# EDGAR Filing Document

**Accession Number:** 0000822977
**File Stem:** 0001410368-25-027884
**Filing Date:** 2025-11
**Character Count:** 190880
**Document Hash:** 7d5b221a07e3b080fd0b7d35466913c9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-027884.hdr.sgml**: 20251121

**ACCESSION NUMBER**: 0001410368-25-027884

**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:** 251505252

**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 Balanced Strategy Portfolio (Series ID: S000009314)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025447 | Institutional   | GIPIX           |
| C000025448 | Service         | GIPSX           |
| C000025449 | Class A         | GIPAX           |
| C000025451 | Class C         | GIPCX           |
| C000058959 | Class R         | GIPRX           |
| C000058960 | Investor Shares | GIPTX           |
| C000161531 | Class R6 Shares | GIPUX           |
| C000201783 | Class P Shares  | GAOPX           |

## 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 Balanced Strategy Portfolio

- **b. EDGAR series identifier (if any):** S000009314

- **c. LEI of Series:** 5493006EIK6TMNDMB826

**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:** $582333632.89

**Total Liabilities:** $530366.99

**Net Assets:** $581803265.90

**Cash Not Reported:** $17280144.87

**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:** 0.95000000 | **1-Year:** 92.68000000 | **5-Year:** 1094.57000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000058959 | 0.24%                | 2.02%                | 1.92%                |
| Class ID C000025448 | 0.24%                | 1.98%                | 2.05%                |
| Class ID C000025451 | 0.16%                | 1.92%                | 1.93%                |
| Class ID C000161531 | 0.32%                | 2.00%                | 2.05%                |
| Class ID C000025449 | 0.24%                | 2.01%                | 1.96%                |
| Class ID C000201783 | 0.24%                | 2.09%                | 1.97%                |
| Class ID C000058960 | 0.32%                | 2.02%                | 2.03%                |
| Class ID C000025447 | 0.32%                | 2.01%                | 2.05%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $628978.16               | $-865952.16                                |
| Month 2  | $1095893.77              | $8769112.79                                |
| Month 3  | $2611.47                 | $9153798.62                                |

**Designated Index Information**

- **Index Name:** Bloomberg Global Aggregate Bond Index (Gross, USD, Unhedged) (60%) and the MSCI ACWI (Net, USD, Unhedged) (40%)

- **Index Identifier:** CUN6PWV3CF

### 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        |        79 | NC      | $126400.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003908 PUT NZD CALL USD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |    324000 | OU      | $104.81       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004736 CALL USD PUT MXN                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    804000 | OU      | $10077.34     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX                                                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -7 | NC      | $-14105.00    | -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        |    363124 | NS      | $33552657.60  | 5.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003780 CALL USD PUT NOK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    155000 | OU      | $24.03        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX                                                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -9 | NC      | $-5805.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003886 PUT NZD CALL USD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |    289000 | OU      | $362.58       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| iShares U.S. Real Estate ETF                             | iShares U.S. Real Estate ETF                                                                   | CUSIP: 464287739<br>LEI: 549300SJWB2CPZFPT616 | Long             | EC               | RF                | US        |     39972 | NS      | $3880481.76   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT DEC26C 96.37                                                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        44 | NC      | $71775.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003727 PUT NZD CALL USD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |    267000 | OU      | $560.97       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003870 CALL USD PUT CLP                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    572000 | OU      | $199.06       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004090 CALL USD PUT MXN                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    293000 | OU      | $1.76         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004369 CALL USD PUT MXN                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    586000 | OU      | $2758.89      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD AUD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-31048.45    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD ILS                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-2920.62     | -0.00%            |  |  |  | No            |                  2 | 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        |    228614 | NS      | $7125890.21   | 1.22%             |  |  |  | No            |                  1 | 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        |   1285941 | NS      | $14145346.36  | 2.43%             |  |  |  | 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        |    149586 | NS      | $6149480.46   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | S+P500 EMINI FUT DEC25                                                                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |       101 | NC      | $450262.39    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT SEP26C 96.62                                                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        56 | NC      | $56700.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003715 PUT AUD CALL USD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |    494000 | OU      | $574.65       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003798 CALL CHF PUT SEK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |    487000 | OU      | $119.90       | 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        |         3 | NC      | $963.86       | 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        |   3300000 | OU      | $931.12       | 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        |        48 | NC      | $95400.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX                                                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -4 | NC      | $-16360.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003954 PUT NZD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |    787000 | OU      | $420.67       | 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        |        48 | NC      | $98100.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003905 PUT AUD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |   1475000 | OU      | $279.14       | 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        |        59 | NC      | $40193.75     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD NZD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $628.32       | 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        |         7 | NC      | $16669.57     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                        | MINI MDAX FUT DEC25                                                                            | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |         9 | NC      | $-2559.41     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG                                                   | IOP016292 EQO.SPX USD                                                                          | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DE               |  | US        |      -332 | NC      | $-2322.98     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003801 PUT NZD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |    646000 | OU      | $1889.45      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT DEC25C 96.5                                                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        89 | NC      | $6118.75      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX                                                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -5 | NC      | $-2650.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003779 CALL USD PUT NOK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    169000 | OU      | $0.34         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX                                                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -5 | NC      | $-3700.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003765 PUT AUD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |   1223000 | OU      | $2479.57      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX                                                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -4 | NC      | $-5520.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT MAR26C 96.75                                                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        32 | NC      | $7000.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004759 CALL USD PUT CLP                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   1496000 | OU      | $22954.62     | 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        |        46 | NC      | $65550.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004021 PUT CAD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |    753000 | OU      | $244.02       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004534 PUT NZD CALL USD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |    561000 | OU      | $4027.44      | 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        |    392374 | NS      | $26122181.34  | 4.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs High Yield Fund                            | Goldman Sachs High Yield Fund                                                                  | CUSIP: 38148U874<br>LEI: VJJ3YDJ4UOKOJN1I8J86 | Long             | EC               | RF                | US        |   1026041 | NS      | $5879216.67   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004445 CALL CHF PUT NOK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |   1029000 | OU      | $8624.45      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003852 CALL USD PUT CAD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   1686000 | OU      | $273.13       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD HKD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-393.25      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003794 CALL CHF PUT SEK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |    536000 | OU      | $1.34         | 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        |        36 | NC      | $12600.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004788 PUT AUD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |   3635000 | OU      | $32026.30     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004806 PUT AUD CALL USD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |   1486000 | OU      | $11624.41     | 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        |        51 | NC      | $39206.25     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT JUN26C 96.25                                                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        46 | NC      | $59512.50     | 0.01%             |  |  |  | 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        |     10039 | NS      | $1397127.63   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD CHF                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-27189.77    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003736 CALL USD PUT KRW                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    409000 | OU      | $222.50       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003990 CALL USD PUT KRW                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    351000 | OU      | $237.98       | 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        |        71 | NC      | $177056.25    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004465 PUT NZD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |   1295000 | OU      | $6211.18      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003861 CALL USD PUT MXN                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    237000 | OU      | $29.15        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX                                                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -7 | NC      | $-1750.00     | -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        |    437780 | NS      | $5892519.27   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT DEC26C 96                                                                     | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        73 | NC      | $174743.75    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004060 CALL CHF PUT SEK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |    568000 | OU      | $3.57         | 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      | $-3781.41     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004406 CALL USD PUT CLP                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   1064000 | OU      | $10808.11     | 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      | $-69858.40    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004586 CALL EUR PUT GBP                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | DE        |    550000 | OU      | $6221.59      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004719 CALL USD PUTSEK                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    972000 | OU      | $12837.20     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004592 CALL EUR PUT GBP                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | DE        |   -550000 | OU      | $-1226.88     | -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        |        41 | NC      | $11531.25     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT SEP26C 97                                                                     | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        51 | NC      | $29962.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004080 CALL USD PUT CAD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   1554000 | OU      | $472.42       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004003 CALL USD PUT NOK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    176000 | OU      | $0.18         | 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        |        33 | NC      | $18150.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003726 PUT NZD CALL USD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |    295000 | OU      | $223.70       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004766 CALL USD PUT KRW                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   1144000 | OU      | $12395.24     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Inflation Protected Securities Fund        | Goldman Sachs Inflation Protected Securities Fund                                              | CUSIP: 38147X580<br>LEI: 4OEORIROX7OTX3PIXA40 | Long             | EC               | RF                | US        |   1851518 | NS      | $17885667.28  | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |         1 | NC      | $18507.55     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                       | IOP015817 EQO XLV.P USD                                                                        | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DE               |  | US        |      4693 | NC      | $55065.89     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX                                                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -3 | NC      | $-1320.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003839 PUT CAD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |    635000 | OU      | $1714.69      | 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        |        54 | NC      | $12150.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003855 CALL USD PUT CAD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   1538000 | OU      | $1330.37      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Financial Square Government Fund           | Goldman Sachs Financial Square Government Fund                                                 | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | EC               | RF                | US        |  10720220 | NS      | $10720219.75  | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Mexico ETF                                  | iShares MSCI Mexico ETF                                                                        | CUSIP: 464286822<br>LEI: 549300SQ92O6OZ19G545 | Long             | EC               | RF                | US        |      2526 | NS      | $172298.46    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX                                                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -7 | NC      | $-122.50      | -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        |        49 | NC      | $101368.75    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT MAR26C 97                                                                     | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        96 | NC      | $12000.00     | 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        |   2800000 | OU      | $-224164.36   | -0.04%            |  |  |  | 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        |    290847 | NS      | $4862956.56   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003824 CALL JPY PUT KRW                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |  48936000 | OU      | $1319.65      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004153 CALL USD PUT SEK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    477000 | OU      | $13.83        | 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        |         9 | NC      | $-9049.35     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                        | EURO STOXX 50 DEC25                                                                            | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |        22 | NC      | $25327.50     | 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      | $-3030.43     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures U.S., Inc.                                   | MSCI EAFE DEC25                                                                                | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DE               |  | US        |        11 | NC      | $-5275.05     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004530 CALL JPY PUT KRW                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |  89736000 | OU      | $3205.10      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004401 PUT CAD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |   1252000 | OU      | $5009.08      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004084 CALL USD PUT CLP                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    620000 | OU      | $174.22       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                   | Long: ES127662  TRS EUR R E .SXDR INDEX / Short: ES127662  TRS EUR P V 00MESTR ESTRON +47 BPS  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | DE        |    337061 | OU      | $3910.66      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003955 PUT AUD CALL USD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |    526000 | OU      | $312.90       | 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        |        84 | NC      | $101325.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX                                                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -9 | NC      | $-990.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004859 PUT NZD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |   1938000 | OU      | $17608.37     | 0.00%             |  |  |  | No            |                  2 | 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        |     63491 | NS      | $8271607.48   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003873 CALL USD PUT CLP                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    524000 | OU      | $964.68       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004122 CALL CHF PUT NOK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |    495000 | OU      | $28.60        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004140 CALL CHF PUT NOK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |    448000 | OU      | $391.70       | 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      | $1163.50      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Global Core Fixed Income                   | Goldman Sachs Global Core Fixed Income                                                         | CUSIP: 38147X549<br>LEI: S7AVHSYYPK5PCOCQSV77 | Long             | EC               | RF                | US        |  20904359 | NS      | $239145865.54 | 41.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003924 PUT NZD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |    705000 | OU      | $1357.37      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003761 PUT AUD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |   1339000 | OU      | $619.32       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD MXN                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-12768.08    | -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        |     10517 | NS      | $2059859.62   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX                                                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -7 | NC      | $-6685.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004144 CALL USD PUT SEK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    523000 | OU      | $0.52         | 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        |       134 | NC      | $837.50       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004049 CALL USD PUT CAD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   1721000 | OU      | $36.14        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004521 PUT AUD CALL USD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |   1032000 | OU      | $3552.31      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004503 CALL USD PUT KRW                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    740000 | OU      | $4850.70      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004680 PUT CAD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |   1885000 | OU      | $15294.55     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                   | OPS09373A SWAPTION                                                                             | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DIR              |  | US        |   8400000 | NC      | $42486.36     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT MAR26C 96.62                                                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        62 | NC      | $18600.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX                                                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -5 | NC      | $-37.50       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003822 CALL JPY PUT KRW                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |  53891000 | OU      | $520.74       | 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        |    727065 | NS      | $7379706.94   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD JPY                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-4428.66     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004002 CALL JPY PUT KRW                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |  54276000 | OU      | $155.61       | 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        |        65 | NC      | $1218.75      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003713 PUT AUD CALL USD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |    543000 | OU      | $121.81       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003815 CALL CHF PUT NOK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |    422000 | OU      | $426.74       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT DEC25C 96.12                                                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        55 | NC      | $28187.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003834 PUT CAD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |    693000 | OU      | $563.18       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | Long: ES128630  TRS EUR R E .SXDR INDEX / Short: ES128630  TRS EUR P V 00MESTR ESTRON +49.5    | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |    343901 | OU      | $-6686.68     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX                                                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -3 | NC      | $-1215.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG                                                   | IOP016290 EQO.SPX USD                                                                          | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DE               |  | US        |       332 | NC      | $13008.04     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004046 PUT CAD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |    674000 | OU      | $1069.82      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003963 CALL JPY PUT KRW                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |  48949000 | OU      | $653.71       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                       | IOP015818 EQO XLV.P USD                                                                        | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DE               |  | US        |     -9386 | NC      | $-50338.35    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004096 CALL USD PUT CLP                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    565000 | OU      | $939.03       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                   | OPS09369A SWAPTION                                                                             | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DIR              |  | US        |  -8400000 | NC      | $-14553.84    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003789 PUT NZD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |    711000 | OU      | $752.27       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004699 CALL USD PUT CAD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   4720000 | OU      | $34942.16     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004121 CALL CHF PUT SEK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |    513000 | OU      | $170.78       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003739 CALL USD PUT KRW                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    373000 | OU      | $770.62       | 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        |        42 | NC      | $16800.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004828 CALL JPY PUT KRW                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        | 135170000 | OU      | $10923.47     | 0.00%             |  |  |  | No            |                  2 | 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        |     49119 | NS      | $2000616.87   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003753 CALL USD PUT SEK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    508000 | OU      | $0.51         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004115 CALL USD PUT MXN                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    268000 | OU      | $57.08        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                   | Long: ES127869  TRS EUR R E .SXDR INDEX / Short: ES127869  TRS EUR P V 00MESTR ESTRON +48 BPS  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | DE        |    761991 | OU      | $8840.79      | 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        |    827208 | NS      | $38622258.80  | 6.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT JUN27C 96                                                                     | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        63 | NC      | $159468.75    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD GBP                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-2043.85     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD NOK                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-1953.77     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | IOP014749 EQO. TOPX JPY                                                                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | JP        |    -68448 | NC      | $-4489.23     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX                                                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -9 | NC      | $-2700.00     | -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        |    207660 | NS      | $11533436.40  | 1.98%             |  |  |  | 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        |   1375151 | NS      | $34777560.80  | 5.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004481 PUT AUD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |   2480000 | OU      | $7652.06      | 0.00%             |  |  |  | No            |                  2 | 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        |    945667 | NS      | $36786452.45  | 6.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003763 CALL USD PUT SEK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    469000 | OU      | $16.42        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003808 CALL CHF PUT NOK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |    463000 | OU      | $33.15        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004853 PUT NZD CALL USD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |    821000 | OU      | $6967.80      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Energy Infrastructure Fund                 | Goldman Sachs Energy Infrastructure Fund                                                       | CUSIP: 38148U239<br>LEI: 5493004HQKOKO2ODA746 | Long             | EC               | RF                | US        |     22926 | NS      | $323715.19    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004659 CALL CHF PUT SEK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |   1685000 | OU      | $20686.53     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004675 CALL CHF PUT NOK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |   1469000 | OU      | $20321.12     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003965 CALL USD PUT KRW                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    387000 | OU      | $27.09        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004356 CALL USD PUT CAD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   3237000 | OU      | $19036.80     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004422 CALL USD PUT SEK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    684000 | OU      | $3205.91      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003879 CALL USD PUT NOK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    159000 | OU      | $13.99        | 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        |   1675517 | NS      | $30896535.77  | 5.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003933 PUT AUD CALL USD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |    589000 | OU      | $39.36        | 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        |    729513 | NS      | $6339471.09   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004435 CALL CHF PUT SEK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |   1169000 | OU      | $6191.19      | 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        |        80 | NC      | $123500.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT DEC26C 96.5                                                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       142 | NC      | $201462.50    | 0.03%             |  |  |  | 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        |    626306 | NS      | $5674332.48   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003885 PUT AUD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |   1330000 | OU      | $1744.28      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003858 CALL USD PUT MXN                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    258000 | OU      | $0.52         | 0.00%             |  |  |  | No            |                  2 | 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