1,165,000       6.000 (a)(b)    06/15/27   1,141,432

Ball Corp.

    4,663,000       4.000     11/15/23   4,582,936

Berry Global, Inc.(b)

    5,500,000       0.950     02/15/24   5,227,475
    3,200,000       1.570     01/15/26   2,857,312

Mauser Packaging Solutions Holding Co.

    2,320,000       5.500 (a)(b)    04/15/24   2,257,267

Silgan Holdings, Inc.

    1,925,000       1.400 (a)(b)    04/01/26   1,698,986
       

 

  17,765,408

 

Pharmaceuticals(b) – 0.9%

Elanco Animal Health, Inc.

    500,000       5.772     08/28/23   497,610

Herbalife Nutrition Ltd./HLF Financing, Inc.

    7,435,000       7.875 (a)    09/01/25   6,601,388

Perrigo Finance Unlimited Co.

    5,000,000       3.900     12/15/24   4,732,500

 

 

GOLDMAN SACHS SHORT DURATION BOND FUND

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Pharmaceuticals(b) – (continued)

PRA Health Sciences, Inc.

$

     3,144,000       2.875 %(a)    07/15/26   $       2,846,797
  14,678,295

 

Pipelines(b) – 1.9%

Cheniere Energy Partners LP

    2,835,000       4.500     10/01/29   2,551,557

DCP Midstream Operating LP

    4,645,000       5.375     07/15/25   4,601,244
    2,690,000       5.625     07/15/27   2,672,569

Energy Transfer LP/Regency Energy Finance Corp.

    150,000       4.500     11/01/23   148,701

EQM Midstream Partners LP

    1,265,000       4.750     07/15/23   1,261,015

MPLX LP

    1,225,000       4.875     12/01/24   1,214,024
    8,300,000       1.750     03/01/26   7,409,244

NGPL PipeCo LLC

    410,000       4.875 (a)    08/15/27   390,578

NuStar Logistics LP

    6,820,000       5.750     10/01/25   6,588,257

Targa Resources Partners LP/Targa Resources Partners Finance Corp.

    2,720,000       6.875     01/15/29   2,746,792
       

 

  29,583,981

 

Real Estate(b) – 0.0%

Sunac China Holdings Ltd.

    200,000       6.500     01/10/25   41,000

Zhenro Properties Group Ltd.

    200,000       6.700     08/04/26   5,000
       

 

  46,000

 

Real Estate Investment Trust(b) – 1.3%

American Tower Corp.

    1,150,000       2.400     03/15/25   1,081,863
    1,400,000       1.300     09/15/25   1,263,724

Crown Castle, Inc.

    1,750,000       1.350     07/15/25   1,591,100

MPT Operating Partnership LP/MPT Finance Corp.

    7,785,000       5.250     08/01/26   7,107,705

National Retail Properties, Inc.

    435,000       3.900     06/15/24   425,025

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

    4,830,000       5.625     05/01/24   4,797,204
    4,590,000       3.500     02/15/25   4,341,635

WP Carey, Inc.

    230,000       4.000     02/01/25   224,296
       

 

  20,832,552

 

Retailing(b) – 0.4%

Nordstrom, Inc.

    3,000,000       2.300     04/08/24   2,810,550

Penske Automotive Group, Inc.

    3,310,000       3.500     09/01/25   3,083,331
       

 

  5,893,881

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Semiconductors(b) – 0.1%

NXP B.V./NXP Funding LLC/NXP USA, Inc.

$

     250,000       2.700 %    05/01/25   $          235,048

Skyworks Solutions, Inc.

    2,425,000       1.800     06/01/26   2,134,679
       

 

  2,369,727

 

Software – 0.9%

Fair Isaac Corp.

    2,705,000       5.250 (a)(b)    05/15/26   2,648,925

Infor, Inc.

    1,075,000       1.750 (a)(b)    07/15/25   969,844

Oracle Corp.

    2,825,000       2.500 (b)    04/01/25   2,663,721
    3,575,000       5.800     11/10/25   3,651,755

PTC, Inc.

    2,085,000       3.625 (a)(b)    02/15/25   1,988,736

VMware, Inc.

    2,575,000       1.000 (b)    08/15/24   2,395,316
       

 

  14,318,297

 

Telecommunication Services – 1.9%

CommScope Technologies LLC

    112,000       6.000 (a)(b)    06/15/25   101,927

Sprint Corp.

    2,840,000       7.875     09/15/23   2,882,401

Telecom Italia SpA

    5,615,000       5.303 (a)    05/30/24   5,325,266

T-Mobile USA, Inc.

    21,574,000       3.500 (b)    04/15/25   20,768,858
       

 

  29,078,452

 

Toys/Games/Hobbies(a)(b) – 0.2%

Mattel, Inc.

    2,815,000       5.875     12/15/27   2,761,234

 

Trucking & Leasing(a)(b) – 0.3%

Penske Truck Leasing Co. LP/PTL Finance Corp.

    4,950,000       1.200     11/15/25   4,356,347

 

TOTAL CORPORATE OBLIGATIONS

(Cost $950,997,563)

   $   881,121,320

 

       
Mortgage-Backed Obligations – 15.6%

FNMA Collateral(e) – 0.3%

UMBS, 30 Year, Single Family – 0.3%

UMBS, 30 Year, Single Family

$

     4,000,000       4.500 %    TBA-30yr   $       3,855,625

 

Collateralized Mortgage Obligations – 3.0%

Interest Only(f) – 0.6%

FHLMC REMIC Series 3852, Class SW (-1X 1M USD LIBOR +

    6.000%)

 

    

$

     244,991       1.682 %(c)    05/15/41   $            20,866

FHLMC REMIC Series 4314, Class SE (-1X 1M USD LIBOR + 6.050%)

    231,595       1.732 (c)    03/15/44   22,213

 

 

GOLDMAN SACHS SHORT DURATION BOND FUND

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

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

Interest Only(f) – (continued)

FHLMC REMIC Series 4468, Class SY (-1X 1M USD LIBOR +

    6.100%)

 

    

$

     377,821       1.782 %(c)    05/15/45   $          40,286

FHLMC REMIC Series 4583, Class ST (-1X 1M USD LIBOR +

    6.000%)

 

    
    260,817       1.682 (c)    05/15/46   27,091

FHLMC REMIC Series 4998, Class GI

    4,082,720       4.000     08/25/50   802,251

FHLMC REMIC Series 5012, Class DI

    671,541       4.000     09/25/50   132,409

FHLMC REMIC Series 5020, Class IH

    1,718,684       3.000     08/25/50   274,962

FNMA REMIC Series 2010-135, Class AS (-1X 1M USD LIBOR

    + 5.950%)

 

    
    72,561       1.561 (c)    12/25/40   5,485

FNMA REMIC Series 2016-1, Class SJ (-1X 1M USD LIBOR +

    6.150%)

 

    
    360,545       1.761 (c)    02/25/46   39,382

FNMA REMIC Series 2017-31, Class SG (-1X 1M USD LIBOR

    + 6.100%)

 

    
    435,059       1.711 (c)    05/25/47   49,134

FNMA REMIC Series 2018-17, Class CS (-1X 1M USD LIBOR

    + 3.450%)

 

    
    1,717,419       0.336 (c)(g)    03/25/48   27,529

FNMA REMIC Series 2020-49, Class IO

    382,677       4.000     07/25/50   76,283

FNMA REMIC Series 2020-49, Class KS (-1X 1M USD LIBOR

    + 6.100%)

 

      
    2,867,662       1.711 (c)    07/25/50   323,443

FNMA REMIC Series 2020-60, Class NI

    623,663       4.000     09/25/50   122,969

FNMA REMIC Series 2020-62, Class GI

    3,010,911       4.000     06/25/48   581,450

GNMA REMEC Series 2020-55, Class PI

    734,381       3.500     04/20/50   119,839

GNMA REMIC Series 2013-124, Class CS (-1X 1M USD LIBOR + 6.050%)

    248,710       1.697 (c)    08/20/43   25,675

GNMA REMIC Series 2013-152, Class TS (-1X 1M USD LIBOR

    + 6.100%)

 

    
    90,688       1.747 (c)    06/20/43   8,176

GNMA REMIC Series 2014-132, Class SL (-1X 1M USD LIBOR

    + 6.100%)

 

    
    183,336       1.747 (c)    10/20/43   9,078

GNMA REMIC Series 2014-162, Class SA (-1X 1M USD LIBOR + 5.600%)

    91,782       1.247 (c)    11/20/44   7,392

GNMA REMIC Series 2015-111, Class IM

    284,941       4.000     08/20/45   43,087

GNMA REMIC Series 2015-123, Class SP (-1X 1M USD LIBOR

    + 6.250%)

 

    
    161,617       1.897 (c)    09/20/45   17,277

GNMA REMIC Series 2016-109, Class IH

    758,041       4.000     10/20/45   112,743

GNMA REMIC Series 2016-27, Class IA

    94,291       4.000     06/20/45   11,747

 

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

Interest Only(f) – (continued)

 

    

GNMA REMIC Series 2017-112, Class SJ (-1X 1M USD LIBOR

    + 5.660%)

 

    

$

     155,504       1.307 %(c)    07/20/47   $             13,194

GNMA REMIC Series 2018-122, Class HS (-1X 1M USD LIBOR + 6.200%)

    356,954       1.847 (c)    09/20/48   37,159

GNMA REMIC Series 2018-122, Class SE (-1X 1M USD LIBOR

    + 6.200%)

 

    
    335,307       1.847 (c)    09/20/48   33,527

GNMA REMIC Series 2018-139, Class SQ (-1X 1M USD LIBOR + 6.150%)

    328,221       1.797 (c)    10/20/48   31,014

GNMA REMIC Series 2019-1, Class SN (-1X 1M USD LIBOR +

    6.050%)

 

      
    353,240       1.697 (c)    01/20/49   33,022

GNMA REMIC Series 2019-110, Class PS (-1X 1M USD LIBOR

    + 6.050%)

 

      
    3,470,421       1.697 (c)    09/20/49   367,494

GNMA REMIC Series 2019-110, Class SD (-1X 1M USD LIBOR + 6.100%)

    368,189       1.747 (c)    09/20/49   33,237

GNMA REMIC Series 2019-110, Class SE (-1X 1M USD LIBOR

    + 6.100%)

 

      
    365,136       1.747 (c)    09/20/49   36,029

GNMA REMIC Series 2019-111, Class AS (-1X 1M USD LIBOR + 6.150%)

    1,744,283       1.797 (c)    01/20/49   157,290

GNMA REMIC Series 2019-151, Class NI

  
    1,342,247       3.500     10/20/49   202,163

GNMA REMIC Series 2019-153, Class EI

  
    7,934,251       4.000     12/20/49   1,453,586

GNMA REMIC Series 2019-20, Class SF (-1X 1M USD LIBOR

+ 3.790%)

 

    
    715,190       0.301 (c)(g)    02/20/49   18,266

GNMA REMIC Series 2019-78, Class SE (-1X 1M USD LIBOR

    + 6.100%)

 

    
    161,044       1.747 (c)    06/20/49   14,611

GNMA REMIC Series 2020-146, Class IM

  
    419,694       2.500     10/20/50   55,056

GNMA REMIC Series 2020-146, Class KI

  
    4,064,497       2.500     10/20/50   531,767

GNMA REMIC Series 2020-151, Class MI

  
    7,177,416       2.500     10/20/50   946,949

GNMA REMIC Series 2020-21, Class SA (-1X 1M USD LIBOR

    + 6.050%)

 

      
    1,378,828       1.697 (c)    02/20/50   145,522

GNMA REMIC Series 2020-55, Class AS (-1X 1M USD LIBOR

+ 6.050%)

 

      
    8,875,549       1.697 (c)    04/20/50   917,222

GNMA REMIC Series 2020-61, Class GI

  
    2,082,678       5.000     05/20/50   399,386

GNMA REMIC Series 2020-61, Class SW (-1X 1M USD LIBOR

    + 6.050%)

 

      
    2,157,794       1.697 (c)    08/20/49   204,598

GNMA REMIC Series 2020-78, Class DI

  
    1,570,978       4.000     06/20/50   288,432
 

GOLDMAN SACHS SHORT DURATION BOND FUND

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

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

Interest Only(f) – (continued)

GNMA REMIC Series 2020-79, Class AI

$

     174,309       4.000 %    06/20/50   $            31,310
       

 

  8,851,601

 

Sequential Fixed Rate – 0.3%

FHLMC REMIC Series 4649, Class ML

    3,343,942       4.000     11/15/54   3,243,753

FNMA REMIC Series 2012-111, Class B

    10,965       7.000     10/25/42   11,638

FNMA REMIC Series 2012-153, Class B

    36,747       7.000     07/25/42   39,287

OBX Trust Series 2022-NQM7, Class A1

    528,165       5.110 (a)(h)    08/25/62   521,059
       

 

  3,815,737

 

Sequential Floating Rate(a) –2.1%

Bellemeade Re Ltd. Series 2021-2A, Class M1B (SOFR30A + 1.500%)

    1,400,000       5.428 (c)    06/25/31   1,334,623

Connecticut Avenue Securities Trust Series 2021-R01, Class 1B1

    (SOFR30A + 3.100%)

    2,311,000       7.028 (c)    10/25/41   2,171,359

Connecticut Avenue Securities Trust Series 2022-R02, Class 2M2

    (SOFR30A + 3.000%)

    1,910,000       6.928 (c)    01/25/42   1,800,429

FHLMC STACR Debt Notes Series 2020-HQA5, Class M2

    (SOFR30A + 2.600%)

    2,556,307       6.528 (c)    11/25/50   2,536,118

FHLMC STACR REMIC Trust Series 2020-DNA2, Class M2

    (1M USD LIBOR + 1.850%)

    860,640       6.239 (c)    02/25/50   856,901

FHLMC STACR REMIC Trust Series 2020-DNA3, Class B1

    (1M USD LIBOR + 5.100%)

    482,331       9.489 (c)    06/25/50   500,922

FHLMC STACR REMIC Trust Series 2020-DNA5, Class B1

    (SOFR30A + 4.800%)

    3,231,000       8.728 (c)    10/25/50   3,307,957

FHLMC STACR REMIC Trust Series 2020-DNA5, Class M2

    (SOFR30A + 2.800%)

    749,468       6.728     10/25/50   753,087

FHLMC STACR REMIC Trust Series 2020-HQA4, Class M2

    (1M USD LIBOR + 3.150%)

    16,999       7.539 (c)    09/25/50   17,000

FHLMC STACR REMIC Trust Series 2021-DNA1, Class M2

    (SOFR30A + 1.800%)

    225,279       5.728 (c)    01/25/51   219,940

FHLMC STACR REMIC Trust Series 2021-DNA6, Class B1

    (SOFR30A + 3.400%)

    2,046,000       7.328 (c)    10/25/41   1,906,022

FHLMC STACR REMIC Trust Series 2021-HQA2, Class M2

    (SOFR30A + 2.050%)

    1,150,000       5.978 (c)    12/25/33   1,032,822

FHLMC STACR REMIC Trust Series 2022-DNA1, Class M1A

    (SOFR30A + 1.000%)

    1,951,078       4.928     01/25/42   1,904,440

 

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

Sequential Floating Rate(a) – (continued)

FHLMC STACR REMIC Trust Series 2022-DNA3, Class M1A

    (SOFR30A + 2.000%)

$

     2,159,796       5.928 %    04/25/42   $       2,155,011

FNMA Connecticut Avenue Securities Series 2021-R02,

    Class 2B1 (SOFR30A + 3.300%)

    4,100,000       7.228 (c)    11/25/41   3,768,851

GCAT Trust Series 22-NQM4, Class A1

    525,744       5.269 (h)    08/25/67   528,646

JPMorgan Mortgage Trust Series 2021-LTV2, Class A1

    4,859,541       2.520     05/25/52   3,977,116

New Residential Mortgage Loan Trust Series 2015-1A, Class A1

    96,046       3.750     05/28/52   87,992

Verus Securitization Trust Series 2022-1, Class A1

    4,592,157       2.724 (h)    01/25/67(e)   4,076,982
       

 

  32,936,218

 

TOTAL COLLATERALIZED MORTGAGE

OBLIGATIONS

   45,603,556

 

Commercial Mortgage-Backed Securities – 0.5%

Sequential Fixed Rate – 0.4%

BANK Series 2017-BNK9, Class D

$

     700,000       2.800 %(a)    11/15/54   $476,222

BX Trust Series 2022, Class A

    3,900,000       5.760     10/13/27   3,824,889

Citigroup Commercial Mortgage Trust Series 2017-P8, Class D

    1,500,000       3.000 (a)    09/15/50   1,047,778

Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D

    900,000       3.250 (a)    01/15/60(e)   655,606
       

 

  6,004,495

 

Sequential Floating Rate – 0.1%

Citigroup Commercial Mortgage Trust Series 2015-P1, Class C

    1,949,000       4.368     09/15/48   1,739,135

 

TOTAL COMMERCIAL MORTGAGE-BACKED

SECURITIES

   $       7,743,630

 

Federal Agencies – 11.8%

FHLMC – 0.0%

$

     76,494       5.000 %    08/01/52   $76,664

 

FNMA – 0.1%

    1,988,524       5.500     12/01/52   2,025,867

 

[H]4GNMA – 4.3%

    1,351,959       4.500     08/20/47   1,335,921
    220,891       5.000     03/20/48   221,422
    758,541       4.500     06/20/48   745,276
    772,024       4.500     07/20/48   758,281
    137,218       5.000     08/20/48   138,028
    1,175,458       4.500     09/20/48   1,154,167
    811,937       4.500     10/20/48   796,977
    453,119       5.000     11/20/48   455,510
    1,027,812       4.500     12/20/48   1,008,874
    2,087,909       5.000     12/20/48   2,098,927
    2,480,863       4.500     01/20/49   2,437,478
    2,712,250       5.000     01/20/49   2,723,807
    773,987       4.500     02/20/49   760,451

 

 

GOLDMAN SACHS SHORT DURATION BOND FUND

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

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

GNMA – (continued)

$

     1,048,204       4.500 %      03/20/49     $       1,029,874
    297,552       5.000       03/20/49     298,727
    25,454       5.000       04/20/49     25,554
    1,294,383       3.000       08/20/49     1,165,534
    41,240       5.000       08/20/49     41,390
    555,636       4.500       10/20/49     543,662
    1,067,262       5.000       12/20/49     1,069,832
    64,465       5.000       02/20/50     64,620
    387,520       3.000       06/20/51     346,295
    1,796,954       3.000       11/20/51     1,606,949
    4,578,656       3.000       12/20/51     4,092,733
    10,000,000       4.500       TBA-30yr (e)    9,703,214
    22,000,000       5.000       TBA-30yr (e)    21,798,652
    10,000,000       6.000       TBA-30yr (e)    10,158,451
       

 

        66,580,606

 

UMBS – 6.7%

 

      
    1,304       5.000       05/01/23     1,299
    5,575       5.000       03/01/25     5,522
    5,933       5.000       11/01/26     5,882
    5,944       5.000       07/01/27     5,898
    12,568,263       4.000       12/01/44     12,152,036
    35,178,982       4.000       08/01/45     34,032,799
    87,779       4.500       07/01/47     86,250
    494,609       4.500       02/01/48     485,066
    3,488,335       4.500       05/01/48     3,418,849
    1,281,405       4.500       06/01/48     1,255,079
    809,659       4.500       07/01/48     793,008
    184,416       4.500       08/01/48     180,627
    6,209,744       4.500       09/01/48     6,050,559
    71,242       4.500       12/01/48     69,739
    627,852       4.500       01/01/49     614,702
    5,418,410       4.000       01/01/49     5,198,329
    251,574       4.500       02/01/49     246,190
    6,859,259       4.500       03/01/49     6,712,445
    2,164,402       4.500       04/01/49     2,117,044
    130,364       4.500       09/01/49     127,466
    344,430       4.500       02/01/50     338,457
    52,980       4.500       03/01/50     51,820
    810,049       4.500       12/01/50     792,315
    208,993       5.000       05/01/52     209,590
    5,633,604       5.000       06/01/52     5,655,075
    11,335,829       5.000       07/01/52     11,371,748
    200,179       5.000       08/01/52     200,583
    10,929,848       5.500       11/01/52     11,128,274
       

 

        103,306,651

 

UMBS, 30 Year, Single Family(e) – 0.7%

    9,000,000       6.000       01/12/53     9,139,223

 

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

UMBS, 30 Year, Single Family(e) – (continued)

$

     1,000,000       5.500 %    01/23/53   $       1,002,969
       

 

        10,142,192

 

TOTAL FEDERAL AGENCIES

 

     $   182,131,980

 

TOTAL MORTGAGE-BACKED OBLIGATIONS
(Cost $249,833,447)

   $   239,334,791

 

       
Asset-Backed Securities – 7.8%

Automotive – 2.7%

 

      

Ford Credit Floorplan Master Owner Trust Series 2019-4, Class A

$

     3,750,000       2.440 %    09/15/26   $       3,586,366

GMF Floorplan Owner Revolving Trust Series 2019-2, Class A

    2,785,000       2.900 (a)    04/15/26   2,688,765

Tesla Auto Lease Trust Series 2021-A, Class A3

  
    2,200,000       0.560 (a)    03/20/25   2,131,062

Tesla Auto Lease Trust Series 2021-A, Class A4

  
    5,400,000       0.660 (a)    03/20/25   5,177,940

Tesla Auto Lease Trust Series 2021-B, Class A3

  
    10,200,000       0.600 (a)    09/22/25   9,604,880

Toyota Auto Receivables Owner Trust Series 2021-D, Class A3

    9,600,000       0.710     04/15/26   9,052,783

Toyota Lease Owner Trust Series 2021-A, Class A3

  
    5,687,362       0.390 (a)    04/22/24   5,606,912

Toyota Lease Owner Trust Series 2021-A, Class A4

    1,400,000       0.500 (a)    08/20/25   1,349,452

Toyota Lease Owner Trust Series 2021-B, Class A3

    2,250,000       0.420 (a)    10/21/24   2,185,998
       

 

        41,384,158

 

Collateralized Loan Obligations(a)(c) –5.0%

  

Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class AR (3M USD LIBOR + 1.200%)

    7,600,000       5.443     07/20/34   7,400,667

Atlas Senior Loan Fund XVII Ltd. Series 2021-17A, Class A (3M USD LIBOR + 1.200%)

    8,200,000       5.443     10/20/34   7,883,833

Cathedral Lake VII Ltd. Series 2021-7RA, Class D (3M USD LIBOR + 4.280%)

    1,750,000       8.359     01/15/32   1,541,677

Crown City CLO I Series 2020-1A, Class A1AR (3M USD LIBOR + 1.190%)

    2,500,000       5.433     07/20/34   2,418,420

Gulf Stream Meridian 3, Ltd. Series 2021-IIIA, Class A2 (3M USD LIBOR + 1.750%)

    3,000,000       5.829     04/15/34   2,879,583

HalseyPoint CLO 3 Ltd. Series 2020-3A, Class A1A (3M USD LIBOR + 1.450%)

    5,775,000       5.865     11/30/32   5,697,915

HalseyPoint CLO I Ltd. Series 2019-1A, Class A1A1 (3M USD LIBOR + 1.350%)

    3,500,000       5.593     01/20/33   3,438,186

ICG US CLO 2016-1 Ltd. Series 2016-1A, Class CRR (3M USD LIBOR + 3.650%)

    2,000,000       8.065     04/29/34   1,651,540

 

 

GOLDMAN SACHS SHORT DURATION BOND FUND

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

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

Collateralized Loan Obligations(a)(c) – (continued)

Jamestown CLO XVI Ltd. Series 2021-16A, Class A (3M USD LIBOR + 1.200%)

$

     3,000,000       5.558 %    07/25/34   $       2,924,697

LCM 26, Ltd. Series 2026-A, Class A1 (3M USD LIBOR + 1.070%)

    8,400,000       5.313     01/20/31   8,285,491

LCM XX LP Series 2020-A, Class AR (3M USD LIBOR + 1.040%)

    1,703,315       5.283     10/20/27   1,690,136

Marble Point CLO XVII Ltd. Series 2020-1A, Class A (3M USD LIBOR + 1.300%)

    6,000,000       5.543     04/20/33   5,839,794

MJX Venture Management II LLC Series 2017-28RR, Class A1 (3M USD LIBOR + 1.280%)

    4,171,053       5.558     07/22/30   4,057,776

Newark BSL CLO 1 Ltd. Series 2016-1A, Class A1R (3M USD LIBOR + 1.100%)

    2,884,880       5.458     12/21/29   2,848,830

Northwoods Capital XVIII Ltd. Series 2019-18A, Class AR (3M USD LIBOR + 1.100%)

    10,600,000       5.775     05/20/32   10,291,540

Park Avenue Institutional Advisers CLO Ltd. Series 2021-1A, Class C (3M USD LIBOR + 3.800%)

    3,000,000       8.043     01/20/34   2,706,498

Venture 36 CLO Ltd. Series 2019-36A, Class D (3M USD LIBOR + 4.150%)

    2,500,000       8.393     04/20/32   2,198,908

Zais CLO 13 Ltd. Series 2019-13A, Class A1A (3M USD LIBOR + 1.490%)

    3,000,000       5.569     07/15/32   2,940,729
       

 

        76,696,220

 

Student Loan(c) – 0.1%

Educational Services of America, Inc. Series 2014-1, Class A (1M USD LIBOR + 0.700%)

    244,323       5.089 (a)    02/25/39   241,951

Educational Services of America, Inc. Series 2015-2, Class A (1M USD LIBOR + 1.000%)

    134,184       5.389 (a)    12/25/56   134,468

Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%)

    845,747       5.258     07/25/45   836,970

Pennsylvania Higher Education Assistance Agency Series 12-1A, Class A1 (1M USD LIBOR + 0.550%)

    20,177       4.939 (a)    05/25/57   19,809

PHEAA Student Loan Trust Series 2016-1A, Class A (1M USD LIBOR + 1.150%)

    721,476       5.539 (a)    09/25/65   709,451
       

 

        1,942,649

 

TOTAL ASSET-BACKED SECURITIES
(Cost $125,025,653)		   $   120,023,027

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Sovereign Debt Obligations – 2.3%

Euro(a) – 0.0%

Republic of Indonesia

EUR

     250,000       2.150 %    07/18/24   $          261,641

 

United States Dollar – 2.3%

Perusahaan Penerbit SBSN Indonesia III

$

     3,530,000       2.300 (a)    06/23/25   3,336,238
    4,310,000       2.300     06/23/25   4,073,424
    7,550,000       1.500 (a)    06/09/26   6,795,831

Republic of Chile

    2,060,000       3.125     01/21/26   1,949,661

Republic of Indonesia

    8,750,000       4.150 (b)    09/20/27   8,575,963

Republic of Panama

    2,010,000       3.750 (b)    03/16/25   1,941,283

Republic of Peru

    2,120,000       2.392 (b)    01/23/26   1,949,473

Republic of Philippines

    2,000,000       3.229     03/29/27   1,887,720

Republic of Qatar (a)

    1,840,000       3.375     03/14/24   1,801,360
    690,000       3.400     04/16/25   666,626

Republic of Romania

    1,500,000       3.000 (a)    02/27/27   1,324,500

Saudi Government International Bond

    800,000       2.900 (a)    10/22/25   763,650
       

 

        35,065,729

 

TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $37,330,334)		   $     35,327,370

 

       
Municipal Debt Obligations – 0.2%

Illinois – 0.1%

Illinois State GO Bonds Taxable-Pension Series 2003

$

     2,082,273       4.950 %    06/01/23   $         2,083,359

 

Ohio(b)(c) – 0.1%

Access to Loans for Learning Student Loan Corp. Series 2019 A-3 (3M USD LIBOR + 0.800%)

    1,262,590       5.158     04/25/37   1,250,066

 

TOTAL MUNICIPAL DEBT OBLIGATIONS
(Cost $3,359,302)		   $       3,333,425

 

       
U.S. Treasury Obligations – 10.0%

United States Treasury Notes

$

     147,436,100       0.750 %(i)    04/30/26   $   131,817,088
    850,000       2.875 (i)    08/15/28   800,394
    21,990,000       3.875 (g)    12/31/29   21,859,882

 

TOTAL U.S. TREASURY OBLIGATIONS
(Cost $165,538,777)		   $   154,477,364

 

 

GOLDMAN SACHS SHORT DURATION BOND FUND

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

Shares      Description   Value
  Exchange Traded Funds(j) – 2.1%  
  754,343      Goldman Sachs Access High Yield Corporate Bond ETF   $     31,615,797
  (Cost $36,594,195)  

 

 

Shares     

Dividend

Rate

   Value
  Investment Company(j) – 6.1%  
 

Goldman Sachs Financial Square Government Fund - Institutional
Shares

  94,653,938      4.159%   $     94,653,938
  (Cost $94,653,938)  

 

 

 
 TOTAL INVESTMENTS – 101.4%
(Cost $1,663,333,209)		   $1,559,887,032

 

 

 

 LIABILITIES IN EXCESS OF

    OTHER ASSETS – ( 1.4)%

   (21,768,702)

 

 

  NET ASSETS – 100.0%   $1,538,118,330

 

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)   Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)   Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(c)   Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2022.
(d)   Pay-in-kind securities.
(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 $53,330,335 which represents approximately 3.5% of net assets as of December 31, 2022.
(f)   Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(g)   Issued with a zero coupon. Income is recognized through the accretion of discount.
(h)   Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on December 31, 2022.
(i)   All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.
(j)   Represents an Affiliated Issuer.
 

GOLDMAN SACHS SHORT DURATION BOND FUND

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION

 

 

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

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

 

Counterparty     

Currency

Purchased

       

Currency

Sold

        Settlement
Date		        Unrealized
Gain		  

 

  

MS & Co. Int. PLC

     

AUD

      548,000          NZD        586,745          03/15/23        $ 1,423  
    

AUD

      5,761,040          USD        3,909,508          03/15/23          24,891  
    

CAD

      1,038,113          USD        763,188          03/15/23          3,970  
    

CHF

      853,325          EUR        864,000          03/15/23          801  
    

CHF

      1,887,059          USD        2,045,102          03/15/23          12,571  
    

CLP

      852,903,030          USD        979,825          01/03/23          25,360  
    

CLP

      622,610,848          USD        671,920          01/10/23          61,360  
    

CNH

      5,834,023          USD        843,971          03/15/23          3,958  
    

COP

      3,453,897,667          USD        679,982          01/23/23          29,231  
    

CZK

      693,369          USD        30,002          03/15/23          555  
    

EUR

      346,000          CHF        341,132          03/15/23          326  
    

EUR

      425,285          GBP        368,459          03/15/23          11,329  
    

EUR

      438,023          NZD        730,548          03/15/23          7,120  
    

EUR

      673,199          SEK        7,428,938          03/15/23          9,355  
    

EUR

      41,933          USD        43,924          01/06/23          983  
    

EUR

      2,978,110          USD        3,180,539          03/15/23          23,948  
    

JPY

      57,302,829          USD        435,422          03/15/23          5,676  
    

NOK

      24,189,155          USD        2,433,285          03/15/23          43,917  
    

NZD

      565,406          USD        353,661          03/15/23          5,604  
    

PLN

      1,755,297          USD        390,788          03/15/23          7,279  
    

SGD

      873,167          USD        647,365          03/15/23          5,344  
    

TWD

      22,234,281          USD        722,456          01/03/23          1,457  
    

USD

      198,641          BRL        1,036,452          01/04/23          2,508  
    

USD

      339,132          BRL        1,763,264          02/02/23          7,333  
    

USD

      457,892          EUR        425,285          03/15/23          280  
    

USD

      6,213,266          GBP        5,049,596          03/15/23          97,115  
    

USD

      1,217,186          ILS        4,154,468          03/15/23          30,298  
    

USD

      708,108          NZD        1,110,067          03/15/23          2,758  
    

USD

      1,587,301          SEK        16,215,815          03/06/23          27,394  
    

USD

      3,791,036          SEK        38,982,232          03/15/23          39,096  
    

USD

      474,924          TWD        14,539,803          01/03/23          1,532  
    

ZAR

      6,024,528          USD        344,291          03/15/23          8,005  

 

  

TOTAL

                           $ 502,777  

 

  

GOLDMAN SACHS SHORT DURATION BOND FUND

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

 

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

 

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

 

 

Counterparty     

Currency

Purchased

       

Currency

Sold

        Settlement
Date		        Unrealized
Loss		  

 

  

MS & Co. Int. PLC

     

BRL

      2,080,555          USD        400,893          01/04/23        $ (7,177 ) 
    

CHF

      412,917          USD        450,650          03/15/23          (400 ) 
    

COP

      973,236,379          USD        200,833          01/23/23          (992 ) 
    

EUR

      433,632          NZD        734,828          03/15/23          (325 ) 
    

GBP

      2,714,984          USD        3,346,877          02/23/23          (60,114 ) 
    

GBP

      977,062          USD        1,205,682          03/15/23          (22,249 ) 
    

ILS

      629,418          USD        183,183          03/15/23          (3,365 ) 
    

INR

      157,411          USD        1,904          02/16/23          (6 ) 
    

NZD

      1,089,945          AUD        1,021,287          03/15/23          (4,907 ) 
    

NZD

      727,717          EUR        434,259          03/15/23          (4,870 ) 
    

NZD

      1,329,771          USD        850,270          03/15/23          (5,319 ) 
    

SEK

      4,663,357          EUR        428,893          03/15/23          (12,658 ) 
    

TWD

      22,234,281          USD        728,086          01/03/23          (4,174 ) 
    

TWD

      7,694,478          USD        253,985          03/27/23          (1,241 ) 
    

USD

      192,564          BRL        1,044,103          01/04/23          (5,018 ) 
    

USD

      279,652          CHF        258,562          03/15/23          (2,288 ) 
    

USD

      964,663          CLP        852,903,030          01/03/23          (40,524 ) 
    

USD

      1,123,068          CLP        1,062,303,421          01/10/23          (128,060 ) 
    

USD

      723,637          CNH        5,030,071          03/15/23          (7,444 ) 
    

USD

      1,096,077          COP        5,471,622,502          01/23/23          (27,448 ) 
    

USD

      5,204,574          EUR        5,242,847          01/06/23          (410,019 ) 
    

USD

      4,395,834          EUR        4,132,564          03/15/23          (50,859 ) 
    

USD

      3,221          MXN        64,725          03/15/23          (55 ) 
    

USD

      265,641          NOK        2,601,744          03/15/23          (802 ) 
    

USD

      2,314,099          NZD        3,671,394          03/15/23          (18,746 ) 
    

USD

      972,828          TWD        29,928,759          01/03/23          (1,603 ) 
    

USD

      2,473,963          ZAR        44,445,137          01/05/23          (140,726 ) 

 

  

TOTAL

                           $ (961,389 ) 

 

  

GOLDMAN SACHS SHORT DURATION BOND FUND

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

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

 

Description     

Interest

Rate

     

Maturity

Date

     

Settlement

Date

     

Principal

Amount

        Value  

 

  

UMBS, 30 Year, Single Family
(Proceeds Receivable: $(16,803,438))

        5.000 %     TBA-30yr      01/12/53      $ 0        $ (16,763,601)  

 

  

FUTURES CONTRACTS — At December 31, 2022, 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

      12      03/29/23      $ 1,449,289      $ (80,534 ) 

10 Year U.S. Treasury Notes

      350      03/22/23        39,303,906        (313,927 ) 

2 Year U.S. Treasury Notes

      1,168      03/31/23        239,531,251        316,060  

5 Year German Euro-Bobl

      15      03/08/23        1,968,910        (75,103 ) 

French 10 Year Government Bonds

      1      03/08/23        136,268        (9,635 ) 

 

  

Total

                   $ (163,139 ) 

 

  

Short position contracts:

                  

10 Year U.S. Treasury Notes

      (253)      03/22/23        (29,925,156 )       326,835  

20 Year U.S. Treasury Bonds

      (139)      03/22/23        (17,422,781 )       150,205  

5 Year U.S. Treasury Notes

      (1,026)      03/31/23        (110,735,860 )       174,471  

Ultra Long U.S. Treasury Bonds

      (9)      03/22/23        (1,208,812 )       (4,201 ) 

 

  

Total

                   $ 647,310  

 

  

TOTAL FUTURES CONTRACTS

                   $ 484,171  

 

  

SWAP CONTRACTS — At December 31, 2022, 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 SOFR(a)

   4.430%(a)   12/31/24   $ 51,950 (b)    $ (14,811 )    $ 56,691     $ (71,502 ) 

3M STIBOR(c)

   3.000(a)   03/15/25   SEK    578,540 (b)      (616,039 )      (316,180 )      (299,859 ) 

3.750%(a)

   3M NIBOR(d)   03/15/25   NOK 421,770 (b)      (236,329 )      (280,422 )      44,093  

6M CDOR(d)

   4.000(d)   03/15/25   CAD 27,650 (b)      (156,997 )      19,661       (176,658 ) 

3M NZDOR(c)

   5.000(d)   03/15/25   NZD 44,750 (b)      (224,493 )      (123,315 )      (101,178 ) 

4.000(c)

   6M AUDOR(c)   03/15/25   AUD 50,120 (b)      62,168       (119,981 )      182,149  

4.000(d)

   6M AUDOR(d)   03/15/25     31,440 (b)      114,308       (2,999 )      117,307  

1.730(a)

   12M SOFR(a)   02/08/26   $ 147,750       4,924,123       289,721       4,634,402  

12M SOFR(a)

   3.388(a)   11/15/26     49,540 (b)      129,161       254,854       (125,693 ) 

2.350(a)

   6M EURO(d)   09/09/27   EUR 10,810 (b)      242,047       1,469       240,578  

12M SOFR(a)

   3.350(a)   10/06/27   $ 35,880 (b)      89,883       19,529       70,354  

6M GBP(a)

   4.605(a)   10/18/27   GBP 23,780 (b)      540,501       525,065       15,436  

4.000(a)

   12M SOFR(a)   03/15/28   $ 2,190 (b)      (30,349 )      (57,252 )      26,903  

6M EURO(a)

   2.750(a)   03/15/28   EUR 2,480 (b)      (28,841 )      46,076       (74,917 ) 

6M GBP(a)

   3.500(a)   03/15/28   GBP 7,560 (b)      (235,268 )      (82,147 )      (153,121 ) 

3.500(a)

   3M NIBOR(d)   03/15/28   NOK 99,600 (b)      (118,680 )      (114,297 )      (4,383 ) 

3M NZDOR(c)

   4.500(d)   03/15/28   NZD 11,870 (b)      (121,051 )      (57,538 )      (63,513 ) 

1.500(a)

   6M CHFOR(a)   03/15/28   CHF 9,040 (b)      190,908       (53,563 )      244,471  

3.000(a)

   6M EURO(d)   03/15/28   EUR 3,470 (b)      46,893       (54,466 )      101,359  

GOLDMAN SACHS SHORT DURATION BOND FUND

 

Schedule of Investments (continued)

December 31, 2022 (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)

  

 

  

0.250%(a)

   6M JYOR(a)     03/15/28     JPY 4,867,310 (b)    $ 716,596     $ 200,334     $ 516,262  

12M SOFR(a)

   2.500%(a)     06/04/29     $ 29,570 (b)       (371,230 )      (20,116 )      (351,114 ) 

2.350(a)

   6M EURO(d)     07/04/29     EUR 3,250 (b)       117,842       40,692       77,150  

2.570(a)

   12M SOFR(a)     06/04/31     $ 77,970 (b)       880,936       75,646       805,290  

2.680(a)

   12M SOFR(a)     07/28/32       14,360 (b)       353,666       (95,736 )      449,402  

6M EURO(d)

   2.650(a)     09/09/32     EUR 15,970 (b)      (336,744 )      (290,239 )      (46,505 ) 

3.912(a)

   6M GBP(a)     10/18/32     GBP 16,340 (b)       (421,692 )      (465,319 )      43,627  

6M EURO(d)

   2.500(a)     12/20/32     EUR 13,690 (b)       (374,753 )      (28,791 )      (345,962 ) 

3.750(a)

   12M SOFR(a)     03/15/33     $ 11,040 (b)       (200,452 )      (364,608 )      164,156  

6M GBP(a)

   3.000(a)     03/15/33     GBP 1,560 (b)       (113,317 )      (32,410 )      (80,907 ) 

12M SOFR(a)

   3.750(a)     03/15/33     $ 8,680 (b)       157,602       336,232       (178,630 ) 

3.500(a)

   3M NIBOR(d)     03/15/33     NOK 64,340 (b)       (120,960 )      (227,931 )      106,971  

3.000(a)

   3M STIBOR(c)     03/15/33     SEK 19,490 (b)       22,617       (74,699 )      97,316  

6M AUDOR(d)

   4.500(d)     03/15/33     AUD 19,380 (b)       (81,661 )      421,794       (503,455 ) 

3.500(d)

   6M CDOR(d)     03/15/33     CAD 5,810 (b)       78,716       (79,585 )      158,301  

3.000(a)

   6M EURO(d)     03/15/33     EUR 4,050 (b)       79,772       (75,902 )      155,674  

0.500(a)

   6M JYOR(a)     03/15/33     JPY 860,000 (b)      274,694       194,631       80,063  

12M SOFR(a)

   2.730(a)     06/04/33     $ 49,500 (b)       (497,431 )      (42,249 )      (455,182 ) 

3.500(a)

   12M SOFR(a)     11/15/34       11,080 (b)       (154,036 )      (268,929 )      114,893  

3.240(a)

   12M SOFR(a)     10/06/35       8,110 (b)       59,680       91       59,589  

6M EURO(d)

   2.855(a)     07/04/37     EUR 11,950 (b)       (178,230 )      (201,871 )      23,641  

12M SOFR(a)

   2.940(a)     07/12/37     $ 8,560 (b)       (274,408 )      (66,659 )      (207,749 ) 

12M SOFR(a)

   2.910(a)     07/28/37       36,590 (b)       (676,908 )      (3,903 )      (673,005 ) 

6M EURO(d)

   2.152(a)     08/09/37     EUR 15,480 (b)       (501,959 )      (195,236 )      (306,723 ) 

12M SOFR(a)

   2.720(a)     08/11/37     $ 64,760 (b)       (1,597,266 )      (1,261,412 )      (335,854 ) 

2.500(a)

   6M EURO(d)     12/20/37     EUR 15,500 (b)       274,375       28       274,347  

1.451(a)

   6M EURO(d)     08/10/42       35,190 (b)       801,900       251,464       550,436  

2.750(a)

   12M SOFR(a)     07/12/47     $ 5,330 (b)       293,248       80,151       213,097  

2.080(a)

   12M SOFR(a)     07/28/47       28,860 (b)       361,333       88,765       272,568  

6M EURO(d)

   1.051(a)     08/11/47     EUR 19,430 (b)       (297,056 )      (68,524 )      (228,532 ) 

1.560(a)

   6M EURO(d)     07/06/52       8,510 (b)       100,912       (65,796 )      166,708  

2.170(a)

   12M SOFR(a)     08/11/52     $ 31,280 (b)       1,281,276       978,842       302,434  

1.800(a)

   6M EURO(d)     09/09/52     EUR 3,390 (b)       114,071       (33,460 )      147,531  

 

  

TOTAL

          $ 4,328,267     $ (1,343,799 )    $ 5,672,066  

 

  

 

(a)   Payments made annually.
(b)   Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2022.
(c)   Payments made quarterly.
(d)   Payments made semi-annually.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

 

Referenced
Obligation/Index		   

Financing Rate

Received/(Paid) by

the Fund(a)

   

Credit

Spread at

December 31,

2022(b)

   

Termination

Date

     

Notional

Amount

(000s)

      Value     

Upfront

Premiums

(Received)

Paid

     

Unrealized

Appreciation/

(Depreciation)

  

 

  

Protection Sold:

                   

AT&T, Inc., 3.800%, 02/15/27

      1.000%       0.986%       06/20/26      $ 3,475      $ 2,666      $ 44,717      $ (42,051 ) 

AT&T, Inc., 3.800%, 02/15/27

      1.000           0.954           12/20/25        10,000        15,860        63,746        (47,886 ) 

CDX.NA.IG Index 32

      1.000           0.537           06/20/24        225        1,559        1,242        317  

GOLDMAN SACHS SHORT DURATION BOND FUND

 

Schedule of Investments (continued)

December 31, 2022 (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

December 31,

2022(b)

   

Termination

Date

     

Notional

Amount

(000s)

      Value     

Upfront

Premiums

(Received)

Paid

     

Unrealized

Appreciation/

(Depreciation)

  

 

  

General Electric Co. 2.700%, 10/09/22

      1.000%       0.801%       06/20/26      $ 5,225      $ 34,962      $ 49,376      $ (14,414 ) 

 

  

TOTAL

              $ 55,047      $ 159,081      $ (104,034 ) 

 

  

 

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

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

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

 

Description    Counterparty  

Exercise

Rate

    

Expiration

Date

  

Number of

Contracts

    

Notional

Amount

    

Market

Value

    

Premiums Paid

(Received)

by Fund

    

Unrealized

Appreciation/

(Depreciation)

  

 

  

Purchased option contracts

          

Calls

          

1Y IRS

    Citibank NA     2.400%     07/28/2023     8,700,000     $ 8,700,000     $ 49,921     $ 291,450     $ (241,529 ) 

1Y IRS

    Citibank NA     1.977         12/01/2023     6,630,000       6,630,000       47,146       150,814       (103,668 ) 

1Y IRS

    Deutsche Bank AG (London)     2.700         04/28/2023     8,790,000       8,790,000       37,955       326,408       (288,452 ) 

1Y IRS

    MS & Co. Int. PLC     2.518         10/27/2023     7,180,000       7,180,000       107,908       190,695       (82,786 ) 

 

  
           31,300,000     $ 31,300,000     $ 242,930     $ 959,367     $ (716,435 ) 

 

  

Puts

          

1Y IRS

    Deutsche Bank AG (London)     3.000         05/05/2023     8,750,000       8,750,000       445,537       306,108       139,429  

1Y IRS

    Deutsche Bank AG (London)     2.960         09/05/2023     8,730,000       8,730,000       496,234       339,859       156,375  

1Y IRS

    JPMorgan Securities, Inc.     2.800         08/23/2023     8,730,000       8,730,000       575,729       315,192       260,536  

 

  
           26,210,000     $ 26,210,000     $ 1,517,500     $ 961,159     $ 556,340  

 

  

Total purchased option contracts

     57,510,000     $ 57,510,000     $ 1,760,430     $ 1,920,526     $ (160,095 ) 

 

  

Written option contracts

          

Calls

          

1Y IRS

    BofA Securities LLC     2.944         12/15/2023     (9,700,000 )      (9,700,000 )      (229,076 )      (361,325 )      132,249  

1Y IRS

    Citibank NA     1.750         07/28/2023     (8,700,000 )      (8,700,000 )      (14,492 )      (108,750 )      94,258  

1Y IRS

    Citibank NA     2.075         07/28/2023     (8,700,000 )      (8,700,000 )      (27,241 )      (182,700 )      155,459  

1Y IRS

    Citibank NA     1.484         12/01/2023     (2,670,000 )      (2,670,000 )      (61,712 )      (150,696 )      88,985  

1Y IRS

    Citibank NA     2.977         12/13/2023     (6,570,000 )      (6,570,000 )      (160,424 )      (263,128 )      102,705  

1Y IRS

    Citibank NA     3.007         12/13/2023     (6,570,000 )      (6,570,000 )      (166,450 )      (262,636 )      96,186  

1Y IRS

    Deutsche Bank AG (London)     2.013         04/28/2023     (8,790,000 )      (8,790,000 )      (5,999 )      (124,346 )      118,347  

1Y IRS

    Deutsche Bank AG (London)     2.356         04/28/2023     (8,790,000 )      (8,790,000 )      (15,594 )      (202,062 )      186,467  

1Y IRS

    JPMorgan Securities, Inc.     3.020         12/14/2023     (16,430,000 )      (16,430,000 )      (412,423 )      (629,925 )      217,501  

1Y IRS

    MS & Co. Int. PLC     1.945         10/27/2023     (3,020,000 )      (3,020,000 )      (124,735 )      (190,844 )      66,108  

 

  
           (79,940,000 )    $ (79,940,000 )    $ (1,218,146 )    $ (2,476,412 )    $ 1,258,265  

 

  

Puts

          

1Y IRS

    BofA Securities LLC     2.944         12/15/2023     (9,700,000 )      (9,700,000 )      (580,857 )      (361,325 )      (219,532 ) 

GOLDMAN SACHS SHORT DURATION BOND FUND

 

Schedule of Investments (continued)

December 31, 2022 (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)

  

 

  

1Y IRS

    Citibank NA   2.977%   12/13/2023     (6,570,000 )    $ (6,570,000 )    $ (382,154 )    $ (263,128 )    $ (119,025 ) 

1Y IRS

    Citibank NA   3.007       12/13/2023     (6,570,000 )      (6,570,000 )      (372,283 )      (262,636 )      (109,647 ) 

1Y IRS

    Deutsche Bank AG (London)   3.891       05/05/2023     (8,750,000 )      (8,750,000 )      (114,328 )      (112,448 )      (1,881 ) 

1Y IRS

    Deutsche Bank AG (London)   3.446       05/05/2023     (8,750,000 )      (8,750,000 )      (240,640 )      (193,660 )      (46,980 ) 

1Y IRS

    Deutsche Bank AG (London)   3.405       09/05/2023     (8,730,000 )      (8,730,000 )      (310,722 )      (208,301 )      (102,421 ) 

1Y IRS

    Deutsche Bank AG (London)   3.850       09/05/2023     (8,730,000 )      (8,730,000 )      (183,982 )      (131,558 )      (52,424 ) 

1Y IRS

    JPMorgan Securities, Inc.   3.660       08/23/2023     (8,730,000 )      (8,730,000 )      (226,853 )      (120,595 )      (106,258 ) 

1Y IRS

    JPMorgan Securities, Inc.   3.230       08/23/2023     (8,730,000 )      (8,730,000 )      (373,354 )      (194,597 )      (178,757 ) 

1Y IRS

    JPMorgan Securities, Inc.   3.020       12/14/2023     (16,430,000 )      (16,430,000 )      (930,898 )      (629,925 )      (300,973 ) 

 

  
           (91,690,000 )    $ (91,690,000 )    $ (3,716,071 )    $ (2,478,173 )    $ (1,237,898 ) 

 

  

Total written option contracts

     (171,630,000 )    $ (171,630,000 )    $ (4,934,217 )    $ (4,954,585 )    $ 20,367  

 

  

TOTAL

     (114,120,000 )    $ (114,120,000 )    $ (3,173,787 )    $ (3,034,059 )    $ (139,728 ) 

 

  

 

 

Currency Abbreviations:
AUD  

— Australian Dollar

BRL  

— Brazil Real

CAD  

— Canadian Dollar

CHF  

— Swiss Franc

CLP  

— Chilean Peso

CNH  

— Chinese Yuan Renminbi Offshore

COP  

— Colombia Peso

CZK  

— Czech Republic Koruna

EUR  

— Euro

GBP  

— British Pound

ILS  

— Israeli Shekel

INR  

— Indian Rupee

JPY  

— Japanese Yen

MXN  

— Mexican Peso

NOK  

— Norwegian Krone

NZD  

— New Zealand Dollar

PLN  

— Polish Zloty

SEK  

— Swedish Krona

SGD  

— Singapore Dollar

TWD  

— Taiwan Dollar

USD  

— U.S. Dollar

ZAR  

— South African Rand

 

 

GOLDMAN SACHS SHORT DURATION BOND FUND

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

 

Investment Abbreviations:
CLO  

— Collateralized Loan Obligation

CMT  

— Constant Maturity Treasury Indexes

ETF  

— Exchange Traded Fund

FHLMC  

— Federal Home Loan Mortgage Corp.

FNMA  

— Federal National Mortgage Association

GNMA  

— Government National Mortgage Association

GO  

— General Obligation

IO  

— Interest Only Stripped Security

LIBOR  

— London Interbank Offered Rate

LLC  

— Limited Liability Company

LP  

— Limited Partnership

PI  

— Private Investment

PLC  

— Public Limited Company

REMIC  

— Real Estate Mortgage Investment Conduit

SOFR  

— Secured Overnight Funding Rate

STACR  

— Structured Agency Credit Risk

UMBS  

— Uniform Mortgage Backed Securities

 

 

 

Abbreviations:
1M IRS  

— 1 Month Interest Rate Swaptions

1Y IRS  

— 1 Year Interest Rate Swaptions

AUDOR  

— Australian Dollar Offered Rate

CDOR  

— Canadian Dollar Offered Rate

CHFOR  

— Swiss Franc Offered Rate

EURO  

— Euro Offered Rate

JYOR  

— Japanese Yen Offered Rate

NIBOR  

— Norwegian Interbank Offered Rate

NZDOR  

— New Zealand Dollar Offered Rate

SOFR  

— Secured Overnight Funding Rate

STIBOR  

— Stockholm Interbank Offered Rate

 

 

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

 

Schedule of Investments

December 31, 2022 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Mortgage-Backed Obligations – 50.5%

Collateralized Mortgage Obligations – 0.3%

Sequential Fixed Rate – 0.3%

FHLMC REMIC Series 1980, Class Z

$

     92,409       7.000 %    07/15/27   $         94,364

FHLMC REMIC Series 2019, Class Z

    88,122       6.500     12/15/27   89,534

FHLMC REMIC Series 2755, Class ZA

    282,466       5.000     02/15/34   285,541

FHLMC REMIC Series 3530, Class DB

    225,720       4.000     05/15/24   223,905

FHLMC REMIC Series 4246, Class PT

    48,246       6.500     02/15/36   50,773

FNMA REMIC Series 2012-111, Class B

    167,216       7.000     10/25/42   177,486

FNMA REMIC Series 2012-153, Class B

    591,621       7.000     07/25/42   632,520

 

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS   1,554,123

 

Federal Agencies – 50.2%

Adjustable Rate FHLMC(a) – 0.2%

(12M USD LIBOR + 1.840%)

$

     177,860       3.764 %    11/01/34   $178,015

(1 year CMT + 2.250%)

    294,753       3.504     06/01/35   298,266

(12M USD LIBOR + 2.330%)

    26,898       3.516     05/01/36   27,249

(6M USD LIBOR + 2.057%)

    12,262       4.431     10/01/36   12,512

(12M USD LIBOR + 1.777%)

    94,375       3.664     06/01/42   94,815

(12M USD LIBOR + 1.618%)

    698,378       3.840     11/01/44   696,791
       

 

        1,307,648

 

Adjustable Rate FNMA(a) – 0.5%

(COF + 1.695%)

    4,964       3.042     08/01/29   4,861

(12M USD LIBOR + 1.755%)

    23,602       4.005     07/01/32   23,704

(12M USD LIBOR + 1.800%)

    240,991       3.394     05/01/33   242,563

(6M USD LIBOR + 2.250%)

    36,801       3.625     08/01/33   37,090

(COF + 1.254%)

    252,118       4.591     08/01/33   255,199

(1 year CMT + 2.288%)

    134,941       2.436     02/01/34   136,918

(12M USD LIBOR + 1.695%)

    25,755       3.445     05/01/34   25,940
    280,107       2.792     05/01/34   280,759
    27,530       2.220     03/01/35   27,534
    39,004       3.095     04/01/35   39,320

(1 year CMT + 2.220%)

    219,196       3.990     06/01/34   222,929

(12M USD LIBOR + 1.685%)

    35,005       3.935     10/01/34   35,109

(12M USD LIBOR + 1.627%)

    69,063       3.877     10/01/34   69,215

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Mortgage-Backed Obligations – (continued)

Adjustable Rate FNMA(a) – (continued)

(12M USD LIBOR + 1.598%)

$

     73,703       2.318 %    03/01/35   $         73,493

(12M USD LIBOR + 1.325%)

    85,646       2.075     04/01/35   84,633

(12M USD LIBOR + 1.412%)

    67,605       2.225     05/01/35   67,089

(1 year CMT + 2.095%)

    50,675       4.143     10/01/35   51,424

(12M USD LIBOR + 1.723%)

    185,239       2.241     03/01/36   185,161

(12M USD LIBOR + 1.958%)

    441,300       2.958     04/01/36   446,778

(12M USD LIBOR + 1.909%)

    166,550       4.159     06/01/36   168,607

(12M MTA + 2.187%)

    284,504       3.892     07/01/36   289,366
    66,301       4.185     11/01/36   67,052

(12M USD LIBOR + 1.713%)

    290,754       3.296     07/01/37   293,384

(12M USD LIBOR + 1.820%)

    3,606       4.070     12/01/46   3,649
       

 

        3,131,777

 

Adjustable Rate GNMA(a) – 0.2%

    60,146       2.875     05/20/34   59,417
    145,078       2.625     07/20/34   141,732
    148,315       2.625     08/20/34   144,918
    870,757       2.625     09/20/34   850,837
    126,389       1.750     10/20/34   123,198
    131,440       1.750     12/20/34   128,145
       

 

        1,448,247

 

FHLMC – 5.7%

    23       4.500     05/01/23   23
    3,983       7.500     01/01/31   4,241
    16,930       4.500     07/01/33   16,703
    391,374       4.500     08/01/33   386,111
    823,508       4.500     09/01/33   812,440
    75,354       4.500     10/01/33   74,340
    1,928       4.500     04/01/34   1,902
    1,660       4.500     04/01/35   1,638
    1,178       4.500     07/01/35   1,163
    2,917       4.500     08/01/35   2,880
    16,551       4.500     09/01/35   16,335
    4,051       4.500     10/01/35   3,999
    705       4.500     12/01/35   696
    549       4.500     05/01/36   542
    50,444       4.500     01/01/38   49,798
    625       4.500     04/01/38   619
    332       4.500     05/01/38   329
    3,151       4.500     06/01/38   3,110
    79,726       4.500     09/01/38   79,008
    1,723       4.500     01/01/39   1,707
    41,793       4.500     02/01/39   41,429
    20,319       4.500     03/01/39   20,141
    3,930       4.500     04/01/39   3,896
    111,136       4.500     05/01/39   110,164

 

 

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Mortgage-Backed Obligations – (continued)

FHLMC – (continued)

$

     354,556       4.500 %    06/01/39   $       351,458
    12,207       4.500     07/01/39   12,100
    15,447       4.500     08/01/39   15,313
    21,159       4.500     09/01/39   20,975
    4,049       4.500     10/01/39   4,014
    7,531       4.500     11/01/39   7,466
    8,066       4.500     12/01/39   7,995
    14,016       4.500     01/01/40   13,893
    3,642       4.500     02/01/40   3,610
    10,217       4.500     04/01/40   10,126
    15,055       4.500     05/01/40   14,921
    19,735       4.500     06/01/40   19,559
    12,145       4.500     07/01/40   12,037
    14,139       4.500     08/01/40   14,013
    8,900       4.500     09/01/40   8,821
    3,841       4.500     10/01/40   3,807
    4,298       4.500     02/01/41   4,259
    13,459       4.500     03/01/41   13,335
    24,262       4.500     04/01/41   24,038
    27,390       4.500     05/01/41   27,138
    52,008       4.500     06/01/41   51,528
    4,373       4.500     07/01/41   4,333
    146,233       4.500     08/01/41   144,885
    148,972       4.500     09/01/41   147,642
    8,581       4.500     12/01/41   8,502
    108,789       4.500     03/01/42   107,785
    38,421,044       2.000     04/01/52   31,267,568
       

 

        33,954,335

 

FNMA – 0.7%

    86,198       7.500     10/01/37   92,044
    3,976,948       5.500     09/01/52   4,049,148
       

 

        4,141,192

 

[H]4GNMA – 14.6%

    1,035       6.500     01/15/32   1,062
    3,508       6.500     02/15/32   3,631
    2,891       6.500     08/15/34   3,031
    8,632       6.500     05/15/35   9,077
    2,345       6.500     06/15/35   2,454
    6,723       6.500     07/15/35   7,073
    2,569       6.500     08/15/35   2,706
    5,230       6.500     09/15/35   5,502
    854       6.500     10/15/35   901
    8,554       6.500     11/15/35   9,017
    5,632       6.500     12/15/35   5,930
    16,682       6.500     01/15/36   17,533
    22,219       6.500     02/15/36   23,428
    10,309       6.500     03/15/36   10,834
    34,687       6.500     04/15/36   36,507
    45,442       6.500     05/15/36   47,856
    39,234       6.500     06/15/36   41,294
    114,906       6.500     07/15/36   121,219
    126,128       6.500     08/15/36   133,182
    264,836       6.500     09/15/36   279,847
    93,931       6.500     10/15/36   99,065
    133,571       6.500     11/15/36   141,569

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Mortgage-Backed Obligations – (continued)

GNMA – (continued)

$

     55,995       6.500 %    12/15/36   $         59,146
    23,583       6.500     01/15/37   24,889
    13,844       6.500     02/15/37   14,654
    9,075       6.500     03/15/37   9,574
    19,575       6.500     04/15/37   20,692
    4,819       6.500     05/15/37   5,076
    5,133       6.500     08/15/37   5,429
    32,621       6.500     09/15/37   34,467
    40,183       6.500     10/15/37   43,020
    16,179       6.500     11/15/37   17,063
    12,918       6.500     05/15/38   13,597
    32,805       6.000     11/15/38   34,280
    2,425       6.500     01/15/39   2,526
    3,839       6.500     02/15/39   4,028
    2,447,635       4.500     08/20/47   2,418,599
    54,636       4.500     02/20/48   53,920
    130,512       4.500     05/20/48   128,270
    666,315       4.500     09/20/48   654,246
    4,957,516       5.000     09/20/48   4,986,774
    182,052       5.000     10/20/48   183,013
    3,928       5.000     11/20/48   3,949
    1,832,332       4.500     12/20/48   1,798,571
    4,235,410       5.000     12/20/48   4,257,759
    364,118       4.500     01/20/49   357,750
    2,169,800       5.000     01/20/49   2,179,046
    31,717       5.000     03/20/49   31,842
    1,115,910       4.000     04/20/49   1,066,545
    14,074       5.000     05/20/49   14,129
    534,583       5.000     06/20/49   536,526
    75,968       5.000     11/20/49   76,197
    839,187       5.000     12/20/49   841,207
    219,539       5.000     07/20/50   220,696
    594,167       4.000     01/20/51   565,237
    4,492,385       3.000     11/20/51   4,017,373
    6,410,119       3.000     12/20/51   5,729,826
    2,984,899       4.500     09/20/52   2,892,420
    11,000,000       4.000     TBA-30yr(b)   10,413,391
    23,000,000       5.000     TBA-30yr(b)   22,789,499
    11,000,000       5.500     TBA-30yr(b)   11,055,723
    9,000,000       6.000     TBA-30yr(b)   9,142,606
       

 

        87,706,273

 

Malaysian Ringgit – 3.9%

    23,893,582       4.500     10/20/52   23,153,308

 

UMBS – 11.0%

    471,786       2.000     08/01/52   383,946
    3,951       5.500     09/01/23   3,942
    1,296       5.500     10/01/23   1,293
    151,575       4.500     11/01/36   150,029
    46,860       4.500     02/01/39   46,406
    58,029       4.500     04/01/39   57,466
    3,932       4.500     08/01/39   3,896
    175,854       4.500     08/01/41   174,238
    101,020       4.500     10/01/41   99,990
    3,291,688       4.000     12/01/44   3,182,676
    13,707,510       3.500     07/01/45   12,695,277
    10,236,261       4.000     08/01/45   9,904,119

 

 

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Mortgage-Backed Obligations – (continued)

UMBS – (continued)

$

     454,286       4.000 %    01/01/46   $       436,510
    375,509       4.500     06/01/48   367,794
    2,554,740       4.500     07/01/48   2,502,254
    670,365       4.500     08/01/48   656,593
    263,293       4.500     09/01/48   257,802
    2,998,901       4.500     10/01/48   2,963,916
    1,325,717       4.500     01/01/49   1,298,012
    1,806,137       4.000     01/01/49   1,732,776
    297,047       4.500     03/01/49   290,689
    211,489       5.000     07/01/49   212,108
    453,123       4.000     03/01/50   433,621
    579,273       4.500     05/01/50   564,071
    16,462,490       4.500     06/01/52   16,072,541
    1,948,646       5.000     07/01/52   1,948,725
    3,881,794       4.500     08/01/52   3,784,152
    5,847,162       5.000     08/01/52   5,845,573
       

 

        66,070,415

 

UMBS, 30 Year, Single Family – 13.4%

    34,000,000       6.000     01/12/53(b)   34,525,953
    7,000,000       5.500     01/23/53(b)   7,020,784
    2,000,000       4.000     12/01/53(b)   1,877,499
    5,000,000       2.500     TBA-30yr(b)   4,239,062
    21,010,351       2.000     03/01/52   17,099,163
    90,957       2.000     04/01/52   74,025
    18,998,506       2.000     04/01/52   15,461,834
       

 

        80,298,320

 

TOTAL FEDERAL AGENCIES   $301,211,515

 

TOTAL MORTGAGE-BACKED OBLIGATIONS
(Cost $311,883,602)		   $302,765,638

 

       
Agency Debentures – 15.3%

Sovereign – 15.3%

FHLB

$

     1,630,000       4.660 %    11/14/23   $    1,624,002
    700,000       4.660     11/15/23   697,998
    700,000       4.670     11/17/23   697,977
    5,800,000       4.680     11/17/23   5,788,864
    13,950,000       3.500     06/11/32   12,588,899

FNMA

    5,200,000       6.250     05/15/29   5,806,216
    16,080,000       7.125     01/15/30   19,001,736

Tennessee Valley Authority

    49,850,000       0.750     05/15/25   45,663,098

 

TOTAL AGENCY DEBENTURES
(Cost $99,361,106)		   $  91,868,790

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
U.S. Treasury Obligations – 50.4%

United States Treasury Bonds

$

     7,370,000       3.750 %    11/15/43   $    6,917,436
    410,000       3.375     05/15/44   362,017
    10,000       3.000     11/15/45   8,250
    200,000       2.875     11/15/46   160,844
    380,000       3.375     11/15/48   336,834
    780,000       2.000     02/15/50   517,847

United States Treasury Notes

    812,000       0.750     03/31/26   728,009
    227,340,000       0.750     04/30/26   203,256,169
    47,120,000       0.625     07/31/26   41,627,575
    630,000       1.375     08/31/26   571,134
    12,630,000       2.250 (c)    11/15/27   11,637,361
    11,010,000       1.125     02/29/28   9,532,252
    11,340,000       1.250     03/31/28   9,859,598
    11,090,000       1.250     04/30/28   9,624,041
    7,220,000       3.875 (d)    12/31/29   7,177,278

 

TOTAL U.S. TREASURY OBLIGATIONS
(Cost $326,261,806)		   $302,316,645

 

TOTAL INVESTMENTS – 116.2%
(Cost $737,506,514)		   $696,951,073

 

LIABILITIES IN EXCESS OF

    OTHER ASSETS – (16.2)%

   (97,129,579)

 

NET ASSETS – 100.0%   $599,821,494

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)   Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2022.
(b)   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 $32,468,979 which represents approximately 5.5% of net assets as of December 31, 2022.
(c)   All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.
(d)   Issued with a zero coupon or interest rate which increases to the stated rate at a set date in the future.
 

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION

 

 

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

 

Description      Interest
Rate		      Maturity
Date		        Settlement
Date		        Principal
Amount		        Value  

 

  

UMBS, 30 Year, Single Family

        2.000 %       TBA-30yr          01/12/53        $ (78,000,000)        $ (63,665,067)  

UMBS, 30 Year, Single Family

        3.500        TBA-30yr          02/25/49          (12,000,000)          (10,913,431)  

UMBS, 30 Year, Single Family

        5.000        TBA-30yr          01/12/53          (5,000,000)          (4,930,471)  

GNMA

        4.500        TBA-30yr          01/23/53          (6,000,000)          (5,821,928)  

 

  

(PROCEEDS RECEIVABLE: $(86,417,109))

                        $ (85,330,897)  

 

  

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

 

Description      Number of
Contracts		      Expiration
Date		      Notional
Amount		      Unrealized
Appreciation/
(Depreciation)		  

 

  

Long position contracts:

                  

2 Year U.S. Treasury Notes

      1,481      03/31/23      $ 303,720,705      $ 271,721  

 

  

Short position contracts:

                  

10 Year U.S. Treasury Notes

      (669)      03/22/23        (76,814,203 )       776,555  

20 Year U.S. Treasury Bonds

      (99)      03/22/23        (12,409,031 )       51,915  

5 Year U.S. Treasury Notes

      (698)      03/31/23        (75,334,922 )       166,474  

Ultra Long U.S. Treasury Bonds

      (119)      03/22/23        (15,983,188 )       209,411  

 

  

Total

                   $ 1,204,355  

 

  

TOTAL FUTURES CONTRACTS

                   $ 1,476,076  

 

  

SWAP CONTRACTS — At December 31, 2022, 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 SOFR(a)      4.430%(a)        12/31/24          $17,670(b)      $ (5,038 )     $ 30,435      $ (35,473 ) 
1.730%(a)      12M SOFR(a)        02/08/26          325,620        10,852,069        2,495,918        8,356,151  
12M SOFR(a)      2.500(a)            06/04/29          6,310(b)        (79,218 )       (4,259 )       (74,959 ) 
2.570(a)      12M SOFR(a)        06/04/31          16,640(b)        188,006        16,225        171,781  
2.680(a)      12M SOFR(a)        07/28/32          2,490(b)        61,325        45,861        15,464  
3.750(a)      12M SOFR(a)        03/15/33          1,070(b)        (19,428 )       (26,418 )       6,990  
12M SOFR(a)      2.730(a)            06/04/33          10,560(b)        (106,119 )       (8,945 )       (97,174 ) 
12M SOFR(a)      2.910(a)            07/28/37          6,080(b)        (112,479 )       (88,619 )       (23,860 ) 
12M SOFR(a)      2.720(a)            08/11/37          19,240(b)        (474,543 )       (445,803 )       (28,740 ) 
2.080(a)      12M SOFR(a)        07/28/47          4,610(b)        57,718        37,666        20,052  
2.170(a)      12M SOFR(a)        08/11/52          9,290(b)        380,532        293,470        87,062  

 

  

TOTAL

                   $ 10,742,825      $ 2,345,531      $ 8,397,294  

 

  

 

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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

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

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

 

Description    Counterparty   Exercise
Rate		     Expiration
Date		     Number of
Contracts		     Notional
Amount		     Market
Value		    

Premiums
Paid
(Received)
by Fund

     Unrealized
Appreciation/
(Depreciation)		  

 

  

Written option contracts

              

Calls

                 

1Y IRS

    BofA Securities LLC     2.944 %      12/15/2023       (1,910,000)     $ (1,910,000 )    $ (45,107 )    $ (71,148 )    $ 26,041  

1Y IRS

    Citibank NA     2.977       12/13/2023       (2,130,000)       (2,130,000 )      (52,009 )      (85,306 )      33,297  

1Y IRS

    Citibank NA     3.007       12/13/2023       (2,130,000)       (2,130,000 )      (53,963 )      (85,147 )      31,184  

1Y IRS

    JPMorgan Securities, Inc.     3.020       12/14/2023       (2,130,000)       (2,130,000 )      (55,055 )      (82,750 )      27,696  

 

  
           (8,300,000)     $ (8,300,000 )    $ (206,134 )    $ (324,351 )    $ 118,218  

 

  

Puts

                 

1Y IRS

    BofA Securities LLC     2.944       12/15/2023       (1,910,000)       (1,910,000 )      (114,375 )      (71,148 )      (43,228 ) 

1Y IRS

    Citibank NA     2.977       12/13/2023       (2,130,000)       (2,130,000 )      (123,895 )      (85,306 )      (38,588 ) 

1Y IRS

    Citibank NA     3.007       12/13/2023       (2,130,000)       (2,130,000 )      (120,694 )      (85,147 )      (35,548 ) 

1Y IRS

    JPMorgan Securities, Inc.     3.020       12/14/2023       (2,130,000)       (2,130,000 )      (119,347 )      (82,751 )      (36,597 ) 

 

  
           (8,300,000)     $ (8,300,000 )    $ (478,311 )    $ (324,352 )    $ (153,961 ) 

 

  

Total written option contracts

 

       (16,600,000 )    $ (16,600,000 )    $ (684,445 )    $ (648,703 )    $ (35,743 ) 

 

  

TOTAL

            (16,600,000 )    $ (16,600,000 )    $ (684,445 )    $ (648,703 )    $ (35,743 ) 

 

  

 

 

Currency Abbreviations:
USD  

— U.S. Dollar

 

 

 

Investment Abbreviations:
CMT  

— Constant Maturity Treasury Indexes

COF  

— Cost of Funds Index

FHLB  

— Federal Home Loan Bank

FHLMC  

— Federal Home Loan Mortgage Corp.

FNMA  

— Federal National Mortgage Association

GNMA  

— Government National Mortgage Association

LIBOR  

— London Interbank Offered Rate

MTA  

— Monthly Treasury Average

REMIC  

— Real Estate Mortgage Investment Conduit

UMBS  

— Uniform Mortgage Backed Securities

 

 

 

Abbreviations:
1Y IRS  

— 1 Year Interest Rate Swaptions

GNMA  

— Government National Mortgage Association

SOFR  

— Secured Overnight Funding Rate

 

 

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – 47.8%

Agriculture – 0.3%

Philip Morris International, Inc.

$

     5,429,000       5.125 %    11/15/24   $       5,433,615

 

Automotive(a) –0.8%

Volkswagen Group of America Finance LLC

    13,121,000       0.875     11/22/23   12,598,391

(SOFR + 0.950%)

    5,000,000       5.206 (b)    06/07/24   4,972,600
       

 

  17,570,991

 

Banks – 29.2%

Banco Santander SA(b)

(1 year CMT + 0.450%)

    12,000,000       0.701 (c)    06/30/24   11,672,760

(SOFR + 1.240%)

    16,400,000       5.409     05/24/24   16,359,328

Bank of America Corp.(b)(c)

(3M USD LIBOR + 0.780%)

    9,849,000       3.550     03/05/24   9,812,263

(SOFR + 0.660%)

    20,000,000       4.763     02/04/25   19,709,800

(SOFR + 1.100%)

    15,483,000       5.068     04/25/25   15,386,386

Bank of Montreal(b)

(SOFR + 0.270%)

    2,652,000       4.058     04/14/23   2,649,083

(SOFR + 0.680%)

    19,393,000       4.964     03/10/23   19,397,266

Banque Federative du Credit Mutuel SA(a)

    7,375,000       3.750     07/20/23   7,318,286

(SOFR + 0.410%)

    11,105,000       4.489 (b)    02/04/25   10,855,471

BPCE SA(a)

    5,773,000       2.750     01/11/23   5,771,326

(SOFR + 0.570%)

    10,800,000       4.358 (b)    01/14/25   10,564,236

Canadian Imperial Bank of Commerce

    7,388,000       0.450     06/22/23   7,229,971

(SOFR + 0.800%)

    10,020,000       5.122 (b)    03/17/23   10,024,309

(SOFR + 0.940%)

    13,927,000       4.632 (b)    04/07/25   13,764,333

Citigroup, Inc. (SOFR + 1.372%)

    20,000,000       5.586 (b)(c)    05/24/25   19,961,000

Credit Agricole Corporate & Investment Bank SA

    26,500,000       0.400 (c)    01/15/23   26,454,950

Deutsche Bank AG

    3,086,000       0.962     11/08/23   2,963,918

(SOFR + 0.500%)

    29,504,000       4.603 (b)    11/08/23   29,263,837

Federation des Caisses Desjardins du Quebec (SOFR + 0.430%)

    30,000,000       4.618 (a)(b)    05/21/24   29,626,500

First Republic Bank (SOFR + 0.620%)

    10,687,000       1.912 (b)(c)    02/12/24   10,640,298

HSBC Holdings PLC(b)(c)

(3M USD LIBOR + 0.987%)

    5,000,000       3.950     05/18/24   4,957,200

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Banks – (continued)

(SOFR + 0.580%)

$

     30,425,000       4.749 %    11/22/24   $     29,698,147

JPMorgan Chase & Co.(b)(c)

(3M USD LIBOR + 0.730%)

    27,875,000       3.559     04/23/24   27,696,042

(SOFR + 0.970%)

    29,000,000       5.276     06/14/25   28,720,730

KeyBank NA(b)(c)

(SOFR + 0.320%)

    5,690,000       4.626     06/14/24   5,640,554

(SOFR + 0.340%)

    7,625,000       0.423     01/03/24   7,575,666

(SOFR + 0.340%)

    16,839,000       4.663     01/03/24   16,745,712

Lloyds Banking Group PLC

    10,520,000       4.050     08/16/23   10,447,517

(1 year CMT + 0.550%)

    9,808,000       0.695 (b)(c)    05/11/24   9,616,646

Mitsubishi UFJ Financial Group, Inc. (SOFR + 1.385%)

    8,471,000       5.653 (b)(c)    09/12/25   8,454,312

Mizuho Financial Group, Inc.(b)

(-1x SOFR + 0.872%)

    9,467,000       0.849 (c)    09/08/24   9,132,720

(-1x SOFR + 1.252%)

    6,922,000       1.241 (c)    07/10/24   6,750,196

(3M USD LIBOR + 0.790%)

    6,439,000       5.555     03/05/23   6,443,443

Morgan Stanley

    14,247,000       3.750     02/25/23   14,220,216

(SOFR + 0.466%)

    8,747,000       4.598 (b)(c)    11/10/23   8,712,887

(SOFR + 0.616%)

    19,282,000       0.731 (b)(c)    04/05/24   19,001,640

(SOFR + 0.625%)

    6,998,000       4.579 (b)(c)    01/24/25   6,892,820

National Bank of Canada

    14,178,000       2.100     02/01/23   14,144,682

(SOFRRATE + 0.490%)

    5,375,000       4.580 (b)    08/06/24   5,304,802

Natwest Group PLC (1 year CMT + 2.150%)

    9,374,000       2.359 (b)(c)    05/22/24   9,240,046

Societe Generale SA

    4,172,000       4.250 (a)    09/14/23   4,136,788

Svenska Handelsbanken AB

    2,355,000       0.625 (a)    06/30/23   2,305,003

The Bank of Nova Scotia

    6,150,000       5.250     12/06/24   6,156,334

(SOFR + 0.960%)

    10,550,000       5.245 (b)    03/11/24   10,529,216

The Toronto-Dominion Bank(b)

(SOFR + 0.220%)

    2,938,000       4.460     06/02/23   2,932,065

(SOFR + 0.355%)

    2,072,000       4.602     03/04/24   2,056,025

(SOFR + 0.910%)

    12,978,000       5.183     03/08/24   12,953,472

 

 

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Banks – (continued)

UBS AG(a)(b)

(SOFR + 0.360%)

$

     17,463,000       4.475 %    02/09/24   $     17,369,748

(SOFR + 0.470%)

    6,993,000       4.244 (c)    01/13/25   6,923,000

Wells Fargo & Co. (SOFR + 1.600%)

    22,367,000       1.654 (b)(c)    06/02/24   22,011,365

Westpac Banking Corp.

    10,000,000       5.350     10/18/24   10,069,400
       

 

  626,263,715

 

Chemical – 0.3%

Nutrien Ltd.

    6,656,000       1.900     05/13/23   6,575,063

 

Cosmetics & Personal Care – 0.4%

GSK Consumer Healthcare Capital U.S. LLC

    8,326,000       3.024     03/24/24   8,077,968

 

Diversified Financial Services – 3.4%

AIG Global Funding (SOFR + 0.380%)

    22,042,000       4.692 (a)(b)    12/15/23   21,976,315

Air Lease Corp.

    4,185,000       2.250     01/15/23   4,179,434
    6,000,000       2.750 (c)    01/15/23   5,994,660
    2,500,000       3.000 (c)    09/15/23   2,454,425

American Express Co. (SOFR + 0.930%)

    11,243,000       5.177 (b)(c)    03/04/25   11,203,425

Capital One Financial Corp. (SOFR + 0.690%)

    26,957,000       4.963 (b)(c)    12/06/24   26,423,790
       

 

  72,232,049

 

Electrical(c) –3.8%

American Electric Power Co., Inc. (3M USD LIBOR + 0.480%)

    9,375,000       4.920 (b)    11/01/23   9,366,375

CenterPoint Energy, Inc. (SOFR + 0.650%)

    26,549,000       4.776 (b)    05/13/24   26,224,571

Dominion Energy, Inc. (3M USD LIBOR + 0.530%)

    8,608,000       5.299 (b)    09/15/23   8,592,334

OGE Energy Corp.

    5,619,000       0.703     05/26/23   5,518,701

Oklahoma Gas and Electric Co.

    14,754,000       0.553     05/26/23   14,469,395

The Southern Co. (SOFR + 0.370%)

    17,194,000       4.490 (b)    05/10/23   17,136,744
       

 

  81,308,120

 

Gas(b)(c) –0.7%

Atmos Energy Corp. (3M USD LIBOR + 0.380%)

    10,776,000       5.103     03/09/23   10,768,672

CenterPoint Energy Resources Corp. (3M USD LIBOR + 0.500%)

    4,254,000       5.279     03/02/23   4,252,043
       

 

  15,020,715

 

Healthcare Providers & Services – 1.1%

Baxter International, Inc. (SOFR + 0.440%)

    14,300,000       4.654 (b)    11/29/24   14,021,007

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Healthcare Providers & Services – (continued)

GE HealthCare Technologies, Inc.

$

     10,000,000       5.550 %(a)    11/15/24   $     10,032,100
       

 

  24,053,107

 

Insurance – 3.8%

Athene Global Funding (3M USD LIBOR + 0.730%)

    13,626,000       4.556 (a)(b)    01/08/24   13,511,406

Equitable Financial Life Global Funding

    5,038,000       0.500 (a)    04/06/23   4,977,040

MassMutual Global Funding II (SOFR + 0.270%)

    14,808,000       4.154 (a)(b)    10/21/24   14,615,940

Pacific Life Global Funding II (SOFR + 0.400%)

    4,325,000       4.368 (a)(b)    01/27/25   4,212,031

Principal Life Global Funding II (SOFR + 0.450%)

    9,397,000       4.189 (a)(b)    04/12/24   9,320,790

Protective Life Global Funding

    6,848,000       0.502 (a)    04/12/23   6,764,934

(SOFR + 0.980%)

    16,164,000       5.303 (a)(b)    03/28/25   15,999,127

(SOFR + 1.050%)

    11,308,000       5.335 (b)    12/11/24   11,270,684
       

 

  80,671,952

 

Pharmaceuticals(c) –0.4%

AmerisourceBergen Corp.

    9,469,000       0.737     03/15/23   9,391,259

 

Pipelines – 1.0%

Enbridge, Inc.

    13,806,000       0.550     10/04/23   13,345,432

(SOFR + 0.400%)

    1,916,000       4.560 (b)    02/17/23   1,912,053

Kinder Morgan Energy Partners LP

    6,032,000       3.450 (c)    02/15/23   6,018,488
       

 

  21,275,973

 

Real Estate Investment Trust(b)(c) –0.4%

Public Storage (SOFR + 0.470%)

    8,101,000       4.363     04/23/24   8,041,458

Retailing(a)(c) –0.8%

7-Eleven, Inc.

    18,409,000       0.625     02/10/23   18,305,357

Savings&Loans(a) –0.9%

Nationwide Building Society

    10,000,000       2.000     01/27/23   9,972,800

(3M USD LIBOR + 1.392%)

    10,000,000       4.363 (b)(c)    08/01/24   9,871,200
       

 

  19,844,000

 

Software – 0.2%

Take-Two Interactive Software, Inc.

    4,834,000       3.300     03/28/24   4,717,791

 

 

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Corporate Obligations – (continued)

Telecommunication Services(a) – 0.3%

NTT Finance Corp.

  

$

     6,450,000       0.373 %    03/03/23   $       6,401,689

 

TOTAL CORPORATE OBLIGATIONS
(Cost $1,032,499,813)		   $1,025,184,822

 

       
Agency Debentures(b) – 0.3%

Sovereign – 0.3%

FFCB (SOFR + 0.180%)

  

$

     5,600,000       4.480 %    10/16/24   $       5,598,208
(Cost $5,600,000)  

 

TOTAL AGENCY DEBENTURES
(Cost $5,600,000)		   $       5,598,208

 

       
Municipal Debt Obligations – 0.2%

Illinois – 0.1%

Illinois State GO Bonds Taxable-Pension Series 2003

$

     1,448,182       4.950 %    06/01/23   $       1,448,937

 

New York(c) – 0.1%

  

Long Island Power Authority Electric System Taxable (Refunding) Series C

  
    3,070,000       0.359     03/01/23   3,048,247

 

TOTAL MUNICIPAL DEBT OBLIGATIONS
(Cost $4,523,148)		   $4,497,184

 

       
U.S. Treasury Obligations – 14.0%

United States Treasury Notes

  

(3MTreasury money market yield + 0.035%)

  

$

     119,740,800       4.433 %(b)    10/31/23   $   119,806,518
    40,635,300       0.375     09/15/24   37,865,433
    13,201,000       1.500     09/30/24   12,535,278

(3MTreasury money market yield + 0.140%)

  
    75,244,000       0.000 (d)    10/31/24   75,151,390
    44,934,700       4.375     10/31/24   44,804,811
    10,000,000       4.500     11/30/24   10,000,781

 

TOTAL U.S. TREASURY OBLIGATIONS
(Cost $300,148,510)		   $   300,164,211

 

       
Shares     Dividend
Rate		   Value
Investment Company – 1.1%

Goldman Sachs Financial Square Government Fund - Institutional Shares

    24,777,257     4.159%   $     24,777,257

(Cost $24,777,257)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Short-term Investments – 36.5%

Certificates of Deposit – 24.4%

Australia & New Zealand Banking Group Ltd. (SOFR + 0.670%)

$

     8,000,000       4.970 %(a)(b)    05/02/23   $       8,007,676

Bayerische Landesbank

    18,340,000       0.900     06/27/23   17,963,861

(3M USD LIBOR + 0.160%)

    12,000,000       4.518 (b)    01/27/23   11,998,505

BNP Paribas SA

    12,043,000       5.550     10/23/23   12,065,897

Brighthouse Financial Short Term Funding LLC (SOFR + 0.730%)

    10,014,000       5.030 (a)(b)    12/22/23   10,015,903

Canadian Imperial Bank of Commerce

    5,484,000       5.540     10/20/23   5,491,939

Citibank N.A.

    17,000,000       3.800     08/01/23   16,853,159
    5,900,000       4.060     08/01/23   5,857,749

Citigroup Global Markets, Inc. (SOFR + 0.650%)

    5,866,000       2.920 (a)(b)    09/21/23   5,862,678

Commonwealth Bank of Australia

    11,325,000       5.530     11/22/23   11,330,753

Cooperatieve Rabobank UA(b)

(SOFR + 0.630%)

    5,655,000       4.930     05/24/23   5,660,730

(SOFR + 0.660%)

    8,000,000       4.960     05/03/23   8,008,329

(SOFR + 0.670%)

    5,097,000       4.970     11/07/23   5,101,881

Credit Industriel et Commercial (FEDL01 + 0.450%)

    16,450,000       4.780 (b)    03/13/23   16,457,424

Credit Suisse AG

    28,000,000       0.590     03/17/23   27,661,171

DNB Bank ASA(a)(b)

(SOFR + 0.520%)

    5,679,000       4.820     02/06/23   5,680,907

(SOFR + 0.580%)

    23,525,000       4.880     03/23/23   23,540,982

Fairway Finance Co. LLC(a)(b)

(SOFR + 0.540%)

    3,904,000       4.840     01/23/23   3,904,640

(SOFR + 0.580%)

    5,419,000       4.880     02/02/23   5,421,047

Landesbank Hessen-Thueringen Girozentrale

    12,345,000       4.120     01/11/23   12,343,993

Lloyds Bank Corporate Markets PLC (SOFR + 0.540%)

    23,765,000       4.840 (b)    01/31/24   23,744,133

Macquarie Bank Ltd. (SOFR + 0.750%)

    20,800,000       5.050 (a)(b)    04/24/23   20,830,551

Matchpoint Finance PLC (SOFR + 0.710%)

    3,440,000       5.010 (a)(b)    04/25/23   3,441,724

Mizuho Bank Ltd. (SOFR + 0.280%)

    12,639,000       4.580 (b)    02/10/23   12,640,749

National Australia Bank Ltd. (SOFR + 0.500%)

    14,915,000       4.800 (a)(b)    03/08/23   14,919,908

National Bank Of Kuwait SAKP

    5,946,000       4.600     01/17/23   5,946,459
    8,000,000       5.030     02/17/23   8,004,935

Natixis SA

    6,331,000       4.450     01/31/23   6,331,397

 

 

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Short-term Investments – (continued)

Certificates of Deposit – (continued)

Nordea Bank Abp

$

     24,927,000       0.300 %    01/27/23   $     24,849,215

(SOFR + 0.770%)

    6,070,000       5.070 (b)    10/23/23   6,081,412

Royal Bank of Canada (SOFR + 0.430%)

    29,018,000       4.730 (a)(b)    03/01/23   29,022,498

Skandinaviska Enskilda Banken AB(b)

(SOFR + 0.560%)

    3,000,000       4.860     09/13/23   2,999,546

(SOFR + 0.680%)

    10,000,000       4.980 (a)    08/18/23   10,009,543

Standard Chartered Bank

    5,582,000       5.600     12/01/23   5,587,562

(SOFR + 0.420%)

    20,233,000       4.720 (b)    07/28/23   20,230,124

Sumitomo Mitsui Banking Corp.

    20,500,000       2.700     04/27/23   20,357,494
    5,000,000       5.000     10/06/23   4,988,419

(SOFR + 0.920%)

    19,914,000       5.220 (b)    11/30/23   19,966,962

(SOFR + 0.950%)

    3,794,000       5.250 (b)    10/25/23   3,804,498

Sumitomo Mitsui Trust Bank Ltd. (SOFR + 0.500%)

    4,796,000       4.800 (b)    02/14/23   4,797,689

Svenska Handelsbanken AB

    8,910,000       2.000     03/22/23   8,859,046
    17,239,000       2.795     05/25/23   17,098,211

(SOFR + 0.510%)

    2,500,000       4.810 (b)    03/28/23   2,501,095

(SOFR + 0.560%)

    9,752,000       4.860 (b)    09/08/23   9,749,415

The Bank Of Nova Scotia (SOFR + 0.740%)

    5,159,000       4.550 (a)(b)    12/06/23   5,164,596

The Toronto-Dominion Bank

    4,539,000       4.070     07/18/23   4,510,690

Thunder Bay Funding LLC (SOFR + 0.600%)

    8,710,000       4.900 (a)(b)    04/25/23   8,715,373
       

 

  524,382,468

 

Commercial Paper(d) – 12.1%

Albion Capital Corp.

    4,883,000       0.000     03/20/23   4,832,759

Alimentation Couche-Tard, Inc.

    5,015,000       0.000     01/19/23   5,001,886

ANZ New Zealand International Ltd.

    13,586,000       0.000     05/25/23   13,331,995

Bank of Montreal

    5,734,000       0.000     07/12/23   5,582,065

CDP Financial, Inc.

    3,331,000       0.000     06/16/23   3,255,577
    13,000,000       0.000     06/27/23   12,684,110

Citigroup Global Markets, Inc.

    10,421,000       0.000     04/21/23   10,266,644

DNB Bank ASA

    8,964,000       0.000     11/22/23   8,558,921

Enbridge U.S., Inc

    8,000,000       0.000     01/19/23   7,978,658

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Short-term Investments – (continued)

Commercial Paper(d) – (continued)

Gotham Funding Corp.

$

     3,438,000       0.000 %    03/03/23   $       3,410,156

ING U.S. Funding LLC

    14,433,000       0.000     09/21/23   13,902,317

LMA-Americas LLC

    3,307,000       0.000     02/13/23   3,288,522
    2,971,000       0.000     04/17/23   2,928,057
    10,440,000       0.000     04/17/23   10,289,100
    2,481,000       0.000     04/28/23   2,440,593

Mercedes-Benz Finance North America LLC

    5,481,000       0.000     01/30/23   5,458,746

MetLife Short Term Funding LLC

    14,208,000       0.000     09/01/23   13,720,182

Old Line Funding LLC

    10,685,000       0.000     03/15/23   10,582,046
    4,378,000       0.000     04/25/23   4,310,202

Pure Grove Funding

    26,216,000       0.000     03/14/23   25,968,652

Raytheon Technologies Corp.

    5,200,000       0.000     02/06/23   5,173,944

Royal Bank of Canada

    4,025,000       0.000     07/14/23   3,917,490

Societe Generale SA

    12,812,000       0.000     11/15/23   12,235,403

Svenska Handelsbanken AB

    24,000,000       0.000     08/01/23   23,293,657

The Toronto-Dominion Bank

    12,600,000       0.000     06/02/23   12,338,801

Thomson Reuters Corp.

    9,288,000       0.000     01/18/23   9,266,015

Thunder Bay Funding LLC

    3,749,000       0.000     04/25/23   3,691,607

TransCanada PipeLines Ltd.

    3,192,000       0.000     02/07/23   3,175,568

Versailles Commercial Paper LLC

    1,911,000       0.000     02/13/23   1,900,418
    3,771,000       0.000     03/03/23   3,740,855
    3,882,000       0.000     04/05/23   3,833,087
    5,873,000       0.000     04/10/23   5,795,195

Waste Management, Inc.

    2,856,000       0.000     02/21/23   2,835,881
       

 

  258,989,109

 

TOTAL SHORT-TERM INVESTMENTS

(Cost $785,069,703)

   $   783,371,577

 

TOTAL INVESTMENTS – 99.9%

(Cost $2,152,618,431)

   $2,143,593,259

 

OTHER ASSETS IN EXCESS OF

    LIABILITIES – 0.1%

   2,975,271

 

NET ASSETS – 100.0%   $2,146,568,530

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
 

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

(a)   Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)   Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2022.
(c)   Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(d)   Issued with a zero coupon or interest rate which increases to the stated rate at a set date in the future.

 

Currency Abbreviations:
USD  

— U.S. Dollar

 

      

 

Investment Abbreviations:
CMT  

— Constant Maturity Treasury Indexes

FFCB  

— Federal Farm Credit Bank

GO  

— General Obligation

LIBOR  

— London Interbank Offered Rate

LLC  

— Limited Liability Company

LP  

— Limited Partnership

PLC  

— Public Limited Company

SOFR  

— Secured Overnight Funding Rate

 

 

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS

 

 

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

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

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

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

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

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

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

Underlying Funds (including Money Market Funds) — Underlying Funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying 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.

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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

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

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

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

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

iv. 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.

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

vi. 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.

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

vii. Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement (“MRA”). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes. The underlying securities for all repurchase agreements are held at the Funds’ custodian or designated sub-custodians under tri-party repurchase agreements. An MRA governs transactions between a Fund and select counterparties. An MRA contains provisions for, among other things, initiation of the transaction, income payments, events of default and maintenance of securities for repurchase agreements. An MRA also permits offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.

If the seller defaults, a Fund could suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral held by the Fund are less than the repurchase price and the Fund’s costs associated with delay and enforcement of the repurchase agreement. In addition, in the event of default or insolvency of the seller, a court could determine that a Fund’s interest in the collateral is not enforceable, resulting in additional losses to the Fund.

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and terms and conditions contained therein, the Funds, together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds maintain pro-rata credit exposure to the underlying repurchase agreements’ counterparties. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these investments.

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

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

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.

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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, the Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

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 counterparty. Upon the occurrence of a specified credit event, a Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. A Fund may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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

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

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

Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of December 31, 2022:

 

                                                                    
ENHANCED INCOME               
Investment Type      Level 1        Level 2        Level 3  
Assets               

Fixed Income

               

Corporate Obligations

      $ —        $ 495,393,741        $ —  

Asset-Backed Securities

        —          206,914,635          —  

Sovereign Debt Obligations

        29,416,703          6,208,719          —  

Mortgage-Backed Obligations

        —          26,641,635          —  

Municipal Debt Obligations

        —          3,117,995          —  

Exchange Traded Funds

        28,236,648          —          —  

Investment Company

        9,262          —          —  

Short-term Investments

        —          5,570,435          —  
Total      $ 57,662,613        $ 743,847,160        $ —  
Derivative Type                              
Assets               

Futures Contracts(a)

     $ 56,520        $ —        $         —  

Interest Rate Swap Contracts(a)

       —          282,323          —  
Total      $ 56,520        $ 282,323        $ —  

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

                                                                    
ENHANCED INCOME (continued)           
Derivative Type      Level 1      Level 2      Level 3  
Liabilities           

Forward Foreign Currency Exchange Contracts(a)

     $ —      $ (2,323,281 )     $         —  

Interest Rate Swap Contracts(a)

       —        (17,007 )       —  
Total      $ —      $ (2,340,288 )     $ —  

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

 

GOVERNMENT INCOME           
Investment Type      Level 1      Level 2      Level 3  
Assets           

Fixed Income

           

Mortgage-Backed Obligations

      $ —      $ 132,750,872      $ —  

U.S. Treasury Obligations

        61,501,825        —        —  

Asset-Backed Securities

        —        4,160,085        —  

Municipal Debt Obligations

        —        2,153,005        —  

Sovereign Debt Obligations

        —        502,630        —  

Agency Debentures

        —        54,270,390        —  
Total      $ 61,501,825      $ 193,836,982      $ —  
Liabilities           

Fixed Income

           

Mortgage-Backed Obligations — Forward Sales Contracts

      $ —      $ (11,500,480 )     $ —  
Derivative Type                          
Assets           

Futures Contracts(a)

     $ 460,692      $ —      $ —  

Interest Rate Swap Contracts(a)

       —        144,184        —  

Purchased Option Contracts

        —        11,476        —  
Total      $ 460,692      $ 155,660      $ —  
Liabilities           

Futures Contracts(a)

     $ (7,500 )     $ —      $ —  

Interest Rate Swap Contracts(a)

       —        (121,214 )       —  

Written Option Contracts

        —        (297,663 )       —  
Total      $ (7,500 )     $ (418,877 )     $ —  

 

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

                                                                    
INFLATION PROTECTED SECURITIES           
Investment Type      Level 1      Level 2      Level 3  
Assets           

Fixed Income

           

U.S. Treasury Obligations

      $ 381,730,799      $ —      $ —  

Investment Company

        1,988,392        —        —  
Total      $ 383,719,191      $ —      $ —  
Derivative Type                          
Assets           

Futures Contracts(a)

     $ 333,117      $ —      $ —  

Interest Rate Swap Contracts(a)

       —        3,631,029        —  
Total      $ 333,117      $ 3,631,029      $ —  
Liabilities           

Futures Contracts(a)

     $ (292,566 )     $ —      $ —  

Interest Rate Swap Contracts(a)

       —        (1,224,592 )       —  

Written Option Contracts

        —        (1,110,296 )       —  
Total      $ (292,566 )     $ (2,334,888 )     $         —  

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

   

SHORT DURATION BOND           
Investment Type      Level 1      Level 2      Level 3  
Assets           

Fixed Income

           

Corporate Obligations

      $ —      $ 881,121,320      $ —  

Mortgage-Backed Obligations

        —        239,334,791        —  

U.S. Treasury Obligations

        154,477,364        —        —  

Asset-Backed Securities

        —        120,023,027        —  

Sovereign Debt Obligations

        —        35,327,370        —  

Municipal Debt Obligations

        —        3,333,425        —  

Exchange Traded Funds

        31,615,797        —        —  

Investment Company

        94,653,938        —        —  
Total      $ 280,747,099      $ 1,279,139,933      $ —  
Liabilities           

Fixed Income

           

Mortgage-Backed Obligations — Forward Sales Contracts

      $ —      $ (16,763,601 )     $ —  

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

                                                                    
SHORT DURATION BOND (continued)           
Derivative Type      Level 1      Level 2      Level 3  
Assets           

Forward Foreign Currency Exchange Contracts(a)

     $ —      $ 502,777      $ —  

Futures Contracts(a)

       967,571        —        —  

Interest Rate Swap Contracts(a)

       —        10,456,508                —  

Credit Default Swap Contracts(a)

       —        317        —  

Purchased Option Contracts

        —        1,760,430        —  
Total      $ 967,571      $ 12,720,032      $ —  
Liabilities           

Credit Default Swap Contracts(a)

     $ —      $ (104,351 )     $ —  

Forward Foreign Currency Exchange Contracts(a)

       —        (961,389 )       —  

Futures Contracts(a)

       (483,400 )       —        —  

Interest Rate Swap Contracts(a)

       —        (4,784,442 )       —  

Written Option Contracts

        —        (4,934,217 )       —  
Total      $ (483,400 )     $ (10,784,399 )     $ —  

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

           
SHORT DURATION GOVERNMENT           
Investment Type      Level 1      Level 2      Level 3  
Assets           

Fixed Income

           

Mortgage-Backed Obligations

      $ —      $ 302,765,638      $ —  

U.S. Treasury Obligations

        302,316,645        —        —  

Agency Debentures

        —        91,868,790        —  
Total      $ 302,316,645      $ 394,634,428      $ —  
Liabilities           

Fixed Income

           

Mortgage-Backed Obligations — Forward Sales Contracts

      $ —      $ (85,330,897 )     $ —  
Derivative Type                          
Assets           

Futures Contracts(a)

     $ 1,476,076      $ —      $ —  

Interest Rate Swap Contracts(a)

       —        8,657,500        —  
Total      $ 1,476,076      $ 8,657,500      $ —  
Liabilities           

Interest Rate Swap Contracts(a)

     $ —      $ (260,206 )     $ —  

Written Option Contracts

        —        (684,445 )       —  
Total      $ —      $ (944,651 )     $ —  

 

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

                                                                    
SHORT-TERM CONSERVATIVE INCOME               
Investment Type      Level 1        Level 2        Level 3  
Assets               

Fixed Income

               

Corporate Obligations

      $ —        $ 1,025,184,822        $         —  

U.S. Treasury Obligations

        290,163,430          10,000,781          —  

Municipal Debt Obligations

        —          4,497,184          —  

Agency Debentures

        —          5,598,208          —  

Investment Company

        24,777,257          —          —  

Short-term Investments

        —          783,371,577          —  
Total      $ 314,940,687        $ 1,828,652,572        $ —  

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

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

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

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

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

 

Schedule of Investments (continued)

December 31, 2022 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. The Fund may face a heightened level of interest rate risk in connection with the type and extent of certain monetary policy changes made by the Federal Reserve, such as target interest rate changes. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. The risks associated with changing interest rates may have unpredictable effects on the markets and a Fund’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of the Fund’s investments, which would make it harder for the Fund to sell its investments at an advantageous time.

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

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

 

Schedule of Investments (continued)

December 31, 2022 (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, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

State/Territory Specific Risk — A Fund’s investments in municipal obligations of issuers located in a particular state or U.S. territory may be adversely affected by political, economic and regulatory developments within that state or U.S. territory. Such developments may affect the financial condition of a state’s or territory’s political subdivisions, agencies, instrumentalities and public authorities and heighten the risks associated with investing in bonds issued by such parties, which could, in turn, adversely affect a Fund’s income, NAV, liquidity, and/or ability to preserve or realize capital appreciation.