# EDGAR Filing Document

**Accession Number:** 0000822977
**File Stem:** 0001410368-25-027906
**Filing Date:** 2025-11
**Character Count:** 192013
**Document Hash:** df2cb4f6f2af5c63ffcae92f590521ba
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-027906.hdr.sgml**: 20251121

**ACCESSION NUMBER**: 0001410368-25-027906

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251121

**DATE AS OF CHANGE**: 20251121

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GOLDMAN SACHS TRUST
- **CENTRAL INDEX KEY:** 0000822977

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05349
- **FILM NUMBER:** 251505276

**BUSINESS ADDRESS:**
- **STREET 1:** 71  SOUTH WACKER DRIVE
- **STREET 2:** C/O GOLDMAN SACHS & CO
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 3126554400

**MAIL ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GOLDMAN SACHS SHORT INTERMEDIATE GOVERNMENT FUND
- **DATE OF NAME CHANGE:** 19910711

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SHORT INTERMEDIATE GOVERNMENT FUND
- **DATE OF NAME CHANGE:** 19900104

## Series and Classes Contracts Data

### Goldman Sachs Growth Strategy Portfolio (Series ID: S000009336)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025577 | Institutional   | GGSIX           |
| C000025578 | Service         | GGSSX           |
| C000025579 | Class A         | GGSAX           |
| C000025581 | Class C         | GGSCX           |
| C000058973 | Class R         | GGSRX           |
| C000058974 | Investor Shares | GGSTX           |
| C000161533 | Class R6 Shares | GGSUX           |
| C000201785 | Class P Shares  | GGPPX           |

## Nport-Ex

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

## Schedule of Investments
*September 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Underlying Funds – 94.5%** | **Underlying Funds – 94.5%** |  |
| **Dynamic<sup>(a)</sup> – 1.0%** | **Dynamic<sup>(a)</sup> – 1.0%** |  |
| 626306 | Goldman Sachs Managed Futures Strategy Fund — Class R6 | $5674332 |
| **Equity<sup>(a)</sup> – 22.9%** | **Equity<sup>(a)</sup> – 22.9%** |  |
| 945667 | Goldman Sachs Large Cap Growth Insights Fund — Class R6 | 36786453 |
| 1375151 | Goldman Sachs Large Cap Value Insights Fund — Class R6 | 34777561 |
| 1675517 | Goldman Sachs International Equity Insights Fund — Class R6 | 30896536 |
| 1176849 | Goldman Sachs Emerging Markets Equity Insights Fund — Class R6 | 12945346 |
| 228614 | Goldman Sachs Small Cap Equity Insights Fund — Class R6 | 7125890 |
| 437780 | Goldman Sachs Global Infrastructure Fund — Class R6 | 5892519 |
| 290847 | Goldman Sachs International Small Cap Insights Fund — Class R6 | 4862957 |
| 22926 | Goldman Sachs Energy Infrastructure Fund — Class R6 | 323715 |
|  |  | 133610977 |
| **Exchange Traded Funds – 22.8%** | **Exchange Traded Funds – 22.8%** |  |
| 827208 | Goldman Sachs Access Investment Grade Corporate Bond ETF<sup>(a)</sup> | 38622259 |
| 363124 | Goldman Sachs MarketBeta U.S. Equity ETF<sup>(a)</sup> | 33552658 |
| 392374 | Goldman Sachs MarketBeta International Equity ETF<sup>(a)</sup> | 26122181 |
| 187808 | Goldman Sachs MarketBeta Emerging Markets Equity ETF<sup>(a)</sup> | 10430856 |
| 63491 | Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF<sup>(a)</sup> | 8271607 |
| 149586 | Goldman Sachs ActiveBeta International Equity ETF<sup>(a)</sup> | 6149480 |
| 39972 | iShares U.S. Real Estate ETF | 3880482 |
| 10517 | iShares U.S. Technology ETF | 2059860 |
| 49119 | Goldman Sachs ActiveBeta Emerging Markets Equity ETF<sup>(a)</sup> | 2000617 |
| 10039 | Health Care Select Sector SPDR Fund | 1397128 |
| 2526 | iShares MSCI Mexico ETF | 172298 |
|  |  | 132659426 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Underlying Funds – (continued)** | **Underlying Funds – (continued)** |  |
| **Fixed Income<sup>(a)</sup> – 47.8%** | **Fixed Income<sup>(a)</sup> – 47.8%** |  |
| 21004050 | Goldman Sachs Global Core Fixed Income Fund — Class R6 | $240286331 |
| 1851518 | Goldman Sachs Inflation Protected Securities Fund — Class R6 | 17885667 |
| 730421 | Goldman Sachs Emerging Markets Debt Fund — Class R6 | 7413772 |
| 733912 | Goldman Sachs High Yield Floating Rate Fund — Class R6 | 6377691 |
| 1031625 | Goldman Sachs High Yield Fund — Class R6 | 5911212 |
|  |  | 277874673 |
| **TOTAL UNDERLYING FUNDS – 94.5%<br>(Cost $495,617,784)** | **TOTAL UNDERLYING FUNDS – 94.5%<br>(Cost $495,617,784)** | $549819408 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(a)</sup> – 1.9%** | **Investment Company<sup>(a)</sup> – 1.9%** |  |
| Goldman Sachs Financial Square Government Fund — Institutional<br>Shares | Goldman Sachs Financial Square Government Fund — Institutional<br>Shares | Goldman Sachs Financial Square Government Fund — Institutional<br>Shares |
| 10761162 | 4.042% | $10761162 |
| **(Cost $10,761,162)** | **(Cost $10,761,162)** |  |
| **TOTAL INVESTMENTS – 96.4%<br>(Cost $506,378,946)** | **TOTAL INVESTMENTS – 96.4%<br>(Cost $506,378,946)** | $560580570 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 3.6%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 3.6%** | 21060226 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $581640796 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | Represents an affiliated issuer. |

---

------

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

## Schedule of Investments (continued)
*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At September 30, 2025, the Portfolio had the following forward foreign currency exchange contracts:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  MS & Co. Int. PLC | EUR | 2460000 | USD | 2882729 | 12/17/25 | $18518 |
|  | JPY | 428000000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2916508 | 12/17/25 | 1134 |
|  | USD | 58782 | NZD | 100000 | 12/17/25 | 628 |
|  | USD | 422238 | SGD | 540000 | 12/17/25 | 1164 |
|  **TOTAL** |  |  |  |  |  | $21444 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement**<br> **Date** | **Unrealized<br>Loss** |
|  MS & Co. Int. PLC | USD | 2134706 | AUD | 3270000 | 12/17/25 | $(31048) |
|  | USD | 5841431 | CHF | 4630000 | 12/17/25 | (29496) |
|  | USD | 611291 | DKK | 3890000 | 12/17/25 | (3781) |
|  | USD | 10792121 | EUR | 9210000 | 12/17/25 | (69859) |
|  | USD | 4550856 | GBP | 3385000 | 12/17/25 | (2044) |
|  | USD | 595541 | HKD | 4630000 | 12/17/25 | (393) |
|  | USD | 202429 | ILS | 680000 | 12/17/25 | (2921) |
|  | USD | 6853394 | JPY | 1006000000 | 12/17/25 | (4429) |
|  | USD | 474579 | MXN | 9000000 | 12/17/25 | (12768) |
|  | USD | 183465 | NOK | 1850000 | 12/17/25 | (1954) |
|  | USD | 957655 | SEK | 9000000 | 12/17/25 | (3030) |
|  **TOTAL** |  |  |  |  |  | $(161723) |

---

**FUTURES CONTRACTS** — At September 30, 2025, the Portfolio had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  10 Year U.K. Long Gilt | 3 | 12/29/25 | $366512 | $722 |
|  Euro Stoxx 50 Index | 22 | 12/19/25 | 1431191 | 25327 |
|  FTSE/JSE Top 40 Index | 7 | 12/18/25 | 414066 | 16669 |
|  IFSC NIFTY 50 Index | 9 | 10/28/25 | 445707 | (9049) |
|  Mini-MDAX Index | 9 | 12/19/25 | 320850 | (2559) |
|  MSCI EAFE Index | 11 | 12/19/25 | 1531915 | (5275) |
|  S&P 500 E-Mini Index | 95 | 12/19/25 | 32009063 | 423246 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $449081 |

---

**SWAP CONTRACTS** — At September 30, 2025, the Portfolio had the following swap contracts:

**CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Payments Made**<br> **by the Portfolio<sup>(a)</sup>**  | **Payments<br>Received by<br>Portfolio<sup>(a)</sup>** | **Termination<br>Date** | **Notional**<br> **Amount**<br> **(000s)** | **Unrealized<br>Appreciation/<br>(Depreciation)\*** |
|  6M GBP | 3.829% | 04/16/30 | GBP 3,300 | $(6001) |

---

(a) Payments made annually.

\* There are no upfront payments on the swap contracts, therefore the unrealized gain (loss) on the swap contracts is equal to their market value.

------

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced<br>Obligation/Index** | **Financing Rate<br>Received/(Paid) by<br>the Portfolio<sup>(a)</sup>** | **Credit**<br> **Spread at<br>September 30,<br>2025<sup>(b)</sup>**  | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Protection Purchased:** |  |  |  |  |  |  |  |
| CDX.NA.HY Index 44 | (5.000)% | 2.998% | 06/20/30 | $2800 | $(228442) | $(129297) | $(99145) |

---

(a) Payments made annually.

(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 portfolio or its
counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

**OVER-THE-COUNTER TOTAL RETURN SWAP CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Obligation/Index** | **Financing Rate**<br> **Paid/(Received) by**<br> **the Portfolio<sup>(a)</sup>**  | **Counterparty** | **Termination<br>Date<sup>#</sup>** | **Notional<br>Amount<br>(000s)** | **Notional<br>Amount<br>(000s)** | **Unrealized<br>Appreciation/<br>(Depreciation)\*** |
| SXDR Index | 12MEURO+0.470% | JPMorgan Securities, Inc. | 02/03/26 | EUR | 340 | $(2394) |
| SXDR Index | 12MEURO+0.480 | JPMorgan Securities, Inc. | 02/03/26 | EUR | 770 | (5435) |
| SXDR Index | 12MEURO+0.495 | MS & Co. Int. PLC | 02/03/26 | EUR | 338 | (1113) |
|  **TOTAL** |  |  |  |  |  | $(8942) |

---

(a) Payments made quarterly.

# The Portfolio pays/receives annual coupon payments in accordance with the swap contract(s). On the termination date of the swap contract(s), the Portfolio will either receive from or pay to the counterparty an amount equal to the net of the accrued financing fees and the value of the reference security subtracted from the original notional cost (notional multiplied by the price change of the reference security, converted to U.S. Dollars).

\* There are no upfront payments on the swap contracts, therefore the unrealized gain (loss) on the swap contracts is equal to their market value.

**PURCHASED AND WRITTEN OPTIONS CONTRACTS** — At September 30, 2025, the Portfolio had the following purchased and written options:

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)**<br> **by Portfolio** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  6M IRS | UBS AG (London) | 3.450% | 01/14/2026 | 8400000 | $8400000 | $42487 | $44520 | $(2033) |
|  **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  6M IRS | UBS AG (London) | 3.050 | 01/14/2026 | (8400000) | (8400000) | (14554) | (21210) | 6656 |
|  **TOTAL** |  |  |  |  | $— | $27933 | $23310 | $4623 |

---

------

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Portfolio** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |
|  **Calls** | **Calls** | **Calls** | **Calls** | **Calls** |  |  |  |  |
|  XLV Index | BofA Securities LLC | $135.000 | 06/18/2026 | 4693 | $63355500 | $55066 | $51288 | $3778 |
|  **Puts** |  |  |  |  |  |  |  |  |
|  SPX Index | UBS AG (London) | 6457.280 | 10/31/2025 | 332 | 214381696 | 13008 | 42182 | (29174) |
|  **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** |  | 5025 | $277737196 | $68074 | $93470 | $(25396) |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  XLV Index | BofA Securities LLC | 146.000 | 06/18/2026 | (9386) | (137035600) | (50339) | (50873) | 534 |
|  **Puts** |  |  |  |  |  |  |  |  |
|  TOPIX Index | MS & Co. Int. PLC | 2477.128 | 12/19/2025 | (68448) | (16955445734) | (4489) | (45422) | 40933 |
|  SPX Index | UBS AG (London) | 5811.550 | 10/31/2025 | (332) | (192943460) | (2323) | (10025) | 7702 |
|  |  |  |  | (68780) | $(17148389194) | $(6812) | $(55447) | $48635 |
|  **Total written option contracts** | **Total written option contracts** |  |  | (78166) | $(17285424794) | $(57151) | $(106320) | $49169 |
|  **TOTAL** |  |  |  | (73141) | $(17007687598) | $10923 | $(12850) | $23773 |

---

**OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Portfolio** | **Unrealized<br>Appreciation/**<br> **(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  Call CHF/Put NOK | MS & Co. Int. PLC | $14.480 | 12/17/2025 | 463000 | $463000 | $33 | $7065 | $(7032) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.537 | 12/17/2025 | 495000 | 495000 | 29 | 8425 | (8396) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.810 | 03/18/2026 | 422000 | 422000 | 427 | 7108 | (6681) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.888 | 03/18/2026 | 448000 | 448000 | 392 | 8819 | (8427) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.209 | 06/17/2026 | 1029000 | 1029000 | 8624 | 19418 | (10794) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.297 | 09/16/2026 | 1469000 | 1469000 | 20321 | 25157 | (4836) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.848 | 12/17/2025 | 536000 | 536000 | 1 | 7270 | (7269) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.709 | 12/17/2025 | 568000 | 568000 | 4 | 8002 | (7998) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 14.076 | 03/18/2026 | 487000 | 487000 | 120 | 8037 | (7917) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.954 | 03/18/2026 | 513000 | 513000 | 171 | 7933 | (7762) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.248 | 06/17/2026 | 1169000 | 1169000 | 6191 | 21860 | (15669) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.045 | 09/16/2026 | 1685000 | 1685000 | 20687 | 25256 | (4569) |
|  Call EUR/Put GBP | MS & Co. Int. PLC | 0.876 | 12/11/2025 | 550000 | 550000 | 6222 | 9144 | (2922) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.345 | 12/17/2025 | 53891000 | 53891000 | 521 | 4983 | (4462) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.745 | 12/17/2025 | 54276000 | 54276000 | 156 | 5334 | (5178) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.554 | 03/18/2026 | 48936000 | 48936000 | 1320 | 4981 | (3661) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.967 | 03/18/2026 | 48949000 | 48949000 | 654 | 5855 | (5201) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.883 | 06/17/2026 | 89736000 | 89736000 | 3205 | 9169 | (5964) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.589 | 09/16/2026 | 135170000 | 135170000 | 10923 | 12296 | (1373) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.467 | 12/17/2025 | 1686000 | 1686000 | 273 | 13339 | (13066) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.501 | 12/17/2025 | 1721000 | 1721000 | 36 | 15532 | (15496) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.474 | 03/18/2026 | 1538000 | 1538000 | 1330 | 13397 | (12067) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.508 | 03/18/2026 | 1554000 | 1554000 | 472 | 15390 | (14918) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.425 | 06/17/2026 | 3237000 | 3237000 | 19037 | 21429 | (2392) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.429 | 09/16/2026 | 4720000 | 4720000 | 34942 | 30793 | 4149 |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1140.380 | 12/17/2025 | 572000 | 572000 | 199 | 10128 | (9929) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1148.202 | 12/17/2025 | 620000 | 620000 | 174 | 10193 | (10019) |

---

------

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Portfolio** | **Unrealized<br>Appreciation/**<br> **(Depreciation)** |
|  **Purchased option contracts (continued)** | **Purchased option contracts (continued)** | **Purchased option contracts (continued)** | **Purchased option contracts (continued)** |  |  |  |  |  |
|  **Calls (continued)** | **Calls (continued)** | **Calls (continued)** |  |  |  |  |  |  |
|  Call USD/Put CLP | MS & Co. Int. PLC | $1166.190 | 03/18/2026 | 524000 | $524000 | $965 | $10037 | $(9072) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1173.249 | 03/18/2026 | 565000 | 565000 | 939 | 10310 | (9371) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1093.270 | 06/17/2026 | 1064000 | 1064000 | 10808 | 18362 | (7554) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1092.440 | 09/16/2026 | 1496000 | 1496000 | 22955 | 25835 | (2880) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1512.770 | 12/17/2025 | 409000 | 409000 | 222 | 5165 | (4943) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1572.940 | 12/17/2025 | 387000 | 387000 | 27 | 5302 | (5275) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1526.850 | 03/18/2026 | 373000 | 373000 | 771 | 5215 | (4444) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1589.310 | 03/18/2026 | 351000 | 351000 | 238 | 5195 | (4957) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1493.850 | 06/17/2026 | 740000 | 740000 | 4851 | 9591 | (4740) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1479.730 | 09/16/2026 | 1144000 | 1144000 | 12395 | 11806 | 589 |
|  Call USD/Put MXN | MS & Co. Int. PLC | 25.433 | 12/17/2025 | 258000 | 258000 | 1 | 4648 | (4647) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 24.722 | 12/17/2025 | 293000 | 293000 | 2 | 4948 | (4946) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 26.302 | 03/18/2026 | 237000 | 237000 | 29 | 4689 | (4660) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 25.536 | 03/18/2026 | 268000 | 268000 | 57 | 5033 | (4976) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 22.541 | 06/17/2026 | 586000 | 586000 | 2759 | 8867 | (6108) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 21.614 | 09/15/2026 | 804000 | 804000 | 10077 | 11826 | (1749) |
|  Call USD/Put NOK | MS & Co. Int. PLC | 12.519 | 12/17/2025 | 169000 | 169000 |  | 2552 | (2552) |
|  Call USD/Put NOK | MS & Co. Int. PLC | 12.731 | 12/17/2025 | 176000 | 176000 |  | 2763 | (2763) |
|  Call USD/Put NOK | MS & Co. Int. PLC | 12.700 | 03/18/2026 | 155000 | 155000 | 24 | 2557 | (2533) |
|  Call USD/Put NOK | MS & Co. Int. PLC | 12.959 | 03/18/2026 | 159000 | 159000 | 14 | 2703 | (2689) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 12.086 | 12/17/2025 | 508000 | 508000 | 1 | 7214 | (7213) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 12.134 | 12/17/2025 | 523000 | 523000 | 1 | 7929 | (7928) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 12.199 | 03/18/2026 | 469000 | 469000 | 16 | 7316 | (7300) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 12.275 | 03/18/2026 | 477000 | 477000 | 14 | 7819 | (7805) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 10.537 | 06/17/2026 | 684000 | 684000 | 3206 | 10281 | (7075) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 10.074 | 09/16/2026 | 972000 | 972000 | 12837 | 12532 | 305 |
|  |  |  |  | 470231000 | $470231000 | $219673 | $546808 | $(327135) |
|  **Puts** |  |  |  |  |  |  |  |  |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 86.440 | 12/17/2025 | 1339000 | 1339000 | 619 | 14905 | (14286) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 83.680 | 12/17/2025 | 1475000 | 1475000 | 279 | 16715 | (16436) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 84.720 | 03/18/2026 | 1223000 | 1223000 | 2480 | 15022 | (12542) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 82.000 | 03/18/2026 | 1330000 | 1330000 | 1744 | 16562 | (14818) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 81.740 | 06/17/2026 | 2480000 | 2480000 | 7652 | 27566 | (19914) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 86.090 | 09/16/2026 | 3635000 | 3635000 | 32026 | 36725 | (4699) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.594 | 12/17/2025 | 543000 | 543000 | 122 | 5021 | (4899) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.577 | 12/17/2025 | 589000 | 589000 | 39 | 5207 | (5168) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.588 | 03/18/2026 | 494000 | 494000 | 575 | 5024 | (4449) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.571 | 03/18/2026 | 526000 | 526000 | 313 | 5142 | (4829) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.597 | 06/17/2026 | 1032000 | 1032000 | 3552 | 9512 | (5960) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.613 | 09/16/2026 | 1486000 | 1486000 | 11624 | 12606 | (982) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 97.660 | 12/17/2025 | 693000 | 693000 | 563 | 8053 | (7490) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 95.080 | 12/17/2025 | 753000 | 753000 | 244 | 8535 | (8291) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 96.150 | 03/18/2026 | 635000 | 635000 | 1715 | 8405 | (6690) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 93.500 | 03/18/2026 | 674000 | 674000 | 1070 | 8523 | (7453) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 94.010 | 06/17/2026 | 1252000 | 1252000 | 5009 | 13866 | (8857) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 95.680 | 09/16/2026 | 1885000 | 1885000 | 15295 | 18300 | (3005) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 78.700 | 12/17/2025 | 711000 | 711000 | 752 | 7103 | (6351) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 76.630 | 12/17/2025 | 787000 | 787000 | 421 | 8062 | (7641) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 77.160 | 03/18/2026 | 646000 | 646000 | 1889 | 7026 | (5137) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 75.130 | 03/18/2026 | 705000 | 705000 | 1357 | 7660 | (6303) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 75.890 | 06/17/2026 | 1295000 | 1295000 | 6211 | 13130 | (6919) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 77.260 | 09/16/2026 | 1938000 | 1938000 | 17608 | 16881 | 727 |

---

------

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Portfolio** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts (continued)** | **Purchased option contracts (continued)** | **Purchased option contracts (continued)** | **Purchased option contracts (continued)** |  |  |  |  |  |
|  **Puts (continued)** | **Puts (continued)** | **Puts (continued)** |  |  |  |  |  |  |
|  Put NZD/Call USD | MS & Co. Int. PLC | $0.540 | 12/17/2025 | 295000 | $295000 | $224 | $2486 | $(2262) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.527 | 12/17/2025 | 324000 | 324000 | 105 | 2604 | (2499) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.535 | 03/18/2026 | 267000 | 267000 | 561 | 2471 | (1910) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.522 | 03/18/2026 | 289000 | 289000 | 363 | 2568 | (2205) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.554 | 06/17/2026 | 561000 | 561000 | 4027 | 4844 | (817) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.550 | 09/16/2026 | 821000 | 821000 | 6968 | 6089 | 879 |
|  |  |  |  | 30683000 | $30683000 | $125407 | $316613 | $(191206) |
|  **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** | 500914000 |  | $500914000 | $345080 | $863421 | $(518341) |
|  **Written option contracts** | **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  Call EUR/Put GBP | MS & Co. Int. PLC | 0.905 | 12/11/2025 | (550000) | (550000) | (1227) | (2990) | 1763 |
|  **TOTAL** | **TOTAL** | **TOTAL** |  | 500364000 | $500364000 | $343853 | $860431 | $(516578) |

---

**EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise**<br> **Price** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Notional<br>Amount** | **Market**<br> **Value** | **Premiums Paid**<br> **(Received)<br>by Portfolio** | **Unrealized<br>Appreciation/**<br> **(Depreciation)** |
|  **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  S&P 500 Index | $6650.000 | 10/01/2025 | (4) | $(2660000) | $(16360) | $(5946) | $(10414) |
|  S&P 500 Index | 6785.000 | 10/01/2025 | (5) | (3392500) | (38) | (1778) | 1741 |
|  S&P 500 Index | 6735.000 | 10/03/2025 | (5) | (3367500) | (3700) | (2822) | (878) |
|  S&P 500 Index | 6760.000 | 10/06/2025 | (5) | (3380000) | (2650) | (3152) | 502 |
|  S&P 500 Index | 6750.000 | 10/08/2025 | (4) | (2700000) | (5520) | (5263) | (257) |
|  S&P 500 Index | 6875.000 | 10/15/2025 | (3) | (2062500) | (1320) | (3100) | 1779 |
|  S&P 500 Index | 6950.000 | 10/22/2025 | (3) | (2085000) | (1215) | (2690) | 1475 |
|  |  |  | (29) | $(19647500) | $(30803) | $(24751) | $(6052) |
|  **Puts** |  |  |  |  |  |  |  |
|  S&P 500 Index | 6150.000 | 10/01/2025 | (7) | (4305000) | (122) | (19175) | 19053 |
|  S&P 500 Index | 6540.000 | 10/01/2025 | (9) | (5886000) | (990) | (11199) | 10209 |
|  S&P 500 Index | 6485.000 | 10/03/2025 | (9) | (5836500) | (2700) | (11661) | 8961 |
|  S&P 500 Index | 6535.000 | 10/06/2025 | (9) | (5881500) | (5805) | (6595) | 790 |
|  S&P 500 Index | 6275.000 | 10/08/2025 | (7) | (4392500) | (1750) | (16838) | 15088 |
|  S&P 500 Index | 6350.000 | 10/15/2025 | (7) | (4445000) | (6685) | (22507) | 15822 |
|  S&P 500 Index | 6400.000 | 10/22/2025 | (7) | (4480000) | (14105) | (22764) | 8659 |
|  |  |  | (55) | $(35226500) | $(32157) | $(110739) | $78582 |
|  **Total written option contracts** |  |  | (84) | $(54874000) | $(62960) | $(135490) | $72530 |

---

------

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**EXCHANGE TRADED OPTIONS ON FUTURES** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise**<br> **Price** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Notional<br>Amount** | **Market**<br> **Value** | **Premiums Paid**<br> **(Received)<br>by Portfolio** | **Unrealized<br>Appreciation/**<br> **(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  3 Month SOFR | $96.125 | 12/12/2025 | 55 | $137500 | $28188 | $62003 | $(33815) |
|  3 Month SOFR | 96.500 | 12/12/2025 | 89 | 222500 | 6119 | 137994 | (131875) |
|  3 Month SOFR | 97.000 | 12/12/2025 | 65 | 162500 | 1219 | 9877 | (8659) |
|  3 Month SOFR | 97.500 | 12/12/2025 | 134 | 335000 | 838 | 161111 | (160273) |
|  3 Month SOFR | 96.250 | 03/13/2026 | 51 | 127500 | 39206 | 63868 | (24662) |
|  3 Month SOFR | 96.625 | 03/13/2026 | 62 | 155000 | 18600 | 92369 | (73769) |
|  3 Month SOFR | 96.750 | 03/13/2026 | 32 | 80000 | 7000 | 52074 | (45074) |
|  3 Month SOFR | 97.000 | 03/13/2026 | 96 | 240000 | 12000 | 41337 | (29337) |
|  3 Month SOFR | 96.250 | 06/12/2026 | 46 | 115000 | 59512 | 65404 | (5891) |
|  3 Month SOFR | 96.625 | 06/12/2026 | 59 | 147500 | 40194 | 93062 | (52868) |
|  3 Month SOFR | 96.750 | 06/12/2026 | 33 | 82500 | 18150 | 51226 | (33076) |
|  3 Month SOFR | 97.000 | 06/12/2026 | 36 | 90000 | 12600 | 23921 | (11321) |
|  3 Month SOFR | 97.125 | 06/12/2026 | 41 | 102500 | 11531 | 21093 | (9562) |
|  3 Month SOFR | 97.250 | 06/12/2026 | 54 | 135000 | 12150 | 25756 | (13606) |
|  3 Month SOFR | 96.375 | 09/11/2026 | 46 | 115000 | 65550 | 66232 | (682) |
|  3 Month SOFR | 96.500 | 09/11/2026 | 84 | 210000 | 101325 | 92565 | 8760 |
|  3 Month SOFR | 96.625 | 09/11/2026 | 56 | 140000 | 56700 | 93230 | (36530) |
|  3 Month SOFR | 97.000 | 09/11/2026 | 51 | 127500 | 29962 | 39625 | (9662) |
|  3 Month SOFR | 97.250 | 09/11/2026 | 42 | 105000 | 16800 | 27382 | (10582) |
|  3 Month SOFR | 96.000 | 12/11/2026 | 73 | 182500 | 174744 | 147056 | 27688 |
|  3 Month SOFR | 96.375 | 12/11/2026 | 44 | 110000 | 71775 | 68302 | 3473 |
|  3 Month SOFR | 96.500 | 12/11/2026 | 142 | 355000 | 201462 | 192278 | 9184 |
|  3 Month SOFR | 96.000 | 03/12/2027 | 71 | 177500 | 177056 | 149239 | 27817 |
|  3 Month SOFR | 96.250 | 03/12/2027 | 48 | 120000 | 95400 | 96094 | (694) |
|  3 Month SOFR | 96.500 | 03/12/2027 | 80 | 200000 | 123500 | 105157 | 18343 |
|  3 Month SOFR | 96.000 | 06/11/2027 | 63 | 157500 | 159469 | 135573 | 23895 |
|  3 Month SOFR | 96.250 | 06/11/2027 | 48 | 120000 | 98100 | 98494 | (394) |
|  3 Month SOFR | 96.500 | 06/11/2027 | 79 | 197500 | 126400 | 108780 | 17620 |
|  3 Month SOFR | 96.250 | 09/10/2027 | 49 | 122500 | 101369 | 99321 | 2048 |
|  **TOTAL** |  |  | 1829 | $4572500 | $1866919 | $2420423 | $(553504) |

---

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| AUD | — Australian Dollar |
| CHF | — Swiss Franc |
| DKK | — Denmark Krone |
| EUR | — Euro |
| GBP | — British Pound |
| HKD | — Hong Kong Dollar |
| ILS | — Israeli Shekel |
| JPY | — Japanese Yen |
| MXN | — Mexican Peso |
| NOK | — Norwegian Krone |
| NZD | — New Zealand Dollar |
| SEK | — Swedish Krona |
| SGD | — Singapore Dollar |
| USD | — U.S. Dollar |
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ETF | — Exchange Traded Fund |
| MSCI | — Morgan Stanley Capital International |
| SPDR | — Standard and Poor's Depository Receipt |
| **Abbreviations:** | **Abbreviations:** |
| 6M IRS | — 6 Month Interest Rate Swaptions |
| BofA Securities LLC | — Bank of America Securities LLC |
| CDX.NA.HY Ind 44 | — CDX North America High Yield Index 44 |
| MS & Co. Int. PLC | — Morgan Stanley & Co. International PLC |
| SOFR | — Secured Overnight Financing Rate |

---

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

## Schedule of Investments
*September 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Underlying Funds – 92.9%** | **Underlying Funds – 92.9%** | **Underlying Funds – 92.9%** |
| **Equity<sup>(a)</sup> – 55.5%** | **Equity<sup>(a)</sup> – 55.5%** | **Equity<sup>(a)</sup> – 55.5%** |
| 1892578 | Goldman Sachs Large Cap Growth Insights Fund — Class R6 | $73621284 |
| 2889948 | Goldman Sachs Large Cap Value Insights Fund — Class R6 | 73086792 |
| 2745649 | Goldman Sachs International Equity Insights Fund — Class R6 | 50629770 |
| 2623117 | Goldman Sachs Emerging Markets Equity Insights Fund — Class R6 | 28854285 |
| 496105 | Goldman Sachs Global Infrastructure Fund — Class R6 | 6677564 |
| 193060 | Goldman Sachs Small Cap Equity Insights Fund — Class R6 | 6017684 |
| 270281 | Goldman Sachs International Small Cap Insights Fund — Class R6 | 4519102 |
|  |  | 243406481 |
| **Exchange Traded Funds – 37.4%** | **Exchange Traded Funds – 37.4%** | **Exchange Traded Funds – 37.4%** |
| 770521 | Goldman Sachs MarketBeta U.S. Equity ETF<sup>(a)</sup> | 71196140 |
| 528829 | Goldman Sachs MarketBeta International Equity ETF<sup>(a)</sup> | 35206632 |
| 390369 | Goldman Sachs MarketBeta Emerging Markets Equity ETF<sup>(a)</sup> | 21681094 |
| 135595 | Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF<sup>(a)</sup> | 17665317 |
| 202666 | Goldman Sachs ActiveBeta International Equity ETF<sup>(a)</sup> | 8331599 |
| 113420 | Goldman Sachs ActiveBeta Emerging Markets Equity ETF<sup>(a)</sup> | 4619597 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Underlying Funds – (continued)** | **Underlying Funds – (continued)** | **Underlying Funds – (continued)** |
| **Exchange Traded Funds – (continued)** | **Exchange Traded Funds – (continued)** | **Exchange Traded Funds – (continued)** |
| 39950 | iShares U.S. Real Estate ETF | $3878346 |
| 6536 | iShares U.S. Technology ETF | 1280141 |
|  |  | 163858866 |
| **TOTAL UNDERLYING FUNDS – 92.9%<br>(Cost $307,325,432)** | **TOTAL UNDERLYING FUNDS – 92.9%<br>(Cost $307,325,432)** | $407265347 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(a)</sup> – 3.2%** | **Investment Company<sup>(a)</sup> – 3.2%** | **Investment Company<sup>(a)</sup> – 3.2%** |
| Goldman Sachs Financial Square Government Fund — Institutional<br>Shares | Goldman Sachs Financial Square Government Fund — Institutional<br>Shares | Goldman Sachs Financial Square Government Fund — Institutional<br>Shares |
| 14250094 | 4.042% | $14250094 |
| **(Cost $14,250,094)** | **(Cost $14,250,094)** | **(Cost $14,250,094)** |
| **TOTAL INVESTMENTS – 96.1%**<br> **(Cost $321,575,526)** | **TOTAL INVESTMENTS – 96.1%**<br> **(Cost $321,575,526)** | $421515441 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 3.9%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 3.9%** | 17049719 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $438565160 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | Represents an affiliated issuer. |

---

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

## Schedule of Investments (continued)
*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At September 30, 2025, the Fund had the following forward foreign currency exchange contracts:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  MS & Co. Int. PLC | EUR | 1830000 | USD | 2144648 | 12/17/25 | $13597 |
|  | JPY | 318000000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;2166938 | 12/17/25 | 843 |
|  | USD | 17635 | NZD | 30000 | 12/17/25 | 189 |
|  | USD | 148565 | SGD | 190000 | 12/17/25 | 409 |
|  **TOTAL** |  |  |  |  |  | $15038 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  MS & Co. Int. PLC | USD | 744209 | AUD | 1140000 | 12/17/25 | $(10824) |
|  | USD | 3196804 | CHF | 2530000 | 12/17/25 | (11283) |
|  | USD | 213716 | DKK | 1360000 | 12/17/25 | (1322) |
|  | USD | &nbsp;&nbsp;&nbsp;&nbsp;3773141 | EUR | 3220000 | 12/17/25 | (24424) |
|  | USD | 1593136 | GBP | 1185000 | 12/17/25 | (716) |
|  | USD | 208375 | HKD | 1620000 | 12/17/25 | (138) |
|  | USD | 71446 | ILS | 240000 | 12/17/25 | (1031) |
|  | USD | 2398007 | JPY | 352000000 | 12/17/25 | (1550) |
|  | USD | 64461 | NOK | 650000 | 12/17/25 | (686) |
|  | USD | 335179 | SEK | 3150000 | 12/17/25 | (1061) |
|  **TOTAL** |  |  |  |  |  | $(53035) |

---

**FUTURES CONTRACTS** — At September 30, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  Euro Stoxx 50 Index | 16 | 12/19/25 | $1040866 | $18399 |
|  MSCI EAFE Index | 10 | 12/19/25 | 1392650 | (4796) |
|  S&P 500 E-Mini Index | 147 | 12/19/25 | 49529813 | 639720 |
|  S&P Toronto Stock Exchange 60 Index | 29 | 12/18/25 | 7388259 | 153140 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $806463 |

---

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**PURCHASED AND WRITTEN OPTIONS CONTRACTS** — At September 30, 2025, the Fund had the following purchased and written options:

**OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  Call CHF/Put NOK | MS & Co. Int. PLC | $14.537 | 12/17/2025 | 1132000 | $1132000 | $65 | $19265 | $(19200) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 13.881 | 03/18/2026 | 559000 | 559000 | 2831 | 9780 | (6949) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.209 | 06/17/2026 | 950000 | 950000 | 7962 | 17928 | (9966) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.297 | 09/16/2026 | 1861000 | 1861000 | 25744 | 31870 | (6126) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.709 | 12/17/2025 | 1300000 | 1300000 | 8 | 18313 | (18305) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 12.805 | 03/18/2026 | 634000 | 634000 | 2748 | 10413 | (7665) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.248 | 06/17/2026 | 1079000 | 1079000 | 5715 | 20177 | (14462) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.045 | 09/16/2026 | 2136000 | 2136000 | 26223 | 32015 | (5792) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.745 | 12/17/2025 | 124238000 | 124238000 | 356 | 12210 | (11854) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 11.102 | 03/18/2026 | 59627000 | 59627000 | 633 | 5300 | (4667) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.883 | 06/17/2026 | 82810000 | 82810000 | 2958 | 8462 | (5504) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.589 | 09/16/2026 | 171282000 | 171282000 | 13842 | 15582 | (1740) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.501 | 12/17/2025 | 3939000 | 3939000 | 83 | 35549 | (35466) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.504 | 03/18/2026 | 1808000 | 1808000 | 640 | 14873 | (14233) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.425 | 06/17/2026 | 2987000 | 2987000 | 17567 | 19774 | (2207) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.429 | 09/16/2026 | 5980000 | 5980000 | 44270 | 39014 | 5256 |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1148.202 | 12/17/2025 | 1420000 | 1420000 | 399 | 23345 | (22946) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1066.790 | 03/18/2026 | 682000 | 682000 | 5198 | 11848 | (6650) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1093.270 | 06/17/2026 | 982000 | 982000 | 9975 | 16947 | (6972) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1092.440 | 09/16/2026 | 1896000 | 1896000 | 29092 | 32742 | (3650) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1572.940 | 12/17/2025 | 886000 | 886000 | 62 | 12138 | (12076) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1559.160 | 03/18/2026 | 516000 | 516000 | 605 | 5759 | (5154) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1493.850 | 06/17/2026 | 683000 | 683000 | 4477 | 8852 | (4375) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1479.730 | 09/16/2026 | 1449000 | 1449000 | 15700 | 14954 | 746 |
|  Call USD/Put MXN | MS & Co. Int. PLC | 24.722 | 12/17/2025 | 671000 | 671000 | 4 | 11330 | (11326) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 24.200 | 03/18/2026 | 335000 | 335000 | 182 | 5555 | (5373) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 22.541 | 06/17/2026 | 541000 | 541000 | 2547 | 8186 | (5639) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 21.614 | 09/15/2026 | 1019000 | 1019000 | 12772 | 14988 | (2216) |
|  Call USD/Put NOK | MS & Co. Int. PLC | 12.731 | 12/17/2025 | 402000 | 402000 |  | 6311 | (6311) |
|  Call USD/Put NOK | MS & Co. Int. PLC | 11.867 | 03/18/2026 | 219000 | 219000 | 187 | 3263 | (3076) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 12.134 | 12/17/2025 | 1255000 | 1255000 | 1 | 19024 | (19023) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 11.060 | 03/18/2026 | 652000 | 652000 | 419 | 10150 | (9731) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 10.537 | 06/17/2026 | 631000 | 631000 | 2958 | 9484 | (6526) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 10.074 | 09/16/2026 | 1232000 | 1232000 | 16271 | 15884 | 387 |
|  |  |  |  | 477793000 | $477793000 | $252494 | $541285 | $(288791) |

---

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts (continued)** | **Purchased option contracts (continued)** | **Purchased option contracts (continued)** |  |  |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |  |
|  Put AUD/Call JPY | MS & Co. Int. PLC | $83.680 | 12/17/2025 | 3377000 | $3377000 | $639 | $38269 | $(37630) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 82.400 | 03/18/2026 | 1646000 | 1646000 | 2304 | 16967 | (14663) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 81.740 | 06/17/2026 | 2289000 | 2289000 | 7063 | 25443 | (18380) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 86.090 | 09/16/2026 | 4606000 | 4606000 | 40581 | 46535 | (5954) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.577 | 12/17/2025 | 1349000 | 1349000 | 90 | 11927 | (11837) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.585 | 03/18/2026 | 698000 | 698000 | 706 | 5758 | (5052) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.597 | 06/17/2026 | 953000 | 953000 | 3280 | 8784 | (5504) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.613 | 09/16/2026 | 1883000 | 1883000 | 14730 | 15974 | (1244) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 95.080 | 12/17/2025 | 1724000 | 1724000 | 559 | 19540 | (18981) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 92.800 | 03/18/2026 | 817000 | 817000 | 1127 | 8670 | (7543) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 94.010 | 06/17/2026 | 1155000 | 1155000 | 4621 | 12792 | (8171) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 95.680 | 09/16/2026 | 2389000 | 2389000 | 19384 | 23192 | (3808) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 76.630 | 12/17/2025 | 1877000 | 1877000 | 1003 | 19227 | (18224) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 75.830 | 03/18/2026 | 871000 | 871000 | 1930 | 8129 | (6199) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 75.890 | 06/17/2026 | 1195000 | 1195000 | 5731 | 12116 | (6385) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 77.260 | 09/16/2026 | 2456000 | 2456000 | 22315 | 21393 | 922 |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.527 | 12/17/2025 | 743000 | 743000 | 240 | 5971 | (5731) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.537 | 03/18/2026 | 382000 | 382000 | 882 | 2902 | (2020) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.554 | 06/17/2026 | 518000 | 518000 | 3719 | 4473 | (754) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.550 | 09/16/2026 | 1041000 | 1041000 | 8835 | 7721 | 1114 |
|  |  |  |  | 31969000 | $31969000 | $139739 | $315783 | $(176044) |
|  **Total purchased option contracts** | **Total purchased option contracts** |  |  | 509762000 | $509762000 | $392233 | $857068 | $(464835) |

---

**EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of**<br> **Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** |
|  **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** |
|  S&P 500 Index | $6650.000 | 10/01/2025 | (4) | $(2660000) | $(16360) | $(5946) | $(10414) |
|  S&P 500 Index | 6785.000 | 10/01/2025 | (5) | (3392500) | (37) | (1778) | 1741 |
|  S&P 500 Index | 6735.000 | 10/03/2025 | (5) | (3367500) | (3700) | (2822) | (878) |
|  S&P 500 Index | 6760.000 | 10/06/2025 | (5) | (3380000) | (2650) | (3152) | 502 |
|  S&P 500 Index | 6750.000 | 10/08/2025 | (4) | (2700000) | (5520) | (5263) | (257) |
|  S&P 500 Index | 6875.000 | 10/15/2025 | (4) | (2750000) | (1760) | (4133) | 2373 |
|  S&P 500 Index | 6950.000 | 10/22/2025 | (4) | (2780000) | (1620) | (3587) | 1967 |
|  |  |  | (31) | $(21030000) | $(31647) | $(26681) | $(4966) |
|  **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** |
|  S&P 500 Index | 6150.000 | 10/01/2025 | (8) | (4920000) | (140) | (21915) | 21775 |
|  S&P 500 Index | 6540.000 | 10/01/2025 | (10) | (6540000) | (1100) | (12443) | 11343 |
|  S&P 500 Index | 6485.000 | 10/03/2025 | (10) | (6485000) | (3000) | (12957) | 9957 |
|  S&P 500 Index | 6535.000 | 10/06/2025 | (10) | (6535000) | (6450) | (7328) | 878 |
|  S&P 500 Index | 6275.000 | 10/08/2025 | (8) | (5020000) | (2000) | (19243) | 17243 |
|  S&P 500 Index | 6350.000 | 10/15/2025 | (8) | (5080000) | (7640) | (25722) | 18082 |
|  S&P 500 Index | 6400.000 | 10/22/2025 | (8) | (5120000) | (16120) | (26016) | 9896 |
|  |  |  | (62) | $(39700000) | $(36450) | $(125624) | $89174 |
|  **Total written option contracts** |  |  | (93) | $(60730000) | $(68097) | $(152305) | $84208 |

---

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**EXCHANGE TRADED OPTIONS ON FUTURES** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |
|  **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** |
|  3 Month SOFR | $96.125 | 12/12/2025 | 49 | $122500 | $25113 | $55239 | $(30126) |
|  3 Month SOFR | 96.500 | 12/12/2025 | 128 | 320000 | 8800 | 235709 | (226909) |
|  3 Month SOFR | 97.000 | 12/12/2025 | 53 | 132500 | 994 | 8054 | (7060) |
|  3 Month SOFR | 97.500 | 12/12/2025 | 70 | 175000 | 437 | 84162 | (83725) |
|  3 Month SOFR | 96.250 | 03/13/2026 | 46 | 115000 | 35363 | 57607 | (22244) |
|  3 Month SOFR | 96.625 | 03/13/2026 | 38 | 95000 | 11400 | 56613 | (45213) |
|  3 Month SOFR | 96.750 | 03/13/2026 | 107 | 267500 | 23406 | 189398 | (165992) |
|  3 Month SOFR | 97.000 | 03/13/2026 | 124 | 310000 | 15500 | 51402 | (35902) |
|  3 Month SOFR | 96.250 | 06/12/2026 | 42 | 105000 | 54337 | 59716 | (5379) |
|  3 Month SOFR | 96.625 | 06/12/2026 | 36 | 90000 | 24525 | 56784 | (32259) |
|  3 Month SOFR | 96.750 | 06/12/2026 | 111 | 277500 | 61050 | 200195 | (139145) |
|  3 Month SOFR | 97.000 | 06/12/2026 | 30 | 75000 | 10500 | 19934 | (9434) |
|  3 Month SOFR | 97.125 | 06/12/2026 | 77 | 192500 | 21656 | 36238 | (14582) |
|  3 Month SOFR | 97.250 | 06/12/2026 | 44 | 110000 | 9900 | 20986 | (11086) |
|  3 Month SOFR | 96.375 | 09/11/2026 | 42 | 105000 | 59850 | 60472 | (622) |
|  3 Month SOFR | 96.500 | 09/11/2026 | 158 | 395000 | 190588 | 153410 | 37178 |
|  3 Month SOFR | 96.625 | 09/11/2026 | 34 | 85000 | 34425 | 56604 | (22179) |
|  3 Month SOFR | 97.000 | 09/11/2026 | 42 | 105000 | 24675 | 32632 | (7957) |
|  3 Month SOFR | 97.250 | 09/11/2026 | 34 | 85000 | 13600 | 22167 | (8567) |
|  3 Month SOFR | 96.000 | 12/11/2026 | 60 | 150000 | 143625 | 120868 | 22757 |
|  3 Month SOFR | 96.375 | 12/11/2026 | 39 | 97500 | 63618 | 60540 | 3078 |
|  3 Month SOFR | 96.500 | 12/11/2026 | 203 | 507500 | 288006 | 239423 | 48583 |
|  3 Month SOFR | 96.000 | 03/12/2027 | 58 | 145000 | 144638 | 121914 | 22724 |
|  3 Month SOFR | 96.250 | 03/12/2027 | 39 | 97500 | 77513 | 78076 | (563) |
|  3 Month SOFR | 96.500 | 03/12/2027 | 151 | 377500 | 233106 | 174283 | 58823 |
|  3 Month SOFR | 96.000 | 06/11/2027 | 52 | 130000 | 131625 | 111902 | 19723 |
|  3 Month SOFR | 96.250 | 06/11/2027 | 39 | 97500 | 79706 | 80026 | (320) |
|  3 Month SOFR | 96.500 | 06/11/2027 | 149 | 372500 | 238400 | 181242 | 57158 |
|  3 Month SOFR | 96.250 | 09/10/2027 | 40 | 100000 | 82750 | 81078 | 1672 |
|  **TOTAL** |  |  | 2095 | $5237500 | $2109106 | $2706674 | $(597568) |

---

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| AUD | — Australian Dollar |
| CHF | — Swiss Franc |
| DKK | — Denmark Krone |
| EUR | — Euro |
| GBP | — British Pound |
| HKD | — Hong Kong Dollar |
| ILS | — Israeli Shekel |
| JPY | — Japanese Yen |
| NOK | — Norwegian Krone |
| NZD | — New Zealand Dollar |
| SEK | — Swedish Krona |
| SGD | — Singapore Dollar |
| USD | — U.S. Dollar |
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ETF | — Exchange Traded Fund |
| **Abbreviations:** | **Abbreviations:** |
| MS & Co. Int. PLC | — Morgan Stanley & Co. International PLC |
| SOFR | — Secured Overnight Financing Rate |

---

------

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

## Schedule of Investments
*September 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Underlying Funds – 94.9%** | **Underlying Funds – 94.9%** |  |
| **Dynamic<sup>(a)</sup> – 0.9%** | **Dynamic<sup>(a)</sup> – 0.9%** |  |
| 1019811 | Goldman Sachs Managed Futures Strategy Fund — Class R6 | $9239489 |
| **Equity<sup>(a)</sup> – 33.4%** | **Equity<sup>(a)</sup> – 33.4%** |  |
| 2550522 | Goldman Sachs Large Cap Growth Insights Fund — Class R6 | 99215291 |
| 3798691 | Goldman Sachs Large Cap Value Insights Fund — Class R6 | 96068904 |
| 4591543 | Goldman Sachs International Equity Insights Fund — Class R6 | 84668051 |
| 3151823 | Goldman Sachs Emerging Markets Equity Insights Fund — Class R6 | 34670052 |
| 350545 | Goldman Sachs Small Cap Equity Insights Fund — Class R6 | 10926485 |
| 742631 | Goldman Sachs Global Infrastructure Fund — Class R6 | 9995814 |
| 438570 | Goldman Sachs International Small Cap Insights Fund — Class R6 | 7332896 |
| 26661 | Goldman Sachs Energy Infrastructure Fund — Class R6 | 376460 |
|  |  | 343253953 |
| **Exchange Traded Funds – 28.8%** | **Exchange Traded Funds – 28.8%** |  |
| 1254213 | Goldman Sachs MarketBeta U.S. Equity ETF<sup>(a)</sup> | 115889281 |
| 1043261 | Goldman Sachs MarketBeta International Equity ETF<sup>(a)</sup> | 69454788 |
| 223124 | Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF<sup>(a)</sup> | 29068595 |
| 477908 | Goldman Sachs MarketBeta Emerging Markets Equity ETF<sup>(a)</sup> | 26543010 |
| 440706 | Goldman Sachs Access Investment Grade Corporate Bond ETF<sup>(a)</sup> | 20576519 |
| 395959 | Goldman Sachs ActiveBeta International Equity ETF<sup>(a)</sup> | 16277875 |
| 69277 | iShares U.S. Real Estate ETF | 6725411 |
| 130954 | Goldman Sachs ActiveBeta Emerging Markets Equity ETF<sup>(a)</sup> | 5333757 |
| 16184 | iShares U.S. Technology ETF | 3169798 |
| 17067 | Health Care Select Sector SPDR Fund | 2375214 |
| 3887 | iShares MSCI Mexico ETF | 265132 |
|  |  | 295679380 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Underlying Funds – (continued)** | **Underlying Funds – (continued)** |  |
| **Fixed Income<sup>(a)</sup> – 31.8%** | **Fixed Income<sup>(a)</sup> – 31.8%** |  |
| 21668574 | Goldman Sachs Global Core Fixed Income Fund — Class R6 | $247888490 |
| 3100870 | Goldman Sachs Inflation Protected Securities Fund — Class R6 | 29954400 |
| 2797415 | Goldman Sachs Emerging Markets Debt Fund — Class R6 | 28393762 |
| 1146670 | Goldman Sachs High Yield Floating Rate Fund — Class R6 | 9964565 |
| 1680135 | Goldman Sachs High Yield Fund — Class R6 | 9627171 |
|  |  | 325828388 |
| **TOTAL UNDERLYING FUNDS – 94.9%**<br> **(Cost $810,931,597)** | **TOTAL UNDERLYING FUNDS – 94.9%**<br> **(Cost $810,931,597)** | $974001210 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(a)</sup> – 1.8%** | **Investment Company<sup>(a)</sup> – 1.8%** |  |
| Goldman Sachs Financial Square Government Fund — Institutional<br>Shares | Goldman Sachs Financial Square Government Fund — Institutional<br>Shares | Goldman Sachs Financial Square Government Fund — Institutional<br>Shares |
| 18646746 | 4.042% | $18646746 |
| **(Cost $18,646,746)** | **(Cost $18,646,746)** |  |
| **TOTAL INVESTMENTS – 96.7%**<br> **(Cost $829,578,343)** | **TOTAL INVESTMENTS – 96.7%**<br> **(Cost $829,578,343)** | $992647956 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 3.3%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 3.3%** | 33474267 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $1026122223 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | Represents an affiliated issuer. |

---

------

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

## Schedule of Investments (continued)
*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At September 30, 2025, the Portfolio had the following forward foreign currency exchange contracts:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  MS & Co. Int. PLC | EUR | 4300000 | USD | 5039093 | 12/17/25 | $32190 |
|  | JPY | 749000000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5103889 | 12/17/25 | 1985 |
|  | USD | 94051 | NZD | 160000 | 12/17/25 | 1005 |
|  | USD | 711549 | SGD | 910000 | 12/17/25 | 1961 |
|  **TOTAL** |  |  |  |  |  | $37141 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  MS & Co. Int. PLC | USD | 3564371 | AUD | 5460000 | 12/17/25 | $(51842) |
|  | USD | 9980604 | CHF | 7910000 | 12/17/25 | (49424) |
|  | USD | 1018295 | DKK | 6480000 | 12/17/25 | (6299) |
|  | USD | 17998587 | EUR | 15360000 | 12/17/25 | (116508) |
|  | USD | 7595963 | GBP | 5650000 | 12/17/25 | (3411) |
|  | USD | 994283 | HKD | 7730000 | 12/17/25 | (657) |
|  | USD | 321506 | ILS | 1080000 | 12/17/25 | (4639) |
|  | USD | 11438220 | JPY | 1679000000 | 12/17/25 | (7391) |
|  | USD | 790966 | MXN | 15000000 | 12/17/25 | (21280) |
|  | USD | 307428 | NOK | 3100000 | 12/17/25 | (3274) |
|  | USD | 1596092 | SEK | 15000000 | 12/17/25 | (5051) |
|  **TOTAL** |  |  |  |  |  | $(269776) |

---

**FUTURES CONTRACTS** — At September 30, 2025, the Portfolio had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  10 Year U.K. Long Gilt | 6 | 12/29/25 | $733024 | $1444 |
|  Euro Stoxx 50 Index | 38 | 12/19/25 | 2472058 | 43804 |
|  FTSE/JSE Top 40 Index | 9 | 12/18/25 | 532370 | 21432 |
|  IFSC NIFTY 50 Index | 16 | 10/28/25 | 792368 | (16088) |
|  Mini-MDAX Index | 16 | 12/19/25 | 570401 | (4550) |
|  MSCI EAFE Index | 20 | 12/19/25 | 2785300 | (9591) |
|  S&P 500 E-Mini Index | 171 | 12/19/25 | 57616312 | 760940 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $797391 |

---

**SWAP CONTRACTS** — At September 30, 2025, the Portfolio had the following swap contracts:

**CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Payments Made**<br> **by the Portfolio<sup>(a)</sup>**  | **Payments**<br> **Received by**<br> **Portfolio<sup>(a)</sup>** | **Termination<br>Date** | **Notional<br>Amount**<br> **(000s)** | **Unrealized<br>Appreciation/<br>(Depreciation)\*** |
|  6M GBP | 3.829% | 04/16/30 | GBP 5,500 | $(10001) |

---

(a) Payments made annually.

\* There are no upfront payments on the swap contracts, therefore the unrealized gain (loss) on the swap contracts is equal to their market value.

------

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced<br>Obligation/Index** | **Financing Rate<br>Received/(Paid) by<br>the Portfolio<sup>(a)</sup>** | **Credit<br>Spread at<br>September 30,<br>2025<sup>(b)</sup>** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Protection Purchased:** |  |  |  |  |  |  |  |
|  CDX.NA.HY Index 44 | (5.000)% | 2.998% | 06/20/30 | $4700 | $(383456) | $(220279) | $(163177) |

---

(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 portfolio or its
counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

**OVER-THE-COUNTER TOTAL RETURN SWAP CONTRACTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Obligation/Index** | **Financing Rate<br>Paid/(Received) by<br>the Portfolio<sup>(a)</sup>** | **Counterparty** | **Termination<br>Date<sup>#</sup>** | **Notional<br>Amount<br>(000s)** | **Unrealized<br>Appreciation/<br>(Depreciation)\*** |
|  SXDR Index | 12MEURO+0.470% | JPMorgan Securities, Inc. | 02/03/26 | EUR 590 | $(4149) |
|  SXDR Index | 12MEURO+0.480 | JPMorgan Securities, Inc. | 02/03/26 | EUR 1,329 | (9387) |
|  SXDR Index | 12MEURO+0.495 | MS & Co. Int. PLC | 02/03/26 | EUR 592 | (1947) |
|  **TOTAL** |  |  |  |  | $(15483) |

---

(a) Payments made quarterly.

# The Portfolio pays/receives annual coupon payments in accordance with the swap contract(s). On the termination date of the swap contract(s), the Portfolio will either receive from or pay to the counterparty an amount equal to the net of the accrued financing fees and the value of the reference security subtracted from the original notional cost (notional multiplied by the price change of the reference security, converted to U.S. Dollars).

\* There are no upfront payments on the swap contracts, therefore the unrealized gain (loss) on the swap contracts is equal to their market value.

**PURCHASED AND WRITTEN OPTIONS CONTRACTS** — At September 30, 2025, the Portfolio had the following purchased and written options:

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums<br>Paid (Received)<br>by Portfolio** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  6M IRS | UBS AG (London) | 3.450% | 01/14/2026 | 14500000 | $14500000 | $73340 | $76850 | $(3510) |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  6M IRS | UBS AG (London) | 3.050 | 01/14/2026 | (14500000) | (14500000) | (25123) | (36613) | 11490 |
|  **TOTAL** |  |  |  |  | $— | $48217 | $40237 | $7980 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market<br>Value** | **Premiums<br>Paid (Received)<br>by Portfolio** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  XLV Index | BofA Securities LLC | $135.000 | 06/18/2026 | 8073 | $108985500 | $94726 | $88226 | $6500 |
|  **Puts** |  |  |  |  |  |  |  |  |
|  SPX Index | UBS AG (London) | 6457.280 | 10/31/2025 | 580 | 374522240 | 22725 | 73691 | (50966) |
|  **Total purchased option contracts** | **Total purchased option contracts** |  |  | 8653 | $483507740 | $117451 | $161917 | $(44466) |

---

------

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**OVER-THE-COUNTER OPTIONS ON EQUITIES (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market<br>Value** | **Premiums<br>Paid (Received)<br>by Portfolio** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  XLV Index | BofA Securities LLC | $146.000 | 06/18/2026 | (16146) | $(235731600) | $(86593) | $(87512) | $919 |
|  **Puts** |  |  |  |  |  |  |  |  |
|  TOPIX Index | MS & Co. Int. PLC | 2477.128 | 12/19/2025 | (118645) | (29389885156) | (7781) | (78733) | 70952 |
|  SPX Index | UBS AG (London) | 5811.550 | 10/31/2025 | (580) | (337069900) | (4059) | (17513) | 13454 |
|  |  |  |  | (119225) | $(29726955056) | $(11840) | $(96246) | $84406 |
|  **Total written option contracts** | **Total written option contracts** |  |  | (135371) | $(29962686656) | $(98433) | $(183758) | $85325 |
|  **TOTAL** |  |  |  | (126718) | $(29479178916) | $19018 | $(21841) | $40859 |

---

**OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums<br>Paid (Received)<br>by Portfolio** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  Call CHF/Put NOK | MS & Co. Int. PLC | $14.480 | 12/17/2025 | 779000 | $779000 | $56 | $11888 | $(11832) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.537 | 12/17/2025 | 826000 | 826000 | 47 | 14057 | (14010) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.810 | 03/18/2026 | 710000 | 710000 | 718 | 11958 | (11240) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.888 | 03/18/2026 | 748000 | 748000 | 654 | 14724 | (14070) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.209 | 06/17/2026 | 1921000 | 1921000 | 16101 | 36252 | (20151) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.297 | 09/16/2026 | 2691000 | 2691000 | 37225 | 46084 | (8859) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.848 | 12/17/2025 | 902000 | 902000 | 2 | 12235 | (12233) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.709 | 12/17/2025 | 949000 | 949000 | 6 | 13369 | (13363) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 14.076 | 03/18/2026 | 819000 | 819000 | 202 | 13517 | (13315) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.954 | 03/18/2026 | 856000 | 856000 | 285 | 13237 | (12952) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.248 | 06/17/2026 | 2182000 | 2182000 | 11556 | 40803 | (29247) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.045 | 09/16/2026 | 3088000 | 3088000 | 37911 | 46284 | (8373) |
|  Call EUR/Put GBP | MS & Co. Int. PLC | 0.876 | 12/11/2025 | 950000 | 950000 | 10746 | 15793 | (5047) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.345 | 12/17/2025 | 90652000 | 90652000 | 876 | 8382 | (7506) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.745 | 12/17/2025 | 90652000 | 90652000 | 260 | 8909 | (8649) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.554 | 03/18/2026 | 82317000 | 82317000 | 2220 | 8379 | (6159) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.967 | 03/18/2026 | 81755000 | 81755000 | 1092 | 9779 | (8687) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.883 | 06/17/2026 | 167485000 | 167485000 | 5982 | 17114 | (11132) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.589 | 09/16/2026 | 247647000 | 247647000 | 20013 | 22528 | (2515) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.467 | 12/17/2025 | 2835000 | 2835000 | 459 | 22430 | (21971) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.501 | 12/17/2025 | 2874000 | 2874000 | 60 | 25938 | (25878) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.474 | 03/18/2026 | 2586000 | 2586000 | 2237 | 22527 | (20290) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.508 | 03/18/2026 | 2596000 | 2596000 | 789 | 25711 | (24922) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.425 | 06/17/2026 | 6042000 | 6042000 | 35533 | 39998 | (4465) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.429 | 09/16/2026 | 8647000 | 8647000 | 64014 | 56413 | 7601 |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1140.380 | 12/17/2025 | 962000 | 962000 | 335 | 17033 | (16698) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1148.202 | 12/17/2025 | 1036000 | 1036000 | 291 | 17032 | (16741) |

---

------

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums<br>Paid (Received)<br>by Portfolio** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts (continued)** | **Purchased option contracts (continued)** | **Purchased option contracts (continued)** |  |  |  |  |  |  |
|  **Calls (continued)** |  |  |  |  |  |  |  |  |
|  Call USD/Put CLP | MS & Co. Int. PLC | $1166.190 | 03/18/2026 | 881000 | $881000 | $1622 | $16876 | $(15254) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1173.249 | 03/18/2026 | 944000 | 944000 | 1569 | 17226 | (15657) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1093.270 | 06/17/2026 | 1987000 | 1987000 | 20184 | 34292 | (14108) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1092.440 | 09/16/2026 | 2742000 | 2742000 | 42073 | 47352 | (5279) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1512.770 | 12/17/2025 | 688000 | 688000 | 374 | 8689 | (8315) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1572.940 | 12/17/2025 | 646000 | 646000 | 45 | 8850 | (8805) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1526.850 | 03/18/2026 | 627000 | 627000 | 1295 | 8765 | (7470) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1589.310 | 03/18/2026 | 586000 | 586000 | 397 | 8673 | (8276) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1493.850 | 06/17/2026 | 1382000 | 1382000 | 9059 | 17911 | (8852) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1479.730 | 09/16/2026 | 2095000 | 2095000 | 22699 | 21620 | 1079 |
|  Call USD/Put MXN | MS & Co. Int. PLC | 25.433 | 12/17/2025 | 434000 | 434000 | 1 | 7818 | (7817) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 24.722 | 12/17/2025 | 490000 | 490000 | 3 | 8274 | (8271) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 26.302 | 03/18/2026 | 398000 | 398000 | 49 | 7874 | (7825) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 25.536 | 03/18/2026 | 448000 | 448000 | 95 | 8413 | (8318) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 22.541 | 06/17/2026 | 1094000 | 1094000 | 5151 | 16553 | (11402) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 21.614 | 09/15/2026 | 1473000 | 1473000 | 18463 | 21666 | (3203) |
|  Call USD/Put NOK | MS & Co. Int. PLC | 12.519 | 12/17/2025 | 284000 | 284000 | 1 | 4288 | (4287) |
|  Call USD/Put NOK | MS & Co. Int. PLC | 12.731 | 12/17/2025 | 293000 | 293000 |  | 4600 | (4600) |
|  Call USD/Put NOK | MS & Co. Int. PLC | 12.700 | 03/18/2026 | 261000 | 261000 | 40 | 4307 | (4267) |
|  Call USD/Put NOK | MS & Co. Int. PLC | 12.959 | 03/18/2026 | 265000 | 265000 | 23 | 4505 | (4482) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 12.086 | 12/17/2025 | 855000 | 855000 | 1 | 12141 | (12140) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 12.134 | 12/17/2025 | 874000 | 874000 | 1 | 13249 | (13248) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 12.199 | 03/18/2026 | 789000 | 789000 | 27 | 12308 | (12281) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 12.275 | 03/18/2026 | 797000 | 797000 | 23 | 13064 | (13041) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 10.537 | 06/17/2026 | 1276000 | 1276000 | 5981 | 19178 | (13197) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 10.074 | 09/16/2026 | 1782000 | 1782000 | 23535 | 22975 | 560 |
|  |  |  |  | 829898000 | $829898000 | $402381 | $963841 | $(561460) |
|  **Puts** |  |  |  |  |  |  |  |  |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 86.440 | 12/17/2025 | 2252000 | 2252000 | 1042 | 25068 | (24026) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 83.680 | 12/17/2025 | 2464000 | 2464000 | 466 | 27923 | (27457) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 84.720 | 03/18/2026 | 2057000 | 2057000 | 4170 | 25265 | (21095) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 82.000 | 03/18/2026 | 2222000 | 2222000 | 2914 | 27671 | (24757) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 81.740 | 06/17/2026 | 4629000 | 4629000 | 14283 | 51453 | (37170) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 86.090 | 09/16/2026 | 6660000 | 6660000 | 58678 | 67287 | (8609) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.594 | 12/17/2025 | 914000 | 914000 | 205 | 8451 | (8246) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.577 | 12/17/2025 | 984000 | 984000 | 66 | 8700 | (8634) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.588 | 03/18/2026 | 830000 | 830000 | 966 | 8440 | (7474) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.571 | 03/18/2026 | 878000 | 878000 | 522 | 8583 | (8061) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.597 | 06/17/2026 | 1927000 | 1927000 | 6633 | 17762 | (11129) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.613 | 09/16/2026 | 2723000 | 2723000 | 21301 | 23100 | (1799) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 97.660 | 12/17/2025 | 1165000 | 1165000 | 947 | 13539 | (12592) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 95.080 | 12/17/2025 | 1258000 | 1258000 | 408 | 14258 | (13850) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 96.150 | 03/18/2026 | 1068000 | 1068000 | 2884 | 14136 | (11252) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 93.500 | 03/18/2026 | 1126000 | 1126000 | 1787 | 14238 | (12451) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 94.010 | 06/17/2026 | 2336000 | 2336000 | 9346 | 25872 | (16526) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 95.680 | 09/16/2026 | 3454000 | 3454000 | 28025 | 33531 | (5506) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 78.700 | 12/17/2025 | 1196000 | 1196000 | 1265 | 11948 | (10683) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 76.630 | 12/17/2025 | 1315000 | 1315000 | 703 | 13470 | (12767) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 77.160 | 03/18/2026 | 1087000 | 1087000 | 3179 | 11823 | (8644) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 75.130 | 03/18/2026 | 1177000 | 1177000 | 2266 | 12790 | (10524) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 75.890 | 06/17/2026 | 2417000 | 2417000 | 11593 | 24507 | (12914) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 77.260 | 09/16/2026 | 3551000 | 3551000 | 32264 | 30931 | 1333 |

---

------

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums<br>Paid (Received)<br>by Portfolio** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts (continued)** | **Purchased option contracts (continued)** | **Purchased option contracts (continued)** |  |  |  |  |  |  |
|  **Puts (continued)** |  |  |  |  |  |  |  |  |
|  Put NZD/Call USD | MS & Co. Int. PLC | $0.540 | 12/17/2025 | 497000 | $497000 | $377 | $4189 | $(3812) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.527 | 12/17/2025 | 542000 | 542000 | 175 | 4356 | (4181) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.535 | 03/18/2026 | 450000 | 450000 | 945 | 4165 | (3220) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.522 | 03/18/2026 | 483000 | 483000 | 606 | 4292 | (3686) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.554 | 06/17/2026 | 1047000 | 1047000 | 7516 | 9041 | (1525) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.550 | 09/16/2026 | 1505000 | 1505000 | 12773 | 11162 | 1611 |
|  |  |  |  | 54214000 | $54214000 | $228305 | $557951 | $(329646) |
|  **Total purchased option contracts** | **Total purchased option contracts** |  |  | 884112000 | $884112000 | $630686 | $1521792 | $(891106) |
|  **Written option contracts** | **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  Call EUR/Put GBP | MS & Co. Int. PLC | 0.905 | 12/11/2025 | (950000) | (950000) | (2119) | (5163) | 3044 |
|  **TOTAL** | **TOTAL** |  |  | 883162000 | $883162000 | $628567 | $1516629 | $(888062) |

---

**EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise**<br> **Price** | **Expiration<br>Date** | **Number of**<br> **Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums<br>Paid (Received)<br>by Portfolio** | **Unrealized<br>Appreciation/**<br> **(Depreciation)** |
|  **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  S&P 500 Index | $6650.000 | 10/01/2025 | (6) | $(3990000) | $(24540) | $(8919) | $(15621) |
|  S&P 500 Index | 6785.000 | 10/01/2025 | (8) | (5428000) | (60) | (2845) | 2785 |
|  S&P 500 Index | 6735.000 | 10/03/2025 | (8) | (5388000) | (5920) | (4516) | (1404) |
|  S&P 500 Index | 6760.000 | 10/06/2025 | (8) | (5408000) | (4240) | (5044) | 804 |
|  S&P 500 Index | 6750.000 | 10/08/2025 | (6) | (4050000) | (8280) | (7894) | (386) |
|  S&P 500 Index | 6875.000 | 10/15/2025 | (6) | (4125000) | (2640) | (6199) | 3559 |
|  S&P 500 Index | 6950.000 | 10/22/2025 | (6) | (4170000) | (2430) | (5380) | 2950 |
|  |  |  | (48) | $(32559000) | $(48110) | $(40797) | $(7313) |
|  **Puts** |  |  |  |  |  |  |  |
|  S&P 500 Index | 6150.000 | 10/01/2025 | (12) | (7380000) | (210) | (32872) | 32662 |
|  S&P 500 Index | 6540.000 | 10/01/2025 | (15) | (9810000) | (1650) | (18665) | 17015 |
|  S&P 500 Index | 6485.000 | 10/03/2025 | (16) | (10376000) | (4800) | (20732) | 15932 |
|  S&P 500 Index | 6535.000 | 10/06/2025 | (15) | (9802500) | (9675) | (10991) | 1316 |
|  S&P 500 Index | 6275.000 | 10/08/2025 | (12) | (7530000) | (3000) | (28864) | 25864 |
|  S&P 500 Index | 6350.000 | 10/15/2025 | (12) | (7620000) | (11460) | (38583) | 27123 |
|  S&P 500 Index | 6400.000 | 10/22/2025 | (12) | (7680000) | (24180) | (39024) | 14844 |
|  |  |  | (94) | $(60198500) | $(54975) | $(189731) | $134756 |
|  **Total written option contracts** |  |  | (142) | $(92757500) | $(103085) | $(230528) | $127443 |

---

------

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**EXCHANGE TRADED OPTIONS ON FUTURES** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise**<br> **Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums<br>Paid (Received)<br>by Portfolio** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  3 Month SOFR | $96.125 | 12/12/2025 | 119 | $297500 | $60988 | $134151 | $(73163) |
|  3 Month SOFR | 96.500 | 12/12/2025 | 123 | 307500 | 8456 | 188398 | (179942) |
|  3 Month SOFR | 97.000 | 12/12/2025 | 86 | 215000 | 1613 | 13069 | (11456) |
|  3 Month SOFR | 97.500 | 12/12/2025 | 382 | 955000 | 2388 | 330799 | (328411) |
|  3 Month SOFR | 96.250 | 03/13/2026 | 112 | 280000 | 86100 | 140260 | (54160) |
|  3 Month SOFR | 96.625 | 03/13/2026 | 92 | 230000 | 27600 | 137063 | (109463) |
|  3 Month SOFR | 96.750 | 03/13/2026 | 37 | 92500 | 8094 | 60211 | (52117) |
|  3 Month SOFR | 97.000 | 03/13/2026 | 147 | 367500 | 18375 | 64634 | (46259) |
|  3 Month SOFR | 97.500 | 03/13/2026 | 140 | 350000 | 7875 | 45774 | (37899) |
|  3 Month SOFR | 96.250 | 06/12/2026 | 101 | 252500 | 130669 | 143604 | (12935) |
|  3 Month SOFR | 96.500 | 06/12/2026 | 158 | 395000 | 134300 | 164235 | (29935) |
|  3 Month SOFR | 96.625 | 06/12/2026 | 87 | 217500 | 59269 | 137227 | (77958) |
|  3 Month SOFR | 96.750 | 06/12/2026 | 38 | 95000 | 20900 | 58988 | (38088) |
|  3 Month SOFR | 97.000 | 06/12/2026 | 88 | 220000 | 30800 | 58472 | (27672) |
|  3 Month SOFR | 97.125 | 06/12/2026 | 74 | 185000 | 20813 | 38070 | (17257) |
|  3 Month SOFR | 97.250 | 06/12/2026 | 72 | 180000 | 16200 | 34341 | (18141) |
|  3 Month SOFR | 96.375 | 09/11/2026 | 101 | 252500 | 143925 | 145422 | (1497) |
|  3 Month SOFR | 96.500 | 09/11/2026 | 311 | 777500 | 375144 | 348710 | 26434 |
|  3 Month SOFR | 96.625 | 09/11/2026 | 83 | 207500 | 84038 | 138180 | (54142) |
|  3 Month SOFR | 97.000 | 09/11/2026 | 123 | 307500 | 72262 | 95566 | (23304) |
|  3 Month SOFR | 97.250 | 09/11/2026 | 56 | 140000 | 22400 | 36510 | (14110) |
|  3 Month SOFR | 96.000 | 12/11/2026 | 177 | 442500 | 423694 | 356559 | 67135 |
|  3 Month SOFR | 96.375 | 12/11/2026 | 96 | 240000 | 156600 | 149023 | 7577 |
|  3 Month SOFR | 96.500 | 12/11/2026 | 393 | 982500 | 557569 | 503608 | 53961 |
|  3 Month SOFR | 96.000 | 03/12/2027 | 172 | 430000 | 428925 | 361537 | 67388 |
|  3 Month SOFR | 96.250 | 03/12/2027 | 63 | 157500 | 125212 | 126123 | (911) |
|  3 Month SOFR | 96.500 | 03/12/2027 | 315 | 787500 | 486281 | 411905 | 74376 |
|  3 Month SOFR | 96.000 | 06/11/2027 | 153 | 382500 | 387281 | 329250 | 58031 |
|  3 Month SOFR | 96.250 | 06/11/2027 | 63 | 157500 | 128756 | 129273 | (517) |
|  3 Month SOFR | 96.500 | 06/11/2027 | 142 | 355000 | 227200 | 195528 | 31672 |
|  3 Month SOFR | 96.250 | 09/10/2027 | 64 | 160000 | 132400 | 129725 | 2675 |
|  **TOTAL** |  |  | 4168 | $10420000 | $4386127 | $5206215 | $(820088) |

---

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| AUD | — Australian Dollar |
| CHF | — Swiss Franc |
| DKK | — Denmark Krone |
| EUR | — Euro |
| GBP | — British Pound |
| HKD | — Hong Kong Dollar |
| ILS | — Israeli Shekel |
| JPY | — Japanese Yen |
| MXN | — Mexican Peso |
| NOK | — Norwegian Krone |
| NZD | — New Zealand Dollar |
| SEK | — Swedish Krona |
| SGD | — Singapore Dollar |
| USD | — U.S. Dollar |
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ETF | — Exchange Traded Fund |
| MSCI | — Morgan Stanley Capital International |
| SPDR | — Standard and Poor's Depository Receipt |
| **Abbreviations:** |  |
| 6M IRS | — 6 Month Interest Rate Swaptions |
| BofA Securities LLC | — Bank of America Securities LLC |
| CDX.NA.HY Ind 44 | — CDX North America High Yield Index 44 |
| EURO | — Euro Offered Rate |
| MSCI | — Morgan Stanley Capital International |
| MS & Co. Int. PLC | — Morgan Stanley & Co. International PLC |
| SOFR | — Secured Overnight Financing Rate |

---

------

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

## Schedule of Investments
*September 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Underlying Funds – 94.3%** | **Underlying Funds – 94.3%** | **Underlying Funds – 94.3%** |
| **Dynamic<sup>(a)</sup> – 0.9%** | **Dynamic<sup>(a)</sup> – 0.9%** |  |
| 1053803 | Goldman Sachs Managed Futures Strategy Fund — Class R6 | $9547455 |
| **Equity<sup>(a)</sup> – 43.6%** | **Equity<sup>(a)</sup> – 43.6%** |  |
| 3508454 | Goldman Sachs Large Cap Growth Insights Fund — Class R6 | 136478862 |
| 5166827 | Goldman Sachs Large Cap Value Insights Fund — Class R6 | 130669068 |
| 6246418 | Goldman Sachs International Equity Insights Fund — Class R6 | 115183941 |
| 4219883 | Goldman Sachs Emerging Markets Equity Insights Fund — Class R6 | 46418709 |
| 521357 | Goldman Sachs Small Cap Equity Insights Fund — Class R6 | 16250695 |
| 633783 | Goldman Sachs International Small Cap Insights Fund — Class R6 | 10596849 |
| 642631 | Goldman Sachs Global Infrastructure Fund — Class R6 | 8649817 |
| 23011 | Goldman Sachs Energy Infrastructure Fund — Class R6 | 324915 |
|  |  | 464572856 |
| **Exchange Traded Funds – 44.4%** | **Exchange Traded Funds – 44.4%** |  |
| 1873646 | Goldman Sachs MarketBeta U.S. Equity ETF<sup>(a)</sup> | 173124890 |
| 1371769 | Goldman Sachs MarketBeta International Equity ETF<sup>(a)</sup> | 91325110 |
| 1018798 | Goldman Sachs Access Investment Grade Corporate Bond ETF<sup>(a)</sup> | 47567577 |
| 329019 | Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF<sup>(a)</sup> | 42864595 |
| 938909 | Goldman Sachs Access U.S. Aggregate Bond ETF<sup>(a)</sup> | 39227149 |
| 681130 | Goldman Sachs MarketBeta Emerging Markets Equity ETF<sup>(a)</sup> | 37829960 |
| 557981 | Goldman Sachs ActiveBeta International Equity ETF<sup>(a)</sup> | 22938599 |
| 197259 | Goldman Sachs ActiveBeta Emerging Markets Equity ETF<sup>(a)</sup> | 8034359 |
| 50919 | iShares U.S. Real Estate ETF | 4943216 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Underlying Funds – (continued)** | **Underlying Funds – (continued)** |  |
| **Exchange Traded Funds – (continued)** | **Exchange Traded Funds – (continued)** |  |
| 16996 | iShares U.S. Technology ETF | $3328837 |
| 18033 | Health Care Select Sector SPDR Fund | 2509653 |
| 2712 | iShares MSCI Mexico ETF | 184985 |
|  |  | 473878930 |
| **Fixed Income<sup>(a)</sup> – 5.4%** | **Fixed Income<sup>(a)</sup> – 5.4%** |  |
| 3662137 | Goldman Sachs Emerging Markets Debt Fund — Class R6 | 37170685 |
| 1816192 | Goldman Sachs High Yield Fund — Class R6 | 10406780 |
| 1173268 | Goldman Sachs High Yield Floating Rate Fund — Class R6 | 10195701 |
|  |  | 57773166 |
| **TOTAL UNDERLYING FUNDS – 94.3%**<br> **(Cost $773,419,893)** | **TOTAL UNDERLYING FUNDS – 94.3%**<br> **(Cost $773,419,893)** | $1005772407 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(a)</sup> – 1.5%** | **Investment Company<sup>(a)</sup> – 1.5%** |  |
| Goldman Sachs Financial Square Government Fund — Institutional<br>Shares | Goldman Sachs Financial Square Government Fund — Institutional<br>Shares | Goldman Sachs Financial Square Government Fund — Institutional<br>Shares |
| 16120318 | 4.042% | $16120318 |
| **(Cost $16,120,318)** | **(Cost $16,120,318)** |  |
| **TOTAL INVESTMENTS – 95.8%**<br> **(Cost $789,540,211)** | **TOTAL INVESTMENTS – 95.8%**<br> **(Cost $789,540,211)** | $1021892725 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 4.2%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 4.2%** | 44788474 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $1066681199 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a) Represents an affiliated issuer.

------

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

## Schedule of Investments (continued)
*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At September 30, 2025, the Portfolio had the following forward foreign currency exchange contracts:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement**<br> **Date** | **Unrealized**<br> **Gain** |
|  MS & Co. Int. PLC | EUR | 4440000 | USD | 5203356 | 12/17/25 | $33038 |
|  | JPY | 774000000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5274246 | 12/17/25 | 2051 |
|  | USD | 105808 | NZD | 180000 | 12/17/25 | 1131 |
|  | USD | 789741 | SGD | 1010000 | 12/17/25 | 2176 |
|  **TOTAL** |  |  |  |  |  | $38396 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement**<br> **Date** | **Unrealized**<br> **Loss** |
|  MS & Co. Int. PLC | USD | 3969116 | AUD | 6080000 | 12/17/25 | $(57729) |
|  | USD | 10723343 | CHF | 8500000 | 12/17/25 | (54815) |
|  | USD | 1136153 | DKK | 7230000 | 12/17/25 | (7028) |
|  | USD | 20060925 | EUR | 17120000 | 12/17/25 | (129856) |
|  | USD | 8463113 | GBP | 6295000 | 12/17/25 | (3801) |
|  | USD | 1108760 | HKD | 8620000 | 12/17/25 | (732) |
|  | USD | 369136 | ILS | 1240000 | 12/17/25 | (5326) |
|  | USD | 12746223 | JPY | 1871000000 | 12/17/25 | (8237) |
|  | USD | 837105 | MXN | 15875000 | 12/17/25 | (22521) |
|  | USD | 342138 | NOK | 3450000 | 12/17/25 | (3644) |
|  | USD | 1779643 | SEK | 16725000 | 12/17/25 | (5632) |
|  **TOTAL** |  |  |  |  |  | $(299321) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS** — At September 30, 2025, the Portfolio had the following futures contracts: | **FUTURES CONTRACTS** — At September 30, 2025, the Portfolio had the following futures contracts: | **FUTURES CONTRACTS** — At September 30, 2025, the Portfolio had the following futures contracts: | **FUTURES CONTRACTS** — At September 30, 2025, the Portfolio had the following futures contracts: | **FUTURES CONTRACTS** — At September 30, 2025, the Portfolio had the following futures contracts: |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  10 Year U.K. Long Gilt | 6 | 12/29/25 | $733024 | $1443 |
|  Euro Stoxx 50 Index | 39 | 12/19/25 | 2537112 | 44959 |
|  FTSE/JSE Top 40 Index | 8 | 12/18/25 | 473218 | 19051 |
|  IFSC NIFTY 50 Index | 16 | 10/28/25 | 792368 | (16088) |
|  Mini-MDAX Index | 16 | 12/19/25 | 570401 | (4550) |
|  MSCI EAFE Index | 17 | 12/19/25 | 2367505 | (8152) |
|  S&P 500 E-Mini Index | 139 | 12/19/25 | 46834312 | 616852 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $653515 |

---

**SWAP CONTRACTS** — At September 30, 2025, the Portfolio had the following swap contracts:

**CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Payments Made**<br> **by the Portfolio<sup>(a)</sup>**  | **Payments<br>Received<br>by Portfolio<sup>(a)</sup>** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Unrealized<br>Appreciation/<br>(Depreciation)\*** |
|  6M GBP | 3.829% | 04/16/30 | GBP 5,600 | $(10183) |

---

(a) Payments made annually.

\* There are no upfront payments on the swap contracts, therefore the unrealized gain (loss) on the swap contracts is equal to their market value.

------

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced<br>Obligation/Index** | **Financing Rate<br>Received/(Paid)<br>by the Portfolio<sup>(a)</sup>** | **Credit<br>Spread at<br>September 30,<br>2025<sup>(b)</sup>** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Protection Purchased:** |  |  |  |  |  |  |  |
|  CDX.NA.HY Index 44 | (5.000)% | 2.998% | 06/20/30 | $4780 | $(389983) | $(224317) | $(165666) |

---

(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 portfolio or its
counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

**OVER-THE-COUNTER TOTAL RETURN SWAP CONTRACTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Obligation/Index** | **Financing Rate<br>Paid/(Received)<br>by the Portfolio<sup>(a)</sup>** | **Counterparty** | **Termination<br>Date<sup>#</sup>** | **Notional<br>Amount**<br> **(000s)** | **Unrealized<br>Appreciation/<br>(Depreciation)\*** |
|  SXDR Index | 12M EURO+0.470% | JPMorgan Securities, Inc. | 02/03/26 | EUR 595 | $(4188) |
|  SXDR Index | 12M EURO+0.480 | JPMorgan Securities, Inc. | 02/03/26 | EUR 1,378 | (9737) |
|  SXDR Index | 12M EURO+0.495 | MS & Co. Int. PLC | 02/03/26 | EUR 612 | (2015) |
|  **TOTAL** |  |  |  |  | $(15940) |

---

(a) Payments made annually.

# The Portfolio pays/receives annual coupon payments in accordance with the swap contract(s). On the termination date of the swap contract(s), the Portfolio will either receive from or pay to the counterparty an amount equal to the net of the accrued financing fees and the value of the reference security subtracted from the original notional cost (notional multiplied by the price change of the reference security, converted to U.S. Dollars).

\* There are no upfront payments on the swap contracts, therefore the unrealized gain (loss) on the swap contracts is equal to their market value.

**PURCHASED AND WRITTEN OPTIONS CONTRACTS** — At September 30, 2025, the Portfolio had the following purchased and written options:

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of**<br> **Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Portfolio** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  6M IRS | UBS AG (London) | 3.450% | 01/14/2026 | 15000000 | $15000000 | $75869 | $79500 | $(3631) |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  6M IRS | UBS AG (London) | 3.050 | 01/14/2026 | (15000000) | (15000000) | (25989) | (37875) | 11886 |
|  **TOTAL** | **TOTAL** |  |  |  | $— | $49880 | $41625 | $8255 |

---

------

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Portfolio** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  XLV Index | BofA Securities LLC | $135.000 | 06/18/2026 | 8292 | $111942000 | $97295 | $90620 | $6675 |
|  **Puts** |  |  |  |  |  |  |  |  |
|  SPX Index | UBS AG (London) | 6457.280 | 10/31/2025 | 601 | 388082528 | 23548 | 76359 | (52811) |
|  **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** | 8893 | $500024528 | $120843 | $166979 | $(46136) |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  XLV Index | BofA Securities LLC | 146.000 | 06/18/2026 | (16584) | (242126400) | (88942) | (89886) | 944 |
|  **Puts** |  |  |  |  |  |  |  |  |
|  TOPIX | Index MS & Co. Int. PLC | 2477.128 | 12/19/2025 | (122947) | (30455545622) | (8064) | (81587) | 73523 |
|  SPX Index | UBS AG (London) | 5811.550 | 10/31/2025 | (601) | (349274155) | (4205) | (18147) | 13942 |
|  |  |  |  | (123548) | $(30804819777) | $(12269) | $(99734) | $87465 |
|  **Total written option contracts** | **Total written option contracts** | **Total written option contracts** | **Total written option contracts** | (140132) | $(31046946177) | $(101211) | $(189620) | $88409 |
|  **TOTAL** |  |  |  | (131239) | $(30546921649) | $19632 | $(22641) | $42273 |

---

**OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Portfolio** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  Call CHF/Put NOK | MS & Co. Int. PLC | $14.480 | 12/17/2025 | 826000 | $826000 | $59 | $12605 | $(12546) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.537 | 12/17/2025 | 885000 | 885000 | 51 | 15061 | (15010) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.810 | 03/18/2026 | 753000 | 753000 | 761 | 12683 | (11922) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.888 | 03/18/2026 | 801000 | 801000 | 700 | 15767 | (15067) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.209 | 06/17/2026 | 1732000 | 1732000 | 14517 | 32685 | (18168) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.297 | 09/16/2026 | 2986000 | 2986000 | 41306 | 51136 | (9830) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.848 | 12/17/2025 | 957000 | 957000 | 2 | 12981 | (12979) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.709 | 12/17/2025 | 1016000 | 1016000 | 6 | 14312 | (14306) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 14.076 | 03/18/2026 | 868000 | 868000 | 214 | 14325 | (14111) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.954 | 03/18/2026 | 917000 | 917000 | 305 | 14180 | (13875) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.248 | 06/17/2026 | 1967000 | 1967000 | 10418 | 36783 | (26365) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.045 | 09/16/2026 | 3426000 | 3426000 | 42061 | 51350 | (9289) |
|  Call EUR/Put GBP | MS & Co. Int. PLC | 0.876 | 12/11/2025 | 980000 | 980000 | 11086 | 16292 | (5206) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.345 | 12/17/2025 | 96129000 | 96129000 | 929 | 8888 | (7959) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.745 | 12/17/2025 | 97080000 | 97080000 | 278 | 9541 | (9263) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.554 | 03/18/2026 | 87290000 | 87290000 | 2354 | 8885 | (6531) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.967 | 03/18/2026 | 87552000 | 87552000 | 1169 | 10472 | (9303) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.883 | 06/17/2026 | 150977000 | 150977000 | 5392 | 15427 | (10035) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.589 | 09/16/2026 | 274790000 | 274790000 | 22207 | 24998 | (2791) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.467 | 12/17/2025 | 3007000 | 3007000 | 487 | 23791 | (23304) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.501 | 12/17/2025 | 3078000 | 3078000 | 65 | 27779 | (27714) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.474 | 03/18/2026 | 2743000 | 2743000 | 2373 | 23894 | (21521) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.508 | 03/18/2026 | 2780000 | 2780000 | 845 | 27533 | (26688) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.425 | 06/17/2026 | 5446000 | 5446000 | 32028 | 36053 | (4025) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.429 | 09/16/2026 | 9594000 | 9594000 | 71024 | 62591 | 8433 |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1140.380 | 12/17/2025 | 1020000 | 1020000 | 355 | 18060 | (17705) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1148.202 | 12/17/2025 | 1109000 | 1109000 | 312 | 18232 | (17920) |

---

------

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Portfolio** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts (continued)** | **Purchased option contracts (continued)** | **Purchased option contracts (continued)** |  |  |  |  |  |  |
|  **Calls (continued)** |  |  |  |  |  |  |  |  |
|  Call USD/Put CLP | MS & Co. Int. PLC | $1166.190 | 03/18/2026 | 934000 | $934000 | $1720 | $17891 | $(16171) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1173.249 | 03/18/2026 | 1011000 | 1011000 | 1680 | 18449 | (16769) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1093.270 | 06/17/2026 | 1791000 | 1791000 | 18193 | 30909 | (12716) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1092.440 | 09/16/2026 | 3042000 | 3042000 | 46676 | 52532 | (5856) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1512.770 | 12/17/2025 | 730000 | 730000 | 397 | 9220 | (8823) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1572.940 | 12/17/2025 | 692000 | 692000 | 48 | 9480 | (9432) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1526.850 | 03/18/2026 | 665000 | 665000 | 1374 | 9297 | (7923) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1589.310 | 03/18/2026 | 627000 | 627000 | 425 | 9280 | (8855) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1493.850 | 06/17/2026 | 1245000 | 1245000 | 8161 | 16135 | (7974) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1479.730 | 09/16/2026 | 2325000 | 2325000 | 25191 | 23994 | 1197 |
|  Call USD/Put MXN | MS & Co. Int. PLC | 25.433 | 12/17/2025 | 460000 | 460000 | 1 | 8286 | (8285) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 24.722 | 12/17/2025 | 525000 | 525000 | 3 | 8865 | (8862) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 26.302 | 03/18/2026 | 423000 | 423000 | 52 | 8369 | (8317) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 25.536 | 03/18/2026 | 479000 | 479000 | 102 | 8995 | (8893) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 22.541 | 06/17/2026 | 987000 | 987000 | 4647 | 14934 | (10287) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 21.614 | 09/15/2026 | 1634000 | 1634000 | 20481 | 24035 | (3554) |
|  Call USD/Put NOK | MS & Co. Int. PLC | 12.519 | 12/17/2025 | 301000 | 301000 | 1 | 4545 | (4544) |
|  Call USD/Put NOK | MS & Co. Int. PLC | 12.731 | 12/17/2025 | 314000 | 314000 |  | 4930 | (4930) |
|  Call USD/Put NOK | MS & Co. Int. PLC | 12.700 | 03/18/2026 | 277000 | 277000 | 43 | 4571 | (4528) |
|  Call USD/Put NOK | MS & Co. Int. PLC | 12.959 | 03/18/2026 | 284000 | 284000 | 25 | 4828 | (4803) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 12.086 | 12/17/2025 | 907000 | 907000 | 1 | 12879 | (12878) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 12.134 | 12/17/2025 | 936000 | 936000 | 1 | 14189 | (14188) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 12.199 | 03/18/2026 | 837000 | 837000 | 29 | 13057 | (13028) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 12.275 | 03/18/2026 | 853000 | 853000 | 25 | 13982 | (13957) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 10.537 | 06/17/2026 | 1150000 | 1150000 | 5390 | 17285 | (11895) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 10.074 | 09/16/2026 | 1977000 | 1977000 | 26110 | 25489 | 621 |
|  |  |  |  | 866115000 | $866115000 | $422080 | $1002730 | $(580650) |
|  **Puts** |  |  |  |  |  |  |  |  |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 86.440 | 12/17/2025 | 2389000 | 2389000 | 1105 | 26593 | (25488) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 83.680 | 12/17/2025 | 2639000 | 2639000 | 499 | 29906 | (29407) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 84.720 | 03/18/2026 | 2181000 | 2181000 | 4422 | 26789 | (22367) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 82.000 | 03/18/2026 | 2379000 | 2379000 | 3120 | 29626 | (26506) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 81.740 | 06/17/2026 | 4173000 | 4173000 | 12876 | 46385 | (33509) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 86.090 | 09/16/2026 | 7390000 | 7390000 | 65110 | 74662 | (9552) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.594 | 12/17/2025 | 969000 | 969000 | 217 | 8959 | (8742) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.577 | 12/17/2025 | 1054000 | 1054000 | 70 | 9319 | (9249) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.588 | 03/18/2026 | 881000 | 881000 | 1025 | 8959 | (7934) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.571 | 03/18/2026 | 940000 | 940000 | 559 | 9189 | (8630) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.597 | 06/17/2026 | 1737000 | 1737000 | 5979 | 16011 | (10032) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.613 | 09/16/2026 | 3022000 | 3022000 | 23640 | 25636 | (1996) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 97.660 | 12/17/2025 | 1236000 | 1236000 | 1005 | 14364 | (13359) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 95.080 | 12/17/2025 | 1347000 | 1347000 | 437 | 15267 | (14830) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 96.150 | 03/18/2026 | 1133000 | 1133000 | 3059 | 14996 | (11937) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 93.500 | 03/18/2026 | 1206000 | 1206000 | 1914 | 15250 | (13336) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 94.010 | 06/17/2026 | 2106000 | 2106000 | 8426 | 23325 | (14899) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 95.680 | 09/16/2026 | 3833000 | 3833000 | 31100 | 37210 | (6110) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 78.700 | 12/17/2025 | 1269000 | 1269000 | 1343 | 12677 | (11334) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 76.630 | 12/17/2025 | 1408000 | 1408000 | 753 | 14423 | (13670) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 77.160 | 03/18/2026 | 1153000 | 1153000 | 3372 | 12541 | (9169) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 75.130 | 03/18/2026 | 1260000 | 1260000 | 2426 | 13691 | (11265) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 75.890 | 06/17/2026 | 2178000 | 2178000 | 10446 | 22083 | (11637) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 77.260 | 09/16/2026 | 3941000 | 3941000 | 35807 | 34328 | 1479 |

---

------

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Portfolio** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts (continued)** | **Purchased option contracts (continued)** | **Purchased option contracts (continued)** |  |  |  |  |  |  |
|  **Puts (continued)** |  |  |  |  |  |  |  |  |
|  Put NZD/Call USD | MS & Co. Int. PLC | $0.540 | 12/17/2025 | 527000 | $527000 | $400 | $4441 | $(4041) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.527 | 12/17/2025 | 580000 | 580000 | 188 | 4661 | (4473) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.535 | 03/18/2026 | 477000 | 477000 | 1002 | 4415 | (3413) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.522 | 03/18/2026 | 517000 | 517000 | 649 | 4594 | (3945) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.554 | 06/17/2026 | 944000 | 944000 | 6777 | 8152 | (1375) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.550 | 09/16/2026 | 1669000 | 1669000 | 14165 | 12378 | 1787 |
|  |  |  |  | 56538000 | $56538000 | $241891 | $580830 | $(338939) |
|  **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** | 922653000 | $922653000 | $663971 | $1583560 | $(919589) |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  Call EUR/Put GBP | MS & Co. Int. PLC | 0.905 | 12/11/2025 | (980000) | (980000) | (2186) | (5327) | 3141 |
|  **TOTAL** |  |  |  | 921673000 | $921673000 | $661785 | $1578233 | $(916448) |

---

**EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Portfolio** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** |
|  **Calls** |  |  |  |  |  |  |  |
|  S&P 500 Index | $6650.000 | 10/01/2025 | (8) | $(5320000) | $(32720) | $(11893) | $(20827) |
|  S&P 500 Index | 6785.000 | 10/01/2025 | (10) | (6785000) | (75) | (3556) | 3481 |
|  S&P 500 Index | 6735.000 | 10/03/2025 | (10) | (6735000) | (7400) | (5645) | (1755) |
|  S&P 500 Index | 6760.000 | 10/06/2025 | (10) | (6760000) | (5300) | (6305) | 1005 |
|  S&P 500 Index | 6750.000 | 10/08/2025 | (8) | (5400000) | (11040) | (10525) | (515) |
|  S&P 500 Index | 6875.000 | 10/15/2025 | (8) | (5500000) | (3520) | (8265) | 4745 |
|  S&P 500 Index | 6950.000 | 10/22/2025 | (8) | (5560000) | (3240) | (7173) | 3933 |
|  |  |  | (62) | $(42060000) | $(63295) | $(53362) | $(9933) |
|  **Puts** |  |  |  |  |  |  |  |
|  S&P 500 Index | 6150.000 | 10/01/2025 | (16) | (9840000) | (280) | (43829) | 43549 |
|  S&P 500 Index | 6540.000 | 10/01/2025 | (20) | (13080000) | (2200) | (24887) | 22687 |
|  S&P 500 Index | 6485.000 | 10/03/2025 | (21) | (13618500) | (6300) | (27210) | 20910 |
|  S&P 500 Index | 6535.000 | 10/06/2025 | (20) | (13070000) | (12900) | (14655) | 1755 |
|  S&P 500 Index | 6275.000 | 10/08/2025 | (16) | (10040000) | (4000) | (38486) | 34486 |
|  S&P 500 Index | 6350.000 | 10/15/2025 | (15) | (9525000) | (14325) | (48229) | 33904 |
|  S&P 500 Index | 6400.000 | 10/22/2025 | (15) | (9600000) | (30225) | (48780) | 18555 |
|  |  |  | (123) | $(78773500) | $(70230) | $(246076) | $175846 |
|  **Total written option contracts** |  |  | (185) | $(120833500) | $(133525) | $(299438) | $165913 |

---

------

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**EXCHANGE TRADED OPTIONS ON FUTURES** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Portfolio** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  3 Month SOFR | $96.125 | 12/12/2025 | 148 | $370000 | $75850 | $166843 | $(90993) |
|  3 Month SOFR | 96.500 | 12/12/2025 | 164 | 410000 | 11275 | 253993 | (242718) |
|  3 Month SOFR | 97.000 | 12/12/2025 | 88 | 220000 | 1650 | 13372 | (11722) |
|  3 Month SOFR | 97.500 | 12/12/2025 | 392 | 980000 | 2450 | 334382 | (331932) |
|  3 Month SOFR | 96.250 | 03/13/2026 | 139 | 347500 | 106856 | 174073 | (67217) |
|  3 Month SOFR | 96.625 | 03/13/2026 | 115 | 287500 | 34500 | 171329 | (136829) |
|  3 Month SOFR | 96.750 | 03/13/2026 | 58 | 145000 | 12688 | 94385 | (81697) |
|  3 Month SOFR | 97.000 | 03/13/2026 | 172 | 430000 | 21500 | 76932 | (55432) |
|  3 Month SOFR | 97.500 | 03/13/2026 | 150 | 375000 | 8438 | 49044 | (40606) |
|  3 Month SOFR | 96.250 | 06/12/2026 | 126 | 315000 | 163012 | 179149 | (16137) |
|  3 Month SOFR | 96.500 | 06/12/2026 | 168 | 420000 | 142800 | 174629 | (31829) |
|  3 Month SOFR | 96.625 | 06/12/2026 | 109 | 272500 | 74256 | 171928 | (97672) |
|  3 Month SOFR | 96.750 | 06/12/2026 | 60 | 150000 | 33000 | 93139 | (60139) |
|  3 Month SOFR | 97.000 | 06/12/2026 | 86 | 215000 | 30100 | 57144 | (27044) |
|  3 Month SOFR | 97.125 | 06/12/2026 | 97 | 242500 | 27281 | 49903 | (22622) |
|  3 Month SOFR | 97.250 | 06/12/2026 | 73 | 182500 | 16425 | 34818 | (18393) |
|  3 Month SOFR | 96.375 | 09/11/2026 | 126 | 315000 | 179550 | 181417 | (1867) |
|  3 Month SOFR | 96.500 | 09/11/2026 | 368 | 920000 | 443900 | 411934 | 31966 |
|  3 Month SOFR | 96.625 | 09/11/2026 | 105 | 262500 | 106313 | 174806 | (68493) |
|  3 Month SOFR | 97.000 | 09/11/2026 | 121 | 302500 | 71088 | 94012 | (22924) |
|  3 Month SOFR | 97.250 | 09/11/2026 | 57 | 142500 | 22800 | 37162 | (14362) |
|  3 Month SOFR | 96.000 | 12/11/2026 | 173 | 432500 | 414119 | 348502 | 65617 |
|  3 Month SOFR | 96.375 | 12/11/2026 | 119 | 297500 | 194119 | 184726 | 9393 |
|  3 Month SOFR | 96.500 | 12/11/2026 | 450 | 1125000 | 638437 | 573157 | 65280 |
|  3 Month SOFR | 96.000 | 03/12/2027 | 168 | 420000 | 418950 | 353129 | 65821 |
|  3 Month SOFR | 96.250 | 03/12/2027 | 65 | 162500 | 129188 | 130127 | (939) |
|  3 Month SOFR | 96.500 | 03/12/2027 | 370 | 925000 | 571187 | 484063 | 87124 |
|  3 Month SOFR | 96.000 | 06/11/2027 | 149 | 372500 | 377156 | 320642 | 56514 |
|  3 Month SOFR | 96.250 | 06/11/2027 | 65 | 162500 | 132844 | 133377 | (533) |
|  3 Month SOFR | 96.500 | 06/11/2027 | 185 | 462500 | 296000 | 254738 | 41262 |
|  3 Month SOFR | 96.250 | 09/10/2027 | 66 | 165000 | 136537 | 133779 | 2758 |
|  **TOTAL** |  |  | 4732 | $11830000 | $4894269 | $5910634 | $(1016365) |

---

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| AUD | — Australian Dollar |
| CHF | — Swiss Franc |
| DKK | — Denmark Krone |
| EUR | — Euro |
| GBP | — British Pound |
| HKD | — Hong Kong Dollar |
| ILS | — Israeli Shekel |
| JPY | — Japanese Yen |
| MXN | — Mexican Peso |
| NOK | — Norwegian Krone |
| NZD | — New Zealand Dollar |
| SEK | — Swedish Krona |
| SGD | — Singapore Dollar |
| USD | — U.S. Dollar |
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ETF | — Exchange Traded Fund |
| MSCI | — Morgan Stanley Capital International |
| SPDR | — Standard and Poor's Depository Receipt |
| **Abbreviations:** |  |
| 6M IRS | — 6 Month Interest Rate Swaptions |
| BofA Securities LLC | — Bank of America Securities LLC |
| CDX.NA.HY Ind 44 | — CDX North America High Yield Index 44 |
| MS & Co. Int. PLC | — Morgan Stanley & Co. International PLC |
| SOFR | — Secured Overnight Financing Rate |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** GOLDMAN SACHS TRUST

- **b. Investment Company Act file number:** 811-05349

- **c. CIK number of Registrant:** 0000822977

- **d. LEI of Registrant:** S2FHCT8U6D2VORP0J605

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 71  SOUTH WACKER DRIVE

  - **City:** CHICAGO

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60606

  - **Telephone number:** 312-655-4400

**Item A.2. Information about the Series.**

- **a. Name of Series:** Goldman Sachs Growth Strategy Portfolio

- **b. EDGAR series identifier (if any):** S000009336

- **c. LEI of Series:** 5493009DE1KFPSBJLK06

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1067840551.65

**Total Liabilities:** $886738.12

**Net Assets:** $1066953813.53

**Cash Not Reported:** $32357220.94

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** 1.62000000 | **1-Year:** 158.23000000 | **5-Year:** 1868.60000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000025577 | 0.49%                | 3.10%                | 3.25%                |
| Class ID C000201785 | 0.49%                | 3.10%                | 3.24%                |
| Class ID C000161533 | 0.44%                | 3.15%                | 3.24%                |
| Class ID C000025578 | 0.39%                | 3.12%                | 3.17%                |
| Class ID C000058974 | 0.45%                | 3.16%                | 3.21%                |
| Class ID C000025581 | 0.38%                | 3.03%                | 3.12%                |
| Class ID C000025579 | 0.44%                | 3.06%                | 3.20%                |
| Class ID C000058973 | 0.41%                | 3.08%                | 3.18%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $94877.78                | $3119489.28                                |
| Month 2  | $1802496.42              | $27397138.61                               |
| Month 3  | $1253.30                 | $30101432.91                               |

**Designated Index Information**

- **Index Name:** Bloomberg Global Aggregate Bond Index (Gross, USD Unhedged) (20%) and the MSCI ACWI Index (Net, USD, Unhedged) (80%)

- **Index Identifier:** CUSRSZB5IX

### Schedule of Portfolio Investments

| Name                                                     | Title                                                                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT JUN27C 96.5                                                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       185 | NC      | $296000.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003783 CALL USD PUT NOK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    277000 | OU      | $42.94        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004023 PUT CAD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |   1347000 | OU      | $436.52       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004717 CALL USD PUTSEK                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   1977000 | OU      | $26110.24     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004163 CALL USD PUT SEK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    936000 | OU      | $0.94         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX                                                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -15 | NC      | $-30225.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs MarketBeta US Equity ETF                   | Goldman Sachs MarketBeta US Equity ETF                                                         | CUSIP: 381430123<br>LEI: 549300EMEG7T4I7JWK22 | Long             | EC               | RF                | US        |   1914061 | NS      | $176859236.40 | 16.58%            |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD NOK                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-3643.52     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                       | IOP015815 EQO XLV.P USD                                                                        | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DE               |  | US        |      8292 | NC      | $97295.20     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX                                                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -20 | NC      | $-12900.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares U.S. Real Estate ETF                             | iShares U.S. Real Estate ETF                                                                   | CUSIP: 464287739<br>LEI: 549300SJWB2CPZFPT616 | Long             | EC               | RF                | US        |     68517 | NS      | $6651630.36   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT DEC26C 96.37                                                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       119 | NC      | $194118.75    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Small Cap Equity Insights Fund             | Goldman Sachs Small Cap Equity Insights Fund                                                   | CUSIP: 38147X499<br>LEI: UBB2S4ORVV98300HEK13 | Long             | EC               | RF                | US        |    521357 | NS      | $16250694.82  | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003988 CALL USD PUT KRW                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    627000 | OU      | $425.11       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Emerging Markets Equity Insights Fund      | Goldman Sachs Emerging Markets Equity Insights Fund                                            | CUSIP: 38147X259<br>LEI: 549300UHNMO4HOGWYU58 | Long             | EC               | RF                | US        |   4219883 | NS      | $46418709.04  | 4.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs ActiveBeta International Equity ETF        | Goldman Sachs ActiveBeta International Equity ETF                                              | CUSIP: 381430107<br>LEI: 549300XBH2SEXT65RC75 | Long             | EC               | RF                | US        |    557981 | NS      | $22938598.91  | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | S+P500 EMINI FUT DEC25                                                                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |       153 | NC      | $679890.33    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT SEP26C 96.62                                                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       105 | NC      | $106312.50    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004389 CALL USD PUT CLP                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   1791000 | OU      | $18192.98     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004056 CALL CHF PUT SEK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |   1016000 | OU      | $6.38         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures Europe - Financial Products Division         | LONG GILT FUTURE DEC25                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |         6 | NC      | $1927.71      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LCH Ltd.                                                 | Long: SR233648  IRS GBP R F  3.82920 2 CCPOIS / Short: SR233648  IRS GBP P V 00MSONIA 1 CCPOIS | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   5600000 | OU      | $1580.09      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT MAR27C 96.25                                                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        65 | NC      | $129187.50    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX                                                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -8 | NC      | $-32720.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003758 PUT AUD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |   2389000 | OU      | $1104.98      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | Long: ES128628  TRS EUR R E .SXDR INDEX / Short: ES128628  TRS EUR P V 00MESTR ESTRON + 49.5   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |    622797 | OU      | $-12109.42    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD DKK                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-7028.17     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003725 PUT NZD CALL USD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |    527000 | OU      | $399.63       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT JUN27C 96.25                                                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        65 | NC      | $132843.75    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003825 CALL JPY PUT KRW                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |  87290000 | OU      | $2353.94      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT JUN26C 96.62                                                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       109 | NC      | $74256.25     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004118 CALL USD PUT MXN                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    479000 | OU      | $102.03       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| South African Futures Exchange                           | FTSE/JSE TOP 40 DEC25                                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | ZA        |         8 | NC      | $19050.93     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                        | MINI MDAX FUT DEC25                                                                            | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |        16 | NC      | $-4550.06     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD AUD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-57729.21    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT DEC25C 96.5                                                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       164 | NC      | $11275.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX                                                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -10 | NC      | $-5300.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX                                                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -10 | NC      | $-7400.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004047 PUT CAD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |   1206000 | OU      | $1914.24      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004092 CALL USD PUT MXN                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    525000 | OU      | $3.15         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX                                                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -8 | NC      | $-11040.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003800 PUT NZD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |   1153000 | OU      | $3372.34      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT MAR26C 96.75                                                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        58 | NC      | $12687.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004477 PUT AUD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |   4173000 | OU      | $12875.82     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT SEP26C 96.37                                                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       126 | NC      | $179550.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG                                                   | IOP016314 EQO.SPX USD                                                                          | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DE               |  | US        |       806 | NC      | $38131.86     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs MarketBeta International Equity ETF        | Goldman Sachs MarketBeta International Equity ETF                                              | CUSIP: 381430180<br>LEI: N/A                  | Long             | EC               | RF                | US        |   1371769 | NS      | $91325109.64  | 8.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs High Yield Fund                            | Goldman Sachs High Yield Fund                                                                  | CUSIP: 38148U874<br>LEI: VJJ3YDJ4UOKOJN1I8J86 | Long             | EC               | RF                | US        |   1806361 | NS      | $10350451.09  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003838 PUT CAD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |   1133000 | OU      | $3059.43      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004495 CALL USD PUT KRW                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   1245000 | OU      | $8160.98      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003814 CALL CHF PUT NOK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |    753000 | OU      | $761.47       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004464 PUT NZD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |   2178000 | OU      | $10446.28     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004376 CALL USD PUT MXN                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    987000 | OU      | $4646.80      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003956 PUT AUD CALL USD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |    940000 | OU      | $559.18       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD SGD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $2176.18      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT JUN26C 96.5                                                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       168 | NC      | $142800.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD HKD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-732.14      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT JUN26C 97                                                                     | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        86 | NC      | $30100.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD NZD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $1130.97      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004831 PUT NZD CALL USD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |   1669000 | OU      | $14164.74     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | IOP014752 EQO. TOPX JPY                                                                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | JP        |   -122947 | NC      | $-8063.59     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT MAR26C 96.25                                                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       139 | NC      | $106856.25    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003953 PUT NZD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |   1408000 | OU      | $752.62       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003764 PUT AUD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |   2181000 | OU      | $4421.86      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004430 CALL CHF PUT SEK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |   1967000 | OU      | $10417.52     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT JUN26C 96.25                                                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       126 | NC      | $163012.50    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Health Care Select Sector SPDR Fund                      | Health Care Select Sector SPDR Fund                                                            | CUSIP: 81369Y209<br>LEI: 549300EJNY3KKJHPOY44 | Long             | EC               | RF                | US        |     18033 | NS      | $2509652.61   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004750 CALL USD PUT CLP                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   3042000 | OU      | $46676.45     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT MAR27C 96                                                                     | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       168 | NC      | $418950.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004852 PUT NZD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |   3941000 | OU      | $35807.31     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003714 PUT AUD CALL USD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |    969000 | OU      | $217.36       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003851 CALL USD PUT CAD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   3007000 | OU      | $487.13       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004051 CALL USD PUT CAD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   3078000 | OU      | $64.64        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX                                                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -16 | NC      | $-4000.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Global Infrastructure Fund                 | Goldman Sachs Global Infrastructure Fund                                                       | CUSIP: 38148U775<br>LEI: 54930073G57DO7G34278 | Long             | EC               | RF                | US        |    783790 | NS      | $10549816.95  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003821 CALL JPY PUT KRW                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |  96129000 | OU      | $928.89       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004399 PUT CAD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |   2106000 | OU      | $8425.82      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT DEC26C 96                                                                     | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       173 | NC      | $414118.75    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004094 CALL USD PUT CLP                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   1011000 | OU      | $1680.28      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003899 PUT AUD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |   2639000 | OU      | $499.42       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                   | IOP016282 EQO.SPX USD                                                                          | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DE               |  | US        |       601 | NC      | $23547.68     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003966 CALL USD PUT KRW                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    692000 | OU      | $48.44        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT JUN26C 97.12                                                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        97 | NC      | $27281.25     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004821 CALL JPY PUT KRW                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        | 274790000 | OU      | $22206.55     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003859 CALL USD PUT MXN                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    423000 | OU      | $52.03        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003901 PUT NZD CALL USD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |    580000 | OU      | $187.63       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT SEP26C 97                                                                     | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       121 | NC      | $71087.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004081 CALL USD PUT CAD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   2780000 | OU      | $845.12       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003776 CALL USD PUT NOK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    301000 | OU      | $0.60         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003833 PUT CAD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |   1236000 | OU      | $1004.47      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT JUN26C 96.75                                                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        60 | NC      | $33000.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003738 CALL USD PUT KRW                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    730000 | OU      | $397.12       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX                                                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -8 | NC      | $-3520.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003788 PUT NZD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |   1269000 | OU      | $1342.66      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD CHF                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-50645.33    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004363 CALL USD PUT CAD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   5446000 | OU      | $32027.93     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003755 CALL USD PUT SEK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    907000 | OU      | $0.91         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003728 PUT NZD CALL USD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |    477000 | OU      | $1002.19      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003793 CALL CHF PUT SEK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |    957000 | OU      | $2.40         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT JUN26C 97.25                                                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        73 | NC      | $16425.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Financial Square Government Fund           | Goldman Sachs Financial Square Government Fund                                                 | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | EC               | RF                | US        |  16047759 | NS      | $16047759.18  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003741 CALL USD PUT KRW                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    665000 | OU      | $1373.89      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| iShares MSCI Mexico ETF                                  | iShares MSCI Mexico ETF                                                                        | CUSIP: 464286822<br>LEI: 549300SQ92O6OZ19G545 | Long             | EC               | RF                | US        |      2712 | NS      | $184985.52    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX                                                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -16 | NC      | $-280.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT SEP27C 96.25                                                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        66 | NC      | $136537.50    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT MAR26C 97                                                                     | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       172 | NC      | $21500.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange, Inc.                          | Long: BX003297  CDS USD R V 03MEVENT 1 CCPCDX / Short: BX003297  CDS USD P F  5.00000 2 CCPCDX | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | GB        |   4780000 | OU      | $-382680.59   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004004 CALL USD PUT NOK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    314000 | OU      | $0.31         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International Small Cap Insights Fund      | Goldman Sachs International Small Cap Insights Fund                                            | CUSIP: 38147X234<br>LEI: 549300VMLASEOM8ZWE07 | Long             | EC               | RF                | US        |    633783 | NS      | $10596849.50  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America NA                                       | IOP015816 EQO XLV.P USD                                                                        | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DE               |  | US        |    -16584 | NC      | $-88942.16    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004447 CALL CHF PUT NOK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |   1732000 | OU      | $14516.55     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| National Stock Exchange Of India                         | IFSC NIFTY 50 FUT OCT25                                                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | IN        |        16 | NC      | $-16088.40    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD SEK                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-5631.55     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD GBP                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-3800.90     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD JPY                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-8236.60     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                        | EURO STOXX 50 DEC25                                                                            | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |        39 | NC      | $44959.24     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003869 CALL USD PUT CLP                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   1020000 | OU      | $354.96       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004802 PUT AUD CALL USD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |   3022000 | OU      | $23639.95     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures U.S., Inc.                                   | MSCI EAFE DEC25                                                                                | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DE               |  | US        |        17 | NC      | $-8152.35     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004681 PUT CAD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |   3833000 | OU      | $31100.27     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT SEP26C 96.5                                                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       368 | NC      | $443900.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD MXN                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-22521.46    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX                                                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -20 | NC      | $-2200.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF       | Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF                                             | CUSIP: 381430503<br>LEI: 549300HE2W614QP0GH20 | Long             | EC               | RF                | US        |    329019 | NS      | $42864595.32  | 4.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004558 CALL JPY PUT KRW                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        | 150977000 | OU      | $5392.44      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004782 PUT AUD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |   7390000 | OU      | $65109.85     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                   | IOP016316 EQO.SPX USD                                                                          | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DE               |  | US        |      -806 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004777 CALL USD PUT KRW                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   2325000 | OU      | $26611.95     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004590 CALL EUR PUT GBP                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | DE        |   -980000 | OU      | $-2186.08     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004657 CALL CHF PUTSEK                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |   3426000 | OU      | $42060.55     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD ILS                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-5325.84     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                   | Long: ES127868  TRS EUR R E .SXDR INDEX / Short: ES127868  TRS EUR P V 00MESTR ESTRON +48 BPS  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | DE        |   1365008 | OU      | $15837.15     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004154 CALL USD PUT SEK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    853000 | OU      | $24.74        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004165 CALL CHF PUT NOK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |    801000 | OU      | $700.33       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                   | IOP016284 EQO.SPX USD                                                                          | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DE               |  | US        |      -601 | NC      | $-4205.16     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| iShares U.S. Technology ETF                              | iShares U.S. Technology ETF                                                                    | CUSIP: 464287721<br>LEI: 5493003RR427QZS78C77 | Long             | EC               | RF                | US        |     16996 | NS      | $3328836.56   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003884 PUT AUD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |   2379000 | OU      | $3120.03      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD EUR                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-129856.22   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004082 CALL USD PUT CLP                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   1109000 | OU      | $311.63       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX                                                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -15 | NC      | $-14325.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG                                                   | OPS09367A SWAPTION                                                                             | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DIR              |  | US        | -15000000 | NC      | $-25989.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003872 CALL USD PUT CLP                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    934000 | OU      | $1719.49      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004584 CALL EUR PUT GBP                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | DE        |    980000 | OU      | $11085.74     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT DEC25C 97.5                                                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       392 | NC      | $2450.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003810 CALL CHF PUT NOK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |    826000 | OU      | $59.14        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT MAR26C 96.62                                                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       115 | NC      | $34500.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX                                                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -10 | NC      | $-75.00       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003962 CALL JPY PUT KRW                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |  87552000 | OU      | $1169.25      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003888 PUT NZD CALL USD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |    517000 | OU      | $648.62       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Emerging Markets Debt Fund                 | Goldman Sachs Emerging Markets Debt Fund                                                       | CUSIP: 38148U882<br>LEI: XC6LIVZDLLKYZ7FKO621 | Long             | EC               | RF                | US        |   3645310 | NS      | $36999894.79  | 3.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003942 PUT AUD CALL USD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |   1054000 | OU      | $70.44        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003760 CALL USD PUT SEK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    837000 | OU      | $29.30        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT DEC25C 97                                                                     | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        88 | NC      | $1650.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004692 CALL USD PUT CAD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   9594000 | OU      | $71024.38     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004730 CALL USD PUT MXN                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   1634000 | OU      | $20480.56     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                   | OPS09365A SWAPTION                                                                             | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DIR              |  | US        |  15000000 | NC      | $75868.50     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT DEC25C 96.12                                                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       148 | NC      | $75850.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003799 CALL CHF PUT SEK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |    868000 | OU      | $213.72       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                   | Long: ES127663  TRS EUR R E .SXDR INDEX / Short: ES127663  TRS EUR P V 00MESTR ESTRON +47 BPS  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | DE        |    589622 | OU      | $6840.92      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003854 CALL USD PUT CAD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   2743000 | OU      | $2372.70      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004123 CALL CHF PUT NOK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |    885000 | OU      | $51.14        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004517 PUT AUD CALL USD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |   1737000 | OU      | $5979.03      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX                                                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -8 | NC      | $-3240.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003923 PUT NZD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |   1260000 | OU      | $2425.94      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004540 PUT NZD CALL USD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |    944000 | OU      | $6777.02      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT SEP26C 97.25                                                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        57 | NC      | $22800.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs ActiveBeta Emerging Markets Equity ETF     | Goldman Sachs ActiveBeta Emerging Markets Equity ETF                                           | CUSIP: 381430206<br>LEI: 549300PZDHNP7HDURN13 | Long             | EC               | RF                | US        |    197259 | NS      | $8034359.07   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Access US Aggregate Bond ETF               | Goldman Sachs Access US Aggregate Bond ETF                                                     | CUSIP: 38149W101<br>LEI: 549300ECJ6IPOGEJ9870 | Long             | EC               | RF                | US        |    938909 | NS      | $39227148.57  | 3.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003857 CALL USD PUT MXN                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    460000 | OU      | $0.92         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Access Investment Grade Corporate Bond Etf | Goldman Sachs Access Investment Grade Corporate Bond Etf                                       | CUSIP: 381430479<br>LEI: 549300KGVZT18SX98G95 | Long             | EC               | RF                | US        |   1018798 | NS      | $47567576.74  | 4.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004416 CALL USD PUT SEK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   1150000 | OU      | $5390.05      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003875 CALL USD PUT NOK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    284000 | OU      | $24.99        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT MAR26C 97.5                                                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       150 | NC      | $8437.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT JUN27C 96                                                                     | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       149 | NC      | $377156.25    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX                                                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -21 | NC      | $-6300.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs MarketBeta Emerging Markets Equity ETF     | Goldman Sachs MarketBeta Emerging Markets Equity ETF                                           | CUSIP: 381430164<br>LEI: 549300W8N8I3WPW90678 | Long             | EC               | RF                | US        |    681130 | NS      | $37829960.20  | 3.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Large Cap Value Insights Fund              | Goldman Sachs Large Cap Value Insights Fund                                                    | CUSIP: 38147X515<br>LEI: 549300KBU32INALWSS44 | Long             | EC               | RF                | US        |   5166828 | NS      | $130669068.26 | 12.25%            |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Large Cap Growth Insights Fund             | Goldman Sachs Large Cap Growth Insights Fund                                                   | CUSIP: 38147X523<br>LEI: IYI7KZ6TLM47WE4G7I95 | Long             | EC               | RF                | US        |   3508454 | NS      | $136478861.73 | 12.79%            |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Energy Infrastructure Fund                 | Goldman Sachs Energy Infrastructure Fund                                                       | CUSIP: 38148U239<br>LEI: 5493004HQKOKO2ODA746 | Long             | EC               | RF                | US        |     23011 | NS      | $324914.64    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |         1 | NC      | $32995.01     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004664 CALL CHF PUT NOK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |   2986000 | OU      | $41306.24     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International Equity Insights Fund         | Goldman Sachs International Equity Insights Fund                                               | CUSIP: 38147X242<br>LEI: RP210Q47MZG236IVQP58 | Long             | EC               | RF                | US        |   6246418 | NS      | $115183941.12 | 10.80%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004001 CALL JPY PUT KRW                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |  97080000 | OU      | $278.34       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs High Yield Floating Rate Fund              | Goldman Sachs High Yield Floating Rate Fund                                                    | CUSIP: 38145L166<br>LEI: 20OHG0KU8S4HBIU77D72 | Long             | EC               | RF                | US        |   1166237 | NS      | $10134601.32  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003717 PUT AUD CALL USD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |    881000 | OU      | $1024.84      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004141 CALL CHF PUT SEK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |    917000 | OU      | $305.27       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT MAR27C 96.5                                                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       370 | NC      | $571187.50    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT DEC26C 96.5                                                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       450 | NC      | $638437.50    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Managed Futures Strategy Fund              | Goldman Sachs Managed Futures Strategy Fund                                                    | CUSIP: 38150C879<br>LEI: 3J24L49YUVS4LPAV0F85 | Long             | EC               | RF                | US        |   1053803 | NS      | $9547454.91   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-04

**Name of Applicant:** GOLDMAN SACHS TRUST

**Signature:** Peter Fortner

**Name of Signer:** Peter Fortner

**Title:** Vice President