# EDGAR Filing Document

**Accession Number:** 0000822977
**File Stem:** 0001410368-26-016219
**Filing Date:** 2026-2
**Character Count:** 1674098
**Document Hash:** 7325abcab376f55bfc68ca23c5f3aeea
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-016219.hdr.sgml**: 20260223

**ACCESSION NUMBER**: 0001410368-26-016219

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260223

**DATE AS OF CHANGE**: 20260223

**PERIOD START**: 20260331

**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:** 26664297

**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 Bond Fund (Series ID: S000013795)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000037818 | Class A         | GSFAX           |
| C000037819 | Class C         | GSFCX           |
| C000037820 | Institutional   | GSNIX           |
| C000041010 | Service         | GSNSX           |
| C000058984 | Class R         | GSNRX           |
| C000058985 | Investor Shares | GSNTX           |
| C000161293 | Class R6 Shares | GSFUX           |
| C000202041 | Class P Shares  | GMVPX           |

## Nport-Ex

GOLDMAN SACHS BOND FUND

## Schedule of Investments
*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Mortgage-Backed Obligations – 60.6%** | **Mortgage-Backed Obligations – 60.6%** | **Mortgage-Backed Obligations – 60.6%** | **Mortgage-Backed Obligations – 60.6%** |
| **Collateralized Mortgage Obligations – 5.2%** | **Collateralized Mortgage Obligations – 5.2%** | **Collateralized Mortgage Obligations – 5.2%** | **Collateralized Mortgage Obligations – 5.2%** |
| **Interest Only<sup>(a)</sup> – 0.1%** | **Interest Only<sup>(a)</sup> – 0.1%** | **Interest Only<sup>(a)</sup> – 0.1%** | **Interest Only<sup>(a)</sup> – 0.1%** |
| Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE (-1X 30 day USD SOFR Average + 5.936%) | Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE (-1X 30 day USD SOFR Average + 5.936%) | Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE (-1X 30 day USD SOFR Average + 5.936%) | Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE (-1X 30 day USD SOFR Average + 5.936%) |
| 203170 | 1.952 %<sup>(b)</sup> | 03/15/44 | $20366 |
| Federal National Mortgage Association REMICS Series 2017-31, Class SG (-1X 30 day USD SOFR Average + 5.986%) | Federal National Mortgage Association REMICS Series 2017-31, Class SG (-1X 30 day USD SOFR Average + 5.986%) | Federal National Mortgage Association REMICS Series 2017-31, Class SG (-1X 30 day USD SOFR Average + 5.986%) | Federal National Mortgage Association REMICS Series 2017-31, Class SG (-1X 30 day USD SOFR Average + 5.986%) |
| 313595 | 2.111 <sup>(b)</sup> | 05/25/47 | 35620 |
| Federal National Mortgage Association REMICS Series 2012-5, Class SA (-1X 30 day USD SOFR Average + 5.836%) | Federal National Mortgage Association REMICS Series 2012-5, Class SA (-1X 30 day USD SOFR Average + 5.836%) | Federal National Mortgage Association REMICS Series 2012-5, Class SA (-1X 30 day USD SOFR Average + 5.836%) | Federal National Mortgage Association REMICS Series 2012-5, Class SA (-1X 30 day USD SOFR Average + 5.836%) |
| 123974 | 1.961 <sup>(b)</sup> | 02/25/42 | 12438 |
| Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) |
| 87558 | 2.252 <sup>(b)(c)</sup> | 10/20/43 | 4547 |
| Government National Mortgage Association REMICS Series 2014-133, Class BS (-1X 1 mo. USD Term SOFR + 5.486%) | Government National Mortgage Association REMICS Series 2014-133, Class BS (-1X 1 mo. USD Term SOFR + 5.486%) | Government National Mortgage Association REMICS Series 2014-133, Class BS (-1X 1 mo. USD Term SOFR + 5.486%) | Government National Mortgage Association REMICS Series 2014-133, Class BS (-1X 1 mo. USD Term SOFR + 5.486%) |
| 84453 | 1.752 <sup>(b)(c)</sup> | 09/20/44 | 6851 |
| Government National Mortgage Association REMICS Series 2018-122, Class HS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-122, Class HS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-122, Class HS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-122, Class HS (-1X 1 mo. USD Term SOFR + 6.086%) |
| 280264 | 2.352 <sup>(b)(c)</sup> | 09/20/48 | 33228 |
| Government National Mortgage Association REMICS Series 2019-6, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-6, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-6, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-6, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) |
| 65716 | 2.202 <sup>(b)(c)</sup> | 01/20/49 | 7369 |
| Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) |
| 59423 | 2.202 <sup>(b)(c)</sup> | 01/20/49 | 6686 |
| Government National Mortgage Association REMICS Series 2014-162, Class SA (-1X 1 mo. USD Term SOFR + 5.486%) | Government National Mortgage Association REMICS Series 2014-162, Class SA (-1X 1 mo. USD Term SOFR + 5.486%) | Government National Mortgage Association REMICS Series 2014-162, Class SA (-1X 1 mo. USD Term SOFR + 5.486%) | Government National Mortgage Association REMICS Series 2014-162, Class SA (-1X 1 mo. USD Term SOFR + 5.486%) |
| 72747 | 1.752 <sup>(b)(c)</sup> | 11/20/44 | 6664 |
| Government National Mortgage Association REMICS Series 2015-123, Class SP (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015-123, Class SP (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015-123, Class SP (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015-123, Class SP (-1X 1 mo. USD Term SOFR + 6.136%) |
| 116852 | 2.402 <sup>(b)(c)</sup> | 09/20/45 | 14330 |
| Government National Mortgage Association REMICS Series 2016-27, Class IA | Government National Mortgage Association REMICS Series 2016-27, Class IA | Government National Mortgage Association REMICS Series 2016-27, Class IA | Government National Mortgage Association REMICS Series 2016-27, Class IA |
| 91469 | 4.000 <sup>(c)</sup> | 06/20/45 | 11998 |
| Government National Mortgage Association REMICS Series 2018-122, Class SE (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-122, Class SE (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-122, Class SE (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-122, Class SE (-1X 1 mo. USD Term SOFR + 6.086%) |
| 193162 | 2.352 <sup>(b)(c)</sup> | 09/20/48 | 22692 |
| Government National Mortgage Association REMICS Series 2019-153, Class EI | Government National Mortgage Association REMICS Series 2019-153, Class EI | Government National Mortgage Association REMICS Series 2019-153, Class EI | Government National Mortgage Association REMICS Series 2019-153, Class EI |
| 871977 | 4.000 <sup>(c)</sup> | 12/20/49 | 183968 |
| Government National Mortgage Association REMICS Series 2010-20, Class SE (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2010-20, Class SE (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2010-20, Class SE (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2010-20, Class SE (-1X 1 mo. USD Term SOFR + 6.136%) |
| 301669 | 2.402 <sup>(b)(c)</sup> | 02/20/40 | 32779 |
| Government National Mortgage Association REMICS Series 2015-119, Class SN (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015-119, Class SN (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015-119, Class SN (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015-119, Class SN (-1X 1 mo. USD Term SOFR + 6.136%) |
| 94120 | 2.402 <sup>(b)(c)</sup> | 08/20/45 | 11441 |
| Government National Mortgage Association REMICS Series 2013-181, Class SA (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2013-181, Class SA (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2013-181, Class SA (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2013-181, Class SA (-1X 1 mo. USD Term SOFR + 5.986%) |
| 149346 | 2.252 <sup>(b)(c)</sup> | 11/20/43 | 15747 |
| Government National Mortgage Association REMICS Series 2015-167, Class AS (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015-167, Class AS (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015-167, Class AS (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015-167, Class AS (-1X 1 mo. USD Term SOFR + 6.136%) |
| 70602 | 2.402 <sup>(b)(c)</sup> | 11/20/45 | 8394 |
|  |  |  | 435118 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Regular Floater<sup>(b)</sup> – 0.4%** | **Regular Floater<sup>(b)</sup> – 0.4%** | **Regular Floater<sup>(b)</sup> – 0.4%** | **Regular Floater<sup>(b)</sup> – 0.4%** |
| Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%) | Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%) | Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%) | Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%) |
| 460670 | 4.874% | 02/25/55 | $460730 |
| Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) |
| 803913 | 4.874 | 03/25/55 | 802178 |
|  |  |  | 1262908 |
| **Sequential Fixed Rate – 1.6%** | **Sequential Fixed Rate – 1.6%** | **Sequential Fixed Rate – 1.6%** | **Sequential Fixed Rate – 1.6%** |
| BRAVO Residential Funding Trust Series 2025-NQM7, Class A1A | BRAVO Residential Funding Trust Series 2025-NQM7, Class A1A | BRAVO Residential Funding Trust Series 2025-NQM7, Class A1A | BRAVO Residential Funding Trust Series 2025-NQM7, Class A1A |
| 928705 | 5.459 <sup>(c)(d)(e)</sup> | 07/25/65 | 938756 |
| Federal National Mortgage Association REMICS Series 2012-111, Class B | Federal National Mortgage Association REMICS Series 2012-111, Class B | Federal National Mortgage Association REMICS Series 2012-111, Class B | Federal National Mortgage Association REMICS Series 2012-111, Class B |
| 10207 | 7.000 | 10/25/42 | 10970 |
| Federal National Mortgage Association REMICS Series 2012-153, Class B | Federal National Mortgage Association REMICS Series 2012-153, Class B | Federal National Mortgage Association REMICS Series 2012-153, Class B | Federal National Mortgage Association REMICS Series 2012-153, Class B |
| 28662 | 7.000 | 07/25/42 | 31133 |
| Federal National Mortgage Association REMICS Series 2011-52, Class GB | Federal National Mortgage Association REMICS Series 2011-52, Class GB | Federal National Mortgage Association REMICS Series 2011-52, Class GB | Federal National Mortgage Association REMICS Series 2011-52, Class GB |
| 116007 | 5.000 | 06/25/41 | 117052 |
| Federal National Mortgage Association REMICS Series 2005-70, Class PA | Federal National Mortgage Association REMICS Series 2005-70, Class PA | Federal National Mortgage Association REMICS Series 2005-70, Class PA | Federal National Mortgage Association REMICS Series 2005-70, Class PA |
| 14423 | 5.500 | 08/25/35 | 14835 |
| Government National Mortgage Association REMICS Series 2021- 135, Class A | Government National Mortgage Association REMICS Series 2021- 135, Class A | Government National Mortgage Association REMICS Series 2021- 135, Class A | Government National Mortgage Association REMICS Series 2021- 135, Class A |
| 2187513 | 2.000 <sup>(c)</sup> | 08/20/51 | 1832585 |
| JP Morgan Mortgage Trust Series 2025-NQM4, Class A1A | JP Morgan Mortgage Trust Series 2025-NQM4, Class A1A | JP Morgan Mortgage Trust Series 2025-NQM4, Class A1A | JP Morgan Mortgage Trust Series 2025-NQM4, Class A1A |
| 976767 | 4.954 <sup>(c)(d)(e)</sup> | 03/25/66 | 977210 |
| OBX Trust Series 2025-NQM13, Class A1A | OBX Trust Series 2025-NQM13, Class A1A | OBX Trust Series 2025-NQM13, Class A1A | OBX Trust Series 2025-NQM13, Class A1A |
| 499582 | 5.441 <sup>(c)(d)(e)</sup> | 05/25/65 | 504229 |
| Verus Securitization Trust Series 2025-1, Class A1A | Verus Securitization Trust Series 2025-1, Class A1A | Verus Securitization Trust Series 2025-1, Class A1A | Verus Securitization Trust Series 2025-1, Class A1A |
| 1061869 | 5.620 <sup>(c)(d)(e)</sup> | 01/25/70 | 1071656 |
|  |  |  | 5498426 |
| **Sequential Floating Rate<sup>(b)(c)</sup> – 3.1%** | **Sequential Floating Rate<sup>(b)(c)</sup> – 3.1%** | **Sequential Floating Rate<sup>(b)(c)</sup> – 3.1%** | **Sequential Floating Rate<sup>(b)(c)</sup> – 3.1%** |
| Angel Oak Mortgage Trust Series 2019-6, Class B1 | Angel Oak Mortgage Trust Series 2019-6, Class B1 | Angel Oak Mortgage Trust Series 2019-6, Class B1 | Angel Oak Mortgage Trust Series 2019-6, Class B1 |
| 850000 | 3.941 <sup>(d)</sup> | 11/25/59 | 824004 |
| Chase Home Lending Mortgage Trust Series 2024-3, Class A7 | Chase Home Lending Mortgage Trust Series 2024-3, Class A7 | Chase Home Lending Mortgage Trust Series 2024-3, Class A7 | Chase Home Lending Mortgage Trust Series 2024-3, Class A7 |
| 100000 | 6.000 <sup>(d)</sup> | 02/25/55 | 102095 |
| CIM Trust Series 2019-INV3, Class A15 | CIM Trust Series 2019-INV3, Class A15 | CIM Trust Series 2019-INV3, Class A15 | CIM Trust Series 2019-INV3, Class A15 |
| 43666 | 3.500 <sup>(d)</sup> | 08/25/49 | 39123 |
| Countrywide Alternative Loan Trust Series 2006-OC8, Class 2A3 (1 mo. USD Term SOFR + 0.614%) | Countrywide Alternative Loan Trust Series 2006-OC8, Class 2A3 (1 mo. USD Term SOFR + 0.614%) | Countrywide Alternative Loan Trust Series 2006-OC8, Class 2A3 (1 mo. USD Term SOFR + 0.614%) | Countrywide Alternative Loan Trust Series 2006-OC8, Class 2A3 (1 mo. USD Term SOFR + 0.614%) |
| 926366 | 4.346 | 11/25/36 | 812600 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R08, Class 1B1 (1 mo. USD Term SOFR + 3.550%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R08, Class 1B1 (1 mo. USD Term SOFR + 3.550%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R08, Class 1B1 (1 mo. USD Term SOFR + 3.550%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R08, Class 1B1 (1 mo. USD Term SOFR + 3.550%) |
| 330000 | 7.424 <sup>(d)</sup> | 10/25/43 | 345127 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) |
| 225000 | 5.674 <sup>(d)</sup> | 01/25/44 | 226135 |

---

------

GOLDMAN SACHS BOND FUND

## Schedule of Investments (continued)
*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Sequential Floating Rate<sup>(b)(c)</sup> – (continued)** | **Sequential Floating Rate<sup>(b)(c)</sup> – (continued)** | **Sequential Floating Rate<sup>(b)(c)</sup> – (continued)** | **Sequential Floating Rate<sup>(b)(c)</sup> – (continued)** |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) |
| 250000 | 5.524 %<sup>(d)</sup> | 05/25/44 | $251295 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) |
| 250000 | 5.824 <sup>(d)</sup> | 03/25/44 | 251658 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M1 (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M1 (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M1 (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M1 (1 mo. USD Term SOFR + 1.000%) |
| 64427 | 4.874 <sup>(d)</sup> | 07/25/44 | 64433 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%) |
| 400000 | 5.474 <sup>(d)</sup> | 09/25/44 | 400586 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1B1 (1 mo. USD Term SOFR + 1.700%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1B1 (1 mo. USD Term SOFR + 1.700%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1B1 (1 mo. USD Term SOFR + 1.700%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1B1 (1 mo. USD Term SOFR + 1.700%) |
| 350000 | 5.574 <sup>(d)</sup> | 01/25/45 | 350515 |
| GCAT Trust Series 2019-NQM3, Class M1 | GCAT Trust Series 2019-NQM3, Class M1 | GCAT Trust Series 2019-NQM3, Class M1 | GCAT Trust Series 2019-NQM3, Class M1 |
| 500000 | 3.450 <sup>(d)</sup> | 11/25/59 | 487135 |
| JP Morgan Alternative Loan Trust Series 2006-A7, Class 1A1 (1 mo. USD Term SOFR + 0.434%) | JP Morgan Alternative Loan Trust Series 2006-A7, Class 1A1 (1 mo. USD Term SOFR + 0.434%) | JP Morgan Alternative Loan Trust Series 2006-A7, Class 1A1 (1 mo. USD Term SOFR + 0.434%) | JP Morgan Alternative Loan Trust Series 2006-A7, Class 1A1 (1 mo. USD Term SOFR + 0.434%) |
| 95128 | 4.166 | 12/25/36 | 89437 |
| JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 |
| 675966 | 2.520 <sup>(d)</sup> | 05/25/52 | 582849 |
| JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 |
| 512613 | 5.990 <sup>(d)</sup> | 07/25/64 | 517872 |
| JP Morgan Mortgage Trust Series 2024-3, Class A4 | JP Morgan Mortgage Trust Series 2024-3, Class A4 | JP Morgan Mortgage Trust Series 2024-3, Class A4 | JP Morgan Mortgage Trust Series 2024-3, Class A4 |
| 840965 | 3.000 <sup>(d)</sup> | 05/25/54 | 768071 |
| Mill City Mortgage Loan Trust Series 2017-2, Class A3 | Mill City Mortgage Loan Trust Series 2017-2, Class A3 | Mill City Mortgage Loan Trust Series 2017-2, Class A3 | Mill City Mortgage Loan Trust Series 2017-2, Class A3 |
| 62933 | 3.250 <sup>(d)</sup> | 07/25/59 | 61886 |
| Mill City Mortgage Loan Trust Series 2019-GS2, Class M1 | Mill City Mortgage Loan Trust Series 2019-GS2, Class M1 | Mill City Mortgage Loan Trust Series 2019-GS2, Class M1 | Mill City Mortgage Loan Trust Series 2019-GS2, Class M1 |
| 720000 | 3.000 <sup>(d)</sup> | 08/25/59 | 677313 |
| Mill City Mortgage Loan Trust Series 2021-NMR1, Class M2 | Mill City Mortgage Loan Trust Series 2021-NMR1, Class M2 | Mill City Mortgage Loan Trust Series 2021-NMR1, Class M2 | Mill City Mortgage Loan Trust Series 2021-NMR1, Class M2 |
| 760000 | 2.500 <sup>(d)</sup> | 11/25/60 | 680642 |
| PRKCM Trust Series 2021-AFC2, Class A1 | PRKCM Trust Series 2021-AFC2, Class A1 | PRKCM Trust Series 2021-AFC2, Class A1 | PRKCM Trust Series 2021-AFC2, Class A1 |
| 591975 | 2.071 <sup>(d)</sup> | 11/25/56 | 530118 |
| PRKCM Trust Series 2021-AFC2, Class A2 | PRKCM Trust Series 2021-AFC2, Class A2 | PRKCM Trust Series 2021-AFC2, Class A2 | PRKCM Trust Series 2021-AFC2, Class A2 |
| 625000 | 2.693 <sup>(d)</sup> | 11/25/56 | 473345 |
| Starwood Mortgage Residential Trust Series 2021-6, Class A1 | Starwood Mortgage Residential Trust Series 2021-6, Class A1 | Starwood Mortgage Residential Trust Series 2021-6, Class A1 | Starwood Mortgage Residential Trust Series 2021-6, Class A1 |
| 301876 | 1.920 <sup>(d)</sup> | 11/25/66 | 269982 |
| Starwood Mortgage Residential Trust Series 2020-2, Class B1E | Starwood Mortgage Residential Trust Series 2020-2, Class B1E | Starwood Mortgage Residential Trust Series 2020-2, Class B1E | Starwood Mortgage Residential Trust Series 2020-2, Class B1E |
| 950000 | 3.000 <sup>(d)</sup> | 04/25/60 | 934648 |
| Towd Point Mortgage Trust Series 2017-3, Class B2 | Towd Point Mortgage Trust Series 2017-3, Class B2 | Towd Point Mortgage Trust Series 2017-3, Class B2 | Towd Point Mortgage Trust Series 2017-3, Class B2 |
| 100000 | 3.856 <sup>(d)</sup> | 07/25/57 | 91266 |
| Verus Securitization Trust Series 2025-1, Class A1 | Verus Securitization Trust Series 2025-1, Class A1 | Verus Securitization Trust Series 2025-1, Class A1 | Verus Securitization Trust Series 2025-1, Class A1 |
| 791197 | 5.620 <sup>(d)</sup> | 01/25/70 | 799601 |
| Vista Point Securitization Trust Series 2020-2, Class M1 | Vista Point Securitization Trust Series 2020-2, Class M1 | Vista Point Securitization Trust Series 2020-2, Class M1 | Vista Point Securitization Trust Series 2020-2, Class M1 |
| 500000 | 3.401 <sup>(d)</sup> | 04/25/65 | 476986 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Sequential Floating Rate<sup>(b)(c)</sup> – (continued)** | **Sequential Floating Rate<sup>(b)(c)</sup> – (continued)** | **Sequential Floating Rate<sup>(b)(c)</sup> – (continued)** | **Sequential Floating Rate<sup>(b)(c)</sup> – (continued)** |
| Wells Fargo Mortgage-Backed Securities Trust Series 2019-3, Class A1 | Wells Fargo Mortgage-Backed Securities Trust Series 2019-3, Class A1 | Wells Fargo Mortgage-Backed Securities Trust Series 2019-3, Class A1 | Wells Fargo Mortgage-Backed Securities Trust Series 2019-3, Class A1 |
| 21723 | 3.500 %<sup>(d)</sup> | 07/25/49 | $19716 |
|  |  |  | 11128438 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | 18324890 |
| **Commercial Mortgage-Backed Securities – 12.4%** | **Commercial Mortgage-Backed Securities – 12.4%** | **Commercial Mortgage-Backed Securities – 12.4%** | **Commercial Mortgage-Backed Securities – 12.4%** |
| **Regular Floater<sup>(b)(d)</sup> – 0.4%** | **Regular Floater<sup>(b)(d)</sup> – 0.4%** | **Regular Floater<sup>(b)(d)</sup> – 0.4%** | **Regular Floater<sup>(b)(d)</sup> – 0.4%** |
| TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR + 2.133%) | TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR + 2.133%) | TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR + 2.133%) | TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR + 2.133%) |
| 1150000 | 5.883% | 11/15/29 | $1155298 |
| TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR + 2.930%) | TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR + 2.930%) | TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR + 2.930%) | TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR + 2.930%) |
| 250000 | 6.680 | 11/15/29 | 255257 |
|  |  |  | 1410555 |
| **Sequential Fixed Rate – 4.4%** | **Sequential Fixed Rate – 4.4%** | **Sequential Fixed Rate – 4.4%** | **Sequential Fixed Rate – 4.4%** |
| Bank Series 2021-BN35, Class A5 | Bank Series 2021-BN35, Class A5 | Bank Series 2021-BN35, Class A5 | Bank Series 2021-BN35, Class A5 |
| 950000 | 2.285 <sup>(c)</sup> | 06/15/64 | 843395 |
| Bank Series 2017-BNK6, Class A5 | Bank Series 2017-BNK6, Class A5 | Bank Series 2017-BNK6, Class A5 | Bank Series 2017-BNK6, Class A5 |
| 525000 | 3.518 <sup>(c)</sup> | 07/15/60 | 519624 |
| Bank5 Series 2024-5YR11, Class A3 | Bank5 Series 2024-5YR11, Class A3 | Bank5 Series 2024-5YR11, Class A3 | Bank5 Series 2024-5YR11, Class A3 |
| 700000 | 5.893 <sup>(c)</sup> | 11/15/57 | 735927 |
| Bank5 Series 2024-5YR11, Class AS | Bank5 Series 2024-5YR11, Class AS | Bank5 Series 2024-5YR11, Class AS | Bank5 Series 2024-5YR11, Class AS |
| 300000 | 6.139 <sup>(c)</sup> | 11/15/57 | 313919 |
| BBCMS Mortgage Trust Series 2024-5C29, Class A3 | BBCMS Mortgage Trust Series 2024-5C29, Class A3 | BBCMS Mortgage Trust Series 2024-5C29, Class A3 | BBCMS Mortgage Trust Series 2024-5C29, Class A3 |
| 700000 | 5.208 <sup>(c)</sup> | 09/15/57 | 719305 |
| BMO Mortgage Trust Series 2023-C7, Class A5 | BMO Mortgage Trust Series 2023-C7, Class A5 | BMO Mortgage Trust Series 2023-C7, Class A5 | BMO Mortgage Trust Series 2023-C7, Class A5 |
| 900000 | 6.160 <sup>(c)</sup> | 12/15/56 | 967234 |
| BMO Mortgage Trust Series 2025-5C11, Class A3 | BMO Mortgage Trust Series 2025-5C11, Class A3 | BMO Mortgage Trust Series 2025-5C11, Class A3 | BMO Mortgage Trust Series 2025-5C11, Class A3 |
| 650000 | 5.669 <sup>(c)</sup> | 07/15/58 | 680086 |
| BWAY Mortgage Trust Series 2013-1515, Class A2 | BWAY Mortgage Trust Series 2013-1515, Class A2 | BWAY Mortgage Trust Series 2013-1515, Class A2 | BWAY Mortgage Trust Series 2013-1515, Class A2 |
| 637612 | 3.454 <sup>(c)(d)</sup> | 03/10/33 | 604830 |
| COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A |
| 875000 | 6.338 <sup>(d)</sup> | 08/10/44 | 920947 |
| DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A |
| 1100000 | 2.956 <sup>(d)</sup> | 05/10/41 | 988537 |
| GS Mortgage Securities Trust Series 2020-GC45, Class A5 | GS Mortgage Securities Trust Series 2020-GC45, Class A5 | GS Mortgage Securities Trust Series 2020-GC45, Class A5 | GS Mortgage Securities Trust Series 2020-GC45, Class A5 |
| 600000 | 2.911 <sup>(c)</sup> | 02/13/53 | 566998 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B | JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B | JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B | JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B |
| 650000 | 3.598 <sup>(c)(d)</sup> | 06/05/39 | 607207 |
| Manhattan West Mortgage Trust Series 2020-1MW, Class A | Manhattan West Mortgage Trust Series 2020-1MW, Class A | Manhattan West Mortgage Trust Series 2020-1MW, Class A | Manhattan West Mortgage Trust Series 2020-1MW, Class A |
| 750000 | 2.130 <sup>(d)</sup> | 09/10/39 | 721820 |
| Morgan Stanley Capital I Trust Series 2018-H4, Class A4 | Morgan Stanley Capital I Trust Series 2018-H4, Class A4 | Morgan Stanley Capital I Trust Series 2018-H4, Class A4 | Morgan Stanley Capital I Trust Series 2018-H4, Class A4 |
| 400000 | 4.310 <sup>(c)</sup> | 12/15/51 | 398392 |
| MSWF Commercial Mortgage Trust Series 2023-2, Class A2 | MSWF Commercial Mortgage Trust Series 2023-2, Class A2 | MSWF Commercial Mortgage Trust Series 2023-2, Class A2 | MSWF Commercial Mortgage Trust Series 2023-2, Class A2 |
| 800000 | 6.890 <sup>(c)</sup> | 12/15/56 | 843024 |
| ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A |
| 1500000 | 5.388 <sup>(d)</sup> | 11/13/41 | 1541530 |
| ROCK Trust Series 2024-CNTR, Class D | ROCK Trust Series 2024-CNTR, Class D | ROCK Trust Series 2024-CNTR, Class D | ROCK Trust Series 2024-CNTR, Class D |
| 950000 | 7.109 <sup>(d)</sup> | 11/13/41 | 992076 |

---

------

GOLDMAN SACHS BOND FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Sequential Fixed Rate – (continued)** | **Sequential Fixed Rate – (continued)** | **Sequential Fixed Rate – (continued)** | **Sequential Fixed Rate – (continued)** |
| SLG Office Trust Series 2021-OVA, Class A | SLG Office Trust Series 2021-OVA, Class A | SLG Office Trust Series 2021-OVA, Class A | SLG Office Trust Series 2021-OVA, Class A |
| 600000 | 2.585 %<sup>(d)</sup> | 07/15/41 | $535244 |
| Wells Fargo Commercial Mortgage Trust Series 2017-C39, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2017-C39, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2017-C39, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2017-C39, Class A5 |
| 1125000 | 3.418 <sup>(c)</sup> | 09/15/50 | 1103800 |
| Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 |
| 825000 | 2.626 <sup>(c)</sup> | 04/15/54 | 745862 |
|  |  |  | 15349757 |
| **Sequential Floating Rate<sup>(b)</sup> – 7.6%** | **Sequential Floating Rate<sup>(b)</sup> – 7.6%** | **Sequential Floating Rate<sup>(b)</sup> – 7.6%** | **Sequential Floating Rate<sup>(b)</sup> – 7.6%** |
| Bank Series 2022-BNK44, Class A5 | Bank Series 2022-BNK44, Class A5 | Bank Series 2022-BNK44, Class A5 | Bank Series 2022-BNK44, Class A5 |
| 500000 | 5.743 <sup>(c)</sup> | 11/15/55 | 532404 |
| Bank Series 2025-BNK50, Class AS | Bank Series 2025-BNK50, Class AS | Bank Series 2025-BNK50, Class AS | Bank Series 2025-BNK50, Class AS |
| 575000 | 5.875 <sup>(c)</sup> | 05/15/68 | 609459 |
| Bank5 Series 2024-5YR8, Class C | Bank5 Series 2024-5YR8, Class C | Bank5 Series 2024-5YR8, Class C | Bank5 Series 2024-5YR8, Class C |
| 150000 | 6.775 <sup>(c)</sup> | 08/15/57 | 155925 |
| Bank5 Series 2025-5YR16, Class AS | Bank5 Series 2025-5YR16, Class AS | Bank5 Series 2025-5YR16, Class AS | Bank5 Series 2025-5YR16, Class AS |
| 950000 | 5.751 <sup>(c)</sup> | 08/15/63 | 986940 |
| Bank5 Trust Series 2025-5YR13, Class AS | Bank5 Trust Series 2025-5YR13, Class AS | Bank5 Trust Series 2025-5YR13, Class AS | Bank5 Trust Series 2025-5YR13, Class AS |
| 500000 | 6.096 <sup>(c)</sup> | 01/15/58 | 523686 |
| BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) |
| 650000 | 4.670 <sup>(d)</sup> | 03/15/37 | 614883 |
| BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) | BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) | BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) | BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) |
| 225000 | 4.919 <sup>(d)</sup> | 03/15/37 | 202818 |
| BFLD Commercial Mortgage Trust Series 2025-5MW, Class C | BFLD Commercial Mortgage Trust Series 2025-5MW, Class C | BFLD Commercial Mortgage Trust Series 2025-5MW, Class C | BFLD Commercial Mortgage Trust Series 2025-5MW, Class C |
| 500000 | 5.451 <sup>(d)</sup> | 10/10/42 | 505312 |
| BFLD Commercial Mortgage Trust Series 2025-660F, Class C (1 mo. USD Term SOFR + 2.150%) | BFLD Commercial Mortgage Trust Series 2025-660F, Class C (1 mo. USD Term SOFR + 2.150%) | BFLD Commercial Mortgage Trust Series 2025-660F, Class C (1 mo. USD Term SOFR + 2.150%) | BFLD Commercial Mortgage Trust Series 2025-660F, Class C (1 mo. USD Term SOFR + 2.150%) |
| 1000000 | 5.900 <sup>(d)</sup> | 11/15/42 | 1003847 |
| BLP Commercial Mortgage Trust Series 2024-IND2, Class A (1 mo. USD Term SOFR + 1.342%) | BLP Commercial Mortgage Trust Series 2024-IND2, Class A (1 mo. USD Term SOFR + 1.342%) | BLP Commercial Mortgage Trust Series 2024-IND2, Class A (1 mo. USD Term SOFR + 1.342%) | BLP Commercial Mortgage Trust Series 2024-IND2, Class A (1 mo. USD Term SOFR + 1.342%) |
| 535410 | 5.092 <sup>(d)</sup> | 03/15/41 | 535351 |
| BSTN Commercial Mortgage Trust Series 2025-1C, Class A | BSTN Commercial Mortgage Trust Series 2025-1C, Class A | BSTN Commercial Mortgage Trust Series 2025-1C, Class A | BSTN Commercial Mortgage Trust Series 2025-1C, Class A |
| 675000 | 5.369 <sup>(d)</sup> | 06/15/44 | 693410 |
| BX Commercial Mortgage Trust Series 2024-XL4, Class A (1 mo. USD Term SOFR + 1.442%) | BX Commercial Mortgage Trust Series 2024-XL4, Class A (1 mo. USD Term SOFR + 1.442%) | BX Commercial Mortgage Trust Series 2024-XL4, Class A (1 mo. USD Term SOFR + 1.442%) | BX Commercial Mortgage Trust Series 2024-XL4, Class A (1 mo. USD Term SOFR + 1.442%) |
| 1020839 | 5.192 <sup>(d)</sup> | 02/15/39 | 1020843 |
| BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) |
| 386983 | 5.142 <sup>(d)</sup> | 03/15/41 | 386778 |
| BX Commercial Mortgage Trust Series 2024-VLT5, Class A | BX Commercial Mortgage Trust Series 2024-VLT5, Class A | BX Commercial Mortgage Trust Series 2024-VLT5, Class A | BX Commercial Mortgage Trust Series 2024-VLT5, Class A |
| 450000 | 5.410 <sup>(d)</sup> | 11/13/46 | 455031 |
| BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) |
| 1050000 | 5.392 <sup>(d)</sup> | 02/15/41 | 1046019 |
| BX Trust Series 2024-BRVE, Class A (1 mo. USD Term SOFR + 1.841%) | BX Trust Series 2024-BRVE, Class A (1 mo. USD Term SOFR + 1.841%) | BX Trust Series 2024-BRVE, Class A (1 mo. USD Term SOFR + 1.841%) | BX Trust Series 2024-BRVE, Class A (1 mo. USD Term SOFR + 1.841%) |
| 812944 | 5.591 <sup>(d)</sup> | 04/15/41 | 812859 |
| BX Trust Series 2024-BRVE, Class B (1 mo. USD Term SOFR + 2.540%) | BX Trust Series 2024-BRVE, Class B (1 mo. USD Term SOFR + 2.540%) | BX Trust Series 2024-BRVE, Class B (1 mo. USD Term SOFR + 2.540%) | BX Trust Series 2024-BRVE, Class B (1 mo. USD Term SOFR + 2.540%) |
| 478202 | 6.290 <sup>(d)</sup> | 04/15/41 | 478773 |
| BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%) | BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%) | BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%) | BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%) |
| 697281 | 4.894 <sup>(d)</sup> | 03/15/30 | 696125 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Sequential Floating Rate<sup>(b)</sup> – (continued)** | **Sequential Floating Rate<sup>(b)</sup> – (continued)** | **Sequential Floating Rate<sup>(b)</sup> – (continued)** | **Sequential Floating Rate<sup>(b)</sup> – (continued)** |
| BX Trust Series 2025-ARIA, Class A | BX Trust Series 2025-ARIA, Class A | BX Trust Series 2025-ARIA, Class A | BX Trust Series 2025-ARIA, Class A |
| 1400000 | 5.031 %<sup>(d)</sup> | 12/13/42 | $1408691 |
| Durst Commercial Mortgage Trust Series 2025-151, Class A | Durst Commercial Mortgage Trust Series 2025-151, Class A | Durst Commercial Mortgage Trust Series 2025-151, Class A | Durst Commercial Mortgage Trust Series 2025-151, Class A |
| 800000 | 5.145 <sup>(d)</sup> | 08/10/42 | 816042 |
| Durst Commercial Mortgage Trust Series 2025-151, Class B | Durst Commercial Mortgage Trust Series 2025-151, Class B | Durst Commercial Mortgage Trust Series 2025-151, Class B | Durst Commercial Mortgage Trust Series 2025-151, Class B |
| 1000000 | 5.582 <sup>(d)</sup> | 08/10/42 | 1018933 |
| Durst Commercial Mortgage Trust Series 2025-151, Class C | Durst Commercial Mortgage Trust Series 2025-151, Class C | Durst Commercial Mortgage Trust Series 2025-151, Class C | Durst Commercial Mortgage Trust Series 2025-151, Class C |
| 350000 | 5.824 <sup>(d)</sup> | 08/10/42 | 356516 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF153, Class AS (1 mo. USD Term SOFR + 0.680%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF153, Class AS (1 mo. USD Term SOFR + 0.680%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF153, Class AS (1 mo. USD Term SOFR + 0.680%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF153, Class AS (1 mo. USD Term SOFR + 0.680%) |
| 452034 | 4.689 <sup>(c)</sup> | 02/25/33 | 452456 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF73, Class AS (1 mo. USD SOFR Historical Calendar Day Compounded + 0.670%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF73, Class AS (1 mo. USD SOFR Historical Calendar Day Compounded + 0.670%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF73, Class AS (1 mo. USD SOFR Historical Calendar Day Compounded + 0.670%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF73, Class AS (1 mo. USD SOFR Historical Calendar Day Compounded + 0.670%) |
| 222453 | 4.673 <sup>(c)</sup> | 11/25/29 | 222453 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K544, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K544, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K544, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K544, Class A2 |
| 1350000 | 4.266 <sup>(c)</sup> | 07/25/30 | 1359843 |
| Houston Galleria Mall Trust Series 2025-HGLR, Class A | Houston Galleria Mall Trust Series 2025-HGLR, Class A | Houston Galleria Mall Trust Series 2025-HGLR, Class A | Houston Galleria Mall Trust Series 2025-HGLR, Class A |
| 475000 | 5.462 <sup>(d)</sup> | 02/05/45 | 491252 |
| Hudson Yards Mortgage Trust Series 2025-SPRL, Class C | Hudson Yards Mortgage Trust Series 2025-SPRL, Class C | Hudson Yards Mortgage Trust Series 2025-SPRL, Class C | Hudson Yards Mortgage Trust Series 2025-SPRL, Class C |
| 340000 | 5.952 <sup>(d)</sup> | 01/13/40 | 350407 |
| Hudson Yards Mortgage Trust Series 2025-SPRL, Class D | Hudson Yards Mortgage Trust Series 2025-SPRL, Class D | Hudson Yards Mortgage Trust Series 2025-SPRL, Class D | Hudson Yards Mortgage Trust Series 2025-SPRL, Class D |
| 375000 | 6.340 <sup>(d)</sup> | 01/13/40 | 390011 |
| Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A |
| 800000 | 5.467 <sup>(d)</sup> | 01/13/40 | 828450 |
| IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A |
| 700000 | 5.295 <sup>(c)(d)</sup> | 03/14/47 | 713698 |
| IRV Trust Series 2025-200P, Class C | IRV Trust Series 2025-200P, Class C | IRV Trust Series 2025-200P, Class C | IRV Trust Series 2025-200P, Class C |
| 500000 | 5.730 <sup>(c)(d)</sup> | 03/14/47 | 503011 |
| IRV Trust Series 2025-200P, Class D | IRV Trust Series 2025-200P, Class D | IRV Trust Series 2025-200P, Class D | IRV Trust Series 2025-200P, Class D |
| 350000 | 6.166 <sup>(c)(d)</sup> | 03/14/47 | 355394 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A |
| 300000 | 5.797 <sup>(d)</sup> | 10/05/39 | 305478 |
| KIND Commercial Mortgage Trust Series 2024-1, Class A (1 mo. USD Term SOFR + 1.890%) | KIND Commercial Mortgage Trust Series 2024-1, Class A (1 mo. USD Term SOFR + 1.890%) | KIND Commercial Mortgage Trust Series 2024-1, Class A (1 mo. USD Term SOFR + 1.890%) | KIND Commercial Mortgage Trust Series 2024-1, Class A (1 mo. USD Term SOFR + 1.890%) |
| 475000 | 5.640 <sup>(d)</sup> | 08/15/41 | 475458 |
| MAD Commercial Mortgage Trust Series 2025-11MD, Class D | MAD Commercial Mortgage Trust Series 2025-11MD, Class D | MAD Commercial Mortgage Trust Series 2025-11MD, Class D | MAD Commercial Mortgage Trust Series 2025-11MD, Class D |
| 900000 | 6.359 <sup>(d)</sup> | 10/15/42 | 912102 |
| NY Commercial Mortgage Trust Series 2025-299P, Class B | NY Commercial Mortgage Trust Series 2025-299P, Class B | NY Commercial Mortgage Trust Series 2025-299P, Class B | NY Commercial Mortgage Trust Series 2025-299P, Class B |
| 450000 | 5.928 <sup>(d)</sup> | 02/10/47 | 468060 |
| NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) | NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) | NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) | NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) |
| 1000000 | 5.493 <sup>(d)</sup> | 10/15/40 | 1002176 |
| One New York Plaza Trust Series 2020-1NYP, Class A (1 mo. USD Term SOFR + 1.064%) | One New York Plaza Trust Series 2020-1NYP, Class A (1 mo. USD Term SOFR + 1.064%) | One New York Plaza Trust Series 2020-1NYP, Class A (1 mo. USD Term SOFR + 1.064%) | One New York Plaza Trust Series 2020-1NYP, Class A (1 mo. USD Term SOFR + 1.064%) |
| 575000 | 4.816 <sup>(d)</sup> | 01/15/36 | 554827 |
| TEXAS Commercial Mortgage Trust Series 2025-TWR, Class C (1 mo. USD Term SOFR + 2.142%) | TEXAS Commercial Mortgage Trust Series 2025-TWR, Class C (1 mo. USD Term SOFR + 2.142%) | TEXAS Commercial Mortgage Trust Series 2025-TWR, Class C (1 mo. USD Term SOFR + 2.142%) | TEXAS Commercial Mortgage Trust Series 2025-TWR, Class C (1 mo. USD Term SOFR + 2.142%) |
| 150000 | 5.892 <sup>(d)</sup> | 04/15/42 | 149834 |
| VTR Commercial Mortgage Trust Series 2025-STEM, Class A | VTR Commercial Mortgage Trust Series 2025-STEM, Class A | VTR Commercial Mortgage Trust Series 2025-STEM, Class A | VTR Commercial Mortgage Trust Series 2025-STEM, Class A |
| 850000 | 5.034 <sup>(d)</sup> | 10/13/39 | 852442 |

---

------

GOLDMAN SACHS BOND FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Sequential Floating Rate<sup>(b)</sup> – (continued)** | **Sequential Floating Rate<sup>(b)</sup> – (continued)** | **Sequential Floating Rate<sup>(b)</sup> – (continued)** | **Sequential Floating Rate<sup>(b)</sup> – (continued)** |
| VTR Commercial Mortgage Trust Series 2025-STEM, Class C | VTR Commercial Mortgage Trust Series 2025-STEM, Class C | VTR Commercial Mortgage Trust Series 2025-STEM, Class C | VTR Commercial Mortgage Trust Series 2025-STEM, Class C |
| 300000 | 5.861 %<sup>(d)</sup> | 10/13/39 | $300924 |
| Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A |
| 875000 | 5.308 <sup>(d)</sup> | 07/15/35 | 882587 |
| Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B |
| 550000 | 5.743 <sup>(d)</sup> | 07/15/35 | 553813 |
|  |  |  | 26985321 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | $43745633 |
| **Federal Agencies – 43.0%** | **Federal Agencies – 43.0%** | **Federal Agencies – 43.0%** | **Federal Agencies – 43.0%** |
| **Adjustable Rate Federal Home Loan Mortgage Corp.<sup>(b)</sup> – 0.0%** | **Adjustable Rate Federal Home Loan Mortgage Corp.<sup>(b)</sup> – 0.0%** | **Adjustable Rate Federal Home Loan Mortgage Corp.<sup>(b)</sup> – 0.0%** | **Adjustable Rate Federal Home Loan Mortgage Corp.<sup>(b)</sup> – 0.0%** |
| (RFUCC 1 yr. Treasury + 1.764%) | (RFUCC 1 yr. Treasury + 1.764%) | (RFUCC 1 yr. Treasury + 1.764%) | (RFUCC 1 yr. Treasury + 1.764%) |
| 9310 | 6.509% | 09/01/35 | $9601 |
| **Federal Home Loan Mortgage Corp. – 0.4%** | **Federal Home Loan Mortgage Corp. – 0.4%** | **Federal Home Loan Mortgage Corp. – 0.4%** | **Federal Home Loan Mortgage Corp. – 0.4%** |
| 10252 | 6.000 | 08/01/27 | 10345 |
| 4139 | 5.000 | 08/01/33 | 4226 |
| 642 | 5.000 | 09/01/33 | 655 |
| 992 | 5.000 | 10/01/33 | 1013 |
| 957 | 5.000 | 11/01/34 | 978 |
| 38436 | 5.000 | 12/01/34 | 39298 |
| 1308 | 5.000 | 07/01/35 | 1337 |
| 1 | 5.000 | 11/01/35 | 1 |
| 13100 | 5.000 | 03/01/39 | 13418 |
| 1100 | 5.000 | 05/01/39 | 1127 |
| 940 | 5.000 | 08/01/40 | 960 |
| 11290 | 4.000 | 02/01/41 | 11084 |
| 1142 | 5.000 | 06/01/41 | 1166 |
| 287995 | 4.000 | 03/01/48 | 278495 |
| 292913 | 4.000 | 04/01/48 | 282440 |
| 819616 | 4.500 | 08/01/48 | 818624 |
|  |  |  | 1465167 |
| **Federal National Mortgage Association – 1.4%** | **Federal National Mortgage Association – 1.4%** | **Federal National Mortgage Association – 1.4%** | **Federal National Mortgage Association – 1.4%** |
| 4972253 | 5.500 | 11/01/55 | 5080464 |
| **Government National Mortgage Association – 9.5%** | **Government National Mortgage Association – 9.5%** | **Government National Mortgage Association – 9.5%** | **Government National Mortgage Association – 9.5%** |
| 6364 | 5.500 | 11/15/32 | 6546 |
| 2672 | 5.500 | 01/15/33 | 2722 |
| 12630 | 5.500 | 02/15/33 | 13051 |
| 11448 | 5.500 | 03/15/33 | 11796 |
| 13513 | 5.500 | 07/15/33 | 13875 |
| 6249 | 5.500 | 08/15/33 | 6423 |
| 2397 | 5.500 | 09/15/33 | 2451 |
| 6550 | 5.500 | 04/15/34 | 6721 |
| 5350 | 5.500 | 05/15/34 | 5482 |
| 54868 | 5.500 | 09/15/34 | 57084 |
| 53809 | 5.500 | 12/15/34 | 56070 |
| 43859 | 5.500 | 01/15/35 | 45689 |
| 151 | 5.500 | 05/15/36 | 155 |
| 2029 | 4.000 | 02/20/41 | 1978 |
| 3269 | 4.000 | 11/20/41 | 3182 |
| 550 | 4.000 | 01/20/42 | 535 |
| 1780 | 4.000 | 04/20/42 | 1731 |
| 1110 | 4.000 | 10/20/42 | 1079 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
|  **Government National Mortgage Association – (continued)** | **Government National Mortgage Association – (continued)** | **Government National Mortgage Association – (continued)** | **Government National Mortgage Association – (continued)** | **Government National Mortgage Association – (continued)** |
|  $ | 280647 | 4.000% | 08/20/43 | $272316 |
|  | 1578 | 4.000 | 03/20/44 | 1529 |
|  | 1928 | 4.000 | 05/20/44 | 1867 |
|  | 135129 | 4.000 | 11/20/44 | 130748 |
|  | 32560 | 4.000 | 12/20/44 | 31505 |
|  | 8843 | 4.000 | 05/20/45 | 8550 |
|  | 31982 | 4.000 | 07/20/45 | 30901 |
|  | 174343 | 4.000 | 01/20/46 | 168304 |
|  | 555843 | 4.500 | 05/20/48 | 553409 |
|  | 832657 | 4.500 | 08/20/48 | 828490 |
|  | 94564 | 5.000 | 08/20/48 | 96172 |
|  | 586195 | 4.500 | 09/20/48 | 583261 |
|  | 689337 | 5.000 | 10/20/48 | 700408 |
|  | 379137 | 5.000 | 11/20/48 | 385226 |
|  | 385530 | 5.000 | 12/20/48 | 391480 |
|  | 908528 | 4.500 | 01/20/49 | 901994 |
|  | 725654 | 5.000 | 01/20/49 | 736855 |
|  | 363426 | 4.000 | 02/20/49 | 348926 |
|  | 745094 | 4.500 | 02/20/49 | 739735 |
|  | 18989 | 4.500 | 03/20/49 | 18852 |
|  | 232744 | 4.000 | 03/20/49 | 223458 |
|  | 62696 | 5.000 | 03/20/49 | 63664 |
|  | 395106 | 4.000 | 04/20/49 | 379342 |
|  | 517296 | 3.000 | 08/20/49 | 467925 |
|  | 225724 | 4.500 | 10/20/49 | 224594 |
|  | 231944 | 4.500 | 12/20/49 | 230275 |
|  | 1010076 | 3.000 | 03/20/50 | 911766 |
|  | 216811 | 4.000 | 01/20/51 | 207754 |
|  | 251301 | 2.500 | 09/20/51 | 215984 |
|  | 465580 | 2.500 | 11/20/51 | 401458 |
|  | 810819 | 3.000 | 11/20/51 | 726613 |
|  | 266717 | 2.500 | 12/20/51 | 229983 |
|  | 1456406 | 4.500 | 09/20/52 | 1433890 |
|  | 3000000 | 2.000 | TBA-30yr<sup>(f)</sup> | 2482944 |
|  | 4000000 | 2.500 | TBA-30yr<sup>(f)</sup> | 3449533 |
|  | 3000000 | 3.500 | TBA-30yr<sup>(f)</sup> | 2727304 |
|  | 2000000 | 4.500 | TBA-30yr<sup>(f)</sup> | 1948194 |
|  | 4000000 | 5.000 | TBA-30yr<sup>(f)</sup> | 3990301 |
|  | 1000000 | 5.500 | TBA-30yr<sup>(f)</sup> | 1009652 |
|  | 5000000 | 6.000 | TBA-30yr<sup>(f)</sup> | 5095020 |
|  |  |  |  | 33586752 |
|  **Uniform Mortgage-Backed Security – 31.7%** | **Uniform Mortgage-Backed Security – 31.7%** | **Uniform Mortgage-Backed Security – 31.7%** | **Uniform Mortgage-Backed Security – 31.7%** | **Uniform Mortgage-Backed Security – 31.7%** |
|  | 1777 | 4.500 | 02/01/39 | 1785 |
|  | 1453 | 4.500 | 04/01/39 | 1455 |
|  | 2708 | 4.500 | 08/01/39 | 2714 |
|  | 35235 | 4.500 | 12/01/39 | 35320 |
|  | 33834 | 4.500 | 06/01/40 | 34027 |
|  | 13217 | 4.500 | 08/01/41 | 13226 |
|  | 23839 | 3.000 | 12/01/42 | 22309 |
|  | 58720 | 3.000 | 01/01/43 | 54681 |
|  | 13261 | 3.000 | 02/01/43 | 12372 |
|  | 5522 | 3.000 | 03/01/43 | 5183 |
|  | 100403 | 3.000 | 04/01/43 | 93129 |
|  | 15450 | 3.000 | 05/01/43 | 14285 |

---

------

GOLDMAN SACHS BOND FUND

*December 31, 2025 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
|  **Uniform Mortgage-Backed Security – (continued)** | **Uniform Mortgage-Backed Security – (continued)** | **Uniform Mortgage-Backed Security – (continued)** | **Uniform Mortgage-Backed Security – (continued)** | **Uniform Mortgage-Backed Security – (continued)** |
|  $ | 23333 | 3.000% | 06/01/43 | $21606 |
|  | 7273 | 3.000 | 07/01/43 | 6732 |
|  | 9556 | 5.000 | 06/01/44 | 9797 |
|  | 11379 | 3.500 | 03/01/45 | 10735 |
|  | 716323 | 4.500 | 04/01/45 | 715185 |
|  | 243774 | 3.000 | 04/01/45 | 221352 |
|  | 85229 | 4.500 | 05/01/45 | 85611 |
|  | 338528 | 4.500 | 06/01/45 | 337273 |
|  | 148906 | 4.000 | 11/01/45 | 144483 |
|  | 52042 | 4.000 | 03/01/46 | 50356 |
|  | 26772 | 4.000 | 06/01/46 | 25851 |
|  | 8259 | 4.000 | 08/01/46 | 7975 |
|  | 60730 | 4.000 | 10/01/46 | 58641 |
|  | 47732 | 4.000 | 06/01/47 | 46330 |
|  | 239914 | 4.500 | 07/01/47 | 238964 |
|  | 121293 | 4.500 | 11/01/47 | 120775 |
|  | 148054 | 4.000 | 12/01/47 | 143568 |
|  | 423774 | 4.000 | 01/01/48 | 410932 |
|  | 451174 | 4.000 | 02/01/48 | 437213 |
|  | 325208 | 4.000 | 03/01/48 | 315048 |
|  | 397462 | 4.500 | 05/01/48 | 394647 |
|  | 435097 | 4.000 | 06/01/48 | 421229 |
|  | 213463 | 4.500 | 09/01/48 | 212952 |
|  | 877008 | 5.000 | 11/01/48 | 894600 |
|  | 1379659 | 3.000 | 09/01/49 | 1245674 |
|  | 26065 | 4.500 | 10/01/49 | 25807 |
|  | 729515 | 4.500 | 01/01/50 | 723523 |
|  | 1695638 | 4.000 | 03/01/50 | 1635776 |
|  | 3920480 | 4.500 | 03/01/50 | 3888290 |
|  | 727999 | 2.500 | 09/01/50 | 629825 |
|  | 5001604 | 2.000 | 10/01/50 | 4090003 |
|  | 5617994 | 3.000 | 10/01/50 | 5055203 |
|  | 1755858 | 3.000 | 11/01/50 | 1580399 |
|  | 5000512 | 2.000 | 11/01/50 | 4087364 |
|  | 2045623 | 3.000 | 12/01/50 | 1843127 |
|  | 2408060 | 2.500 | 02/01/51 | 2057106 |
|  | 2711329 | 2.000 | 03/01/51 | 2218104 |
|  | 485544 | 2.000 | 04/01/51 | 396421 |
|  | 9338350 | 2.000 | 05/01/51 | 7627865 |
|  | 3731017 | 2.500 | 05/01/51 | 3205150 |
|  | 844781 | 2.500 | 08/01/51 | 727691 |
|  | 4901952 | 2.500 | 09/01/51 | 4209854 |
|  | 2474551 | 6.000 | 11/01/52 | 2586363 |
|  | 443210 | 6.000 | 12/01/52 | 462711 |
|  | 2376888 | 4.500 | 05/01/53 | 2353367 |
|  | 1984991 | 6.500 | 09/01/53 | 2076034 |
|  | 726075 | 6.500 | 12/01/53 | 765559 |
|  | 2415292 | 6.500 | 06/01/54 | 2550411 |
|  | 3000000 | 2.500 | TBA-30yr<sup>(f)</sup> | 2535352 |
|  | 7000000 | 3.500 | TBA-30yr<sup>(f)</sup> | 6444649 |
|  | 2000000 | 4.000 | TBA-30yr<sup>(f)</sup> | 1896719 |
|  | 32000000 | 5.500 | TBA-30yr<sup>(f)</sup> | 32446250 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Uniform Mortgage-Backed Security – (continued)** | **Uniform Mortgage-Backed Security – (continued)** | **Uniform Mortgage-Backed Security – (continued)** | **Uniform Mortgage-Backed Security – (continued)** |
| 7000000 | 6.000% | TBA-30yr<sup>(f)</sup> | $7186211 |
|  |  |  | 112173149 |
| **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | $152315133 |
| **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $215,383,219)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $215,383,219)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $215,383,219)** | $214385656 |
| **Corporate Obligations – 28.6%** | **Corporate Obligations – 28.6%** | **Corporate Obligations – 28.6%** | **Corporate Obligations – 28.6%** |
| **Advertising<sup>(c)(d)</sup> – 0.2%** | **Advertising<sup>(c)(d)</sup> – 0.2%** | **Advertising<sup>(c)(d)</sup> – 0.2%** | **Advertising<sup>(c)(d)</sup> – 0.2%** |
| Lamar Media Corp. | Lamar Media Corp. | Lamar Media Corp. | Lamar Media Corp. |
| 545000 | 5.375% | 11/01/33 | $543567 |
| **Aerospace & Defense<sup>(c)</sup> – 1.0%** | **Aerospace & Defense<sup>(c)</sup> – 1.0%** | **Aerospace & Defense<sup>(c)</sup> – 1.0%** | **Aerospace & Defense<sup>(c)</sup> – 1.0%** |
| Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. |
| 1400000 | 3.450 | 11/01/28 | 1370600 |
| 145000 | 2.950 | 02/01/30 | 137411 |
| 1211000 | 5.150 | 05/01/30 | 1244351 |
| 457000 | 6.528 | 05/01/34 | 505561 |
| 25000 | 3.500 | 03/01/39 | 20403 |
| 15000 | 3.375 | 06/15/46 | 10607 |
| 386000 | 6.858 | 05/01/54 | 433192 |
|  |  |  | 3722125 |
| **Agriculture<sup>(c)</sup> – 0.3%** | **Agriculture<sup>(c)</sup> – 0.3%** | **Agriculture<sup>(c)</sup> – 0.3%** | **Agriculture<sup>(c)</sup> – 0.3%** |
| BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. |
| 1050000 | 6.000 | 02/20/34 | 1124834 |
| **Automotive<sup>(c)</sup> – 0.3%** | **Automotive<sup>(c)</sup> – 0.3%** | **Automotive<sup>(c)</sup> – 0.3%** | **Automotive<sup>(c)</sup> – 0.3%** |
| Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
| 500000 | 5.850 | 05/17/27 | 507565 |
| General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
| 500000 | 2.350 | 01/08/31 | 449365 |
| Qnity Electronics, Inc.<sup>(d)</sup> | Qnity Electronics, Inc.<sup>(d)</sup> | Qnity Electronics, Inc.<sup>(d)</sup> | Qnity Electronics, Inc.<sup>(d)</sup> |
| 120000 | 5.750 | 08/15/32 | 122922 |
| 80000 | 6.250 | 08/15/33 | 83083 |
|  |  |  | 1162935 |
| **Banks – 6.4%** | **Banks – 6.4%** | **Banks – 6.4%** | **Banks – 6.4%** |
| Banco Mercantil del Norte SA<sup>(b)(c)(d)</sup> (5 yr. CMT + 4.643%) | Banco Mercantil del Norte SA<sup>(b)(c)(d)</sup> (5 yr. CMT + 4.643%) | Banco Mercantil del Norte SA<sup>(b)(c)(d)</sup> (5 yr. CMT + 4.643%) | Banco Mercantil del Norte SA<sup>(b)(c)(d)</sup> (5 yr. CMT + 4.643%) |
| 260000 | 5.875 | 01/24/27 | 258326 |
| Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA |
| 600000 | 4.250 | 04/11/27 | 601230 |
| 200000 | 2.749 | 12/03/30 | 182174 |
| 600000 | 6.921 | 08/08/33 | 665142 |
| Bank of America Corp.<sup>(b)(c)</sup> | Bank of America Corp.<sup>(b)(c)</sup> | Bank of America Corp.<sup>(b)(c)</sup> | Bank of America Corp.<sup>(b)(c)</sup> |
| (3 mo. USD Term SOFR + 1.252%) | (3 mo. USD Term SOFR + 1.252%) | (3 mo. USD Term SOFR + 1.252%) | (3 mo. USD Term SOFR + 1.252%) |
| 75000 | 2.496 | 02/13/31 | 69856 |
| (3 mo. USD Term SOFR + 1.572%) | (3 mo. USD Term SOFR + 1.572%) | (3 mo. USD Term SOFR + 1.572%) | (3 mo. USD Term SOFR + 1.572%) |
| 750000 | 4.271 | 07/23/29 | 753165 |
| (3 mo. USD Term SOFR + 1.837%) | (3 mo. USD Term SOFR + 1.837%) | (3 mo. USD Term SOFR + 1.837%) | (3 mo. USD Term SOFR + 1.837%) |
| 525000 | 3.824 | 01/20/28 | 523698 |
| (5 yr. CMT + 1.200%) | (5 yr. CMT + 1.200%) | (5 yr. CMT + 1.200%) | (5 yr. CMT + 1.200%) |
| 475000 | 2.482 | 09/21/36 | 417392 |

---

------

GOLDMAN SACHS BOND FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |
| Bank of America Corp.<sup>(b)(c)</sup> – (continued) | Bank of America Corp.<sup>(b)(c)</sup> – (continued) | Bank of America Corp.<sup>(b)(c)</sup> – (continued) | Bank of America Corp.<sup>(b)(c)</sup> – (continued) |
| (Secured Overnight Financing Rate + 1.530%) | (Secured Overnight Financing Rate + 1.530%) | (Secured Overnight Financing Rate + 1.530%) | (Secured Overnight Financing Rate + 1.530%) |
| 600000 | 1.898% | 07/23/31 | $538956 |
| (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) |
| 1600000 | 5.202 | 04/25/29 | 1638960 |
| (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) |
| 275000 | 4.571 | 04/27/33 | 274392 |
| (Secured Overnight Financing Rate + 2.040%) | (Secured Overnight Financing Rate + 2.040%) | (Secured Overnight Financing Rate + 2.040%) | (Secured Overnight Financing Rate + 2.040%) |
| 550000 | 4.948 | 07/22/28 | 557700 |
| BNP Paribas SA<sup>(b)(c)(d)</sup> (Secured Overnight Financing Rate + 1.004%) | BNP Paribas SA<sup>(b)(c)(d)</sup> (Secured Overnight Financing Rate + 1.004%) | BNP Paribas SA<sup>(b)(c)(d)</sup> (Secured Overnight Financing Rate + 1.004%) | BNP Paribas SA<sup>(b)(c)(d)</sup> (Secured Overnight Financing Rate + 1.004%) |
| 725000 | 1.323 | 01/13/27 | 724304 |
| BPCE SA<sup>(d)</sup> | BPCE SA<sup>(d)</sup> | BPCE SA<sup>(d)</sup> | BPCE SA<sup>(d)</sup> |
| 525000 | 4.625 | 09/12/28 | 529305 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| 125000 | 4.300 | 11/20/26 | 125278 |
| (5 yr. CMT + 3.001%) | (5 yr. CMT + 3.001%) | (5 yr. CMT + 3.001%) | (5 yr. CMT + 3.001%) |
| 365000 | 6.625 <sup>(b)(c)</sup> | 02/15/31 | 370019 |
| (Secured Overnight Financing Rate + 1.422%) | (Secured Overnight Financing Rate + 1.422%) | (Secured Overnight Financing Rate + 1.422%) | (Secured Overnight Financing Rate + 1.422%) |
| 550000 | 2.976 <sup>(b)(c)</sup> | 11/05/30 | 523765 |
| (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) |
| 355000 | 6.020 <sup>(b)(c)</sup> | 01/24/36 | 372434 |
| (Secured Overnight Financing Rate + 2.086%) | (Secured Overnight Financing Rate + 2.086%) | (Secured Overnight Financing Rate + 2.086%) | (Secured Overnight Financing Rate + 2.086%) |
| 800000 | 4.910 <sup>(b)(c)</sup> | 05/24/33 | 809216 |
| First Horizon Corp.<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.766%) | First Horizon Corp.<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.766%) | First Horizon Corp.<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.766%) | First Horizon Corp.<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.766%) |
| 330000 | 5.514 | 03/07/31 | 340976 |
| JPMorgan Chase & Co.<sup>(c)</sup> | JPMorgan Chase & Co.<sup>(c)</sup> | JPMorgan Chase & Co.<sup>(c)</sup> | JPMorgan Chase & Co.<sup>(c)</sup> |
| 425000 | 3.625 | 12/01/27 | 422964 |
| (3 mo. USD Term SOFR + 1.507%) | (3 mo. USD Term SOFR + 1.507%) | (3 mo. USD Term SOFR + 1.507%) | (3 mo. USD Term SOFR + 1.507%) |
| 475000 | 3.960 <sup>(b)</sup> | 01/29/27 | 474881 |
| (3 mo. USD Term SOFR + 2.515%) | (3 mo. USD Term SOFR + 2.515%) | (3 mo. USD Term SOFR + 2.515%) | (3 mo. USD Term SOFR + 2.515%) |
| 200000 | 2.956 <sup>(b)</sup> | 05/13/31 | 188806 |
| (Secured Overnight Financing Rate + 1.680%) | (Secured Overnight Financing Rate + 1.680%) | (Secured Overnight Financing Rate + 1.680%) | (Secured Overnight Financing Rate + 1.680%) |
| 840000 | 5.572 <sup>(b)</sup> | 04/22/36 | 882000 |
| M&T Bank Corp.<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 2.260%) | M&T Bank Corp.<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 2.260%) | M&T Bank Corp.<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 2.260%) | M&T Bank Corp.<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 2.260%) |
| 650000 | 6.082 | 03/13/32 | 691424 |
| Macquarie Group Ltd.<sup>(b)(c)(d)</sup> (Secured Overnight Financing Rate + 1.069%) | Macquarie Group Ltd.<sup>(b)(c)(d)</sup> (Secured Overnight Financing Rate + 1.069%) | Macquarie Group Ltd.<sup>(b)(c)(d)</sup> (Secured Overnight Financing Rate + 1.069%) | Macquarie Group Ltd.<sup>(b)(c)(d)</sup> (Secured Overnight Financing Rate + 1.069%) |
| 450000 | 1.340 | 01/12/27 | 449699 |
| Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
| 174000 | 3.950 | 04/23/27 | 173873 |
| (3 mo. USD Term SOFR + 1.890%) | (3 mo. USD Term SOFR + 1.890%) | (3 mo. USD Term SOFR + 1.890%) | (3 mo. USD Term SOFR + 1.890%) |
| 200000 | 4.431 <sup>(b)(c)</sup> | 01/23/30 | 201120 |
| (Secured Overnight Financing Rate + 1.034%) | (Secured Overnight Financing Rate + 1.034%) | (Secured Overnight Financing Rate + 1.034%) | (Secured Overnight Financing Rate + 1.034%) |
| 750000 | 1.794 <sup>(b)(c)</sup> | 02/13/32 | 658890 |
| (Secured Overnight Financing Rate + 1.143%) | (Secured Overnight Financing Rate + 1.143%) | (Secured Overnight Financing Rate + 1.143%) | (Secured Overnight Financing Rate + 1.143%) |
| 725000 | 2.699 <sup>(b)(c)</sup> | 01/22/31 | 680340 |
| (Secured Overnight Financing Rate + 1.290%) | (Secured Overnight Financing Rate + 1.290%) | (Secured Overnight Financing Rate + 1.290%) | (Secured Overnight Financing Rate + 1.290%) |
| 141000 | 2.943 <sup>(b)(c)</sup> | 01/21/33 | 128691 |
| (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) |
| 1395000 | 5.164 <sup>(b)(c)</sup> | 04/20/29 | 1426485 |
| (Secured Overnight Financing Rate + 1.757%) | (Secured Overnight Financing Rate + 1.757%) | (Secured Overnight Financing Rate + 1.757%) | (Secured Overnight Financing Rate + 1.757%) |
| 310000 | 5.664 <sup>(b)(c)</sup> | 04/17/36 | 325915 |
| NatWest Group PLC<sup>(b)(c)</sup> (1 yr. CMT + 1.050%) | NatWest Group PLC<sup>(b)(c)</sup> (1 yr. CMT + 1.050%) | NatWest Group PLC<sup>(b)(c)</sup> (1 yr. CMT + 1.050%) | NatWest Group PLC<sup>(b)(c)</sup> (1 yr. CMT + 1.050%) |
| 200000 | 5.115 | 05/23/31 | 205220 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |
| Truist Financial Corp.<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 2.050%) | Truist Financial Corp.<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 2.050%) | Truist Financial Corp.<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 2.050%) | Truist Financial Corp.<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 2.050%) |
| 150000 | 6.047% | 06/08/27 | $151190 |
| U.S. Bancorp<sup>(b)(c)</sup> (5 yr. CMT + 2.541%) | U.S. Bancorp<sup>(b)(c)</sup> (5 yr. CMT + 2.541%) | U.S. Bancorp<sup>(b)(c)</sup> (5 yr. CMT + 2.541%) | U.S. Bancorp<sup>(b)(c)</sup> (5 yr. CMT + 2.541%) |
| 650000 | 3.700 | 01/15/27 | 634393 |
| UBS Group AG | UBS Group AG | UBS Group AG | UBS Group AG |
| 307000 | 4.550 | 04/17/26 | 307454 |
| 2025000 | 4.282 <sup>(c)(d)</sup> | 01/09/28 | 2028037 |
| (5 yr. CMT + 4.758%) | (5 yr. CMT + 4.758%) | (5 yr. CMT + 4.758%) | (5 yr. CMT + 4.758%) |
| 200000 | 9.250 <sup>(b)(c)(d)</sup> | 11/13/33 | 234656 |
| (Secured Overnight Financing Rate + 1.760%) | (Secured Overnight Financing Rate + 1.760%) | (Secured Overnight Financing Rate + 1.760%) | (Secured Overnight Financing Rate + 1.760%) |
| 510000 | 5.580 <sup>(b)(c)(d)</sup> | 05/09/36 | 530635 |
| Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| 675000 | 3.000 | 10/23/26 | 670275 |
| 600000 | 4.300 | 07/22/27 | 602502 |
| 75000 | 4.150 <sup>(c)</sup> | 01/24/29 | 75159 |
| (Secured Overnight Financing Rate + 1.980%) | (Secured Overnight Financing Rate + 1.980%) | (Secured Overnight Financing Rate + 1.980%) | (Secured Overnight Financing Rate + 1.980%) |
| 400000 | 4.808 <sup>(b)(c)</sup> | 07/25/28 | 404396 |
|  |  |  | 22825293 |
| **Beverages<sup>(c)</sup> – 0.7%** | **Beverages<sup>(c)</sup> – 0.7%** | **Beverages<sup>(c)</sup> – 0.7%** | **Beverages<sup>(c)</sup> – 0.7%** |
| Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
| 500000 | 3.600 | 02/15/28 | 495395 |
| 325000 | 2.250 | 08/01/31 | 288308 |
| JDE Peet's NV<sup>(d)</sup> | JDE Peet's NV<sup>(d)</sup> | JDE Peet's NV<sup>(d)</sup> | JDE Peet's NV<sup>(d)</sup> |
| 375000 | 1.375 | 01/15/27 | 363199 |
| Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
| 575000 | 4.597 | 05/25/28 | 579479 |
| 925000 | 2.250 | 03/15/31 | 824480 |
|  |  |  | 2550861 |
| **Biotechnology<sup>(c)</sup> – 0.7%** | **Biotechnology<sup>(c)</sup> – 0.7%** | **Biotechnology<sup>(c)</sup> – 0.7%** | **Biotechnology<sup>(c)</sup> – 0.7%** |
| Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
| 1278000 | 5.250 | 03/02/30 | 1325835 |
| CSL Finance PLC<sup>(d)</sup> | CSL Finance PLC<sup>(d)</sup> | CSL Finance PLC<sup>(d)</sup> | CSL Finance PLC<sup>(d)</sup> |
| 100000 | 3.850 | 04/27/27 | 99864 |
| Genmab AS/Genmab Finance LLC<sup>(d)</sup> | Genmab AS/Genmab Finance LLC<sup>(d)</sup> | Genmab AS/Genmab Finance LLC<sup>(d)</sup> | Genmab AS/Genmab Finance LLC<sup>(d)</sup> |
| 495000 | 6.250 | 12/15/32 | 507360 |
| Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
| 461000 | 5.400 | 09/02/34 | 472281 |
|  |  |  | 2405340 |
| **Building Materials<sup>(c)</sup> – 0.5%** | **Building Materials<sup>(c)</sup> – 0.5%** | **Building Materials<sup>(c)</sup> – 0.5%** | **Building Materials<sup>(c)</sup> – 0.5%** |
| Builders FirstSource, Inc.<sup>(d)</sup> | Builders FirstSource, Inc.<sup>(d)</sup> | Builders FirstSource, Inc.<sup>(d)</sup> | Builders FirstSource, Inc.<sup>(d)</sup> |
| 395000 | 6.750 | 05/15/35 | 413660 |
| Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. |
| 400000 | 2.700 | 02/15/31 | 370612 |
| Masco Corp. | Masco Corp. | Masco Corp. | Masco Corp. |
| 325000 | 1.500 | 02/15/28 | 307603 |
| Standard Building Solutions, Inc.<sup>(d)</sup> | Standard Building Solutions, Inc.<sup>(d)</sup> | Standard Building Solutions, Inc.<sup>(d)</sup> | Standard Building Solutions, Inc.<sup>(d)</sup> |
| 513000 | 6.250 | 08/01/33 | 524096 |
|  |  |  | 1615971 |

---

------

GOLDMAN SACHS BOND FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Chemicals<sup>(c)</sup> – 0.4%** | **Chemicals<sup>(c)</sup> – 0.4%** | **Chemicals<sup>(c)</sup> – 0.4%** | **Chemicals<sup>(c)</sup> – 0.4%** |
| International Flavors & Fragrances, Inc.<sup>(d)</sup> | International Flavors & Fragrances, Inc.<sup>(d)</sup> | International Flavors & Fragrances, Inc.<sup>(d)</sup> | International Flavors & Fragrances, Inc.<sup>(d)</sup> |
| 170000 | 1.832% | 10/15/27 | $163088 |
| OCP SA | OCP SA | OCP SA | OCP SA |
| 420000 | 6.750 <sup>(d)</sup> | 05/02/34 | 452949 |
| 360000 | 7.500 | 05/02/54 | 397793 |
| Sherwin-Williams Co. | Sherwin-Williams Co. | Sherwin-Williams Co. | Sherwin-Williams Co. |
| 500000 | 3.450 | 06/01/27 | 496400 |
| Solstice Advanced Materials, Inc.<sup>(d)</sup> | Solstice Advanced Materials, Inc.<sup>(d)</sup> | Solstice Advanced Materials, Inc.<sup>(d)</sup> | Solstice Advanced Materials, Inc.<sup>(d)</sup> |
| 85000 | 5.625 | 09/30/33 | 85807 |
|  |  |  | 1596037 |
| **Commercial Services – 1.0%** | **Commercial Services – 1.0%** | **Commercial Services – 1.0%** | **Commercial Services – 1.0%** |
| Ashtead Capital, Inc.<sup>(c)(d)</sup> | Ashtead Capital, Inc.<sup>(c)(d)</sup> | Ashtead Capital, Inc.<sup>(c)(d)</sup> | Ashtead Capital, Inc.<sup>(c)(d)</sup> |
| 301000 | 5.800 | 04/15/34 | 315635 |
| Block, Inc.<sup>(c)(d)</sup> | Block, Inc.<sup>(c)(d)</sup> | Block, Inc.<sup>(c)(d)</sup> | Block, Inc.<sup>(c)(d)</sup> |
| 145000 | 6.000 | 08/15/33 | 148801 |
| Brink's Co.<sup>(c)(d)</sup> | Brink's Co.<sup>(c)(d)</sup> | Brink's Co.<sup>(c)(d)</sup> | Brink's Co.<sup>(c)(d)</sup> |
| 70000 | 6.500 | 06/15/29 | 72460 |
| Cornell University<sup>(c)</sup> | Cornell University<sup>(c)</sup> | Cornell University<sup>(c)</sup> | Cornell University<sup>(c)</sup> |
| 830000 | 4.733 | 06/15/35 | 831890 |
| CoStar Group, Inc.<sup>(c)(d)</sup> | CoStar Group, Inc.<sup>(c)(d)</sup> | CoStar Group, Inc.<sup>(c)(d)</sup> | CoStar Group, Inc.<sup>(c)(d)</sup> |
| 625000 | 2.800 | 07/15/30 | 573131 |
| DP World Crescent Ltd.<sup>(d)</sup> | DP World Crescent Ltd.<sup>(d)</sup> | DP World Crescent Ltd.<sup>(d)</sup> | DP World Crescent Ltd.<sup>(d)</sup> |
| 560000 | 5.500 | 05/08/35 | 576649 |
| Global Payments, Inc.<sup>(c)</sup> | Global Payments, Inc.<sup>(c)</sup> | Global Payments, Inc.<sup>(c)</sup> | Global Payments, Inc.<sup>(c)</sup> |
| 530000 | 5.550 | 11/15/35 | 527127 |
| Graham Holdings Co.<sup>(c)(d)</sup> | Graham Holdings Co.<sup>(c)(d)</sup> | Graham Holdings Co.<sup>(c)(d)</sup> | Graham Holdings Co.<sup>(c)(d)</sup> |
| 630000 | 5.625 | 12/01/33 | 635840 |
|  |  |  | 3681533 |
| **Computers<sup>(c)</sup> – 0.2%** | **Computers<sup>(c)</sup> – 0.2%** | **Computers<sup>(c)</sup> – 0.2%** | **Computers<sup>(c)</sup> – 0.2%** |
| CACI International, Inc.<sup>(d)</sup> | CACI International, Inc.<sup>(d)</sup> | CACI International, Inc.<sup>(d)</sup> | CACI International, Inc.<sup>(d)</sup> |
| 180000 | 6.375 | 06/15/33 | 186300 |
| Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |
| 54000 | 6.020 | 06/15/26 | 54217 |
| 75000 | 5.300 | 10/01/29 | 77406 |
| Seagate Data Storage Technology Pte. Ltd.<sup>(d)</sup> | Seagate Data Storage Technology Pte. Ltd.<sup>(d)</sup> | Seagate Data Storage Technology Pte. Ltd.<sup>(d)</sup> | Seagate Data Storage Technology Pte. Ltd.<sup>(d)</sup> |
| 225000 | 5.875 | 07/15/30 | 232222 |
|  |  |  | 550145 |
| **Diversified Financial Services<sup>(c)</sup> – 1.0%** | **Diversified Financial Services<sup>(c)</sup> – 1.0%** | **Diversified Financial Services<sup>(c)</sup> – 1.0%** | **Diversified Financial Services<sup>(c)</sup> – 1.0%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
| 675000 | 3.000 | 10/29/28 | 654426 |
| 275000 | 3.400 | 10/29/33 | 248812 |
| Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
| 875000 | 3.750 | 06/01/26 | 873005 |
| Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. |
| 190000 | 3.625 | 09/01/28 | 188666 |
| Rocket Cos., Inc.<sup>(d)</sup> | Rocket Cos., Inc.<sup>(d)</sup> | Rocket Cos., Inc.<sup>(d)</sup> | Rocket Cos., Inc.<sup>(d)</sup> |
| 295000 | 6.125 | 08/01/30 | 305051 |
| 255000 | 6.375 | 08/01/33 | 266342 |
| Stonex Escrow Issuer LLC<sup>(d)</sup> | Stonex Escrow Issuer LLC<sup>(d)</sup> | Stonex Escrow Issuer LLC<sup>(d)</sup> | Stonex Escrow Issuer LLC<sup>(d)</sup> |
| 440000 | 6.875 | 07/15/32 | 456311 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Diversified Financial Services<sup>(c)</sup> – (continued)** | **Diversified Financial Services<sup>(c)</sup> – (continued)** | **Diversified Financial Services<sup>(c)</sup> – (continued)** | **Diversified Financial Services<sup>(c)</sup> – (continued)** |
| VFH Parent LLC/Valor Co-Issuer, Inc.<sup>(d)</sup> | VFH Parent LLC/Valor Co-Issuer, Inc.<sup>(d)</sup> | VFH Parent LLC/Valor Co-Issuer, Inc.<sup>(d)</sup> | VFH Parent LLC/Valor Co-Issuer, Inc.<sup>(d)</sup> |
| 460000 | 7.500% | 06/15/31 | $481726 |
|  |  |  | 3474339 |
| **Electrical<sup>(c)</sup> – 0.5%** | **Electrical<sup>(c)</sup> – 0.5%** | **Electrical<sup>(c)</sup> – 0.5%** | **Electrical<sup>(c)</sup> – 0.5%** |
| Ameren Corp. | Ameren Corp. | Ameren Corp. | Ameren Corp. |
| 125000 | 3.500 | 01/15/31 | 120195 |
| NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
| 525000 | 1.900 | 06/15/28 | 500168 |
| Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
| 250000 | 2.100 | 08/01/27 | 242365 |
| 125000 | 3.300 | 08/01/40 | 94811 |
| Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. |
| 900000 | 3.350 | 12/01/26 | 894708 |
|  |  |  | 1852247 |
| **Electronics<sup>(c)</sup> – 0.1%** | **Electronics<sup>(c)</sup> – 0.1%** | **Electronics<sup>(c)</sup> – 0.1%** | **Electronics<sup>(c)</sup> – 0.1%** |
| Allegion U.S. Holding Co., Inc. | Allegion U.S. Holding Co., Inc. | Allegion U.S. Holding Co., Inc. | Allegion U.S. Holding Co., Inc. |
| 256000 | 5.600 | 05/29/34 | 267323 |
| Atkore, Inc.<sup>(d)</sup> | Atkore, Inc.<sup>(d)</sup> | Atkore, Inc.<sup>(d)</sup> | Atkore, Inc.<sup>(d)</sup> |
| 15000 | 4.250 | 06/01/31 | 14382 |
|  |  |  | 281705 |
| **Engineering & Construction<sup>(c)</sup> – 0.4%** | **Engineering & Construction<sup>(c)</sup> – 0.4%** | **Engineering & Construction<sup>(c)</sup> – 0.4%** | **Engineering & Construction<sup>(c)</sup> – 0.4%** |
| AECOM<sup>(d)</sup> | AECOM<sup>(d)</sup> | AECOM<sup>(d)</sup> | AECOM<sup>(d)</sup> |
| 517000 | 6.000 | 08/01/33 | 529718 |
| MasTec, Inc.<sup>(d)</sup> | MasTec, Inc.<sup>(d)</sup> | MasTec, Inc.<sup>(d)</sup> | MasTec, Inc.<sup>(d)</sup> |
| 610000 | 4.500 | 08/15/28 | 606047 |
| Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust |
| 200000 | 4.250 | 10/31/26 | 199126 |
| 250000 | 3.875 <sup>(d)</sup> | 04/30/28 | 244220 |
|  |  |  | 1579111 |
| **Environmental<sup>(c)</sup> – 0.0%** | **Environmental<sup>(c)</sup> – 0.0%** | **Environmental<sup>(c)</sup> – 0.0%** | **Environmental<sup>(c)</sup> – 0.0%** |
| Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. |
| 27000 | 4.950 | 07/03/31 | 27939 |
| **Food & Drug Retailing<sup>(c)</sup> – 0.8%** | **Food & Drug Retailing<sup>(c)</sup> – 0.8%** | **Food & Drug Retailing<sup>(c)</sup> – 0.8%** | **Food & Drug Retailing<sup>(c)</sup> – 0.8%** |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertsons LLC<sup>(d)</sup> | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertsons LLC<sup>(d)</sup> | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertsons LLC<sup>(d)</sup> | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertsons LLC<sup>(d)</sup> |
| 255000 | 5.500 | 03/31/31 | 257999 |
| 330000 | 5.750 | 03/31/34 | 331241 |
| J.M. Smucker Co. | J.M. Smucker Co. | J.M. Smucker Co. | J.M. Smucker Co. |
| 449000 | 5.900 | 11/15/28 | 470628 |
| Mars, Inc.<sup>(d)</sup> | Mars, Inc.<sup>(d)</sup> | Mars, Inc.<sup>(d)</sup> | Mars, Inc.<sup>(d)</sup> |
| 875000 | 4.800 | 03/01/30 | 894031 |
| 775000 | 5.000 | 03/01/32 | 798451 |
| Sysco Corp. | Sysco Corp. | Sysco Corp. | Sysco Corp. |
| 50000 | 6.600 | 04/01/40 | 55280 |
|  |  |  | 2807630 |
| **Gas<sup>(c)</sup> – 0.0%** | **Gas<sup>(c)</sup> – 0.0%** | **Gas<sup>(c)</sup> – 0.0%** | **Gas<sup>(c)</sup> – 0.0%** |
| NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
| 100000 | 3.600 | 05/01/30 | 97212 |

---

------

GOLDMAN SACHS BOND FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Healthcare Providers & Services<sup>(c)</sup> – 2.4%** | **Healthcare Providers & Services<sup>(c)</sup> – 2.4%** | **Healthcare Providers & Services<sup>(c)</sup> – 2.4%** | **Healthcare Providers & Services<sup>(c)</sup> – 2.4%** |
| Adventist Health System | Adventist Health System | Adventist Health System | Adventist Health System |
| 1095000 | 4.742% | 12/01/30 | $1099118 |
| 235000 | 5.757 | 12/01/34 | 242365 |
| Alcon Finance Corp.<sup>(d)</sup> | Alcon Finance Corp.<sup>(d)</sup> | Alcon Finance Corp.<sup>(d)</sup> | Alcon Finance Corp.<sup>(d)</sup> |
| 933000 | 3.000 | 09/23/29 | 894234 |
| Ascension Health | Ascension Health | Ascension Health | Ascension Health |
| 485000 | 4.923 | 11/15/35 | 485734 |
| Baxter International, Inc. | Baxter International, Inc. | Baxter International, Inc. | Baxter International, Inc. |
| 78000 | 1.915 | 02/01/27 | 76127 |
| Cigna Group | Cigna Group | Cigna Group | Cigna Group |
| 550000 | 5.125 | 05/15/31 | 568304 |
| CommonSpirit Health | CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |
| 290000 | 4.352 | 09/01/30 | 288743 |
| 440000 | 4.975 | 09/01/35 | 434824 |
| 635000 | 3.910 | 10/01/50 | 474260 |
| 610000 | 6.461 | 11/01/52 | 655532 |
| HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
| 770000 | 5.450 | 04/01/31 | 803472 |
| 685000 | 5.900 | 06/01/53 | 671286 |
| PeaceHealth Obligated Group | PeaceHealth Obligated Group | PeaceHealth Obligated Group | PeaceHealth Obligated Group |
| 335000 | 4.335 | 11/15/28 | 336560 |
| Solventum Corp. | Solventum Corp. | Solventum Corp. | Solventum Corp. |
| 272000 | 5.400 | 03/01/29 | 281808 |
| 1070000 | 5.600 | 03/23/34 | 1114073 |
| STERIS Irish FinCo UnLtd Co. | STERIS Irish FinCo UnLtd Co. | STERIS Irish FinCo UnLtd Co. | STERIS Irish FinCo UnLtd Co. |
| 218000 | 2.700 | 03/15/31 | 201079 |
|  |  |  | 8627519 |
| **Insurance – 0.3%** | **Insurance – 0.3%** | **Insurance – 0.3%** | **Insurance – 0.3%** |
| Acrisure LLC/Acrisure Finance, Inc.<sup>(c)(d)</sup> | Acrisure LLC/Acrisure Finance, Inc.<sup>(c)(d)</sup> | Acrisure LLC/Acrisure Finance, Inc.<sup>(c)(d)</sup> | Acrisure LLC/Acrisure Finance, Inc.<sup>(c)(d)</sup> |
| 280000 | 6.750 | 07/01/32 | 287966 |
| American International Group, Inc.<sup>(c)</sup> | American International Group, Inc.<sup>(c)</sup> | American International Group, Inc.<sup>(c)</sup> | American International Group, Inc.<sup>(c)</sup> |
| 250000 | 3.400 | 06/30/30 | 241227 |
| Chubb INA Holdings LLC | Chubb INA Holdings LLC | Chubb INA Holdings LLC | Chubb INA Holdings LLC |
| 342000 | 6.800 | 11/15/31 | 382418 |
|  |  |  | 911611 |
| **Internet<sup>(c)</sup> – 1.2%** | **Internet<sup>(c)</sup> – 1.2%** | **Internet<sup>(c)</sup> – 1.2%** | **Internet<sup>(c)</sup> – 1.2%** |
| Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. |
| 260000 | 4.625 | 08/01/27 | 261932 |
| 200000 | 3.250 | 02/15/30 | 191846 |
| 81000 | 2.950 | 03/15/31 | 75298 |
| Match Group Holdings II LLC<sup>(d)</sup> | Match Group Holdings II LLC<sup>(d)</sup> | Match Group Holdings II LLC<sup>(d)</sup> | Match Group Holdings II LLC<sup>(d)</sup> |
| 550000 | 6.125 | 09/15/33 | 557145 |
| Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
| 725000 | 4.200 | 11/15/30 | 726319 |
| 650000 | 4.875 | 11/15/35 | 649499 |
| Snap, Inc.<sup>(d)</sup> | Snap, Inc.<sup>(d)</sup> | Snap, Inc.<sup>(d)</sup> | Snap, Inc.<sup>(d)</sup> |
| 339000 | 6.875 | 03/15/34 | 349248 |
| Uber Technologies, Inc.<sup>(d)</sup> | Uber Technologies, Inc.<sup>(d)</sup> | Uber Technologies, Inc.<sup>(d)</sup> | Uber Technologies, Inc.<sup>(d)</sup> |
| 1280000 | 4.500 | 08/15/29 | 1282662 |
|  |  |  | 4093949 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Iron/Steel<sup>(c)</sup> – 0.2%** | **Iron/Steel<sup>(c)</sup> – 0.2%** | **Iron/Steel<sup>(c)</sup> – 0.2%** | **Iron/Steel<sup>(c)</sup> – 0.2%** |
| Carpenter Technology Corp.<sup>(d)</sup> | Carpenter Technology Corp.<sup>(d)</sup> | Carpenter Technology Corp.<sup>(d)</sup> | Carpenter Technology Corp.<sup>(d)</sup> |
| 180000 | 5.625% | 03/01/34 | $182974 |
| Steel Dynamics, Inc. | Steel Dynamics, Inc. | Steel Dynamics, Inc. | Steel Dynamics, Inc. |
| 275000 | 1.650 | 10/15/27 | 264330 |
| Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. |
| 200000 | 6.400 | 06/28/54 | 204100 |
|  |  |  | 651404 |
| **Leisure Time<sup>(c)(d)</sup> – 0.3%** | **Leisure Time<sup>(c)(d)</sup> – 0.3%** | **Leisure Time<sup>(c)(d)</sup> – 0.3%** | **Leisure Time<sup>(c)(d)</sup> – 0.3%** |
| Acushnet Co. | Acushnet Co. | Acushnet Co. | Acushnet Co. |
| 165000 | 5.625 | 12/01/33 | 167170 |
| Carnival Corp. | Carnival Corp. | Carnival Corp. | Carnival Corp. |
| 316000 | 5.875 | 06/15/31 | 326491 |
| Viking Cruises Ltd. | Viking Cruises Ltd. | Viking Cruises Ltd. | Viking Cruises Ltd. |
| 545000 | 5.875 | 10/15/33 | 554151 |
|  |  |  | 1047812 |
| **Lodging<sup>(c)</sup> – 1.1%** | **Lodging<sup>(c)</sup> – 1.1%** | **Lodging<sup>(c)</sup> – 1.1%** | **Lodging<sup>(c)</sup> – 1.1%** |
| Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. |
| 540000 | 3.700 | 01/15/31 | 514139 |
| 262000 | 5.850 | 08/01/34 | 267222 |
| Hilton Domestic Operating Co., Inc.<sup>(d)</sup> | Hilton Domestic Operating Co., Inc.<sup>(d)</sup> | Hilton Domestic Operating Co., Inc.<sup>(d)</sup> | Hilton Domestic Operating Co., Inc.<sup>(d)</sup> |
| 350000 | 5.500 | 03/31/34 | 352748 |
| Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
| 630000 | 5.500 | 06/30/34 | 650248 |
| Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
| 230000 | 5.625 | 06/15/28 | 235607 |
| 90000 | 6.000 | 06/14/30 | 94264 |
| Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
| 475000 | 5.000 | 10/15/27 | 483227 |
| 221000 | 4.875 | 05/15/29 | 225811 |
| 400000 | 2.850 | 04/15/31 | 371260 |
| Sands China Ltd. | Sands China Ltd. | Sands China Ltd. | Sands China Ltd. |
| 200000 | 5.400 | 08/08/28 | 203896 |
| Travel & Leisure Co.<sup>(d)</sup> | Travel & Leisure Co.<sup>(d)</sup> | Travel & Leisure Co.<sup>(d)</sup> | Travel & Leisure Co.<sup>(d)</sup> |
| 339000 | 6.125 | 09/01/33 | 344265 |
|  |  |  | 3742687 |
| **Machinery-Diversified<sup>(c)</sup> – 0.0%** | **Machinery-Diversified<sup>(c)</sup> – 0.0%** | **Machinery-Diversified<sup>(c)</sup> – 0.0%** | **Machinery-Diversified<sup>(c)</sup> – 0.0%** |
| Ingersoll Rand, Inc. | Ingersoll Rand, Inc. | Ingersoll Rand, Inc. | Ingersoll Rand, Inc. |
| 177000 | 5.314 | 06/15/31 | 185193 |
| **Mining<sup>(c)(d)</sup> – 0.2%** | **Mining<sup>(c)(d)</sup> – 0.2%** | **Mining<sup>(c)(d)</sup> – 0.2%** | **Mining<sup>(c)(d)</sup> – 0.2%** |
| Alumina Pty. Ltd. | Alumina Pty. Ltd. | Alumina Pty. Ltd. | Alumina Pty. Ltd. |
| 285000 | 6.125 | 03/15/30 | 293935 |
| 240000 | 6.375 | 09/15/32 | 249077 |
| Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
| 250000 | 2.625 | 09/23/31 | 225120 |
|  |  |  | 768132 |
| **Miscellaneous Manufacturing<sup>(c)</sup> – 0.0%** | **Miscellaneous Manufacturing<sup>(c)</sup> – 0.0%** | **Miscellaneous Manufacturing<sup>(c)</sup> – 0.0%** | **Miscellaneous Manufacturing<sup>(c)</sup> – 0.0%** |
| Hillenbrand, Inc. | Hillenbrand, Inc. | Hillenbrand, Inc. | Hillenbrand, Inc. |
| 169000 | 6.250 | 02/15/29 | 172961 |

---

------

GOLDMAN SACHS BOND FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Oil Field Services – 1.2%** | **Oil Field Services – 1.2%** | **Oil Field Services – 1.2%** | **Oil Field Services – 1.2%** |
| Chord Energy Corp.<sup>(c)(d)</sup> | Chord Energy Corp.<sup>(c)(d)</sup> | Chord Energy Corp.<sup>(c)(d)</sup> | Chord Energy Corp.<sup>(c)(d)</sup> |
| 440000 | 6.000% | 10/01/30 | $444457 |
| DBR Land Holdings LLC<sup>(c)(d)</sup> | DBR Land Holdings LLC<sup>(c)(d)</sup> | DBR Land Holdings LLC<sup>(c)(d)</sup> | DBR Land Holdings LLC<sup>(c)(d)</sup> |
| 255000 | 6.250 | 12/01/30 | 260498 |
| Ecopetrol SA<sup>(c)</sup> | Ecopetrol SA<sup>(c)</sup> | Ecopetrol SA<sup>(c)</sup> | Ecopetrol SA<sup>(c)</sup> |
| 90000 | 8.625 | 01/19/29 | 96538 |
| 40000 | 6.875 | 04/29/30 | 40530 |
| 90000 | 7.750 | 02/01/32 | 92210 |
| 110000 | 8.875 | 01/13/33 | 117040 |
| EQT Corp.<sup>(c)</sup> | EQT Corp.<sup>(c)</sup> | EQT Corp.<sup>(c)</sup> | EQT Corp.<sup>(c)</sup> |
| 109000 | 3.900 | 10/01/27 | 108496 |
| 610000 | 3.625 <sup>(d)</sup> | 05/15/31 | 573339 |
| Kodiak Gas Services LLC<sup>(c)(d)</sup> | Kodiak Gas Services LLC<sup>(c)(d)</sup> | Kodiak Gas Services LLC<sup>(c)(d)</sup> | Kodiak Gas Services LLC<sup>(c)(d)</sup> |
| 185000 | 6.500 | 10/01/33 | 188841 |
| 120000 | 6.750 | 10/01/35 | 123367 |
| Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
| 278000 | 7.875 | 09/15/31 | 317971 |
| Petroleos Mexicanos<sup>(c)</sup> | Petroleos Mexicanos<sup>(c)</sup> | Petroleos Mexicanos<sup>(c)</sup> | Petroleos Mexicanos<sup>(c)</sup> |
| 550000 | 6.840 | 01/23/30 | 558745 |
| 280000 | 5.950 | 01/28/31 | 271012 |
| 60000 | 6.700 | 02/16/32 | 59828 |
| Raizen Fuels Finance SA<sup>(c)(d)</sup> | Raizen Fuels Finance SA<sup>(c)(d)</sup> | Raizen Fuels Finance SA<sup>(c)(d)</sup> | Raizen Fuels Finance SA<sup>(c)(d)</sup> |
| 260000 | 6.700 | 02/25/37 | 210600 |
| Sunoco LP<sup>(c)(d)</sup> | Sunoco LP<sup>(c)(d)</sup> | Sunoco LP<sup>(c)(d)</sup> | Sunoco LP<sup>(c)(d)</sup> |
| 465000 | 5.875 | 03/15/34 | 464735 |
| USA Compression Partners LP/USA Compression Finance Corp.<sup>(c)(d)</sup> | USA Compression Partners LP/USA Compression Finance Corp.<sup>(c)(d)</sup> | USA Compression Partners LP/USA Compression Finance Corp.<sup>(c)(d)</sup> | USA Compression Partners LP/USA Compression Finance Corp.<sup>(c)(d)</sup> |
| 185000 | 6.250 | 10/01/33 | 187002 |
|  |  |  | 4115209 |
| **Packaging<sup>(c)</sup> – 0.2%** | **Packaging<sup>(c)</sup> – 0.2%** | **Packaging<sup>(c)</sup> – 0.2%** | **Packaging<sup>(c)</sup> – 0.2%** |
| Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
| 375000 | 1.570 | 01/15/26 | 374456 |
| Crown Americas LLC<sup>(d)</sup> | Crown Americas LLC<sup>(d)</sup> | Crown Americas LLC<sup>(d)</sup> | Crown Americas LLC<sup>(d)</sup> |
| 370000 | 5.875 | 06/01/33 | 378544 |
|  |  |  | 753000 |
| **Pharmaceuticals<sup>(c)</sup> – 0.7%** | **Pharmaceuticals<sup>(c)</sup> – 0.7%** | **Pharmaceuticals<sup>(c)</sup> – 0.7%** | **Pharmaceuticals<sup>(c)</sup> – 0.7%** |
| Amneal Pharmaceuticals LLC<sup>(d)</sup> | Amneal Pharmaceuticals LLC<sup>(d)</sup> | Amneal Pharmaceuticals LLC<sup>(d)</sup> | Amneal Pharmaceuticals LLC<sup>(d)</sup> |
| 234000 | 6.875 | 08/01/32 | 247347 |
| Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. |
| 247000 | 5.125 | 02/15/29 | 254170 |
| Cigna Group | Cigna Group | Cigna Group | Cigna Group |
| 184000 | 2.400 | 03/15/30 | 170850 |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| 1388000 | 4.780 | 03/25/38 | 1310897 |
| Opal Bidco SAS<sup>(d)</sup> | Opal Bidco SAS<sup>(d)</sup> | Opal Bidco SAS<sup>(d)</sup> | Opal Bidco SAS<sup>(d)</sup> |
| 345000 | 6.500 | 03/31/32 | 353383 |
| PRA Health Sciences, Inc.<sup>(d)</sup> | PRA Health Sciences, Inc.<sup>(d)</sup> | PRA Health Sciences, Inc.<sup>(d)</sup> | PRA Health Sciences, Inc.<sup>(d)</sup> |
| 200000 | 2.875 | 07/15/26 | 198418 |
|  |  |  | 2535065 |
| **Pipelines – 1.1%** | **Pipelines – 1.1%** | **Pipelines – 1.1%** | **Pipelines – 1.1%** |
| Cheniere Energy Partners LP<sup>(c)</sup> | Cheniere Energy Partners LP<sup>(c)</sup> | Cheniere Energy Partners LP<sup>(c)</sup> | Cheniere Energy Partners LP<sup>(c)</sup> |
| 230000 | 5.950 | 06/30/33 | 244115 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Pipelines – (continued)** | **Pipelines – (continued)** | **Pipelines – (continued)** | **Pipelines – (continued)** |
| DCP Midstream Operating LP<sup>(c)</sup> | DCP Midstream Operating LP<sup>(c)</sup> | DCP Midstream Operating LP<sup>(c)</sup> | DCP Midstream Operating LP<sup>(c)</sup> |
| 455000 | 3.250% | 02/15/32 | $418682 |
| Energy Transfer LP<sup>(c)</sup> | Energy Transfer LP<sup>(c)</sup> | Energy Transfer LP<sup>(c)</sup> | Energy Transfer LP<sup>(c)</sup> |
| 725000 | 5.500 | 06/01/27 | 736875 |
| 550000 | 5.250 | 04/15/29 | 565119 |
| 75000 | 5.400 | 10/01/47 | 67409 |
| Galaxy Pipeline Assets Bidco Ltd.<sup>(d)</sup> | Galaxy Pipeline Assets Bidco Ltd.<sup>(d)</sup> | Galaxy Pipeline Assets Bidco Ltd.<sup>(d)</sup> | Galaxy Pipeline Assets Bidco Ltd.<sup>(d)</sup> |
| 200000 | 2.625 | 03/31/36 | 176476 |
| Howard Midstream Energy Partners LLC<sup>(c)(d)</sup> | Howard Midstream Energy Partners LLC<sup>(c)(d)</sup> | Howard Midstream Energy Partners LLC<sup>(c)(d)</sup> | Howard Midstream Energy Partners LLC<sup>(c)(d)</sup> |
| 195000 | 6.625 | 01/15/34 | 199512 |
| Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
| 500 | 7.750 | 01/15/32 | 581 |
| MPLX LP<sup>(c)</sup> | MPLX LP<sup>(c)</sup> | MPLX LP<sup>(c)</sup> | MPLX LP<sup>(c)</sup> |
| 225000 | 4.800 | 02/15/29 | 228447 |
| Targa Resources Corp.<sup>(c)</sup> | Targa Resources Corp.<sup>(c)</sup> | Targa Resources Corp.<sup>(c)</sup> | Targa Resources Corp.<sup>(c)</sup> |
| 235000 | 4.200 | 02/01/33 | 224923 |
| Venture Global Plaquemines LNG LLC<sup>(c)(d)</sup> | Venture Global Plaquemines LNG LLC<sup>(c)(d)</sup> | Venture Global Plaquemines LNG LLC<sup>(c)(d)</sup> | Venture Global Plaquemines LNG LLC<sup>(c)(d)</sup> |
| 205000 | 6.125 | 12/15/30 | 208717 |
| 210000 | 6.500 | 06/15/34 | 214681 |
| Williams Cos., Inc.<sup>(c)</sup> | Williams Cos., Inc.<sup>(c)</sup> | Williams Cos., Inc.<sup>(c)</sup> | Williams Cos., Inc.<sup>(c)</sup> |
| 425000 | 5.650 | 03/15/33 | 447036 |
|  |  |  | 3732573 |
| **Real Estate Investment Trust<sup>(c)</sup> – 1.1%** | **Real Estate Investment Trust<sup>(c)</sup> – 1.1%** | **Real Estate Investment Trust<sup>(c)</sup> – 1.1%** | **Real Estate Investment Trust<sup>(c)</sup> – 1.1%** |
| Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. |
| 350000 | 3.375 | 08/15/31 | 327096 |
| American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
| 180000 | 2.375 | 07/15/31 | 160923 |
| CubeSmart LP | CubeSmart LP | CubeSmart LP | CubeSmart LP |
| 90000 | 2.500 | 02/15/32 | 79636 |
| Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
| 224000 | 2.900 | 12/15/31 | 202995 |
| Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
| 300000 | 2.300 | 11/15/28 | 285195 |
| Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
| 397000 | 4.750 | 12/15/28 | 399033 |
| Regency Centers LP | Regency Centers LP | Regency Centers LP | Regency Centers LP |
| 700000 | 2.950 | 09/15/29 | 670929 |
| RHP Hotel Properties LP/RHP Finance Corp.<sup>(d)</sup> | RHP Hotel Properties LP/RHP Finance Corp.<sup>(d)</sup> | RHP Hotel Properties LP/RHP Finance Corp.<sup>(d)</sup> | RHP Hotel Properties LP/RHP Finance Corp.<sup>(d)</sup> |
| 110000 | 6.500 | 06/15/33 | 114136 |
| Starwood Property Trust, Inc.<sup>(d)</sup> | Starwood Property Trust, Inc.<sup>(d)</sup> | Starwood Property Trust, Inc.<sup>(d)</sup> | Starwood Property Trust, Inc.<sup>(d)</sup> |
| 395000 | 5.250 | 10/15/28 | 398180 |
| 245000 | 5.750 | 01/15/31 | 247957 |
| VICI Properties LP/VICI Note Co., Inc.<sup>(d)</sup> | VICI Properties LP/VICI Note Co., Inc.<sup>(d)</sup> | VICI Properties LP/VICI Note Co., Inc.<sup>(d)</sup> | VICI Properties LP/VICI Note Co., Inc.<sup>(d)</sup> |
| 590000 | 3.750 | 02/15/27 | 586531 |
| WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. |
| 425000 | 3.850 | 07/15/29 | 418901 |
|  |  |  | 3891512 |
| **Retailing<sup>(c)</sup> – 0.5%** | **Retailing<sup>(c)</sup> – 0.5%** | **Retailing<sup>(c)</sup> – 0.5%** | **Retailing<sup>(c)</sup> – 0.5%** |
| 1011778 BC ULC/New Red Finance, Inc.<sup>(d)</sup> | 1011778 BC ULC/New Red Finance, Inc.<sup>(d)</sup> | 1011778 BC ULC/New Red Finance, Inc.<sup>(d)</sup> | 1011778 BC ULC/New Red Finance, Inc.<sup>(d)</sup> |
| 185000 | 6.125 | 06/15/29 | 190165 |
| AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. |
| 450000 | 4.750 | 06/01/30 | 454298 |

---

------

GOLDMAN SACHS BOND FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Retailing<sup>(c)</sup> – (continued)** | **Retailing<sup>(c)</sup> – (continued)** | **Retailing<sup>(c)</sup> – (continued)** | **Retailing<sup>(c)</sup> – (continued)** |
| LCM Investments Holdings II LLC<sup>(d)</sup> | LCM Investments Holdings II LLC<sup>(d)</sup> | LCM Investments Holdings II LLC<sup>(d)</sup> | LCM Investments Holdings II LLC<sup>(d)</sup> |
| 265000 | 8.250% | 08/01/31 | $280269 |
| Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. |
| 425000 | 1.700 | 09/15/28 | 400588 |
| QXO Building Products, Inc.<sup>(d)</sup> | QXO Building Products, Inc.<sup>(d)</sup> | QXO Building Products, Inc.<sup>(d)</sup> | QXO Building Products, Inc.<sup>(d)</sup> |
| 440000 | 6.750 | 04/30/32 | 459738 |
|  |  |  | 1785058 |
| **Semiconductors<sup>(c)</sup> – 0.2%** | **Semiconductors<sup>(c)</sup> – 0.2%** | **Semiconductors<sup>(c)</sup> – 0.2%** | **Semiconductors<sup>(c)</sup> – 0.2%** |
| Amkor Technology, Inc.<sup>(d)</sup> | Amkor Technology, Inc.<sup>(d)</sup> | Amkor Technology, Inc.<sup>(d)</sup> | Amkor Technology, Inc.<sup>(d)</sup> |
| 164000 | 5.875 | 10/01/33 | 167785 |
| Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
| 159000 | 5.150 | 02/21/34 | 160856 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. |
| 275000 | 3.400 | 05/01/30 | 265163 |
|  |  |  | 593804 |
| **Software<sup>(c)</sup> – 1.7%** | **Software<sup>(c)</sup> – 1.7%** | **Software<sup>(c)</sup> – 1.7%** | **Software<sup>(c)</sup> – 1.7%** |
| AppLovin Corp. | AppLovin Corp. | AppLovin Corp. | AppLovin Corp. |
| 226000 | 5.500 | 12/01/34 | 232197 |
| Fair Isaac Corp.<sup>(d)</sup> | Fair Isaac Corp.<sup>(d)</sup> | Fair Isaac Corp.<sup>(d)</sup> | Fair Isaac Corp.<sup>(d)</sup> |
| 295000 | 6.000 | 05/15/33 | 302469 |
| MSCI, Inc.<sup>(d)</sup> | MSCI, Inc.<sup>(d)</sup> | MSCI, Inc.<sup>(d)</sup> | MSCI, Inc.<sup>(d)</sup> |
| 760000 | 3.875 | 02/15/31 | 730535 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 2239000 | 2.950 | 04/01/30 | 2065925 |
| 490000 | 2.875 | 03/25/31 | 439275 |
| 580000 | 4.800 | 09/26/32 | 560123 |
| 675000 | 5.200 | 09/26/35 | 647966 |
| Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. |
| 360000 | 3.700 | 04/14/27 | 358510 |
| VMware LLC | VMware LLC | VMware LLC | VMware LLC |
| 175000 | 1.800 | 08/15/28 | 165533 |
| Workday, Inc. | Workday, Inc. | Workday, Inc. | Workday, Inc. |
| 225000 | 3.500 | 04/01/27 | 223618 |
| 150000 | 3.800 | 04/01/32 | 143567 |
|  |  |  | 5869718 |
| **Telecommunication Services – 1.7%** | **Telecommunication Services – 1.7%** | **Telecommunication Services – 1.7%** | **Telecommunication Services – 1.7%** |
| AT&T, Inc.<sup>(c)</sup> | AT&T, Inc.<sup>(c)</sup> | AT&T, Inc.<sup>(c)</sup> | AT&T, Inc.<sup>(c)</sup> |
| 336000 | 2.300 | 06/01/27 | 328453 |
| 100000 | 1.650 | 02/01/28 | 95291 |
| 500000 | 2.750 | 06/01/31 | 459295 |
| Rogers Communications, Inc.<sup>(c)</sup> | Rogers Communications, Inc.<sup>(c)</sup> | Rogers Communications, Inc.<sup>(c)</sup> | Rogers Communications, Inc.<sup>(c)</sup> |
| 1215000 | 3.200 | 03/15/27 | 1203251 |
| T-Mobile USA, Inc.<sup>(c)</sup> | T-Mobile USA, Inc.<sup>(c)</sup> | T-Mobile USA, Inc.<sup>(c)</sup> | T-Mobile USA, Inc.<sup>(c)</sup> |
| 375000 | 1.500 | 02/15/26 | 373654 |
| 1000000 | 3.750 | 04/15/27 | 996790 |
| 275000 | 2.050 | 02/15/28 | 264099 |
| 520000 | 2.875 | 02/15/31 | 483163 |
| 350000 | 5.200 | 01/15/33 | 361291 |
| Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
| 467000 | 4.329 | 09/21/28 | 470890 |
| 975000 | 2.550 <sup>(c)</sup> | 03/21/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890448 |
|  |  |  | 5926625 |
| **TOTAL CORPORATE OBLIGATIONS<br>(Cost $100,750,389)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $100,750,389)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $100,750,389)** | $101302656 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Asset-Backed Securities<sup>(c)</sup> – 10.7%** | **Asset-Backed Securities<sup>(c)</sup> – 10.7%** | **Asset-Backed Securities<sup>(c)</sup> – 10.7%** | **Asset-Backed Securities<sup>(c)</sup> – 10.7%** | **Asset-Backed Securities<sup>(c)</sup> – 10.7%** |
|  **Automotive – 0.6%** | **Automotive – 0.6%** | **Automotive – 0.6%** | **Automotive – 0.6%** | **Automotive – 0.6%** |
|  Exeter Automobile Receivables Trust Series 2025-1A, Class A2 | Exeter Automobile Receivables Trust Series 2025-1A, Class A2 | Exeter Automobile Receivables Trust Series 2025-1A, Class A2 | Exeter Automobile Receivables Trust Series 2025-1A, Class A2 | Exeter Automobile Receivables Trust Series 2025-1A, Class A2 |
|  $ | 56696 | 4.700% | 09/15/27 | $56715 |
|  Exeter Automobile Receivables Trust Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust Series 2025-1A, Class A3 |
|  | 225000 | 4.670 | 08/15/28 | 225498 |
|  Hyundai Auto Lease Securitization Trust Series 2024-B, Class A3<sup>(d)</sup> | Hyundai Auto Lease Securitization Trust Series 2024-B, Class A3<sup>(d)</sup> | Hyundai Auto Lease Securitization Trust Series 2024-B, Class A3<sup>(d)</sup> | Hyundai Auto Lease Securitization Trust Series 2024-B, Class A3<sup>(d)</sup> | Hyundai Auto Lease Securitization Trust Series 2024-B, Class A3<sup>(d)</sup> |
|  | 1010047 | 5.410 | 05/17/27 | 1015487 |
|  Santander Drive Auto Receivables Trust Series 2025-1, Class A2 | Santander Drive Auto Receivables Trust Series 2025-1, Class A2 | Santander Drive Auto Receivables Trust Series 2025-1, Class A2 | Santander Drive Auto Receivables Trust Series 2025-1, Class A2 | Santander Drive Auto Receivables Trust Series 2025-1, Class A2 |
|  | 37498 | 4.760 | 08/16/27 | 37513 |
|  Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 |
|  | 750000 | 4.740 | 01/16/29 | 752218 |
|  |  |  |  | 2087431 |
|  **Collateralized Loan Obligations<sup>(d)</sup> – 7.9%** | **Collateralized Loan Obligations<sup>(d)</sup> – 7.9%** | **Collateralized Loan Obligations<sup>(d)</sup> – 7.9%** | **Collateralized Loan Obligations<sup>(d)</sup> – 7.9%** | **Collateralized Loan Obligations<sup>(d)</sup> – 7.9%** |
|  1988 CLO 4 Ltd. Series 2024-4A, Class B<sup>(b)</sup> (3 mo. USD Term SOFR + 2.100%) | 1988 CLO 4 Ltd. Series 2024-4A, Class B<sup>(b)</sup> (3 mo. USD Term SOFR + 2.100%) | 1988 CLO 4 Ltd. Series 2024-4A, Class B<sup>(b)</sup> (3 mo. USD Term SOFR + 2.100%) | 1988 CLO 4 Ltd. Series 2024-4A, Class B<sup>(b)</sup> (3 mo. USD Term SOFR + 2.100%) | 1988 CLO 4 Ltd. Series 2024-4A, Class B<sup>(b)</sup> (3 mo. USD Term SOFR + 2.100%) |
|  | 500000 | 6.005 | 04/15/37 | 501668 |
|  1988 CLO 6 Ltd. Series 2025-6A, Class E<sup>(b)</sup> (3 mo. USD Term SOFR + 4.900%) | 1988 CLO 6 Ltd. Series 2025-6A, Class E<sup>(b)</sup> (3 mo. USD Term SOFR + 4.900%) | 1988 CLO 6 Ltd. Series 2025-6A, Class E<sup>(b)</sup> (3 mo. USD Term SOFR + 4.900%) | 1988 CLO 6 Ltd. Series 2025-6A, Class E<sup>(b)</sup> (3 mo. USD Term SOFR + 4.900%) | 1988 CLO 6 Ltd. Series 2025-6A, Class E<sup>(b)</sup> (3 mo. USD Term SOFR + 4.900%) |
|  | 900000 | 8.805 | 04/15/38 | 872190 |
|  Aqueduct European CLO 14 DAC Series 2025-14A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.850%) | Aqueduct European CLO 14 DAC Series 2025-14A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.850%) | Aqueduct European CLO 14 DAC Series 2025-14A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.850%) | Aqueduct European CLO 14 DAC Series 2025-14A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.850%) | Aqueduct European CLO 14 DAC Series 2025-14A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.850%) |
|  EUR | 400000 | 3.972 | 01/25/39 | 470012 |
|  Arini European CLO VII DAC Series 7A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.800%) | Arini European CLO VII DAC Series 7A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.800%) | Arini European CLO VII DAC Series 7A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.800%) | Arini European CLO VII DAC Series 7A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.800%) | Arini European CLO VII DAC Series 7A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.800%) |
|  | 600000 | 3.895 | 01/15/39 | 705041 |
|  Arini European CLO VII DAC Series 7A, Class D<sup>(b)</sup> (3 mo. EUR EURIBOR + 2.850%) | Arini European CLO VII DAC Series 7A, Class D<sup>(b)</sup> (3 mo. EUR EURIBOR + 2.850%) | Arini European CLO VII DAC Series 7A, Class D<sup>(b)</sup> (3 mo. EUR EURIBOR + 2.850%) | Arini European CLO VII DAC Series 7A, Class D<sup>(b)</sup> (3 mo. EUR EURIBOR + 2.850%) | Arini European CLO VII DAC Series 7A, Class D<sup>(b)</sup> (3 mo. EUR EURIBOR + 2.850%) |
|  | 600000 | 4.945 | 01/15/39 | 700825 |
|  Armada Euro CLO IX DAC Series 9A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.850%) | Armada Euro CLO IX DAC Series 9A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.850%) | Armada Euro CLO IX DAC Series 9A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.850%) | Armada Euro CLO IX DAC Series 9A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.850%) | Armada Euro CLO IX DAC Series 9A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.850%) |
|  | 600000 | 3.934 | 10/30/39 | 704600 |
|  Aurium CLO VIII DAC Series 8A, Class CR<sup>(b)</sup> (3 mo. EUR EURIBOR + 2.150%) | Aurium CLO VIII DAC Series 8A, Class CR<sup>(b)</sup> (3 mo. EUR EURIBOR + 2.150%) | Aurium CLO VIII DAC Series 8A, Class CR<sup>(b)</sup> (3 mo. EUR EURIBOR + 2.150%) | Aurium CLO VIII DAC Series 8A, Class CR<sup>(b)</sup> (3 mo. EUR EURIBOR + 2.150%) | Aurium CLO VIII DAC Series 8A, Class CR<sup>(b)</sup> (3 mo. EUR EURIBOR + 2.150%) |
|  | 600000 | 4.163 | 10/16/38 | 705581 |
|  Bridgepoint CLO IX DAC Series 9A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.800%) | Bridgepoint CLO IX DAC Series 9A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.800%) | Bridgepoint CLO IX DAC Series 9A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.800%) | Bridgepoint CLO IX DAC Series 9A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.800%) | Bridgepoint CLO IX DAC Series 9A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.800%) |
|  | 600000 | 3.914 | 10/15/39 | 705374 |
|  Carlyle Global Market Strategies CLO Ltd. Series 2015-4A, Class BR3<sup>(b)</sup> (3 mo. USD Term SOFR + 1.450%) | Carlyle Global Market Strategies CLO Ltd. Series 2015-4A, Class BR3<sup>(b)</sup> (3 mo. USD Term SOFR + 1.450%) | Carlyle Global Market Strategies CLO Ltd. Series 2015-4A, Class BR3<sup>(b)</sup> (3 mo. USD Term SOFR + 1.450%) | Carlyle Global Market Strategies CLO Ltd. Series 2015-4A, Class BR3<sup>(b)</sup> (3 mo. USD Term SOFR + 1.450%) | Carlyle Global Market Strategies CLO Ltd. Series 2015-4A, Class BR3<sup>(b)</sup> (3 mo. USD Term SOFR + 1.450%) |
|  $ | 3825000 | 5.334 | 07/20/32 | 3826844 |
|  CBAM Ltd. Series 2018-5A, Class D1R <sup>(b)</sup> (3 mo. USD Term SOFR + 3.000%) | CBAM Ltd. Series 2018-5A, Class D1R <sup>(b)</sup> (3 mo. USD Term SOFR + 3.000%) | CBAM Ltd. Series 2018-5A, Class D1R <sup>(b)</sup> (3 mo. USD Term SOFR + 3.000%) | CBAM Ltd. Series 2018-5A, Class D1R <sup>(b)</sup> (3 mo. USD Term SOFR + 3.000%) | CBAM Ltd. Series 2018-5A, Class D1R <sup>(b)</sup> (3 mo. USD Term SOFR + 3.000%) |
|  | 1200000 | 7.112 | 10/17/38 | 1201481 |

---

------

GOLDMAN SACHS BOND FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Asset-Backed Securities<sup>(c)</sup> – (continued)** | **Asset-Backed Securities<sup>(c)</sup> – (continued)** | **Asset-Backed Securities<sup>(c)</sup> – (continued)** | **Asset-Backed Securities<sup>(c)</sup> – (continued)** |
| **Collateralized Loan Obligations<sup>(d)</sup> – (continued)** | **Collateralized Loan Obligations<sup>(d)</sup> – (continued)** | **Collateralized Loan Obligations<sup>(d)</sup> – (continued)** | **Collateralized Loan Obligations<sup>(d)</sup> – (continued)** |
| CIFC Funding Ltd. Series 2023-3A, Class E<sup>(b)</sup> (3 mo. USD Term SOFR + 7.650%) | CIFC Funding Ltd. Series 2023-3A, Class E<sup>(b)</sup> (3 mo. USD Term SOFR + 7.650%) | CIFC Funding Ltd. Series 2023-3A, Class E<sup>(b)</sup> (3 mo. USD Term SOFR + 7.650%) | CIFC Funding Ltd. Series 2023-3A, Class E<sup>(b)</sup> (3 mo. USD Term SOFR + 7.650%) |
| 500000 | 11.534% | 01/20/37 | $500400 |
| CIFC Funding Ltd. Series 2023-3A, Class B<sup>(b)</sup> (3 mo. USD Term SOFR + 2.300%) | CIFC Funding Ltd. Series 2023-3A, Class B<sup>(b)</sup> (3 mo. USD Term SOFR + 2.300%) | CIFC Funding Ltd. Series 2023-3A, Class B<sup>(b)</sup> (3 mo. USD Term SOFR + 2.300%) | CIFC Funding Ltd. Series 2023-3A, Class B<sup>(b)</sup> (3 mo. USD Term SOFR + 2.300%) |
| 400000 | 6.184 | 01/20/37 | 401059 |
| Crown City CLO IV Series 2022-4A, Class C1R<sup>(b)</sup> (3 mo. USD Term SOFR + 4.500%) | Crown City CLO IV Series 2022-4A, Class C1R<sup>(b)</sup> (3 mo. USD Term SOFR + 4.500%) | Crown City CLO IV Series 2022-4A, Class C1R<sup>(b)</sup> (3 mo. USD Term SOFR + 4.500%) | Crown City CLO IV Series 2022-4A, Class C1R<sup>(b)</sup> (3 mo. USD Term SOFR + 4.500%) |
| 650000 | 8.384 | 04/20/37 | 652209 |
| CVC Cordatus Loan Fund XXXIV DAC Series 34A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.700%) | CVC Cordatus Loan Fund XXXIV DAC Series 34A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.700%) | CVC Cordatus Loan Fund XXXIV DAC Series 34A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.700%) | CVC Cordatus Loan Fund XXXIV DAC Series 34A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.700%) |
| 800000 | 3.704 | 04/20/38 | 929484 |
| Dryden 90 CLO Ltd. Series 2021-90A, Class D1R<sup>(b)</sup> (3 mo. USD Term SOFR + 3.000%) | Dryden 90 CLO Ltd. Series 2021-90A, Class D1R<sup>(b)</sup> (3 mo. USD Term SOFR + 3.000%) | Dryden 90 CLO Ltd. Series 2021-90A, Class D1R<sup>(b)</sup> (3 mo. USD Term SOFR + 3.000%) | Dryden 90 CLO Ltd. Series 2021-90A, Class D1R<sup>(b)</sup> (3 mo. USD Term SOFR + 3.000%) |
| 720000 | 6.863 | 11/15/38 | 721416 |
| Dryden 97 CLO Ltd. Series 2022-97A, Class D1R<sup>(b)</sup> (3 mo. USD Term SOFR + 2.900%) | Dryden 97 CLO Ltd. Series 2022-97A, Class D1R<sup>(b)</sup> (3 mo. USD Term SOFR + 2.900%) | Dryden 97 CLO Ltd. Series 2022-97A, Class D1R<sup>(b)</sup> (3 mo. USD Term SOFR + 2.900%) | Dryden 97 CLO Ltd. Series 2022-97A, Class D1R<sup>(b)</sup> (3 mo. USD Term SOFR + 2.900%) |
| 655000 | 6.784 | 10/20/38 | 657441 |
| Elmwood CLO 35 Ltd. Series 2024-11A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.340%) | Elmwood CLO 35 Ltd. Series 2024-11A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.340%) | Elmwood CLO 35 Ltd. Series 2024-11A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.340%) | Elmwood CLO 35 Ltd. Series 2024-11A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.340%) |
| 2175000 | 5.224 | 10/18/37 | 2180300 |
| Empower CLO Ltd. Series 2023-2A, Class BR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.700%) | Empower CLO Ltd. Series 2023-2A, Class BR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.700%) | Empower CLO Ltd. Series 2023-2A, Class BR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.700%) | Empower CLO Ltd. Series 2023-2A, Class BR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.700%) |
| 1000000 | 5.605 | 10/15/38 | 1002916 |
| Harvest CLO XXXVII DAC Series 37A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.850%) | Harvest CLO XXXVII DAC Series 37A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.850%) | Harvest CLO XXXVII DAC Series 37A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.850%) | Harvest CLO XXXVII DAC Series 37A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.850%) |
| 600000 | 3.848 | 01/15/39 | 705223 |
| KKR CLO 57 Ltd. Series 2025-57A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.400%) | KKR CLO 57 Ltd. Series 2025-57A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.400%) | KKR CLO 57 Ltd. Series 2025-57A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.400%) | KKR CLO 57 Ltd. Series 2025-57A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.400%) |
| 2000000 | 5.679 | 07/15/38 | 2006836 |
| Mountain View CLO LLC Series 2016-1A, Class AR2<sup>(b)</sup> (3 mo. USD Term SOFR + 1.260%) | Mountain View CLO LLC Series 2016-1A, Class AR2<sup>(b)</sup> (3 mo. USD Term SOFR + 1.260%) | Mountain View CLO LLC Series 2016-1A, Class AR2<sup>(b)</sup> (3 mo. USD Term SOFR + 1.260%) | Mountain View CLO LLC Series 2016-1A, Class AR2<sup>(b)</sup> (3 mo. USD Term SOFR + 1.260%) |
| 944449 | 5.172 | 04/14/33 | 944458 |
| Neuberger Berman Loan Advisers CLO 45Ltd. Series 2021-45A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.060%) | Neuberger Berman Loan Advisers CLO 45Ltd. Series 2021-45A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.060%) | Neuberger Berman Loan Advisers CLO 45Ltd. Series 2021-45A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.060%) | Neuberger Berman Loan Advisers CLO 45Ltd. Series 2021-45A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.060%) |
| 460000 | 4.972 | 10/14/36 | 459335 |
| Octagon 67 Ltd. Series 2023-1A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.450%) | Octagon 67 Ltd. Series 2023-1A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.450%) | Octagon 67 Ltd. Series 2023-1A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.450%) | Octagon 67 Ltd. Series 2023-1A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.450%) |
| 1700000 | 5.308 | 07/25/38 | 1705722 |
| Palmer Square CLO Ltd. Series 2024-2A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.400%) | Palmer Square CLO Ltd. Series 2024-2A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.400%) | Palmer Square CLO Ltd. Series 2024-2A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.400%) | Palmer Square CLO Ltd. Series 2024-2A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.400%) |
| 1775000 | 5.284 | 07/20/37 | 1780797 |
| Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A |
| 86873 | 5.750 | 12/20/50 | 88677 |
| Wellington Management CLO 5 Ltd. Series 2025-5A, Class A <sup>(b)</sup> (3 mo. USD Term SOFR + 1.290%) | Wellington Management CLO 5 Ltd. Series 2025-5A, Class A <sup>(b)</sup> (3 mo. USD Term SOFR + 1.290%) | Wellington Management CLO 5 Ltd. Series 2025-5A, Class A <sup>(b)</sup> (3 mo. USD Term SOFR + 1.290%) | Wellington Management CLO 5 Ltd. Series 2025-5A, Class A <sup>(b)</sup> (3 mo. USD Term SOFR + 1.290%) |
| 1800000 | 5.251 | 10/18/38 | 1803173 |
| Wind River CLO Ltd. Series 2021-2A, Class A2R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.400%) | Wind River CLO Ltd. Series 2021-2A, Class A2R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.400%) | Wind River CLO Ltd. Series 2021-2A, Class A2R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.400%) | Wind River CLO Ltd. Series 2021-2A, Class A2R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.400%) |
| 450000 | 5.284 | 07/20/34 | 450200 |
| Wind River CLO Ltd. Series 2021-2A, Class BR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.600%) | Wind River CLO Ltd. Series 2021-2A, Class BR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.600%) | Wind River CLO Ltd. Series 2021-2A, Class BR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.600%) | Wind River CLO Ltd. Series 2021-2A, Class BR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.600%) |
| 425000 | 5.484 | 07/20/34 | 425053 |
|  |  |  | 27808315 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Asset-Backed Securities<sup>(c)</sup> – (continued)** | **Asset-Backed Securities<sup>(c)</sup> – (continued)** | **Asset-Backed Securities<sup>(c)</sup> – (continued)** | **Asset-Backed Securities<sup>(c)</sup> – (continued)** |
| **Credit Card – 0.5%** | **Credit Card – 0.5%** | **Credit Card – 0.5%** | **Credit Card – 0.5%** |
| American Express Credit Account Master Trust Series 2025-3, Class A | American Express Credit Account Master Trust Series 2025-3, Class A | American Express Credit Account Master Trust Series 2025-3, Class A | American Express Credit Account Master Trust Series 2025-3, Class A |
| 1050000 | 4.510% | 04/15/32 | $1070236 |
| Barclays Dryrock Issuance Trust Series 2025-1, Class A | Barclays Dryrock Issuance Trust Series 2025-1, Class A | Barclays Dryrock Issuance Trust Series 2025-1, Class A | Barclays Dryrock Issuance Trust Series 2025-1, Class A |
| 775000 | 3.970 | 07/15/31 | 777547 |
|  |  |  | 1847783 |
| **Home Equity<sup>(b)</sup> – 0.3%** | **Home Equity<sup>(b)</sup> – 0.3%** | **Home Equity<sup>(b)</sup> – 0.3%** | **Home Equity<sup>(b)</sup> – 0.3%** |
| Citigroup Mortgage Loan Trust, Inc. Series 2005-HE4, Class M2 (1 mo. USD Term SOFR + 0.789%) | Citigroup Mortgage Loan Trust, Inc. Series 2005-HE4, Class M2 (1 mo. USD Term SOFR + 0.789%) | Citigroup Mortgage Loan Trust, Inc. Series 2005-HE4, Class M2 (1 mo. USD Term SOFR + 0.789%) | Citigroup Mortgage Loan Trust, Inc. Series 2005-HE4, Class M2 (1 mo. USD Term SOFR + 0.789%) |
| 79625 | 4.521 | 10/25/35 | 78953 |
| Credit Suisse First Boston Mortgage Securities Corp. Series 2001- HE17, Class A1 (1 mo. USD Term SOFR + 0.734%) | Credit Suisse First Boston Mortgage Securities Corp. Series 2001- HE17, Class A1 (1 mo. USD Term SOFR + 0.734%) | Credit Suisse First Boston Mortgage Securities Corp. Series 2001- HE17, Class A1 (1 mo. USD Term SOFR + 0.734%) | Credit Suisse First Boston Mortgage Securities Corp. Series 2001- HE17, Class A1 (1 mo. USD Term SOFR + 0.734%) |
| 253 | 4.379 | 01/25/32 | 249 |
| Home Equity Asset Trust Series 2002-1, Class A4 (1 mo. USD Term SOFR + 0.714%) | Home Equity Asset Trust Series 2002-1, Class A4 (1 mo. USD Term SOFR + 0.714%) | Home Equity Asset Trust Series 2002-1, Class A4 (1 mo. USD Term SOFR + 0.714%) | Home Equity Asset Trust Series 2002-1, Class A4 (1 mo. USD Term SOFR + 0.714%) |
| 256 | 4.446 | 11/25/32 | 243 |
| Home Equity Loan Trust Series 2007-FRE1, Class 2AV3 (1 mo. USD Term SOFR + 0.344%) | Home Equity Loan Trust Series 2007-FRE1, Class 2AV3 (1 mo. USD Term SOFR + 0.344%) | Home Equity Loan Trust Series 2007-FRE1, Class 2AV3 (1 mo. USD Term SOFR + 0.344%) | Home Equity Loan Trust Series 2007-FRE1, Class 2AV3 (1 mo. USD Term SOFR + 0.344%) |
| 289948 | 4.076 | 04/25/37 | 283870 |
| JP Morgan Mortgage Trust Series 2023-HE3, Class A1<sup>(d)</sup> (1 mo. USD Term SOFR + 1.600%) | JP Morgan Mortgage Trust Series 2023-HE3, Class A1<sup>(d)</sup> (1 mo. USD Term SOFR + 1.600%) | JP Morgan Mortgage Trust Series 2023-HE3, Class A1<sup>(d)</sup> (1 mo. USD Term SOFR + 1.600%) | JP Morgan Mortgage Trust Series 2023-HE3, Class A1<sup>(d)</sup> (1 mo. USD Term SOFR + 1.600%) |
| 135615 | 5.518 | 05/20/54 | 136179 |
| Morgan Stanley Mortgage Loan Trust Series 2007-7AX, Class 1A (1 mo. USD Term SOFR + 0.554%) | Morgan Stanley Mortgage Loan Trust Series 2007-7AX, Class 1A (1 mo. USD Term SOFR + 0.554%) | Morgan Stanley Mortgage Loan Trust Series 2007-7AX, Class 1A (1 mo. USD Term SOFR + 0.554%) | Morgan Stanley Mortgage Loan Trust Series 2007-7AX, Class 1A (1 mo. USD Term SOFR + 0.554%) |
| 2310710 | 4.286 | 04/25/37 | 538180 |
|  |  |  | 1037674 |
| **Student Loan<sup>(b)</sup> – 1.4%** | **Student Loan<sup>(b)</sup> – 1.4%** | **Student Loan<sup>(b)</sup> – 1.4%** | **Student Loan<sup>(b)</sup> – 1.4%** |
| AccessLex Institute Series 2004-1, Class A2 (3 mo. USD Term SOFR + 0.472%) | AccessLex Institute Series 2004-1, Class A2 (3 mo. USD Term SOFR + 0.472%) | AccessLex Institute Series 2004-1, Class A2 (3 mo. USD Term SOFR + 0.472%) | AccessLex Institute Series 2004-1, Class A2 (3 mo. USD Term SOFR + 0.472%) |
| 170289 | 4.523 | 09/26/33 | 168377 |
| Diameter Capital CLO 4 Ltd. Series 2022-4A, Class A1R<sup>(d)</sup> (3 mo. USD Term SOFR + 1.830%) | Diameter Capital CLO 4 Ltd. Series 2022-4A, Class A1R<sup>(d)</sup> (3 mo. USD Term SOFR + 1.830%) | Diameter Capital CLO 4 Ltd. Series 2022-4A, Class A1R<sup>(d)</sup> (3 mo. USD Term SOFR + 1.830%) | Diameter Capital CLO 4 Ltd. Series 2022-4A, Class A1R<sup>(d)</sup> (3 mo. USD Term SOFR + 1.830%) |
| 600000 | 5.735 | 01/15/37 | 601073 |
| Katayma CLO II Ltd. Series 2024-2A, Class B<sup>(d)</sup> (3 mo. USD Term SOFR + 2.150%) | Katayma CLO II Ltd. Series 2024-2A, Class B<sup>(d)</sup> (3 mo. USD Term SOFR + 2.150%) | Katayma CLO II Ltd. Series 2024-2A, Class B<sup>(d)</sup> (3 mo. USD Term SOFR + 2.150%) | Katayma CLO II Ltd. Series 2024-2A, Class B<sup>(d)</sup> (3 mo. USD Term SOFR + 2.150%) |
| 600000 | 6.034 | 04/20/37 | 601007 |
| Navient Student Loan Trust Series 2017-2A, Class A<sup>(d)</sup> (1 mo. USD Term SOFR + 1.164%) | Navient Student Loan Trust Series 2017-2A, Class A<sup>(d)</sup> (1 mo. USD Term SOFR + 1.164%) | Navient Student Loan Trust Series 2017-2A, Class A<sup>(d)</sup> (1 mo. USD Term SOFR + 1.164%) | Navient Student Loan Trust Series 2017-2A, Class A<sup>(d)</sup> (1 mo. USD Term SOFR + 1.164%) |
| 1898139 | 5.039 | 12/27/66 | 1928619 |
| Palmer Square Loan Funding Ltd. Series 2022-3A, Class A1BR <sup>(d)</sup> (3 mo. USD Term SOFR + 1.400%) | Palmer Square Loan Funding Ltd. Series 2022-3A, Class A1BR <sup>(d)</sup> (3 mo. USD Term SOFR + 1.400%) | Palmer Square Loan Funding Ltd. Series 2022-3A, Class A1BR <sup>(d)</sup> (3 mo. USD Term SOFR + 1.400%) | Palmer Square Loan Funding Ltd. Series 2022-3A, Class A1BR <sup>(d)</sup> (3 mo. USD Term SOFR + 1.400%) |
| 1000000 | 5.305 | 04/15/31 | 1001029 |
| PHEAA Student Loan Trust Series 2016-1A, Class A<sup>(d)</sup> (1 mo. USD Term SOFR + 1.264%) | PHEAA Student Loan Trust Series 2016-1A, Class A<sup>(d)</sup> (1 mo. USD Term SOFR + 1.264%) | PHEAA Student Loan Trust Series 2016-1A, Class A<sup>(d)</sup> (1 mo. USD Term SOFR + 1.264%) | PHEAA Student Loan Trust Series 2016-1A, Class A<sup>(d)</sup> (1 mo. USD Term SOFR + 1.264%) |
| 362467 | 5.139 | 09/25/65 | 365164 |

---

------

GOLDMAN SACHS BOND FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Asset-Backed Securities<sup>(c)</sup> – (continued)** | **Asset-Backed Securities<sup>(c)</sup> – (continued)** | **Asset-Backed Securities<sup>(c)</sup> – (continued)** | **Asset-Backed Securities<sup>(c)</sup> – (continued)** |
| **Student Loan<sup>(b)</sup> – (continued)** | **Student Loan<sup>(b)</sup> – (continued)** | **Student Loan<sup>(b)</sup> – (continued)** | **Student Loan<sup>(b)</sup> – (continued)** |
| Sycamore Tree CLO Ltd. Series 2023-2A, Class DR<sup>(d)</sup> (3 mo. USD Term SOFR + 4.500%) | Sycamore Tree CLO Ltd. Series 2023-2A, Class DR<sup>(d)</sup> (3 mo. USD Term SOFR + 4.500%) | Sycamore Tree CLO Ltd. Series 2023-2A, Class DR<sup>(d)</sup> (3 mo. USD Term SOFR + 4.500%) | Sycamore Tree CLO Ltd. Series 2023-2A, Class DR<sup>(d)</sup> (3 mo. USD Term SOFR + 4.500%) |
| 500000 | 8.384% | 01/20/37 | $501029 |
|  |  |  | 5166298 |
| **TOTAL ASSET-BACKED SECURITIES<br>(Cost $38,194,149)** | **TOTAL ASSET-BACKED SECURITIES<br>(Cost $38,194,149)** | **TOTAL ASSET-BACKED SECURITIES<br>(Cost $38,194,149)** | $37947501 |
| **Sovereign Debt Obligations – 1.1%** | **Sovereign Debt Obligations – 1.1%** | **Sovereign Debt Obligations – 1.1%** | **Sovereign Debt Obligations – 1.1%** |
| **Euro – 0.2%** | **Euro – 0.2%** | **Euro – 0.2%** | **Euro – 0.2%** |
| Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds |
| 120000 | 4.875% | 01/30/32 | $136805 |
| 130000 | 6.625 | 03/22/48 | 138028 |
| Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
| 10000 | 2.875 | 03/11/29 | 11503 |
| 190000 | 3.624 <sup>(d)</sup> | 05/26/30 | 219870 |
| 70000 | 3.375 | 01/28/50 | 52674 |
| 80000 | 3.375 <sup>(d)</sup> | 01/28/50 | 60199 |
|  |  |  | 619079 |
| **Sovereign – 0.4%** | **Sovereign – 0.4%** | **Sovereign – 0.4%** | **Sovereign – 0.4%** |
| Eagle Funding Luxco SARL<sup>(c)(d)</sup> | Eagle Funding Luxco SARL<sup>(c)(d)</sup> | Eagle Funding Luxco SARL<sup>(c)(d)</sup> | Eagle Funding Luxco SARL<sup>(c)(d)</sup> |
| 1060000 | 5.500 | 08/17/30 | 1078020 |
| Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds |
| 400000 | 6.125 | 05/22/28 | 415120 |
|  |  |  | 1493140 |
| **United States Dollar – 0.5%** | **United States Dollar – 0.5%** | **United States Dollar – 0.5%** | **United States Dollar – 0.5%** |
| Ecuador Government International Bonds<sup>(d)(g)</sup> | Ecuador Government International Bonds<sup>(d)(g)</sup> | Ecuador Government International Bonds<sup>(d)(g)</sup> | Ecuador Government International Bonds<sup>(d)(g)</sup> |
| 41572 | 0.000 | 07/31/30 | 35503 |
| Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds |
| 200000 | 6.125 | 06/15/33 | 200062 |
| Mexico Government International Bonds<sup>(c)</sup> | Mexico Government International Bonds<sup>(c)</sup> | Mexico Government International Bonds<sup>(c)</sup> | Mexico Government International Bonds<sup>(c)</sup> |
| 624000 | 3.771 | 05/24/61 | 383760 |
| Panama Government International Bonds<sup>(c)</sup> | Panama Government International Bonds<sup>(c)</sup> | Panama Government International Bonds<sup>(c)</sup> | Panama Government International Bonds<sup>(c)</sup> |
| 200000 | 4.500 | 01/19/63 | 148751 |
| Peru Government International Bonds<sup>(c)</sup> | Peru Government International Bonds<sup>(c)</sup> | Peru Government International Bonds<sup>(c)</sup> | Peru Government International Bonds<sup>(c)</sup> |
| 20000 | 2.780 | 12/01/60 | 10880 |
| 100000 | 3.230 <sup>(h)</sup> | 07/28/21 | 54600 |
| Republic of Poland Government International Bonds<sup>(c)</sup> | Republic of Poland Government International Bonds<sup>(c)</sup> | Republic of Poland Government International Bonds<sup>(c)</sup> | Republic of Poland Government International Bonds<sup>(c)</sup> |
| 350000 | 5.500 | 03/18/54 | 333870 |
| Republic of South Africa Government International Bonds<sup>(d)</sup> | Republic of South Africa Government International Bonds<sup>(d)</sup> | Republic of South Africa Government International Bonds<sup>(d)</sup> | Republic of South Africa Government International Bonds<sup>(d)</sup> |
| 280000 | 6.125 | 12/11/37 | 276290 |
| Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
| 70000 | 6.375 | 01/30/34 | 72822 |
| State of Israel | State of Israel | State of Israel | State of Israel |
| 200000 | 3.800 | 05/13/60 | 134178 |
|  |  |  | 1650716 |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $4,156,646)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $4,156,646)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $4,156,646)** | $3762935 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Municipal Debt Obligations – 1.0%** | **Municipal Debt Obligations – 1.0%** | **Municipal Debt Obligations – 1.0%** | **Municipal Debt Obligations – 1.0%** |
| **California – 0.3%** | **California – 0.3%** | **California – 0.3%** | **California – 0.3%** |
| California State GO Bonds Build America Taxable Series 2009<sup>(c)</sup> | California State GO Bonds Build America Taxable Series 2009<sup>(c)</sup> | California State GO Bonds Build America Taxable Series 2009<sup>(c)</sup> | California State GO Bonds Build America Taxable Series 2009<sup>(c)</sup> |
| 210000 | 7.550% | 04/01/39 | $254851 |
| East Bay Municipal Utility District Water System RB Build America Sub Series 2010 | East Bay Municipal Utility District Water System RB Build America Sub Series 2010 | East Bay Municipal Utility District Water System RB Build America Sub Series 2010 | East Bay Municipal Utility District Water System RB Build America Sub Series 2010 |
| 900000 | 5.874 | 06/01/40 | 953862 |
|  |  |  | 1208713 |
| **Illinois – 0.3%** | **Illinois – 0.3%** | **Illinois – 0.3%** | **Illinois – 0.3%** |
| Illinois State GO Bonds Build America Series 2010 | Illinois State GO Bonds Build America Series 2010 | Illinois State GO Bonds Build America Series 2010 | Illinois State GO Bonds Build America Series 2010 |
| 609890 | 7.350 | 07/01/35 | 661287 |
| Illinois State GO Bonds Taxable-Pension Series 2003 | Illinois State GO Bonds Taxable-Pension Series 2003 | Illinois State GO Bonds Taxable-Pension Series 2003 | Illinois State GO Bonds Taxable-Pension Series 2003 |
| 462451 | 5.100 | 06/01/33 | 473952 |
|  |  |  | 1135239 |
| **Maryland – 0.2%** | **Maryland – 0.2%** | **Maryland – 0.2%** | **Maryland – 0.2%** |
| Maryland Economic Development Corp. RB Taxable Series 2024 | Maryland Economic Development Corp. RB Taxable Series 2024 | Maryland Economic Development Corp. RB Taxable Series 2024 | Maryland Economic Development Corp. RB Taxable Series 2024 |
| 145000 | 5.018 | 11/30/33 | 147767 |
| Maryland Economic Development Corp. RB Taxable Series 2024 (Prince George's County Public Schools Alternative Construction Financing, Package 2 Project) | Maryland Economic Development Corp. RB Taxable Series 2024 (Prince George's County Public Schools Alternative Construction Financing, Package 2 Project) | Maryland Economic Development Corp. RB Taxable Series 2024 (Prince George's County Public Schools Alternative Construction Financing, Package 2 Project) | Maryland Economic Development Corp. RB Taxable Series 2024 (Prince George's County Public Schools Alternative Construction Financing, Package 2 Project) |
| 360000 | 4.968 | 11/30/32 | 367407 |
|  |  |  | 515174 |
| **New York – 0.1%** | **New York – 0.1%** | **New York – 0.1%** | **New York – 0.1%** |
| Metropolitan Transportation Authority RB Taxable Series 2020 C2 | Metropolitan Transportation Authority RB Taxable Series 2020 C2 | Metropolitan Transportation Authority RB Taxable Series 2020 C2 | Metropolitan Transportation Authority RB Taxable Series 2020 C2 |
| 60000 | 5.175 | 11/15/49 | 55397 |
| Port Authority of New York & New Jersey Consolidated Bonds - 192 Series 2015 | Port Authority of New York & New Jersey Consolidated Bonds - 192 Series 2015 | Port Authority of New York & New Jersey Consolidated Bonds - 192 Series 2015 | Port Authority of New York & New Jersey Consolidated Bonds - 192 Series 2015 |
| 375000 | 4.810 | 10/15/65 | 335783 |
|  |  |  | 391180 |
| **Ohio – 0.1%** | **Ohio – 0.1%** | **Ohio – 0.1%** | **Ohio – 0.1%** |
| American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010 | American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010 | American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010 | American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010 |
| 230000 | 6.270 | 02/15/50 | 237540 |
| **TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $3,567,383)** | **TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $3,567,383)** | **TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $3,567,383)** | $3487846 |
| **Bank Loans<sup>(i)</sup> – 0.7%** | **Bank Loans<sup>(i)</sup> – 0.7%** | **Bank Loans<sup>(i)</sup> – 0.7%** | **Bank Loans<sup>(i)</sup> – 0.7%** |
| **Automotive - Parts – 0.2%** | **Automotive - Parts – 0.2%** | **Automotive - Parts – 0.2%** | **Automotive - Parts – 0.2%** |
| Adient U.S. LLC | Adient U.S. LLC | Adient U.S. LLC | Adient U.S. LLC |
| (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) |
| 663188 | 5.966% | 01/31/31 | $665264 |
| **Consumer Cyclical Services – 0.2%** | **Consumer Cyclical Services – 0.2%** | **Consumer Cyclical Services – 0.2%** | **Consumer Cyclical Services – 0.2%** |
| IRB Holding Corp. | IRB Holding Corp. | IRB Holding Corp. | IRB Holding Corp. |
| (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) |
| 664921 | 6.216 | 12/15/27 | 666122 |
| **Diversified Manufacturing – 0.1%** | **Diversified Manufacturing – 0.1%** | **Diversified Manufacturing – 0.1%** | **Diversified Manufacturing – 0.1%** |
| Chart Industries, Inc. | Chart Industries, Inc. | Chart Industries, Inc. | Chart Industries, Inc. |
| (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) |
| 581882 | 6.476 | 03/15/30 | 583558 |

---

------

GOLDMAN SACHS BOND FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Bank Loans<sup>(i)</sup> – (continued)** | **Bank Loans<sup>(i)</sup> – (continued)** | **Bank Loans<sup>(i)</sup> – (continued)** | **Bank Loans<sup>(i)</sup> – (continued)** |
| **Lodging– 0.2%** | **Lodging– 0.2%** | **Lodging– 0.2%** | **Lodging– 0.2%** |
| Travel & Leisure Co. | Travel & Leisure Co. | Travel & Leisure Co. | Travel & Leisure Co. |
| (3 mo. USD Term SOFR + 2.000%) | (3 mo. USD Term SOFR + 2.000%) | (3 mo. USD Term SOFR + 2.000%) | (3 mo. USD Term SOFR + 2.000%) |
| 664913 | 5.738% | 12/14/29 | $665558 |
| **TOTAL BANK LOANS<br>(Cost $2,585,546)** | **TOTAL BANK LOANS<br>(Cost $2,585,546)** | **TOTAL BANK LOANS<br>(Cost $2,585,546)** | $2580502 |
| **U.S. Treasury Obligations – 13.7%** | **U.S. Treasury Obligations – 13.7%** | **U.S. Treasury Obligations – 13.7%** | **U.S. Treasury Obligations – 13.7%** |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| 1500000 | 3.125% | 05/15/48 | $1141172 |
| 1450000 | 3.375 | 11/15/48 | 1148898 |
| 1550000 | 2.875 | 05/15/49 | 1114063 |
| 15000 | 4.250 | 08/15/54 | 13591 |
| U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds |
| 3906900 | 1.500 | 02/15/53 | 3044940 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 8570000 | 3.750 | 04/30/27 | 8596781 |
| 12020000 | 4.625 <sup>(j)</sup> | 04/30/29 | 12410650 |
| 2600 | 3.500 | 04/30/30 | 2582 |
| 3010000 | 3.875 <sup>(j)</sup> | 08/15/34 | 2965320 |
| 17780000 | 4.250 | 05/15/35 | 17941131 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $48,252,202)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $48,252,202)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $48,252,202)** | $48379128 |
| **Shares** | **Dividend**<br> **Rate** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(k)</sup> – 1.6%** | **Investment Company<sup>(k)</sup> – 1.6%** | **Investment Company<sup>(k)</sup> – 1.6%** | **Investment Company<sup>(k)</sup> – 1.6%** |
| Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 5707038 | 3.686% | 3.686% | $5707038 |
| **(Cost $5,707,038)** | **(Cost $5,707,038)** | **(Cost $5,707,038)** |  |
| **TOTAL INVESTMENTS – 118.0%<br>(Cost $418,596,572)** | **TOTAL INVESTMENTS – 118.0%<br>(Cost $418,596,572)** | **TOTAL INVESTMENTS – 118.0%<br>(Cost $418,596,572)** | $417553262 |
| **LIABILITIES IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS – (18.0)%** | **LIABILITIES IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS – (18.0)%** | **LIABILITIES IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS – (18.0)%** | (63835529) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $353717733 |

---

---

| | |
|:---|:---|
| 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) | Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate. |
| (b) | Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2025. |
| (c) | Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates. |
| (d) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (e) | Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on December 31, 2025. |
| (f) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $71,212,129 which represents approximately 20.0% of net assets as of December 31, 2025. |
| (g) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (h) | Actual maturity date is July 28, 2121. |
| (i) | Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on December 31, 2025. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the Secured Overnight Financing Rate ("SOFR"), and secondarily the prime rate offered by one or more major United States banks (the "Prime Rate") and the certificate of deposit ("CD") rate or other base lending rates used by commercial lenders. |
| (j) | All or a portion of security is segregated as collateral for initial margin requirement on futures transactions. |
| (k) | Represents an affiliated issuer. |

---

------

GOLDMAN SACHS BOND FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At December 31, 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** |
|  JPMorgan Securities, Inc. | AUD | 13387761 | NZD | 15406784 | 01/09/26 | $61141 |
|  | AUD | 128927 | USD | 85489 | 01/02/26 | 552 |
|  | AUD | 1406928 | USD | 929514 | 01/09/26 | 9463 |
|  | AUD | 10201748 | USD | 6675732 | 01/30/26 | 133586 |
|  | AUD | 3449458 | USD | 2285251 | 03/18/26 | 16870 |
|  | BRL | 7975552 | USD | 1447517 | 01/05/26 | 6058 |
|  | BRL | 4692314 | USD | 833677 | 02/03/26 | 15266 |
|  | BRL | 1772506 | USD | 313964 | 03/18/26 | 3580 |
|  | CAD | 2870505 | EUR | 1775895 | 01/09/26 | 4319 |
|  | CAD | 7324307 | USD | 5330787 | 01/09/26 | 7743 |
|  | CAD | 798162 | USD | 574555 | 02/27/26 | 8403 |
|  | CAD | 14065470 | USD | 10192121 | 03/18/26 | 90045 |
|  | CHF | 2043241 | EUR | 2192014 | 01/09/26 | 4902 |
|  | CHF | 1056504 | EUR | 1136270 | 02/20/26 | 2471 |
|  | CHF | 5139962 | USD | 6496496 | 03/18/26 | 46807 |
|  | CLP | 306796434 | USD | 334320 | 03/18/26 | 6751 |
|  | CNH | 9944545 | USD | 1415545 | 01/09/26 | 10859 |
|  | CNH | 50956254 | USD | 7219032 | 02/02/26 | 100498 |
|  | CNH | 47816193 | USD | 6812269 | 03/18/26 | 74368 |
|  | COP | 2586001129 | USD | 670594 | 01/02/26 | 13287 |
|  | COP | 1198230320 | USD | 312527 | 01/05/26 | 3881 |
|  | COP | 1197561185 | USD | 314688 | 01/08/26 | 1044 |
|  | COP | 2366274652 | USD | 614412 | 01/13/26 | 7604 |
|  | COP | 1148869049 | USD | 300751 | 01/16/26 | 714 |
|  | COP | 1158416436 | USD | 299642 | 01/20/26 | 3613 |
|  | COP | 3795247767 | USD | 968670 | 01/29/26 | 19632 |
|  | CZK | 98491120 | EUR | 4040703 | 01/09/26 | 41039 |
|  | CZK | 114248881 | USD | 5523915 | 03/18/26 | 40340 |
|  | EUR | 1376923 | CHF | 1280514 | 01/09/26 | 658 |
|  | EUR | 1891092 | CHF | 1745478 | 02/20/26 | 12209 |
|  | EUR | 1368892 | PLN | 5772305 | 01/09/26 | 1595 |
|  | EUR | 3030953 | USD | 3501964 | 01/08/26 | 61371 |
|  | EUR | 1904465 | USD | 2228528 | 01/09/26 | 10564 |
|  | EUR | 2729098 | USD | 3152108 | 01/13/26 | 57143 |
|  | EUR | 3283994 | USD | 3834064 | 01/14/26 | 27903 |
|  | EUR | 4855295 | USD | 5640575 | 01/26/26 | 72622 |
|  | EUR | 4626809 | USD | 5410149 | 02/03/26 | 35981 |
|  | EUR | 3171015 | USD | 3705331 | 02/12/26 | 28678 |
|  | EUR | 8190017 | USD | 9602907 | 02/25/26 | 46674 |
|  | EUR | 9652002 | USD | &nbsp;&nbsp;&nbsp;&nbsp;11318980 | 03/18/26 | 65798 |
|  | GBP | 1400552 | EUR | 1601544 | 01/09/26 | 4914 |
|  | GBP | 416549 | EUR | 471476 | 03/05/26 | 5642 |
|  | GBP | 1037763 | USD | 1391139 | 01/09/26 | 7702 |
|  | GBP | 1238708 | USD | 1640657 | 01/30/26 | 28993 |
|  | GBP | 1036644 | USD | 1383920 | 02/09/26 | 13330 |
|  | GBP | 1701268 | USD | 2277148 | 03/18/26 | 15596 |
|  | HUF | 27816257 | USD | 84207 | 02/10/26 | 613 |
|  | HUF | 254631300 | USD | 770000 | 03/18/26 | 4534 |
|  | ILS | 3811848 | USD | 1182402 | 03/18/26 | 14944 |
|  | INR | 267561839 | USD | 2966165 | 01/02/26 | 10049 |
|  | INR | 48364396 | USD | 537306 | 01/12/26 | 117 |
|  | INR | 62862355 | USD | 695011 | 01/15/26 | 3320 |
|  | INR | 43120297 | USD | 478386 | 01/20/26 | 413 |
|  | INR | 567211393 | USD | 6255017 | 03/18/26 | 10505 |
|  | JPY | 295628732 | USD | 1887985 | 01/08/26 | 729 |
|  | KRW | 899390835 | USD | 623000 | 02/02/26 | 536 |
|  | KRW | 8541798305 | USD | 5828253 | 03/18/26 | 103922 |
|  | MXN | 34762711 | USD | 1876066 | 01/08/26 | 52962 |

---

------

GOLDMAN SACHS BOND FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  JPMorgan Securities, Inc. (continued) | MXN | 5423573 | USD | 300094 | 01/09/26 | $836 |
|  | MXN | 17088235 | USD | 932968 | 01/20/26 | 14118 |
|  | MXN | 5094874 | USD | 276312 | 02/03/26 | 5695 |
|  | MXN | 24912139 | USD | 1361317 | 02/11/26 | 16571 |
|  | MXN | 16541224 | USD | 909433 | 02/17/26 | 4948 |
|  | MXN | 56177706 | USD | 3041267 | 03/18/26 | 54408 |
|  | NOK | 33458819 | USD | 3270081 | 02/04/26 | 49470 |
|  | NZD | 535887 | USD | 308146 | 01/09/26 | 507 |
|  | NZD | 12088877 | USD | 6817014 | 01/26/26 | 151178 |
|  | PLN | 10826111 | USD | 2976064 | 03/18/26 | 38314 |
|  | SEK | &nbsp;&nbsp;&nbsp;&nbsp;42767949 | EUR | 3922382 | 01/09/26 | 36049 |
|  | SEK | 53072396 | USD | 5768496 | 03/10/26 | 17442 |
|  | SEK | 36778457 | USD | 3947162 | 03/18/26 | 64217 |
|  | SGD | 6156523 | EUR | 4066357 | 01/09/26 | 11754 |
|  | SGD | 4301036 | USD | 3340165 | 01/09/26 | 8013 |
|  | SGD | 3593968 | USD | 2798779 | 03/18/26 | 11537 |
|  | TRY | 31201294 | USD | 679934 | 03/18/26 | 5543 |
|  | TWD | 11784384 | USD | 372516 | 03/18/26 | 2085 |
|  | USD | 86452 | AUD | 128967 | 01/02/26 | 384 |
|  | USD | 622410 | AUD | 931261 | 01/09/26 | 891 |
|  | USD | 306470 | BRL | 1650883 | 01/05/26 | 5591 |
|  | USD | 1404569 | BRL | 7720916 | 01/15/26 | 1204 |
|  | USD | 590001 | BRL | 3265384 | 03/18/26 | 5009 |
|  | USD | 431071 | CAD | 588549 | 03/18/26 | 829 |
|  | USD | 1087249 | CAD | 1480826 | 03/19/26 | 4687 |
|  | USD | 2150687 | CHF | 1689354 | 01/12/26 | 15113 |
|  | USD | 455165 | CHF | 356056 | 03/18/26 | 1897 |
|  | USD | 697605 | COP | 2586001129 | 01/02/26 | 13725 |
|  | USD | 948819 | COP | 3571515396 | 01/05/26 | 5713 |
|  | USD | 555388 | COP | 2093256053 | 01/08/26 | 3509 |
|  | USD | 310989 | COP | 1165898511 | 01/09/26 | 3787 |
|  | USD | 300751 | COP | 1143154779 | 01/16/26 | 785 |
|  | USD | 33518 | COP | 125759461 | 01/22/26 | 635 |
|  | USD | 301738 | COP | 1149319775 | 01/23/26 | 1394 |
|  | USD | 556076 | COP | 2134728533 | 03/18/26 | 5475 |
|  | USD | 954578 | EUR | 809308 | 01/02/26 | 3390 |
|  | USD | 9811767 | EUR | 8322141 | 01/09/26 | 27377 |
|  | USD | 857245 | EUR | 728145 | 01/26/26 | 441 |
|  | USD | 282659 | EUR | 238932 | 02/25/26 | 1146 |
|  | USD | 5107454 | EUR | 4313396 | 03/18/26 | 19694 |
|  | USD | 705174 | EUR | 597016 | 03/19/26 | 944 |
|  | USD | 630725 | GBP | 466849 | 01/09/26 | 1441 |
|  | USD | 331866 | GBP | 245843 | 03/18/26 | 552 |
|  | USD | 4199696 | HUF | 1380226152 | 03/18/26 | 1341 |
|  | USD | 1252692 | INR | 112203663 | 01/02/26 | 4599 |
|  | USD | 621509 | INR | 55928795 | 01/15/26 | 202 |
|  | USD | 995372 | JPY | 153784994 | 01/09/26 | 12780 |
|  | USD | 53506 | JPY | 8326651 | 01/16/26 | 270 |
|  | USD | 223134 | JPY | 34448512 | 01/20/26 | 2807 |
|  | USD | 190705 | JPY | 29521177 | 02/05/26 | 1643 |
|  | USD | 1254940 | JPY | 194619944 | 02/17/26 | 7338 |
|  | USD | 2436187 | JPY | 369968608 | 03/18/26 | 58280 |
|  | USD | 116029 | JPY | 17907366 | 03/19/26 | 923 |
|  | USD | 707746 | KRW | 994840927 | 03/18/26 | 16842 |
|  | USD | 3178081 | MXN | 57151101 | 01/09/26 | 7017 |

---

------

GOLDMAN SACHS BOND FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  JPMorgan Securities, Inc. (continued) | USD | 1406071 | NOK | 14086779 | 03/18/26 | $8986 |
|  | USD | 5181638 | NZD | 8923095 | 01/09/26 | 42234 |
|  | USD | 1765587 | NZD | 3023265 | 01/26/26 | 22935 |
|  | USD | 1087042 | NZD | 1876152 | 01/27/26 | 5553 |
|  | USD | 4440555 | NZD | 7659570 | 03/18/26 | 17498 |
|  | USD | 142482 | SEK | 1302010 | 03/18/26 | 473 |
|  | USD | 190745 | SGD | 244940 | 01/09/26 | 70 |
|  | USD | 779000 | SGD | 995535 | 03/18/26 | 538 |
|  | USD | 1309248 | TWD | &nbsp;&nbsp;&nbsp;&nbsp;40581711 | 03/18/26 | 19239 |
|  | USD | 3352 | ZAR | 42554 | 01/09/26 | 784 |
|  | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;46633804 | USD | 2685348 | 01/13/26 | 128230 |
|  | ZAR | 34163582 | USD | 2003847 | 01/20/26 | 56246 |
|  | ZAR | 35466106 | USD | 2104813 | 01/28/26 | 32501 |
|  | ZAR | 60804392 | USD | 3534966 | 03/18/26 | 116401 |
|  **TOTAL** |  |  |  |  |  | $2618881 |

---

**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** |
|  JPMorgan Securities, Inc. | AUD | 591322 | USD | 396332 | 01/09/26 | $(1686) |
|  | BRL | 4619338 | USD | 846666 | 01/05/26 | (4775) |
|  | BRL | 230273 | USD | 42429 | 03/18/26 | (1176) |
|  | CAD | 2661253 | USD | 1944245 | 01/09/26 | (4515) |
|  | CAD | 1480866 | USD | 1087249 | 03/18/26 | (4704) |
|  | CHF | 1697969 | USD | 2161655 | 01/12/26 | (15190) |
|  | CHF | 181826 | USD | 232357 | 03/18/26 | (888) |
|  | CHF | 356010 | USD | 455165 | 03/19/26 | (1905) |
|  | COP | 2373848741 | USD | 640374 | 01/02/26 | (12598) |
|  | COP | 3563440645 | USD | 947634 | 01/05/26 | (6660) |
|  | COP | 4523096782 | USD | 1205516 | 01/08/26 | (13019) |
|  | COP | 1170263591 | USD | 310786 | 01/09/26 | (2433) |
|  | COP | 1203073570 | USD | 317606 | 01/15/26 | (1731) |
|  | COP | 5760694908 | USD | 1525192 | 01/20/26 | (17133) |
|  | COP | 4967711042 | USD | 1291123 | 03/18/26 | (9821) |
|  | EUR | 2740849 | CAD | 4433301 | 01/09/26 | (8904) |
|  | EUR | 1776926 | CHF | 1651475 | 02/27/26 | (3789) |
|  | EUR | 4000816 | CZK | &nbsp;&nbsp;&nbsp;&nbsp;97450040 | 01/09/26 | (37287) |
|  | EUR | 2130437 | GBP | 1863175 | 01/09/26 | (6677) |
|  | EUR | 3270936 | SEK | 35633656 | 01/09/26 | (26672) |
|  | EUR | 1186000 | SGD | 1796633 | 01/09/26 | (4217) |
|  | EUR | 2307952 | USD | 2716342 | 01/02/26 | (3780) |
|  | EUR | 1036011 | USD | 1221904 | 01/06/26 | (4037) |
|  | EUR | 524384 | USD | 617000 | 01/09/26 | (478) |
|  | EUR | 1829378 | USD | 2160129 | 02/12/26 | (5957) |
|  | EUR | 624102 | USD | 736586 | 02/25/26 | (1262) |
|  | EUR | 2472438 | USD | 2922292 | 03/18/26 | (5988) |
|  | GBP | 234757 | USD | 316545 | 01/09/26 | (107) |
|  | HUF | 1076848875 | USD | 3277234 | 03/18/26 | (1688) |
|  | INR | 133861100 | USD | 1489000 | 01/05/26 | (516) |
|  | JPY | 390326843 | USD | 2511271 | 01/08/26 | (17550) |
|  | JPY | 140191708 | USD | 901926 | 01/09/26 | (6187) |
|  | JPY | 20669486 | USD | 133766 | 01/16/26 | (1616) |

---

------

GOLDMAN SACHS BOND FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  JPMorgan Securities, Inc. (continued) | JPY | 140388674 | USD | 903204 | 02/17/26 | $(3249) |
|  | JPY | 270084017 | USD | 1755664 | 03/18/26 | (19749) |
|  | JPY | 95158493 | USD | 616582 | 03/19/26 | (4914) |
|  | KRW | 2084393433 | USD | 1498324 | 03/18/26 | (50738) |
|  | MXN | 5366612 | USD | 298129 | 01/09/26 | (359) |
|  | NOK | 15442418 | USD | 1537471 | 03/18/26 | (5937) |
|  | NOK | 10125227 | USD | 1013056 | 03/19/26 | (8875) |
|  | NZD | 8657559 | AUD | 7563005 | 01/09/26 | (61053) |
|  | NZD | 5045373 | USD | 2922272 | 01/09/26 | (16307) |
|  | NZD | 3662470 | USD | 2118739 | 01/27/26 | (7545) |
|  | NZD | 5817342 | USD | 3398491 | 02/05/26 | (44158) |
|  | NZD | 7278389 | USD | 4219100 | 03/18/26 | (16159) |
|  | PLN | 7878854 | EUR | 1870202 | 01/09/26 | (4229) |
|  | PLN | 2756118 | USD | 768000 | 03/18/26 | (598) |
|  | SEK | 1771633 | USD | 193888 | 03/18/26 | (658) |
|  | TWD | 12167548 | USD | 387075 | 01/29/26 | (202) |
|  | TWD | 29158422 | USD | 938247 | 03/18/26 | (11361) |
|  | USD | 2103416 | AUD | 3170622 | 01/09/26 | (12645) |
|  | USD | 2760076 | AUD | 4237970 | 01/30/26 | (68626) |
|  | USD | 3812953 | AUD | 5774209 | 03/18/26 | (40675) |
|  | USD | 1978582 | BRL | 10944007 | 01/05/26 | (16004) |
|  | USD | 1353758 | BRL | 7513359 | 01/15/26 | (11880) |
|  | USD | 614009 | BRL | 3427487 | 02/03/26 | (6099) |
|  | USD | 3223030 | CAD | 4428210 | 01/09/26 | (4595) |
|  | USD | 945172 | CAD | 1304149 | 02/10/26 | (6703) |
|  | USD | 564797 | CAD | 784607 | 02/27/26 | (8260) |
|  | USD | 6897114 | CAD | 9568095 | 03/18/26 | (97374) |
|  | USD | 1076190 | CAD | 1474276 | 03/19/26 | (1584) |
|  | USD | 5657340 | CHF | 4489644 | 03/18/26 | (58092) |
|  | USD | 265520 | CLP | 243561542 | 03/18/26 | (5252) |
|  | USD | 3949509 | CNH | 27675328 | 01/09/26 | (20123) |
|  | USD | 7655589 | CNH | 53680048 | 03/18/26 | (75578) |
|  | USD | 625932 | COP | 2373848741 | 01/02/26 | (1844) |
|  | USD | 312459 | COP | 1190155569 | 01/05/26 | (1817) |
|  | USD | 871038 | COP | 3343913807 | 01/08/26 | (10572) |
|  | USD | 303260 | COP | 1164820892 | 01/15/26 | (2572) |
|  | USD | 2309740 | COP | 8998300619 | 01/20/26 | (45874) |
|  | USD | 1423914 | COP | 5563702593 | 03/18/26 | (11108) |
|  | USD | 4924542 | CZK | 102012763 | 03/18/26 | (43777) |
|  | USD | 1757097 | EUR | 1498718 | 01/02/26 | (4363) |
|  | USD | 1215372 | EUR | 1036742 | 01/06/26 | (3353) |
|  | USD | 1443556 | EUR | 1236768 | 01/08/26 | (10448) |
|  | USD | 3985773 | EUR | 3397564 | 01/09/26 | (8765) |
|  | USD | 1412217 | EUR | 1212932 | 01/13/26 | (14117) |
|  | USD | 3722808 | EUR | 3190067 | 01/14/26 | (28700) |
|  | USD | 1506584 | EUR | 1282922 | 01/26/26 | (3023) |
|  | USD | 16197190 | EUR | 13813351 | 02/25/26 | (77873) |
|  | USD | 5728830 | EUR | 4885264 | 03/18/26 | (33463) |
|  | USD | 956783 | EUR | 813065 | 03/19/26 | (2295) |
|  | USD | 1963990 | GBP | 1464357 | 01/09/26 | (9873) |
|  | USD | 269409 | GBP | 205117 | 02/04/26 | (7064) |
|  | USD | 2730746 | GBP | 2046450 | 03/18/26 | (27190) |
|  | USD | 706459 | GBP | 527571 | 03/19/26 | (4529) |
|  | USD | 523756 | HUF | 171761319 | 01/09/26 | (1116) |
|  | USD | 208022 | HUF | 68584847 | 02/04/26 | (1194) |

---

------

GOLDMAN SACHS BOND FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  JPMorgan Securities, Inc. (continued) | USD | 99445 | HUF | 33130927 | 03/18/26 | $(1332) |
|  | USD | 1184126 | ILS | 3886526 | 03/18/26 | (36677) |
|  | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1727694 | INR | 155358176 | 01/02/26 | (426) |
|  | USD | 1487890 | INR | 133937479 | 01/05/26 | (1443) |
|  | USD | 606330 | INR | 54718284 | 01/12/26 | (1696) |
|  | USD | 1358301 | INR | 123450123 | 01/20/26 | (12464) |
|  | USD | 5451987 | INR | 493853778 | 03/18/26 | (3213) |
|  | USD | 3268140 | JPY | 512934589 | 01/08/26 | (8897) |
|  | USD | 776000 | KRW | 1147548800 | 01/26/26 | (19422) |
|  | USD | 5757479 | KRW | 8419055876 | 03/18/26 | (89452) |
|  | USD | 597883 | MXN | 10937073 | 01/08/26 | (9029) |
|  | USD | 552870 | MXN | 10025739 | 01/20/26 | (2789) |
|  | USD | 2032048 | MXN | 37791949 | 03/18/26 | (50479) |
|  | USD | 2896738 | NOK | 29479172 | 02/04/26 | (27980) |
|  | USD | 1537000 | NOK | 15542604 | 03/18/26 | (4470) |
|  | USD | 2629407 | NZD | 4569940 | 01/09/26 | (2726) |
|  | USD | 494955 | NZD | 863116 | 01/15/26 | (2307) |
|  | USD | 387166 | NZD | 686010 | 03/18/26 | (8974) |
|  | USD | 3844217 | PLN | 13943494 | 03/18/26 | (38152) |
|  | USD | 5780976 | SEK | 53187215 | 03/10/26 | (17480) |
|  | USD | 3938750 | SEK | 36741603 | 03/18/26 | (68609) |
|  | USD | 4521486 | SGD | 5823383 | 01/09/26 | (11774) |
|  | USD | 2824282 | SGD | 3626372 | 03/18/26 | (11372) |
|  | USD | 369019 | TRY | 17313766 | 03/18/26 | (11356) |
|  | USD | 372516 | TWD | 11791374 | 01/20/26 | (2767) |
|  | USD | 3230824 | ZAR | 54159268 | 01/09/26 | (37803) |
|  | USD | 993825 | ZAR | 16934786 | 01/13/26 | (27909) |
|  | USD | 1181579 | ZAR | 19897783 | 01/20/26 | (18274) |
|  | USD | 666829 | ZAR | 11196061 | 01/28/26 | (7886) |
|  | USD | 3825729 | ZAR | 65745193 | 03/18/26 | (122339) |
|  **TOTAL** |  |  |  |  |  | $(1938954) |

---

**FORWARD SALES CONTRACTS —** At December 31, 2025, the Fund had the following forward sales contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date<sup>(a)</sup>** | **Settlement<br>Date** | **Principal<br>Amount** | **Value** |
|  Government National Mortgage Association | 3.000% | TBA - 30yr | 01/15/25 | $(2000000) | $(1797653) |
|  Uniform Mortgage-Backed Security | 2.000 | TBA - 30yr | 01/15/25 | (8000000) | (6463125) |
|  Uniform Mortgage-Backed Security | 3.000 | TBA - 30yr | 01/14/25 | (6000000) | (5302968) |
|  Uniform Mortgage-Backed Security | 4.500 | TBA - 30yr | 01/15/25 | (13000000) | (12687696) |
|  Uniform Mortgage-Backed Security | 5.000 | TBA - 30yr | 01/15/25 | (8000000) | (7980000) |
|  Uniform Mortgage-Backed Security | 6.500 | TBA - 30yr | 01/15/25 | (3000000) | (3117070) |
|  **(PROCEEDS RECEIVED: $(37347090))** |  |  |  |  | $(37348512) |

---

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

------

GOLDMAN SACHS BOND FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**FUTURES CONTRACTS —** At December 31, 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:** |  |  |  |  |
|  10 Year U.K. Long Gilt | 47 | 03/27/26 | $5788625 | $23018 |
|  10 Year U.S. Treasury Notes | 240 | 03/20/26 | 26985000 | (24990) |
|  2 Year U.S. Treasury Notes | 129 | 03/31/26 | 26933789 | (11871) |
|  20 Year U.S. Treasury Bonds | 214 | 03/20/26 | 24737063 | (222445) |
|  30 Year German Euro-Buxl | 47 | 03/06/26 | 6082412 | (42574) |
|  3M Euribor | 103 | 09/14/26 | 29638015 | 9713 |
|  3M Euribor | 102 | 06/15/26 | 29356261 | 6248 |
|  5 Year U.S. Treasury Notes | 204 | 03/31/26 | 22298156 | (24774) |
|  Australian 3 Year Government Bonds | 91 | 03/16/26 | 6376260 | (4504) |
|  ICE 3M Sonia Bonds | 104 | 03/17/26 | 33735966 | 13609 |
|  ICE 3M Sonia Bonds | 130 | 06/16/26 | 42244432 | 16287 |
|  ICE 3M Sonia Bonds | 135 | 03/16/27 | 43978402 | 2494 |
|  Ultra Long U.S. Treasury Bonds | 161 | 03/20/26 | 18998000 | (289100) |
|  **Total** |  |  |  | $(548889) |
|  **Short position contracts:** |  |  |  |  |
|  5 Year German Euro-Bund | (8) | 03/06/26 | (1199362) | (1236) |
|  Euro-Schatz | (1) | 03/06/26 | (125500) | 145 |
|  French 10 Year Government Bonds | (105) | 03/06/26 | (14880323) | 67691 |
|  Ultra 10-Year U.S. Treasury Notes | (254) | 03/20/26 | (29213969) | 187727 |
|  **Total** |  |  |  | $254327 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $(294562) |

---

**SWAP CONTRACTS** — At December 31, 2025, the Fund had the following swap contracts:

**CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made<br>by the Fund** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  1M BID Average<sup>(a)</sup><br> 13.750%<sup>(a)</sup> | 01/04/27 | 23770 | $(20743) | $(17351) | $(3392) |
|  13.750%<sup>(a)</sup><br> 1M BID Average<sup>(a)</sup> | 01/04/27 | 32400 | 28274 | 11623 | 16651 |
| 3.062<sup>(b)</sup><br> 12M SOFR<sup>(b)</sup> | 08/31/27 | $25020 <sup>(c)</sup> | 27610 | 2186 | 25424 |
| 1.250<sup>(b)</sup><br> 12M JYOR<sup>(b)</sup> | 12/15/27 | 3426770 <sup>(c)</sup> | 27933 | 2571 | 25362 |
| 3.136<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 12/15/27 | $30270 <sup>(c)</sup> | 55978 | 11123 | 44855 |
|  Mexico Interbank TIIE 28 Days<sup>(d)</sup><br> 7.250<sup>(d)</sup> | 03/15/28 | 32000 <sup>(c)</sup> | (651) | 8690 | (9341) |
|  12M THOR<sup>(e)</sup><br> 1.000<sup>(e)</sup> | 03/18/28 | 51390 <sup>(c)</sup> | (1596) | (125) | (1471) |
|  3M CNRR<sup>(e)</sup><br> 1.500<sup>(e)</sup> | 03/18/28 | 9100 <sup>(c)</sup> | 349 | (1249) | 1598 |
|  12M EURO<sup>(a)</sup><br> 1.750<sup>(a)</sup> | 03/18/28 | 18570 <sup>(c)</sup> | (128466) | (140868) | 12402 |
| 2.500<sup>(f)</sup><br> 12M CDOR<sup>(f)</sup> | 03/18/28 | 2210 <sup>(c)</sup> | 1286 | 2300 | (1014) |
| 0.000<sup>(a)</sup><br> 12M CHFOR<sup>(a)</sup> | 03/18/28 | 24570 <sup>(c)</sup> | 45859 | 40445 | 5414 |
| 4.500<sup>(f)</sup><br> 12M CLICP<sup>(f)</sup> | 03/18/28 | 812620 <sup>(c)</sup> | (802) | (1351) | 549 |
| 8.500<sup>(e)</sup><br> 12M CPIBR<sup>(e)</sup> | 03/18/28 | 4258110 <sup>(c)</sup> | 51439 | (5900) | 57339 |
| 1.000<sup>(a)</sup><br> 12M JYOR<sup>(a)</sup> | 03/18/28 | 7794000 <sup>(c)</sup> | 237452 | 150783 | 86669 |
| 3.500<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 03/18/28 | $49190 <sup>(c)</sup> | (219088) | (215105) | (3983) |
|  12M CDOR<sup>(f)</sup><br> 2.750<sup>(f)</sup> | 03/18/28 | 530 <sup>(c)</sup> | 1563 | 1405 | 158 |
|  12M SOFR<sup>(a)</sup><br> 3.500<sup>(a)</sup> | 03/18/28 | $830 <sup>(c)</sup> | 3697 | 3688 | 9 |
|  6M PRIBOR<sup>(f)</sup><br> 3.750<sup>(a)</sup> | 03/18/28 | 50750 <sup>(c)</sup> | 7929 | 5575 | 2354 |
|  6M WIBOR<sup>(f)</sup><br> 3.750<sup>(a)</sup> | 03/18/28 | 6990 <sup>(c)</sup> | 9930 | 3653 | 6277 |

---

------

GOLDMAN SACHS BOND FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made<br>by the Fund** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  12M GBP<sup>(a)</sup><br> 3.750%<sup>(a)</sup> | 03/18/28 | 39860 <sup>(c)</sup> | $289686 | $187601 | $102085 |
|  3.500%<sup>(e)</sup><br> 3M AUDOR<sup>(e)</sup> | 03/18/28 | 5870 <sup>(c)</sup> | 43779 | 44814 | (1035) |
| 2.250<sup>(e)</sup><br> 3M KWCDC<sup>(e)</sup> | 03/18/28 | 583830 <sup>(c)</sup> | 5570 | 539 | 5031 |
|  6M NIBOR<sup>(f)</sup><br> 4.000<sup>(a)</sup> | 03/18/28 | 674190 <sup>(c)</sup> | (128825) | (162642) | 33817 |
|  12M GBP<sup>(a)</sup><br> 4.000<sup>(a)</sup> | 03/18/28 | 2480 <sup>(c)</sup> | 33846 | 29588 | 4258 |
|  6M BUBOR<sup>(f)</sup><br> 6.000<sup>(a)</sup> | 03/18/28 | 368260 <sup>(c)</sup> | 4360 | 358 | 4002 |
|  3M JIBAR<sup>(e)</sup><br> 6.750<sup>(e)</sup> | 03/18/28 | 48450 <sup>(c)</sup> | 24403 | 13829 | 10574 |
| 2.000<sup>(a)</sup><br> 6M EURO<sup>(f)</sup> | 03/18/28 | 2210 <sup>(c)</sup> | 15535 | 18218 | (2683) |
| 2.250<sup>(a)</sup><br> 6M EURO<sup>(f)</sup> | 03/18/28 | 3220 <sup>(c)</sup> | 4307 | 6016 | (1709) |
| 5.500<sup>(f)</sup><br> 6M MIBOR<sup>(f)</sup> | 03/18/28 | 146530 <sup>(c)</sup> | 3048 | (833) | 3881 |
|  12M SOFR<sup>(b)</sup><br> 3.368<sup>(b)</sup> | 06/23/28 | $63470 <sup>(c)</sup> | 56197 | 22715 | 33482 |
|  12M EURO<sup>(b)</sup><br> 2.000<sup>(b)</sup> | 09/10/28 | 86624 <sup>(c)</sup> | (271847) | (75443) | (196404) |
| 2.500<sup>(b)</sup><br> 6M EURO<sup>(f)</sup> | 09/10/28 | 86624 <sup>(c)</sup> | 42440 | (188024) | 230464 |
|  12M SOFR<sup>(b)</sup><br> 3.201<sup>(b)</sup> | 10/07/28 | $21150 <sup>(c)</sup> | (27747) | 5095 | (32842) |
|  12M GBP<sup>(b)</sup><br> 3.500<sup>(b)</sup> | 10/27/28 | 38730 <sup>(c)</sup> | (39186) | (36602) | (2584) |
|  1M BID Average<sup>(a)</sup><br> 13.250<sup>(a)</sup> | 01/02/29 | 8100 | (6394) | (20064) | 13670 |
|  6M EURO<sup>(f)</sup><br> 2.400<sup>(a)</sup> | 08/11/29 | 17310 <sup>(c)</sup> | (88456) | (40233) | (48223) |
| 13.250<sup>(b)</sup><br> 1M BID Average<sup>(b)</sup> | 01/02/30 | 3710 | 3743 | 3934 | (191) |
| 3.600<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 06/23/30 | $66900 <sup>(c)</sup> | (37806) | (129471) | 91665 |
| 3.528<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 07/15/30 | 4520 <sup>(c)</sup> | (6176) | (14488) | 8312 |
| 3.500<sup>(a)</sup><br> 12M GBP<sup>(a)</sup> | 10/27/30 | 36070 <sup>(c)</sup> | 275081 | 234595 | 40486 |
|  12M SOFR<sup>(a)</sup><br> 3.265<sup>(a)</sup> | 01/30/31 | $10400 <sup>(c)</sup> | (92843) | (60508) | (32335) |
|  Mexico Interbank TIIE 28 Days<sup>(d)</sup><br> 7.500<sup>(d)</sup> | 03/12/31 | 14750 <sup>(c)</sup> | (9514) | 6556 | (16070) |
| 1.000<sup>(a)</sup><br> 12M JYOR<sup>(a)</sup> | 03/18/31 | 1815000 <sup>(c)</sup> | 308513 | 254152 | 54361 |
| 1.250<sup>(e)</sup><br> 12M THOR<sup>(e)</sup> | 03/18/31 | 14870 <sup>(c)</sup> | (220) | (1401) | 1181 |
|  6M EURO<sup>(f)</sup><br> 2.250<sup>(a)</sup> | 03/18/31 | 11340 <sup>(c)</sup> | (225415) | (231776) | 6361 |
|  3M NZDOR<sup>(e)</sup><br> 3.500<sup>(f)</sup> | 03/18/31 | 13650 <sup>(c)</sup> | (48935) | (79948) | 31013 |
|  6M AUDOR<sup>(f)</sup><br> 3.750<sup>(f)</sup> | 03/18/31 | 10740 <sup>(c)</sup> | (242013) | (236302) | (5711) |
|  12M GBP<sup>(a)</sup><br> 3.750<sup>(a)</sup> | 03/18/31 | 5900 <sup>(c)</sup> | 31050 | 19542 | 11508 |
| 2.250<sup>(a)</sup><br> 6M EURO<sup>(f)</sup> | 03/18/31 | 790 <sup>(c)</sup> | 15703 | 16257 | (554) |
|  3M JIBAR<sup>(e)</sup><br> 7.250<sup>(e)</sup> | 03/18/31 | 6850 <sup>(c)</sup> | 10409 | 265 | 10144 |
|  12M CPIBR<sup>(e)</sup><br> 8.750<sup>(e)</sup> | 03/18/31 | 781540 <sup>(c)</sup> | (16261) | 1389 | (17650) |
|  12M SOFR<sup>(a)</sup><br> 3.379<sup>(a)</sup> | 08/31/31 | $35540 <sup>(c)</sup> | (188191) | 81563 | (269754) |
|  12M SOFR<sup>(a)</sup><br> 3.845<sup>(a)</sup> | 05/21/32 | 5420 <sup>(c)</sup> | 54276 | 16036 | 38240 |
| 3.577<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 10/10/32 | 14530 <sup>(c)</sup> | 100171 | (2794) | 102965 |
| 1.295<sup>(a)</sup><br> 12M JYOR<sup>(a)</sup> | 08/02/34 | 1445120 <sup>(c)</sup> | 322009 | (189866) | 511875 |
|  12M EURO<sup>(a)</sup><br> 2.500<sup>(a)</sup> | 02/15/35 | 12980 <sup>(c)</sup> | (175113) | (121095) | (54018) |
|  12M SOFR<sup>(a)</sup><br> 4.098<sup>(a)</sup> | 06/24/35 | $16400 <sup>(c)</sup> | (14953) | (18441) | 3488 |
|  12M GBP<sup>(a)</sup><br> 4.500<sup>(a)</sup> | 10/28/35 | 7150 <sup>(c)</sup> | 41221 | 55623 | (14402) |
| 4.000<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 11/27/35 | $10710 <sup>(c)</sup> | 75207 | (16050) | 91257 |
|  6M AUDOR<sup>(f)</sup><br> 5.000<sup>(f)</sup> | 11/27/35 | 17790 <sup>(c)</sup> | (61228) | 2658 | (63886) |
|  Mexico Interbank TIIE 28 Days<sup>(d)</sup><br> 8.000<sup>(d)</sup> | 03/05/36 | 7110 <sup>(c)</sup> | (6345) | 501 | (6846) |
| 0.500<sup>(a)</sup><br> 12M CHFOR<sup>(a)</sup> | 03/18/36 | 660 <sup>(c)</sup> | 15519 | 11116 | 4403 |
| 9.250<sup>(e)</sup><br> 12M CPIBR<sup>(e)</sup> | 03/18/36 | 1680360 <sup>(c)</sup> | 44552 | 4127 | 40425 |
| 4.250<sup>(a)</sup><br> 12M GBP<sup>(a)</sup> | 03/18/36 | 1670 <sup>(c)</sup> | (43027) | (36792) | (6235) |
| 1.250<sup>(a)</sup><br> 12M JYOR<sup>(a)</sup> | 03/18/36 | 2280000 <sup>(c)</sup> | 887685 | 790406 | 97279 |
| 4.000<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 03/18/36 | $4540 <sup>(c)</sup> | (72348) | (82384) | 10036 |
|  12M CDOR<sup>(f)</sup><br> 3.000<sup>(f)</sup> | 03/18/36 | 1570 <sup>(c)</sup> | (19566) | (26347) | 6781 |
|  3M STIBOR<sup>(e)</sup><br> 3.000<sup>(a)</sup> | 03/18/36 | 15200 <sup>(c)</sup> | 4222 | (8879) | 13101 |
| 8.500<sup>(e)</sup><br> 3M JIBAR<sup>(e)</sup> | 03/18/36 | 12090 <sup>(c)</sup> | (53978) | (37843) | (16135) |
|  3M NZDOR<sup>(e)</sup><br> 4.000<sup>(f)</sup> | 03/18/36 | 5920 <sup>(c)</sup> | (39654) | (62713) | 23059 |
|  6M WIBOR<sup>(f)</sup><br> 4.500<sup>(a)</sup> | 03/18/36 | 1210 <sup>(c)</sup> | 8366 | (2452) | 10818 |
|  12M CLICP<sup>(f)</sup><br> 5.250<sup>(f)</sup> | 03/18/36 | 88750 <sup>(c)</sup> | 398 | 472 | (74) |

---

------

GOLDMAN SACHS BOND FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made<br>by the Fund** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  6M BUBOR<sup>(f)</sup><br> 6.500%<sup>(a)</sup> | 03/18/36 | 8410 <sup>(c)</sup> | $(19) | $(50) | $31 |
|  4.250%<sup>(f)</sup><br> 6M AUDOR<sup>(f)</sup> | 03/18/36 | 2130 <sup>(c)</sup> | 63017 | 62513 | 504 |
| 2.500<sup>(a)</sup><br> 6M EURO<sup>(f)</sup> | 03/18/36 | 6340 <sup>(c)</sup> | 296055 | 295838 | 217 |
| 4.000<sup>(a)</sup><br> 6M NIBOR<sup>(f)</sup> | 03/18/36 | 23940 <sup>(c)</sup> | 28835 | 36845 | (8010) |
| 4.000<sup>(a)</sup><br> 6M PRIBOR<sup>(f)</sup> | 03/18/36 | 2680 <sup>(c)</sup> | 1449 | 436 | 1013 |
| 3.805<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 08/31/36 | $19540 <sup>(c)</sup> | 78119 | (152117) | 230236 |
| 4.250<sup>(a)</sup><br> 12M GBP<sup>(a)</sup> | 01/31/39 | 4980 <sup>(c)</sup> | (46514) | (12955) | (33559) |
|  12M SOFR<sup>(a)</sup><br> 4.574<sup>(a)</sup> | 07/16/40 | $25600 <sup>(c)</sup> | (114772) | (36456) | (78316) |
|  12M SOFR<sup>(a)</sup><br> 4.438<sup>(a)</sup> | 10/09/40 | 9780 <sup>(c)</sup> | (88187) | (1648) | (86539) |
|  12M JYOR<sup>(a)</sup><br> 2.160<sup>(a)</sup> | 08/02/44 | 2141782 <sup>(c)</sup> | (657929) | (704095) | 46166 |
|  6M EURO<sup>(f)</sup><br> 2.750<sup>(a)</sup> | 03/18/46 | 1430 <sup>(c)</sup> | (126731) | (123714) | (3017) |
| 4.213<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 05/21/55 | $3680 <sup>(c)</sup> | 104139 | 13812 | 90327 |
| 3.848<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 07/17/55 | 20720 <sup>(c)</sup> | 249844 | 34990 | 214854 |
| 2.800<sup>(a)</sup><br> 6M EURO<sup>(f)</sup> | 08/13/55 | 7000 <sup>(c)</sup> | 392549 | 101728 | 290821 |
|  6M EURO<sup>(f)</sup><br> 2.900<sup>(a)</sup> | 08/15/55 | 4060 <sup>(c)</sup> | (88426) | 672 | (89098) |
| 3.828<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 01/30/56 | $2960 <sup>(c)</sup> | 169819 | 77633 | 92186 |
|  12M JYOR<sup>(a)</sup><br> 2.250<sup>(a)</sup> | 03/18/56 | 210000 <sup>(c)</sup> | (167932) | (162747) | (5185) |
| 2.500<sup>(a)</sup><br> 6M EURO<sup>(f)</sup> | 03/18/56 | 1810 <sup>(c)</sup> | 314949 | 309487 | 5462 |
|  12M EURO<sup>(a)</sup><br> 2.530<sup>(a)</sup> | 03/19/56 | 6690 <sup>(c)</sup> | (839185) | (322333) | (516852) |
| 2.610<sup>(a)</sup><br> 6M EURO<sup>(f)</sup> | 03/19/56 | 6690 <sup>(c)</sup> | 995884 | 353833 | 642051 |
| 3.100<sup>(a)</sup><br> 6M EURO<sup>(f)</sup> | 08/15/56 | 5270 <sup>(c)</sup> | 192022 | 93252 | 98770 |
| 2.600<sup>(a)</sup><br> 6M EURO<sup>(f)</sup> | 08/16/75 | 2830 <sup>(c)</sup> | 33311 | (15388) | 48699 |
| 3.000<sup>(a)</sup><br> 6M EURO<sup>(f)</sup> | 03/18/76 | 800 <sup>(c)</sup> | 33448 | 33611 | (163) |
|  **TOTAL** |  |  | $1756953 | $(310186) | $2067139 |

---

(a) Payments made annually.

(b) Payments made at maturity.

(c) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2025.

(d) Payments made at monthly.

(e) Payments made quarterly. <sup>(f)</sup> Payments made semi-annually.

**OVER-THE-COUNTER CREDIT DEFAULT SWAP CONTRACTS** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br>Obligation/Index** | **Financing Rate<br>Received/(Paid) by<br>the Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>December 31,<br>2025<sup>(b)</sup>** | **Counterparty** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** |  |  |  |
|  CMBX.NA.AAA.17 | 0.500% | 0.692% | MS & Co. Int. PLC | 12/15/56 | $1800 | $(20629) | $(22616) | $1987 |

---

(a) Payments made monthly.

(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its
counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

------

GOLDMAN SACHS BOND FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced<br>Obligation/Index** | **Financing Rate**<br> **Received/(Paid) by**<br> **the Fund<sup>(a)</sup>** | **Credit**<br> **Spread at**<br> **December 31,**<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 Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** |  |  |  |
|  CDX.NA.IG Index 43 | 1.000% | 0.400% | 12/20/29 | $23000 | $519658 | $375357 | $144301 |
|  CDX.NA.IG Index 45 | 1.000 | 0.499 | 12/20/30 | 4415 | 101364 | 95422 | 5942 |
|  **TOTAL** |  |  |  |  | $621022 | $470779 | $150243 |

---

(a) Payments made quarterly.

(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its
counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

**PURCHASED AND WRITTEN OPTIONS CONTRACTS** — At December 31, 2025, the Fund 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 Fund** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  6M IRS | Barclays Bank PLC | 2.250% | 01/30/2026 | 7640000 | $7640000 | $4265 | $34474 | $(30209) |
|  6M IRS | Barclays Bank PLC | 1.750 | 01/30/2026 | 7640000 | 7640000 | 21 | 5237 | (5216) |
|  6M IRS | Barclays Bank PLC | 3.400 | 05/14/2026 | 4340000 | 4340000 | 12026 | 13681 | (1655) |
|  2Y IRS | BNP Paribas SA | 1.950 | 05/11/2026 | 2370000 | 2370000 | 535 | 29991 | (29456) |
|  2Y IRS | BNP Paribas SA | 2.000 | 11/11/2026 | 2390000 | 2390000 | 2882 | 35923 | (33041) |
|  2Y IRS | BNP Paribas SA | 2.250 | 03/08/2027 | 6830000 | 6830000 | 17614 | 46353 | (28739) |
|  9M IRS | BNP Paribas SA | 2.450 | 03/24/2026 | 1280000 | 1280000 | 535 | 20254 | (19719) |
|  9M IRS | BNP Paribas SA | 2.250 | 04/29/2026 | 1770000 | 1770000 | 1624 | 11950 | (10326) |
|  1Y IRS | BofA Securities LLC | 2.000 | 09/04/2026 | 3620000 | 3620000 | 2992 | 11089 | (8097) |
|  |  |  |  | 37880000 | $37880000 | $42494 | $208952 | $(166458) |
|  **Puts** | **Puts** |  |  |  |  |  |  |  |
|  4Y IRS | Citibank NA | 2.180 | 12/03/2029 | 1183230000 | 1183230000 | 136921 | 111622 | 25299 |
|  3M IRS | JPMorgan Securities, Inc. | 3.302 | 01/28/2026 | 5760000 | 5760000 | 6917 | 7776 | (859) |
|  |  |  |  | 1188990000 | $1188990000 | $143838 | $119398 | $24440 |
|  **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** | 1226870000 | $1226870000 | $186332 | $328350 | $(142018) |
|  **Written option contracts** | **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  1M IRS | Barclays Bank PLC | 2.917 | 01/15/2026 | (2270000) | (2270000) | (8806) | (14738) | 5932 |
|  1M IRS | Barclays Bank PLC | 2.985 | 01/22/2026 | (2320000) | (2320000) | (19995) | (14522) | (5473) |
|  6M IRS | Barclays Bank PLC | 2.000 | 01/30/2026 | (15280000) | (15280000) | (420) | (28801) | 28381 |
|  6M IRS | Barclays Bank PLC | 3.893 | 05/14/2026 | (1010000) | (1010000) | (11879) | (13670) | 1791 |
|  2Y IRS | BNP Paribas SA | 2.085 | 11/11/2026 | (710000) | (710000) | (810) | (36275) | 35465 |
|  6M IRS | BNP Paribas SA | 2.690 | 03/08/2027 | (640000) | (640000) | (10065) | (28716) | 18651 |
|  9M IRS | BNP Paribas SA | 2.498 | 03/24/2026 | (540000) | (540000) | (284) | (20351) | 20067 |
|  9M IRS | BNP Paribas SA | 2.586 | 04/29/2026 | (410000) | (410000) | (721) | (11953) | 11232 |
|  9M IRS | BNP Paribas SA | 2.400 | 05/11/2026 | (723810) | (723810) | (346) | (9494) | 9148 |
|  1M IRS | BofA Securities LLC | 2.753 | 01/02/2026 | (2360000) | (2360000) |  | (12802) | 12802 |

---

------

GOLDMAN SACHS BOND FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**OVER-THE-COUNTER INTEREST RATE SWAPTIONS (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise**<br> **Rate** | **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 (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** |  |  |  |  |  |  |
|  **Calls (continued)** | **Calls (continued)** |  |  |  |  |  |  |  |
|  1M IRS | BofA Securities LLC | 2.815% | 01/09/2026 | (2350000) | $(2350000) | $(973) | $(13751) | $12778 |
|  1Y IRS | BofA Securities LLC | 2.551 | 09/04/2026 | (360000) | (360000) | (1939) | (11213) | 9274 |
|  1M IRS | Citibank NA | 3.686 | 01/02/2026 | (2420000) | (2420000) | (5) | (16849) | 16844 |
|  1M IRS | Deutsche Bank AG (London) | 3.764 | 01/08/2026 | (2420000) | (2420000) | (3828) | (16831) | 13003 |
|  1M IRS | MS & Co. Int. PLC | 3.785 | 01/15/2026 | (2370000) | (2370000) | (8374) | (16483) | 8109 |
|  1M IRS | MS & Co. Int. PLC | 3.788 | 01/22/2026 | (2410000) | (2410000) | (10491) | (14068) | 3577 |
|  |  |  |  | (38593810) | $(38593810) | $(78936) | $(280517) | $201581 |
|  **Puts** | **Puts** |  |  |  |  |  |  |  |
|  1M IRS | Barclays Bank PLC | 2.917 | 01/15/2026 | (2270000) | (2270000) | (12536) | (14738) | 2202 |
|  1M IRS | Barclays Bank PLC | 2.985 | 01/22/2026 | (2320000) | (2320000) | (8272) | (14522) | 6250 |
|  1M IRS | BofA Securities LLC | 2.753 | 01/02/2026 | (2360000) | (2360000) | (42384) | (12802) | (29582) |
|  1M IRS | BofA Securities LLC | 2.815 | 01/09/2026 | (2350000) | (2350000) | (28857) | (13751) | (15106) |
|  1M IRS | Citibank NA | 3.686 | 01/02/2026 | (2420000) | (2420000) | (21998) | (16849) | (5149) |
|  4Y IRS | Citibank NA | 3.336 | 12/03/2029 | (361840000) | (361840000) | (125993) | (111621) | (14372) |
|  1M IRS | Deutsche Bank AG (London) | 3.764 | 01/08/2026 | (2420000) | (2420000) | (10276) | (16831) | 6555 |
|  1M IRS | MS & Co. Int. PLC | 3.785 | 01/15/2026 | (2370000) | (2370000) | (10811) | (16483) | 5672 |
|  1M IRS | MS & Co. Int. PLC | 3.788 | 01/22/2026 | (2410000) | (2410000) | (12594) | (14068) | 1474 |
|  |  |  |  | (380760000) | $(380760000) | $(273721) | $(231665) | $(42056) |
|  **Total written option contracts** | **Total written option contracts** |  |  | (419353810) | $(419353810) | $(352657) | $(512182) | $159525 |
|  **TOTAL** |  |  |  | 807516190 | $807516190 | $(166325) | $(183832) | $17507 |

---

**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 USD/Put HUF | Barclays Bank PLC | $339.000 | 02/02/2026 | 6310000 | $6310000 | $17132 | $36661 | $(19529) |
|  Call USD/Put ZAR | Barclays Bank PLC | 17.175 | 01/15/2026 | 6323000 | 6323000 | 4780 | 54314 | (49534) |
|  Call USD/Put CNH | BNP Paribas SA | 7.020 | 01/29/2026 | 6201000 | 6201000 | 6585 | 15762 | (9177) |
|  Call USD/Put HUF | BNP Paribas SA | 337.500 | 02/06/2026 | 6162000 | 6162000 | 24537 | 42456 | (17919) |
|  Call USD/Put MXN | BNP Paribas SA | 18.235 | 02/09/2026 | 3067000 | 3067000 | 18546 | 28008 | (9462) |
|  Call USD/Put MXN | BNP Paribas SA | 18.350 | 02/12/2026 | 3069000 | 3069000 | 16336 | 30405 | (14069) |
|  Call USD/Put ZAR | BNP Paribas SA | 17.440 | 01/09/2026 | 3170000 | 3170000 | 368 | 36295 | (35927) |
|  Call USD/Put ZAR | BNP Paribas SA | 16.975 | 01/26/2026 | 6133000 | 6133000 | 15283 | 50266 | (34983) |
|  Call USD/Put ZAR | BofA Securities LLC | 16.785 | 01/26/2026 | 6158000 | 6158000 | 27194 | 64684 | (37490) |
|  Call USD/Put JPY | Citibank NA | 156.700 | 01/06/2026 | 6299000 | 6299000 | 16472 | 57957 | (41485) |
|  Call USD/Put COP | Deutsche Bank AG (London) | 3975.000 | 01/27/2026 | 3098000 | 3098000 | 13585 | 35639 | (22054) |
|  Call USD/Put CNH | HSBC Bank PLC | 7.110 | 01/29/2026 | 9444000 | 9444000 | 1313 | 26160 | (24847) |
|  Call USD/Put COP | JPMorgan Securities, Inc. | 3910.000 | 01/15/2026 | 3071000 | 3071000 | 10245 | 37589 | (27344) |
|  Call USD/Put MXN | JPMorgan Securities, Inc. | 18.555 | 02/09/2026 | 3071000 | 3071000 | 8829 | 30710 | (21881) |
|  Call USD/Put ZAR | JPMorgan Securities, Inc. | 17.440 | 01/09/2026 | 3170000 | 3170000 | 368 | 34299 | (33931) |
|  Call USD/Put COP | MS & Co. Int. PLC | 3891.000 | 01/06/2026 | &nbsp;&nbsp;&nbsp;&nbsp;3147000 | &nbsp;&nbsp;&nbsp;&nbsp;3147000 | &nbsp;&nbsp;&nbsp;&nbsp;1743 | &nbsp;&nbsp;&nbsp;&nbsp;38655 | (36912) |

---

------

GOLDMAN SACHS BOND FUND

*December 31, 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)** | **Purchased option contracts (continued)** |  |  |  |  |  |
|  **Calls (continued)** | **Calls (continued)** | **Calls (continued)** |  |  |  |  |  |  |
|  Call USD/Put COP | MS & Co. Int. PLC | $3800.000 | 01/15/2026 | 3162000 | $3162000 | $38421 | $44834 | $(6413) |
|  Call USD/Put ZAR | MS & Co. Int. PLC | 17.850 | 01/09/2026 | 3170000 | 3170000 | 63 | 32964 | (32901) |
|  Call USD/Put CNH | Standard Chartered |  |  |  |  |  |  |  |
|  | Bank | 7.060 | 01/29/2026 | 9511000 | 9511000 | 4090 | 31348 | (27258) |
|  |  |  |  | 93736000 | $93736000 | $225890 | $729006 | $(503116) |
|  **Puts** |  |  |  |  |  |  |  |  |
|  Put NZD/Call USD | Barclays Bank PLC | 0.574 | 01/22/2026 | 21945000 | 21945000 | 74381 | 102376 | (27995) |
|  Put EUR/Call USD | BNP Paribas SA | 1.162 | 01/12/2026 | 8188000 | 8188000 | 4503 | 49664 | (45161) |
|  Put EUR/Call USD | BNP Paribas SA | 1.150 | 01/22/2026 | 8178000 | 8178000 | 3210 | 63908 | (60698) |
|  Put NZD/Call USD | BNP Paribas SA | 0.565 | 01/22/2026 | 22615000 | 22615000 | 24101 | 126978 | (102877) |
|  Put USD/Call JPY | BNP Paribas SA | 152.950 | 01/14/2026 | 3073000 | 3073000 | 2753 | 17409 | (14656) |
|  Put EUR/Call USD | BofA Securities LLC | 1.170 | 01/30/2026 | 7910000 | 7910000 | 33484 | 52823 | (19339) |
|  Put EUR/Call USD | BofA Securities LLC | 1.175 | 02/10/2026 | 7908000 | 7908000 | 57852 | 49640 | 8212 |
|  Put USD/Call BRL | BofA Securities LLC | 5.550 | 01/13/2026 | 3079000 | 3079000 | 41536 | 42641 | (1105) |
|  Put USD/Call CAD | BofA Securities LLC | 1.380 | 02/09/2026 | 6142000 | 6142000 | 63521 | 46065 | 17456 |
|  Put USD/Call JPY | BofA Securities LLC | 152.250 | 01/16/2026 | 6133000 | 6133000 | 5238 | 29579 | (24341) |
|  Put GBP/Call USD | Citibank NA | 1.335 | 01/28/2026 | 4743000 | 4743000 | 18061 | 58257 | (40196) |
|  Put NZD/Call USD | Citibank NA | 0.555 | 01/22/2026 | 22423000 | 22423000 | 5874 | 127296 | (121422) |
|  Put USD/Call JPY | Citibank NA | 150.100 | 01/14/2026 | 9218000 | 9218000 | 1650 | 12434 | (10784) |
|  Put USD/Call JPY | Citibank NA | 151.850 | 01/16/2026 | 6142000 | 6142000 | 4299 | 24810 | (20511) |
|  Put USD/Call JPY | Citibank NA | 146.750 | 02/03/2026 | 9469000 | 9469000 | 3863 | 20032 | (16169) |
|  Put EUR/Call USD | Deutsche Bank AG (London) | 1.164 | 01/22/2026 | 8158000 | 8158000 | 14103 | 54647 | (40544) |
|  Put EUR/Call USD | Deutsche Bank AG (London) | 1.158 | 01/30/2026 | 8188000 | 8188000 | 11422 | 56855 | (45433) |
|  Put GBP/Call USD | HSBC Bank PLC | 1.335 | 02/05/2026 | 4730000 | 4730000 | 24368 | 62069 | (37701) |
|  Put USD/Call JPY | JPMorgan Securities, Inc. | 150.800 | 02/03/2026 | 3156000 | 3156000 | 5255 | 11788 | (6533) |
|  Put EUR/Call USD | MS & Co. Int. PLC | 1.144 | 01/09/2026 | 8238000 | 8238000 | 155 | 56383 | (56228) |
|  Put AUD/Call USD | Standard Chartered Bank | 0.644 | 01/28/2026 | 4918000 | 4918000 | 2898 | 30615 | (27717) |
|  Put NZD/Call USD | Standard Chartered Bank | 0.580 | 02/03/2026 | 16054000 | 16054000 | 121131 | 68955 | 52176 |
|  Put AUD/Call USD | UBS AG (London) | 0.660 | 01/28/2026 | 9556000 | 9556000 | 28104 | 56087 | (27983) |
|  Put EUR/Call CHF | UBS AG (London) | 0.924 | 02/25/2026 | 5481000 | 5481000 | 26731 | 37652 | (10921) |
|  |  |  |  | 215645000 | $215645000 | $578493 | $1258963 | $(680470) |
|  **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** |  | 309381000 | $309381000 | $804383 | $1987969 | $(1183586) |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  Call EUR/Put SEK | Barclays Bank PLC | 10.960 | 01/07/2026 | (1355000) | (1355000) | (182) | (8133) | 7951 |
|  Call USD/Put HUF | Barclays Bank PLC | 329.900 | 02/02/2026 | (3155000) | (3155000) | (27143) | (44047) | 16904 |
|  Call USD/Put ZAR | Barclays Bank PLC | 17.440 | 01/09/2026 | (6340000) | (6340000) | (735) | (26057) | 25322 |
|  Call AUD/Put NZD | BNP Paribas SA | 1.144 | 01/05/2026 | (2403000) | (2403000) | (20974) | (7686) | (13288) |
|  Call AUD/Put NZD | BNP Paribas SA | 1.146 | 01/08/2026 | (2329000) | (2329000) | (17577) | (5045) | (12532) |
|  Call USD/Put CNH | BNP Paribas SA | 7.055 | 01/08/2026 | (1531000) | (1531000) | (63) | (3896) | 3833 |
|  Call USD/Put CNH | BNP Paribas SA | 7.060 | 01/29/2026 | (9511000) | (9511000) | (4090) | (8980) | 4890 |
|  Call USD/Put HUF | BNP Paribas SA | 330.150 | 02/06/2026 | (3081000) | (3081000) | (28866) | (43812) | 14946 |
|  Call USD/Put MXN | BNP Paribas SA | 18.555 | 02/09/2026 | (3071000) | (3071000) | (8830) | (16114) | 7284 |
|  Call USD/Put ZAR | BNP Paribas SA | 17.850 | 01/09/2026 | (3170000) | (3170000) | (64) | (19147) | 19083 |

---

------

GOLDMAN SACHS BOND FUND

*December 31, 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)** |
|  **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** |  |  |  |  |  |  |
|  **Calls (continued)** | **Calls (continued)** |  |  |  |  |  |  |  |
|  Call USD/Put ZAR | BNP Paribas SA | $17.175 | 01/15/2026 | (6323000) | $(6323000) | $(4780) | $(25102) | $20322 |
|  Call EUR/Put PLN | BofA Securities LLC | 4.233 | 01/08/2026 | (1323000) | (1323000) | (1382) | (6398) | 5016 |
|  Call USD/Put BRL | BofA Securities LLC | 5.656 | 01/13/2026 | (3069000) | (3069000) | (7912) | (19461) | 11549 |
|  Call USD/Put ZAR | BofA Securities LLC | 16.975 | 01/26/2026 | (12315000) | (12315000) | (30689) | (81599) | 50910 |
|  Call AUD/Put NZD | Citibank NA | 1.145 | 01/20/2026 | (2343000) | (2343000) | (19801) | (7319) | (12482) |
|  Call USD/Put COP | Deutsche Bank AG (London) | 3910.000 | 01/15/2026 | (3071000) | (3071000) | (10245) | (44668) | 34423 |
|  Call USD/Put SGD | Deutsche Bank AG (London) | 1.292 | 01/13/2026 | (1535000) | (1535000) | (689) | (6160) | 5471 |
|  Call AUD/Put NZD | JPMorgan Securities, Inc. | 1.146 | 01/14/2026 | (2302000) | (2302000) | (17552) | (7549) | (10003) |
|  Call USD/Put CAD | JPMorgan Securities, Inc. | 1.379 | 01/02/2026 | (1551000) | (1551000) | (164) | (3885) | 3721 |
|  Call USD/Put COP | JPMorgan Securities, Inc. | 3800.000 | 01/15/2026 | (3162000) | (3162000) | (38421) | (82607) | 44186 |
|  Call USD/Put JPY | JPMorgan Securities, Inc. | 156.700 | 01/06/2026 | (6299000) | (6299000) | (16472) | (92847) | 76375 |
|  Call USD/Put SGD | JPMorgan Securities, Inc. | 1.292 | 01/02/2026 | (1551000) | (1551000) | (3) | (2947) | 2944 |
|  Call USD/Put COP | MS & Co. Int. PLC | 3891.000 | 01/06/2026 | (3147000) | (3147000) | (1743) | (15974) | 14231 |
|  Call USD/Put CAD | Royal Bank of Canada | 1.375 | 01/06/2026 | (1535000) | (1535000) | (1710) | (5513) | 3803 |
|  Call USD/Put CAD | Royal Bank of Canada | 1.377 | 01/16/2026 | (1540000) | (1540000) | (3551) | (7271) | 3720 |
|  Call USD/Put CNH | Standard Chartered Bank | 7.110 | 01/29/2026 | (9444000) | (9444000) | (1313) | (11201) | 9888 |
|  |  |  |  | (96456000) | $(96456000) | $(264951) | $(603418) | $338467 |
|  **Puts** |  |  |  |  |  |  |  |  |
|  Put EUR/Call SEK | Barclays Bank PLC | 10.960 | 01/07/2026 | (1355000) | (1355000) | (20628) | (8133) | (12495) |
|  Put NZD/Call USD | Barclays Bank PLC | 0.565 | 01/22/2026 | (22615000) | (22615000) | (24101) | (50338) | 26237 |
|  Put AUD/Call NZD | BNP Paribas SA | 1.144 | 01/05/2026 | (2403000) | (2403000) | (2) | (7686) | 7684 |
|  Put AUD/Call NZD | BNP Paribas SA | 1.146 | 01/08/2026 | (2329000) | (2329000) | (199) | (5046) | 4847 |
|  Put EUR/Call USD | BNP Paribas SA | 1.164 | 01/22/2026 | (5384114) | (5384114) | (9308) | (14809) | 5501 |
|  Put NZD/Call USD | BNP Paribas SA | 0.555 | 01/22/2026 | (22423000) | (22423000) | (5874) | (60434) | 54560 |
|  Put USD/Call CNH | BNP Paribas SA | 7.055 | 01/08/2026 | (1531000) | (1531000) | (18156) | (3896) | (14260) |
|  Put USD/Call JPY | BNP Paribas SA | 150.100 | 01/14/2026 | (9218000) | (9218000) | (1650) | (17481) | 15831 |
|  Put EUR/Call PLN | BofA Securities LLC | 4.233 | 01/08/2026 | (1323000) | (1323000) | (6098) | (6398) | 300 |
|  Put EUR/Call USD | BofA Securities LLC | 1.162 | 01/12/2026 | (8188000) | (8188000) | (4503) | (38861) | 34358 |
|  Put EUR/Call USD | BofA Securities LLC | 1.164 | 01/22/2026 | (2773886) | (2773886) | (4795) | (9842) | 5047 |
|  Put EUR/Call USD | BofA Securities LLC | 1.158 | 01/30/2026 | (8188000) | (8188000) | (11422) | (24033) | 12611 |
|  Put USD/Call CAD | BofA Securities LLC | 1.363 | 02/09/2026 | (9214000) | (9214000) | (34479) | (27642) | (6837) |
|  Put USD/Call JPY | BofA Securities LLC | 154.350 | 01/16/2026 | (3067000) | (3067000) | (7548) | (30189) | 22641 |
|  Put AUD/Call NZD | Citibank NA | 1.145 | 01/20/2026 | (2343000) | (2343000) | (783) | (7319) | 6536 |
|  Put EUR/Call USD | Citibank NA | 1.170 | 01/02/2026 | (2645000) | (2645000) | (585) | (5767) | 5182 |
|  Put GBP/Call USD | Citibank NA | 1.314 | 01/28/2026 | (5929000) | (5929000) | (5299) | (29477) | 24178 |
|  Put USD/Call JPY | Citibank NA | 152.950 | 01/14/2026 | (3073000) | (3073000) | (2753) | (12413) | 9660 |
|  Put USD/Call JPY | Citibank NA | 153.950 | 01/16/2026 | (3071000) | (3071000) | (6179) | (26148) | 19969 |
|  Put USD/Call JPY | Citibank NA | 150.800 | 02/03/2026 | (3156000) | (3156000) | (5255) | (18449) | 13194 |
|  Put EUR/Call USD | Deutsche Bank AG (London) | 1.144 | 01/09/2026 | (8238000) | (8238000) | (155) | (16316) | 16161 |
|  Put EUR/Call USD | Deutsche Bank AG (London) | 1.150 | 01/22/2026 | (8178000) | (8178000) | (3210) | (22544) | 19334 |

---

------

GOLDMAN SACHS BOND FUND

*December 31, 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)** |
|  **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** |  |  |  |  |  |  |
|  **Puts (continued)** | **Puts (continued)** |  |  |  |  |  |  |  |
|  Put USD/Call SGD | Deutsche Bank AG (London) | $1.292 | 01/13/2026 | (1535000) | $(1535000) | $(9009) | $(6160) | $(2849) |
|  Put GBP/Call USD | HSBC Bank PLC | 1.312 | 02/05/2026 | (5913000) | (5913000) | (8090) | (31620) | 23530 |
|  Put AUD/Call NZD | JPMorgan Securities, Inc. | 1.146 | 01/14/2026 | (2302000) | (2302000) | (561) | (7562) | 7001 |
|  Put USD/Call CAD | JPMorgan Securities, Inc. | 1.379 | 01/02/2026 | (1551000) | (1551000) | (7556) | (3885) | (3671) |
|  Put USD/Call JPY | JPMorgan Securities, Inc. | 146.750 | 02/03/2026 | (9469000) | (9469000) | (3863) | (9516) | 5653 |
|  Put USD/Call SGD | JPMorgan Securities, Inc. | 1.292 | 01/02/2026 | (1551000) | (1551000) | (8068) | (2947) | (5121) |
|  Put USD/Call CAD | Royal Bank of Canada | 1.375 | 01/06/2026 | (1535000) | (1535000) | (4694) | (5513) | 819 |
|  Put USD/Call CAD | Royal Bank of Canada | 1.377 | 01/16/2026 | (1540000) | (1540000) | (9125) | (7272) | (1853) |
|  Put NZD/Call USD | Standard Chartered Bank | 0.574 | 01/22/2026 | (16458724) | (16458724) | (55786) | (26822) | (28964) |
|  Put AUD/Call USD | UBS AG (London) | 0.644 | 01/28/2026 | (4918000) | (4918000) | (2898) | (19917) | 17019 |
|  Put NZD/Call USD | UBS AG (London) | 0.574 | 01/22/2026 | (5486276) | (5486276) | (18595) | (21630) | 3035 |
|  |  |  |  | (188904000) | $(188904000) | $(301227) | $(586065) | $284838 |
|  **Total written option contracts** | **Total written option contracts** |  |  | (285360000) | $(285360000) | $(566178) | $(1189483) | $623305 |
|  **TOTAL** |  |  |  | 24021000 | $24021000 | $238205 | $798486 | $(560281) |

---

------

GOLDMAN SACHS BOND FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| AUD | — Australian Dollar |
| BRL | — Brazil Real |
| CAD | — Canadian Dollar |
| CHF | — Swiss Franc |
| CLP | — Chilean Peso |
| CNH | — Chinese Yuan Renminbi Offshore |
| CNY | — Chinese Yuan Renminbi |
| COP | — Colombia Peso |
| CZK | — Czech Republic Koruna |
| EUR | — Euro |
| GBP | — British Pound |
| HUF | — Hungarian Forint |
| ILS | — Israeli Shekel |
| INR | — Indian Rupee |
| JPY | — Japanese Yen |
| KRW | — South Korean Won |
| MXN | — Mexican Peso |
| NOK | — Norwegian Krone |
| NZD | — New Zealand Dollar |
| PLN | — Polish Zloty |
| SEK | — Swedish Krona |
| SGD | — Singapore Dollar |
| THB | — Thailand Baht |
| TRY | — Turkish Lira |
| TWD | — Taiwan Dollar |
| USD | — U.S. Dollar |
| ZAR | — South African Rand |
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| CLO | — Collateralized Loan Obligation |
| CMT | — Constant Maturity Treasury Indexes |
| EURIBOR | — Euro Interbank Offered Rate |
| GO | — General Obligation |
| LLC | — Limited Liability Company |
| LP | — Limited Partnership |
| MSCI | — Morgan Stanley Capital International |
| PLC | — Public Limited Company |
| RB | — Revenue Bond |
| REMICS | — Real Estate Mortgage Investment Conduits |
| RFUCC | — Refinitive USD IBOR Consumer Cash Fallbacks 1 year |
| SOFR | — Secured Overnight Financing Rate |
| **Abbreviations:** | **Abbreviations:** |
| 1M IRS | — 1 Month Interest Rate Swaptions |
| 1Y IRS | — 1 Year Interest Rate Swaptions |
| 2Y IRS | — 2 Year Interest Rate Swaptions |
| 3M IRS | — 3 Months Interest Rate Swaptions |
| 4Y IRS | — 4 Year Interest Rate Swaptions |
| 6M IRS | — 6 Month Interest Rate Swaptions |
| 9M IRS | — 9 Months Interest Rate Swaptions |
| AUDOR | — Australian Dollar Offered Rate |
| BofA Securities LLC | — Bank of America Securities LLC |
| BUBOR | — Budapest Interbank Offered Rate |
| CDOR | — Canadian Dollar Offered Rate |
| CDX.NA.IG Ind 43 | — CDX North America Investment Grade Index 43 |
| CDX.NA.IG Ind 45 | — CDX North America Investment Grade Index 45 |
| CHFOR | — Swiss Franc Offered Rate |
| CLICP | — Sinacofi Chile Interbank Rate |
| CMBX | — Commercial Mortgage Backed Securities Index |
| CNRR | — China Fixing Repo Rate |
| EURO | — Euro Offered Rate |
| JIBAR | — Johannesburg Interbank Agreed Rate |
| JYOR | — Japanese Yen Offered Rate |
| KWCDC | — South Korean Won Certificate of Deposit |
| MIBOR | — Mumbai Interbank Offered Rate |
| MS & Co. Int. PLC | — Morgan Stanley & Co. International PLC |
| NIBOR | — Norwegian Interbank Offered Rate |
| NZDOR | — New Zealand Dollar Offered Rate |
| PRIBOR | — Prague Interbank Offered Rate |
| SOFR | — Secured Overnight Financing Rate |
| STIBOR | — Stockholm Interbank Offered Rate |
| TIIE | — La Tasa de Interbank Equilibrium Interest Rate |
| WIBOR | — Warsaw Interbank Offered Rate |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

## Schedule of Investments
*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – 44.4%** | **Mortgage-Backed Obligations – 44.4%** | **Mortgage-Backed Obligations – 44.4%** | **Mortgage-Backed Obligations – 44.4%** |
| **Collateralized Mortgage Obligations – 3.3%** | **Collateralized Mortgage Obligations – 3.3%** | **Collateralized Mortgage Obligations – 3.3%** | **Collateralized Mortgage Obligations – 3.3%** |
| **Regular Floater<sup>(a)</sup> – 0.3%** | **Regular Floater<sup>(a)</sup> – 0.3%** | **Regular Floater<sup>(a)</sup> – 0.3%** | **Regular Floater<sup>(a)</sup> – 0.3%** |
| Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%) | Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%) | Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%) | Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%) |
| 3054070 | 4.874% | 02/25/55 | $3054471 |
| Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) |
| 5351764 | 4.874 | 03/25/55 | 5340210 |
|  |  |  | 8394681 |
| **Sequential Fixed Rate – 1.2%** | **Sequential Fixed Rate – 1.2%** | **Sequential Fixed Rate – 1.2%** | **Sequential Fixed Rate – 1.2%** |
| Federal Home Loan Mortgage Corp. REMICS Series 4246, Class PT | Federal Home Loan Mortgage Corp. REMICS Series 4246, Class PT | Federal Home Loan Mortgage Corp. REMICS Series 4246, Class PT | Federal Home Loan Mortgage Corp. REMICS Series 4246, Class PT |
| 53726 | 6.500 | 02/15/36 | 56265 |
| Federal Home Loan Mortgage Corp. REMICS Series 2755, Class ZA | Federal Home Loan Mortgage Corp. REMICS Series 2755, Class ZA | Federal Home Loan Mortgage Corp. REMICS Series 2755, Class ZA | Federal Home Loan Mortgage Corp. REMICS Series 2755, Class ZA |
| 129528 | 5.000 | 02/15/34 | 131029 |
| Federal National Mortgage Association REMICS Series 2011-99, Class DB | Federal National Mortgage Association REMICS Series 2011-99, Class DB | Federal National Mortgage Association REMICS Series 2011-99, Class DB | Federal National Mortgage Association REMICS Series 2011-99, Class DB |
| 241552 | 5.000 | 10/25/41 | 243797 |
| Federal National Mortgage Association REMICS Series 2012-111, Class B | Federal National Mortgage Association REMICS Series 2012-111, Class B | Federal National Mortgage Association REMICS Series 2012-111, Class B | Federal National Mortgage Association REMICS Series 2012-111, Class B |
| 44230 | 7.000 | 10/25/42 | 47536 |
| Federal National Mortgage Association REMICS Series 2012-153, Class B | Federal National Mortgage Association REMICS Series 2012-153, Class B | Federal National Mortgage Association REMICS Series 2012-153, Class B | Federal National Mortgage Association REMICS Series 2012-153, Class B |
| 162418 | 7.000 | 07/25/42 | 176419 |
| Federal National Mortgage Association REMICS Series 2011-52, Class GB | Federal National Mortgage Association REMICS Series 2011-52, Class GB | Federal National Mortgage Association REMICS Series 2011-52, Class GB | Federal National Mortgage Association REMICS Series 2011-52, Class GB |
| 268106 | 5.000 | 06/25/41 | 270521 |
| Government National Mortgage Association REMICS Series 2021- 135, Class A | Government National Mortgage Association REMICS Series 2021- 135, Class A | Government National Mortgage Association REMICS Series 2021- 135, Class A | Government National Mortgage Association REMICS Series 2021- 135, Class A |
| 11825727 | 2.000 <sup>(b)</sup> | 08/20/51 | 9906982 |
| JP Morgan Mortgage Trust Series 2024-VIS2, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS2, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS2, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS2, Class A1 |
| 2927694 | 5.853 <sup>(b)(c)(d)</sup> | 11/25/64 | 2963732 |
| JP Morgan Mortgage Trust Series 2025-NQM5, Class A1A | JP Morgan Mortgage Trust Series 2025-NQM5, Class A1A | JP Morgan Mortgage Trust Series 2025-NQM5, Class A1A | JP Morgan Mortgage Trust Series 2025-NQM5, Class A1A |
| 6725000 | 4.879 <sup>(b)(c)(d)</sup> | 05/25/65 | 6727763 |
| Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC1, Class A1 | Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC1, Class A1 | Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC1, Class A1 | Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC1, Class A1 |
| 5761476 | 5.562 <sup>(b)(c)(d)</sup> | 03/25/70 | 5828500 |
| OBX Trust Series 2025-NQM13, Class A1A | OBX Trust Series 2025-NQM13, Class A1A | OBX Trust Series 2025-NQM13, Class A1A | OBX Trust Series 2025-NQM13, Class A1A |
| 3214702 | 5.441 <sup>(b)(c)(d)</sup> | 05/25/65 | 3244603 |
|  |  |  | 29597147 |
| **Sequential Floating Rate<sup>(a)(b)</sup> –1.8%** | **Sequential Floating Rate<sup>(a)(b)</sup> –1.8%** | **Sequential Floating Rate<sup>(a)(b)</sup> –1.8%** | **Sequential Floating Rate<sup>(a)(b)</sup> –1.8%** |
| Angel Oak Mortgage Trust Series 2021-4, Class A1 | Angel Oak Mortgage Trust Series 2021-4, Class A1 | Angel Oak Mortgage Trust Series 2021-4, Class A1 | Angel Oak Mortgage Trust Series 2021-4, Class A1 |
| 8840845 | 1.035 <sup>(c)</sup> | 01/20/65 | 7527173 |
| Chase Home Lending Mortgage Trust Series 2024-3, Class A7 | Chase Home Lending Mortgage Trust Series 2024-3, Class A7 | Chase Home Lending Mortgage Trust Series 2024-3, Class A7 | Chase Home Lending Mortgage Trust Series 2024-3, Class A7 |
| 425000 | 6.000 <sup>(c)</sup> | 02/25/55 | 433903 |
| COLT Mortgage Loan Trust Series 2021-5, Class A1 | COLT Mortgage Loan Trust Series 2021-5, Class A1 | COLT Mortgage Loan Trust Series 2021-5, Class A1 | COLT Mortgage Loan Trust Series 2021-5, Class A1 |
| 4066525 | 1.726 <sup>(c)</sup> | 11/26/66 | 3709817 |
| CSMC Trust Series 2020-AFC1, Class M1 | CSMC Trust Series 2020-AFC1, Class M1 | CSMC Trust Series 2020-AFC1, Class M1 | CSMC Trust Series 2020-AFC1, Class M1 |
| 1650000 | 2.841 <sup>(c)</sup> | 02/25/50 | 1427259 |
| Deephaven Residential Mortgage Trust Series 2021-3, Class A2 | Deephaven Residential Mortgage Trust Series 2021-3, Class A2 | Deephaven Residential Mortgage Trust Series 2021-3, Class A2 | Deephaven Residential Mortgage Trust Series 2021-3, Class A2 |
| 1430338 | 1.400 <sup>(c)</sup> | 08/25/66 | 1273559 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA5, Class M2 (1 mo. USD Term SOFR + 1.650%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA5, Class M2 (1 mo. USD Term SOFR + 1.650%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA5, Class M2 (1 mo. USD Term SOFR + 1.650%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA5, Class M2 (1 mo. USD Term SOFR + 1.650%) |
| 166408 | 5.524 <sup>(c)</sup> | 01/25/34 | 166974 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2025-DNA2, Class A1 (1 mo. USD Term SOFR + 1.100%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2025-DNA2, Class A1 (1 mo. USD Term SOFR + 1.100%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2025-DNA2, Class A1 (1 mo. USD Term SOFR + 1.100%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2025-DNA2, Class A1 (1 mo. USD Term SOFR + 1.100%) |
| 2913125 | 4.974 <sup>(c)</sup> | 05/25/45 | 2922582 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Sequential Floating Rate<sup>(a)(b)</sup> – (continued)** | **Sequential Floating Rate<sup>(a)(b)</sup> – (continued)** | **Sequential Floating Rate<sup>(a)(b)</sup> – (continued)** | **Sequential Floating Rate<sup>(a)(b)</sup> – (continued)** |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2 (1 mo. USD Term SOFR + 1.550%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2 (1 mo. USD Term SOFR + 1.550%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2 (1 mo. USD Term SOFR + 1.550%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2 (1 mo. USD Term SOFR + 1.550%) |
| 485144 | 5.424 %<sup>(c)</sup> | 10/25/41 | $486919 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2 (1 mo. USD Term SOFR + 1.650%) |
| 884000 | 5.524 <sup>(c)</sup> | 12/25/41 | 888577 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) |
| 1300000 | 5.674 <sup>(c)</sup> | 01/25/44 | 1306560 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M1 (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M1 (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M1 (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M1 (1 mo. USD Term SOFR + 1.000%) |
| 469394 | 4.874 <sup>(c)</sup> | 07/25/44 | 469442 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1M2 (1 mo. USD Term SOFR + 1.500%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1M2 (1 mo. USD Term SOFR + 1.500%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1M2 (1 mo. USD Term SOFR + 1.500%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1M2 (1 mo. USD Term SOFR + 1.500%) |
| 3450000 | 5.374 <sup>(c)</sup> | 01/25/45 | 3454628 |
| HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1 mo. USD Term SOFR + 0.594%) | HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1 mo. USD Term SOFR + 0.594%) | HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1 mo. USD Term SOFR + 0.594%) | HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1 mo. USD Term SOFR + 0.594%) |
| 20404 | 4.326 | 01/19/36 | 23191 |
| Impac CMB Trust Series 2004-8, Class 1A (1 mo. USD Term SOFR + 0.834%) | Impac CMB Trust Series 2004-8, Class 1A (1 mo. USD Term SOFR + 0.834%) | Impac CMB Trust Series 2004-8, Class 1A (1 mo. USD Term SOFR + 0.834%) | Impac CMB Trust Series 2004-8, Class 1A (1 mo. USD Term SOFR + 0.834%) |
| 10358 | 4.566 | 10/25/34 | 10194 |
| JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 |
| 2773723 | 2.520 <sup>(c)</sup> | 05/25/52 | 2391628 |
| JP Morgan Mortgage Trust Series 2024-1, Class A4 | JP Morgan Mortgage Trust Series 2024-1, Class A4 | JP Morgan Mortgage Trust Series 2024-1, Class A4 | JP Morgan Mortgage Trust Series 2024-1, Class A4 |
| 1547135 | 6.000 <sup>(c)</sup> | 06/25/54 | 1556973 |
| Mill City Mortgage Loan Trust Series 2017-2, Class A3 | Mill City Mortgage Loan Trust Series 2017-2, Class A3 | Mill City Mortgage Loan Trust Series 2017-2, Class A3 | Mill City Mortgage Loan Trust Series 2017-2, Class A3 |
| 152167 | 3.250 <sup>(c)</sup> | 07/25/59 | 149635 |
| PRKCM Trust Series 2021-AFC2, Class A1 | PRKCM Trust Series 2021-AFC2, Class A1 | PRKCM Trust Series 2021-AFC2, Class A1 | PRKCM Trust Series 2021-AFC2, Class A1 |
| 3940863 | 2.071 <sup>(c)</sup> | 11/25/56 | 3529073 |
| PRKCM Trust Series 2021-AFC2, Class A2 | PRKCM Trust Series 2021-AFC2, Class A2 | PRKCM Trust Series 2021-AFC2, Class A2 | PRKCM Trust Series 2021-AFC2, Class A2 |
| 4132000 | 2.693 <sup>(c)</sup> | 11/25/56 | 3129376 |
| Starwood Mortgage Residential Trust Series 2021-6, Class A1 | Starwood Mortgage Residential Trust Series 2021-6, Class A1 | Starwood Mortgage Residential Trust Series 2021-6, Class A1 | Starwood Mortgage Residential Trust Series 2021-6, Class A1 |
| 2059999 | 1.920 <sup>(c)</sup> | 11/25/66 | 1842356 |
| Verus Securitization Trust Series 2022-1, Class A3 | Verus Securitization Trust Series 2022-1, Class A3 | Verus Securitization Trust Series 2022-1, Class A3 | Verus Securitization Trust Series 2022-1, Class A3 |
| 2793074 | 3.288 <sup>(c)</sup> | 01/25/67 | 2610394 |
| Verus Securitization Trust Series 2025-1, Class A1 | Verus Securitization Trust Series 2025-1, Class A1 | Verus Securitization Trust Series 2025-1, Class A1 | Verus Securitization Trust Series 2025-1, Class A1 |
| 5163604 | 5.620 <sup>(c)</sup> | 01/25/70 | 5218448 |
| WaMu Mortgage Pass-Through Certificates Trust Series 2002-AR19, Class A7 | WaMu Mortgage Pass-Through Certificates Trust Series 2002-AR19, Class A7 | WaMu Mortgage Pass-Through Certificates Trust Series 2002-AR19, Class A7 | WaMu Mortgage Pass-Through Certificates Trust Series 2002-AR19, Class A7 |
| 6511 | 5.494 | 02/25/33 | 6285 |
| Wells Fargo Mortgage-Backed Securities Trust Series 2019-3, Class A1 | Wells Fargo Mortgage-Backed Securities Trust Series 2019-3, Class A1 | Wells Fargo Mortgage-Backed Securities Trust Series 2019-3, Class A1 | Wells Fargo Mortgage-Backed Securities Trust Series 2019-3, Class A1 |
| 70963 | 3.500 <sup>(c)</sup> | 07/25/49 | 64407 |
|  |  |  | 44599353 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | 82591181 |
| **Commercial Mortgage-Backed Securities – 5.4%** | **Commercial Mortgage-Backed Securities – 5.4%** | **Commercial Mortgage-Backed Securities – 5.4%** | **Commercial Mortgage-Backed Securities – 5.4%** |
| **Sequential Fixed Rate – 1.4%** | **Sequential Fixed Rate – 1.4%** | **Sequential Fixed Rate – 1.4%** | **Sequential Fixed Rate – 1.4%** |
| Bank Series 2019-BN21, Class A5 | Bank Series 2019-BN21, Class A5 | Bank Series 2019-BN21, Class A5 | Bank Series 2019-BN21, Class A5 |
| 950000 | 2.851 %<sup>(b)</sup> | 10/17/52 | $899524 |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

## Schedule of Investments (continued)
*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Sequential Fixed Rate – (continued)** | **Sequential Fixed Rate – (continued)** | **Sequential Fixed Rate – (continued)** | **Sequential Fixed Rate – (continued)** |
| Bank5 Series 2024-5YR11, Class A3 | Bank5 Series 2024-5YR11, Class A3 | Bank5 Series 2024-5YR11, Class A3 | Bank5 Series 2024-5YR11, Class A3 |
| 3100000 | 5.893 %<sup>(b)</sup> | 11/15/57 | $3259103 |
| BMO Mortgage Trust Series 2023-C7, Class A5 | BMO Mortgage Trust Series 2023-C7, Class A5 | BMO Mortgage Trust Series 2023-C7, Class A5 | BMO Mortgage Trust Series 2023-C7, Class A5 |
| 3000000 | 6.160 <sup>(b)</sup> | 12/15/56 | 3224113 |
| BX Trust Series 2022-CLS, Class A | BX Trust Series 2022-CLS, Class A | BX Trust Series 2022-CLS, Class A | BX Trust Series 2022-CLS, Class A |
| 2400000 | 5.760 <sup>(c)</sup> | 10/13/27 | 2407667 |
| COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A |
| 5425000 | 6.338 <sup>(c)</sup> | 08/10/44 | 5709870 |
| DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A |
| 4650000 | 2.956 <sup>(c)</sup> | 05/10/41 | 4178815 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-161, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-161, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-161, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-161, Class A2 |
| 3450000 | 4.900 <sup>(a)(b)</sup> | 10/25/33 | 3570656 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B | JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B | JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B | JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B |
| 4000000 | 3.598 <sup>(b)(c)</sup> | 06/05/39 | 3736661 |
| ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A |
| 6850000 | 5.388 <sup>(c)</sup> | 11/13/41 | 7039653 |
|  |  | 34026062 | 34026062 |
| **Sequential Floating Rate – 4.0%** | **Sequential Floating Rate – 4.0%** | **Sequential Floating Rate – 4.0%** | **Sequential Floating Rate – 4.0%** |
| 3650R Commercial Mortgage Trust Series 2021-PF1, Class AS | 3650R Commercial Mortgage Trust Series 2021-PF1, Class AS | 3650R Commercial Mortgage Trust Series 2021-PF1, Class AS | 3650R Commercial Mortgage Trust Series 2021-PF1, Class AS |
| 2526000 | 2.778 <sup>(a)</sup> | 11/15/54 | 2175191 |
| Bank5 Series 2024-5YR9, Class AS | Bank5 Series 2024-5YR9, Class AS | Bank5 Series 2024-5YR9, Class AS | Bank5 Series 2024-5YR9, Class AS |
| 4484000 | 6.182 <sup>(a)(b)</sup> | 08/15/57 | 4691564 |
| Bank5 Trust Series 2025-5YR13, Class AS | Bank5 Trust Series 2025-5YR13, Class AS | Bank5 Trust Series 2025-5YR13, Class AS | Bank5 Trust Series 2025-5YR13, Class AS |
| 3372000 | 6.096 <sup>(a)(b)</sup> | 01/15/58 | 3531741 |
| BBCMS Mortgage Trust Series 2025-5C36, Class AS | BBCMS Mortgage Trust Series 2025-5C36, Class AS | BBCMS Mortgage Trust Series 2025-5C36, Class AS | BBCMS Mortgage Trust Series 2025-5C36, Class AS |
| 4500000 | 5.835 <sup>(a)(b)</sup> | 08/15/58 | 4672547 |
| BFLD Commercial Mortgage Trust Series 2025-660F, Class B (1 mo. USD Term SOFR + 1.800%) | BFLD Commercial Mortgage Trust Series 2025-660F, Class B (1 mo. USD Term SOFR + 1.800%) | BFLD Commercial Mortgage Trust Series 2025-660F, Class B (1 mo. USD Term SOFR + 1.800%) | BFLD Commercial Mortgage Trust Series 2025-660F, Class B (1 mo. USD Term SOFR + 1.800%) |
| 7200000 | 5.550 <sup>(a)(c)</sup> | 11/15/42 | 7216829 |
| BSTN Commercial Mortgage Trust Series 2025-1C, Class A | BSTN Commercial Mortgage Trust Series 2025-1C, Class A | BSTN Commercial Mortgage Trust Series 2025-1C, Class A | BSTN Commercial Mortgage Trust Series 2025-1C, Class A |
| 4825000 | 5.369 <sup>(a)(c)</sup> | 06/15/44 | 4956599 |
| BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) |
| 2305072 | 5.142 <sup>(a)(c)</sup> | 03/15/41 | 2303851 |
| BX Commercial Mortgage Trust Series 2024-AIRC, Class A (1 mo. USD Term SOFR + 1.691%) | BX Commercial Mortgage Trust Series 2024-AIRC, Class A (1 mo. USD Term SOFR + 1.691%) | BX Commercial Mortgage Trust Series 2024-AIRC, Class A (1 mo. USD Term SOFR + 1.691%) | BX Commercial Mortgage Trust Series 2024-AIRC, Class A (1 mo. USD Term SOFR + 1.691%) |
| 1886434 | 5.441 <sup>(a)(c)</sup> | 08/15/41 | 1888273 |
| BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) |
| 4725000 | 5.392 <sup>(a)(c)</sup> | 02/15/41 | 4707084 |
| BX Trust Series 2024-PAT, Class A (1 mo. USD Term SOFR + 2.090%) | BX Trust Series 2024-PAT, Class A (1 mo. USD Term SOFR + 2.090%) | BX Trust Series 2024-PAT, Class A (1 mo. USD Term SOFR + 2.090%) | BX Trust Series 2024-PAT, Class A (1 mo. USD Term SOFR + 2.090%) |
| 1450000 | 5.840 <sup>(a)(c)</sup> | 03/15/41 | 1449997 |
| BX Trust Series 2024-PAT, Class B (1 mo. USD Term SOFR + 3.039%) | BX Trust Series 2024-PAT, Class B (1 mo. USD Term SOFR + 3.039%) | BX Trust Series 2024-PAT, Class B (1 mo. USD Term SOFR + 3.039%) | BX Trust Series 2024-PAT, Class B (1 mo. USD Term SOFR + 3.039%) |
| 500000 | 6.789 <sup>(a)(c)</sup> | 03/15/41 | 499836 |
| BX Trust Series 2025-ARIA, Class A | BX Trust Series 2025-ARIA, Class A | BX Trust Series 2025-ARIA, Class A | BX Trust Series 2025-ARIA, Class A |
| 5350000 | 5.031 <sup>(a)(c)</sup> | 12/13/42 | 5383211 |
| Durst Commercial Mortgage Trust Series 2025-151, Class A | Durst Commercial Mortgage Trust Series 2025-151, Class A | Durst Commercial Mortgage Trust Series 2025-151, Class A | Durst Commercial Mortgage Trust Series 2025-151, Class A |
| 5250000 | 5.145 <sup>(a)(c)</sup> | 08/10/42 | 5355272 |
| Durst Commercial Mortgage Trust Series 2025-151, Class B | Durst Commercial Mortgage Trust Series 2025-151, Class B | Durst Commercial Mortgage Trust Series 2025-151, Class B | Durst Commercial Mortgage Trust Series 2025-151, Class B |
| 6350000 | 5.582 <sup>(a)(c)</sup> | 08/10/42 | 6470226 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-152, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-152, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-152, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-152, Class A2 |
| 3600000 | 3.780 <sup>(a)(b)</sup> | 11/25/32 | 3487514 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF153, Class AS (1 mo. USD Term SOFR + 0.680%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF153, Class AS (1 mo. USD Term SOFR + 0.680%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF153, Class AS (1 mo. USD Term SOFR + 0.680%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF153, Class AS (1 mo. USD Term SOFR + 0.680%) |
| 1958815 | 4.689 %<sup>(a)(b)</sup> | 02/25/33 | $1960644 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K510, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K510, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K510, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K510, Class A2 |
| 1350000 | 5.069 <sup>(a)(b)</sup> | 10/25/28 | 1387410 |
| Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A |
| 2280000 | 5.467 <sup>(a)(c)</sup> | 01/13/40 | 2361081 |
| IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A |
| 3600000 | 5.295 <sup>(a)(b)(c)</sup> | 03/14/47 | 3670449 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A |
| 1975000 | 5.797 <sup>(a)(c)</sup> | 10/05/39 | 2011064 |
| KIND Commercial Mortgage Trust Series 2024-1, Class A (1 mo. USD Term SOFR + 1.890%) | KIND Commercial Mortgage Trust Series 2024-1, Class A (1 mo. USD Term SOFR + 1.890%) | KIND Commercial Mortgage Trust Series 2024-1, Class A (1 mo. USD Term SOFR + 1.890%) | KIND Commercial Mortgage Trust Series 2024-1, Class A (1 mo. USD Term SOFR + 1.890%) |
| 5150000 | 5.640 <sup>(a)(c)</sup> | 08/15/41 | 5154970 |
| NY Commercial Mortgage Trust Series 2025-299P, Class B | NY Commercial Mortgage Trust Series 2025-299P, Class B | NY Commercial Mortgage Trust Series 2025-299P, Class B | NY Commercial Mortgage Trust Series 2025-299P, Class B |
| 1950000 | 5.928 <sup>(a)(c)</sup> | 02/10/47 | 2028262 |
| NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) | NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) | NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) | NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) |
| 2300000 | 5.442 <sup>(a)(c)</sup> | 02/15/42 | 2292826 |
| NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) | NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) | NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) | NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) |
| 4600000 | 5.493 <sup>(a)(c)</sup> | 10/15/40 | 4610008 |
| NYC Trust Series 2025-77C, Class A | NYC Trust Series 2025-77C, Class A | NYC Trust Series 2025-77C, Class A | NYC Trust Series 2025-77C, Class A |
| 7400000 | 4.790 <sup>(a)(c)</sup> | 01/10/38 | 7427984 |
| ROCK Trust Series 2024-CNTR, Class B | ROCK Trust Series 2024-CNTR, Class B | ROCK Trust Series 2024-CNTR, Class B | ROCK Trust Series 2024-CNTR, Class B |
| 2250000 | 5.930 <sup>(c)</sup> | 11/13/41 | 2325539 |
| Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A |
| 4150000 | 5.308 <sup>(a)(c)</sup> | 07/15/35 | 4185984 |
|  |  |  | 98205956 |
| **TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES** | $132232018 |
| **Federal Agencies – 35.7%** | **Federal Agencies – 35.7%** | **Federal Agencies – 35.7%** | **Federal Agencies – 35.7%** |
| **Adjustable Rate Federal National Mortgage Association<sup>(a)</sup> – 0.0%** | **Adjustable Rate Federal National Mortgage Association<sup>(a)</sup> – 0.0%** | **Adjustable Rate Federal National Mortgage Association<sup>(a)</sup> – 0.0%** | **Adjustable Rate Federal National Mortgage Association<sup>(a)</sup> – 0.0%** |
| (1 yr. CMT + 2.161%) | (1 yr. CMT + 2.161%) | (1 yr. CMT + 2.161%) | (1 yr. CMT + 2.161%) |
| 691 | 6.270% | 06/01/33 $| 703 |
| (RFUCC 1 yr. Treasury + 1.655%) | (RFUCC 1 yr. Treasury + 1.655%) | (RFUCC 1 yr. Treasury + 1.655%) | (RFUCC 1 yr. Treasury + 1.655%) |
| 70730 | 6.280 | 07/01/34 | 72593 |
| (RFUCC 1 yr. Treasury + 1.573%) | (RFUCC 1 yr. Treasury + 1.573%) | (RFUCC 1 yr. Treasury + 1.573%) | (RFUCC 1 yr. Treasury + 1.573%) |
| 280182 | 6.230 | 09/01/34 | 286685 |
| (RFUCC 1 yr. Treasury + 1.732%) | (RFUCC 1 yr. Treasury + 1.732%) | (RFUCC 1 yr. Treasury + 1.732%) | (RFUCC 1 yr. Treasury + 1.732%) |
| 171397 | 6.707 | 05/01/35 | 176484 |
| (RFUCC 1 yr. Treasury + 1.233%) | (RFUCC 1 yr. Treasury + 1.233%) | (RFUCC 1 yr. Treasury + 1.233%) | (RFUCC 1 yr. Treasury + 1.233%) |
| 104218 | 6.100 | 06/01/35 | 105969 |
|  |  |  | 642434 |
| **Federal Home Loan Mortgage Corp. – 0.1%** | **Federal Home Loan Mortgage Corp. – 0.1%** | **Federal Home Loan Mortgage Corp. – 0.1%** | **Federal Home Loan Mortgage Corp. – 0.1%** |
| 5459 | 7.500 | 12/01/30 | 5778 |
| 2705 | 7.500 | 01/01/31 | 2859 |
| 2946 | 5.000 | 10/01/33 | 3008 |
| 313 | 5.000 | 04/01/35 | 320 |
| 4484 | 5.000 | 07/01/35 | 4584 |
| 28197 | 5.000 | 12/01/35 | 28779 |
| 66873 | 5.000 | 01/01/38 | 68500 |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

*December 31, 2025 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Value** |
|  **Federal Home Loan Mortgage Corp. – (continued)** | **Federal Home Loan Mortgage Corp. – (continued)** | **Federal Home Loan Mortgage Corp. – (continued)** | **Federal Home Loan Mortgage Corp. – (continued)** |  |
|  $ | 144896 | 5.000% | 01/01/39 | $148592 |
|  | 55039 | 5.000 | 06/01/39 | 56374 |
|  | 5786 | 4.000 | 06/01/40 | 5681 |
|  | 2793 | 5.000 | 08/01/40 | 2852 |
|  | 916 | 4.500 | 11/01/40 | 922 |
|  | 39159 | 4.000 | 02/01/41 | 38444 |
|  | 3394 | 5.000 | 06/01/41 | 3465 |
|  | 3680 | 4.000 | 11/01/41 | 3602 |
|  | 819616 | 4.500 | 08/01/48 | 818624 |
|  |  |  |  | 1192384 |
|  **Federal National Mortgage Association – 1.4%** | **Federal National Mortgage Association – 1.4%** | **Federal National Mortgage Association – 1.4%** | **Federal National Mortgage Association – 1.4%** |  |
|  | 7382 | 7.000 | 03/01/31 | 7842 |
|  | 33811320 | 5.500 | 11/01/55 | 34547159 |
|  |  |  |  | 34555001 |
|  **Government National Mortgage Association – 8.5%** | **Government National Mortgage Association – 8.5%** | **Government National Mortgage Association – 8.5%** | **Government National Mortgage Association – 8.5%** | **Government National Mortgage Association – 8.5%** |
|  | 3782 | 6.000 | 11/15/38 | 3960 |
|  | 34103 | 5.000 | 07/15/40 | 34925 |
|  | 2029 | 4.000 | 02/20/41 | 1978 |
|  | 3269 | 4.000 | 11/20/41 | 3182 |
|  | 550 | 4.000 | 01/20/42 | 535 |
|  | 1780 | 4.000 | 04/20/42 | 1731 |
|  | 1110 | 4.000 | 10/20/42 | 1079 |
|  | 16727 | 4.000 | 08/20/43 | 16230 |
|  | 1578 | 4.000 | 03/20/44 | 1529 |
|  | 1928 | 4.000 | 05/20/44 | 1867 |
|  | 135129 | 4.000 | 11/20/44 | 130748 |
|  | 8843 | 4.000 | 05/20/45 | 8550 |
|  | 1192874 | 4.000 | 07/20/45 | 1152530 |
|  | 18996 | 4.000 | 10/20/45 | 18343 |
|  | 89159 | 4.500 | 02/20/48 | 88880 |
|  | 240740 | 4.500 | 04/20/48 | 239836 |
|  | 647988 | 4.500 | 05/20/48 | 645150 |
|  | 594850 | 5.000 | 07/20/48 | 604962 |
|  | 1038656 | 4.500 | 08/20/48 | 1033458 |
|  | 543745 | 5.000 | 08/20/48 | 552988 |
|  | 4459667 | 4.500 | 09/20/48 | 4437348 |
|  | 4586 | 3.500 | 09/20/48 | 4279 |
|  | 689337 | 5.000 | 10/20/48 | 700408 |
|  | 2141484 | 5.000 | 11/20/48 | 2175878 |
|  | 3993921 | 4.500 | 12/20/48 | 3970189 |
|  | 1214172 | 5.000 | 12/20/48 | 1232913 |
|  | 2303207 | 4.500 | 01/20/49 | 2286642 |
|  | 1981934 | 5.000 | 01/20/49 | 2012526 |
|  | 1574845 | 4.000 | 02/20/49 | 1512011 |
|  | 496729 | 4.500 | 02/20/49 | 493157 |
|  | 395486 | 4.500 | 03/20/49 | 392642 |
|  | 1405629 | 4.000 | 03/20/49 | 1349546 |
|  | 686447 | 5.000 | 03/20/49 | 697042 |
|  | 6450 | 3.500 | 04/20/49 | 6006 |
|  | 1580425 | 4.000 | 04/20/49 | 1517368 |
|  | 491599 | 4.000 | 05/20/49 | 471985 |
|  | 15823 | 3.500 | 08/20/49 | 14681 |
|  | 2586739 | 3.000 | 08/20/49 | 2339861 |
|  | 1584300 | 5.000 | 08/20/49 | 1611230 |
|  | 585920 | 4.500 | 10/20/49 | 582988 |
|  | 12697884 | 3.000 | 10/20/49 | 11487608 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Value** |
|  **Government National Mortgage Association – (continued)** | **Government National Mortgage Association – (continued)** | **Government National Mortgage Association – (continued)** | **Government National Mortgage Association – (continued)** | **Government National Mortgage Association – (continued)** |
|  $ | 470521 | 3.500% | 12/20/49 | $436549 |
|  | 1369805 | 3.500 | 02/20/50 | 1270905 |
|  | 4713690 | 3.000 | 03/20/50 | 4254910 |
|  | 127809 | 3.500 | 06/20/50 | 118567 |
|  | 297836 | 3.500 | 07/20/50 | 276332 |
|  | 867244 | 4.000 | 01/20/51 | 831017 |
|  | 602246 | 3.000 | 07/20/51 | 541960 |
|  | 1257154 | 2.500 | 09/20/51 | 1080476 |
|  | 1490916 | 2.500 | 10/20/51 | 1286511 |
|  | 6599378 | 3.000 | 11/20/51 | 5924497 |
|  | 2327204 | 2.500 | 11/20/51 | 2006689 |
|  | 5453055 | 3.000 | 12/20/51 | 4903778 |
|  | 2813338 | 2.500 | 12/20/51 | 2427718 |
|  | 28932466 | 4.500 | 09/20/52 | 28485156 |
|  | 1551961 | 3.500 | 02/20/53 | 1439735 |
|  | 14000000 | 2.000 | TBA-30yr<sup>(e)</sup> | 11587071 |
|  | 16000000 | 2.500 | TBA-30yr<sup>(e)</sup> | 13798131 |
|  | 8000000 | 3.500 | TBA-30yr<sup>(e)</sup> | 7272812 |
|  | 6000000 | 4.000 | TBA-30yr<sup>(e)</sup> | 5661580 |
|  | 17000000 | 5.000 | TBA-30yr<sup>(e)</sup> | 16958778 |
|  | 22000000 | 5.500 | TBA-30yr<sup>(e)</sup> | 22212351 |
|  | 34000000 | 6.000 | TBA-30yr<sup>(e)</sup> | 34646139 |
|  |  |  |  | 211260431 |
|  **Uniform Mortgage-Backed Security – 25.7%** | **Uniform Mortgage-Backed Security – 25.7%** | **Uniform Mortgage-Backed Security – 25.7%** | **Uniform Mortgage-Backed Security – 25.7%** |  |
|  | 1513 | 7.000 | 08/01/27 | 1531 |
|  | 81 | 6.500 | 09/01/27 | 81 |
|  | 8999 | 7.000 | 03/01/28 | 9118 |
|  | 384 | 6.500 | 05/01/28 | 391 |
|  | 3853 | 4.500 | 04/01/39 | 3859 |
|  | 2682 | 4.500 | 05/01/39 | 2689 |
|  | 3433 | 4.500 | 07/01/39 | 3439 |
|  | 11157 | 4.500 | 08/01/39 | 11182 |
|  | 93442 | 4.500 | 12/01/39 | 93669 |
|  | 6636 | 4.500 | 04/01/41 | 6646 |
|  | 196697 | 4.500 | 05/01/41 | 197623 |
|  | 27903 | 4.500 | 08/01/41 | 27921 |
|  | 10026 | 3.000 | 11/01/42 | 9300 |
|  | 211290 | 3.000 | 12/01/42 | 196532 |
|  | 305972 | 3.000 | 01/01/43 | 284840 |
|  | 36921 | 3.000 | 02/01/43 | 34444 |
|  | 350709 | 3.000 | 03/01/43 | 325555 |
|  | 625136 | 3.000 | 04/01/43 | 579708 |
|  | 425914 | 3.000 | 05/01/43 | 394740 |
|  | 45542 | 3.000 | 06/01/43 | 42170 |
|  | 360081 | 3.000 | 07/01/43 | 333320 |
|  | 220372 | 5.000 | 05/01/44 | 225203 |
|  | 1074484 | 4.500 | 04/01/45 | 1072778 |
|  | 127844 | 4.500 | 05/01/45 | 128416 |
|  | 338528 | 4.500 | 06/01/45 | 337273 |
|  | 2628666 | 4.000 | 08/01/45 | 2560634 |
|  | 52042 | 4.000 | 03/01/46 | 50356 |
|  | 26772 | 4.000 | 06/01/46 | 25851 |
|  | 8259 | 4.000 | 08/01/46 | 7975 |
|  | 60730 | 4.000 | 10/01/46 | 58641 |
|  | 95463 | 4.000 | 06/01/47 | 92660 |
|  | 1230033 | 4.500 | 07/01/47 | 1225163 |
|  | 323449 | 4.500 | 11/01/47 | 322067 |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

*December 31, 2025 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
|  **Uniform Mortgage-Backed Security – (continued)** | **Uniform Mortgage-Backed Security – (continued)** | **Uniform Mortgage-Backed Security – (continued)** | **Uniform Mortgage-Backed Security – (continued)** | **Uniform Mortgage-Backed Security – (continued)** |
|  $ | 148054 | 4.000% | 12/01/47 | $143568 |
|  | 565032 | 4.000 | 01/01/48 | 547909 |
|  | 1672630 | 4.000 | 02/01/48 | 1620509 |
|  | 39455 | 4.500 | 02/01/48 | 39201 |
|  | 1208456 | 4.000 | 03/01/48 | 1170702 |
|  | 64119 | 4.500 | 05/01/48 | 63665 |
|  | 870194 | 4.000 | 06/01/48 | 842458 |
|  | 11109 | 4.500 | 06/01/48 | 11031 |
|  | 9594 | 4.500 | 07/01/48 | 9523 |
|  | 832583 | 4.000 | 07/01/48 | 805532 |
|  | 1327987 | 4.000 | 08/01/48 | 1284839 |
|  | 6619 | 4.500 | 08/01/48 | 6570 |
|  | 822733 | 4.500 | 09/01/48 | 818783 |
|  | 2313685 | 5.000 | 11/01/48 | 2360095 |
|  | 1357706 | 4.500 | 11/01/48 | 1347660 |
|  | 871988 | 4.500 | 12/01/48 | 864993 |
|  | 1156183 | 4.500 | 01/01/49 | 1147051 |
|  | 840621 | 4.500 | 02/01/49 | 833944 |
|  | 703816 | 3.000 | 02/01/49 | 642098 |
|  | 2983 | 4.500 | 03/01/49 | 2959 |
|  | 406246 | 4.500 | 06/01/49 | 402906 |
|  | 1489340 | 4.500 | 07/01/49 | 1474728 |
|  | 154032 | 3.500 | 07/01/49 | 144721 |
|  | 770665 | 4.500 | 08/01/49 | 763219 |
|  | 5058749 | 3.000 | 09/01/49 | 4567470 |
|  | 2199045 | 5.000 | 10/01/49 | 2238345 |
|  | 997239 | 3.000 | 10/01/49 | 900392 |
|  | 1443620 | 3.000 | 12/01/49 | 1302972 |
|  | 99754 | 4.500 | 02/01/50 | 98934 |
|  | 18028971 | 4.500 | 03/01/50 | 17876230 |
|  | 7460808 | 4.000 | 03/01/50 | 7197414 |
|  | 1966074 | 5.000 | 03/01/50 | 1999981 |
|  | 14851 | 4.500 | 04/01/50 | 14688 |
|  | 814138 | 4.500 | 05/01/50 | 805199 |
|  | 2183997 | 2.500 | 09/01/50 | 1889476 |
|  | 19172817 | 2.000 | 10/01/50 | 15678346 |
|  | 17478201 | 3.000 | 10/01/50 | 15727299 |
|  | 5107949 | 3.000 | 11/01/50 | 4597526 |
|  | 19168630 | 2.000 | 11/01/50 | 15668229 |
|  | 2431717 | 2.500 | 11/01/50 | 2097710 |
|  | 6648276 | 3.000 | 12/01/50 | 5990165 |
|  | 9243706 | 2.500 | 01/01/51 | 7875220 |
|  | 4013434 | 2.500 | 02/01/51 | 3428510 |
|  | 170601 | 4.500 | 03/01/51 | 168725 |
|  | 834785 | 2.000 | 03/01/51 | 682927 |
|  | 14217333 | 2.500 | 05/01/51 | 12208914 |
|  | 11530073 | 2.000 | 05/01/51 | 9420619 |
|  | 29567349 | 2.500 | 08/01/51 | 25469187 |
|  | 486051 | 2.000 | 08/01/51 | 395986 |
|  | 20289098 | 2.500 | 09/01/51 | 17426734 |
|  | 2241811 | 2.000 | 09/01/51 | 1827190 |
|  | 233737 | 4.500 | 10/01/51 | 230203 |
|  | 3084988 | 2.000 | 10/01/51 | 2513322 |
|  | 53117760 | 2.000 | 02/01/52 | 43224800 |
|  | 133158 | 4.500 | 03/01/52 | 130748 |
|  | 554573 | 2.000 | 03/01/52 | 450987 |
|  | 8159180 | 2.500 | 03/01/52 | 6938415 |
|  | 2600333 | 2.000 | 04/01/52 | 2114627 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Uniform Mortgage-Backed Security – (continued)** | **Uniform Mortgage-Backed Security – (continued)** | **Uniform Mortgage-Backed Security – (continued)** | **Uniform Mortgage-Backed Security – (continued)** |
| 3847380 | 4.500% | 04/01/52 | $3779334 |
| 11153742 | 2.500 | 04/01/52 | 9465766 |
| 1333759 | 4.500 | 05/01/52 | 1309455 |
| 4746055 | 2.500 | 05/01/52 | 4036865 |
| 4420324 | 5.500 | 09/01/52 | 4551057 |
| 10463078 | 6.000 | 11/01/52 | 10936238 |
| 3949331 | 6.000 | 12/01/52 | 4122465 |
| 4493339 | 5.500 | 04/01/53 | 4614084 |
| 2226728 | 6.000 | 04/01/53 | 2322185 |
| 14261326 | 4.500 | 05/01/53 | 14120199 |
| 4631647 | 6.500 | 09/01/53 | 4844079 |
| 2178225 | 6.500 | 12/01/53 | 2296679 |
| 11168909 | 2.500 | 01/01/54 | 9497422 |
| 17709547 | 6.500 | 06/01/54 | 18700281 |
| 52000000 | 2.500 | TBA-30yr<sup>(e)</sup> | 43946094 |
| 28000000 | 3.000 | TBA-30yr<sup>(e)</sup> | 24747187 |
| 31000000 | 3.500 | TBA-30yr<sup>(e)</sup> | 28540587 |
| 21000000 | 4.000 | TBA-30yr<sup>(e)</sup> | 19915547 |
| 128000000 | 5.500 | TBA-30yr<sup>(e)</sup> | 129784998 |
| 35000000 | 6.000 | TBA-30yr<sup>(e)</sup> | 35931056 |
|  |  |  | 636633507 |
| **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | $884283757 |
| **TOTAL MORTGAGE-BACKED OBLIGATIONS**<br> **(Cost $1,109,224,469)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS**<br> **(Cost $1,109,224,469)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS**<br> **(Cost $1,109,224,469)** | $1099106956 |
| **Corporate Obligations – 22.1%** | **Corporate Obligations – 22.1%** | **Corporate Obligations – 22.1%** | **Corporate Obligations – 22.1%** |
| **Aerospace & Defense<sup>(b)</sup> – 0.7%** | **Aerospace & Defense<sup>(b)</sup> – 0.7%** | **Aerospace & Defense<sup>(b)</sup> – 0.7%** | **Aerospace & Defense<sup>(b)</sup> – 0.7%** |
| Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. |
| 1575000 | 3.450% | 11/01/28 | $1541925 |
| 2211000 | 5.150 | 05/01/30 | 2271891 |
| 4599000 | 6.528 | 05/01/34 | 5087690 |
| 163000 | 3.375 | 06/15/46 | 115265 |
| 100000 | 3.625 | 03/01/48 | 71317 |
| 100000 | 3.850 | 11/01/48 | 73663 |
| 1225000 | 5.805 | 05/01/50 | 1206625 |
| 4093000 | 6.858 | 05/01/54 | 4593410 |
| Howmet Aerospace, Inc. | Howmet Aerospace, Inc. | Howmet Aerospace, Inc. | Howmet Aerospace, Inc. |
| 1728000 | 4.850 | 10/15/31 | 1773395 |
|  |  |  | 16735181 |
| **Agriculture<sup>(b)</sup> – 0.3%** | **Agriculture<sup>(b)</sup> – 0.3%** | **Agriculture<sup>(b)</sup> – 0.3%** | **Agriculture<sup>(b)</sup> – 0.3%** |
| BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. |
| 5749000 | 6.000 | 02/20/34 | 6158731 |
| Bunge Ltd. Finance Corp. | Bunge Ltd. Finance Corp. | Bunge Ltd. Finance Corp. | Bunge Ltd. Finance Corp. |
| 843000 | 4.200 | 09/17/29 | 843506 |
|  |  |  | 7002237 |
| **Automotive<sup>(b)</sup> – 0.1%** | **Automotive<sup>(b)</sup> – 0.1%** | **Automotive<sup>(b)</sup> – 0.1%** | **Automotive<sup>(b)</sup> – 0.1%** |
| General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
| 3200000 | 1.500 | 06/10/26 | 3161568 |
| **Banks – 5.2%** | **Banks – 5.2%** | **Banks – 5.2%** | **Banks – 5.2%** |
| Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA |
| 400000 | 4.250 | 04/11/27 | 400820 |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |
| Banco Santander SA – (continued) | Banco Santander SA – (continued) | Banco Santander SA – (continued) | Banco Santander SA – (continued) |
| 800000 | 3.306% | 06/27/29 | $777168 |
| 800000 | 2.749 | 12/03/30 | 728696 |
| 4400000 | 6.921 | 08/08/33 | 4877708 |
| Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| 237000 | 6.110 | 01/29/37 | 255564 |
| (5 yr. CMT + 1.200%) | (5 yr. CMT + 1.200%) | (5 yr. CMT + 1.200%) | (5 yr. CMT + 1.200%) |
| 94000 | 2.482 <sup>(a)(b)</sup> | 09/21/36 | 82600 |
| (Secured Overnight Financing Rate + 1.220%) | (Secured Overnight Financing Rate + 1.220%) | (Secured Overnight Financing Rate + 1.220%) | (Secured Overnight Financing Rate + 1.220%) |
| 1375000 | 2.651 <sup>(a)(b)</sup> | 03/11/32 | 1262731 |
| (Secured Overnight Financing Rate + 1.310%) | (Secured Overnight Financing Rate + 1.310%) | (Secured Overnight Financing Rate + 1.310%) | (Secured Overnight Financing Rate + 1.310%) |
| 150000 | 5.511 <sup>(a)(b)</sup> | 01/24/36 | 156668 |
| (Secured Overnight Financing Rate + 1.370%) | (Secured Overnight Financing Rate + 1.370%) | (Secured Overnight Financing Rate + 1.370%) | (Secured Overnight Financing Rate + 1.370%) |
| 3150000 | 1.922 <sup>(a)(b)</sup> | 10/24/31 | 2816446 |
| (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) |
| 9205000 | 5.202 <sup>(a)(b)</sup> | 04/25/29 | 9429142 |
| (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) |
| 5000000 | 4.571 <sup>(a)(b)</sup> | 04/27/33 | 4988950 |
| (Secured Overnight Financing Rate + 2.150%) | (Secured Overnight Financing Rate + 2.150%) | (Secured Overnight Financing Rate + 2.150%) | (Secured Overnight Financing Rate + 2.150%) |
| 5225000 | 2.592 <sup>(a)(b)</sup> | 04/29/31 | 4868655 |
| (Secured Overnight Financing Rate + 2.160%) | (Secured Overnight Financing Rate + 2.160%) | (Secured Overnight Financing Rate + 2.160%) | (Secured Overnight Financing Rate + 2.160%) |
| 1089000 | 5.015 <sup>(a)(b)</sup> | 07/22/33 | 1110486 |
| Bank of New York Mellon Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.755%) | Bank of New York Mellon Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.755%) | Bank of New York Mellon Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.755%) | Bank of New York Mellon Corp. <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.755%) |
| 315000 | 4.596 | 07/26/30 | 320572 |
| Barclays PLC<sup>(a)(b)</sup> | Barclays PLC<sup>(a)(b)</sup> | Barclays PLC<sup>(a)(b)</sup> | Barclays PLC<sup>(a)(b)</sup> |
| (1 yr. CMT + 3.500%) | (1 yr. CMT + 3.500%) | (1 yr. CMT + 3.500%) | (1 yr. CMT + 3.500%) |
| 4410000 | 7.437 | 11/02/33 | 5044026 |
| (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) |
| 2090000 | 5.785 | 02/25/36 | 2188272 |
| BNP Paribas SA<sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.620%) | BNP Paribas SA<sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.620%) | BNP Paribas SA<sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.620%) | BNP Paribas SA<sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.620%) |
| 3975000 | 5.786 | 01/13/33 | 4171405 |
| BPCE SA<sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.312%) | BPCE SA<sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.312%) | BPCE SA<sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.312%) | BPCE SA<sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.312%) |
| 1650000 | 2.277 | 01/20/32 | 1462989 |
| Canadian Imperial Bank of Commerce<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.105%) | Canadian Imperial Bank of Commerce<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.105%) | Canadian Imperial Bank of Commerce<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.105%) | Canadian Imperial Bank of Commerce<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.105%) |
| 3925000 | 5.245 | 01/13/31 | 4049893 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| 925000 | 3.400 | 05/01/26 | 923021 |
| 2450000 | 4.450 | 09/29/27 | 2465680 |
| (Secured Overnight Financing Rate + 1.351%) | (Secured Overnight Financing Rate + 1.351%) | (Secured Overnight Financing Rate + 1.351%) | (Secured Overnight Financing Rate + 1.351%) |
| 100000 | 3.057 <sup>(a)(b)</sup> | 01/25/33 | 91569 |
| (Secured Overnight Financing Rate + 1.422%) | (Secured Overnight Financing Rate + 1.422%) | (Secured Overnight Financing Rate + 1.422%) | (Secured Overnight Financing Rate + 1.422%) |
| 1375000 | 2.976 <sup>(a)(b)</sup> | 11/05/30 | 1309413 |
| (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) |
| 2360000 | 6.020 <sup>(a)(b)</sup> | 01/24/36 | 2475900 |
| (Secured Overnight Financing Rate + 2.086%) | (Secured Overnight Financing Rate + 2.086%) | (Secured Overnight Financing Rate + 2.086%) | (Secured Overnight Financing Rate + 2.086%) |
| 2495000 | 4.910 <sup>(a)(b)</sup> | 05/24/33 | 2523742 |
| First Horizon Corp.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.766%) | First Horizon Corp.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.766%) | First Horizon Corp.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.766%) | First Horizon Corp.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.766%) |
| 715000 | 5.514 | 03/07/31 | 738781 |
| HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
| 600000 | 4.950 | 03/31/30 | 615144 |
| Huntington Bancshares, Inc.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.870%) | Huntington Bancshares, Inc.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.870%) | Huntington Bancshares, Inc.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.870%) | Huntington Bancshares, Inc.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.870%) |
| 5485000 | 5.709 | 02/02/35 | 5734513 |
| JPMorgan Chase & Co.<sup>(a)(b)</sup> | JPMorgan Chase & Co.<sup>(a)(b)</sup> | JPMorgan Chase & Co.<sup>(a)(b)</sup> | JPMorgan Chase & Co.<sup>(a)(b)</sup> |
| (3 mo. USD Term SOFR + 1.599%) | (3 mo. USD Term SOFR + 1.599%) | (3 mo. USD Term SOFR + 1.599%) | (3 mo. USD Term SOFR + 1.599%) |
| 2150000 | 3.782 | 02/01/28 | 2144926 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |
| JPMorgan Chase & Co.<sup>(a)(b)</sup> – (continued) | JPMorgan Chase & Co.<sup>(a)(b)</sup> – (continued) | JPMorgan Chase & Co.<sup>(a)(b)</sup> – (continued) | JPMorgan Chase & Co.<sup>(a)(b)</sup> – (continued) |
| (3 mo. USD Term SOFR + 2.515%) | (3 mo. USD Term SOFR + 2.515%) | (3 mo. USD Term SOFR + 2.515%) | (3 mo. USD Term SOFR + 2.515%) |
| 675000 | 2.956% | 05/13/31 | $637220 |
| (Secured Overnight Financing Rate + 1.260%) | (Secured Overnight Financing Rate + 1.260%) | (Secured Overnight Financing Rate + 1.260%) | (Secured Overnight Financing Rate + 1.260%) |
| 3475000 | 2.963 | 01/25/33 | 3187131 |
| (Secured Overnight Financing Rate + 1.635%) | (Secured Overnight Financing Rate + 1.635%) | (Secured Overnight Financing Rate + 1.635%) | (Secured Overnight Financing Rate + 1.635%) |
| 5125000 | 5.576 | 07/23/36 | 5311242 |
| (Secured Overnight Financing Rate + 1.680%) | (Secured Overnight Financing Rate + 1.680%) | (Secured Overnight Financing Rate + 1.680%) | (Secured Overnight Financing Rate + 1.680%) |
| 4285000 | 5.572 | 04/22/36 | 4499250 |
| M&T Bank Corp.<sup>(a)(b)</sup> | M&T Bank Corp.<sup>(a)(b)</sup> | M&T Bank Corp.<sup>(a)(b)</sup> | M&T Bank Corp.<sup>(a)(b)</sup> |
| (Secured Overnight Financing Rate + 1.610%) | (Secured Overnight Financing Rate + 1.610%) | (Secured Overnight Financing Rate + 1.610%) | (Secured Overnight Financing Rate + 1.610%) |
| 6050000 | 5.385 | 01/16/36 | 6147344 |
| (Secured Overnight Financing Rate + 1.850%) | (Secured Overnight Financing Rate + 1.850%) | (Secured Overnight Financing Rate + 1.850%) | (Secured Overnight Financing Rate + 1.850%) |
| 2280000 | 5.053 | 01/27/34 | 2293566 |
| (Secured Overnight Financing Rate + 2.800%) | (Secured Overnight Financing Rate + 2.800%) | (Secured Overnight Financing Rate + 2.800%) | (Secured Overnight Financing Rate + 2.800%) |
| 1930000 | 7.413 | 10/30/29 | 2093336 |
| Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
| 1631000 | 3.950 | 04/23/27 | 1629809 |
| (Secured Overnight Financing Rate + 1.034%) | (Secured Overnight Financing Rate + 1.034%) | (Secured Overnight Financing Rate + 1.034%) | (Secured Overnight Financing Rate + 1.034%) |
| 2625000 | 1.794 <sup>(a)(b)</sup> | 02/13/32 | 2306115 |
| (Secured Overnight Financing Rate + 1.143%) | (Secured Overnight Financing Rate + 1.143%) | (Secured Overnight Financing Rate + 1.143%) | (Secured Overnight Financing Rate + 1.143%) |
| 3900000 | 2.699 <sup>(a)(b)</sup> | 01/22/31 | 3659760 |
| (Secured Overnight Financing Rate + 1.360%) | (Secured Overnight Financing Rate + 1.360%) | (Secured Overnight Financing Rate + 1.360%) | (Secured Overnight Financing Rate + 1.360%) |
| 3175000 | 2.484 <sup>(a)(b)</sup> | 09/16/36 | 2790793 |
| (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) |
| 4320000 | 5.164 <sup>(a)(b)</sup> | 04/20/29 | 4417502 |
| (Secured Overnight Financing Rate + 1.757%) | (Secured Overnight Financing Rate + 1.757%) | (Secured Overnight Financing Rate + 1.757%) | (Secured Overnight Financing Rate + 1.757%) |
| 695000 | 5.664 <sup>(a)(b)</sup> | 04/17/36 | 730681 |
| Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
| 1700000 | 5.000 | 02/01/33 | 1748926 |
| Shinhan Bank Co. Ltd.<sup>(c)</sup> | Shinhan Bank Co. Ltd.<sup>(c)</sup> | Shinhan Bank Co. Ltd.<sup>(c)</sup> | Shinhan Bank Co. Ltd.<sup>(c)</sup> |
| 540000 | 4.500 | 04/12/28 | 546550 |
| State Street Corp.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 2.650%) | State Street Corp.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 2.650%) | State Street Corp.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 2.650%) | State Street Corp.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 2.650%) |
| 100000 | 3.152 | 03/30/31 | 96401 |
| Truist Financial Corp.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 2.050%) | Truist Financial Corp.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 2.050%) | Truist Financial Corp.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 2.050%) | Truist Financial Corp.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 2.050%) |
| 100000 | 6.047 | 06/08/27 | 100793 |
| U.S. Bancorp <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 2.020%) | U.S. Bancorp <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 2.020%) | U.S. Bancorp <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 2.020%) | U.S. Bancorp <sup>(a)(b)</sup> (Secured Overnight Financing Rate + 2.020%) |
| 3640000 | 5.775 | 06/12/29 | 3783598 |
| UBS AG | UBS AG | UBS AG | UBS AG |
| 4135000 | 1.250 | 08/07/26 | 4070577 |
| UBS Group AG | UBS Group AG | UBS Group AG | UBS Group AG |
| 683000 | 4.550 | 04/17/26 | 684011 |
| (3 mo. USD Term SOFR + 1.410%) | (3 mo. USD Term SOFR + 1.410%) | (3 mo. USD Term SOFR + 1.410%) | (3 mo. USD Term SOFR + 1.410%) |
| 1675000 | 3.869 <sup>(a)(b)(c)</sup> | 01/12/29 | 1665603 |
| (5 yr. CMT + 4.758%) | (5 yr. CMT + 4.758%) | (5 yr. CMT + 4.758%) | (5 yr. CMT + 4.758%) |
| 695000 | 9.250 <sup>(a)(b)(c)</sup> | 11/13/33 | 815430 |
| (Secured Overnight Financing Rate + 0.980%) | (Secured Overnight Financing Rate + 0.980%) | (Secured Overnight Financing Rate + 0.980%) | (Secured Overnight Financing Rate + 0.980%) |
| 315000 | 1.305 <sup>(a)(b)(c)</sup> | 02/02/27 | 314194 |
| (Secured Overnight Financing Rate + 1.730%) | (Secured Overnight Financing Rate + 1.730%) | (Secured Overnight Financing Rate + 1.730%) | (Secured Overnight Financing Rate + 1.730%) |
| 1545000 | 3.091 <sup>(a)(b)(c)</sup> | 05/14/32 | 1433127 |
| (Secured Overnight Financing Rate + 1.760%) | (Secured Overnight Financing Rate + 1.760%) | (Secured Overnight Financing Rate + 1.760%) | (Secured Overnight Financing Rate + 1.760%) |
| 1915000 | 5.580 <sup>(a)(b)(c)</sup> | 05/09/36 | 1992481 |
| Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| 2700000 | 3.000 | 10/23/26 | 2681100 |
| 325000 | 4.300 | 07/22/27 | 326355 |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |
| Westpac Banking Corp.<sup>(a)(b)</sup> (5 yr. CMT + 2.000%) | Westpac Banking Corp.<sup>(a)(b)</sup> (5 yr. CMT + 2.000%) | Westpac Banking Corp.<sup>(a)(b)</sup> (5 yr. CMT + 2.000%) | Westpac Banking Corp.<sup>(a)(b)</sup> (5 yr. CMT + 2.000%) |
| 700000 | 4.110% | 07/24/34 | $688891 |
|  |  |  | 128667266 |
| **Beverages – 0.8%** | **Beverages – 0.8%** | **Beverages – 0.8%** | **Beverages – 0.8%** |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.<sup>(b)</sup> | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.<sup>(b)</sup> | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.<sup>(b)</sup> | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.<sup>(b)</sup> |
| 960000 | 4.700 | 02/01/36 | 950698 |
| Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. |
| 585000 | 8.200 | 01/15/39 | 754866 |
| Bacardi-Martini BV<sup>(b)(c)</sup> | Bacardi-Martini BV<sup>(b)(c)</sup> | Bacardi-Martini BV<sup>(b)(c)</sup> | Bacardi-Martini BV<sup>(b)(c)</sup> |
| 6350000 | 5.550 | 02/01/30 | 6550660 |
| Coca-Cola Consolidated, Inc.<sup>(b)</sup> | Coca-Cola Consolidated, Inc.<sup>(b)</sup> | Coca-Cola Consolidated, Inc.<sup>(b)</sup> | Coca-Cola Consolidated, Inc.<sup>(b)</sup> |
| 1421000 | 5.450 | 06/01/34 | 1486352 |
| Constellation Brands, Inc.<sup>(b)</sup> | Constellation Brands, Inc.<sup>(b)</sup> | Constellation Brands, Inc.<sup>(b)</sup> | Constellation Brands, Inc.<sup>(b)</sup> |
| 50000 | 3.600 | 02/15/28 | 49540 |
| 50000 | 3.150 | 08/01/29 | 48197 |
| 1900000 | 2.250 | 08/01/31 | 1685490 |
| JDE Peet's NV<sup>(b)(c)</sup> | JDE Peet's NV<sup>(b)(c)</sup> | JDE Peet's NV<sup>(b)(c)</sup> | JDE Peet's NV<sup>(b)(c)</sup> |
| 1650000 | 1.375 | 01/15/27 | 1598074 |
| Keurig Dr. Pepper, Inc.<sup>(b)</sup> | Keurig Dr. Pepper, Inc.<sup>(b)</sup> | Keurig Dr. Pepper, Inc.<sup>(b)</sup> | Keurig Dr. Pepper, Inc.<sup>(b)</sup> |
| 1968000 | 2.250 | 03/15/31 | 1754137 |
| Pernod Ricard International Finance LLC<sup>(b)(c)</sup> | Pernod Ricard International Finance LLC<sup>(b)(c)</sup> | Pernod Ricard International Finance LLC<sup>(b)(c)</sup> | Pernod Ricard International Finance LLC<sup>(b)(c)</sup> |
| 4816000 | 1.625 | 04/01/31 | 4185682 |
|  |  |  | 19063696 |
| **Biotechnology<sup>(b)</sup> – 0.3%** | **Biotechnology<sup>(b)</sup> – 0.3%** | **Biotechnology<sup>(b)</sup> – 0.3%** | **Biotechnology<sup>(b)</sup> – 0.3%** |
| Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
| 3370000 | 5.250 | 03/02/30 | 3496139 |
| 2168000 | 5.250 | 03/02/33 | 2245744 |
| Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
| 2844000 | 5.400 | 09/02/34 | 2913593 |
|  |  |  | 8655476 |
| **Building Materials<sup>(b)</sup> – 0.3%** | **Building Materials<sup>(b)</sup> – 0.3%** | **Building Materials<sup>(b)</sup> – 0.3%** | **Building Materials<sup>(b)</sup> – 0.3%** |
| Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. |
| 3375000 | 2.493 | 02/15/27 | 3319920 |
| 2675000 | 2.700 | 02/15/31 | 2478468 |
| 2309000 | 5.900 | 03/15/34 | 2477926 |
|  |  |  | 8276314 |
| **Chemicals<sup>(b)</sup> – 0.1%** | **Chemicals<sup>(b)</sup> – 0.1%** | **Chemicals<sup>(b)</sup> – 0.1%** | **Chemicals<sup>(b)</sup> – 0.1%** |
| Huntsman International LLC | Huntsman International LLC | Huntsman International LLC | Huntsman International LLC |
| 850000 | 4.500 | 05/01/29 | 813110 |
| International Flavors & Fragrances, Inc. <sup>(c)</sup> | International Flavors & Fragrances, Inc. <sup>(c)</sup> | International Flavors & Fragrances, Inc. <sup>(c)</sup> | International Flavors & Fragrances, Inc. <sup>(c)</sup> |
| 599000 | 1.832 | 10/15/27 | 574645 |
|  |  |  | 1387755 |
| **Commercial Services – 0.8%** | **Commercial Services – 0.8%** | **Commercial Services – 0.8%** | **Commercial Services – 0.8%** |
| Ashtead Capital, Inc.<sup>(b)(c)</sup> | Ashtead Capital, Inc.<sup>(b)(c)</sup> | Ashtead Capital, Inc.<sup>(b)(c)</sup> | Ashtead Capital, Inc.<sup>(b)(c)</sup> |
| 650000 | 1.500 | 08/12/26 | 638495 |
| 2087000 | 5.800 | 04/15/34 | 2188470 |
| Cornell University<sup>(b)</sup> | Cornell University<sup>(b)</sup> | Cornell University<sup>(b)</sup> | Cornell University<sup>(b)</sup> |
| 5610000 | 4.733 | 06/15/35 | 5622776 |
| DP World Crescent Ltd.<sup>(c)</sup> | DP World Crescent Ltd.<sup>(c)</sup> | DP World Crescent Ltd.<sup>(c)</sup> | DP World Crescent Ltd.<sup>(c)</sup> |
| 3290000 | 5.500 | 05/08/35 | 3387812 |
| DP World Ltd. | DP World Ltd. | DP World Ltd. | DP World Ltd. |
| 100000 | 6.850 <sup>(c)</sup> | 07/02/37 | 113094 |
| 600000 | 5.625 | 09/25/48 | 590436 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Commercial Services – (continued)** | **Commercial Services – (continued)** | **Commercial Services – (continued)** | **Commercial Services – (continued)** |
| Global Payments, Inc.<sup>(b)</sup> | Global Payments, Inc.<sup>(b)</sup> | Global Payments, Inc.<sup>(b)</sup> | Global Payments, Inc.<sup>(b)</sup> |
| 3575000 | 5.550% | 11/15/35 | $3555624 |
| Quanta Services, Inc.<sup>(b)</sup> | Quanta Services, Inc.<sup>(b)</sup> | Quanta Services, Inc.<sup>(b)</sup> | Quanta Services, Inc.<sup>(b)</sup> |
| 2594000 | 5.250 | 08/09/34 | 2664297 |
|  |  |  | 18761004 |
| **Computers<sup>(b)</sup> – 0.1%** | **Computers<sup>(b)</sup> – 0.1%** | **Computers<sup>(b)</sup> – 0.1%** | **Computers<sup>(b)</sup> – 0.1%** |
| Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |
| 200000 | 6.200 | 07/15/30 | 213512 |
| 540000 | 8.100 | 07/15/36 | 654016 |
| Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. |
| 2174000 | 5.000 | 10/15/34 | 2157564 |
|  |  |  | 3025092 |
| **Diversified Financial Services – 1.0%** | **Diversified Financial Services – 1.0%** | **Diversified Financial Services – 1.0%** | **Diversified Financial Services – 1.0%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust<sup>(b)</sup> | AerCap Ireland Capital DAC/AerCap Global Aviation Trust<sup>(b)</sup> | AerCap Ireland Capital DAC/AerCap Global Aviation Trust<sup>(b)</sup> | AerCap Ireland Capital DAC/AerCap Global Aviation Trust<sup>(b)</sup> |
| 5125000 | 2.450 | 10/29/26 | 5058017 |
| 3472000 | 5.375 | 12/15/31 | 3602929 |
| Air Lease Corp.<sup>(b)</sup> | Air Lease Corp.<sup>(b)</sup> | Air Lease Corp.<sup>(b)</sup> | Air Lease Corp.<sup>(b)</sup> |
| 625000 | 2.875 | 01/15/26 | 624356 |
| 3750000 | 5.200 | 07/15/31 | 3809700 |
| American Express Co.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.420%) | American Express Co.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.420%) | American Express Co.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.420%) | American Express Co.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.420%) |
| 4855000 | 5.284 | 07/26/35 | 5003369 |
| Avolon Holdings Funding Ltd.<sup>(b)(c)</sup> | Avolon Holdings Funding Ltd.<sup>(b)(c)</sup> | Avolon Holdings Funding Ltd.<sup>(b)(c)</sup> | Avolon Holdings Funding Ltd.<sup>(b)(c)</sup> |
| 873000 | 5.150 | 01/15/30 | 888286 |
| Capital One Financial Corp.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 2.036%) | Capital One Financial Corp.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 2.036%) | Capital One Financial Corp.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 2.036%) | Capital One Financial Corp.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 2.036%) |
| 5140000 | 6.183 | 01/30/36 | 5372482 |
| Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
| 950000 | 2.608 | 07/14/31 | 858363 |
| REC Ltd.<sup>(c)</sup> | REC Ltd.<sup>(c)</sup> | REC Ltd.<sup>(c)</sup> | REC Ltd.<sup>(c)</sup> |
| 200000 | 5.625 | 04/11/28 | 205222 |
|  |  |  | 25422724 |
| **Electrical<sup>(b)</sup> – 0.1%** | **Electrical<sup>(b)</sup> – 0.1%** | **Electrical<sup>(b)</sup> – 0.1%** | **Electrical<sup>(b)</sup> – 0.1%** |
| Alliant Energy Finance LLC<sup>(c)</sup> | Alliant Energy Finance LLC<sup>(c)</sup> | Alliant Energy Finance LLC<sup>(c)</sup> | Alliant Energy Finance LLC<sup>(c)</sup> |
| 225000 | 4.250 | 06/15/28 | 223747 |
| Ameren Corp. | Ameren Corp. | Ameren Corp. | Ameren Corp. |
| 400000 | 3.500 | 01/15/31 | 384624 |
| American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |
| 850000 | 2.300 | 03/01/30 | 785765 |
| Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. |
| 425000 | 2.950 | 09/15/27 | 418073 |
| Ohio Power Co. | Ohio Power Co. | Ohio Power Co. | Ohio Power Co. |
| 675000 | 2.600 | 04/01/30 | 630166 |
| Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
| 500000 | 3.300 | 08/01/40 | 379245 |
|  |  |  | 2821620 |
| **Electronics<sup>(b)</sup> – 0.1%** | **Electronics<sup>(b)</sup> – 0.1%** | **Electronics<sup>(b)</sup> – 0.1%** | **Electronics<sup>(b)</sup> – 0.1%** |
| Allegion U.S. Holding Co., Inc. | Allegion U.S. Holding Co., Inc. | Allegion U.S. Holding Co., Inc. | Allegion U.S. Holding Co., Inc. |
| 1593000 | 5.600 | 05/29/34 | 1663458 |
| **Engineering & Construction<sup>(b)</sup> – 0.1%** | **Engineering & Construction<sup>(b)</sup> – 0.1%** | **Engineering & Construction<sup>(b)</sup> – 0.1%** | **Engineering & Construction<sup>(b)</sup> – 0.1%** |
| Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust |
| 400000 | 4.250 | 10/31/26 | 398252 |
| 440000 | 3.875 <sup>(c)</sup> | 04/30/28 | 429827 |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Engineering & Construction<sup>(b)</sup> – (continued)** | **Engineering & Construction<sup>(b)</sup> – (continued)** | **Engineering & Construction<sup>(b)</sup> – (continued)** | **Engineering & Construction<sup>(b)</sup> – (continued)** |
| Mexico City Airport Trust – (continued) | Mexico City Airport Trust – (continued) | Mexico City Airport Trust – (continued) | Mexico City Airport Trust – (continued) |
| 200000 | 5.500 %<sup>(c)</sup> | 10/31/46 | $175534 |
| 420000 | 5.500 | 07/31/47 | 369994 |
| 340000 | 5.500 <sup>(c)</sup> | 07/31/47 | 299519 |
|  |  |  | 1673126 |
| **Environmental – 0.0%** | **Environmental – 0.0%** | **Environmental – 0.0%** | **Environmental – 0.0%** |
| Nature Conservancy | Nature Conservancy | Nature Conservancy | Nature Conservancy |
| 60000 | 0.944 | 07/01/26 | 58839 |
| 75000 | 1.304 | 07/01/28 | 69109 |
|  |  |  | 127948 |
| **Food & Drug Retailing<sup>(b)</sup> – 1.3%** | **Food & Drug Retailing<sup>(b)</sup> – 1.3%** | **Food & Drug Retailing<sup>(b)</sup> – 1.3%** | **Food & Drug Retailing<sup>(b)</sup> – 1.3%** |
| Campbell's Co. | Campbell's Co. | Campbell's Co. | Campbell's Co. |
| 7343000 | 5.400 | 03/21/34 | 7480314 |
| 1200000 | 4.750 | 03/23/35 | 1160160 |
| J.M. Smucker Co. | J.M. Smucker Co. | J.M. Smucker Co. | J.M. Smucker Co. |
| 2498000 | 5.900 | 11/15/28 | 2618329 |
| 1423000 | 6.200 | 11/15/33 | 1542077 |
| Mars, Inc.<sup>(c)</sup> | Mars, Inc.<sup>(c)</sup> | Mars, Inc.<sup>(c)</sup> | Mars, Inc.<sup>(c)</sup> |
| 5800000 | 4.800 | 03/01/30 | 5926150 |
| 5175000 | 5.000 | 03/01/32 | 5331595 |
| 8975000 | 5.200 | 03/01/35 | 9216786 |
| Sysco Corp. | Sysco Corp. | Sysco Corp. | Sysco Corp. |
| 225000 | 6.600 | 04/01/40 | 248758 |
|  |  |  | 33524169 |
| **Gas<sup>(b)</sup> – 0.0%** | **Gas<sup>(b)</sup> – 0.0%** | **Gas<sup>(b)</sup> – 0.0%** | **Gas<sup>(b)</sup> – 0.0%** |
| NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
| 325000 | 3.600 | 05/01/30 | 315939 |
| **Hand/Machine Tools<sup>(b)</sup> – 0.3%** | **Hand/Machine Tools<sup>(b)</sup> – 0.3%** | **Hand/Machine Tools<sup>(b)</sup> – 0.3%** | **Hand/Machine Tools<sup>(b)</sup> – 0.3%** |
| Regal Rexnord Corp. | Regal Rexnord Corp. | Regal Rexnord Corp. | Regal Rexnord Corp. |
| 6578000 | 6.300 | 02/15/30 | 6973469 |
| **Healthcare Providers & Services<sup>(b)</sup> – 3.0%** | **Healthcare Providers & Services<sup>(b)</sup> – 3.0%** | **Healthcare Providers & Services<sup>(b)</sup> – 3.0%** | **Healthcare Providers & Services<sup>(b)</sup> – 3.0%** |
| Adventist Health System | Adventist Health System | Adventist Health System | Adventist Health System |
| 540000 | 2.952 | 03/01/29 | 512820 |
| 6970000 | 4.742 | 12/01/30 | 6996214 |
| 1345000 | 5.757 | 12/01/34 | 1387153 |
| Alcon Finance Corp.<sup>(c)</sup> | Alcon Finance Corp.<sup>(c)</sup> | Alcon Finance Corp.<sup>(c)</sup> | Alcon Finance Corp.<sup>(c)</sup> |
| 4572000 | 3.000 | 09/23/29 | 4382033 |
| Ascension Health | Ascension Health | Ascension Health | Ascension Health |
| 3275000 | 4.923 | 11/15/35 | 3279957 |
| Banner Health | Banner Health | Banner Health | Banner Health |
| 3235000 | 2.338 | 01/01/30 | 3019303 |
| Baylor Scott & White Holdings | Baylor Scott & White Holdings | Baylor Scott & White Holdings | Baylor Scott & White Holdings |
| 1140000 | 1.777 | 11/15/30 | 1021832 |
| Cigna Group | Cigna Group | Cigna Group | Cigna Group |
| 3515000 | 5.125 | 05/15/31 | 3631979 |
| CommonSpirit Health | CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |
| 2220000 | 4.352 | 09/01/30 | 2210379 |
| 3385000 | 4.975 | 09/01/35 | 3345175 |
| 2385000 | 3.910 | 10/01/50 | 1781276 |
| 2655000 | 6.461 | 11/01/52 | 2853175 |
| HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
| 4625000 | 4.500 | 02/15/27 | 4634898 |
| 1590000 | 3.500 | 09/01/30 | 1529405 |
| 7985000 | 5.450 | 04/01/31 | 8332108 |
| 1610000 | 5.900 | 06/01/53 | 1577768 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Healthcare Providers & Services<sup>(b)</sup> – (continued)** | **Healthcare Providers & Services<sup>(b)</sup> – (continued)** | **Healthcare Providers & Services<sup>(b)</sup> – (continued)** | **Healthcare Providers & Services<sup>(b)</sup> – (continued)** |
| Humana, Inc. | Humana, Inc. | Humana, Inc. | Humana, Inc. |
| 785000 | 5.950% | 03/15/34 | $824101 |
| Laboratory Corp. of America Holdings | Laboratory Corp. of America Holdings | Laboratory Corp. of America Holdings | Laboratory Corp. of America Holdings |
| 1719000 | 4.800 | 10/01/34 | 1703667 |
| PeaceHealth Obligated Group | PeaceHealth Obligated Group | PeaceHealth Obligated Group | PeaceHealth Obligated Group |
| 2200000 | 4.335 | 11/15/28 | 2210246 |
| Rush System for Health Obligated Group | Rush System for Health Obligated Group | Rush System for Health Obligated Group | Rush System for Health Obligated Group |
| 1320000 | 3.922 | 11/15/29 | 1308887 |
| Solventum Corp. | Solventum Corp. | Solventum Corp. | Solventum Corp. |
| 1603000 | 5.400 | 03/01/29 | 1660804 |
| 3040000 | 5.450 | 03/13/31 | 3170994 |
| 5675000 | 5.600 | 03/23/34 | 5908753 |
| STERIS Irish FinCo UnLtd Co. | STERIS Irish FinCo UnLtd Co. | STERIS Irish FinCo UnLtd Co. | STERIS Irish FinCo UnLtd Co. |
| 501000 | 2.700 | 03/15/31 | 462112 |
| Stryker Corp. | Stryker Corp. | Stryker Corp. | Stryker Corp. |
| 75000 | 1.950 | 06/15/30 | 68105 |
| Sutter Health | Sutter Health | Sutter Health | Sutter Health |
| 605000 | 2.294 | 08/15/30 | 556384 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| 3700000 | 5.000 | 04/15/34 | 3759422 |
| 1750000 | 3.050 | 05/15/41 | 1326448 |
|  |  |  | 73455398 |
| **Insurance – 0.1%** | **Insurance – 0.1%** | **Insurance – 0.1%** | **Insurance – 0.1%** |
| Arch Capital Group Ltd. | Arch Capital Group Ltd. | Arch Capital Group Ltd. | Arch Capital Group Ltd. |
| 300000 | 7.350 | 05/01/34 | 347430 |
| Chubb INA Holdings LLC | Chubb INA Holdings LLC | Chubb INA Holdings LLC | Chubb INA Holdings LLC |
| 2440000 | 6.800 | 11/15/31 | 2728359 |
| Willis North America, Inc.<sup>(b)</sup> | Willis North America, Inc.<sup>(b)</sup> | Willis North America, Inc.<sup>(b)</sup> | Willis North America, Inc.<sup>(b)</sup> |
| 700000 | 2.950 | 09/15/29 | 666323 |
|  |  |  | 3742112 |
| **Internet – 1.2%** | **Internet – 1.2%** | **Internet – 1.2%** | **Internet – 1.2%** |
| Alphabet, Inc.<sup>(b)</sup> | Alphabet, Inc.<sup>(b)</sup> | Alphabet, Inc.<sup>(b)</sup> | Alphabet, Inc.<sup>(b)</sup> |
| 11025000 | 4.100 | 11/15/30 | 11061493 |
| Expedia Group, Inc.<sup>(b)</sup> | Expedia Group, Inc.<sup>(b)</sup> | Expedia Group, Inc.<sup>(b)</sup> | Expedia Group, Inc.<sup>(b)</sup> |
| 1212000 | 4.625 | 08/01/27 | 1221005 |
| 825000 | 3.800 | 02/15/28 | 820380 |
| 89000 | 3.250 | 02/15/30 | 85371 |
| 331000 | 2.950 | 03/15/31 | 307698 |
| Meta Platforms, Inc.<sup>(b)</sup> | Meta Platforms, Inc.<sup>(b)</sup> | Meta Platforms, Inc.<sup>(b)</sup> | Meta Platforms, Inc.<sup>(b)</sup> |
| 4850000 | 4.200 | 11/15/30 | 4858827 |
| 4325000 | 4.875 | 11/15/35 | 4321670 |
| Netflix, Inc. | Netflix, Inc. | Netflix, Inc. | Netflix, Inc. |
| 3010000 | 5.875 | 11/15/28 | 3163931 |
| 2604000 | 5.375 <sup>(c)</sup> | 11/15/29 | 2714618 |
| Prosus NV<sup>(b)(c)</sup> | Prosus NV<sup>(b)(c)</sup> | Prosus NV<sup>(b)(c)</sup> | Prosus NV<sup>(b)(c)</sup> |
| 100000 | 2.031 | 08/03/32 | 105150 |
| 230000 | 4.027 | 08/03/50 | 159850 |
| 210000 | 3.832 | 02/08/51 | 141158 |
|  |  |  | 28961151 |
| **Investment Companies<sup>(b)</sup> – 0.1%** | **Investment Companies<sup>(b)</sup> – 0.1%** | **Investment Companies<sup>(b)</sup> – 0.1%** | **Investment Companies<sup>(b)</sup> – 0.1%** |
| Blackstone Private Credit Fund | Blackstone Private Credit Fund | Blackstone Private Credit Fund | Blackstone Private Credit Fund |
| 950000 | 6.000 | 01/29/32 | 964174 |
| Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund |
| 1650000 | 5.875 | 11/15/27 | 1684370 |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Investment Companies<sup>(b)</sup> – (continued)** | **Investment Companies<sup>(b)</sup> – (continued)** | **Investment Companies<sup>(b)</sup> – (continued)** | **Investment Companies<sup>(b)</sup> – (continued)** |
| JAB Holdings BV<sup>(c)</sup> | JAB Holdings BV<sup>(c)</sup> | JAB Holdings BV<sup>(c)</sup> | JAB Holdings BV<sup>(c)</sup> |
| 500000 | 2.200% | 11/23/30 | $444925 |
|  |  |  | 3093469 |
| **Iron/Steel<sup>(c)</sup> – 0.0%** | **Iron/Steel<sup>(c)</sup> – 0.0%** | **Iron/Steel<sup>(c)</sup> – 0.0%** | **Iron/Steel<sup>(c)</sup> – 0.0%** |
| POSCO | POSCO | POSCO | POSCO |
| 260000 | 5.750 | 01/17/28 | 267774 |
| **Lodging<sup>(b)</sup> – 0.8%** | **Lodging<sup>(b)</sup> – 0.8%** | **Lodging<sup>(b)</sup> – 0.8%** | **Lodging<sup>(b)</sup> – 0.8%** |
| Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. |
| 3593000 | 3.700 | 01/15/31 | 3420931 |
| 1639000 | 5.850 | 08/01/34 | 1671665 |
| Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
| 5295000 | 5.500 | 06/30/34 | 5465182 |
| Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
| 1590000 | 5.625 | 06/15/28 | 1628759 |
| 590000 | 6.000 | 06/14/30 | 617954 |
| Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
| 2100000 | 5.000 | 10/15/27 | 2136372 |
| 5300000 | 2.850 | 04/15/31 | 4919195 |
|  |  |  | 19860058 |
| **Machinery-Diversified<sup>(b)</sup> – 0.2%** | **Machinery-Diversified<sup>(b)</sup> – 0.2%** | **Machinery-Diversified<sup>(b)</sup> – 0.2%** | **Machinery-Diversified<sup>(b)</sup> – 0.2%** |
| AGCO Corp. | AGCO Corp. | AGCO Corp. | AGCO Corp. |
| 1298000 | 5.800 | 03/21/34 | 1357916 |
| IDEX Corp. | IDEX Corp. | IDEX Corp. | IDEX Corp. |
| 1515000 | 2.625 | 06/15/31 | 1384513 |
| Ingersoll Rand, Inc. | Ingersoll Rand, Inc. | Ingersoll Rand, Inc. | Ingersoll Rand, Inc. |
| 1270000 | 5.700 | 08/14/33 | 1345514 |
|  |  |  | 4087943 |
| **Media<sup>(b)</sup> – 0.3%** | **Media<sup>(b)</sup> – 0.3%** | **Media<sup>(b)</sup> – 0.3%** | **Media<sup>(b)</sup> – 0.3%** |
| Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital |
| 6675000 | 3.750 | 02/15/28 | 6580682 |
| Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. |
| 100000 | 3.750 | 04/01/40 | 82352 |
| Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC |
| 275000 | 5.875 | 11/15/40 | 254620 |
|  |  |  | 6917654 |
| **Miscellaneous Manufacturing – 0.0%** | **Miscellaneous Manufacturing – 0.0%** | **Miscellaneous Manufacturing – 0.0%** | **Miscellaneous Manufacturing – 0.0%** |
| GE Capital International Funding Co. Unlimited Co. | GE Capital International Funding Co. Unlimited Co. | GE Capital International Funding Co. Unlimited Co. | GE Capital International Funding Co. Unlimited Co. |
| 405000 | 4.418 | 11/15/35 | 395713 |
| General Electric Co. | General Electric Co. | General Electric Co. | General Electric Co. |
| 700000 | 5.875 | 01/14/38 | 759780 |
|  |  |  | 1155493 |
| **Oil Field Services – 0.2%** | **Oil Field Services – 0.2%** | **Oil Field Services – 0.2%** | **Oil Field Services – 0.2%** |
| Marathon Petroleum Corp.<sup>(b)</sup> | Marathon Petroleum Corp.<sup>(b)</sup> | Marathon Petroleum Corp.<sup>(b)</sup> | Marathon Petroleum Corp.<sup>(b)</sup> |
| 375000 | 3.800 | 04/01/28 | 373012 |
| Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
| 1034000 | 7.875 | 09/15/31 | 1182669 |
| Phillips 66<sup>(b)</sup> | Phillips 66<sup>(b)</sup> | Phillips 66<sup>(b)</sup> | Phillips 66<sup>(b)</sup> |
| 145000 | 1.300 | 02/15/26 | 144477 |
| Reliance Industries Ltd.<sup>(c)</sup> | Reliance Industries Ltd.<sup>(c)</sup> | Reliance Industries Ltd.<sup>(c)</sup> | Reliance Industries Ltd.<sup>(c)</sup> |
| 480000 | 2.875 | 01/12/32 | 438029 |
| 250000 | 3.750 | 01/12/62 | 179522 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Oil Field Services – (continued)** | **Oil Field Services – (continued)** | **Oil Field Services – (continued)** | **Oil Field Services – (continued)** |
| Saudi Arabian Oil Co.<sup>(b)(c)</sup> | Saudi Arabian Oil Co.<sup>(b)(c)</sup> | Saudi Arabian Oil Co.<sup>(b)(c)</sup> | Saudi Arabian Oil Co.<sup>(b)(c)</sup> |
| 1950000 | 5.750% | 07/17/54 | $1901250 |
|  |  |  | 4218959 |
| **Pharmaceuticals<sup>(b)</sup> – 0.4%** | **Pharmaceuticals<sup>(b)</sup> – 0.4%** | **Pharmaceuticals<sup>(b)</sup> – 0.4%** | **Pharmaceuticals<sup>(b)</sup> – 0.4%** |
| Cencora, Inc. | Cencora, Inc. | Cencora, Inc. | Cencora, Inc. |
| 4993000 | 2.700 | 03/15/31 | 4601449 |
| Cigna Group | Cigna Group | Cigna Group | Cigna Group |
| 1025000 | 4.800 | 08/15/38 | 982760 |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| 5632000 | 4.780 | 03/25/38 | 5319142 |
|  |  |  | 10903351 |
| **Pipelines – 0.9%** | **Pipelines – 0.9%** | **Pipelines – 0.9%** | **Pipelines – 0.9%** |
| Abu Dhabi Crude Oil Pipeline LLC<sup>(c)</sup> | Abu Dhabi Crude Oil Pipeline LLC<sup>(c)</sup> | Abu Dhabi Crude Oil Pipeline LLC<sup>(c)</sup> | Abu Dhabi Crude Oil Pipeline LLC<sup>(c)</sup> |
| 1190000 | 4.600 | 11/02/47 | 1105903 |
| Cheniere Energy Partners LP <sup>(b)</sup> | Cheniere Energy Partners LP <sup>(b)</sup> | Cheniere Energy Partners LP <sup>(b)</sup> | Cheniere Energy Partners LP <sup>(b)</sup> |
| 1185000 | 5.950 | 06/30/33 | 1257723 |
| Columbia Pipelines Operating Co. LLC<sup>(b)(c)</sup> | Columbia Pipelines Operating Co. LLC<sup>(b)(c)</sup> | Columbia Pipelines Operating Co. LLC<sup>(b)(c)</sup> | Columbia Pipelines Operating Co. LLC<sup>(b)(c)</sup> |
| 3620000 | 6.036 | 11/15/33 | 3875101 |
| Enbridge, Inc.<sup>(b)</sup> | Enbridge, Inc.<sup>(b)</sup> | Enbridge, Inc.<sup>(b)</sup> | Enbridge, Inc.<sup>(b)</sup> |
| 2300000 | 2.500 | 08/01/33 | 1977425 |
| Energy Transfer LP<sup>(b)</sup> | Energy Transfer LP<sup>(b)</sup> | Energy Transfer LP<sup>(b)</sup> | Energy Transfer LP<sup>(b)</sup> |
| 50000 | 4.950 | 06/15/28 | 50831 |
| 375000 | 5.300 | 04/15/47 | 333596 |
| Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. |
| 200000 | 2.625 <sup>(c)</sup> | 03/31/36 | 176476 |
| 2633795 | 2.940 | 09/30/40 | 2241149 |
| 320000 | 3.250 <sup>(c)</sup> | 09/30/40 | 261222 |
| Kinder Morgan, Inc.<sup>(b)</sup> | Kinder Morgan, Inc.<sup>(b)</sup> | Kinder Morgan, Inc.<sup>(b)</sup> | Kinder Morgan, Inc.<sup>(b)</sup> |
| 4835000 | 5.200 | 06/01/33 | 4975457 |
| MPLX LP<sup>(b)</sup> | MPLX LP<sup>(b)</sup> | MPLX LP<sup>(b)</sup> | MPLX LP<sup>(b)</sup> |
| 275000 | 4.500 | 04/15/38 | 251037 |
| 645000 | 5.500 | 02/15/49 | 593026 |
| Plains All American Pipeline LP/PAA Finance Corp.<sup>(b)</sup> | Plains All American Pipeline LP/PAA Finance Corp.<sup>(b)</sup> | Plains All American Pipeline LP/PAA Finance Corp.<sup>(b)</sup> | Plains All American Pipeline LP/PAA Finance Corp.<sup>(b)</sup> |
| 875000 | 3.800 | 09/15/30 | 848899 |
| Sabine Pass Liquefaction LLC<sup>(b)</sup> | Sabine Pass Liquefaction LLC<sup>(b)</sup> | Sabine Pass Liquefaction LLC<sup>(b)</sup> | Sabine Pass Liquefaction LLC<sup>(b)</sup> |
| 275000 | 5.000 | 03/15/27 | 276821 |
| Targa Resources Corp.<sup>(b)</sup> | Targa Resources Corp.<sup>(b)</sup> | Targa Resources Corp.<sup>(b)</sup> | Targa Resources Corp.<sup>(b)</sup> |
| 1010000 | 4.200 | 02/01/33 | 966691 |
| Western Midstream Operating LP<sup>(b)</sup> | Western Midstream Operating LP<sup>(b)</sup> | Western Midstream Operating LP<sup>(b)</sup> | Western Midstream Operating LP<sup>(b)</sup> |
| 225000 | 5.450 | 04/01/44 | 204910 |
| Williams Cos., Inc.<sup>(b)</sup> | Williams Cos., Inc.<sup>(b)</sup> | Williams Cos., Inc.<sup>(b)</sup> | Williams Cos., Inc.<sup>(b)</sup> |
| 1800000 | 5.650 | 03/15/33 | 1893330 |
|  |  |  | 21289597 |
| **Real Estate Investment Trust<sup>(b)</sup> – 0.2%** | **Real Estate Investment Trust<sup>(b)</sup> – 0.2%** | **Real Estate Investment Trust<sup>(b)</sup> – 0.2%** | **Real Estate Investment Trust<sup>(b)</sup> – 0.2%** |
| American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
| 723000 | 4.900 | 02/15/29 | 734980 |
| CubeSmart LP | CubeSmart LP | CubeSmart LP | CubeSmart LP |
| 370000 | 2.500 | 02/15/32 | 327391 |
| Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
| 952000 | 2.900 | 12/15/31 | 862731 |
| Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
| 1120000 | 2.000 | 08/15/31 | 979037 |
| Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
| 400000 | 3.950 | 08/15/27 | 400160 |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Real Estate Investment Trust<sup>(b)</sup> – (continued)** | **Real Estate Investment Trust<sup>(b)</sup> – (continued)** | **Real Estate Investment Trust<sup>(b)</sup> – (continued)** | **Real Estate Investment Trust<sup>(b)</sup> – (continued)** |
| UDR, Inc. | UDR, Inc. | UDR, Inc. | UDR, Inc. |
| 475000 | 2.100% | 08/01/32 | $406020 |
| WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. |
| 1000000 | 3.850 | 07/15/29 | 985650 |
| 725000 | 2.400 | 02/01/31 | 653725 |
|  |  |  | 5349694 |
| **Retailing<sup>(b)</sup> – 0.1%** | **Retailing<sup>(b)</sup> – 0.1%** | **Retailing<sup>(b)</sup> – 0.1%** | **Retailing<sup>(b)</sup> – 0.1%** |
| AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. |
| 500000 | 1.950 | 08/01/28 | 471445 |
| 825000 | 4.750 | 06/01/30 | 832879 |
| Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. |
| 125000 | 1.700 | 10/15/30 | 111045 |
|  |  |  | 1415369 |
| **Savings & Loans<sup>(a)(b)(c)</sup> – 0.0%** | **Savings & Loans<sup>(a)(b)(c)</sup> – 0.0%** | **Savings & Loans<sup>(a)(b)(c)</sup> – 0.0%** | **Savings & Loans<sup>(a)(b)(c)</sup> – 0.0%** |
| Nationwide Building Society (3 mo. USD Term SOFR + 1.855%) | Nationwide Building Society (3 mo. USD Term SOFR + 1.855%) | Nationwide Building Society (3 mo. USD Term SOFR + 1.855%) | Nationwide Building Society (3 mo. USD Term SOFR + 1.855%) |
| 975000 | 3.960 | 07/18/30 | 961116 |
| **Semiconductors<sup>(b)</sup> – 0.4%** | **Semiconductors<sup>(b)</sup> – 0.4%** | **Semiconductors<sup>(b)</sup> – 0.4%** | **Semiconductors<sup>(b)</sup> – 0.4%** |
| Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| 1156000 | 3.419 | 04/15/33 | 1070236 |
| 425000 | 3.137 <sup>(c)</sup> | 11/15/35 | 366329 |
| 156000 | 3.187 <sup>(c)</sup> | 11/15/36 | 132366 |
| Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
| 2750000 | 5.200 | 02/10/33 | 2803075 |
| 934000 | 5.150 | 02/21/34 | 944900 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. |
| 825000 | 3.400 | 05/01/30 | 795490 |
| 3125000 | 2.500 | 05/11/31 | 2828531 |
| 2250000 | 2.650 | 02/15/32 | 2021850 |
|  |  |  | 10962777 |
| **Software<sup>(b)</sup> – 1.7%** | **Software<sup>(b)</sup> – 1.7%** | **Software<sup>(b)</sup> – 1.7%** | **Software<sup>(b)</sup> – 1.7%** |
| AppLovin Corp. | AppLovin Corp. | AppLovin Corp. | AppLovin Corp. |
| 7790000 | 5.500 | 12/01/34 | 8003602 |
| Constellation Software, Inc.<sup>(c)</sup> | Constellation Software, Inc.<sup>(c)</sup> | Constellation Software, Inc.<sup>(c)</sup> | Constellation Software, Inc.<sup>(c)</sup> |
| 1366000 | 5.461 | 02/16/34 | 1377570 |
| MSCI, Inc.<sup>(c)</sup> | MSCI, Inc.<sup>(c)</sup> | MSCI, Inc.<sup>(c)</sup> | MSCI, Inc.<sup>(c)</sup> |
| 650000 | 4.000 | 11/15/29 | 636792 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 2000000 | 4.500 | 05/06/28 | 1998980 |
| 1881000 | 2.950 | 04/01/30 | 1735599 |
| 2550000 | 4.650 | 05/06/30 | 2525367 |
| 5625000 | 2.875 | 03/25/31 | 5042700 |
| 3520000 | 5.250 | 02/03/32 | 3514051 |
| 3820000 | 4.800 | 09/26/32 | 3689089 |
| 2211000 | 4.900 | 02/06/33 | 2128463 |
| 4440000 | 5.200 | 09/26/35 | 4262178 |
| 350000 | 3.600 | 04/01/40 | 259532 |
| 1615000 | 5.550 | 02/06/53 | 1343664 |
| ServiceNow, Inc. | ServiceNow, Inc. | ServiceNow, Inc. | ServiceNow, Inc. |
| 1040000 | 1.400 | 09/01/30 | 916614 |
| Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
| 2177000 | 5.000 | 04/01/32 | 2222891 |
| VMware LLC | VMware LLC | VMware LLC | VMware LLC |
| 700000 | 1.800 | 08/15/28 | 662130 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Software<sup>(b)</sup> – (continued)** | **Software<sup>(b)</sup> – (continued)** | **Software<sup>(b)</sup> – (continued)** | **Software<sup>(b)</sup> – (continued)** |
| Workday, Inc. | Workday, Inc. | Workday, Inc. | Workday, Inc. |
| 675000 | 3.800% | 04/01/32 | $646049 |
|  |  |  | 40965271 |
| **Telecommunication Services – 0.9%** | **Telecommunication Services – 0.9%** | **Telecommunication Services – 0.9%** | **Telecommunication Services – 0.9%** |
| AT&T, Inc.<sup>(b)</sup> | AT&T, Inc.<sup>(b)</sup> | AT&T, Inc.<sup>(b)</sup> | AT&T, Inc.<sup>(b)</sup> |
| 2355000 | 4.850 | 03/01/39 | 2240359 |
| 450000 | 5.150 | 11/15/46 | 411876 |
| British Telecommunications PLC | British Telecommunications PLC | British Telecommunications PLC | British Telecommunications PLC |
| 3265000 | 9.625 | 12/15/30 | 3985520 |
| Rogers Communications, Inc.<sup>(b)</sup> | Rogers Communications, Inc.<sup>(b)</sup> | Rogers Communications, Inc.<sup>(b)</sup> | Rogers Communications, Inc.<sup>(b)</sup> |
| 745000 | 3.200 | 03/15/27 | 737796 |
| Telefonica Emisiones SA | Telefonica Emisiones SA | Telefonica Emisiones SA | Telefonica Emisiones SA |
| 425000 | 4.665 | 03/06/38 | 387634 |
| T-Mobile USA, Inc.<sup>(b)</sup> | T-Mobile USA, Inc.<sup>(b)</sup> | T-Mobile USA, Inc.<sup>(b)</sup> | T-Mobile USA, Inc.<sup>(b)</sup> |
| 5163000 | 3.750 | 04/15/27 | 5146427 |
| 700000 | 4.750 | 02/01/28 | 700357 |
| 533000 | 3.875 | 04/15/30 | 523880 |
| 6025000 | 5.200 | 01/15/33 | 6219366 |
| Verizon Communications, Inc.<sup>(b)</sup> | Verizon Communications, Inc.<sup>(b)</sup> | Verizon Communications, Inc.<sup>(b)</sup> | Verizon Communications, Inc.<sup>(b)</sup> |
| 100000 | 1.750 | 01/20/31 | 87981 |
| 1500000 | 2.550 | 03/21/31 | 1369920 |
|  |  |  | 21811116 |
| **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $544,300,430)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $544,300,430)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $544,300,430)** | $546676344 |
| **Asset-Backed Securities<sup>(b)</sup> – 10.3%** | **Asset-Backed Securities<sup>(b)</sup> – 10.3%** | **Asset-Backed Securities<sup>(b)</sup> – 10.3%** | **Asset-Backed Securities<sup>(b)</sup> – 10.3%** |
| **Automotive – 0.5%** | **Automotive – 0.5%** | **Automotive – 0.5%** | **Automotive – 0.5%** |
| Exeter Automobile Receivables Trust Series 2025-1A, Class A2 | Exeter Automobile Receivables Trust Series 2025-1A, Class A2 | Exeter Automobile Receivables Trust Series 2025-1A, Class A2 | Exeter Automobile Receivables Trust Series 2025-1A, Class A2 |
| 367035 | 4.700% | 09/15/27 | $367152 |
| Exeter Automobile Receivables Trust Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust Series 2025-1A, Class A3 |
| 1425000 | 4.670 | 08/15/28 | 1428154 |
| GMF Floorplan Owner Revolving Trust Series 2023-1, Class A1<sup>(c)</sup> | GMF Floorplan Owner Revolving Trust Series 2023-1, Class A1<sup>(c)</sup> | GMF Floorplan Owner Revolving Trust Series 2023-1, Class A1<sup>(c)</sup> | GMF Floorplan Owner Revolving Trust Series 2023-1, Class A1<sup>(c)</sup> |
| 4700000 | 5.340 | 06/15/28 | 4728405 |
| Santander Drive Auto Receivables Trust Series 2025-1, Class A2 | Santander Drive Auto Receivables Trust Series 2025-1, Class A2 | Santander Drive Auto Receivables Trust Series 2025-1, Class A2 | Santander Drive Auto Receivables Trust Series 2025-1, Class A2 |
| 256717 | 4.760 | 08/16/27 | 256820 |
| Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 |
| 5075000 | 4.740 | 01/16/29 | 5090010 |
|  |  |  | 11870541 |
| **Collateralized Loan Obligations<sup>(c)</sup> – 8.3%** | **Collateralized Loan Obligations<sup>(c)</sup> – 8.3%** | **Collateralized Loan Obligations<sup>(c)</sup> – 8.3%** | **Collateralized Loan Obligations<sup>(c)</sup> – 8.3%** |
| 1988 CLO 4 Ltd. Series 2024-4A, Class B<sup>(a)</sup> (3 mo. USD Term SOFR + 2.100%) | 1988 CLO 4 Ltd. Series 2024-4A, Class B<sup>(a)</sup> (3 mo. USD Term SOFR + 2.100%) | 1988 CLO 4 Ltd. Series 2024-4A, Class B<sup>(a)</sup> (3 mo. USD Term SOFR + 2.100%) | 1988 CLO 4 Ltd. Series 2024-4A, Class B<sup>(a)</sup> (3 mo. USD Term SOFR + 2.100%) |
| 3250000 | 6.005 | 04/15/37 | 3260839 |
| 1988 CLO 5 Ltd. Series 2024-5A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.540%) | 1988 CLO 5 Ltd. Series 2024-5A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.540%) | 1988 CLO 5 Ltd. Series 2024-5A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.540%) | 1988 CLO 5 Ltd. Series 2024-5A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.540%) |
| 6500000 | 5.445 | 07/15/37 | 6519572 |
| AB BSL CLO 2 Ltd. Series 2021-2A, Class A<sup>(a)</sup> (3 mo. USD Term SOFR + 1.362%) | AB BSL CLO 2 Ltd. Series 2021-2A, Class A<sup>(a)</sup> (3 mo. USD Term SOFR + 1.362%) | AB BSL CLO 2 Ltd. Series 2021-2A, Class A<sup>(a)</sup> (3 mo. USD Term SOFR + 1.362%) | AB BSL CLO 2 Ltd. Series 2021-2A, Class A<sup>(a)</sup> (3 mo. USD Term SOFR + 1.362%) |
| 5600000 | 5.266 | 04/15/34 | 5601434 |
| Atlas Senior Loan Fund XIII Series 2019-13A, Class CR<sup>(a)</sup> (3 mo. USD Term SOFR + 2.912%) | Atlas Senior Loan Fund XIII Series 2019-13A, Class CR<sup>(a)</sup> (3 mo. USD Term SOFR + 2.912%) | Atlas Senior Loan Fund XIII Series 2019-13A, Class CR<sup>(a)</sup> (3 mo. USD Term SOFR + 2.912%) | Atlas Senior Loan Fund XIII Series 2019-13A, Class CR<sup>(a)</sup> (3 mo. USD Term SOFR + 2.912%) |
| 2100000 | 6.769 | 04/22/31 | 2106707 |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Asset-Backed Securities<sup>(b)</sup> – (continued)** | **Asset-Backed Securities<sup>(b)</sup> – (continued)** | **Asset-Backed Securities<sup>(b)</sup> – (continued)** | **Asset-Backed Securities<sup>(b)</sup> – (continued)** |
| **Collateralized Loan Obligations<sup>(c)</sup> – (continued)** | **Collateralized Loan Obligations<sup>(c)</sup> – (continued)** | **Collateralized Loan Obligations<sup>(c)</sup> – (continued)** | **Collateralized Loan Obligations<sup>(c)</sup> – (continued)** |
| Carlyle U.S. CLO Ltd. Series 2024-6A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.340%) | Carlyle U.S. CLO Ltd. Series 2024-6A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.340%) | Carlyle U.S. CLO Ltd. Series 2024-6A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.340%) | Carlyle U.S. CLO Ltd. Series 2024-6A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.340%) |
| 7400000 | 5.198% | 10/25/37 | $7421075 |
| CBAM Ltd. Series 2018-5A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.340%) | CBAM Ltd. Series 2018-5A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.340%) | CBAM Ltd. Series 2018-5A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.340%) | CBAM Ltd. Series 2018-5A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.340%) |
| 18675000 | 5.452 | 10/17/38 | 18695468 |
| Cedar Funding IX CLO Ltd. Series 2018-9A, Class AR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.420%) | Cedar Funding IX CLO Ltd. Series 2018-9A, Class AR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.420%) | Cedar Funding IX CLO Ltd. Series 2018-9A, Class AR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.420%) | Cedar Funding IX CLO Ltd. Series 2018-9A, Class AR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.420%) |
| 3795000 | 5.304 | 07/20/37 | 3804841 |
| CIFC Funding Ltd. Series 2023-3A, Class A<sup>(a)</sup> (3 mo. USD Term SOFR + 1.600%) | CIFC Funding Ltd. Series 2023-3A, Class A<sup>(a)</sup> (3 mo. USD Term SOFR + 1.600%) | CIFC Funding Ltd. Series 2023-3A, Class A<sup>(a)</sup> (3 mo. USD Term SOFR + 1.600%) | CIFC Funding Ltd. Series 2023-3A, Class A<sup>(a)</sup> (3 mo. USD Term SOFR + 1.600%) |
| 4750000 | 5.484 | 01/20/37 | 4757947 |
| CIFC Funding Ltd. Series 2023-3A, Class B<sup>(a)</sup> (3 mo. USD Term SOFR + 2.300%) | CIFC Funding Ltd. Series 2023-3A, Class B<sup>(a)</sup> (3 mo. USD Term SOFR + 2.300%) | CIFC Funding Ltd. Series 2023-3A, Class B<sup>(a)</sup> (3 mo. USD Term SOFR + 2.300%) | CIFC Funding Ltd. Series 2023-3A, Class B<sup>(a)</sup> (3 mo. USD Term SOFR + 2.300%) |
| 7475000 | 6.184 | 01/20/37 | 7494794 |
| CIFC Funding Ltd. Series 2019-4A, Class A1R2<sup>(a)</sup> (3 mo. USD Term SOFR + 1.300%) | CIFC Funding Ltd. Series 2019-4A, Class A1R2<sup>(a)</sup> (3 mo. USD Term SOFR + 1.300%) | CIFC Funding Ltd. Series 2019-4A, Class A1R2<sup>(a)</sup> (3 mo. USD Term SOFR + 1.300%) | CIFC Funding Ltd. Series 2019-4A, Class A1R2<sup>(a)</sup> (3 mo. USD Term SOFR + 1.300%) |
| 7000000 | 5.205 | 07/15/38 | 7022400 |
| Elmwood CLO X Ltd. Series 2021-3A, Class AR2<sup>(a)</sup> (3 mo. USD Term SOFR + 1.300%) | Elmwood CLO X Ltd. Series 2021-3A, Class AR2<sup>(a)</sup> (3 mo. USD Term SOFR + 1.300%) | Elmwood CLO X Ltd. Series 2021-3A, Class AR2<sup>(a)</sup> (3 mo. USD Term SOFR + 1.300%) | Elmwood CLO X Ltd. Series 2021-3A, Class AR2<sup>(a)</sup> (3 mo. USD Term SOFR + 1.300%) |
| 13850000 | 5.184 | 07/20/38 | 13904763 |
| Fidelity Grand Harbour CLO DAC Series 2023-1A, Class B1R <sup>(a)</sup> (3 mo. EUR EURIBOR + 1.750%) | Fidelity Grand Harbour CLO DAC Series 2023-1A, Class B1R <sup>(a)</sup> (3 mo. EUR EURIBOR + 1.750%) | Fidelity Grand Harbour CLO DAC Series 2023-1A, Class B1R <sup>(a)</sup> (3 mo. EUR EURIBOR + 1.750%) | Fidelity Grand Harbour CLO DAC Series 2023-1A, Class B1R <sup>(a)</sup> (3 mo. EUR EURIBOR + 1.750%) |
| 3680000 | 3.814 | 02/15/38 | 4319308 |
| HalseyPoint CLO 7 Ltd. Series 2023-7A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.450%) | HalseyPoint CLO 7 Ltd. Series 2023-7A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.450%) | HalseyPoint CLO 7 Ltd. Series 2023-7A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.450%) | HalseyPoint CLO 7 Ltd. Series 2023-7A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.450%) |
| 13650000 | 5.334 | 07/20/38 | 13677409 |
| Harvest U.S. CLO Ltd. Series 2024-2A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.400%) | Harvest U.S. CLO Ltd. Series 2024-2A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.400%) | Harvest U.S. CLO Ltd. Series 2024-2A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.400%) | Harvest U.S. CLO Ltd. Series 2024-2A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.400%) |
| 3000000 | 5.305 | 10/15/37 | 3005568 |
| Kennedy Lewis CLO 13 Ltd. Series 2023-13A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.800%) | Kennedy Lewis CLO 13 Ltd. Series 2023-13A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.800%) | Kennedy Lewis CLO 13 Ltd. Series 2023-13A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.800%) | Kennedy Lewis CLO 13 Ltd. Series 2023-13A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.800%) |
| 7450000 | 5.670 | 01/20/37 | 7452980 |
| KKR CLO 57 Ltd. Series 2025-57A, Class A<sup>(a)</sup> (3 mo. USD Term SOFR + 1.400%) | KKR CLO 57 Ltd. Series 2025-57A, Class A<sup>(a)</sup> (3 mo. USD Term SOFR + 1.400%) | KKR CLO 57 Ltd. Series 2025-57A, Class A<sup>(a)</sup> (3 mo. USD Term SOFR + 1.400%) | KKR CLO 57 Ltd. Series 2025-57A, Class A<sup>(a)</sup> (3 mo. USD Term SOFR + 1.400%) |
| 13300000 | 5.679 | 07/15/38 | 13345459 |
| Madison Park Funding LXXIII Ltd. Series 2025-73A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.300%) | Madison Park Funding LXXIII Ltd. Series 2025-73A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.300%) | Madison Park Funding LXXIII Ltd. Series 2025-73A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.300%) | Madison Park Funding LXXIII Ltd. Series 2025-73A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.300%) |
| 12450000 | 5.263 | 10/17/38 | 12493824 |
| Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR2<sup>(a)</sup> (3 mo. USD Term SOFR + 1.530%) | Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR2<sup>(a)</sup> (3 mo. USD Term SOFR + 1.530%) | Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR2<sup>(a)</sup> (3 mo. USD Term SOFR + 1.530%) | Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR2<sup>(a)</sup> (3 mo. USD Term SOFR + 1.530%) |
| 4475000 | 5.435 | 04/15/37 | 4483261 |
| Mountain View CLO LLC Series 2016-1A, Class AR2<sup>(a)</sup> (3 mo. USD Term SOFR + 1.260%) | Mountain View CLO LLC Series 2016-1A, Class AR2<sup>(a)</sup> (3 mo. USD Term SOFR + 1.260%) | Mountain View CLO LLC Series 2016-1A, Class AR2<sup>(a)</sup> (3 mo. USD Term SOFR + 1.260%) | Mountain View CLO LLC Series 2016-1A, Class AR2<sup>(a)</sup> (3 mo. USD Term SOFR + 1.260%) |
| 2754643 | 5.172 | 04/14/33 | 2754670 |
| OCP CLO Ltd. Series 2019-16A, Class AR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.262%) | OCP CLO Ltd. Series 2019-16A, Class AR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.262%) | OCP CLO Ltd. Series 2019-16A, Class AR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.262%) | OCP CLO Ltd. Series 2019-16A, Class AR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.262%) |
| 2647539 | 5.189 | 04/10/33 | 2648799 |
| Octagon 67 Ltd. Series 2023-1A, Class AR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.450%) | Octagon 67 Ltd. Series 2023-1A, Class AR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.450%) | Octagon 67 Ltd. Series 2023-1A, Class AR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.450%) | Octagon 67 Ltd. Series 2023-1A, Class AR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.450%) |
| 9900000 | 5.308 | 07/25/38 | 9933323 |
| OHA Credit Funding 11 Ltd. Series 2022-11A, Class A2R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.520%) | OHA Credit Funding 11 Ltd. Series 2022-11A, Class A2R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.520%) | OHA Credit Funding 11 Ltd. Series 2022-11A, Class A2R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.520%) | OHA Credit Funding 11 Ltd. Series 2022-11A, Class A2R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.520%) |
| 4000000 | 5.404 | 07/19/37 | 4006496 |
| OHA Credit Funding 17 Ltd. Series 2024-17A, Class A<sup>(a)</sup> (3 mo. USD Term SOFR + 1.480%) | OHA Credit Funding 17 Ltd. Series 2024-17A, Class A<sup>(a)</sup> (3 mo. USD Term SOFR + 1.480%) | OHA Credit Funding 17 Ltd. Series 2024-17A, Class A<sup>(a)</sup> (3 mo. USD Term SOFR + 1.480%) | OHA Credit Funding 17 Ltd. Series 2024-17A, Class A<sup>(a)</sup> (3 mo. USD Term SOFR + 1.480%) |
| 5000000 | 5.364 | 04/20/37 | 5007960 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Asset-Backed Securities<sup>(b)</sup> – (continued)** | **Asset-Backed Securities<sup>(b)</sup> – (continued)** | **Asset-Backed Securities<sup>(b)</sup> – (continued)** | **Asset-Backed Securities<sup>(b)</sup> – (continued)** |
| **Collateralized Loan Obligations<sup>(c)</sup> – (continued)** | **Collateralized Loan Obligations<sup>(c)</sup> – (continued)** | **Collateralized Loan Obligations<sup>(c)</sup> – (continued)** | **Collateralized Loan Obligations<sup>(c)</sup> – (continued)** |
| Palmer Square CLO Ltd. Series 2024-2A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.400%) | Palmer Square CLO Ltd. Series 2024-2A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.400%) | Palmer Square CLO Ltd. Series 2024-2A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.400%) | Palmer Square CLO Ltd. Series 2024-2A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.400%) |
| 11828000 | 5.284% | 07/20/37 | $11866630 |
| Silver Point CLO 4 Ltd. Series 2024-4A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.630%) | Silver Point CLO 4 Ltd. Series 2024-4A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.630%) | Silver Point CLO 4 Ltd. Series 2024-4A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.630%) | Silver Point CLO 4 Ltd. Series 2024-4A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.630%) |
| 4950000 | 5.535 | 04/15/37 | 4962499 |
| Sound Point Euro CLO 14 Funding DAC Series 14A, Class B<sup>(a)</sup> (3 mo. EUR EURIBOR + 1.600%) | Sound Point Euro CLO 14 Funding DAC Series 14A, Class B<sup>(a)</sup> (3 mo. EUR EURIBOR + 1.600%) | Sound Point Euro CLO 14 Funding DAC Series 14A, Class B<sup>(a)</sup> (3 mo. EUR EURIBOR + 1.600%) | Sound Point Euro CLO 14 Funding DAC Series 14A, Class B<sup>(a)</sup> (3 mo. EUR EURIBOR + 1.600%) |
| 3730000 | 3.604 | 04/20/39 | 4343953 |
| Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A |
| 369208 | 5.750 | 12/20/50 | 376878 |
| Tallman Park CLO Ltd. Series 2021-1A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.330%) | Tallman Park CLO Ltd. Series 2021-1A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.330%) | Tallman Park CLO Ltd. Series 2021-1A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.330%) | Tallman Park CLO Ltd. Series 2021-1A, Class A1R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.330%) |
| 12350000 | 5.214 | 07/20/38 | 12384024 |
| Venture 32 CLO Ltd. Series 2018-32A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.362%) | Venture 32 CLO Ltd. Series 2018-32A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.362%) | Venture 32 CLO Ltd. Series 2018-32A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.362%) | Venture 32 CLO Ltd. Series 2018-32A, Class A1<sup>(a)</sup> (3 mo. USD Term SOFR + 1.362%) |
| 1127088 | 5.246 | 07/18/31 | 1128608 |
| Wind River CLO Ltd. Series 2021-2A, Class A2R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.400%) | Wind River CLO Ltd. Series 2021-2A, Class A2R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.400%) | Wind River CLO Ltd. Series 2021-2A, Class A2R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.400%) | Wind River CLO Ltd. Series 2021-2A, Class A2R<sup>(a)</sup> (3 mo. USD Term SOFR + 1.400%) |
| 3050000 | 5.284 | 07/20/34 | 3051357 |
| Wind River CLO Ltd. Series 2021-2A, Class BR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.600%) | Wind River CLO Ltd. Series 2021-2A, Class BR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.600%) | Wind River CLO Ltd. Series 2021-2A, Class BR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.600%) | Wind River CLO Ltd. Series 2021-2A, Class BR<sup>(a)</sup> (3 mo. USD Term SOFR + 1.600%) |
| 2850000 | 5.484 | 07/20/34 | 2850356 |
|  |  |  | 204683202 |
| **Credit Card – 1.2%** | **Credit Card – 1.2%** | **Credit Card – 1.2%** | **Credit Card – 1.2%** |
| American Express Credit Account Master Trust Series 2025-3, Class A | American Express Credit Account Master Trust Series 2025-3, Class A | American Express Credit Account Master Trust Series 2025-3, Class A | American Express Credit Account Master Trust Series 2025-3, Class A |
| 7300000 | 4.510 | 04/15/32 | 7440690 |
| Barclays Dryrock Issuance Trust Series 2023-1, Class A | Barclays Dryrock Issuance Trust Series 2023-1, Class A | Barclays Dryrock Issuance Trust Series 2023-1, Class A | Barclays Dryrock Issuance Trust Series 2023-1, Class A |
| 8400000 | 4.720 | 02/15/29 | 8420920 |
| Barclays Dryrock Issuance Trust Series 2025-1, Class A | Barclays Dryrock Issuance Trust Series 2025-1, Class A | Barclays Dryrock Issuance Trust Series 2025-1, Class A | Barclays Dryrock Issuance Trust Series 2025-1, Class A |
| 5100000 | 3.970 | 07/15/31 | 5116762 |
| Citibank Credit Card Issuance Trust Series 2025-A2, Class A | Citibank Credit Card Issuance Trust Series 2025-A2, Class A | Citibank Credit Card Issuance Trust Series 2025-A2, Class A | Citibank Credit Card Issuance Trust Series 2025-A2, Class A |
| 4875000 | 4.490 | 06/21/32 | 4969882 |
| Discover Card Execution Note Trust Series 2023-A1, Class A | Discover Card Execution Note Trust Series 2023-A1, Class A | Discover Card Execution Note Trust Series 2023-A1, Class A | Discover Card Execution Note Trust Series 2023-A1, Class A |
| 4300000 | 4.310 | 03/15/28 | 4304116 |
|  |  |  | 30252370 |
| **Ohio – 0.1%** | **Ohio – 0.1%** | **Ohio – 0.1%** | **Ohio – 0.1%** |
| Louisiana Local Government Environmental Facilities & Community Development Authority Series ELL | Louisiana Local Government Environmental Facilities & Community Development Authority Series ELL | Louisiana Local Government Environmental Facilities & Community Development Authority Series ELL | Louisiana Local Government Environmental Facilities & Community Development Authority Series ELL |
| 2270000 | 4.275 | 02/01/36 | 2251892 |
| **Student Loan<sup>(a)</sup> – 0.2%** | **Student Loan<sup>(a)</sup> – 0.2%** | **Student Loan<sup>(a)</sup> – 0.2%** | **Student Loan<sup>(a)</sup> – 0.2%** |
| AccessLex Institute Series 2004-1, Class A2 (3 mo. USD Term SOFR + 0.472%) | AccessLex Institute Series 2004-1, Class A2 (3 mo. USD Term SOFR + 0.472%) | AccessLex Institute Series 2004-1, Class A2 (3 mo. USD Term SOFR + 0.472%) | AccessLex Institute Series 2004-1, Class A2 (3 mo. USD Term SOFR + 0.472%) |
| 286710 | 4.523 | 09/26/33 | 283492 |
| Palmer Square Loan Funding Ltd. Series 2022-3A, Class A1BR <sup>(c)</sup> (3 mo. USD Term SOFR + 1.400%) | Palmer Square Loan Funding Ltd. Series 2022-3A, Class A1BR <sup>(c)</sup> (3 mo. USD Term SOFR + 1.400%) | Palmer Square Loan Funding Ltd. Series 2022-3A, Class A1BR <sup>(c)</sup> (3 mo. USD Term SOFR + 1.400%) | Palmer Square Loan Funding Ltd. Series 2022-3A, Class A1BR <sup>(c)</sup> (3 mo. USD Term SOFR + 1.400%) |
| 4625000 | 5.305 | 04/15/31 | 4629759 |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Asset-Backed Securities<sup>(b)</sup> – (continued)** | **Asset-Backed Securities<sup>(b)</sup> – (continued)** | **Asset-Backed Securities<sup>(b)</sup> – (continued)** | **Asset-Backed Securities<sup>(b)</sup> – (continued)** |
| **Student Loan<sup>(a)</sup> – (continued)** | **Student Loan<sup>(a)</sup> – (continued)** | **Student Loan<sup>(a)</sup> – (continued)** | **Student Loan<sup>(a)</sup> – (continued)** |
| PHEAA Student Loan Trust Series 2016-1A, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 1.264%) | PHEAA Student Loan Trust Series 2016-1A, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 1.264%) | PHEAA Student Loan Trust Series 2016-1A, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 1.264%) | PHEAA Student Loan Trust Series 2016-1A, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 1.264%) |
| 711990 | 5.139% | 09/25/65 | $717285 |
|  |  |  | 5630536 |
| **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $253,117,250)** | **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $253,117,250)** | **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $253,117,250)** | $254688541 |
| **Sovereign Debt Obligations – 1.0%** | **Sovereign Debt Obligations – 1.0%** | **Sovereign Debt Obligations – 1.0%** | **Sovereign Debt Obligations – 1.0%** |
| **Euro – 0.0%** | **Euro – 0.0%** | **Euro – 0.0%** | **Euro – 0.0%** |
| Mexico Government International Bonds<sup>(b)</sup> | Mexico Government International Bonds<sup>(b)</sup> | Mexico Government International Bonds<sup>(b)</sup> | Mexico Government International Bonds<sup>(b)</sup> |
| 839000 | 1.450% | 10/25/33 | $796495 |
| Romania Government International Bonds<sup>(c)</sup> | Romania Government International Bonds<sup>(c)</sup> | Romania Government International Bonds<sup>(c)</sup> | Romania Government International Bonds<sup>(c)</sup> |
| 360000 | 3.375 | 01/28/50 | 270897 |
|  |  |  | 1067392 |
| **Sovereign – 0.4%** | **Sovereign – 0.4%** | **Sovereign – 0.4%** | **Sovereign – 0.4%** |
| Eagle Funding Luxco SARL<sup>(b)(c)</sup> | Eagle Funding Luxco SARL<sup>(b)(c)</sup> | Eagle Funding Luxco SARL<sup>(b)(c)</sup> | Eagle Funding Luxco SARL<sup>(b)(c)</sup> |
| 7020000 | 5.500 | 08/17/30 | 7139340 |
| Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds |
| 1700000 | 6.125 | 05/22/28 | 1764260 |
|  |  |  | 8903600 |
| **United States Dollar – 0.6%** | **United States Dollar – 0.6%** | **United States Dollar – 0.6%** | **United States Dollar – 0.6%** |
| Israel Government AID Bonds<sup>(f)</sup> | Israel Government AID Bonds<sup>(f)</sup> | Israel Government AID Bonds<sup>(f)</sup> | Israel Government AID Bonds<sup>(f)</sup> |
| 4700000 | 5.500 | 09/18/33 | 5057905 |
| Israel Government International Bonds<sup>(g)</sup> | Israel Government International Bonds<sup>(g)</sup> | Israel Government International Bonds<sup>(g)</sup> | Israel Government International Bonds<sup>(g)</sup> |
| 200000 | 4.500 | 04/03/20 | 149500 |
| Mexico Government International Bonds<sup>(b)</sup> | Mexico Government International Bonds<sup>(b)</sup> | Mexico Government International Bonds<sup>(b)</sup> | Mexico Government International Bonds<sup>(b)</sup> |
| 240000 | 3.250 | 04/16/30 | 226560 |
| 1746000 | 3.500 | 02/12/34 | 1510290 |
| 1960000 | 3.771 | 05/24/61 | 1205400 |
| 600000 | 3.750 | 04/19/71 | 354000 |
| Panama Government International Bonds<sup>(b)</sup> | Panama Government International Bonds<sup>(b)</sup> | Panama Government International Bonds<sup>(b)</sup> | Panama Government International Bonds<sup>(b)</sup> |
| 360000 | 6.875 | 01/31/36 | 390776 |
| 800000 | 6.853 | 03/28/54 | 831520 |
| 210000 | 4.500 | 01/19/63 | 156189 |
| Peru Government International Bonds<sup>(b)</sup> | Peru Government International Bonds<sup>(b)</sup> | Peru Government International Bonds<sup>(b)</sup> | Peru Government International Bonds<sup>(b)</sup> |
| 10000 | 2.780 | 12/01/60 | 5440 |
| 100000 | 3.230 <sup>(h)</sup> | 07/28/21 | 54600 |
| Republic of Poland Government International Bonds<sup>(b)</sup> | Republic of Poland Government International Bonds<sup>(b)</sup> | Republic of Poland Government International Bonds<sup>(b)</sup> | Republic of Poland Government International Bonds<sup>(b)</sup> |
| 2600000 | 5.125 | 09/18/34 | 2659202 |
| Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
| 770000 | 3.000 <sup>(c)</sup> | 02/27/27 | 757160 |
| 690000 | 5.125 | 06/15/48 | 570672 |
| 580000 | 4.000 | 02/14/51 | 395919 |
| State of Israel | State of Israel | State of Israel | State of Israel |
| 680000 | 3.800 | 05/13/60 | 456205 |
|  |  |  | 14781338 |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $26,385,037)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $26,385,037)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $26,385,037)** | $24752330 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Agency Debentures – 0.9%** | **Agency Debentures – 0.9%** | **Agency Debentures – 0.9%** | **Agency Debentures – 0.9%** |
| **United States Dollar – 0.9%** | **United States Dollar – 0.9%** | **United States Dollar – 0.9%** | **United States Dollar – 0.9%** |
| Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. |
| 7050000 | 2.850% | 03/28/34 | $6353954 |
| Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. |
| 2500000 | 3.500 | 09/01/32 | 2418250 |
| Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. |
| 11930000 | 2.900 | 04/12/32 | 11163855 |
| Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. |
| 3840000 | 3.300 | 05/19/32 | 3678413 |
| **TOTAL AGENCY DEBENTURES**<br> **(Cost $25,234,352)** | **TOTAL AGENCY DEBENTURES**<br> **(Cost $25,234,352)** | **TOTAL AGENCY DEBENTURES**<br> **(Cost $25,234,352)** | $23614472 |
| **Municipal Debt Obligations – 0.5%** | **Municipal Debt Obligations – 0.5%** | **Municipal Debt Obligations – 0.5%** | **Municipal Debt Obligations – 0.5%** |
| **Arizona<sup>(b)</sup> – 0.0%** | **Arizona<sup>(b)</sup> – 0.0%** | **Arizona<sup>(b)</sup> – 0.0%** | **Arizona<sup>(b)</sup> – 0.0%** |
| Phoenix City AZ Civic Improvement Corp. RB Series 2020 | Phoenix City AZ Civic Improvement Corp. RB Series 2020 | Phoenix City AZ Civic Improvement Corp. RB Series 2020 | Phoenix City AZ Civic Improvement Corp. RB Series 2020 |
| 40000 | 5.000% | 07/01/34 | $43933 |
| **California<sup>(b)</sup> – 0.1%** | **California<sup>(b)</sup> – 0.1%** | **California<sup>(b)</sup> – 0.1%** | **California<sup>(b)</sup> – 0.1%** |
| California State GO Bonds Build America Taxable Series 2009 | California State GO Bonds Build America Taxable Series 2009 | California State GO Bonds Build America Taxable Series 2009 | California State GO Bonds Build America Taxable Series 2009 |
| 2600000 | 7.550 | 04/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3110728 |
| **Florida<sup>(b)</sup> – 0.0%** | **Florida<sup>(b)</sup> – 0.0%** | **Florida<sup>(b)</sup> – 0.0%** | **Florida<sup>(b)</sup> – 0.0%** |
| Florida State Board of Administration Finance Corp. RB Taxable Series A | Florida State Board of Administration Finance Corp. RB Taxable Series A | Florida State Board of Administration Finance Corp. RB Taxable Series A | Florida State Board of Administration Finance Corp. RB Taxable Series A |
| 595000 | 2.154 | 07/01/30 | 547464 |
| **Illinois – 0.1%** | **Illinois – 0.1%** | **Illinois – 0.1%** | **Illinois – 0.1%** |
| Illinois Finance Authority RB (Refunding) Series A | Illinois Finance Authority RB (Refunding) Series A | Illinois Finance Authority RB (Refunding) Series A | Illinois Finance Authority RB (Refunding) Series A |
| 40000 | 5.000 | 10/01/35 | 46594 |
| Illinois State GO Bonds Build America Series 2010 | Illinois State GO Bonds Build America Series 2010 | Illinois State GO Bonds Build America Series 2010 | Illinois State GO Bonds Build America Series 2010 |
| 1262363 | 7.350 | 07/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370681 |
| Illinois State GO Bonds Taxable-Pension Series 2003 | Illinois State GO Bonds Taxable-Pension Series 2003 | Illinois State GO Bonds Taxable-Pension Series 2003 | Illinois State GO Bonds Taxable-Pension Series 2003 |
| 1020882 | 5.100 | 06/01/33 | 1046271 |
| Sales Tax Securitization Corp. RB (Refunding) Series A | Sales Tax Securitization Corp. RB (Refunding) Series A | Sales Tax Securitization Corp. RB (Refunding) Series A | Sales Tax Securitization Corp. RB (Refunding) Series A |
| 40000 | 5.000 | 01/01/33 | 44351 |
|  |  |  | 2507897 |
| **Maryland – 0.2%** | **Maryland – 0.2%** | **Maryland – 0.2%** | **Maryland – 0.2%** |
| Maryland Economic Development Corp. RB Taxable Series 2024 (Prince George's County Public Schools Alternative Construction Financing, Package 2 Project) | Maryland Economic Development Corp. RB Taxable Series 2024 (Prince George's County Public Schools Alternative Construction Financing, Package 2 Project) | Maryland Economic Development Corp. RB Taxable Series 2024 (Prince George's County Public Schools Alternative Construction Financing, Package 2 Project) | Maryland Economic Development Corp. RB Taxable Series 2024 (Prince George's County Public Schools Alternative Construction Financing, Package 2 Project) |
| 3245000 | 4.827 | 11/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3311347 |
| **New Jersey<sup>(b)</sup> – 0.0%** | **New Jersey<sup>(b)</sup> – 0.0%** | **New Jersey<sup>(b)</sup> – 0.0%** | **New Jersey<sup>(b)</sup> – 0.0%** |
| New Jersey Educational Facilities Authority | New Jersey Educational Facilities Authority | New Jersey Educational Facilities Authority | New Jersey Educational Facilities Authority |
| 40000 | 5.000 | 03/01/36 | 46479 |
| **New York – 0.0%** | **New York – 0.0%** | **New York – 0.0%** | **New York – 0.0%** |
| Metropolitan Transportation Authority RB Taxable Series 2020 C2 | Metropolitan Transportation Authority RB Taxable Series 2020 C2 | Metropolitan Transportation Authority RB Taxable Series 2020 C2 | Metropolitan Transportation Authority RB Taxable Series 2020 C2 |
| 210000 | 5.175 | 11/15/49 | 193889 |
| New York City NY GO Bonds Series 2008-L, Subseries L-5<sup>(b)</sup> | New York City NY GO Bonds Series 2008-L, Subseries L-5<sup>(b)</sup> | New York City NY GO Bonds Series 2008-L, Subseries L-5<sup>(b)</sup> | New York City NY GO Bonds Series 2008-L, Subseries L-5<sup>(b)</sup> |
| 40000 | 5.000 | 04/01/33 | 44262 |
|  |  |  | 238151 |
| **Ohio – 0.1%** | **Ohio – 0.1%** | **Ohio – 0.1%** | **Ohio – 0.1%** |
| American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010 | American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010 | American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010 | American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010 |
| 1505000 | 6.270 | 02/15/50 | 1554339 |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Municipal Debt Obligations – (continued)** | **Municipal Debt Obligations – (continued)** | **Municipal Debt Obligations – (continued)** | **Municipal Debt Obligations – (continued)** |
| **Pennsylvania<sup>(b)</sup> – 0.0%** | **Pennsylvania<sup>(b)</sup> – 0.0%** | **Pennsylvania<sup>(b)</sup> – 0.0%** | **Pennsylvania<sup>(b)</sup> – 0.0%** |
| Pennsylvania Higher Educational Facilities Authority RB Series 2019 | Pennsylvania Higher Educational Facilities Authority RB Series 2019 | Pennsylvania Higher Educational Facilities Authority RB Series 2019 | Pennsylvania Higher Educational Facilities Authority RB Series 2019 |
| 40000 | 5.000% | 08/15/30 | $43262 |
| **TOTAL MUNICIPAL DEBT OBLIGAIONS**<br> **(Cost $10,887,894)** | **TOTAL MUNICIPAL DEBT OBLIGAIONS**<br> **(Cost $10,887,894)** | **TOTAL MUNICIPAL DEBT OBLIGAIONS**<br> **(Cost $10,887,894)** | $11403600 |
| **U.S. Treasury Obligations – 30.0%** | **U.S. Treasury Obligations – 30.0%** | **U.S. Treasury Obligations – 30.0%** | **U.S. Treasury Obligations – 30.0%** |
| U.S. Treasury Bills<sup>(i)</sup> | U.S. Treasury Bills<sup>(i)</sup> | U.S. Treasury Bills<sup>(i)</sup> | U.S. Treasury Bills<sup>(i)</sup> |
| 72900000 | 0.000% | 02/17/26 | $72571287 |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| 6530000 | 4.250 | 05/15/39 | 6400420 |
| 6740000 | 4.375 | 05/15/40 | 6632581 |
| 75750000 | 4.250 | 11/15/40 | 73169766 |
| 210000 | 3.375 | 05/15/44 | 173545 |
| 51100000 | 3.000 | 02/15/47 | 38516625 |
| 6740000 | 3.125 | 05/15/48 | 5127666 |
| 6490000 | 3.375 | 11/15/48 | 5142311 |
| 6820000 | 2.875 | 05/15/49 | 4901875 |
| 7580000 | 2.375 | 11/15/49 | 4877256 |
| 7925500 | 4.000 | 11/15/52 | 6885278 |
| 5220000 | 4.750 | 11/15/53 | 5132728 |
| U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds |
| 13823655 | 1.500 | 02/15/53 | 10773811 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 21720000 | 0.750 | 05/31/26 | 21467166 |
| 46220000 | 0.875 | 06/30/26 | 45613363 |
| 59493500 | 4.375 <sup>(j)</sup> | 08/15/26 | 59774700 |
| 24880000 | 0.750 | 08/31/26 | 24424191 |
| 22370000 | 1.375 | 08/31/26 | 22053674 |
| 69740000 | 3.750 | 04/30/27 | 69957937 |
| 25100000 | 2.625 | 05/31/27 | 24798016 |
| 1010000 | 0.500 | 06/30/27 | 966404 |
| 16320000 | 3.500 | 04/30/28 | 16317450 |
| 36750000 | 1.250 | 05/31/28 | 34843594 |
| 1000000 | 4.625 <sup>(j)</sup> | 09/30/28 | 1028281 |
| 101610000 | 4.625 <sup>(j)</sup> | 04/30/29 | 104912325 |
| 7010000 | 1.500 | 02/15/30 | 6438795 |
| 3831000 | 3.625 | 03/31/30 | 3824116 |
| 2512700 | 0.625 | 05/15/30 | 2205287 |
| 2490000 | 4.375 | 05/15/34 | 2546803 |
| U.S. Treasury STRIPS Coupon<sup>(i)</sup> | U.S. Treasury STRIPS Coupon<sup>(i)</sup> | U.S. Treasury STRIPS Coupon<sup>(i)</sup> | U.S. Treasury STRIPS Coupon<sup>(i)</sup> |
| 37781200 | 0.000 | 11/15/29 | 32738261 |
| 2540000 | 0.000 | 08/15/30 | 2130128 |
| 2540000 | 0.000 | 11/15/30 | 2107695 |
| 2540000 | 0.000 | 11/15/31 | 2016216 |
| 2540000 | 0.000 | 08/15/33 | 1855479 |
| 26090000 | 0.000 | 05/15/35 | 17447069 |
| U.S. Treasury STRIPS Principal<sup>(i)</sup> | U.S. Treasury STRIPS Principal<sup>(i)</sup> | U.S. Treasury STRIPS Principal<sup>(i)</sup> | U.S. Treasury STRIPS Principal<sup>(i)</sup> |
| 12660000 | 0.000 | 11/15/53 | 3213547 |
| **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $778,941,455)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $778,941,455)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $778,941,455)** | $742985646 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company <sup>(k)</sup> – 2.6%** | **Investment Company <sup>(k)</sup> – 2.6%** | **Investment Company <sup>(k)</sup> – 2.6%** | **Investment Company <sup>(k)</sup> – 2.6%** |
| Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 63957576 | 3.686% | 3.686% | $63957576 |
| **(Cost $63,957,576)** | **(Cost $63,957,576)** | **(Cost $63,957,576)** | **(Cost $63,957,576)** |
| **TOTAL INVESTMENTS BEFORE**<br> **SHORT-TERM INVESTMENTS – 110.9%**<br> **(Cost $2,786,814,111)** | **TOTAL INVESTMENTS BEFORE**<br> **SHORT-TERM INVESTMENTS – 110.9%**<br> **(Cost $2,786,814,111)** | **TOTAL INVESTMENTS BEFORE**<br> **SHORT-TERM INVESTMENTS – 110.9%**<br> **(Cost $2,786,814,111)** | $2743570993 |
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Short-term Investments<sup>(i)</sup> –1.2%** | **Short-term Investments<sup>(i)</sup> –1.2%** | **Short-term Investments<sup>(i)</sup> –1.2%** | **Short-term Investments<sup>(i)</sup> –1.2%** |
| **Commercial Paper<sup>(i)</sup> – 1.2%** | **Commercial Paper<sup>(i)</sup> – 1.2%** |  |  |
| AutoNation, Inc.<sup>(c)</sup> | AutoNation, Inc.<sup>(c)</sup> | AutoNation, Inc.<sup>(c)</sup> |  |
| 13042000 | 0.000% | 01/02/26 | $13039039 |
| Entergy Corp.<sup>(c)</sup> | Entergy Corp.<sup>(c)</sup> | Entergy Corp.<sup>(c)</sup> | Entergy Corp.<sup>(c)</sup> |
| 7570000 | 0.000 | 03/10/26 | 7513763 |
| National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait |
| 5258000 | 0.000 | 04/09/26 | 5260298 |
| Oracle Corp.<sup>(c)</sup> | Oracle Corp.<sup>(c)</sup> | Oracle Corp.<sup>(c)</sup> | Oracle Corp.<sup>(c)</sup> |
| 4490000 | 0.000 | 01/15/26 | 4482821 |
| **TOTAL SHORT-TERM INVESTMENTS**<br> **(Cost $30,293,715)** | **TOTAL SHORT-TERM INVESTMENTS**<br> **(Cost $30,293,715)** | **TOTAL SHORT-TERM INVESTMENTS**<br> **(Cost $30,293,715)** | $30295921 |
| **TOTAL INVESTMENTS – 113.0%**<br> **(Cost $2,842,342,178)** | **TOTAL INVESTMENTS – 113.0%**<br> **(Cost $2,842,342,178)** | **TOTAL INVESTMENTS – 113.0%**<br> **(Cost $2,842,342,178)** | $2797481386 |
| **LIABILITIES IN EXCESS OF OTHER**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ASSETS – (13.0)%** | **LIABILITIES IN EXCESS OF OTHER**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ASSETS – (13.0)%** | **LIABILITIES IN EXCESS OF OTHER**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ASSETS – (13.0)%** | (322500270) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** |  | $2474981116 |

---

---

| | |
|:---|:---|
| 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) | Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2025. |
| (b) | Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates. |
| (c) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (d) | Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on December 31, 2025. |
| (e) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $395,002,331 which represents approximately 16.2% of net assets as of December 31, 2025. |
| (f) | Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $5,057,905, which represents approximately 0.2% of the Fund's net assets as of December 31, 2025 |
| (g) | Actual maturity date is April 03, 2120. |
| (h) | Actual maturity date is July 28, 2121. |
| (i) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (j) | All or a portion of security is segregated as collateral for initial margin requirement on futures transactions. |
| (k) | Represents an affiliated issuer. |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At December 31, 2025, the Fund had the following forward foreign currency exchange contracts:

**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** |
|  Deutsche Bank AG (London) | USD | 8811690 | EUR | 7514820 | 02/25/26 | $(42365) |

---

**FORWARD SALES CONTRACTS** — At December 31, 2025, the Fund had the following forward sales contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date<sup>(a)</sup>** | **Settlement<br>Date** | **Principal<br>Amount** | **Value** |
|  Government National Mortgage Association | 3.000% | TBA - 30yr | 01/15/25 | $(25000000) | $(22470660) |
|  Government National Mortgage Association | 4.500 | TBA - 30yr | 01/22/26 | (6000000) | (5844581) |
|  Uniform Mortgage-Backed Security | 2.000 | TBA - 30yr | 01/15/25 | (45000000) | (36355077) |
|  Uniform Mortgage-Backed Security | 4.500 | TBA - 30yr | 01/15/25 | (66000000) | (64414456) |
|  Uniform Mortgage-Backed Security | 5.000 | TBA - 30yr | 01/15/25 | (18000000) | (17955000) |
|  Uniform Mortgage-Backed Security | 6.500 | TBA - 30yr | 01/15/25 | (8000000) | (8312187) |
|  **(PROCEEDS RECEIVED: $(155491211))** | **(PROCEEDS RECEIVED: $(155491211))** |  |  |  | $(155351961) |

---

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

**FUTURES CONTRACTS** — At December 31, 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:** |  |  |  |  |
|  10 Year U.K. Long Gilt | 170 | 03/27/26 | $20937580 | $82399 |
|  10 Year U.S. Treasury Notes | 818 | 03/20/26 | 91973875 | (178585) |
|  2 Year U.S. Treasury Notes | 775 | 03/31/26 | 161811523 | (66736) |
|  20 Year U.S. Treasury Bonds | 525 | 03/20/26 | 60686719 | (528540) |
|  30 Year German Euro-Buxl | 165 | 03/06/26 | 21353149 | (157025) |
|  3M Euribor | 275 | 06/15/26 | 79146781 | 11696 |
|  5 Year U.S. Treasury Notes | 1664 | 03/31/26 | 181883001 | (302705) |
|  ICE 3M Sonia Bonds | 226 | 03/17/26 | 73310850 | 8799 |
|  Ultra Long U.S. Treasury Bonds | 1082 | 03/20/26 | 127676000 | (2034458) |
|  **Total** |  |  |  | $(3165155) |
|  **Short position contracts:** |  |  |  |  |
|  5 Year German Euro-Bund | (12) | 03/06/26 | (1799043) | (1854) |
|  Euro-Schatz | (1) | 03/06/26 | (125500) | 145 |
|  French 10 Year Government Bonds | (358) | 03/06/26 | (50734817) | 230795 |
|  Ultra 10-Year U.S. Treasury Notes | (681) | 03/20/26 | (78325641) | 478481 |
|  **Total** |  |  |  | $707567 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $(2457588) |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**SWAP CONTRACTS** — At December 31, 2025, the Fund had the following swap contracts:

**CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made**<br> **by the Fund** | **Termination<br>Date** | **Notional**<br> **Amount**<br> **(000s)<sup>(a)</sup>** | **Market<br>Value** | **Upfront**<br> **Premium**<br> **(Received)**<br> **Paid** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
|  3.062%<sup>(b)</sup><br> 12M SOFR<sup>(b)</sup> | 08/31/27 | $88300 | $97439 | $4534 | $92905 |
| 1.250<sup>(b)</sup><br> 12M JYOR<sup>(b)</sup> | 12/15/27 | 12300610 | 100264 | 9228 | 91036 |
| 3.136<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 12/15/27 | $103350 | 191125 | 37978 | 153147 |
|  12M EURO<sup>(c)</sup><br> 1.750%<sup>(c)</sup> | 03/18/28 | 65500 | (453125) | (496868) | 43743 |
| 2.500<sup>(d)</sup><br> 12M CDOR<sup>(d)</sup> | 03/18/28 | 6670 | 3883 | 6942 | (3059) |
| 0.000<sup>(c)</sup><br> 12M CHFOR<sup>(c)</sup> | 03/18/28 | 83570 | 155978 | 137935 | 18043 |
| 1.000<sup>(c)</sup><br> 12M JYOR<sup>(c)</sup> | 03/18/28 | 25486000 | 776457 | 494361 | 282096 |
| 3.500<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 03/18/28 | $167590 | (746429) | (732860) | (13569) |
|  12M CDOR<sup>(d)</sup><br> 2.750<sup>(d)</sup> | 03/18/28 | 960 | 2831 | 2545 | 286 |
|  12M SOFR<sup>(c)</sup><br> 3.500<sup>(c)</sup> | 03/18/28 | $7100 | 31623 | 31544 | 79 |
|  12 GBP<sup>(c)</sup><br> 3.750<sup>(c)</sup> | 03/18/28 | 175360 | 1274448 | 819756 | 454692 |
| 3.500<sup>(e)</sup><br> 3M AUDOR<sup>(e)</sup> | 03/18/28 | 19980 | 149011 | 152535 | (3524) |
|  6M NIBOR<sup>(c)</sup><br> 4.000<sup>(d)</sup> | 03/18/28 | 2264900 | (432780) | (546378) | 113598 |
|  12 GBP<sup>(c)</sup><br> 4.000<sup>(c)</sup> | 03/18/28 | 8620 | 117641 | 102843 | 14798 |
| 2.000<sup>(d)</sup><br> 6M EURO<sup>(c)</sup> | 03/18/28 | 8120 | 57080 | 66936 | (9856) |
| 2.250<sup>(d)</sup><br> 6M EURO<sup>(c)</sup> | 03/18/28 | 11660 | 15594 | 21784 | (6190) |
|  12M SOFR<sup>(b)</sup><br> 3.368<sup>(b)</sup> | 06/23/28 | $228080 | 201942 | 148591 | 53351 |
|  12M EURO<sup>(b)</sup><br> 2.000<sup>(b)</sup> | 09/10/28 | 324950 | (1019777) | (242757) | (777020) |
| 2.500<sup>(d)</sup><br> 6M EURO<sup>(b)</sup> | 09/10/28 | 324950 | 159207 | (734666) | 893873 |
|  12M SOFR<sup>(b)</sup><br> 3.201<sup>(b)</sup> | 10/07/28 | $73530 | (96464) | 19051 | (115515) |
|  12 GBP<sup>(b)</sup><br> 3.500<sup>(b)</sup> | 10/27/28 | 139820 | (141466) | (136979) | (4487) |
|  6M EURO<sup>(c)</sup><br> 2.400<sup>(d)</sup> | 08/11/29 | 61081 | (312121) | (165841) | (146280) |
| 3.600<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 06/23/30 | $240150 | (135708) | (608107) | 472399 |
| 3.528<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 07/15/30 | 15760 | (21536) | (40468) | 18932 |
| 3.500<sup>(c)</sup><br> 12M GBP<sup>(c)</sup> | 10/27/30 | 130230 | 993173 | 855590 | 137583 |
|  12M SOFR<sup>(c)</sup><br> 3.265<sup>(c)</sup> | 01/30/31 | $37580 | (335484) | (220765) | (114719) |
| 1.000<sup>(c)</sup><br> 12M JYOR<sup>(c)</sup> | 03/18/31 | 5712000 | 970923 | 799844 | 171079 |
|  6M EURO<sup>(c)</sup><br> 2.250<sup>(d)</sup> | 03/18/31 | 36680 | (729122) | (749696) | 20574 |
|  3M NZDOR<sup>(d)</sup><br> 3.500<sup>(e)</sup> | 03/18/31 | 46590 | (167023) | (272877) | 105854 |
|  6M AUDOR<sup>(d)</sup><br> 3.750<sup>(d)</sup> | 03/18/31 | 37220 | (838709) | (818917) | (19792) |
|  12 GBP<sup>(c)</sup><br> 3.750<sup>(c)</sup> | 03/18/31 | 18120 | 95362 | 60018 | 35344 |
|  12M SOFR<sup>(c)</sup><br> 3.379<sup>(c)</sup> | 08/31/31 | $125460 | (664336) | 310781 | (975117) |
|  12M SOFR<sup>(c)</sup><br> 3.845<sup>(c)</sup> | 05/21/32 | 19440 | 194672 | 74042 | 120630 |
| 3.577<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 10/10/32 | 50560 | 348565 | (10994) | 359559 |
| 1.295<sup>(c)</sup><br> 12M JYOR<sup>(c)</sup> | 08/02/34 | 5168176 | 1151599 | (439454) | 1591053 |
|  12M EURO<sup>(c)</sup><br> 2.500<sup>(c)</sup> | 02/15/35 | 45150 | (609116) | (404804) | (204312) |
|  12M SOFR<sup>(c)</sup><br> 4.098<sup>(c)</sup> | 06/24/35 | $58650 | (53477) | (17500) | (35977) |
|  12 GBP<sup>(c)</sup><br> 4.500<sup>(c)</sup> | 10/28/35 | 25860 | 149088 | 198280 | (49192) |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made**<br> **by the Fund** | **Termination<br>Date** | **Notional**<br> **Amount**<br> **(000s)<sup>(a)</sup>** | **Market<br>Value** | **Upfront**<br> **Premium**<br> **(Received)**<br> **Paid** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
|  4.000%<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 11/27/35 | $36311 | $254977 | $(54394) | $309371 |
|  6M AUDOR<sup>(d)</sup><br> 5.000%<sup>(d)</sup> | 11/27/35 | 60306 | (207557) | 9037 | (216594) |
| 0.500<sup>(c)</sup><br> 12M CHFOR<sup>(c)</sup> | 03/18/36 | 1840 | 43264 | 30990 | 12274 |
| 4.250<sup>(c)</sup><br> 12M GBP<sup>(c)</sup> | 03/18/36 | 7290 | (187826) | (160608) | (27218) |
| 1.250<sup>(c)</sup><br> 12M JYOR<sup>(c)</sup> | 03/18/36 | 8091000 | 3150113 | 2806564 | 343549 |
| 4.000<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 03/18/36 | $18730 | (298476) | (337905) | 39429 |
|  12M CDOR<sup>(d)</sup><br> 3.000<sup>(d)</sup> | 03/18/36 | 7210 | (89855) | (119789) | 29934 |
|  3M STIBOR<sup>(c)</sup><br> 3.000<sup>(e)</sup> | 03/18/36 | 48010 | 13335 | (28045) | 41380 |
|  3M NZDOR<sup>(d)</sup><br> 4.000<sup>(e)</sup> | 03/18/36 | 17470 | (117017) | (185066) | 68049 |
| 4.250<sup>(d)</sup><br> 6M AUDOR<sup>(d)</sup> | 03/18/36 | 7980 | 236093 | 234205 | 1888 |
| 2.500<sup>(d)</sup><br> 6M EURO<sup>(c)</sup> | 03/18/36 | 24210 | 1130521 | 1129758 | 763 |
| 4.000<sup>(d)</sup><br> 6M NIBOR<sup>(c)</sup> | 03/18/36 | 64180 | 77301 | 98775 | (21474) |
| 3.805<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 08/31/36 | $68890 | 275415 | (583803) | 859218 |
| 4.250<sup>(c)</sup><br> 12M GBP<sup>(c)</sup> | 01/31/39 | 18020 | (168311) | (47590) | (120721) |
|  12M SOFR<sup>(c)</sup><br> 4.574<sup>(c)</sup> | 07/16/40 | $89020 | (399103) | (52061) | (347042) |
|  12M SOFR<sup>(c)</sup><br> 4.438<sup>(c)</sup> | 10/09/40 | 33990 | (306492) | (6637) | (299855) |
|  12M JYOR<sup>(c)</sup><br> 2.160<sup>(c)</sup> | 08/02/44 | 7658714 | (2352659) | (2418977) | 66318 |
|  6M EURO<sup>(c)</sup><br> 2.750<sup>(d)</sup> | 03/18/46 | 4910 | (435137) | (424779) | (10358) |
| 4.213<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 05/21/55 | $13210 | 373825 | 49332 | 324493 |
| 3.848<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 07/17/55 | 72070 | 869027 | 77392 | 791635 |
| 2.800<sup>(d)</sup><br> 6M EURO<sup>(c)</sup> | 08/13/55 | 24700 | 1385137 | 377157 | 1007980 |
|  6M EURO<sup>(c)</sup><br> 2.900<sup>(d)</sup> | 08/15/55 | 14260 | (310578) | 31332 | (341910) |
| 3.828<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 01/30/56 | $10570 | 606415 | 280940 | 325475 |
|  12M JYOR<sup>(c)</sup><br> 2.250<sup>(c)</sup> | 03/18/56 | 735000 | (587761) | (569615) | (18146) |
| 2.500<sup>(d)</sup><br> 6M EURO<sup>(c)</sup> | 03/18/56 | 5310 | 923966 | 907943 | 16023 |
|  12M EURO<sup>(c)</sup><br> 2.530<sup>(c)</sup> | 03/19/56 | 22450 | (2816097) | (1030854) | (1785243) |
| 2.610<sup>(d)</sup><br> 6M EURO<sup>(c)</sup> | 03/19/56 | 22450 | 3341944 | 1136701 | 2205243 |
| 3.100<sup>(d)</sup><br> 6M EURO<sup>(c)</sup> | 08/15/56 | 18520 | 674810 | 319656 | 355154 |
| 2.600<sup>(d)</sup><br> 6M EURO<sup>(c)</sup> | 08/16/75 | 9950 | 117118 | (87863) | 204981 |
| 3.000<sup>(d)</sup><br> 6M EURO<sup>(c)</sup> | 03/18/76 | 2740 | 114560 | 115118 | (558) |
|  **TOTAL** |  |  | $5792184 | $(787899) | $6580083 |

---

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2025. <sup>
</sup>

(b) Payments made at maturity.

(c) Payments made annually.

(d) Payments made semi-annually.

(e) Payments made quarterly.

**OVER-THE-COUNTER CREDIT DEFAULT SWAP CONTRACTS** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Obligation/Index** | **Financing Rate<br>Received/(Paid) by<br>the Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>December 31,<br>2025<sup>(b)</sup>** | **Counterparty** | **Termination**<br> **Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
|  **Protection Sold:** |  |  |  |  |  |  |  |  |
|  CMBX.NA.AAA.17 | 0.500% | 0.692% | MS & Co. Int. PLC | 12/15/56 | $8500 | $(97414) | $(106796) | $9382 |

---

(a) Payments made monthly.

(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its
counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

------

GOLDMAN SACHS CORE FIXED INCOME FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced**<br> **Obligation/Index** | **Financing Rate<br>Received/(Paid) by<br>the Fund<sup>(a)</sup>** | **Credit**<br> **Spread at**<br> **December 31,**<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 Sold:** |  |  |  |  |  |  |  |
|  CDX.NA.IG Index 42 | 1.000% | 0.347% | 06/20/29 | $102467 | $2226395 | $1493709 | $732686 |
|  CDX.NA.IG Index 43 | 1.000 | 0.400 | 12/20/29 | 90400 | 2042482 | 1576614 | 465868 |
|  CDX.NA.IG Index 44 | 1.000 | 0.456 | 06/20/30 | 73900 | 1682957 | 1270064 | 412893 |
|  CDX.NA.IG Index 45 | 1.000 | 0.499 | 12/20/30 | 62125 | 1426326 | 1357770 | 68556 |
|  Republic of Chile, 3.240%, 02/06/28 | 1.000 | 0.428 | 12/20/30 | 5440 | 144093 | 122971 | 21122 |
|  Republic of Peru, 8.750%, 11/21/33 | 1.000 | 0.702 | 12/20/30 | 5160 | 71371 | 69512 | 1859 |
|  Republic of the Philippines, 9.500%, 02/02/30 | 1.000 | 0.570 | 12/20/30 | 5150 | 102041 | 92934 | 9107 |
|  **TOTAL** |  |  |  |  | $7695665 | $5983574 | $1712091 |

---

(a) Payments made quarterly.

(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its
counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

**PURCHASED AND WRITTEN OPTIONS CONTRACTS** — At December 31, 2025, the Fund 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 Fund** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  6M IRS | Barclays Bank PLC | 2.250% | 01/30/2026 | 23100000 | $23100000 | $12895 | $104234 | $(91339) |
|  6M IRS | Barclays Bank PLC | 1.750 | 01/30/2026 | 23100000 | 23100000 | 62 | 15833 | (15771) |
|  6M IRS | Barclays Bank PLC | 3.400 | 05/14/2026 | 15240000 | 15240000 | 42230 | 48042 | (5812) |
|  2Y IRS | BNP Paribas SA | 1.950 | 05/11/2026 | 8300000 | 8300000 | 1874 | 105033 | (103159) |
|  2Y IRS | BNP Paribas SA | 2.000 | 11/11/2026 | 8390000 | 8390000 | 10118 | 126107 | (115989) |
|  2Y IRS | BNP Paribas SA | 2.250 | 03/08/2027 | 21170000 | 21170000 | 54594 | 143674 | (89080) |
|  9M IRS | BNP Paribas SA | 2.450 | 03/24/2026 | 3920000 | 3920000 | 1638 | 62027 | (60389) |
|  9M IRS | BNP Paribas SA | 2.250 | 04/29/2026 | 5440000 | 5440000 | 4991 | 36726 | (31735) |
|  1Y IRS | BofA Securities LLC | 2.000 | 09/04/2026 | 10900000 | 10900000 | 9008 | 33389 | (24381) |
|  |  |  |  | 119560000 | $119560000 | $137410 | $675065 | $(537655) |
|  **Puts** |  |  |  |  |  |  |  |  |
|  4Y IRS | Citibank NA | 2.180 | 12/03/2029 | 4169860000 | 4169860000 | 482529 | 393370 | 89159 |
|  3M IRS | JPMorgan Securities, Inc. | 3.302 | 01/28/2026 | 19870000 | 19870000 | 23860 | 26825 | (2965) |
|  |  |  |  | 4189730000 | $4189730000 | $506389 | $420195 | $86194 |
|  **Total purchased option contracts** | **Total purchased option contracts** |  |  | 4309290000 | $4309290000 | $643799 | $1095260 | $(451461) |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**OVER-THE-COUNTER INTEREST RATE SWAPTIONS (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **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** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  1M IRS | Barclays Bank PLC | 2.917% | 01/15/2026 | (8180000) | $(8180000) | $(31732) | $(53108) | $21376 |
|  1M IRS | Barclays Bank PLC | 2.985 | 01/22/2026 | (8290000) | (8290000) | (71447) | (51892) | (19555) |
|  6M IRS | Barclays Bank PLC | 2.000 | 01/30/2026 | (46200000) | (46200000) | (1270) | (87081) | 85811 |
|  6M IRS | Barclays Bank PLC | 3.893 | 05/14/2026 | (3550000) | (3550000) | (41753) | (48048) | 6295 |
|  2Y IRS | BNP Paribas SA | 2.085 | 11/11/2026 | (2470000) | (2470000) | (2818) | (126195) | 123377 |
|  6M IRS | BNP Paribas SA | 2.690 | 03/08/2027 | (1970000) | (1970000) | (30982) | (88390) | 57408 |
|  9M IRS | BNP Paribas SA | 2.498 | 03/24/2026 | (1640000) | (1640000) | (864) | (61805) | 60941 |
|  9M IRS | BNP Paribas SA | 2.586 | 04/29/2026 | (1260000) | (1260000) | (2216) | (36733) | 34517 |
|  9M IRS | BNP Paribas SA | 2.400 | 05/11/2026 | (2522993) | (2522993) | (1205) | (33094) | 31889 |
|  1M IRS | BofA Securities LLC | 2.753 | 01/02/2026 | (8300000) | (8300000) | (1) | (45024) | 45023 |
|  1M IRS | BofA Securities LLC | 2.815 | 01/09/2026 | (8260000) | (8260000) | (3418) | (48332) | 44914 |
|  1Y IRS | BofA Securities LLC | 2.551 | 09/04/2026 | (1070000) | (1070000) | (5764) | (33326) | 27562 |
|  1M IRS | Citibank NA | 3.686 | 01/02/2026 | (8530000) | (8530000) | (18) | (59390) | 59372 |
|  1M IRS | Deutsche Bank AG (London) | 3.764 | 01/08/2026 | (8740000) | (8740000) | (13826) | (60787) | 46961 |
|  1M IRS | MS & Co. Int. PLC | 3.785 | 01/15/2026 | (8540000) | (8540000) | (30174) | (59396) | 29222 |
|  1M IRS | MS & Co. Int. PLC | 3.788 | 01/22/2026 | (8600000) | (8600000) | (37438) | (50203) | 12765 |
|  |  |  |  | (128122993) | $(128122993) | $(274926) | $(942804) | $667878 |
|  **Puts** |  |  |  |  |  |  |  |  |
|  1M IRS | Barclays Bank PLC | 2.917 | 01/15/2026 | (8180000) | (8180000) | (45174) | (53108) | 7934 |
|  1M IRS | Barclays Bank PLC | 2.985 | 01/22/2026 | (8290000) | (8290000) | (29557) | (51892) | 22335 |
|  1M IRS | BofA Securities LLC | 2.753 | 01/02/2026 | (8300000) | (8300000) | (149063) | (45024) | (104039) |
|  1M IRS | BofA Securities LLC | 2.815 | 01/09/2026 | (8260000) | (8260000) | (101430) | (48332) | (53098) |
|  1M IRS | Citibank NA | 3.686 | 01/02/2026 | (8530000) | (8530000) | (77539) | (59390) | (18149) |
|  4Y IRS | Citibank NA | 3.336 | 12/03/2029 | (1275190000) | (1275190000) | (444021) | (393371) | (50650) |
|  1M IRS | Deutsche Bank AG |  |  |  |  |  |  |  |
|  | (London) | 3.764 | 01/08/2026 | (8740000) | (8740000) | (37113) | (60787) | 23674 |
|  1M IRS | MS & Co. Int. PLC | 3.785 | 01/15/2026 | (8540000) | (8540000) | (38957) | (59396) | 20439 |
|  1M IRS | MS & Co. Int. PLC | 3.788 | 01/22/2026 | (8600000) | (8600000) | (44941) | (50202) | 5261 |
|  |  |  |  | (1342630000) | $(1342630000) | $(967795) | $(821502) | $(146293) |
|  **Total written option contracts** | **Total written option contracts** | **Total written option contracts** |  | (1470752993) | $(1470752993) | $(1242721) | $(1764306) | $521585 |
|  **TOTAL** |  |  |  | 2838537007 | $2838537007 | $(598922) | $(669046) | $70124 |

---

------

GOLDMAN SACHS CORE FIXED INCOME FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| AUD | — Australian Dollar |
| CAD | — Canadian Dollar |
| CHF | — Swiss Franc |
| EUR | — Euro |
| GBP | — British Pound |
| JPY | — Japanese Yen |
| NOK | — Norwegian Krone |
| NZD | — New Zealand Dollar |
| SEK | — Swedish Krona |
| USD | — U.S. Dollar |
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| CLO | — Collateralized Loan Obligation |
| CMT | — Constant Maturity Treasury Indexes |
| EURIBOR | — Euro Interbank Offered Rate |
| GO | — General Obligation |
| LLC | — Limited Liability Company |
| LP | — Limited Partnership |
| MSCI | — Morgan Stanley Capital International |
| PLC | — Public Limited Company |
| RB | — Revenue Bond |
| REMICS | — Real Estate Mortgage Investment Conduits |
| RFUCC | — Refinitive USD IBOR Consumer Cash Fallbacks 1 year |
| SOFR | — Secured Overnight Financing Rate |
| STACR | — Structured Agency Credit Risk |
| STRIPS | — Separate Trading of Registered Interest and Principal of Securities |
| **Abbreviations:** | **Abbreviations:** |
| 1M IRS | — 1 Month Interest Rate Swaptions |
| 1Y IRS | — 1 Year Interest Rate Swaptions |
| 2Y IRS | — 2 Year Interest Rate Swaptions |
| 3M IRS | — 3 Months Interest Rate Swaptions |
| 4Y IRS | — 4 Year Interest Rate Swaptions |
| 6M IRS | — 6 Month Interest Rate Swaptions |
| 9M IRS | — 9 Months Interest Rate Swaptions |
| AUDOR | — Australian Dollar Offered Rate |
| CDOR | — Canadian Dollar Offered Rate |
| CDX.NA.IG Ind 42 | — CDX North America Investment Grade Index 42 |
| CDX.NA.IG Ind 43 | — CDX North America Investment Grade Index 43 |
| CDX.NA.IG Ind 44 | — CDX North America Investment Grade Index 44 |
| CDX.NA.IG Ind 45 | — CDX North America Investment Grade Index 45 |
| CHFOR | — Swiss Franc Offered Rate |
| CMBX | — Commercial Mortgage Backed Securities Index |
| EURO | — Euro Offered Rate |
| JYOR | — Japanese Yen Offered Rate |
| MS & Co. Int. PLC | — Morgan Stanley & Co. International PLC |
| NIBOR | — Norwegian Interbank Offered Rate |
| NZDOR | — New Zealand Dollar Offered Rate |
| SOFR | — Secured Overnight Financing Rate |
| STIBOR | — Stockholm Interbank Offered Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

GOLDMAN SACHS DYNAMIC BOND FUND

## Schedule of Investments
*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – 60.3%** | **Mortgage-Backed Obligations – 60.3%** | **Mortgage-Backed Obligations – 60.3%** | **Mortgage-Backed Obligations – 60.3%** |
| **Collateralized Mortgage Obligations – 5.5%** | **Collateralized Mortgage Obligations – 5.5%** | **Collateralized Mortgage Obligations – 5.5%** | **Collateralized Mortgage Obligations – 5.5%** |
| **Interest Only<sup>(a)</sup> – 0.4%** | **Interest Only<sup>(a)</sup> – 0.4%** | **Interest Only<sup>(a)</sup> – 0.4%** | **Interest Only<sup>(a)</sup> – 0.4%** |
| Federal Home Loan Mortgage Corp. REMICS Series 4468, Class SY (-1X 1 mo. USD Term SOFR + 5.986%) | Federal Home Loan Mortgage Corp. REMICS Series 4468, Class SY (-1X 1 mo. USD Term SOFR + 5.986%) | Federal Home Loan Mortgage Corp. REMICS Series 4468, Class SY (-1X 1 mo. USD Term SOFR + 5.986%) | Federal Home Loan Mortgage Corp. REMICS Series 4468, Class SY (-1X 1 mo. USD Term SOFR + 5.986%) |
| 2885642 | 2.002 %<sup>(b)</sup> | 05/15/45 | $316411 |
| Federal Home Loan Mortgage Corp. REMICS Series 5012, Class DI | Federal Home Loan Mortgage Corp. REMICS Series 5012, Class DI | Federal Home Loan Mortgage Corp. REMICS Series 5012, Class DI | Federal Home Loan Mortgage Corp. REMICS Series 5012, Class DI |
| 1422847 | 4.000 | 09/25/50 | 285515 |
| Federal National Mortgage Association REMICS Series 2011-100, Class S (-1X 1 mo. USD Term SOFR + 6.336%) | Federal National Mortgage Association REMICS Series 2011-100, Class S (-1X 1 mo. USD Term SOFR + 6.336%) | Federal National Mortgage Association REMICS Series 2011-100, Class S (-1X 1 mo. USD Term SOFR + 6.336%) | Federal National Mortgage Association REMICS Series 2011-100, Class S (-1X 1 mo. USD Term SOFR + 6.336%) |
| 1670503 | 2.461 <sup>(b)</sup> | 10/25/41 | 180620 |
| Federal National Mortgage Association REMICS Series 2012-88, Class SB (-1X 1 mo. USD Term SOFR + 6.556%) | Federal National Mortgage Association REMICS Series 2012-88, Class SB (-1X 1 mo. USD Term SOFR + 6.556%) | Federal National Mortgage Association REMICS Series 2012-88, Class SB (-1X 1 mo. USD Term SOFR + 6.556%) | Federal National Mortgage Association REMICS Series 2012-88, Class SB (-1X 1 mo. USD Term SOFR + 6.556%) |
| 1481042 | 2.681 <sup>(b)</sup> | 07/25/42 | 144210 |
| Federal National Mortgage Association REMICS Series 2017-104, Class SB (-1X 1 mo. USD Term SOFR + 6.036%) | Federal National Mortgage Association REMICS Series 2017-104, Class SB (-1X 1 mo. USD Term SOFR + 6.036%) | Federal National Mortgage Association REMICS Series 2017-104, Class SB (-1X 1 mo. USD Term SOFR + 6.036%) | Federal National Mortgage Association REMICS Series 2017-104, Class SB (-1X 1 mo. USD Term SOFR + 6.036%) |
| 704038 | 2.161 <sup>(b)</sup> | 01/25/48 | 80886 |
| Government National Mortgage Association REMICS Series 2010-35, Class DS (-1X 1 mo. USD Term SOFR + 5.566%) | Government National Mortgage Association REMICS Series 2010-35, Class DS (-1X 1 mo. USD Term SOFR + 5.566%) | Government National Mortgage Association REMICS Series 2010-35, Class DS (-1X 1 mo. USD Term SOFR + 5.566%) | Government National Mortgage Association REMICS Series 2010-35, Class DS (-1X 1 mo. USD Term SOFR + 5.566%) |
| 2194301 | 1.832 <sup>(b)(c)</sup> | 03/20/40 | 186995 |
| Government National Mortgage Association REMICS Series 2013-103, Class DS (-1X 1 mo. USD Term SOFR + 6.036%) | Government National Mortgage Association REMICS Series 2013-103, Class DS (-1X 1 mo. USD Term SOFR + 6.036%) | Government National Mortgage Association REMICS Series 2013-103, Class DS (-1X 1 mo. USD Term SOFR + 6.036%) | Government National Mortgage Association REMICS Series 2013-103, Class DS (-1X 1 mo. USD Term SOFR + 6.036%) |
| 2742004 | 2.302 <sup>(b)(c)</sup> | 07/20/43 | 289534 |
| Government National Mortgage Association REMICS Series 2013-117, Class PS (-1X 1 mo. USD Term SOFR + 6.036%) | Government National Mortgage Association REMICS Series 2013-117, Class PS (-1X 1 mo. USD Term SOFR + 6.036%) | Government National Mortgage Association REMICS Series 2013-117, Class PS (-1X 1 mo. USD Term SOFR + 6.036%) | Government National Mortgage Association REMICS Series 2013-117, Class PS (-1X 1 mo. USD Term SOFR + 6.036%) |
| 2901898 | 2.302 <sup>(b)(c)</sup> | 04/20/43 | 208241 |
| Government National Mortgage Association REMICS Series 2014-11, Class NI | Government National Mortgage Association REMICS Series 2014-11, Class NI | Government National Mortgage Association REMICS Series 2014-11, Class NI | Government National Mortgage Association REMICS Series 2014-11, Class NI |
| 313530 | 4.500 <sup>(c)</sup> | 12/16/42 | 6177 |
| Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) |
| 2501122 | 2.252 <sup>(b)(c)</sup> | 10/20/43 | 129895 |
| Government National Mortgage Association REMICS Series 2014-180, Class PI | Government National Mortgage Association REMICS Series 2014-180, Class PI | Government National Mortgage Association REMICS Series 2014-180, Class PI | Government National Mortgage Association REMICS Series 2014-180, Class PI |
| 1988611 | 4.000 <sup>(c)</sup> | 08/20/44 | 251163 |
| Government National Mortgage Association REMICS Series 2015-133, Class SA (-1X 1 mo. USD Term SOFR + 5.586%) | Government National Mortgage Association REMICS Series 2015-133, Class SA (-1X 1 mo. USD Term SOFR + 5.586%) | Government National Mortgage Association REMICS Series 2015-133, Class SA (-1X 1 mo. USD Term SOFR + 5.586%) | Government National Mortgage Association REMICS Series 2015-133, Class SA (-1X 1 mo. USD Term SOFR + 5.586%) |
| 987724 | 1.852 <sup>(b)(c)</sup> | 09/20/45 | 95060 |
| Government National Mortgage Association REMICS Series 2015-133, Class SB (-1X 1 mo. USD Term SOFR + 5.586%) | Government National Mortgage Association REMICS Series 2015-133, Class SB (-1X 1 mo. USD Term SOFR + 5.586%) | Government National Mortgage Association REMICS Series 2015-133, Class SB (-1X 1 mo. USD Term SOFR + 5.586%) | Government National Mortgage Association REMICS Series 2015-133, Class SB (-1X 1 mo. USD Term SOFR + 5.586%) |
| 1289082 | 1.852 <sup>(b)(c)</sup> | 09/20/45 | 124385 |
| Government National Mortgage Association REMICS Series 2015-129, Class IC | Government National Mortgage Association REMICS Series 2015-129, Class IC | Government National Mortgage Association REMICS Series 2015-129, Class IC | Government National Mortgage Association REMICS Series 2015-129, Class IC |
| 757351 | 4.500 <sup>(c)</sup> | 09/16/45 | 145393 |
| Government National Mortgage Association REMICS Series 2015-111, Class SM (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2015-111, Class SM (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2015-111, Class SM (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2015-111, Class SM (-1X 1 mo. USD Term SOFR + 6.086%) |
| 2745344 | 2.352 <sup>(b)(c)</sup> | 08/20/45 | 332492 |
| Government National Mortgage Association REMICS Series 2015-144, Class QS (-1X 1 mo. USD Term SOFR + 5.586%) | Government National Mortgage Association REMICS Series 2015-144, Class QS (-1X 1 mo. USD Term SOFR + 5.586%) | Government National Mortgage Association REMICS Series 2015-144, Class QS (-1X 1 mo. USD Term SOFR + 5.586%) | Government National Mortgage Association REMICS Series 2015-144, Class QS (-1X 1 mo. USD Term SOFR + 5.586%) |
| 3318321 | 1.852 <sup>(b)(c)</sup> | 10/20/45 | 291792 |
| Government National Mortgage Association REMICS Series 2015-126, Class LS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2015-126, Class LS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2015-126, Class LS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2015-126, Class LS (-1X 1 mo. USD Term SOFR + 6.086%) |
| 1769998 | 2.352 <sup>(b)(c)</sup> | 09/20/45 | 214367 |
| Government National Mortgage Association REMICS Series 2016-6, Class S (-1X 1 mo. USD Term SOFR + 5.536%) | Government National Mortgage Association REMICS Series 2016-6, Class S (-1X 1 mo. USD Term SOFR + 5.536%) | Government National Mortgage Association REMICS Series 2016-6, Class S (-1X 1 mo. USD Term SOFR + 5.536%) | Government National Mortgage Association REMICS Series 2016-6, Class S (-1X 1 mo. USD Term SOFR + 5.536%) |
| 4089059 | 1.802 <sup>(b)(c)</sup> | 01/20/46 | 341479 |
| Government National Mortgage Association REMICS Series 2017-112, Class SJ (-1X 1 mo. USD Term SOFR + 5.546%) | Government National Mortgage Association REMICS Series 2017-112, Class SJ (-1X 1 mo. USD Term SOFR + 5.546%) | Government National Mortgage Association REMICS Series 2017-112, Class SJ (-1X 1 mo. USD Term SOFR + 5.546%) | Government National Mortgage Association REMICS Series 2017-112, Class SJ (-1X 1 mo. USD Term SOFR + 5.546%) |
| 805208 | 1.812 <sup>(b)(c)</sup> | 07/20/47 | 78753 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Interest Only<sup>(a)</sup> – (continued)** | **Interest Only<sup>(a)</sup> – (continued)** | **Interest Only<sup>(a)</sup> – (continued)** | **Interest Only<sup>(a)</sup> – (continued)** |
| Government National Mortgage Association REMICS Series 2018-7, Class DS (-1X 1 mo. USD Term SOFR + 5.586%) | Government National Mortgage Association REMICS Series 2018-7, Class DS (-1X 1 mo. USD Term SOFR + 5.586%) | Government National Mortgage Association REMICS Series 2018-7, Class DS (-1X 1 mo. USD Term SOFR + 5.586%) | Government National Mortgage Association REMICS Series 2018-7, Class DS (-1X 1 mo. USD Term SOFR + 5.586%) |
| 878887 | 1.852 %<sup>(b)(c)</sup> | 01/20/48 | $88899 |
| Government National Mortgage Association REMICS Series 2018-67, Class PS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-67, Class PS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-67, Class PS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-67, Class PS (-1X 1 mo. USD Term SOFR + 6.086%) |
| 1291559 | 2.352 <sup>(b)(c)</sup> | 05/20/48 | 153928 |
| Government National Mortgage Association REMICS Series 2018-124, Class SN (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-124, Class SN (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-124, Class SN (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-124, Class SN (-1X 1 mo. USD Term SOFR + 6.086%) |
| 1153259 | 2.352 <sup>(b)(c)</sup> | 09/20/48 | 138568 |
| Government National Mortgage Association REMICS Series 2018-122, Class HS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-122, Class HS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-122, Class HS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-122, Class HS (-1X 1 mo. USD Term SOFR + 6.086%) |
| 557037 | 2.352 <sup>(b)(c)</sup> | 09/20/48 | 66042 |
| Government National Mortgage Association REMICS Series 2018-139, Class SQ (-1X 1 mo. USD Term SOFR + 6.036%) | Government National Mortgage Association REMICS Series 2018-139, Class SQ (-1X 1 mo. USD Term SOFR + 6.036%) | Government National Mortgage Association REMICS Series 2018-139, Class SQ (-1X 1 mo. USD Term SOFR + 6.036%) | Government National Mortgage Association REMICS Series 2018-139, Class SQ (-1X 1 mo. USD Term SOFR + 6.036%) |
| 800663 | 2.302 <sup>(b)(c)</sup> | 10/20/48 | 93237 |
| Government National Mortgage Association REMICS Series 2019-6, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-6, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-6, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-6, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) |
| 322116 | 2.202 <sup>(b)(c)</sup> | 01/20/49 | 36119 |
| Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) |
| 914194 | 2.202 <sup>(b)(c)</sup> | 01/20/49 | 102860 |
| Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) |
| 559013 | 2.252 <sup>(b)(c)</sup> | 06/20/49 | 62141 |
| Government National Mortgage Association REMICS Series 2019-151, Class NI | Government National Mortgage Association REMICS Series 2019-151, Class NI | Government National Mortgage Association REMICS Series 2019-151, Class NI | Government National Mortgage Association REMICS Series 2019-151, Class NI |
| 1977397 | 3.500 <sup>(c)</sup> | 10/20/49 | 342685 |
| Government National Mortgage Association REMICS Series 2020-21, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2020-21, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2020-21, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2020-21, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) |
| 2444296 | 2.202 <sup>(b)(c)</sup> | 02/20/50 | 289989 |
| Government National Mortgage Association REMICS Series 2020-78, Class DI | Government National Mortgage Association REMICS Series 2020-78, Class DI | Government National Mortgage Association REMICS Series 2020-78, Class DI | Government National Mortgage Association REMICS Series 2020-78, Class DI |
| 2786783 | 4.000 <sup>(c)</sup> | 06/20/50 | 600759 |
| Government National Mortgage Association REMICS Series 2020-146, Class IM | Government National Mortgage Association REMICS Series 2020-146, Class IM | Government National Mortgage Association REMICS Series 2020-146, Class IM | Government National Mortgage Association REMICS Series 2020-146, Class IM |
| 1027536 | 2.500 <sup>(c)</sup> | 10/20/50 | 149166 |
|  |  |  | 5827761 |
| **Regular Floater<sup>(b)</sup> – 0.0%** | **Regular Floater<sup>(b)</sup> – 0.0%** |  |  |
| Federal Home Loan Mortgage Corp. REMICS Series 3827, Class KF (1 mo. USD Term SOFR + 0.484%) | Federal Home Loan Mortgage Corp. REMICS Series 3827, Class KF (1 mo. USD Term SOFR + 0.484%) | Federal Home Loan Mortgage Corp. REMICS Series 3827, Class KF (1 mo. USD Term SOFR + 0.484%) | Federal Home Loan Mortgage Corp. REMICS Series 3827, Class KF (1 mo. USD Term SOFR + 0.484%) |
| 94901 | 4.468 | 03/15/41 | 94742 |
| Federal Home Loan Mortgage Corp. REMICS Series 3231, Class FB (1 mo. USD Term SOFR + 0.464%) | Federal Home Loan Mortgage Corp. REMICS Series 3231, Class FB (1 mo. USD Term SOFR + 0.464%) | Federal Home Loan Mortgage Corp. REMICS Series 3231, Class FB (1 mo. USD Term SOFR + 0.464%) | Federal Home Loan Mortgage Corp. REMICS Series 3231, Class FB (1 mo. USD Term SOFR + 0.464%) |
| 88421 | 4.448 | 10/15/36 | 87712 |
| Federal Home Loan Mortgage Corp. REMICS Series 3314, Class FC (1 mo. USD Term SOFR + 0.514%) | Federal Home Loan Mortgage Corp. REMICS Series 3314, Class FC (1 mo. USD Term SOFR + 0.514%) | Federal Home Loan Mortgage Corp. REMICS Series 3314, Class FC (1 mo. USD Term SOFR + 0.514%) | Federal Home Loan Mortgage Corp. REMICS Series 3314, Class FC (1 mo. USD Term SOFR + 0.514%) |
| 61487 | 4.498 | 12/15/36 | 60982 |
| Federal Home Loan Mortgage Corp. REMICS Series 3371, Class FA (1 mo. USD Term SOFR + 0.714%) | Federal Home Loan Mortgage Corp. REMICS Series 3371, Class FA (1 mo. USD Term SOFR + 0.714%) | Federal Home Loan Mortgage Corp. REMICS Series 3371, Class FA (1 mo. USD Term SOFR + 0.714%) | Federal Home Loan Mortgage Corp. REMICS Series 3371, Class FA (1 mo. USD Term SOFR + 0.714%) |
| 105623 | 4.698 <sup>(c)</sup> | 09/15/37 | 105239 |
| Federal Home Loan Mortgage Corp. REMICS Series 3545, Class FA (1 mo. USD Term SOFR + 0.964%) | Federal Home Loan Mortgage Corp. REMICS Series 3545, Class FA (1 mo. USD Term SOFR + 0.964%) | Federal Home Loan Mortgage Corp. REMICS Series 3545, Class FA (1 mo. USD Term SOFR + 0.964%) | Federal Home Loan Mortgage Corp. REMICS Series 3545, Class FA (1 mo. USD Term SOFR + 0.964%) |
| 30230 | 4.948 | 06/15/39 | 30451 |
| Federal National Mortgage Association REMICS Series 2006-45, Class TF (1 mo. USD Term SOFR + 0.514%) | Federal National Mortgage Association REMICS Series 2006-45, Class TF (1 mo. USD Term SOFR + 0.514%) | Federal National Mortgage Association REMICS Series 2006-45, Class TF (1 mo. USD Term SOFR + 0.514%) | Federal National Mortgage Association REMICS Series 2006-45, Class TF (1 mo. USD Term SOFR + 0.514%) |
| 190850 | 4.389 | 06/25/36 | 189478 |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

## Schedule of Investments (continued)
*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Regular Floater<sup>(b)</sup> – (continued)** | **Regular Floater<sup>(b)</sup> – (continued)** | **Regular Floater<sup>(b)</sup> – (continued)** | **Regular Floater<sup>(b)</sup> – (continued)** |
| Federal National Mortgage Association REMICS Series 2006-76, Class QF (1 mo. USD Term SOFR + 0.514%) | Federal National Mortgage Association REMICS Series 2006-76, Class QF (1 mo. USD Term SOFR + 0.514%) | Federal National Mortgage Association REMICS Series 2006-76, Class QF (1 mo. USD Term SOFR + 0.514%) | Federal National Mortgage Association REMICS Series 2006-76, Class QF (1 mo. USD Term SOFR + 0.514%) |
| 221060 | 4.389% | 08/25/36 | $219514 |
| Federal National Mortgage Association REMICS Series 2006-79, Class PF (1 mo. USD Term SOFR + 0.514%) | Federal National Mortgage Association REMICS Series 2006-79, Class PF (1 mo. USD Term SOFR + 0.514%) | Federal National Mortgage Association REMICS Series 2006-79, Class PF (1 mo. USD Term SOFR + 0.514%) | Federal National Mortgage Association REMICS Series 2006-79, Class PF (1 mo. USD Term SOFR + 0.514%) |
| 209587 | 4.389 | 08/25/36 | 208064 |
| Federal National Mortgage Association REMICS Series 2007-75, Class VF (1 mo. USD Term SOFR + 0.564%) | Federal National Mortgage Association REMICS Series 2007-75, Class VF (1 mo. USD Term SOFR + 0.564%) | Federal National Mortgage Association REMICS Series 2007-75, Class VF (1 mo. USD Term SOFR + 0.564%) | Federal National Mortgage Association REMICS Series 2007-75, Class VF (1 mo. USD Term SOFR + 0.564%) |
| 76512 | 4.439 | 08/25/37 | 76089 |
| Federal National Mortgage Association REMICS Series 2009-84, Class WF (1 mo. USD Term SOFR + 1.214%) | Federal National Mortgage Association REMICS Series 2009-84, Class WF (1 mo. USD Term SOFR + 1.214%) | Federal National Mortgage Association REMICS Series 2009-84, Class WF (1 mo. USD Term SOFR + 1.214%) | Federal National Mortgage Association REMICS Series 2009-84, Class WF (1 mo. USD Term SOFR + 1.214%) |
| 28439 | 5.089 | 10/25/39 | 28839 |
|  |  |  | 1101110 |
| **Sequential Fixed Rate<sup>(c)</sup> – 1.2%** | **Sequential Fixed Rate<sup>(c)</sup> – 1.2%** | **Sequential Fixed Rate<sup>(c)</sup> – 1.2%** | **Sequential Fixed Rate<sup>(c)</sup> – 1.2%** |
| BRAVO Residential Funding Trust Series 2025-NQM7, Class A1A | BRAVO Residential Funding Trust Series 2025-NQM7, Class A1A | BRAVO Residential Funding Trust Series 2025-NQM7, Class A1A | BRAVO Residential Funding Trust Series 2025-NQM7, Class A1A |
| 2878988 | 5.459 <sup>(d)(e)</sup> | 07/25/65 | 2910145 |
| JP Morgan Mortgage Trust Series 2025-VIS3, Class A1A | JP Morgan Mortgage Trust Series 2025-VIS3, Class A1A | JP Morgan Mortgage Trust Series 2025-VIS3, Class A1A | JP Morgan Mortgage Trust Series 2025-VIS3, Class A1A |
| 3442149 | 5.062 <sup>(d)(e)</sup> | 02/25/66 | 3457573 |
| JP Morgan Mortgage Trust Series 2025-NQM5, Class A1A | JP Morgan Mortgage Trust Series 2025-NQM5, Class A1A | JP Morgan Mortgage Trust Series 2025-NQM5, Class A1A | JP Morgan Mortgage Trust Series 2025-NQM5, Class A1A |
| 4025000 | 4.879 <sup>(d)(e)</sup> | 05/25/65 | 4026653 |
| RALI Trust Series 2006-QS6, Class 1A13 | RALI Trust Series 2006-QS6, Class 1A13 | RALI Trust Series 2006-QS6, Class 1A13 | RALI Trust Series 2006-QS6, Class 1A13 |
| 263119 | 6.000 | 06/25/36 | 218421 |
| RALI Trust Series 2006-QS9, Class 1A11 | RALI Trust Series 2006-QS9, Class 1A11 | RALI Trust Series 2006-QS9, Class 1A11 | RALI Trust Series 2006-QS9, Class 1A11 |
| 453627 | 6.500 | 07/25/36 | 374338 |
| RALI Trust Series 2006-QS2, Class 1A9 | RALI Trust Series 2006-QS2, Class 1A9 | RALI Trust Series 2006-QS2, Class 1A9 | RALI Trust Series 2006-QS2, Class 1A9 |
| 168177 | 5.500 | 02/25/36 | 137376 |
| Residential Asset Securitization Trust Series 2006-A8, Class 1A1 | Residential Asset Securitization Trust Series 2006-A8, Class 1A1 | Residential Asset Securitization Trust Series 2006-A8, Class 1A1 | Residential Asset Securitization Trust Series 2006-A8, Class 1A1 |
| 653539 | 6.000 | 08/25/36 | 445747 |
| RFMSI Trust Series 2007-S9, Class 1A1 | RFMSI Trust Series 2007-S9, Class 1A1 | RFMSI Trust Series 2007-S9, Class 1A1 | RFMSI Trust Series 2007-S9, Class 1A1 |
| 1312356 | 6.000 | 10/25/37 | 643933 |
| Verus Securitization Trust Series 2021-7, Class A1 | Verus Securitization Trust Series 2021-7, Class A1 | Verus Securitization Trust Series 2021-7, Class A1 | Verus Securitization Trust Series 2021-7, Class A1 |
| 2650232 | 2.829 <sup>(d)(e)</sup> | 10/25/66 | 2443167 |
| Verus Securitization Trust Series 2025-1, Class A1A | Verus Securitization Trust Series 2025-1, Class A1A | Verus Securitization Trust Series 2025-1, Class A1A | Verus Securitization Trust Series 2025-1, Class A1A |
| 3248070 | 5.620 <sup>(d)(e)</sup> | 01/25/70 | 3278007 |
|  |  |  | 17935360 |
| **Sequential Floating Rate<sup>(b)(c)</sup> – 3.9%** | **Sequential Floating Rate<sup>(b)(c)</sup> – 3.9%** | **Sequential Floating Rate<sup>(b)(c)</sup> – 3.9%** | **Sequential Floating Rate<sup>(b)(c)</sup> – 3.9%** |
| Angel Oak Mortgage Trust Series 2021-4, Class A1 | Angel Oak Mortgage Trust Series 2021-4, Class A1 | Angel Oak Mortgage Trust Series 2021-4, Class A1 | Angel Oak Mortgage Trust Series 2021-4, Class A1 |
| 2718717 | 1.035 <sup>(d)</sup> | 01/20/65 | 2314739 |
| Angel Oak Mortgage Trust Series 2021-6, Class A1 | Angel Oak Mortgage Trust Series 2021-6, Class A1 | Angel Oak Mortgage Trust Series 2021-6, Class A1 | Angel Oak Mortgage Trust Series 2021-6, Class A1 |
| 292479 | 1.458 <sup>(d)</sup> | 09/25/66 | 250710 |
| Angel Oak Mortgage Trust Series 2020-4, Class A3 | Angel Oak Mortgage Trust Series 2020-4, Class A3 | Angel Oak Mortgage Trust Series 2020-4, Class A3 | Angel Oak Mortgage Trust Series 2020-4, Class A3 |
| 393664 | 2.805 <sup>(d)</sup> | 06/25/65 | 384767 |
| Angel Oak Mortgage Trust Series 2020-2, Class M1 | Angel Oak Mortgage Trust Series 2020-2, Class M1 | Angel Oak Mortgage Trust Series 2020-2, Class M1 | Angel Oak Mortgage Trust Series 2020-2, Class M1 |
| 1054000 | 4.500 <sup>(d)</sup> | 01/26/65 | 1015103 |
| Angel Oak Mortgage Trust Series 2019-6, Class B1 | Angel Oak Mortgage Trust Series 2019-6, Class B1 | Angel Oak Mortgage Trust Series 2019-6, Class B1 | Angel Oak Mortgage Trust Series 2019-6, Class B1 |
| 2380000 | 3.941 <sup>(d)</sup> | 11/25/59 | 2307211 |
| Banc of America Funding Trust Series 2007-2, Class 2A1 | Banc of America Funding Trust Series 2007-2, Class 2A1 | Banc of America Funding Trust Series 2007-2, Class 2A1 | Banc of America Funding Trust Series 2007-2, Class 2A1 |
| 4019 | 4.927 | 03/25/37 | 3974 |
| Chase Home Lending Mortgage Trust Series 2024-3, Class A7 | Chase Home Lending Mortgage Trust Series 2024-3, Class A7 | Chase Home Lending Mortgage Trust Series 2024-3, Class A7 | Chase Home Lending Mortgage Trust Series 2024-3, Class A7 |
| 175000 | 6.000 <sup>(d)</sup> | 02/25/55 | 178666 |
| Countrywide Alternative Loan Trust Series 2007-16CB, Class 4A3 (1 mo. USD Term SOFR + 0.614%) | Countrywide Alternative Loan Trust Series 2007-16CB, Class 4A3 (1 mo. USD Term SOFR + 0.614%) | Countrywide Alternative Loan Trust Series 2007-16CB, Class 4A3 (1 mo. USD Term SOFR + 0.614%) | Countrywide Alternative Loan Trust Series 2007-16CB, Class 4A3 (1 mo. USD Term SOFR + 0.614%) |
| 1534343 | 4.346 | 08/25/37 | 987338 |
| Countrywide Alternative Loan Trust Series 2005-26CB, Class A1 (1 mo. USD Term SOFR + 0.614%) | Countrywide Alternative Loan Trust Series 2005-26CB, Class A1 (1 mo. USD Term SOFR + 0.614%) | Countrywide Alternative Loan Trust Series 2005-26CB, Class A1 (1 mo. USD Term SOFR + 0.614%) | Countrywide Alternative Loan Trust Series 2005-26CB, Class A1 (1 mo. USD Term SOFR + 0.614%) |
| 208308 | 4.346 | 07/25/35 | 136822 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Sequential Floating Rate<sup>(b)(c)</sup> – (continued)** | **Sequential Floating Rate<sup>(b)(c)</sup> – (continued)** | **Sequential Floating Rate<sup>(b)(c)</sup> – (continued)** | **Sequential Floating Rate<sup>(b)(c)</sup> – (continued)** |
| Countrywide Alternative Loan Trust Series 2005-64CB, Class 1A12 (1 mo. USD Term SOFR + 0.914%) | Countrywide Alternative Loan Trust Series 2005-64CB, Class 1A12 (1 mo. USD Term SOFR + 0.914%) | Countrywide Alternative Loan Trust Series 2005-64CB, Class 1A12 (1 mo. USD Term SOFR + 0.914%) | Countrywide Alternative Loan Trust Series 2005-64CB, Class 1A12 (1 mo. USD Term SOFR + 0.914%) |
| 226490 | 4.646% | 12/25/35 | $193919 |
| Countrywide Alternative Loan Trust Series 2007-16CB, Class 1A2 (1 mo. USD Term SOFR + 0.514%) | Countrywide Alternative Loan Trust Series 2007-16CB, Class 1A2 (1 mo. USD Term SOFR + 0.514%) | Countrywide Alternative Loan Trust Series 2007-16CB, Class 1A2 (1 mo. USD Term SOFR + 0.514%) | Countrywide Alternative Loan Trust Series 2007-16CB, Class 1A2 (1 mo. USD Term SOFR + 0.514%) |
| 227533 | 4.246 | 08/25/37 | 143827 |
| CSMC Trust Series 2022-NQM1, Class A1 | CSMC Trust Series 2022-NQM1, Class A1 | CSMC Trust Series 2022-NQM1, Class A1 | CSMC Trust Series 2022-NQM1, Class A1 |
| 1684598 | 2.265 <sup>(d)</sup> | 11/25/66 | 1564210 |
| CSMC Trust Series 2020-AFC1, Class M1 | CSMC Trust Series 2020-AFC1, Class M1 | CSMC Trust Series 2020-AFC1, Class M1 | CSMC Trust Series 2020-AFC1, Class M1 |
| 700000 | 2.841 <sup>(d)</sup> | 02/25/50 | 605504 |
| Ellington Financial Mortgage Trust Series 2022-1, Class A1 | Ellington Financial Mortgage Trust Series 2022-1, Class A1 | Ellington Financial Mortgage Trust Series 2022-1, Class A1 | Ellington Financial Mortgage Trust Series 2022-1, Class A1 |
| 2924442 | 2.206 <sup>(d)</sup> | 01/25/67 | 2609729 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2020-DNA6, Class B2 (1 mo. USD Term SOFR + 5.650%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2020-DNA6, Class B2 (1 mo. USD Term SOFR + 5.650%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2020-DNA6, Class B2 (1 mo. USD Term SOFR + 5.650%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2020-DNA6, Class B2 (1 mo. USD Term SOFR + 5.650%) |
| 600000 | 9.524 <sup>(d)</sup> | 12/25/50 | 689149 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2025-DNA2, Class A1 (1 mo. USD Term SOFR + 1.100%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2025-DNA2, Class A1 (1 mo. USD Term SOFR + 1.100%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2025-DNA2, Class A1 (1 mo. USD Term SOFR + 1.100%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2025-DNA2, Class A1 (1 mo. USD Term SOFR + 1.100%) |
| 1290625 | 4.974 <sup>(d)</sup> | 05/25/45 | 1294815 |
| Federal Home Loan Mortgage Corp. STACR Trust Series 2019-HQA2, Class M2 (1 mo. USD Term SOFR + 2.164%) | Federal Home Loan Mortgage Corp. STACR Trust Series 2019-HQA2, Class M2 (1 mo. USD Term SOFR + 2.164%) | Federal Home Loan Mortgage Corp. STACR Trust Series 2019-HQA2, Class M2 (1 mo. USD Term SOFR + 2.164%) | Federal Home Loan Mortgage Corp. STACR Trust Series 2019-HQA2, Class M2 (1 mo. USD Term SOFR + 2.164%) |
| 306273 | 6.039 <sup>(d)</sup> | 04/25/49 | 310514 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) |
| 279000 | 6.874 <sup>(d)</sup> | 04/25/42 | 285060 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R08, Class 1B1 (1 mo. USD Term SOFR + 3.550%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R08, Class 1B1 (1 mo. USD Term SOFR + 3.550%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R08, Class 1B1 (1 mo. USD Term SOFR + 3.550%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R08, Class 1B1 (1 mo. USD Term SOFR + 3.550%) |
| 2185000 | 7.424 <sup>(d)</sup> | 10/25/43 | 2285158 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) |
| 1350000 | 5.674 <sup>(d)</sup> | 01/25/44 | 1356813 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M1 (1 mo. USD Term SOFR + 1.150%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M1 (1 mo. USD Term SOFR + 1.150%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M1 (1 mo. USD Term SOFR + 1.150%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M1 (1 mo. USD Term SOFR + 1.150%) |
| 991262 | 5.024 <sup>(d)</sup> | 03/25/44 | 992197 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) |
| 3200000 | 5.524 <sup>(d)</sup> | 05/25/44 | 3216577 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) |
| 900000 | 5.824 <sup>(d)</sup> | 03/25/44 | 905968 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2B1 (1 mo. USD Term SOFR + 2.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2B1 (1 mo. USD Term SOFR + 2.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2B1 (1 mo. USD Term SOFR + 2.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2B1 (1 mo. USD Term SOFR + 2.800%) |
| 2275000 | 6.674 <sup>(d)</sup> | 03/25/44 | 2348582 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M1 (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M1 (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M1 (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M1 (1 mo. USD Term SOFR + 1.000%) |
| 147261 | 4.874 <sup>(d)</sup> | 07/25/44 | 147276 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%) |
| 2475000 | 5.474 <sup>(d)</sup> | 09/25/44 | 2478625 |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Sequential Floating Rate<sup>(b)(c)</sup> – (continued)** | **Sequential Floating Rate<sup>(b)(c)</sup> – (continued)** | **Sequential Floating Rate<sup>(b)(c)</sup> – (continued)** | **Sequential Floating Rate<sup>(b)(c)</sup> – (continued)** |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1B1 (1 mo. USD Term SOFR + 2.050%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1B1 (1 mo. USD Term SOFR + 2.050%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1B1 (1 mo. USD Term SOFR + 2.050%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1B1 (1 mo. USD Term SOFR + 2.050%) |
| 1400000 | 5.924 %<sup>(d)</sup> | 09/25/44 | $1409053 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1B1 (1 mo. USD Term SOFR + 1.700%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1B1 (1 mo. USD Term SOFR + 1.700%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1B1 (1 mo. USD Term SOFR + 1.700%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1B1 (1 mo. USD Term SOFR + 1.700%) |
| 2172000 | 5.574 <sup>(d)</sup> | 01/25/45 | 2175199 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R03, Class 2M2 (1 mo. USD Term SOFR + 2.250%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R03, Class 2M2 (1 mo. USD Term SOFR + 2.250%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R03, Class 2M2 (1 mo. USD Term SOFR + 2.250%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R03, Class 2M2 (1 mo. USD Term SOFR + 2.250%) |
| 2300000 | 6.124 <sup>(d)</sup> | 03/25/45 | 2330997 |
| GCAT Trust Series 2020-NQM2, Class M1 | GCAT Trust Series 2020-NQM2, Class M1 | GCAT Trust Series 2020-NQM2, Class M1 | GCAT Trust Series 2020-NQM2, Class M1 |
| 1625000 | 3.589 <sup>(d)</sup> | 04/25/65 | 1519048 |
| Government National Mortgage Association REMICS Series 2023-70, Class SE (-1X 1 mo. USD Term SOFR + 6.120%) | Government National Mortgage Association REMICS Series 2023-70, Class SE (-1X 1 mo. USD Term SOFR + 6.120%) | Government National Mortgage Association REMICS Series 2023-70, Class SE (-1X 1 mo. USD Term SOFR + 6.120%) | Government National Mortgage Association REMICS Series 2023-70, Class SE (-1X 1 mo. USD Term SOFR + 6.120%) |
| 3041964 | 2.202 <sup>(a)</sup> | 05/20/53 | 175801 |
| JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 |
| 1117707 | 2.520 <sup>(d)</sup> | 05/25/52 | 963737 |
| JP Morgan Mortgage Trust Series 2022-LTV1, Class A2 | JP Morgan Mortgage Trust Series 2022-LTV1, Class A2 | JP Morgan Mortgage Trust Series 2022-LTV1, Class A2 | JP Morgan Mortgage Trust Series 2022-LTV1, Class A2 |
| 377007 | 3.511 <sup>(d)</sup> | 07/25/52 | 342066 |
| JP Morgan Mortgage Trust Series 2023-2, Class A3A | JP Morgan Mortgage Trust Series 2023-2, Class A3A | JP Morgan Mortgage Trust Series 2023-2, Class A3A | JP Morgan Mortgage Trust Series 2023-2, Class A3A |
| 1272224 | 5.000 <sup>(d)</sup> | 07/25/53 | 1264720 |
| JP Morgan Mortgage Trust Series 2024-2, Class A5A | JP Morgan Mortgage Trust Series 2024-2, Class A5A | JP Morgan Mortgage Trust Series 2024-2, Class A5A | JP Morgan Mortgage Trust Series 2024-2, Class A5A |
| 600000 | 6.000 <sup>(d)</sup> | 08/25/54 | 611743 |
| JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 |
| 1253055 | 5.990 <sup>(d)</sup> | 07/25/64 | 1265909 |
| JP Morgan Mortgage Trust Series 2024-3, Class A4 | JP Morgan Mortgage Trust Series 2024-3, Class A4 | JP Morgan Mortgage Trust Series 2024-3, Class A4 | JP Morgan Mortgage Trust Series 2024-3, Class A4 |
| 1842113 | 3.000 <sup>(d)</sup> | 05/25/54 | 1682442 |
| JP Morgan Mortgage Trust Series 2024-VIS1, Class A2 | JP Morgan Mortgage Trust Series 2024-VIS1, Class A2 | JP Morgan Mortgage Trust Series 2024-VIS1, Class A2 | JP Morgan Mortgage Trust Series 2024-VIS1, Class A2 |
| 1404956 | 6.192 <sup>(d)</sup> | 07/25/64 | 1421960 |
| JP Morgan Mortgage Trust Series 2023-DSC2, Class A1 | JP Morgan Mortgage Trust Series 2023-DSC2, Class A1 | JP Morgan Mortgage Trust Series 2023-DSC2, Class A1 | JP Morgan Mortgage Trust Series 2023-DSC2, Class A1 |
| 554396 | 5.250 <sup>(d)</sup> | 11/25/63 | 560653 |
| JP Morgan Mortgage Trust Series 2024-1, Class A4 | JP Morgan Mortgage Trust Series 2024-1, Class A4 | JP Morgan Mortgage Trust Series 2024-1, Class A4 | JP Morgan Mortgage Trust Series 2024-1, Class A4 |
| 523833 | 6.000 <sup>(d)</sup> | 06/25/54 | 527164 |
| MFA Trust Series 2020-NQM3, Class B1 | MFA Trust Series 2020-NQM3, Class B1 | MFA Trust Series 2020-NQM3, Class B1 | MFA Trust Series 2020-NQM3, Class B1 |
| 800000 | 3.661 <sup>(d)</sup> | 01/26/65 | 739050 |
| Mill City Mortgage Loan Trust Series 2017-2, Class A3 | Mill City Mortgage Loan Trust Series 2017-2, Class A3 | Mill City Mortgage Loan Trust Series 2017-2, Class A3 | Mill City Mortgage Loan Trust Series 2017-2, Class A3 |
| 224493 | 3.250 <sup>(d)</sup> | 07/25/59 | 220758 |
| OBX Trust Series 2022-NQM1, Class A2 | OBX Trust Series 2022-NQM1, Class A2 | OBX Trust Series 2022-NQM1, Class A2 | OBX Trust Series 2022-NQM1, Class A2 |
| 500000 | 3.001 <sup>(d)</sup> | 11/25/61 | 401820 |
| OBX Trust Series 2022-J2, Class A1 | OBX Trust Series 2022-J2, Class A1 | OBX Trust Series 2022-J2, Class A1 | OBX Trust Series 2022-J2, Class A1 |
| 905555 | 3.500 <sup>(d)</sup> | 08/25/52 | 826319 |
| OBX Trust Series 2022-NQM1, Class A1 | OBX Trust Series 2022-NQM1, Class A1 | OBX Trust Series 2022-NQM1, Class A1 | OBX Trust Series 2022-NQM1, Class A1 |
| 1311886 | 2.305 <sup>(d)</sup> | 11/25/61 | 1189804 |
| PRKCM Trust Series 2021-AFC2, Class A1 | PRKCM Trust Series 2021-AFC2, Class A1 | PRKCM Trust Series 2021-AFC2, Class A1 | PRKCM Trust Series 2021-AFC2, Class A1 |
| 1681209 | 2.071 <sup>(d)</sup> | 11/25/56 | 1505536 |
| RALI Trust Series 2006-QO7, Class 3A2 (1 mo. USD Term SOFR + 0.524%) | RALI Trust Series 2006-QO7, Class 3A2 (1 mo. USD Term SOFR + 0.524%) | RALI Trust Series 2006-QO7, Class 3A2 (1 mo. USD Term SOFR + 0.524%) | RALI Trust Series 2006-QO7, Class 3A2 (1 mo. USD Term SOFR + 0.524%) |
| 52793 | 4.256 | 09/25/46 | 52229 |
| Residential Mortgage Loan Trust Series 2020-2, Class A3 | Residential Mortgage Loan Trust Series 2020-2, Class A3 | Residential Mortgage Loan Trust Series 2020-2, Class A3 | Residential Mortgage Loan Trust Series 2020-2, Class A3 |
| 152000 | 2.911 <sup>(d)</sup> | 05/25/60 | 148526 |
| Starwood Mortgage Residential Trust Series 2020-2, Class B1E | Starwood Mortgage Residential Trust Series 2020-2, Class B1E | Starwood Mortgage Residential Trust Series 2020-2, Class B1E | Starwood Mortgage Residential Trust Series 2020-2, Class B1E |
| 1875000 | 3.000 <sup>(d)</sup> | 04/25/60 | 1844700 |
| Towd Point Mortgage Trust Series 2020-1, Class A2A | Towd Point Mortgage Trust Series 2020-1, Class A2A | Towd Point Mortgage Trust Series 2020-1, Class A2A | Towd Point Mortgage Trust Series 2020-1, Class A2A |
| 550000 | 3.100 <sup>(d)</sup> | 01/25/60 | 502389 |
| Verus Securitization Trust Series 2021-6, Class A1 | Verus Securitization Trust Series 2021-6, Class A1 | Verus Securitization Trust Series 2021-6, Class A1 | Verus Securitization Trust Series 2021-6, Class A1 |
| 260275 | 1.630 <sup>(d)</sup> | 10/25/66 | 230745 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Sequential Floating Rate<sup>(b)(c)</sup> – (continued)** | **Sequential Floating Rate<sup>(b)(c)</sup> – (continued)** | **Sequential Floating Rate<sup>(b)(c)</sup> – (continued)** | **Sequential Floating Rate<sup>(b)(c)</sup> – (continued)** |
| Verus Securitization Trust Series 2021-8, Class A1 | Verus Securitization Trust Series 2021-8, Class A1 | Verus Securitization Trust Series 2021-8, Class A1 | Verus Securitization Trust Series 2021-8, Class A1 |
| 632282 | 2.824 %<sup>(d)</sup> | 11/25/66 | $591252 |
| Verus Securitization Trust Series 2021-7, Class A2 | Verus Securitization Trust Series 2021-7, Class A2 | Verus Securitization Trust Series 2021-7, Class A2 | Verus Securitization Trust Series 2021-7, Class A2 |
| 2121147 | 2.137 <sup>(d)</sup> | 10/25/66 | 1889605 |
| Verus Securitization Trust Series 2022-1, Class A3 | Verus Securitization Trust Series 2022-1, Class A3 | Verus Securitization Trust Series 2022-1, Class A3 | Verus Securitization Trust Series 2022-1, Class A3 |
| 975893 | 3.288 <sup>(d)</sup> | 01/25/67 | 912065 |
| Verus Securitization Trust Series 2025-1, Class A1 | Verus Securitization Trust Series 2025-1, Class A1 | Verus Securitization Trust Series 2025-1, Class A1 | Verus Securitization Trust Series 2025-1, Class A1 |
| 2436055 | 5.620 <sup>(d)</sup> | 01/25/70 | 2461929 |
| Visio Trust Series 2020-1, Class M1 | Visio Trust Series 2020-1, Class M1 | Visio Trust Series 2020-1, Class M1 | Visio Trust Series 2020-1, Class M1 |
| 500000 | 4.450 <sup>(d)</sup> | 08/25/55 | 486420 |
|  |  |  | 59260892 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | 84125123 |
| **Commercial Mortgage-Backed Securities – 13.2%** | **Commercial Mortgage-Backed Securities – 13.2%** | **Commercial Mortgage-Backed Securities – 13.2%** | **Commercial Mortgage-Backed Securities – 13.2%** |
| **Regular Floater<sup>(b)(d)</sup> – 0.5%** | **Regular Floater<sup>(b)(d)</sup> – 0.5%** | **Regular Floater<sup>(b)(d)</sup> – 0.5%** | **Regular Floater<sup>(b)(d)</sup> – 0.5%** |
| BFLD Commercial Mortgage Trust Series 2024-UNIV, Class A (1 mo. USD Term SOFR + 1.493%) | BFLD Commercial Mortgage Trust Series 2024-UNIV, Class A (1 mo. USD Term SOFR + 1.493%) | BFLD Commercial Mortgage Trust Series 2024-UNIV, Class A (1 mo. USD Term SOFR + 1.493%) | BFLD Commercial Mortgage Trust Series 2024-UNIV, Class A (1 mo. USD Term SOFR + 1.493%) |
| 1800000 | 5.243% | 11/15/41 | $1801422 |
| TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR + 2.133%) | TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR + 2.133%) | TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR + 2.133%) | TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR + 2.133%) |
| 4425000 | 5.883 | 11/15/29 | 4445385 |
| TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR + 2.930%) | TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR + 2.930%) | TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR + 2.930%) | TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR + 2.930%) |
| 550000 | 6.680 | 11/15/29 | 561566 |
|  |  |  | 6808373 |
| **Sequential Fixed Rate – 3.5%** | **Sequential Fixed Rate – 3.5%** |  |  |
| 1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 | 1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 | 1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 | 1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 |
| 2300000 | 3.901 <sup>(d)</sup> | 08/10/35 | 2224021 |
| Bank Series 2021-BN38, Class A5 | Bank Series 2021-BN38, Class A5 | Bank Series 2021-BN38, Class A5 | Bank Series 2021-BN38, Class A5 |
| 1050000 | 2.521 <sup>(c)</sup> | 12/15/64 | 931698 |
| Bank Series 2023-BNK45, Class A5 | Bank Series 2023-BNK45, Class A5 | Bank Series 2023-BNK45, Class A5 | Bank Series 2023-BNK45, Class A5 |
| 725000 | 5.203 <sup>(c)</sup> | 02/15/56 | 744307 |
| Bank Series 2019-BN18, Class A4 | Bank Series 2019-BN18, Class A4 | Bank Series 2019-BN18, Class A4 | Bank Series 2019-BN18, Class A4 |
| 1500000 | 3.584 <sup>(c)</sup> | 05/15/62 | 1442308 |
| Bank Series 2025-BNK51, Class A5 | Bank Series 2025-BNK51, Class A5 | Bank Series 2025-BNK51, Class A5 | Bank Series 2025-BNK51, Class A5 |
| 1500000 | 5.290 <sup>(c)</sup> | 12/25/67 | 1544825 |
| Bank5 Series 2024-5YR7, Class A3 | Bank5 Series 2024-5YR7, Class A3 | Bank5 Series 2024-5YR7, Class A3 | Bank5 Series 2024-5YR7, Class A3 |
| 1325000 | 5.769 <sup>(c)</sup> | 06/15/57 | 1382646 |
| Bank5 Series 2024-5YR10, Class A3 | Bank5 Series 2024-5YR10, Class A3 | Bank5 Series 2024-5YR10, Class A3 | Bank5 Series 2024-5YR10, Class A3 |
| 1250000 | 5.302 <sup>(c)</sup> | 10/15/57 | 1287467 |
| Bank5 Series 2024-5YR11, Class A3 | Bank5 Series 2024-5YR11, Class A3 | Bank5 Series 2024-5YR11, Class A3 | Bank5 Series 2024-5YR11, Class A3 |
| 1500000 | 5.893 <sup>(c)</sup> | 11/15/57 | 1576986 |
| Bank5 Series 2024-5YR11, Class AS | Bank5 Series 2024-5YR11, Class AS | Bank5 Series 2024-5YR11, Class AS | Bank5 Series 2024-5YR11, Class AS |
| 675000 | 6.139 <sup>(c)</sup> | 11/15/57 | 706318 |
| Bank5 Series 2025-5YR19, Class AS | Bank5 Series 2025-5YR19, Class AS | Bank5 Series 2025-5YR19, Class AS | Bank5 Series 2025-5YR19, Class AS |
| 5000000 | 5.611 <sup>(c)</sup> | 12/15/58 | 5161245 |
| BBCMS Mortgage Trust Series 2023-C20, Class A3 | BBCMS Mortgage Trust Series 2023-C20, Class A3 | BBCMS Mortgage Trust Series 2023-C20, Class A3 | BBCMS Mortgage Trust Series 2023-C20, Class A3 |
| 1600000 | 5.991 <sup>(c)</sup> | 07/15/56 | 1647803 |
| BBCMS Mortgage Trust Series 2019-C3, Class C | BBCMS Mortgage Trust Series 2019-C3, Class C | BBCMS Mortgage Trust Series 2019-C3, Class C | BBCMS Mortgage Trust Series 2019-C3, Class C |
| 865000 | 4.178 <sup>(c)</sup> | 05/15/52 | 791438 |
| BBCMS Mortgage Trust Series 2024-5C27, Class A3 | BBCMS Mortgage Trust Series 2024-5C27, Class A3 | BBCMS Mortgage Trust Series 2024-5C27, Class A3 | BBCMS Mortgage Trust Series 2024-5C27, Class A3 |
| 1375000 | 6.014 <sup>(c)</sup> | 07/15/57 | 1444563 |
| BBCMS Mortgage Trust Series 2024-5C29, Class A3 | BBCMS Mortgage Trust Series 2024-5C29, Class A3 | BBCMS Mortgage Trust Series 2024-5C29, Class A3 | BBCMS Mortgage Trust Series 2024-5C29, Class A3 |
| 1450000 | 5.208 <sup>(c)</sup> | 09/15/57 | 1489988 |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Sequential Fixed Rate – (continued)** | **Sequential Fixed Rate – (continued)** | **Sequential Fixed Rate – (continued)** | **Sequential Fixed Rate – (continued)** |
| Benchmark Mortgage Trust Series 2022-B33, Class A5 | Benchmark Mortgage Trust Series 2022-B33, Class A5 | Benchmark Mortgage Trust Series 2022-B33, Class A5 | Benchmark Mortgage Trust Series 2022-B33, Class A5 |
| 1125000 | 3.458 %<sup>(c)</sup> | 03/15/55 | $1048485 |
| Benchmark Mortgage Trust Series 2020-B21, Class A5 | Benchmark Mortgage Trust Series 2020-B21, Class A5 | Benchmark Mortgage Trust Series 2020-B21, Class A5 | Benchmark Mortgage Trust Series 2020-B21, Class A5 |
| 1000000 | 1.978 <sup>(c)</sup> | 12/17/53 | 885515 |
| Benchmark Mortgage Trust Series 2021-B24, Class A5 | Benchmark Mortgage Trust Series 2021-B24, Class A5 | Benchmark Mortgage Trust Series 2021-B24, Class A5 | Benchmark Mortgage Trust Series 2021-B24, Class A5 |
| 1325000 | 2.584 <sup>(c)</sup> | 03/15/54 | 1185627 |
| Benchmark Mortgage Trust Series 2020-B22, Class A5 | Benchmark Mortgage Trust Series 2020-B22, Class A5 | Benchmark Mortgage Trust Series 2020-B22, Class A5 | Benchmark Mortgage Trust Series 2020-B22, Class A5 |
| 1050000 | 1.973 <sup>(c)</sup> | 01/15/54 | 929499 |
| BMO Mortgage Trust Series 2024-5C3, Class D | BMO Mortgage Trust Series 2024-5C3, Class D | BMO Mortgage Trust Series 2024-5C3, Class D | BMO Mortgage Trust Series 2024-5C3, Class D |
| 1350000 | 4.000 <sup>(c)(d)</sup> | 02/15/57 | 1214326 |
| BWAY Mortgage Trust Series 2013-1515, Class A2 | BWAY Mortgage Trust Series 2013-1515, Class A2 | BWAY Mortgage Trust Series 2013-1515, Class A2 | BWAY Mortgage Trust Series 2013-1515, Class A2 |
| 1676683 | 3.454 <sup>(c)(d)</sup> | 03/10/33 | 1590480 |
| Citigroup Commercial Mortgage Trust Series 2017-P8, Class D | Citigroup Commercial Mortgage Trust Series 2017-P8, Class D | Citigroup Commercial Mortgage Trust Series 2017-P8, Class D | Citigroup Commercial Mortgage Trust Series 2017-P8, Class D |
| 1000000 | 3.000 <sup>(c)(d)</sup> | 09/15/50 | 701825 |
| COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A |
| 2500000 | 6.338 <sup>(d)</sup> | 08/10/44 | 2631276 |
| CSMC Trust Series 2017-TIME, Class A | CSMC Trust Series 2017-TIME, Class A | CSMC Trust Series 2017-TIME, Class A | CSMC Trust Series 2017-TIME, Class A |
| 1600000 | 3.646 <sup>(d)</sup> | 11/13/39 | 1519103 |
| DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A |
| 1600000 | 2.956 <sup>(d)</sup> | 05/10/41 | 1437872 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B | JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B | JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B | JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B |
| 1400000 | 3.598 <sup>(c)(d)</sup> | 06/05/39 | 1307831 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2025-NSLB, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2025-NSLB, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2025-NSLB, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2025-NSLB, Class A |
| 1900000 | 6.234 <sup>(d)</sup> | 06/05/42 | 1986209 |
| Morgan Stanley Capital I Trust Series 2014-150E, Class A | Morgan Stanley Capital I Trust Series 2014-150E, Class A | Morgan Stanley Capital I Trust Series 2014-150E, Class A | Morgan Stanley Capital I Trust Series 2014-150E, Class A |
| 1600000 | 3.912 <sup>(c)(d)</sup> | 09/09/32 | 1415839 |
| MSWF Commercial Mortgage Trust Series 2023-2, Class A2 | MSWF Commercial Mortgage Trust Series 2023-2, Class A2 | MSWF Commercial Mortgage Trust Series 2023-2, Class A2 | MSWF Commercial Mortgage Trust Series 2023-2, Class A2 |
| 1575000 | 6.890 <sup>(c)</sup> | 12/15/56 | 1659704 |
| ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A |
| 3900000 | 5.388 <sup>(d)</sup> | 11/13/41 | 4007977 |
| ROCK Trust Series 2024-CNTR, Class D | ROCK Trust Series 2024-CNTR, Class D | ROCK Trust Series 2024-CNTR, Class D | ROCK Trust Series 2024-CNTR, Class D |
| 2350000 | 7.109 <sup>(d)</sup> | 11/13/41 | 2454082 |
| SLG Office Trust Series 2021-OVA, Class A | SLG Office Trust Series 2021-OVA, Class A | SLG Office Trust Series 2021-OVA, Class A | SLG Office Trust Series 2021-OVA, Class A |
| 3000000 | 2.585 <sup>(d)</sup> | 07/15/41 | 2676220 |
| Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D | Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D | Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D | Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D |
| 756000 | 3.250 <sup>(c)(d)</sup> | 01/15/60 | 705266 |
| Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 |
| 1500000 | 2.626 <sup>(c)</sup> | 04/15/54 | 1356112 |
|  |  |  | 53088861 |
| **Sequential Floating Rate – 9.2%** | **Sequential Floating Rate – 9.2%** | **Sequential Floating Rate – 9.2%** | **Sequential Floating Rate – 9.2%** |
| 3650R Commercial Mortgage Trust Series 2021-PF1, Class AS | 3650R Commercial Mortgage Trust Series 2021-PF1, Class AS | 3650R Commercial Mortgage Trust Series 2021-PF1, Class AS | 3650R Commercial Mortgage Trust Series 2021-PF1, Class AS |
| 1050000 | 2.778 <sup>(b)</sup> | 11/15/54 | 904177 |
| ALA Trust Series 2025-OANA, Class A (1 mo. USD Term SOFR + 1.743%) | ALA Trust Series 2025-OANA, Class A (1 mo. USD Term SOFR + 1.743%) | ALA Trust Series 2025-OANA, Class A (1 mo. USD Term SOFR + 1.743%) | ALA Trust Series 2025-OANA, Class A (1 mo. USD Term SOFR + 1.743%) |
| 3450000 | 5.494 <sup>(b)(d)</sup> | 06/15/40 | 3459868 |
| Banc of America Commercial Mortgage Trust Series 2015-UBS7, Class AS | Banc of America Commercial Mortgage Trust Series 2015-UBS7, Class AS | Banc of America Commercial Mortgage Trust Series 2015-UBS7, Class AS | Banc of America Commercial Mortgage Trust Series 2015-UBS7, Class AS |
| 505666 | 3.989 <sup>(b)(c)</sup> | 09/15/48 | 501474 |
| Bank Series 2021-BN37, Class A5 | Bank Series 2021-BN37, Class A5 | Bank Series 2021-BN37, Class A5 | Bank Series 2021-BN37, Class A5 |
| 600000 | 2.618 <sup>(b)(c)</sup> | 11/15/64 | 536544 |
| Bank Series 2021-BN31, Class AS | Bank Series 2021-BN31, Class AS | Bank Series 2021-BN31, Class AS | Bank Series 2021-BN31, Class AS |
| 2950000 | 2.211 <sup>(b)(c)</sup> | 02/15/54 | 2548290 |
| Bank Series 2022-BNK39, Class A4 | Bank Series 2022-BNK39, Class A4 | Bank Series 2022-BNK39, Class A4 | Bank Series 2022-BNK39, Class A4 |
| 2400000 | 2.928 <sup>(b)(c)</sup> | 02/15/55 | 2187267 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** |
| Bank Series 2021-BN33, Class AS | Bank Series 2021-BN33, Class AS | Bank Series 2021-BN33, Class AS | Bank Series 2021-BN33, Class AS |
| 1470000 | 2.792 %<sup>(c)</sup> | 05/15/64 | $1299315 |
| Bank Series 2025-BNK50, Class AS | Bank Series 2025-BNK50, Class AS | Bank Series 2025-BNK50, Class AS | Bank Series 2025-BNK50, Class AS |
| 1575000 | 5.875 <sup>(b)(c)</sup> | 05/15/68 | 1669389 |
| Bank Series 2025-BNK51, Class B | Bank Series 2025-BNK51, Class B | Bank Series 2025-BNK51, Class B | Bank Series 2025-BNK51, Class B |
| 3050000 | 5.895 <sup>(b)(c)</sup> | 12/25/67 | 3131119 |
| Bank5 Series 2024-5YR8, Class C | Bank5 Series 2024-5YR8, Class C | Bank5 Series 2024-5YR8, Class C | Bank5 Series 2024-5YR8, Class C |
| 300000 | 6.775 <sup>(b)(c)</sup> | 08/15/57 | 311850 |
| Bank5 Series 2024-5YR9, Class AS | Bank5 Series 2024-5YR9, Class AS | Bank5 Series 2024-5YR9, Class AS | Bank5 Series 2024-5YR9, Class AS |
| 1150000 | 6.182 <sup>(b)(c)</sup> | 08/15/57 | 1203233 |
| Bank5 Series 2024-5YR10, Class AS | Bank5 Series 2024-5YR10, Class AS | Bank5 Series 2024-5YR10, Class AS | Bank5 Series 2024-5YR10, Class AS |
| 500000 | 5.637 <sup>(c)</sup> | 10/15/57 | 514486 |
| Bank5 Series 2025-5YR17, Class C | Bank5 Series 2025-5YR17, Class C | Bank5 Series 2025-5YR17, Class C | Bank5 Series 2025-5YR17, Class C |
| 3052000 | 5.894 <sup>(b)(c)</sup> | 11/15/58 | 3008675 |
| Bank5 Series 2025-5YR16, Class AS | Bank5 Series 2025-5YR16, Class AS | Bank5 Series 2025-5YR16, Class AS | Bank5 Series 2025-5YR16, Class AS |
| 3050000 | 5.751 <sup>(b)(c)</sup> | 08/15/63 | 3168596 |
| BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) |
| 2600000 | 4.670 <sup>(b)(d)</sup> | 03/15/37 | 2459532 |
| BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) | BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) | BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) | BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) |
| 750000 | 4.919 <sup>(b)(d)</sup> | 03/15/37 | 676060 |
| BBCMS Mortgage Trust Series 2025-5C36, Class AS | BBCMS Mortgage Trust Series 2025-5C36, Class AS | BBCMS Mortgage Trust Series 2025-5C36, Class AS | BBCMS Mortgage Trust Series 2025-5C36, Class AS |
| 2550000 | 5.835 <sup>(b)(c)</sup> | 08/15/58 | 2647776 |
| Benchmark Mortgage Trust Series 2022-B32, Class A5 | Benchmark Mortgage Trust Series 2022-B32, Class A5 | Benchmark Mortgage Trust Series 2022-B32, Class A5 | Benchmark Mortgage Trust Series 2022-B32, Class A5 |
| 1800000 | 3.002 <sup>(b)</sup> | 01/15/55 | 1612042 |
| BFLD Commercial Mortgage Trust Series 2025-5MW, Class A | BFLD Commercial Mortgage Trust Series 2025-5MW, Class A | BFLD Commercial Mortgage Trust Series 2025-5MW, Class A | BFLD Commercial Mortgage Trust Series 2025-5MW, Class A |
| 3500000 | 4.674 <sup>(b)(d)</sup> | 10/10/42 | 3497804 |
| BFLD Commercial Mortgage Trust Series 2025-5MW, Class C | BFLD Commercial Mortgage Trust Series 2025-5MW, Class C | BFLD Commercial Mortgage Trust Series 2025-5MW, Class C | BFLD Commercial Mortgage Trust Series 2025-5MW, Class C |
| 1950000 | 5.451 <sup>(b)(d)</sup> | 10/10/42 | 1970716 |
| BFLD Commercial Mortgage Trust Series 2025-660F, Class D (1 mo. USD Term SOFR + 2.750%) | BFLD Commercial Mortgage Trust Series 2025-660F, Class D (1 mo. USD Term SOFR + 2.750%) | BFLD Commercial Mortgage Trust Series 2025-660F, Class D (1 mo. USD Term SOFR + 2.750%) | BFLD Commercial Mortgage Trust Series 2025-660F, Class D (1 mo. USD Term SOFR + 2.750%) |
| 5000000 | 6.500 <sup>(b)(d)</sup> | 11/15/42 | 5025563 |
| BFLD Trust Series 2025-EWEST, Class B (1 mo. USD Term SOFR + 1.900%) | BFLD Trust Series 2025-EWEST, Class B (1 mo. USD Term SOFR + 1.900%) | BFLD Trust Series 2025-EWEST, Class B (1 mo. USD Term SOFR + 1.900%) | BFLD Trust Series 2025-EWEST, Class B (1 mo. USD Term SOFR + 1.900%) |
| 2250000 | 5.650 <sup>(b)(d)</sup> | 06/15/42 | 2250730 |
| BMO Mortgage Trust Series 2022-C2, Class A5 | BMO Mortgage Trust Series 2022-C2, Class A5 | BMO Mortgage Trust Series 2022-C2, Class A5 | BMO Mortgage Trust Series 2022-C2, Class A5 |
| 1361000 | 4.810 <sup>(b)</sup> | 07/15/54 | 1382182 |
| BPR Trust Series 2024-PMDW, Class A | BPR Trust Series 2024-PMDW, Class A | BPR Trust Series 2024-PMDW, Class A | BPR Trust Series 2024-PMDW, Class A |
| 850000 | 5.358 <sup>(b)(d)</sup> | 11/05/41 | 869512 |
| BSTN Commercial Mortgage Trust Series 2025-1C, Class A | BSTN Commercial Mortgage Trust Series 2025-1C, Class A | BSTN Commercial Mortgage Trust Series 2025-1C, Class A | BSTN Commercial Mortgage Trust Series 2025-1C, Class A |
| 2400000 | 5.369 <sup>(b)(d)</sup> | 06/15/44 | 2465458 |
| BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) |
| 824442 | 5.142 <sup>(b)(d)</sup> | 03/15/41 | 824005 |
| BX Commercial Mortgage Trust Series 2024-AIRC, Class A (1 mo. USD Term SOFR + 1.691%) | BX Commercial Mortgage Trust Series 2024-AIRC, Class A (1 mo. USD Term SOFR + 1.691%) | BX Commercial Mortgage Trust Series 2024-AIRC, Class A (1 mo. USD Term SOFR + 1.691%) | BX Commercial Mortgage Trust Series 2024-AIRC, Class A (1 mo. USD Term SOFR + 1.691%) |
| 1029815 | 5.441 <sup>(b)(d)</sup> | 08/15/41 | 1030819 |
| BX Commercial Mortgage Trust Series 2024-VLT5, Class A | BX Commercial Mortgage Trust Series 2024-VLT5, Class A | BX Commercial Mortgage Trust Series 2024-VLT5, Class A | BX Commercial Mortgage Trust Series 2024-VLT5, Class A |
| 1000000 | 5.410 <sup>(b)(d)</sup> | 11/13/46 | 1011180 |
| BX Commercial Mortgage Trust Series 2025-BCAT, Class C (1 mo. USD Term SOFR + 1.900%) | BX Commercial Mortgage Trust Series 2025-BCAT, Class C (1 mo. USD Term SOFR + 1.900%) | BX Commercial Mortgage Trust Series 2025-BCAT, Class C (1 mo. USD Term SOFR + 1.900%) | BX Commercial Mortgage Trust Series 2025-BCAT, Class C (1 mo. USD Term SOFR + 1.900%) |
| 766628 | 5.650 <sup>(b)(d)</sup> | 08/15/42 | 767244 |
| BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) |
| 1425000 | 5.392 <sup>(b)(d)</sup> | 02/15/41 | 1419597 |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** |
| BX Trust Series 2024-PAT, Class A (1 mo. USD Term SOFR + 2.090%) | BX Trust Series 2024-PAT, Class A (1 mo. USD Term SOFR + 2.090%) | BX Trust Series 2024-PAT, Class A (1 mo. USD Term SOFR + 2.090%) | BX Trust Series 2024-PAT, Class A (1 mo. USD Term SOFR + 2.090%) |
| 500000 | 5.840 %<sup>(b)(d)</sup> | 03/15/41 | $499999 |
| BX Trust Series 2024-PAT, Class B (1 mo. USD Term SOFR + 3.039%) | BX Trust Series 2024-PAT, Class B (1 mo. USD Term SOFR + 3.039%) | BX Trust Series 2024-PAT, Class B (1 mo. USD Term SOFR + 3.039%) | BX Trust Series 2024-PAT, Class B (1 mo. USD Term SOFR + 3.039%) |
| 150000 | 6.789 <sup>(b)(d)</sup> | 03/15/41 | 149951 |
| BX Trust Series 2024-BRVE, Class A (1 mo. USD Term SOFR + 1.841%) | BX Trust Series 2024-BRVE, Class A (1 mo. USD Term SOFR + 1.841%) | BX Trust Series 2024-BRVE, Class A (1 mo. USD Term SOFR + 1.841%) | BX Trust Series 2024-BRVE, Class A (1 mo. USD Term SOFR + 1.841%) |
| 1888899 | 5.591 <sup>(b)(d)</sup> | 04/15/41 | 1888703 |
| BX Trust Series 2024-BRVE, Class B (1 mo. USD Term SOFR + 2.540%) | BX Trust Series 2024-BRVE, Class B (1 mo. USD Term SOFR + 2.540%) | BX Trust Series 2024-BRVE, Class B (1 mo. USD Term SOFR + 2.540%) | BX Trust Series 2024-BRVE, Class B (1 mo. USD Term SOFR + 2.540%) |
| 1625888 | 6.290 <sup>(b)(d)</sup> | 04/15/41 | 1627829 |
| BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%) | BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%) | BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%) | BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%) |
| 1693395 | 4.894 <sup>(b)(d)</sup> | 03/15/30 | 1690588 |
| BX Trust Series 2025-TAIL, Class A (1 mo. USD Term SOFR + 1.400%) | BX Trust Series 2025-TAIL, Class A (1 mo. USD Term SOFR + 1.400%) | BX Trust Series 2025-TAIL, Class A (1 mo. USD Term SOFR + 1.400%) | BX Trust Series 2025-TAIL, Class A (1 mo. USD Term SOFR + 1.400%) |
| 2450000 | 5.150 <sup>(b)(d)</sup> | 06/15/35 | 2448864 |
| BX Trust Series 2025-ARIA, Class A | BX Trust Series 2025-ARIA, Class A | BX Trust Series 2025-ARIA, Class A | BX Trust Series 2025-ARIA, Class A |
| 3700000 | 5.031 <sup>(b)(d)</sup> | 12/13/42 | 3722969 |
| CSAIL Commercial Mortgage Trust Series 2018-CX12, Class AS | CSAIL Commercial Mortgage Trust Series 2018-CX12, Class AS | CSAIL Commercial Mortgage Trust Series 2018-CX12, Class AS | CSAIL Commercial Mortgage Trust Series 2018-CX12, Class AS |
| 1750000 | 4.463 <sup>(b)(c)</sup> | 08/15/51 | 1733360 |
| CSTL Commercial Mortgage Trust Series 2024-GATE, Class A | CSTL Commercial Mortgage Trust Series 2024-GATE, Class A | CSTL Commercial Mortgage Trust Series 2024-GATE, Class A | CSTL Commercial Mortgage Trust Series 2024-GATE, Class A |
| 1675000 | 4.764 <sup>(b)(d)</sup> | 11/10/41 | 1683064 |
| DBC Mortgage Trust Series 2025-DBC, Class B (1 mo. USD Term SOFR + 1.600%) | DBC Mortgage Trust Series 2025-DBC, Class B (1 mo. USD Term SOFR + 1.600%) | DBC Mortgage Trust Series 2025-DBC, Class B (1 mo. USD Term SOFR + 1.600%) | DBC Mortgage Trust Series 2025-DBC, Class B (1 mo. USD Term SOFR + 1.600%) |
| 1950000 | 5.351 <sup>(b)(c)(d)</sup> | 11/15/42 | 1950352 |
| Durst Commercial Mortgage Trust Series 2025-151, Class A | Durst Commercial Mortgage Trust Series 2025-151, Class A | Durst Commercial Mortgage Trust Series 2025-151, Class A | Durst Commercial Mortgage Trust Series 2025-151, Class A |
| 2800000 | 5.145 <sup>(b)(d)</sup> | 08/10/42 | 2856145 |
| Durst Commercial Mortgage Trust Series 2025-151, Class B | Durst Commercial Mortgage Trust Series 2025-151, Class B | Durst Commercial Mortgage Trust Series 2025-151, Class B | Durst Commercial Mortgage Trust Series 2025-151, Class B |
| 5850000 | 5.582 <sup>(b)(d)</sup> | 08/10/42 | 5960760 |
| Durst Commercial Mortgage Trust Series 2025-151, Class C | Durst Commercial Mortgage Trust Series 2025-151, Class C | Durst Commercial Mortgage Trust Series 2025-151, Class C | Durst Commercial Mortgage Trust Series 2025-151, Class C |
| 1250000 | 5.824 <sup>(b)(d)</sup> | 08/10/42 | 1273273 |
| Houston Galleria Mall Trust Series 2025-HGLR, Class A | Houston Galleria Mall Trust Series 2025-HGLR, Class A | Houston Galleria Mall Trust Series 2025-HGLR, Class A | Houston Galleria Mall Trust Series 2025-HGLR, Class A |
| 1150000 | 5.462 <sup>(b)(d)</sup> | 02/05/45 | 1189348 |
| Hudson Yards Mortgage Trust Series 2025-SPRL, Class C | Hudson Yards Mortgage Trust Series 2025-SPRL, Class C | Hudson Yards Mortgage Trust Series 2025-SPRL, Class C | Hudson Yards Mortgage Trust Series 2025-SPRL, Class C |
| 1070000 | 5.952 <sup>(b)(d)</sup> | 01/13/40 | 1102752 |
| Hudson Yards Mortgage Trust Series 2025-SPRL, Class D | Hudson Yards Mortgage Trust Series 2025-SPRL, Class D | Hudson Yards Mortgage Trust Series 2025-SPRL, Class D | Hudson Yards Mortgage Trust Series 2025-SPRL, Class D |
| 900000 | 6.340 <sup>(b)(d)</sup> | 01/13/40 | 936025 |
| Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A |
| 4225000 | 5.467 <sup>(b)(d)</sup> | 01/13/40 | 4375249 |
| ILPT Commercial Mortgage Trust Series 2025-LPF2, Class A | ILPT Commercial Mortgage Trust Series 2025-LPF2, Class A | ILPT Commercial Mortgage Trust Series 2025-LPF2, Class A | ILPT Commercial Mortgage Trust Series 2025-LPF2, Class A |
| 2900000 | 5.292 <sup>(b)(d)</sup> | 07/13/42 | 2955353 |
| IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A |
| 3100000 | 5.295 <sup>(b)(c)(d)</sup> | 03/14/47 | 3160665 |
| IRV Trust Series 2025-200P, Class D | IRV Trust Series 2025-200P, Class D | IRV Trust Series 2025-200P, Class D | IRV Trust Series 2025-200P, Class D |
| 950000 | 6.166 <sup>(b)(c)(d)</sup> | 03/14/47 | 964642 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class B (1 mo. USD Term SOFR + 1.357%) | JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class B (1 mo. USD Term SOFR + 1.357%) | JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class B (1 mo. USD Term SOFR + 1.357%) | JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class B (1 mo. USD Term SOFR + 1.357%) |
| 1150612 | 5.107 <sup>(b)(d)</sup> | 04/15/37 | 1129315 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A |
| 1450000 | 5.797 <sup>(b)(d)</sup> | 10/05/39 | 1476477 |
| KIND Commercial Mortgage Trust Series 2024-1, Class A (1 mo. USD Term SOFR + 1.890%) | KIND Commercial Mortgage Trust Series 2024-1, Class A (1 mo. USD Term SOFR + 1.890%) | KIND Commercial Mortgage Trust Series 2024-1, Class A (1 mo. USD Term SOFR + 1.890%) | KIND Commercial Mortgage Trust Series 2024-1, Class A (1 mo. USD Term SOFR + 1.890%) |
| 1950000 | 5.640 <sup>(b)(d)</sup> | 08/15/41 | 1951882 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** |
| KRE Commercial Mortgage Trust Series 2025-AIP4, Class B (1 mo. USD Term SOFR + 1.600%) | KRE Commercial Mortgage Trust Series 2025-AIP4, Class B (1 mo. USD Term SOFR + 1.600%) | KRE Commercial Mortgage Trust Series 2025-AIP4, Class B (1 mo. USD Term SOFR + 1.600%) | KRE Commercial Mortgage Trust Series 2025-AIP4, Class B (1 mo. USD Term SOFR + 1.600%) |
| 4500000 | 5.350 %<sup>(b)(d)</sup> | 03/15/42 | $4487725 |
| LEX Mortgage Trust Series 2024-BBG, Class A | LEX Mortgage Trust Series 2024-BBG, Class A | LEX Mortgage Trust Series 2024-BBG, Class A | LEX Mortgage Trust Series 2024-BBG, Class A |
| 1350000 | 4.874 <sup>(b)(c)(d)</sup> | 10/13/33 | 1358648 |
| MAD Commercial Mortgage Trust Series 2025-11MD, Class D | MAD Commercial Mortgage Trust Series 2025-11MD, Class D | MAD Commercial Mortgage Trust Series 2025-11MD, Class D | MAD Commercial Mortgage Trust Series 2025-11MD, Class D |
| 3700000 | 6.359 <sup>(b)(d)</sup> | 10/15/42 | 3749751 |
| Morgan Stanley Capital I Trust Series 2022-L8, Class A5 | Morgan Stanley Capital I Trust Series 2022-L8, Class A5 | Morgan Stanley Capital I Trust Series 2022-L8, Class A5 | Morgan Stanley Capital I Trust Series 2022-L8, Class A5 |
| 550000 | 3.792 <sup>(b)(c)</sup> | 04/15/55 | 517867 |
| NY Commercial Mortgage Trust Series 2025-299P, Class B | NY Commercial Mortgage Trust Series 2025-299P, Class B | NY Commercial Mortgage Trust Series 2025-299P, Class B | NY Commercial Mortgage Trust Series 2025-299P, Class B |
| 1050000 | 5.928 <sup>(b)(d)</sup> | 02/10/47 | 1092141 |
| NYC Commercial Mortgage Trust Series 2025-300P, Class D | NYC Commercial Mortgage Trust Series 2025-300P, Class D | NYC Commercial Mortgage Trust Series 2025-300P, Class D | NYC Commercial Mortgage Trust Series 2025-300P, Class D |
| 1300000 | 6.161 <sup>(b)(d)</sup> | 07/13/42 | 1311953 |
| NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) | NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) | NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) | NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) |
| 1550000 | 5.493 <sup>(b)(d)</sup> | 10/15/40 | 1553372 |
| NYC Commercial Mortgage Trust Series 2025-11X, Class C (1 mo. USD Term SOFR + 2.442%) | NYC Commercial Mortgage Trust Series 2025-11X, Class C (1 mo. USD Term SOFR + 2.442%) | NYC Commercial Mortgage Trust Series 2025-11X, Class C (1 mo. USD Term SOFR + 2.442%) | NYC Commercial Mortgage Trust Series 2025-11X, Class C (1 mo. USD Term SOFR + 2.442%) |
| 2900000 | 6.192 <sup>(b)(d)</sup> | 10/15/40 | 2906535 |
| NYC Trust Series 2025-77C, Class A | NYC Trust Series 2025-77C, Class A | NYC Trust Series 2025-77C, Class A | NYC Trust Series 2025-77C, Class A |
| 4500000 | 4.790 <sup>(b)(d)</sup> | 01/10/38 | 4517018 |
| One New York Plaza Trust Series 2020-1NYP, Class A (1 mo. USD Term SOFR + 1.064%) | One New York Plaza Trust Series 2020-1NYP, Class A (1 mo. USD Term SOFR + 1.064%) | One New York Plaza Trust Series 2020-1NYP, Class A (1 mo. USD Term SOFR + 1.064%) | One New York Plaza Trust Series 2020-1NYP, Class A (1 mo. USD Term SOFR + 1.064%) |
| 1650000 | 4.816 <sup>(b)(d)</sup> | 01/15/36 | 1592112 |
| PENN Commercial Mortgage Trust Series 2025-P11, Class A | PENN Commercial Mortgage Trust Series 2025-P11, Class A | PENN Commercial Mortgage Trust Series 2025-P11, Class A | PENN Commercial Mortgage Trust Series 2025-P11, Class A |
| 2500000 | 5.344 <sup>(b)(d)</sup> | 08/10/42 | 2559376 |
| PENN Commercial Mortgage Trust Series 2025-P11, Class B | PENN Commercial Mortgage Trust Series 2025-P11, Class B | PENN Commercial Mortgage Trust Series 2025-P11, Class B | PENN Commercial Mortgage Trust Series 2025-P11, Class B |
| 1000000 | 5.927 <sup>(b)(d)</sup> | 08/10/42 | 1028997 |
| TEXAS Commercial Mortgage Trust Series 2025-TWR, Class D (1 mo. USD Term SOFR + 3.091%) | TEXAS Commercial Mortgage Trust Series 2025-TWR, Class D (1 mo. USD Term SOFR + 3.091%) | TEXAS Commercial Mortgage Trust Series 2025-TWR, Class D (1 mo. USD Term SOFR + 3.091%) | TEXAS Commercial Mortgage Trust Series 2025-TWR, Class D (1 mo. USD Term SOFR + 3.091%) |
| 800000 | 6.841 <sup>(b)(d)</sup> | 04/15/42 | 800874 |
| VTR Commercial Mortgage Trust Series 2025-STEM, Class A | VTR Commercial Mortgage Trust Series 2025-STEM, Class A | VTR Commercial Mortgage Trust Series 2025-STEM, Class A | VTR Commercial Mortgage Trust Series 2025-STEM, Class A |
| 2750000 | 5.034 <sup>(b)(d)</sup> | 10/13/39 | 2757902 |
| VTR Commercial Mortgage Trust Series 2025-STEM, Class C | VTR Commercial Mortgage Trust Series 2025-STEM, Class C | VTR Commercial Mortgage Trust Series 2025-STEM, Class C | VTR Commercial Mortgage Trust Series 2025-STEM, Class C |
| 1350000 | 5.861 <sup>(b)(d)</sup> | 10/13/39 | 1354156 |
| WB Commercial Mortgage Trust Series 2024-HQ, Class B | WB Commercial Mortgage Trust Series 2024-HQ, Class B | WB Commercial Mortgage Trust Series 2024-HQ, Class B | WB Commercial Mortgage Trust Series 2024-HQ, Class B |
| 2425000 | 6.420 <sup>(b)(d)</sup> | 03/15/40 | 2435027 |
| Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A |
| 1750000 | 5.308 <sup>(b)(d)</sup> | 07/15/35 | 1765174 |
| Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B |
| 1100000 | 5.743 <sup>(b)(d)</sup> | 07/15/35 | 1107625 |
| WHARF Commercial Mortgage Trust Series 2025-DC, Class A | WHARF Commercial Mortgage Trust Series 2025-DC, Class A | WHARF Commercial Mortgage Trust Series 2025-DC, Class A | WHARF Commercial Mortgage Trust Series 2025-DC, Class A |
| 1650000 | 5.350 <sup>(b)(d)</sup> | 07/15/40 | 1694665 |
|  |  |  | 139672986 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | $199570220 |
| **Federal Agencies – 41.6%** | **Federal Agencies – 41.6%** | **Federal Agencies – 41.6%** | **Federal Agencies – 41.6%** |
| **Federal Home Loan Mortgage Corp. – 0.0%** | **Federal Home Loan Mortgage Corp. – 0.0%** | **Federal Home Loan Mortgage Corp. – 0.0%** | **Federal Home Loan Mortgage Corp. – 0.0%** |
| 2417 | 5.000% | 01/01/33 | $2466 |
| 200 | 5.000 | 03/01/33 | 205 |
| 2959 | 5.000 | 04/01/33 | 3021 |
| 346 | 5.000 | 05/01/33 | 353 |
| 1141 | 5.000 | 06/01/33 | 1164 |
| 7164 | 5.000 | 07/01/33 | 7315 |
| 10895 | 5.000 | 08/01/33 | 11122 |
| 1148 | 5.000 | 09/01/33 | 1171 |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*December 31, 2025 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
|  **Federal Home Loan Mortgage Corp. – (continued)** | **Federal Home Loan Mortgage Corp. – (continued)** | **Federal Home Loan Mortgage Corp. – (continued)** | **Federal Home Loan Mortgage Corp. – (continued)** | **Federal Home Loan Mortgage Corp. – (continued)** |
|  $ | 2707 | 5.000% | 10/01/33 | $2764 |
|  | 4889 | 5.000 | 11/01/33 | 4992 |
|  | 2338 | 5.000 | 12/01/33 | 2387 |
|  | 2106 | 5.000 | 01/01/34 | 2151 |
|  | 7096 | 5.000 | 02/01/34 | 7247 |
|  | 4025 | 5.000 | 03/01/34 | 4115 |
|  | 5155 | 5.000 | 04/01/34 | 5271 |
|  | 7036 | 5.000 | 05/01/34 | 7184 |
|  | 124590 | 5.000 | 06/01/34 | 127235 |
|  | 2635 | 5.000 | 11/01/34 | 2694 |
|  | 28607 | 5.000 | 04/01/35 | 29210 |
|  | 7 | 5.000 | 11/01/35 | 7 |
|  |  |  |  | 222074 |
|  **Government National Mortgage Association – 13.3%** | **Government National Mortgage Association – 13.3%** | **Government National Mortgage Association – 13.3%** | **Government National Mortgage Association – 13.3%** | **Government National Mortgage Association – 13.3%** |
|  | 6353966 | 4.500 | 12/20/48 | 6316210 |
|  | 2321973 | 5.000 | 12/20/48 | 2357814 |
|  | 3668841 | 4.500 | 01/20/49 | 3642454 |
|  | 1490916 | 2.500 | 10/20/51 | 1286511 |
|  | 1861624 | 2.500 | 11/20/51 | 1605232 |
|  | 2545915 | 2.500 | 12/20/51 | 2197126 |
|  | 8000000 | 2.000 | TBA-30yr <sup>(f)</sup> | 6621183 |
|  | 3000000 | 2.500 | TBA-30yr <sup>(f)</sup> | 2587150 |
|  | 49000000 | 4.000 | TBA-30yr <sup>(f)</sup> | 46236233 |
|  | 49000000 | 4.500 | TBA-30yr <sup>(f)</sup> | 47730748 |
|  | 46000000 | 5.000 | TBA-30yr <sup>(f)</sup> | 45888459 |
|  | 35000000 | 6.000 | TBA-30yr <sup>(f)</sup> | 35665144 |
|  |  |  |  | 202134264 |
|  **Uniform Mortgage-Backed Security – 28.3%** | **Uniform Mortgage-Backed Security – 28.3%** | **Uniform Mortgage-Backed Security – 28.3%** | **Uniform Mortgage-Backed Security – 28.3%** |  |
|  | 11420 | 4.500 | 08/01/37 | 11499 |
|  | 2420 | 4.500 | 04/01/39 | 2425 |
|  | 3774 | 4.000 | 08/01/39 | 3701 |
|  | 1732 | 4.000 | 09/01/39 | 1698 |
|  | 13466 | 4.500 | 10/01/39 | 13513 |
|  | 1794 | 4.500 | 05/01/41 | 1794 |
|  | 7272 | 4.500 | 06/01/41 | 7279 |
|  | 7796 | 4.500 | 08/01/41 | 7795 |
|  | 2096 | 4.500 | 10/01/41 | 2097 |
|  | 559 | 4.500 | 11/01/42 | 559 |
|  | 9729 | 4.500 | 12/01/43 | 9720 |
|  | 358765 | 4.500 | 11/01/48 | 356111 |
|  | 65855 | 4.500 | 01/01/49 | 65326 |
|  | 307144 | 4.500 | 06/01/49 | 304681 |
|  | 324834 | 4.500 | 08/01/49 | 321620 |
|  | 195969 | 4.500 | 01/01/50 | 194358 |
|  | 5504940 | 6.000 | 01/01/53 | 5713380 |
|  | 1565757 | 5.500 | 04/01/53 | 1608641 |
|  | 2226728 | 6.000 | 04/01/53 | 2322185 |
|  | 2018215 | 6.000 | 12/01/54 | 2089040 |
|  | 41000000 | 2.500 | TBA-30yr <sup>(f)</sup> | 34649805 |
|  | 10000000 | 3.000 | TBA-30yr <sup>(f)</sup> | 8838281 |
|  | 154000000 | 5.500 | TBA-30yr <sup>(f)</sup> | 156147576 |
|  | 46000000 | 6.000 | TBA-30yr <sup>(f)</sup> | 47223674 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Uniform Mortgage-Backed Security – (continued)** | **Uniform Mortgage-Backed Security – (continued)** | **Uniform Mortgage-Backed Security – (continued)** | **Uniform Mortgage-Backed Security – (continued)** |
| 161000000 | 7.000% | TBA-30yr <sup>(f)</sup> | $169375526 |
|  |  |  | 429272284 |
| **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | $631628622 |
| **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $911,197,336)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $911,197,336)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $911,197,336)** | $915323965 |
| **Asset-Backed Securities – 19.0%** | **Asset-Backed Securities – 19.0%** | **Asset-Backed Securities – 19.0%** | **Asset-Backed Securities – 19.0%** |
| **Automotive<sup>(c)</sup> – 0.7%** | **Automotive<sup>(c)</sup> – 0.7%** | **Automotive<sup>(c)</sup> – 0.7%** | **Automotive<sup>(c)</sup> – 0.7%** |
| Exeter Automobile Receivables Trust Series 2025-1A, Class A2 | Exeter Automobile Receivables Trust Series 2025-1A, Class A2 | Exeter Automobile Receivables Trust Series 2025-1A, Class A2 | Exeter Automobile Receivables Trust Series 2025-1A, Class A2 |
| 128313 | 4.700% | 09/15/27 | $128354 |
| Exeter Automobile Receivables Trust Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust Series 2025-1A, Class A3 |
| 500000 | 4.670 | 08/15/28 | 501107 |
| Exeter Automobile Receivables Trust Series 2025-3A, Class A3 | Exeter Automobile Receivables Trust Series 2025-3A, Class A3 | Exeter Automobile Receivables Trust Series 2025-3A, Class A3 | Exeter Automobile Receivables Trust Series 2025-3A, Class A3 |
| 1950000 | 4.780 | 07/16/29 | 1964195 |
| GM Financial Revolving Receivables Trust Series 2024-1, Class A<sup>(d)</sup> | GM Financial Revolving Receivables Trust Series 2024-1, Class A<sup>(d)</sup> | GM Financial Revolving Receivables Trust Series 2024-1, Class A<sup>(d)</sup> | GM Financial Revolving Receivables Trust Series 2024-1, Class A<sup>(d)</sup> |
| 1550000 | 4.980 | 12/11/36 | 1593698 |
| Santander Drive Auto Receivables Trust Series 2025-1, Class A2 | Santander Drive Auto Receivables Trust Series 2025-1, Class A2 | Santander Drive Auto Receivables Trust Series 2025-1, Class A2 | Santander Drive Auto Receivables Trust Series 2025-1, Class A2 |
| 92303 | 4.760 | 08/16/27 | 92340 |
| Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 |
| 1800000 | 4.740 | 01/16/29 | 1805324 |
| Tesla Auto Lease Trust Series 2024-A, Class A3<sup>(d)</sup> | Tesla Auto Lease Trust Series 2024-A, Class A3<sup>(d)</sup> | Tesla Auto Lease Trust Series 2024-A, Class A3<sup>(d)</sup> | Tesla Auto Lease Trust Series 2024-A, Class A3<sup>(d)</sup> |
| 422665 | 5.300 | 06/21/27 | 423949 |
| Toyota Auto Receivables Owner Trust Series 2023-B, Class A3 | Toyota Auto Receivables Owner Trust Series 2023-B, Class A3 | Toyota Auto Receivables Owner Trust Series 2023-B, Class A3 | Toyota Auto Receivables Owner Trust Series 2023-B, Class A3 |
| 1417388 | 4.710 | 02/15/28 | 1422802 |
| Westlake Automobile Receivables Trust Series 2025-2A, Class A2A<sup>(d)</sup> | Westlake Automobile Receivables Trust Series 2025-2A, Class A2A<sup>(d)</sup> | Westlake Automobile Receivables Trust Series 2025-2A, Class A2A<sup>(d)</sup> | Westlake Automobile Receivables Trust Series 2025-2A, Class A2A<sup>(d)</sup> |
| 2200000 | 4.660 | 09/15/28 | 2206126 |
|  |  |  | 10137895 |
| **Collateralized Loan Obligations – 16.4%** | **Collateralized Loan Obligations – 16.4%** | **Collateralized Loan Obligations – 16.4%** | **Collateralized Loan Obligations – 16.4%** |
| 1988 CLO 3 Ltd. Series 2023-3A, Class A1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.250%) | 1988 CLO 3 Ltd. Series 2023-3A, Class A1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.250%) | 1988 CLO 3 Ltd. Series 2023-3A, Class A1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.250%) | 1988 CLO 3 Ltd. Series 2023-3A, Class A1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.250%) |
| 2500000 | 5.155 | 10/15/38 | 2494572 |
| 1988 CLO 4 Ltd. Series 2024-4A, Class C<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.600%) | 1988 CLO 4 Ltd. Series 2024-4A, Class C<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.600%) | 1988 CLO 4 Ltd. Series 2024-4A, Class C<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.600%) | 1988 CLO 4 Ltd. Series 2024-4A, Class C<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.600%) |
| 2100000 | 6.505 | 04/15/37 | 2106080 |
| 1988 CLO 4 Ltd. Series 2024-4A, Class D<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 4.250%) | 1988 CLO 4 Ltd. Series 2024-4A, Class D<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 4.250%) | 1988 CLO 4 Ltd. Series 2024-4A, Class D<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 4.250%) | 1988 CLO 4 Ltd. Series 2024-4A, Class D<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 4.250%) |
| 2700000 | 8.155 | 04/15/37 | 2713025 |
| 1988 CLO 5 Ltd. Series 2024-5A, Class D1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 3.300%) | 1988 CLO 5 Ltd. Series 2024-5A, Class D1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 3.300%) | 1988 CLO 5 Ltd. Series 2024-5A, Class D1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 3.300%) | 1988 CLO 5 Ltd. Series 2024-5A, Class D1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 3.300%) |
| 1900000 | 7.205 | 07/15/37 | 1904906 |
| 1988 CLO 6 Ltd. Series 2025-6A, Class E<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 4.900%) | 1988 CLO 6 Ltd. Series 2025-6A, Class E<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 4.900%) | 1988 CLO 6 Ltd. Series 2025-6A, Class E<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 4.900%) | 1988 CLO 6 Ltd. Series 2025-6A, Class E<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 4.900%) |
| 2100000 | 8.805 | 04/15/38 | 2035110 |
| AGL CLO 42 Ltd. Series 2025-42A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.300%) | AGL CLO 42 Ltd. Series 2025-42A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.300%) | AGL CLO 42 Ltd. Series 2025-42A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.300%) | AGL CLO 42 Ltd. Series 2025-42A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.300%) |
| 6175000 | 5.569 | 07/22/38 | 6194995 |
| AMMC CLO 32 Ltd. Series 2025-32A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.360%) | AMMC CLO 32 Ltd. Series 2025-32A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.360%) | AMMC CLO 32 Ltd. Series 2025-32A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.360%) | AMMC CLO 32 Ltd. Series 2025-32A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.360%) |
| 4825000 | 5.565 | 10/17/38 | 4838264 |
| Apidos CLO XXIII Series 2015-23A, Class ARR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.050%) | Apidos CLO XXIII Series 2015-23A, Class ARR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.050%) | Apidos CLO XXIII Series 2015-23A, Class ARR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.050%) | Apidos CLO XXIII Series 2015-23A, Class ARR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.050%) |
| 2332994 | 4.955 | 04/15/33 | 2333439 |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Asset-Backed Securities – (continued)** | **Asset-Backed Securities – (continued)** | **Asset-Backed Securities – (continued)** | **Asset-Backed Securities – (continued)** |
| **Collateralized Loan Obligations – (continued)** | **Collateralized Loan Obligations – (continued)** | **Collateralized Loan Obligations – (continued)** | **Collateralized Loan Obligations – (continued)** |
| ARES LXV CLO Ltd. Series 2022-65A, Class A1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.120%) | ARES LXV CLO Ltd. Series 2022-65A, Class A1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.120%) | ARES LXV CLO Ltd. Series 2022-65A, Class A1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.120%) | ARES LXV CLO Ltd. Series 2022-65A, Class A1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.120%) |
| 3775000 | 4.978% | 07/25/34 | $3774634 |
| Arini European CLO VII DAC Series 7A, Class B<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 1.800%) | Arini European CLO VII DAC Series 7A, Class B<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 1.800%) | Arini European CLO VII DAC Series 7A, Class B<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 1.800%) | Arini European CLO VII DAC Series 7A, Class B<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 1.800%) |
| 2100000 | 3.895 | 01/15/39 | 2467644 |
| Arini European CLO VII DAC Series 7A, Class D<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 2.850%) | Arini European CLO VII DAC Series 7A, Class D<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 2.850%) | Arini European CLO VII DAC Series 7A, Class D<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 2.850%) | Arini European CLO VII DAC Series 7A, Class D<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 2.850%) |
| 2300000 | 4.945 | 01/15/39 | 2686496 |
| Bain Capital Credit CLO Ltd. Series 2022-1A, Class D1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.750%) | Bain Capital Credit CLO Ltd. Series 2022-1A, Class D1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.750%) | Bain Capital Credit CLO Ltd. Series 2022-1A, Class D1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.750%) | Bain Capital Credit CLO Ltd. Series 2022-1A, Class D1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.750%) |
| 4000000 | 6.634 | 10/18/38 | 4010652 |
| Bain Capital Credit CLO Ltd. Series 2025-5A, Class E<sup>(b)(c)(d)</sup> (-1X 3 mo. USD Term SOFR + 5.000%) | Bain Capital Credit CLO Ltd. Series 2025-5A, Class E<sup>(b)(c)(d)</sup> (-1X 3 mo. USD Term SOFR + 5.000%) | Bain Capital Credit CLO Ltd. Series 2025-5A, Class E<sup>(b)(c)(d)</sup> (-1X 3 mo. USD Term SOFR + 5.000%) | Bain Capital Credit CLO Ltd. Series 2025-5A, Class E<sup>(b)(c)(d)</sup> (-1X 3 mo. USD Term SOFR + 5.000%) |
| 1600000 | 0.000 | 01/19/39 | 1596680 |
| Balboa Bay Loan Funding Ltd. Series 2023-2A, Class A1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.150%) | Balboa Bay Loan Funding Ltd. Series 2023-2A, Class A1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.150%) | Balboa Bay Loan Funding Ltd. Series 2023-2A, Class A1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.150%) | Balboa Bay Loan Funding Ltd. Series 2023-2A, Class A1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.150%) |
| 4350000 | 5.034 | 10/20/36 | 4347007 |
| BBAM U.S. CLO V Ltd. Series 2025-5A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.360%) | BBAM U.S. CLO V Ltd. Series 2025-5A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.360%) | BBAM U.S. CLO V Ltd. Series 2025-5A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.360%) | BBAM U.S. CLO V Ltd. Series 2025-5A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.360%) |
| 6025000 | 5.356 | 07/25/38 | 6037713 |
| BBAM U.S. CLO V Ltd. Series 2025-5A, Class B<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.800%) | BBAM U.S. CLO V Ltd. Series 2025-5A, Class B<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.800%) | BBAM U.S. CLO V Ltd. Series 2025-5A, Class B<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.800%) | BBAM U.S. CLO V Ltd. Series 2025-5A, Class B<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.800%) |
| 4150000 | 5.796 | 07/25/38 | 4162296 |
| Benefit Street Partners CLO XXXIII Ltd. Series 2023-33A, Class D<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 4.250%) | Benefit Street Partners CLO XXXIII Ltd. Series 2023-33A, Class D<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 4.250%) | Benefit Street Partners CLO XXXIII Ltd. Series 2023-33A, Class D<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 4.250%) | Benefit Street Partners CLO XXXIII Ltd. Series 2023-33A, Class D<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 4.250%) |
| 2000000 | 8.108 | 01/25/36 | 2004524 |
| Benefit Street Partners CLO XXXV Ltd. Series 2024-35A, Class E<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 6.100%) | Benefit Street Partners CLO XXXV Ltd. Series 2024-35A, Class E<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 6.100%) | Benefit Street Partners CLO XXXV Ltd. Series 2024-35A, Class E<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 6.100%) | Benefit Street Partners CLO XXXV Ltd. Series 2024-35A, Class E<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 6.100%) |
| 1000000 | 9.958 | 04/25/37 | 1012237 |
| BlackRock European CLO XII DAC Series 12A, Class BR<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 2.000%) | BlackRock European CLO XII DAC Series 12A, Class BR<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 2.000%) | BlackRock European CLO XII DAC Series 12A, Class BR<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 2.000%) | BlackRock European CLO XII DAC Series 12A, Class BR<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 2.000%) |
| 1500000 | 4.065 | 01/25/38 | 1763683 |
| Brant Point CLO Ltd. Series 2024-3A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.600%) | Brant Point CLO Ltd. Series 2024-3A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.600%) | Brant Point CLO Ltd. Series 2024-3A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.600%) | Brant Point CLO Ltd. Series 2024-3A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.600%) |
| 2400000 | 5.489 | 02/20/37 | 2402371 |
| Bridgepoint CLO 2 DAC Series 2X, Class D<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 3.000%) | Bridgepoint CLO 2 DAC Series 2X, Class D<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 3.000%) | Bridgepoint CLO 2 DAC Series 2X, Class D<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 3.000%) | Bridgepoint CLO 2 DAC Series 2X, Class D<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 3.000%) |
| 800000 | 5.009 | 04/15/35 | 940145 |
| Bryant Park CLO Ltd. Series 2025-27A, Class E<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 5.450%) | Bryant Park CLO Ltd. Series 2025-27A, Class E<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 5.450%) | Bryant Park CLO Ltd. Series 2025-27A, Class E<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 5.450%) | Bryant Park CLO Ltd. Series 2025-27A, Class E<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 5.450%) |
| 2350000 | 9.665 | 07/20/38 | 2324789 |
| Bryant Park CLO Ltd. Series 2025-27A, Class B<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.700%) | Bryant Park CLO Ltd. Series 2025-27A, Class B<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.700%) | Bryant Park CLO Ltd. Series 2025-27A, Class B<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.700%) | Bryant Park CLO Ltd. Series 2025-27A, Class B<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.700%) |
| 5000000 | 5.904 | 07/20/38 | 5013555 |
| Bryant Park Funding Ltd. Series 2023-21A, Class AR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.270%) | Bryant Park Funding Ltd. Series 2023-21A, Class AR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.270%) | Bryant Park Funding Ltd. Series 2023-21A, Class AR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.270%) | Bryant Park Funding Ltd. Series 2023-21A, Class AR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.270%) |
| 2000000 | 5.181 | 10/18/38 | 2000640 |
| Captree Park CLO Ltd. Series 2024-1A, Class E<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 6.000%) | Captree Park CLO Ltd. Series 2024-1A, Class E<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 6.000%) | Captree Park CLO Ltd. Series 2024-1A, Class E<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 6.000%) | Captree Park CLO Ltd. Series 2024-1A, Class E<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 6.000%) |
| 625000 | 9.884 | 07/20/37 | 628349 |
| Carlyle U.S. CLO Ltd. Series 2024-6A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.340%) | Carlyle U.S. CLO Ltd. Series 2024-6A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.340%) | Carlyle U.S. CLO Ltd. Series 2024-6A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.340%) | Carlyle U.S. CLO Ltd. Series 2024-6A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.340%) |
| 4175000 | 5.198 | 10/25/37 | 4186890 |
| CBAM Ltd. Series 2018-5A, Class A1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.340%) | CBAM Ltd. Series 2018-5A, Class A1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.340%) | CBAM Ltd. Series 2018-5A, Class A1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.340%) | CBAM Ltd. Series 2018-5A, Class A1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.340%) |
| 9225000 | 5.452 | 10/17/38 | 9235111 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Asset-Backed Securities – (continued)** | **Asset-Backed Securities – (continued)** | **Asset-Backed Securities – (continued)** | **Asset-Backed Securities – (continued)** |
| **Collateralized Loan Obligations – (continued)** | **Collateralized Loan Obligations – (continued)** | **Collateralized Loan Obligations – (continued)** | **Collateralized Loan Obligations – (continued)** |
| CBAM Ltd. Series 2018-5A, Class D1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 3.000%) | CBAM Ltd. Series 2018-5A, Class D1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 3.000%) | CBAM Ltd. Series 2018-5A, Class D1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 3.000%) | CBAM Ltd. Series 2018-5A, Class D1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 3.000%) |
| 3800000 | 7.112% | 10/17/38 | $3804689 |
| CBAMR Ltd. Series 2021-14A, Class A1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.280%) | CBAMR Ltd. Series 2021-14A, Class A1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.280%) | CBAMR Ltd. Series 2021-14A, Class A1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.280%) | CBAMR Ltd. Series 2021-14A, Class A1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.280%) |
| 5230000 | 5.236 | 10/20/38 | 5237406 |
| Cedar Funding IV CLO Ltd. Series 2014-4A, Class AR3<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.340%) | Cedar Funding IV CLO Ltd. Series 2014-4A, Class AR3<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.340%) | Cedar Funding IV CLO Ltd. Series 2014-4A, Class AR3<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.340%) | Cedar Funding IV CLO Ltd. Series 2014-4A, Class AR3<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.340%) |
| 5200000 | 5.200 | 01/23/38 | 5211487 |
| CIFC Funding Ltd. Series 2023-3A, Class E<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 7.650%) | CIFC Funding Ltd. Series 2023-3A, Class E<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 7.650%) | CIFC Funding Ltd. Series 2023-3A, Class E<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 7.650%) | CIFC Funding Ltd. Series 2023-3A, Class E<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 7.650%) |
| 1025000 | 11.534 | 01/20/37 | 1025820 |
| CIFC Funding Ltd. Series 2023-3A, Class B<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.300%) | CIFC Funding Ltd. Series 2023-3A, Class B<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.300%) | CIFC Funding Ltd. Series 2023-3A, Class B<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.300%) | CIFC Funding Ltd. Series 2023-3A, Class B<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.300%) |
| 1300000 | 6.184 | 01/20/37 | 1303442 |
| CIFC Funding Ltd. Series 2022-3A, Class A<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.410%) | CIFC Funding Ltd. Series 2022-3A, Class A<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.410%) | CIFC Funding Ltd. Series 2022-3A, Class A<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.410%) | CIFC Funding Ltd. Series 2022-3A, Class A<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.410%) |
| 2000000 | 5.280 | 04/21/35 | 2001828 |
| CIFC Funding Ltd. Series 2019-4A, Class A1R2<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.300%) | CIFC Funding Ltd. Series 2019-4A, Class A1R2<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.300%) | CIFC Funding Ltd. Series 2019-4A, Class A1R2<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.300%) | CIFC Funding Ltd. Series 2019-4A, Class A1R2<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.300%) |
| 3900000 | 5.205 | 07/15/38 | 3912480 |
| CIFC Funding Ltd. Series 2021-6A, Class C<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.312%) | CIFC Funding Ltd. Series 2021-6A, Class C<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.312%) | CIFC Funding Ltd. Series 2021-6A, Class C<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.312%) | CIFC Funding Ltd. Series 2021-6A, Class C<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.312%) |
| 3000000 | 6.216 | 10/15/34 | 3006051 |
| Crown City CLO IV Series 2022-4A, Class C1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 4.500%) | Crown City CLO IV Series 2022-4A, Class C1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 4.500%) | Crown City CLO IV Series 2022-4A, Class C1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 4.500%) | Crown City CLO IV Series 2022-4A, Class C1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 4.500%) |
| 1300000 | 8.384 | 04/20/37 | 1304419 |
| Crown City CLO V Series 2023-5A, Class A1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.600%) | Crown City CLO V Series 2023-5A, Class A1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.600%) | Crown City CLO V Series 2023-5A, Class A1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.600%) | Crown City CLO V Series 2023-5A, Class A1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.600%) |
| 1700000 | 5.484 | 04/20/37 | 1704327 |
| CVC Cordatus Loan Fund III DAC Series 3A, Class B1R3<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 1.650%) | CVC Cordatus Loan Fund III DAC Series 3A, Class B1R3<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 1.650%) | CVC Cordatus Loan Fund III DAC Series 3A, Class B1R3<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 1.650%) | CVC Cordatus Loan Fund III DAC Series 3A, Class B1R3<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 1.650%) |
| 1600000 | 3.709 | 05/26/38 | 1856128 |
| CVC Cordatus Loan Fund XXXIV DAC Series 34A, Class B<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 1.700%) | CVC Cordatus Loan Fund XXXIV DAC Series 34A, Class B<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 1.700%) | CVC Cordatus Loan Fund XXXIV DAC Series 34A, Class B<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 1.700%) | CVC Cordatus Loan Fund XXXIV DAC Series 34A, Class B<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 1.700%) |
| 1800000 | 3.704 | 04/20/38 | 2091338 |
| Dryden 113 CLO Ltd. Series 2022-113A, Class CR3<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.600%) | Dryden 113 CLO Ltd. Series 2022-113A, Class CR3<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.600%) | Dryden 113 CLO Ltd. Series 2022-113A, Class CR3<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.600%) | Dryden 113 CLO Ltd. Series 2022-113A, Class CR3<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.600%) |
| 3250000 | 5.505 | 10/15/37 | 3253165 |
| Dryden 90 CLO Ltd. Series 2021-90A, Class D1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 3.000%) | Dryden 90 CLO Ltd. Series 2021-90A, Class D1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 3.000%) | Dryden 90 CLO Ltd. Series 2021-90A, Class D1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 3.000%) | Dryden 90 CLO Ltd. Series 2021-90A, Class D1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 3.000%) |
| 3750000 | 6.863 | 11/15/38 | 3757372 |
| Dryden 97 CLO Ltd. Series 2022-97A, Class D1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.900%) | Dryden 97 CLO Ltd. Series 2022-97A, Class D1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.900%) | Dryden 97 CLO Ltd. Series 2022-97A, Class D1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.900%) | Dryden 97 CLO Ltd. Series 2022-97A, Class D1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.900%) |
| 2150000 | 6.784 | 10/20/38 | 2158011 |
| Elmwood CLO 21 Ltd. Series 2022-8A, Class D1R2<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.600%) | Elmwood CLO 21 Ltd. Series 2022-8A, Class D1R2<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.600%) | Elmwood CLO 21 Ltd. Series 2022-8A, Class D1R2<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.600%) | Elmwood CLO 21 Ltd. Series 2022-8A, Class D1R2<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.600%) |
| 3600000 | 6.497 | 10/15/38 | 3606865 |
| Elmwood CLO 29 Ltd. Series 2024-5A, Class AR2<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.700%) | Elmwood CLO 29 Ltd. Series 2024-5A, Class AR2<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.700%) | Elmwood CLO 29 Ltd. Series 2024-5A, Class AR2<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.700%) | Elmwood CLO 29 Ltd. Series 2024-5A, Class AR2<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.700%) |
| 1325000 | 5.584 | 04/20/37 | 1326552 |
| Elmwood CLO 35 Ltd. Series 2024-11A, Class A<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.340%) | Elmwood CLO 35 Ltd. Series 2024-11A, Class A<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.340%) | Elmwood CLO 35 Ltd. Series 2024-11A, Class A<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.340%) | Elmwood CLO 35 Ltd. Series 2024-11A, Class A<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.340%) |
| 6650000 | 5.224 | 10/18/37 | 6666206 |
| Elmwood CLO IV Ltd. Series 2020-1A, Class AR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.460%) | Elmwood CLO IV Ltd. Series 2020-1A, Class AR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.460%) | Elmwood CLO IV Ltd. Series 2020-1A, Class AR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.460%) | Elmwood CLO IV Ltd. Series 2020-1A, Class AR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.460%) |
| 6400000 | 5.344 | 04/18/37 | 6410291 |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Asset-Backed Securities – (continued)** | **Asset-Backed Securities – (continued)** | **Asset-Backed Securities – (continued)** | **Asset-Backed Securities – (continued)** |
| **Collateralized Loan Obligations – (continued)** | **Collateralized Loan Obligations – (continued)** | **Collateralized Loan Obligations – (continued)** | **Collateralized Loan Obligations – (continued)** |
| Empower CLO Ltd. Series 2023-2A, Class BR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.700%) | Empower CLO Ltd. Series 2023-2A, Class BR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.700%) | Empower CLO Ltd. Series 2023-2A, Class BR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.700%) | Empower CLO Ltd. Series 2023-2A, Class BR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.700%) |
| 3500000 | 5.605% | 10/15/38 | $3510206 |
| Halsey Point CLO I Ltd. Series 2019-1A, Class AR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.450%) | Halsey Point CLO I Ltd. Series 2019-1A, Class AR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.450%) | Halsey Point CLO I Ltd. Series 2019-1A, Class AR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.450%) | Halsey Point CLO I Ltd. Series 2019-1A, Class AR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.450%) |
| 5000000 | 5.334 | 10/20/37 | 5017635 |
| HalseyPoint CLO II Ltd. Series 2020-2A, Class D1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 3.600%) | HalseyPoint CLO II Ltd. Series 2020-2A, Class D1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 3.600%) | HalseyPoint CLO II Ltd. Series 2020-2A, Class D1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 3.600%) | HalseyPoint CLO II Ltd. Series 2020-2A, Class D1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 3.600%) |
| 1425000 | 7.484 | 07/20/37 | 1428273 |
| Harvest CLO XXXVII DAC Series 37A, Class B<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 1.850%) | Harvest CLO XXXVII DAC Series 37A, Class B<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 1.850%) | Harvest CLO XXXVII DAC Series 37A, Class B<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 1.850%) | Harvest CLO XXXVII DAC Series 37A, Class B<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 1.850%) |
| 1900000 | 3.848 | 01/15/39 | 2233206 |
| Kennedy Lewis CLO 15 Ltd. Series 2024-15A, Class A<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.570%) | Kennedy Lewis CLO 15 Ltd. Series 2024-15A, Class A<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.570%) | Kennedy Lewis CLO 15 Ltd. Series 2024-15A, Class A<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.570%) | Kennedy Lewis CLO 15 Ltd. Series 2024-15A, Class A<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.570%) |
| 2000000 | 5.454 | 07/20/37 | 2004246 |
| Madison Park Funding LXI Ltd. Series 2023-61A, Class A<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.730%) | Madison Park Funding LXI Ltd. Series 2023-61A, Class A<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.730%) | Madison Park Funding LXI Ltd. Series 2023-61A, Class A<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.730%) | Madison Park Funding LXI Ltd. Series 2023-61A, Class A<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.730%) |
| 1000000 | 7.037 | 01/20/37 | 1000000 |
| Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR2<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.530%) | Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR2<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.530%) | Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR2<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.530%) | Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR2<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.530%) |
| 1500000 | 5.435 | 04/15/37 | 1502769 |
| Man GLG U.S. CLO Ltd. Series 2021-1A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.562%) | Man GLG U.S. CLO Ltd. Series 2021-1A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.562%) | Man GLG U.S. CLO Ltd. Series 2021-1A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.562%) | Man GLG U.S. CLO Ltd. Series 2021-1A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.562%) |
| 6700000 | 5.466 | 07/15/34 | 6694399 |
| Nissan Master Owner Trust Receivables Series 2024-B, Class A<sup>(c)(d)</sup> | Nissan Master Owner Trust Receivables Series 2024-B, Class A<sup>(c)(d)</sup> | Nissan Master Owner Trust Receivables Series 2024-B, Class A<sup>(c)(d)</sup> | Nissan Master Owner Trust Receivables Series 2024-B, Class A<sup>(c)(d)</sup> |
| 2725000 | 5.050 | 02/15/29 | 2758603 |
| North Westerly VII ESG CLO DAC Series VII-X, Class D<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 2.950%) | North Westerly VII ESG CLO DAC Series VII-X, Class D<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 2.950%) | North Westerly VII ESG CLO DAC Series VII-X, Class D<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 2.950%) | North Westerly VII ESG CLO DAC Series VII-X, Class D<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 2.950%) |
| 1200000 | 5.014 | 05/15/34 | 1381628 |
| OCP CLO Ltd. Series 2025-45A, Class E<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 4.750%) | OCP CLO Ltd. Series 2025-45A, Class E<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 4.750%) | OCP CLO Ltd. Series 2025-45A, Class E<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 4.750%) | OCP CLO Ltd. Series 2025-45A, Class E<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 4.750%) |
| 2720000 | 8.621 | 10/15/38 | 2727317 |
| OCP Euro DAC Series 2025-12A, Class B1<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 1.700%) | OCP Euro DAC Series 2025-12A, Class B1<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 1.700%) | OCP Euro DAC Series 2025-12A, Class B1<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 1.700%) | OCP Euro DAC Series 2025-12A, Class B1<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 1.700%) |
| 2000000 | 3.704 | 01/20/38 | 2336067 |
| Octagon 67 Ltd. Series 2023-1A, Class AR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.450%) | Octagon 67 Ltd. Series 2023-1A, Class AR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.450%) | Octagon 67 Ltd. Series 2023-1A, Class AR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.450%) | Octagon 67 Ltd. Series 2023-1A, Class AR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.450%) |
| 4000000 | 5.308 | 07/25/38 | 4013464 |
| OHA Loan Funding Ltd. Series 2013-2A, Class AR2<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.220%) | OHA Loan Funding Ltd. Series 2013-2A, Class AR2<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.220%) | OHA Loan Funding Ltd. Series 2013-2A, Class AR2<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.220%) | OHA Loan Funding Ltd. Series 2013-2A, Class AR2<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.220%) |
| 2525000 | 5.349 | 10/20/38 | 2522336 |
| Palmer Square Loan Funding Ltd. Series 2022-3A, Class CR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 3.000%) | Palmer Square Loan Funding Ltd. Series 2022-3A, Class CR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 3.000%) | Palmer Square Loan Funding Ltd. Series 2022-3A, Class CR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 3.000%) | Palmer Square Loan Funding Ltd. Series 2022-3A, Class CR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 3.000%) |
| 3000000 | 6.905 | 04/15/31 | 3007446 |
| Park Blue CLO Ltd. Series 2023-4A, Class D1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 5.400%) | Park Blue CLO Ltd. Series 2023-4A, Class D1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 5.400%) | Park Blue CLO Ltd. Series 2023-4A, Class D1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 5.400%) | Park Blue CLO Ltd. Series 2023-4A, Class D1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 5.400%) |
| 1350000 | 9.258 | 01/25/37 | 1351762 |
| Park Blue CLO Ltd. Series 2022-1A, Class A1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.420%) | Park Blue CLO Ltd. Series 2022-1A, Class A1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.420%) | Park Blue CLO Ltd. Series 2022-1A, Class A1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.420%) | Park Blue CLO Ltd. Series 2022-1A, Class A1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.420%) |
| 1200000 | 5.304 | 10/20/37 | 1204326 |
| Penta CLO DAC Series 2021-2A, Class BR<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 1.650%) | Penta CLO DAC Series 2021-2A, Class BR<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 1.650%) | Penta CLO DAC Series 2021-2A, Class BR<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 1.650%) | Penta CLO DAC Series 2021-2A, Class BR<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 1.650%) |
| 1350000 | 3.676 | 04/15/38 | 1564366 |
| Pikes Peak CLO Ltd. Series 2023-14A, Class D1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 3.150%) | Pikes Peak CLO Ltd. Series 2023-14A, Class D1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 3.150%) | Pikes Peak CLO Ltd. Series 2023-14A, Class D1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 3.150%) | Pikes Peak CLO Ltd. Series 2023-14A, Class D1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 3.150%) |
| 3000000 | 7.034 | 07/20/38 | 3010122 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Asset-Backed Securities – (continued)** | **Asset-Backed Securities – (continued)** | **Asset-Backed Securities – (continued)** | **Asset-Backed Securities – (continued)** |
| **Collateralized Loan Obligations – (continued)** | **Collateralized Loan Obligations – (continued)** | **Collateralized Loan Obligations – (continued)** | **Collateralized Loan Obligations – (continued)** |
| Providus CLO Series 13A, Class B<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 1.800%) | Providus CLO Series 13A, Class B<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 1.800%) | Providus CLO Series 13A, Class B<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 1.800%) | Providus CLO Series 13A, Class B<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 1.800%) |
| 7900000 | 3.954% | 11/19/39 | $9285352 |
| Rad CLO 31 Ltd. Series 2025-31A, Class C1A<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.400%) | Rad CLO 31 Ltd. Series 2025-31A, Class C1A<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.400%) | Rad CLO 31 Ltd. Series 2025-31A, Class C1A<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.400%) | Rad CLO 31 Ltd. Series 2025-31A, Class C1A<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.400%) |
| 3000000 | 6.077 | 04/17/39 | 3001161 |
| RRE 2 Loan Management DAC Series 2A, Class A2RR<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 1.750%) | RRE 2 Loan Management DAC Series 2A, Class A2RR<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 1.750%) | RRE 2 Loan Management DAC Series 2A, Class A2RR<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 1.750%) | RRE 2 Loan Management DAC Series 2A, Class A2RR<sup>(b)(c)(d)</sup> (3 mo. EUR EURIBOR + 1.750%) |
| 5300000 | 3.796 | 01/15/41 | 6215256 |
| RRE 5 Loan Management DAC Series 5X, Class A2R<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.750%) | RRE 5 Loan Management DAC Series 5X, Class A2R<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.750%) | RRE 5 Loan Management DAC Series 5X, Class A2R<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.750%) | RRE 5 Loan Management DAC Series 5X, Class A2R<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.750%) |
| 2200000 | 3.759 | 01/15/37 | 2585843 |
| Silver Point CLO 3 Ltd. Series 2023-3A, Class D1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.900%) | Silver Point CLO 3 Ltd. Series 2023-3A, Class D1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.900%) | Silver Point CLO 3 Ltd. Series 2023-3A, Class D1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.900%) | Silver Point CLO 3 Ltd. Series 2023-3A, Class D1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.900%) |
| 1000000 | 6.649 | 01/18/39 | 1000681 |
| Stellar Jay Ireland DAC Series 2021-1, Class A<sup>(d)</sup> | Stellar Jay Ireland DAC Series 2021-1, Class A<sup>(d)</sup> | Stellar Jay Ireland DAC Series 2021-1, Class A<sup>(d)</sup> | Stellar Jay Ireland DAC Series 2021-1, Class A<sup>(d)</sup> |
| 652537 | 3.967 | 10/15/41 | 643140 |
| Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A<sup>(c)(d)</sup> | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A<sup>(c)(d)</sup> | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A<sup>(c)(d)</sup> | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A<sup>(c)(d)</sup> |
| 152027 | 5.750 | 12/20/50 | 155185 |
| Symphony CLO 36 Ltd. Series 2025-52A, Class D1R<sup>(b)(c)(d)</sup> (-1X 3 mo. USD Term SOFR + 2.500%) | Symphony CLO 36 Ltd. Series 2025-52A, Class D1R<sup>(b)(c)(d)</sup> (-1X 3 mo. USD Term SOFR + 2.500%) | Symphony CLO 36 Ltd. Series 2025-52A, Class D1R<sup>(b)(c)(d)</sup> (-1X 3 mo. USD Term SOFR + 2.500%) | Symphony CLO 36 Ltd. Series 2025-52A, Class D1R<sup>(b)(c)(d)</sup> (-1X 3 mo. USD Term SOFR + 2.500%) |
| 3625000 | 0.000 | 01/20/36 | 3625000 |
| Tallman Park CLO Ltd. Series 2021-1A, Class A1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.330%) | Tallman Park CLO Ltd. Series 2021-1A, Class A1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.330%) | Tallman Park CLO Ltd. Series 2021-1A, Class A1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.330%) | Tallman Park CLO Ltd. Series 2021-1A, Class A1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.330%) |
| 7325000 | 5.214 | 07/20/38 | 7345180 |
| Trinitas CLO XXII Ltd. Series 2023-22A, Class D1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 3.100%) | Trinitas CLO XXII Ltd. Series 2023-22A, Class D1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 3.100%) | Trinitas CLO XXII Ltd. Series 2023-22A, Class D1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 3.100%) | Trinitas CLO XXII Ltd. Series 2023-22A, Class D1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 3.100%) |
| 2825000 | 6.984 | 03/20/38 | 2833613 |
| Trinitas CLO XXIII Ltd. Series 2023-23A, Class A1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.310%) | Trinitas CLO XXIII Ltd. Series 2023-23A, Class A1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.310%) | Trinitas CLO XXIII Ltd. Series 2023-23A, Class A1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.310%) | Trinitas CLO XXIII Ltd. Series 2023-23A, Class A1R<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.310%) |
| 2000000 | 5.194 | 10/20/38 | 2002564 |
| Trinitas CLO XXV Ltd. Series 2023-25A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.850%) | Trinitas CLO XXV Ltd. Series 2023-25A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.850%) | Trinitas CLO XXV Ltd. Series 2023-25A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.850%) | Trinitas CLO XXV Ltd. Series 2023-25A, Class A1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.850%) |
| 1870000 | 5.710 | 01/23/37 | 1870000 |
| Trinitas CLO XXV Ltd. Series 2023-25A, Class A1R<sup>(b)(c)(d)</sup> (-1X 3 mo. USD Term SOFR + 1.240%) | Trinitas CLO XXV Ltd. Series 2023-25A, Class A1R<sup>(b)(c)(d)</sup> (-1X 3 mo. USD Term SOFR + 1.240%) | Trinitas CLO XXV Ltd. Series 2023-25A, Class A1R<sup>(b)(c)(d)</sup> (-1X 3 mo. USD Term SOFR + 1.240%) | Trinitas CLO XXV Ltd. Series 2023-25A, Class A1R<sup>(b)(c)(d)</sup> (-1X 3 mo. USD Term SOFR + 1.240%) |
| 1870000 | 0.000 | 01/23/39 | 1870000 |
| Venture 49 CLO Ltd. Series 2024-49A, Class C1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.650%) | Venture 49 CLO Ltd. Series 2024-49A, Class C1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.650%) | Venture 49 CLO Ltd. Series 2024-49A, Class C1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.650%) | Venture 49 CLO Ltd. Series 2024-49A, Class C1<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 2.650%) |
| 1700000 | 6.534 | 04/20/37 | 1705404 |
| Voya CLO Ltd. Series 2019-2A, Class AR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.200%) | Voya CLO Ltd. Series 2019-2A, Class AR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.200%) | Voya CLO Ltd. Series 2019-2A, Class AR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.200%) | Voya CLO Ltd. Series 2019-2A, Class AR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.200%) |
| 1884906 | 5.084 | 07/20/32 | 1886041 |
| Voya CLO Ltd. Series 2024-1A, Class D<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 3.650%) | Voya CLO Ltd. Series 2024-1A, Class D<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 3.650%) | Voya CLO Ltd. Series 2024-1A, Class D<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 3.650%) | Voya CLO Ltd. Series 2024-1A, Class D<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 3.650%) |
| 1375000 | 7.555 | 04/15/37 | 1379960 |
| Wellington Management CLO 5 Ltd. Series 2025-5A, Class A<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.290%) | Wellington Management CLO 5 Ltd. Series 2025-5A, Class A<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.290%) | Wellington Management CLO 5 Ltd. Series 2025-5A, Class A<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.290%) | Wellington Management CLO 5 Ltd. Series 2025-5A, Class A<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.290%) |
| 6100000 | 5.251 | 10/18/38 | 6110754 |
| Zais CLO 15 Ltd. Series 2020-15A, Class A1RR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.490%) | Zais CLO 15 Ltd. Series 2020-15A, Class A1RR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.490%) | Zais CLO 15 Ltd. Series 2020-15A, Class A1RR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.490%) | Zais CLO 15 Ltd. Series 2020-15A, Class A1RR<sup>(b)(c)(d)</sup> (3 mo. USD Term SOFR + 1.490%) |
| 2000000 | 5.349 | 07/28/37 | 2003430 |
|  |  |  | 249640419 |
| **Collateralized Mortgage Obligations<sup>(b)(c)(d)</sup> – 0.1%** | **Collateralized Mortgage Obligations<sup>(b)(c)(d)</sup> – 0.1%** | **Collateralized Mortgage Obligations<sup>(b)(c)(d)</sup> – 0.1%** | **Collateralized Mortgage Obligations<sup>(b)(c)(d)</sup> – 0.1%** |
| Brookhaven Park CLO Ltd. Series 2024-1A, Class A (3 mo. USD Term SOFR + 1.500%) | Brookhaven Park CLO Ltd. Series 2024-1A, Class A (3 mo. USD Term SOFR + 1.500%) | Brookhaven Park CLO Ltd. Series 2024-1A, Class A (3 mo. USD Term SOFR + 1.500%) | Brookhaven Park CLO Ltd. Series 2024-1A, Class A (3 mo. USD Term SOFR + 1.500%) |
| 1700000 | 5.384 | 04/19/37 | 1702729 |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Asset-Backed Securities – (continued)** | **Asset-Backed Securities – (continued)** | **Asset-Backed Securities – (continued)** | **Asset-Backed Securities – (continued)** |
| **Credit Card<sup>(c)</sup> –0.6%** | **Credit Card<sup>(c)</sup> –0.6%** | **Credit Card<sup>(c)</sup> –0.6%** | **Credit Card<sup>(c)</sup> –0.6%** |
| American Express Credit Account Master Trust Series 2025-3, Class A | American Express Credit Account Master Trust Series 2025-3, Class A | American Express Credit Account Master Trust Series 2025-3, Class A | American Express Credit Account Master Trust Series 2025-3, Class A |
| 2950000 | 4.510% | 04/15/32 | $3006854 |
| Barclays Dryrock Issuance Trust Series 2025-1, Class A | Barclays Dryrock Issuance Trust Series 2025-1, Class A | Barclays Dryrock Issuance Trust Series 2025-1, Class A | Barclays Dryrock Issuance Trust Series 2025-1, Class A |
| 2625000 | 3.970 | 07/15/31 | 2633628 |
| Capital One Multi-Asset Execution Trust Series 2025-A3, Class A | Capital One Multi-Asset Execution Trust Series 2025-A3, Class A | Capital One Multi-Asset Execution Trust Series 2025-A3, Class A | Capital One Multi-Asset Execution Trust Series 2025-A3, Class A |
| 2125000 | 4.650 | 10/15/37 | 2129936 |
| Citibank Credit Card Issuance Trust Series 2025-A2, Class A | Citibank Credit Card Issuance Trust Series 2025-A2, Class A | Citibank Credit Card Issuance Trust Series 2025-A2, Class A | Citibank Credit Card Issuance Trust Series 2025-A2, Class A |
| 2175000 | 4.490 | 06/21/32 | 2217332 |
|  |  |  | 9987750 |
| **Home Equity<sup>(b)(c)</sup> – 0.1%** | **Home Equity<sup>(b)(c)</sup> – 0.1%** | **Home Equity<sup>(b)(c)</sup> – 0.1%** |  |
| JP Morgan Mortgage Trust Series 2023-HE3, Class A1<sup>(d)</sup> (1 mo. USD Term SOFR + 1.600%) | JP Morgan Mortgage Trust Series 2023-HE3, Class A1<sup>(d)</sup> (1 mo. USD Term SOFR + 1.600%) | JP Morgan Mortgage Trust Series 2023-HE3, Class A1<sup>(d)</sup> (1 mo. USD Term SOFR + 1.600%) | JP Morgan Mortgage Trust Series 2023-HE3, Class A1<sup>(d)</sup> (1 mo. USD Term SOFR + 1.600%) |
| 271230 | 5.518 | 05/20/54 | 272359 |
| JP Morgan Mortgage Trust Series 2023-HE1, Class A1<sup>(d)</sup> (1 mo. USD Term SOFR + 1.750%) | JP Morgan Mortgage Trust Series 2023-HE1, Class A1<sup>(d)</sup> (1 mo. USD Term SOFR + 1.750%) | JP Morgan Mortgage Trust Series 2023-HE1, Class A1<sup>(d)</sup> (1 mo. USD Term SOFR + 1.750%) | JP Morgan Mortgage Trust Series 2023-HE1, Class A1<sup>(d)</sup> (1 mo. USD Term SOFR + 1.750%) |
| 543765 | 5.668 | 11/25/53 | 545778 |
| Lehman XS Trust Series 2007-3, Class 1BA2 (6 mo. USD Term SOFR + 0.928%) | Lehman XS Trust Series 2007-3, Class 1BA2 (6 mo. USD Term SOFR + 0.928%) | Lehman XS Trust Series 2007-3, Class 1BA2 (6 mo. USD Term SOFR + 0.928%) | Lehman XS Trust Series 2007-3, Class 1BA2 (6 mo. USD Term SOFR + 0.928%) |
| 48192 | 4.285 | 03/25/37 | 52890 |
| Morgan Stanley Mortgage Loan Trust Series 2006-16AX, Class 1A (1 mo. USD Term SOFR + 0.454%) | Morgan Stanley Mortgage Loan Trust Series 2006-16AX, Class 1A (1 mo. USD Term SOFR + 0.454%) | Morgan Stanley Mortgage Loan Trust Series 2006-16AX, Class 1A (1 mo. USD Term SOFR + 0.454%) | Morgan Stanley Mortgage Loan Trust Series 2006-16AX, Class 1A (1 mo. USD Term SOFR + 0.454%) |
| 634711 | 4.186 | 11/25/36 | 99390 |
|  |  |  | 970417 |
| **Student Loan<sup>(b)(c)(d)</sup> – 1.1%** | **Student Loan<sup>(b)(c)(d)</sup> – 1.1%** | **Student Loan<sup>(b)(c)(d)</sup> – 1.1%** |  |
| AMMC CLO 30 Ltd. Series 2024-30A, Class E (3 mo. USD Term SOFR + 7.730%) | AMMC CLO 30 Ltd. Series 2024-30A, Class E (3 mo. USD Term SOFR + 7.730%) | AMMC CLO 30 Ltd. Series 2024-30A, Class E (3 mo. USD Term SOFR + 7.730%) | AMMC CLO 30 Ltd. Series 2024-30A, Class E (3 mo. USD Term SOFR + 7.730%) |
| 1000000 | 11.635 | 01/15/37 | 1005740 |
| Bain Capital CLO Ltd. Series 2024-1A, Class D1 (3 mo. USD Term SOFR + 3.850%) | Bain Capital CLO Ltd. Series 2024-1A, Class D1 (3 mo. USD Term SOFR + 3.850%) | Bain Capital CLO Ltd. Series 2024-1A, Class D1 (3 mo. USD Term SOFR + 3.850%) | Bain Capital CLO Ltd. Series 2024-1A, Class D1 (3 mo. USD Term SOFR + 3.850%) |
| 1000000 | 7.744 | 04/16/37 | 1004322 |
| Barings CLO Ltd. Series 2024-1A, Class D (3 mo. USD Term SOFR + 4.000%) | Barings CLO Ltd. Series 2024-1A, Class D (3 mo. USD Term SOFR + 4.000%) | Barings CLO Ltd. Series 2024-1A, Class D (3 mo. USD Term SOFR + 4.000%) | Barings CLO Ltd. Series 2024-1A, Class D (3 mo. USD Term SOFR + 4.000%) |
| 1325000 | 7.884 | 01/20/37 | 1328739 |
| Carlyle U.S. CLO Ltd. Series 2024-1A, Class D (3 mo. USD Term SOFR + 3.900%) | Carlyle U.S. CLO Ltd. Series 2024-1A, Class D (3 mo. USD Term SOFR + 3.900%) | Carlyle U.S. CLO Ltd. Series 2024-1A, Class D (3 mo. USD Term SOFR + 3.900%) | Carlyle U.S. CLO Ltd. Series 2024-1A, Class D (3 mo. USD Term SOFR + 3.900%) |
| 1250000 | 7.805 | 04/15/37 | 1255644 |
| Diameter Capital CLO 4 Ltd. Series 2022-4A, Class A1R (3 mo. USD Term SOFR + 1.830%) | Diameter Capital CLO 4 Ltd. Series 2022-4A, Class A1R (3 mo. USD Term SOFR + 1.830%) | Diameter Capital CLO 4 Ltd. Series 2022-4A, Class A1R (3 mo. USD Term SOFR + 1.830%) | Diameter Capital CLO 4 Ltd. Series 2022-4A, Class A1R (3 mo. USD Term SOFR + 1.830%) |
| 3900000 | 5.735 | 01/15/37 | 3906977 |
| Elmwood CLO 27 Ltd. Series 2024-3A, Class A (3 mo. USD Term SOFR + 1.520%) | Elmwood CLO 27 Ltd. Series 2024-3A, Class A (3 mo. USD Term SOFR + 1.520%) | Elmwood CLO 27 Ltd. Series 2024-3A, Class A (3 mo. USD Term SOFR + 1.520%) | Elmwood CLO 27 Ltd. Series 2024-3A, Class A (3 mo. USD Term SOFR + 1.520%) |
| 2875000 | 5.404 | 04/18/37 | 2882693 |
| Neuberger Berman Loan Advisers CLO 39 Ltd. Series 2020-39A, Class A1R (3 mo. USD Term SOFR + 1.530%) | Neuberger Berman Loan Advisers CLO 39 Ltd. Series 2020-39A, Class A1R (3 mo. USD Term SOFR + 1.530%) | Neuberger Berman Loan Advisers CLO 39 Ltd. Series 2020-39A, Class A1R (3 mo. USD Term SOFR + 1.530%) | Neuberger Berman Loan Advisers CLO 39 Ltd. Series 2020-39A, Class A1R (3 mo. USD Term SOFR + 1.530%) |
| 2000000 | 5.414 | 04/20/38 | 2005534 |
| Neuberger Berman Loan Advisers CLO 54 Ltd. Series 2024-54A, Class D (3 mo. USD Term SOFR + 3.500%) | Neuberger Berman Loan Advisers CLO 54 Ltd. Series 2024-54A, Class D (3 mo. USD Term SOFR + 3.500%) | Neuberger Berman Loan Advisers CLO 54 Ltd. Series 2024-54A, Class D (3 mo. USD Term SOFR + 3.500%) | Neuberger Berman Loan Advisers CLO 54 Ltd. Series 2024-54A, Class D (3 mo. USD Term SOFR + 3.500%) |
| 1975000 | 7.360 | 04/23/38 | 1983554 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Asset-Backed Securities – (continued)** | **Asset-Backed Securities – (continued)** | **Asset-Backed Securities – (continued)** | **Asset-Backed Securities – (continued)** |
| **Student Loan<sup>(b)(c)(d)</sup> – (continued)** | **Student Loan<sup>(b)(c)(d)</sup> – (continued)** | **Student Loan<sup>(b)(c)(d)</sup> – (continued)** | **Student Loan<sup>(b)(c)(d)</sup> – (continued)** |
| Sycamore Tree CLO Ltd. Series 2023-2A, Class DR (3 mo. USD Term SOFR + 4.500%) | Sycamore Tree CLO Ltd. Series 2023-2A, Class DR (3 mo. USD Term SOFR + 4.500%) | Sycamore Tree CLO Ltd. Series 2023-2A, Class DR (3 mo. USD Term SOFR + 4.500%) | Sycamore Tree CLO Ltd. Series 2023-2A, Class DR (3 mo. USD Term SOFR + 4.500%) |
| 1325000 | 8.384% | 01/20/37 | $1327726 |
|  |  |  | 16700929 |
| **TOTAL ASSET-BACKED SECURITIES<br>(Cost $287,856,707)** | **TOTAL ASSET-BACKED SECURITIES<br>(Cost $287,856,707)** | **TOTAL ASSET-BACKED SECURITIES<br>(Cost $287,856,707)** | $289140139 |
| **Corporate Obligations – 15.5%** | **Corporate Obligations – 15.5%** | **Corporate Obligations – 15.5%** | **Corporate Obligations – 15.5%** |
| **Advertising<sup>(c)</sup> – 0.1%** | **Advertising<sup>(c)</sup> – 0.1%** | **Advertising<sup>(c)</sup> – 0.1%** | **Advertising<sup>(c)</sup> – 0.1%** |
| Lamar Media Corp. | Lamar Media Corp. | Lamar Media Corp. | Lamar Media Corp. |
| 535000 | 3.625% | 01/15/31 | $503708 |
| Outfront Media Capital LLC/Outfront Media Capital Corp.<sup>(d)</sup> | Outfront Media Capital LLC/Outfront Media Capital Corp.<sup>(d)</sup> | Outfront Media Capital LLC/Outfront Media Capital Corp.<sup>(d)</sup> | Outfront Media Capital LLC/Outfront Media Capital Corp.<sup>(d)</sup> |
| 254000 | 5.000 | 08/15/27 | 254195 |
|  |  |  | 757903 |
| **Aerospace & Defense<sup>(c)</sup> – 0.3%** | **Aerospace & Defense<sup>(c)</sup> – 0.3%** | **Aerospace & Defense<sup>(c)</sup> – 0.3%** | **Aerospace & Defense<sup>(c)</sup> – 0.3%** |
| Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. |
| 3900000 | 5.150 | 05/01/30 | 4007406 |
| TransDigm, Inc.<sup>(d)</sup> | TransDigm, Inc.<sup>(d)</sup> | TransDigm, Inc.<sup>(d)</sup> | TransDigm, Inc.<sup>(d)</sup> |
| 795000 | 6.750 | 08/15/28 | 810296 |
|  |  |  | 4817702 |
| **Airlines<sup>(c)(d)</sup> – 0.1%** |  |  |  |
| American Airlines, Inc. | American Airlines, Inc. | American Airlines, Inc. | American Airlines, Inc. |
| 915000 | 7.250 | 02/15/28 | 935194 |
| **Apparel<sup>(c)(d)</sup> – 0.1%** |  |  |  |
| Beach Acquisition Bidco LLC | Beach Acquisition Bidco LLC | Beach Acquisition Bidco LLC | Beach Acquisition Bidco LLC |
| 469000 | 5.250 | 07/15/32 | 562082 |
| Champ Acquisition Corp. | Champ Acquisition Corp. | Champ Acquisition Corp. | Champ Acquisition Corp. |
| 1360000 | 8.375 | 12/01/31 | 1468392 |
|  |  |  | 2030474 |
| **Automotive<sup>(c)(d)</sup> – 0.3%** | **Automotive<sup>(c)(d)</sup> – 0.3%** | **Automotive<sup>(c)(d)</sup> – 0.3%** | **Automotive<sup>(c)(d)</sup> – 0.3%** |
| Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
| 2110000 | 2.000 | 03/09/26 | 2092508 |
| Phinia, Inc. | Phinia, Inc. | Phinia, Inc. | Phinia, Inc. |
| 370000 | 6.750 | 04/15/29 | 383279 |
| 460000 | 6.625 | 10/15/32 | 476358 |
| Qnity Electronics, Inc. | Qnity Electronics, Inc. | Qnity Electronics, Inc. | Qnity Electronics, Inc. |
| 895000 | 5.750 | 08/15/32 | 916793 |
| 440000 | 6.250 | 08/15/33 | 456958 |
| ZF North America Capital, Inc. | ZF North America Capital, Inc. | ZF North America Capital, Inc. | ZF North America Capital, Inc. |
| 885000 | 6.875 | 04/14/28 | 899576 |
|  |  |  | 5225472 |
| **Banks<sup>(c)</sup> – 1.0%** | **Banks<sup>(c)</sup> – 1.0%** | **Banks<sup>(c)</sup> – 1.0%** | **Banks<sup>(c)</sup> – 1.0%** |
| Banco Mercantil del Norte SA<sup>(b)(d)</sup> (5 yr. CMT + 4.643%) | Banco Mercantil del Norte SA<sup>(b)(d)</sup> (5 yr. CMT + 4.643%) | Banco Mercantil del Norte SA<sup>(b)(d)</sup> (5 yr. CMT + 4.643%) | Banco Mercantil del Norte SA<sup>(b)(d)</sup> (5 yr. CMT + 4.643%) |
| 1190000 | 5.875 | 01/24/27 | 1182336 |
| Bank of America Corp.<sup>(b)</sup> (5 yr. CMT + 2.760%) | Bank of America Corp.<sup>(b)</sup> (5 yr. CMT + 2.760%) | Bank of America Corp.<sup>(b)</sup> (5 yr. CMT + 2.760%) | Bank of America Corp.<sup>(b)</sup> (5 yr. CMT + 2.760%) |
| 2565000 | 4.375 | 01/27/27 | 2540786 |
| Barclays PLC<sup>(b)</sup> | Barclays PLC<sup>(b)</sup> | Barclays PLC<sup>(b)</sup> | Barclays PLC<sup>(b)</sup> |
| (5 yr. CMT + 5.431%) | (5 yr. CMT + 5.431%) | (5 yr. CMT + 5.431%) | (5 yr. CMT + 5.431%) |
| 415000 | 8.000 | 03/15/29 | 441614 |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Banks<sup>(c)</sup> – (continued)** | **Banks<sup>(c)</sup> – (continued)** | **Banks<sup>(c)</sup> – (continued)** | **Banks<sup>(c)</sup> – (continued)** |
| Barclays PLC<sup>(b)</sup> – (continued) | Barclays PLC<sup>(b)</sup> – (continued) | Barclays PLC<sup>(b)</sup> – (continued) | Barclays PLC<sup>(b)</sup> – (continued) |
| (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 3.686%) | (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 3.686%) | (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 3.686%) | (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 3.686%) |
| 435000 | 7.625% | 03/15/35 | $463445 |
| Citigroup, Inc.<sup>(b)</sup> (5 yr. CMT + 3.001%) | Citigroup, Inc.<sup>(b)</sup> (5 yr. CMT + 3.001%) | Citigroup, Inc.<sup>(b)</sup> (5 yr. CMT + 3.001%) | Citigroup, Inc.<sup>(b)</sup> (5 yr. CMT + 3.001%) |
| 1430000 | 6.625 | 02/15/31 | 1449662 |
| (5 yr. CMT + 3.209%) | (5 yr. CMT + 3.209%) | (5 yr. CMT + 3.209%) | (5 yr. CMT + 3.209%) |
| 2365000 | 7.375 | 05/15/28 | 2464803 |
| (Secured Overnight Financing Rate + 1.887%) | (Secured Overnight Financing Rate + 1.887%) | (Secured Overnight Financing Rate + 1.887%) | (Secured Overnight Financing Rate + 1.887%) |
| 3160000 | 4.658 | 05/24/28 | 3187366 |
| Societe Generale SA<sup>(b)</sup> (5 yr. USD Swap + 3.929%) | Societe Generale SA<sup>(b)</sup> (5 yr. USD Swap + 3.929%) | Societe Generale SA<sup>(b)</sup> (5 yr. USD Swap + 3.929%) | Societe Generale SA<sup>(b)</sup> (5 yr. USD Swap + 3.929%) |
| 224000 | 6.750 | 04/06/28 | 226639 |
| Walker & Dunlop, Inc.<sup>(d)</sup> | Walker & Dunlop, Inc.<sup>(d)</sup> | Walker & Dunlop, Inc.<sup>(d)</sup> | Walker & Dunlop, Inc.<sup>(d)</sup> |
| 505000 | 6.625 | 04/01/33 | 517852 |
| Wells Fargo & Co.<sup>(b)</sup> (5 yr. CMT + 3.453%) | Wells Fargo & Co.<sup>(b)</sup> (5 yr. CMT + 3.453%) | Wells Fargo & Co.<sup>(b)</sup> (5 yr. CMT + 3.453%) | Wells Fargo & Co.<sup>(b)</sup> (5 yr. CMT + 3.453%) |
| 2565000 | 3.900 | 03/15/26 | 2556279 |
|  |  |  | 15030782 |
| **Building Materials<sup>(c)(d)</sup> – 0.2%** | **Building Materials<sup>(c)(d)</sup> – 0.2%** | **Building Materials<sup>(c)(d)</sup> – 0.2%** | **Building Materials<sup>(c)(d)</sup> – 0.2%** |
| Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. |
| 1295000 | 6.750 | 05/15/35 | 1356176 |
| Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. |
| 1300000 | 6.750 | 03/01/33 | 1357434 |
| Standard Building Solutions, Inc. | Standard Building Solutions, Inc. | Standard Building Solutions, Inc. | Standard Building Solutions, Inc. |
| 610000 | 6.500 | 08/15/32 | 628824 |
|  |  |  | 3342434 |
| **Chemicals<sup>(c)</sup> – 0.8%** | **Chemicals<sup>(c)</sup> – 0.8%** | **Chemicals<sup>(c)</sup> – 0.8%** | **Chemicals<sup>(c)</sup> – 0.8%** |
| Chemours Co. | Chemours Co. | Chemours Co. | Chemours Co. |
| 285000 | 5.375 | 05/15/27 | 285547 |
| 450000 | 5.750 <sup>(d)</sup> | 11/15/28 | 437702 |
| 415000 | 8.000 <sup>(d)</sup> | 01/15/33 | 401322 |
| Ingevity Corp.<sup>(d)</sup> | Ingevity Corp.<sup>(d)</sup> | Ingevity Corp.<sup>(d)</sup> | Ingevity Corp.<sup>(d)</sup> |
| 1461000 | 3.875 | 11/01/28 | 1417418 |
| Methanex U.S. Operations, Inc.<sup>(d)</sup> | Methanex U.S. Operations, Inc.<sup>(d)</sup> | Methanex U.S. Operations, Inc.<sup>(d)</sup> | Methanex U.S. Operations, Inc.<sup>(d)</sup> |
| 630000 | 6.250 | 03/15/32 | 649530 |
| OCP SA | OCP SA | OCP SA | OCP SA |
| 320000 | 6.100 <sup>(d)</sup> | 04/30/30 | 334118 |
| 1800000 | 6.750 <sup>(d)</sup> | 05/02/34 | 1941210 |
| 1200000 | 7.500 | 05/02/54 | 1325976 |
| Olympus Water U.S. Holding Corp.<sup>(d)</sup> | Olympus Water U.S. Holding Corp.<sup>(d)</sup> | Olympus Water U.S. Holding Corp.<sup>(d)</sup> | Olympus Water U.S. Holding Corp.<sup>(d)</sup> |
| 895000 | 7.250 | 06/15/31 | 916158 |
| Solstice Advanced Materials, Inc.<sup>(d)</sup> | Solstice Advanced Materials, Inc.<sup>(d)</sup> | Solstice Advanced Materials, Inc.<sup>(d)</sup> | Solstice Advanced Materials, Inc.<sup>(d)</sup> |
| 2715000 | 5.625 | 09/30/33 | 2740793 |
| WR Grace Holdings LLC<sup>(d)</sup> | WR Grace Holdings LLC<sup>(d)</sup> | WR Grace Holdings LLC<sup>(d)</sup> | WR Grace Holdings LLC<sup>(d)</sup> |
| 1315000 | 5.625 | 08/15/29 | 1248671 |
|  |  |  | 11698445 |
| **Commercial Services – 0.5%** | **Commercial Services – 0.5%** |  |  |
| ADT Security Corp.<sup>(c)(d)</sup> | ADT Security Corp.<sup>(c)(d)</sup> | ADT Security Corp.<sup>(c)(d)</sup> | ADT Security Corp.<sup>(c)(d)</sup> |
| 1525000 | 4.125 | 08/01/29 | 1488415 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>(c)(d)</sup> | Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>(c)(d)</sup> | Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>(c)(d)</sup> | Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>(c)(d)</sup> |
| 1390000 | 6.000 | 06/01/29 | 1376155 |
| Belron U.K. Finance PLC<sup>(c)(d)</sup> | Belron U.K. Finance PLC<sup>(c)(d)</sup> | Belron U.K. Finance PLC<sup>(c)(d)</sup> | Belron U.K. Finance PLC<sup>(c)(d)</sup> |
| 470000 | 5.750 | 10/15/29 | 479875 |
| DP World Crescent Ltd.<sup>(d)</sup> | DP World Crescent Ltd.<sup>(d)</sup> | DP World Crescent Ltd.<sup>(d)</sup> | DP World Crescent Ltd.<sup>(d)</sup> |
| 1530000 | 5.500 | 05/08/35 | 1575487 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Commercial Services – (continued)** | **Commercial Services – (continued)** | **Commercial Services – (continued)** | **Commercial Services – (continued)** |
| Garda World Security Corp.<sup>(c)(d)</sup> | Garda World Security Corp.<sup>(c)(d)</sup> | Garda World Security Corp.<sup>(c)(d)</sup> | Garda World Security Corp.<sup>(c)(d)</sup> |
| 360000 | 8.375% | 11/15/32 | $367247 |
| Mavis Tire Express Services Topco Corp.<sup>(c)(d)</sup> | Mavis Tire Express Services Topco Corp.<sup>(c)(d)</sup> | Mavis Tire Express Services Topco Corp.<sup>(c)(d)</sup> | Mavis Tire Express Services Topco Corp.<sup>(c)(d)</sup> |
| 1380000 | 6.500 | 05/15/29 | 1374825 |
| TriNet Group, Inc.<sup>(c)(d)</sup> | TriNet Group, Inc.<sup>(c)(d)</sup> | TriNet Group, Inc.<sup>(c)(d)</sup> | TriNet Group, Inc.<sup>(c)(d)</sup> |
| 525000 | 3.500 | 03/01/29 | 496377 |
| United Rentals North America, Inc.<sup>(c)</sup> | United Rentals North America, Inc.<sup>(c)</sup> | United Rentals North America, Inc.<sup>(c)</sup> | United Rentals North America, Inc.<sup>(c)</sup> |
| 424000 | 3.875 | 02/15/31 | 405785 |
|  |  |  | 7564166 |
| **Computers<sup>(c)(d)</sup> – 0.5%** | **Computers<sup>(c)(d)</sup> – 0.5%** | **Computers<sup>(c)(d)</sup> – 0.5%** | **Computers<sup>(c)(d)</sup> – 0.5%** |
| Ahead DB Holdings LLC | Ahead DB Holdings LLC | Ahead DB Holdings LLC | Ahead DB Holdings LLC |
| 2605000 | 6.625 | 05/01/28 | 2621880 |
| KBR, Inc. | KBR, Inc. | KBR, Inc. | KBR, Inc. |
| 498000 | 4.750 | 09/30/28 | 490296 |
| McAfee Corp. | McAfee Corp. | McAfee Corp. | McAfee Corp. |
| 1575000 | 7.375 | 02/15/30 | 1374597 |
| Seagate Data Storage Technology Pte. Ltd. | Seagate Data Storage Technology Pte. Ltd. | Seagate Data Storage Technology Pte. Ltd. | Seagate Data Storage Technology Pte. Ltd. |
| 430000 | 8.250 | 12/15/29 | 456471 |
| Virtusa Corp. | Virtusa Corp. | Virtusa Corp. | Virtusa Corp. |
| 2895000 | 7.125 | 12/15/28 | 2852038 |
|  |  |  | 7795282 |
| **Diversified Financial Services<sup>(c)</sup> – 1.2%** | **Diversified Financial Services<sup>(c)</sup> – 1.2%** | **Diversified Financial Services<sup>(c)</sup> – 1.2%** | **Diversified Financial Services<sup>(c)</sup> – 1.2%** |
| AG Issuer LLC<sup>(d)</sup> | AG Issuer LLC<sup>(d)</sup> | AG Issuer LLC<sup>(d)</sup> | AG Issuer LLC<sup>(d)</sup> |
| 1193000 | 6.250 | 03/01/28 | 1197808 |
| Focus Financial Partners LLC<sup>(d)</sup> | Focus Financial Partners LLC<sup>(d)</sup> | Focus Financial Partners LLC<sup>(d)</sup> | Focus Financial Partners LLC<sup>(d)</sup> |
| 1100000 | 6.750 | 09/15/31 | 1137587 |
| Freedom Mortgage Holdings LLC<sup>(d)</sup> | Freedom Mortgage Holdings LLC<sup>(d)</sup> | Freedom Mortgage Holdings LLC<sup>(d)</sup> | Freedom Mortgage Holdings LLC<sup>(d)</sup> |
| 1395000 | 9.250 | 02/01/29 | 1462825 |
| goeasy Ltd.<sup>(d)</sup> | goeasy Ltd.<sup>(d)</sup> | goeasy Ltd.<sup>(d)</sup> | goeasy Ltd.<sup>(d)</sup> |
| 1155000 | 6.875 | 02/15/31 | 1078608 |
| Jane Street Group/JSG Finance, Inc.<sup>(d)</sup> | Jane Street Group/JSG Finance, Inc.<sup>(d)</sup> | Jane Street Group/JSG Finance, Inc.<sup>(d)</sup> | Jane Street Group/JSG Finance, Inc.<sup>(d)</sup> |
| 905000 | 6.125 | 11/01/32 | 921372 |
| Midcap Financial Issuer Trust<sup>(d)</sup> | Midcap Financial Issuer Trust<sup>(d)</sup> | Midcap Financial Issuer Trust<sup>(d)</sup> | Midcap Financial Issuer Trust<sup>(d)</sup> |
| 1176000 | 6.500 | 05/01/28 | 1173436 |
| Navient Corp. | Navient Corp. | Navient Corp. | Navient Corp. |
| 615000 | 5.500 | 03/15/29 | 609988 |
| 860000 | 9.375 | 07/25/30 | 955417 |
| OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
| 645000 | 3.875 | 09/15/28 | 628049 |
| 1055000 | 4.000 | 09/15/30 | 988503 |
| PennyMac Financial Services, Inc.<sup>(d)</sup> | PennyMac Financial Services, Inc.<sup>(d)</sup> | PennyMac Financial Services, Inc.<sup>(d)</sup> | PennyMac Financial Services, Inc.<sup>(d)</sup> |
| 2605000 | 6.875 | 05/15/32 | 2728321 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.<sup>(d)</sup> | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.<sup>(d)</sup> | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.<sup>(d)</sup> | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.<sup>(d)</sup> |
| 4720000 | 2.875 | 10/15/26 | 4651890 |
| StoneX Group, Inc.<sup>(d)</sup> | StoneX Group, Inc.<sup>(d)</sup> | StoneX Group, Inc.<sup>(d)</sup> | StoneX Group, Inc.<sup>(d)</sup> |
| 685000 | 7.875 | 03/01/31 | 726217 |
|  |  |  | 18260021 |
| **Electrical<sup>(c)(d)</sup> – 0.4%** | **Electrical<sup>(c)(d)</sup> – 0.4%** | **Electrical<sup>(c)(d)</sup> – 0.4%** | **Electrical<sup>(c)(d)</sup> – 0.4%** |
| California Buyer Ltd./Atlantica Sustainable Infrastructure PLC | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC |
| 960000 | 6.375 | 02/15/32 | 961142 |
| Calpine Corp. | Calpine Corp. | Calpine Corp. | Calpine Corp. |
| 733000 | 4.625 | 02/01/29 | 732421 |
| Lightning Power LLC | Lightning Power LLC | Lightning Power LLC | Lightning Power LLC |
| 720000 | 7.250 | 08/15/32 | 765706 |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Electrical<sup>(c)(d)</sup> – (continued)** | **Electrical<sup>(c)(d)</sup> – (continued)** | **Electrical<sup>(c)(d)</sup> – (continued)** | **Electrical<sup>(c)(d)</sup> – (continued)** |
| NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. |
| 535000 | 3.375% | 02/15/29 | $511390 |
| Talen Energy Supply LLC | Talen Energy Supply LLC | Talen Energy Supply LLC | Talen Energy Supply LLC |
| 2660000 | 6.250 | 02/01/34 | 2712881 |
| Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
| 1015000 | 4.375 | 05/01/29 | 1002018 |
|  |  |  | 6685558 |
| **Electronics<sup>(c)(d)</sup> – 0.2%** | **Electronics<sup>(c)(d)</sup> – 0.2%** | **Electronics<sup>(c)(d)</sup> – 0.2%** | **Electronics<sup>(c)(d)</sup> – 0.2%** |
| Imola Merger Corp. | Imola Merger Corp. | Imola Merger Corp. | Imola Merger Corp. |
| 495000 | 4.750 | 05/15/29 | 489000 |
| Sensata Technologies BV | Sensata Technologies BV | Sensata Technologies BV | Sensata Technologies BV |
| 319000 | 4.000 | 04/15/29 | 311341 |
| Sensata Technologies, Inc. | Sensata Technologies, Inc. | Sensata Technologies, Inc. | Sensata Technologies, Inc. |
| 1059000 | 4.375 | 02/15/30 | 1034516 |
| TTM Technologies, Inc. | TTM Technologies, Inc. | TTM Technologies, Inc. | TTM Technologies, Inc. |
| 1040000 | 4.000 | 03/01/29 | 1015768 |
|  |  |  | 2850625 |
| **Energy-Alternate Sources<sup>(c)(d)</sup> – 0.0%** | **Energy-Alternate Sources<sup>(c)(d)</sup> – 0.0%** | **Energy-Alternate Sources<sup>(c)(d)</sup> – 0.0%** | **Energy-Alternate Sources<sup>(c)(d)</sup> – 0.0%** |
| Greenko Dutch BV | Greenko Dutch BV | Greenko Dutch BV | Greenko Dutch BV |
| 173000 | 3.850 | 03/29/26 | 171486 |
| Greenko Power II Ltd. | Greenko Power II Ltd. | Greenko Power II Ltd. | Greenko Power II Ltd. |
| 152000 | 4.300 | 12/13/28 | 144019 |
|  |  |  | 315505 |
| **Engineering & Construction<sup>(c)</sup> – 0.2%** | **Engineering & Construction<sup>(c)</sup> – 0.2%** | **Engineering & Construction<sup>(c)</sup> – 0.2%** | **Engineering & Construction<sup>(c)</sup> – 0.2%** |
| Dycom Industries, Inc.<sup>(d)</sup> | Dycom Industries, Inc.<sup>(d)</sup> | Dycom Industries, Inc.<sup>(d)</sup> | Dycom Industries, Inc.<sup>(d)</sup> |
| 505000 | 4.500 | 04/15/29 | 498253 |
| Global Infrastructure Solutions, Inc.<sup>(d)</sup> | Global Infrastructure Solutions, Inc.<sup>(d)</sup> | Global Infrastructure Solutions, Inc.<sup>(d)</sup> | Global Infrastructure Solutions, Inc.<sup>(d)</sup> |
| 1355000 | 5.625 | 06/01/29 | 1353089 |
| Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust |
| 320000 | 4.250 <sup>(d)</sup> | 10/31/26 | 318602 |
| 1726000 | 5.500 | 07/31/47 | 1520498 |
|  |  |  | 3690442 |
| **Entertainment<sup>(c)(d)</sup> – 0.3%** | **Entertainment<sup>(c)(d)</sup> – 0.3%** | **Entertainment<sup>(c)(d)</sup> – 0.3%** | **Entertainment<sup>(c)(d)</sup> – 0.3%** |
| Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. |
| 670000 | 6.000 | 10/15/32 | 651970 |
| Cinemark USA, Inc. | Cinemark USA, Inc. | Cinemark USA, Inc. | Cinemark USA, Inc. |
| 510000 | 7.000 | 08/01/32 | 529028 |
| Light & Wonder International, Inc. | Light & Wonder International, Inc. | Light & Wonder International, Inc. | Light & Wonder International, Inc. |
| 2710000 | 6.250 | 10/01/33 | 2742466 |
|  |  |  | 3923464 |
| **Environmental<sup>(c)(d)</sup> – 0.2%** | **Environmental<sup>(c)(d)</sup> – 0.2%** | **Environmental<sup>(c)(d)</sup> – 0.2%** | **Environmental<sup>(c)(d)</sup> – 0.2%** |
| Madison IAQ LLC | Madison IAQ LLC | Madison IAQ LLC | Madison IAQ LLC |
| 654000 | 5.875 | 06/30/29 | 650410 |
| Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. |
| 2015000 | 7.000 | 02/01/33 | 2078815 |
|  |  |  | 2729225 |
| **Food & Drug Retailing<sup>(c)(d)</sup> – 0.4%** | **Food & Drug Retailing<sup>(c)(d)</sup> – 0.4%** | **Food & Drug Retailing<sup>(c)(d)</sup> – 0.4%** | **Food & Drug Retailing<sup>(c)(d)</sup> – 0.4%** |
| Lamb Weston Holdings, Inc. | Lamb Weston Holdings, Inc. | Lamb Weston Holdings, Inc. | Lamb Weston Holdings, Inc. |
| 1540000 | 4.125 | 01/31/30 | 1488964 |
| Performance Food Group, Inc. | Performance Food Group, Inc. | Performance Food Group, Inc. | Performance Food Group, Inc. |
| 701000 | 5.500 | 10/15/27 | 701379 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Food & Drug Retailing<sup>(c)(d)</sup> – (continued)** | **Food & Drug Retailing<sup>(c)(d)</sup> – (continued)** | **Food & Drug Retailing<sup>(c)(d)</sup> – (continued)** | **Food & Drug Retailing<sup>(c)(d)</sup> – (continued)** |
| Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. |
| 1335000 | 6.375% | 03/01/33 | $1348016 |
| U.S. Foods, Inc. | U.S. Foods, Inc. | U.S. Foods, Inc. | U.S. Foods, Inc. |
| 1210000 | 6.875 | 09/15/28 | 1248587 |
| United Natural Foods, Inc. | United Natural Foods, Inc. | United Natural Foods, Inc. | United Natural Foods, Inc. |
| 1060000 | 6.750 | 10/15/28 | 1060000 |
|  |  |  | 5846946 |
| **Healthcare Providers & Services<sup>(c)</sup> – 0.8%** | **Healthcare Providers & Services<sup>(c)</sup> – 0.8%** | **Healthcare Providers & Services<sup>(c)</sup> – 0.8%** | **Healthcare Providers & Services<sup>(c)</sup> – 0.8%** |
| Charles River Laboratories International, Inc.<sup>(d)</sup> | Charles River Laboratories International, Inc.<sup>(d)</sup> | Charles River Laboratories International, Inc.<sup>(d)</sup> | Charles River Laboratories International, Inc.<sup>(d)</sup> |
| 1035000 | 3.750 | 03/15/29 | 1000162 |
| Encompass Health Corp. | Encompass Health Corp. | Encompass Health Corp. | Encompass Health Corp. |
| 1381000 | 4.500 | 02/01/28 | 1377976 |
| Global Medical Response, Inc.<sup>(d)</sup> | Global Medical Response, Inc.<sup>(d)</sup> | Global Medical Response, Inc.<sup>(d)</sup> | Global Medical Response, Inc.<sup>(d)</sup> |
| 2615000 | 7.375 | 10/01/32 | 2722738 |
| LifePoint Health, Inc.<sup>(d)</sup> | LifePoint Health, Inc.<sup>(d)</sup> | LifePoint Health, Inc.<sup>(d)</sup> | LifePoint Health, Inc.<sup>(d)</sup> |
| 1485000 | 5.375 | 01/15/29 | 1455404 |
| Medline Borrower LP<sup>(d)</sup> | Medline Borrower LP<sup>(d)</sup> | Medline Borrower LP<sup>(d)</sup> | Medline Borrower LP<sup>(d)</sup> |
| 1257000 | 5.250 | 10/01/29 | 1264001 |
| Prime Healthcare Services, Inc.<sup>(d)</sup> | Prime Healthcare Services, Inc.<sup>(d)</sup> | Prime Healthcare Services, Inc.<sup>(d)</sup> | Prime Healthcare Services, Inc.<sup>(d)</sup> |
| 790000 | 9.375 | 09/01/29 | 832123 |
| Select Medical Corp.<sup>(d)</sup> | Select Medical Corp.<sup>(d)</sup> | Select Medical Corp.<sup>(d)</sup> | Select Medical Corp.<sup>(d)</sup> |
| 2680000 | 6.250 | 12/01/32 | 2619137 |
| Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
| 414000 | 6.125 | 10/01/28 | 415681 |
|  |  |  | 11687222 |
| **Home Builders<sup>(c)(d)</sup> – 0.1%** | **Home Builders<sup>(c)(d)</sup> – 0.1%** | **Home Builders<sup>(c)(d)</sup> – 0.1%** | **Home Builders<sup>(c)(d)</sup> – 0.1%** |
| K Hovnanian Enterprises, Inc. | K Hovnanian Enterprises, Inc. | K Hovnanian Enterprises, Inc. | K Hovnanian Enterprises, Inc. |
| 1330000 | 8.375 | 10/01/33 | 1351400 |
| **Housewares<sup>(c)</sup> – 0.0%** | **Housewares<sup>(c)</sup> – 0.0%** | **Housewares<sup>(c)</sup> – 0.0%** | **Housewares<sup>(c)</sup> – 0.0%** |
| Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. |
| 235000 | 6.375 | 05/15/30 | 229623 |
| 370000 | 6.625 | 05/15/32 | 357724 |
|  |  |  | 587347 |
| **Insurance<sup>(c)</sup> – 0.8%** | **Insurance<sup>(c)</sup> – 0.8%** | **Insurance<sup>(c)</sup> – 0.8%** | **Insurance<sup>(c)</sup> – 0.8%** |
| Acrisure LLC/Acrisure Finance, Inc.<sup>(d)</sup> | Acrisure LLC/Acrisure Finance, Inc.<sup>(d)</sup> | Acrisure LLC/Acrisure Finance, Inc.<sup>(d)</sup> | Acrisure LLC/Acrisure Finance, Inc.<sup>(d)</sup> |
| 835000 | 8.250 | 02/01/29 | 866279 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>(d)</sup> | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>(d)</sup> | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>(d)</sup> | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>(d)</sup> |
| 510000 | 6.750 | 10/15/27 | 510913 |
| APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC<sup>(d)</sup> | APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC<sup>(d)</sup> | APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC<sup>(d)</sup> | APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC<sup>(d)</sup> |
| 1590000 | 7.875 | 11/01/29 | 1612976 |
| Ardonagh Finco Ltd. | Ardonagh Finco Ltd. | Ardonagh Finco Ltd. | Ardonagh Finco Ltd. |
| 905000 | 6.875 | 02/15/31 | 1096175 |
| Ardonagh Group Finance Ltd.<sup>(d)</sup> | Ardonagh Group Finance Ltd.<sup>(d)</sup> | Ardonagh Group Finance Ltd.<sup>(d)</sup> | Ardonagh Group Finance Ltd.<sup>(d)</sup> |
| 1143000 | 8.875 | 02/15/32 | 1187988 |
| Broadstreet Partners Group LLC<sup>(d)</sup> | Broadstreet Partners Group LLC<sup>(d)</sup> | Broadstreet Partners Group LLC<sup>(d)</sup> | Broadstreet Partners Group LLC<sup>(d)</sup> |
| 1244000 | 5.875 | 04/15/29 | 1242445 |
| Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC<sup>(d)</sup> | Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC<sup>(d)</sup> | Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC<sup>(d)</sup> | Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC<sup>(d)</sup> |
| 2635000 | 8.125 | 02/15/32 | 2717054 |
| HUB International Ltd.<sup>(d)</sup> | HUB International Ltd.<sup>(d)</sup> | HUB International Ltd.<sup>(d)</sup> | HUB International Ltd.<sup>(d)</sup> |
| 585000 | 7.375 | 01/31/32 | 613893 |
| Nassau Cos., of New York<sup>(d)</sup> | Nassau Cos., of New York<sup>(d)</sup> | Nassau Cos., of New York<sup>(d)</sup> | Nassau Cos., of New York<sup>(d)</sup> |
| 1330000 | 7.875 | 07/15/30 | 1270044 |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Insurance<sup>(c)</sup> – (continued)** | **Insurance<sup>(c)</sup> – (continued)** | **Insurance<sup>(c)</sup> – (continued)** | **Insurance<sup>(c)</sup> – (continued)** |
| USI, Inc.<sup>(d)</sup> | USI, Inc.<sup>(d)</sup> | USI, Inc.<sup>(d)</sup> | USI, Inc.<sup>(d)</sup> |
| 320000 | 7.500% | 01/15/32 | $335632 |
|  |  |  | 11453399 |
| **Internet<sup>(c)(d)</sup> – 0.6%** | **Internet<sup>(c)(d)</sup> – 0.6%** | **Internet<sup>(c)(d)</sup> – 0.6%** | **Internet<sup>(c)(d)</sup> – 0.6%** |
| ANGI Group LLC | ANGI Group LLC | ANGI Group LLC | ANGI Group LLC |
| 2935000 | 3.875 | 08/15/28 | 2712879 |
| Arches Buyer, Inc. | Arches Buyer, Inc. | Arches Buyer, Inc. | Arches Buyer, Inc. |
| 3067000 | 6.125 | 12/01/28 | 2992502 |
| Gen Digital, Inc. | Gen Digital, Inc. | Gen Digital, Inc. | Gen Digital, Inc. |
| 933000 | 6.750 | 09/30/27 | 947452 |
| 780000 | 6.250 | 04/01/33 | 803650 |
| Go Daddy Operating Co. LLC/GD Finance Co., Inc. | Go Daddy Operating Co. LLC/GD Finance Co., Inc. | Go Daddy Operating Co. LLC/GD Finance Co., Inc. | Go Daddy Operating Co. LLC/GD Finance Co., Inc. |
| 520000 | 3.500 | 03/01/29 | 498753 |
| Match Group Holdings II LLC | Match Group Holdings II LLC | Match Group Holdings II LLC | Match Group Holdings II LLC |
| 984000 | 4.625 | 06/01/28 | 974731 |
| Snap, Inc. | Snap, Inc. | Snap, Inc. | Snap, Inc. |
| 490000 | 6.875 | 03/01/33 | 508282 |
|  |  |  | 9438249 |
| **Iron/Steel<sup>(c)</sup> – 0.2%** | **Iron/Steel<sup>(c)</sup> – 0.2%** | **Iron/Steel<sup>(c)</sup> – 0.2%** | **Iron/Steel<sup>(c)</sup> – 0.2%** |
| Cleveland-Cliffs, Inc.<sup>(d)</sup> | Cleveland-Cliffs, Inc.<sup>(d)</sup> | Cleveland-Cliffs, Inc.<sup>(d)</sup> | Cleveland-Cliffs, Inc.<sup>(d)</sup> |
| 610000 | 6.875 | 11/01/29 | 631417 |
| Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. |
| 2700000 | 6.400 | 06/28/54 | 2755350 |
|  |  |  | 3386767 |
| **Leisure Time<sup>(c)(d)</sup> – 0.2%** | **Leisure Time<sup>(c)(d)</sup> – 0.2%** | **Leisure Time<sup>(c)(d)</sup> – 0.2%** | **Leisure Time<sup>(c)(d)</sup> – 0.2%** |
| Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
| 895000 | 5.625 | 09/30/31 | 915129 |
| Viking Cruises Ltd. | Viking Cruises Ltd. | Viking Cruises Ltd. | Viking Cruises Ltd. |
| 2680000 | 5.875 | 10/15/33 | 2724997 |
|  |  |  | 3640126 |
| **Lodging<sup>(c)</sup> – 0.5%** | **Lodging<sup>(c)</sup> – 0.5%** | **Lodging<sup>(c)</sup> – 0.5%** | **Lodging<sup>(c)</sup> – 0.5%** |
| Genting New York LLC/GENNY Capital, Inc.<sup>(d)</sup> | Genting New York LLC/GENNY Capital, Inc.<sup>(d)</sup> | Genting New York LLC/GENNY Capital, Inc.<sup>(d)</sup> | Genting New York LLC/GENNY Capital, Inc.<sup>(d)</sup> |
| 2190000 | 7.250 | 10/01/29 | 2246721 |
| Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
| 1174000 | 4.875 | 01/15/30 | 1177581 |
| Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>(d)</sup> | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>(d)</sup> | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>(d)</sup> | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>(d)</sup> |
| 1263000 | 5.000 | 06/01/29 | 1227383 |
| Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
| 1370000 | 5.625 | 06/15/28 | 1403396 |
| 510000 | 6.000 | 06/14/30 | 534164 |
| MGM Resorts International | MGM Resorts International | MGM Resorts International | MGM Resorts International |
| 1005000 | 4.750 | 10/15/28 | 1002266 |
| Travel & Leisure Co.<sup>(d)</sup> | Travel & Leisure Co.<sup>(d)</sup> | Travel & Leisure Co.<sup>(d)</sup> | Travel & Leisure Co.<sup>(d)</sup> |
| 525000 | 4.500 | 12/01/29 | 513965 |
|  |  |  | 8105476 |
| **Machinery - Construction & Mining<sup>(c)(d)</sup> – 0.0%** | **Machinery - Construction & Mining<sup>(c)(d)</sup> – 0.0%** | **Machinery - Construction & Mining<sup>(c)(d)</sup> – 0.0%** | **Machinery - Construction & Mining<sup>(c)(d)</sup> – 0.0%** |
| Terex Corp. | Terex Corp. | Terex Corp. | Terex Corp. |
| 520000 | 6.250 | 10/15/32 | 533827 |
| **Machinery-Diversified<sup>(c)(d)</sup> – 0.0%** | **Machinery-Diversified<sup>(c)(d)</sup> – 0.0%** | **Machinery-Diversified<sup>(c)(d)</sup> – 0.0%** | **Machinery-Diversified<sup>(c)(d)</sup> – 0.0%** |
| Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC | Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC | Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC | Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC |
| 585000 | 9.000 | 02/15/29 | 613220 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Media<sup>(c)(d)</sup> – 0.5%** | **Media<sup>(c)(d)</sup> – 0.5%** | **Media<sup>(c)(d)</sup> – 0.5%** | **Media<sup>(c)(d)</sup> – 0.5%** |
| CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. |
| 513000 | 5.500% | 05/01/26 | $513641 |
| 610000 | 6.375 | 09/01/29 | 618454 |
| 934000 | 4.250 | 02/01/31 | 858309 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc. | Directv Financing LLC/Directv Financing Co-Obligor, Inc. | Directv Financing LLC/Directv Financing Co-Obligor, Inc. | Directv Financing LLC/Directv Financing Co-Obligor, Inc. |
| 207000 | 5.875 | 08/15/27 | 208151 |
| iHeartCommunications, Inc. | iHeartCommunications, Inc. | iHeartCommunications, Inc. | iHeartCommunications, Inc. |
| 177332 | 10.875 | 05/01/30 | 152933 |
| McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. |
| 1345000 | 8.000 | 08/01/29 | 1359338 |
| Nexstar Media, Inc. | Nexstar Media, Inc. | Nexstar Media, Inc. | Nexstar Media, Inc. |
| 549000 | 5.625 | 07/15/27 | 549801 |
| Sinclair Television Group, Inc. | Sinclair Television Group, Inc. | Sinclair Television Group, Inc. | Sinclair Television Group, Inc. |
| 1145000 | 8.125 | 02/15/33 | 1197281 |
| Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC |
| 1525000 | 4.000 | 07/15/28 | 1490154 |
|  |  |  | 6948062 |
| **Miscellaneous Manufacturing<sup>(c)</sup> – 0.1%** | **Miscellaneous Manufacturing<sup>(c)</sup> – 0.1%** | **Miscellaneous Manufacturing<sup>(c)</sup> – 0.1%** | **Miscellaneous Manufacturing<sup>(c)</sup> – 0.1%** |
| Axon Enterprise, Inc.<sup>(d)</sup> | Axon Enterprise, Inc.<sup>(d)</sup> | Axon Enterprise, Inc.<sup>(d)</sup> | Axon Enterprise, Inc.<sup>(d)</sup> |
| 255000 | 6.125 | 03/15/30 | 264096 |
| 260000 | 6.250 | 03/15/33 | 270314 |
| Hillenbrand, Inc. | Hillenbrand, Inc. | Hillenbrand, Inc. | Hillenbrand, Inc. |
| 436000 | 6.250 | 02/15/29 | 446220 |
|  |  |  | 980630 |
| **Oil Field Services – 1.6%** | **Oil Field Services – 1.6%** | **Oil Field Services – 1.6%** | **Oil Field Services – 1.6%** |
| Aethon United BR LP/Aethon United Finance Corp.<sup>(c)(d)</sup> | Aethon United BR LP/Aethon United Finance Corp.<sup>(c)(d)</sup> | Aethon United BR LP/Aethon United Finance Corp.<sup>(c)(d)</sup> | Aethon United BR LP/Aethon United Finance Corp.<sup>(c)(d)</sup> |
| 478000 | 7.500 | 10/01/29 | 500695 |
| Archrock Partners LP/Archrock Partners Finance Corp.<sup>(c)(d)</sup> | Archrock Partners LP/Archrock Partners Finance Corp.<sup>(c)(d)</sup> | Archrock Partners LP/Archrock Partners Finance Corp.<sup>(c)(d)</sup> | Archrock Partners LP/Archrock Partners Finance Corp.<sup>(c)(d)</sup> |
| 620000 | 6.625 | 09/01/32 | 638625 |
| California Resources Corp.<sup>(d)</sup> | California Resources Corp.<sup>(d)</sup> | California Resources Corp.<sup>(d)</sup> | California Resources Corp.<sup>(d)</sup> |
| 1375000 | 7.000 | 01/15/34 | 1357084 |
| Chord Energy Corp.<sup>(c)(d)</sup> | Chord Energy Corp.<sup>(c)(d)</sup> | Chord Energy Corp.<sup>(c)(d)</sup> | Chord Energy Corp.<sup>(c)(d)</sup> |
| 2000000 | 6.750 | 03/15/33 | 2068300 |
| Civitas Resources, Inc.<sup>(c)(d)</sup> | Civitas Resources, Inc.<sup>(c)(d)</sup> | Civitas Resources, Inc.<sup>(c)(d)</sup> | Civitas Resources, Inc.<sup>(c)(d)</sup> |
| 435000 | 8.375 | 07/01/28 | 448624 |
| Ecopetrol SA<sup>(c)</sup> | Ecopetrol SA<sup>(c)</sup> | Ecopetrol SA<sup>(c)</sup> | Ecopetrol SA<sup>(c)</sup> |
| 120000 | 8.625 | 01/19/29 | 128718 |
| 1170000 | 6.875 | 04/29/30 | 1185503 |
| 15000 | 7.750 | 02/01/32 | 15368 |
| 140000 | 8.875 | 01/13/33 | 148960 |
| Kodiak Gas Services LLC<sup>(c)(d)</sup> | Kodiak Gas Services LLC<sup>(c)(d)</sup> | Kodiak Gas Services LLC<sup>(c)(d)</sup> | Kodiak Gas Services LLC<sup>(c)(d)</sup> |
| 240000 | 7.250 | 02/15/29 | 249322 |
| Matador Resources Co.<sup>(c)(d)</sup> | Matador Resources Co.<sup>(c)(d)</sup> | Matador Resources Co.<sup>(c)(d)</sup> | Matador Resources Co.<sup>(c)(d)</sup> |
| 696000 | 6.250 | 04/15/33 | 695847 |
| Murphy Oil Corp.<sup>(c)</sup> | Murphy Oil Corp.<sup>(c)</sup> | Murphy Oil Corp.<sup>(c)</sup> | Murphy Oil Corp.<sup>(c)</sup> |
| 712000 | 6.000 | 10/01/32 | 711416 |
| Nabors Industries, Inc.<sup>(c)(d)</sup> | Nabors Industries, Inc.<sup>(c)(d)</sup> | Nabors Industries, Inc.<sup>(c)(d)</sup> | Nabors Industries, Inc.<sup>(c)(d)</sup> |
| 660000 | 9.125 | 01/31/30 | 693805 |
| Noble Finance II LLC<sup>(c)(d)</sup> | Noble Finance II LLC<sup>(c)(d)</sup> | Noble Finance II LLC<sup>(c)(d)</sup> | Noble Finance II LLC<sup>(c)(d)</sup> |
| 800000 | 8.000 | 04/15/30 | 831528 |
| Northern Oil & Gas, Inc.<sup>(c)(d)</sup> | Northern Oil & Gas, Inc.<sup>(c)(d)</sup> | Northern Oil & Gas, Inc.<sup>(c)(d)</sup> | Northern Oil & Gas, Inc.<sup>(c)(d)</sup> |
| 2115000 | 7.875 | 10/15/33 | 2055653 |
| Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
| 110000 | 6.500 | 01/23/29 | 111925 |
| 1050000 | 8.750 <sup>(c)</sup> | 06/02/29 | 1125716 |
| 1060000 | 6.840 <sup>(c)</sup> | 01/23/30 | 1076854 |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Oil Field Services – (continued)** | **Oil Field Services – (continued)** | **Oil Field Services – (continued)** | **Oil Field Services – (continued)** |
| Petroleos Mexicanos – (continued) | Petroleos Mexicanos – (continued) | Petroleos Mexicanos – (continued) | Petroleos Mexicanos – (continued) |
| 320000 | 5.950 %<sup>(c)</sup> | 01/28/31 | $309728 |
| 60000 | 6.700 <sup>(c)</sup> | 02/16/32 | 59828 |
| Raizen Fuels Finance SA<sup>(c)</sup> | Raizen Fuels Finance SA<sup>(c)</sup> | Raizen Fuels Finance SA<sup>(c)</sup> | Raizen Fuels Finance SA<sup>(c)</sup> |
| 200000 | 6.950 | 03/05/54 | 152500 |
| SESI LLC <sup>(c)(d)</sup> | SESI LLC <sup>(c)(d)</sup> | SESI LLC <sup>(c)(d)</sup> | SESI LLC <sup>(c)(d)</sup> |
| 1390000 | 7.875 | 09/30/30 | 1368246 |
| SM Energy Co.<sup>(c)(d)</sup> | SM Energy Co.<sup>(c)(d)</sup> | SM Energy Co.<sup>(c)(d)</sup> | SM Energy Co.<sup>(c)(d)</sup> |
| 330000 | 6.750 | 08/01/29 | 332455 |
| 530000 | 7.000 | 08/01/32 | 521494 |
| Sunoco LP/Sunoco Finance Corp.<sup>(c)</sup> | Sunoco LP/Sunoco Finance Corp.<sup>(c)</sup> | Sunoco LP/Sunoco Finance Corp.<sup>(c)</sup> | Sunoco LP/Sunoco Finance Corp.<sup>(c)</sup> |
| 895000 | 7.000 <sup>(d)</sup> | 09/15/28 | 923246 |
| 495000 | 4.500 | 05/15/29 | 485550 |
| Tidewater, Inc.<sup>(c)(d)</sup> | Tidewater, Inc.<sup>(c)(d)</sup> | Tidewater, Inc.<sup>(c)(d)</sup> | Tidewater, Inc.<sup>(c)(d)</sup> |
| 2540000 | 9.125 | 07/15/30 | 2725903 |
| Transocean International Ltd.<sup>(c)(d)</sup> | Transocean International Ltd.<sup>(c)(d)</sup> | Transocean International Ltd.<sup>(c)(d)</sup> | Transocean International Ltd.<sup>(c)(d)</sup> |
| 295000 | 8.250 | 05/15/29 | 296749 |
| 300000 | 8.500 | 05/15/31 | 296889 |
| USA Compression Partners LP/USA Compression Finance Corp.<sup>(c)(d)</sup> | USA Compression Partners LP/USA Compression Finance Corp.<sup>(c)(d)</sup> | USA Compression Partners LP/USA Compression Finance Corp.<sup>(c)(d)</sup> | USA Compression Partners LP/USA Compression Finance Corp.<sup>(c)(d)</sup> |
| 880000 | 7.125 | 03/15/29 | 911337 |
| Weatherford International Ltd.<sup>(c)(d)</sup> | Weatherford International Ltd.<sup>(c)(d)</sup> | Weatherford International Ltd.<sup>(c)(d)</sup> | Weatherford International Ltd.<sup>(c)(d)</sup> |
| 1340000 | 6.750 | 10/15/33 | 1371959 |
|  |  |  | 23799827 |
| **Packaging<sup>(c)</sup> – 0.2%** | **Packaging<sup>(c)</sup> – 0.2%** | **Packaging<sup>(c)</sup> – 0.2%** | **Packaging<sup>(c)</sup> – 0.2%** |
| ARD Finance SA | ARD Finance SA | ARD Finance SA | ARD Finance SA |
| (PIK 5.750%, Cash 5.000%) | (PIK 5.750%, Cash 5.000%) | (PIK 5.750%, Cash 5.000%) | (PIK 5.750%, Cash 5.000%) |
| 249939 | 5.000 <sup>(g)</sup> | 06/30/27 | 3440 |
| (PIK 7.250%, Cash 6.500%) | (PIK 7.250%, Cash 6.500%) | (PIK 7.250%, Cash 6.500%) | (PIK 7.250%, Cash 6.500%) |
| 2489738 | 6.500 <sup>(d)(h)</sup> | 06/30/27 | 22831 |
| Crown Americas LLC | Crown Americas LLC | Crown Americas LLC | Crown Americas LLC |
| 2058000 | 5.250 | 04/01/30 | 2101300 |
| Sealed Air Corp./Sealed Air Corp. U.S.<sup>(d)</sup> | Sealed Air Corp./Sealed Air Corp. U.S.<sup>(d)</sup> | Sealed Air Corp./Sealed Air Corp. U.S.<sup>(d)</sup> | Sealed Air Corp./Sealed Air Corp. U.S.<sup>(d)</sup> |
| 1375000 | 6.125 | 02/01/28 | 1397839 |
|  |  |  | 3525410 |
| **Pharmaceuticals<sup>(c)(d)</sup> – 0.5%** | **Pharmaceuticals<sup>(c)(d)</sup> – 0.5%** | **Pharmaceuticals<sup>(c)(d)</sup> – 0.5%** | **Pharmaceuticals<sup>(c)(d)</sup> – 0.5%** |
| AdaptHealth LLC | AdaptHealth LLC | AdaptHealth LLC | AdaptHealth LLC |
| 1355000 | 6.125 | 08/01/28 | 1364566 |
| Amneal Pharmaceuticals LLC | Amneal Pharmaceuticals LLC | Amneal Pharmaceuticals LLC | Amneal Pharmaceuticals LLC |
| 2600000 | 6.875 | 08/01/32 | 2748304 |
| Jazz Securities DAC | Jazz Securities DAC | Jazz Securities DAC | Jazz Securities DAC |
| 990000 | 4.375 | 01/15/29 | 976694 |
| Opal Bidco SAS | Opal Bidco SAS | Opal Bidco SAS | Opal Bidco SAS |
| 1315000 | 6.500 | 03/31/32 | 1346955 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV | Organon & Co./Organon Foreign Debt Co-Issuer BV | Organon & Co./Organon Foreign Debt Co-Issuer BV | Organon & Co./Organon Foreign Debt Co-Issuer BV |
| 985000 | 4.125 | 04/30/28 | 959587 |
|  |  |  | 7396106 |
| **Pipelines – 1.2%** | **Pipelines – 1.2%** | **Pipelines – 1.2%** | **Pipelines – 1.2%** |
| Antero Midstream Partners LP/Antero Midstream Finance Corp.<sup>(c)(d)</sup> | Antero Midstream Partners LP/Antero Midstream Finance Corp.<sup>(c)(d)</sup> | Antero Midstream Partners LP/Antero Midstream Finance Corp.<sup>(c)(d)</sup> | Antero Midstream Partners LP/Antero Midstream Finance Corp.<sup>(c)(d)</sup> |
| 480000 | 5.375 | 06/15/29 | 480240 |
| Buckeye Partners LP<sup>(c)</sup> | Buckeye Partners LP<sup>(c)</sup> | Buckeye Partners LP<sup>(c)</sup> | Buckeye Partners LP<sup>(c)</sup> |
| 4276000 | 3.950 | 12/01/26 | 4231188 |
| 1070000 | 6.875 <sup>(d)</sup> | 07/01/29 | 1113710 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC<sup>(c)(d)</sup> | CQP Holdco LP/BIP-V Chinook Holdco LLC<sup>(c)(d)</sup> | CQP Holdco LP/BIP-V Chinook Holdco LLC<sup>(c)(d)</sup> | CQP Holdco LP/BIP-V Chinook Holdco LLC<sup>(c)(d)</sup> |
| 1241000 | 5.500 | 06/15/31 | 1228727 |
| Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>(c)(d)</sup> | Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>(c)(d)</sup> | Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>(c)(d)</sup> | Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>(c)(d)</sup> |
| 725000 | 8.625 | 03/15/29 | 757835 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Pipelines – (continued)** | **Pipelines – (continued)** | **Pipelines – (continued)** | **Pipelines – (continued)** |
| Excelerate Energy LP<sup>(c)(d)</sup> | Excelerate Energy LP<sup>(c)(d)</sup> | Excelerate Energy LP<sup>(c)(d)</sup> | Excelerate Energy LP<sup>(c)(d)</sup> |
| 1275000 | 8.000% | 05/15/30 | $1346489 |
| Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. |
| 240000 | 2.625 <sup>(d)</sup> | 03/31/36 | 211771 |
| 1698105 | 2.940 | 09/30/40 | 1444951 |
| Genesis Energy LP/Genesis Energy Finance Corp.<sup>(c)</sup> | Genesis Energy LP/Genesis Energy Finance Corp.<sup>(c)</sup> | Genesis Energy LP/Genesis Energy Finance Corp.<sup>(c)</sup> | Genesis Energy LP/Genesis Energy Finance Corp.<sup>(c)</sup> |
| 910000 | 7.875 | 05/15/32 | 947765 |
| Prairie Acquiror LP<sup>(c)(d)</sup> | Prairie Acquiror LP<sup>(c)(d)</sup> | Prairie Acquiror LP<sup>(c)(d)</sup> | Prairie Acquiror LP<sup>(c)(d)</sup> |
| 535000 | 9.000 | 08/01/29 | 556528 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<sup>(c)(d)</sup> | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<sup>(c)(d)</sup> | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<sup>(c)(d)</sup> | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<sup>(c)(d)</sup> |
| 710000 | 7.375 | 02/15/29 | 733735 |
| TransMontaigne Partners LLC<sup>(c)(d)</sup> | TransMontaigne Partners LLC<sup>(c)(d)</sup> | TransMontaigne Partners LLC<sup>(c)(d)</sup> | TransMontaigne Partners LLC<sup>(c)(d)</sup> |
| 1965000 | 8.500 | 06/15/30 | 1984670 |
| Venture Global LNG, Inc.<sup>(c)(d)</sup> | Venture Global LNG, Inc.<sup>(c)(d)</sup> | Venture Global LNG, Inc.<sup>(c)(d)</sup> | Venture Global LNG, Inc.<sup>(c)(d)</sup> |
| 1310000 | 9.500 | 02/01/29 | 1359426 |
| Venture Global Plaquemines LNG LLC<sup>(c)(d)</sup> | Venture Global Plaquemines LNG LLC<sup>(c)(d)</sup> | Venture Global Plaquemines LNG LLC<sup>(c)(d)</sup> | Venture Global Plaquemines LNG LLC<sup>(c)(d)</sup> |
| 1280000 | 6.750 | 01/15/36 | 1310119 |
|  |  |  | 17707154 |
| **Real Estate Investment Trust<sup>(c)</sup> – 0.2%** | **Real Estate Investment Trust<sup>(c)</sup> – 0.2%** | **Real Estate Investment Trust<sup>(c)</sup> – 0.2%** | **Real Estate Investment Trust<sup>(c)</sup> – 0.2%** |
| Iron Mountain, Inc.<sup>(d)</sup> | Iron Mountain, Inc.<sup>(d)</sup> | Iron Mountain, Inc.<sup>(d)</sup> | Iron Mountain, Inc.<sup>(d)</sup> |
| 1460000 | 7.000 | 02/15/29 | 1500004 |
| MPT Operating Partnership LP/MPT Finance Corp. | MPT Operating Partnership LP/MPT Finance Corp. | MPT Operating Partnership LP/MPT Finance Corp. | MPT Operating Partnership LP/MPT Finance Corp. |
| 903000 | 4.625 | 08/01/29 | 757418 |
|  |  |  | 2257422 |
| **Retailing<sup>(c)(d)</sup> – 0.3%** | **Retailing<sup>(c)(d)</sup> – 0.3%** | **Retailing<sup>(c)(d)</sup> – 0.3%** | **Retailing<sup>(c)(d)</sup> – 0.3%** |
| Asbury Automotive Group, Inc. | Asbury Automotive Group, Inc. | Asbury Automotive Group, Inc. | Asbury Automotive Group, Inc. |
| 510000 | 4.625 | 11/15/29 | 502131 |
| Cougar JV Subsidiary LLC | Cougar JV Subsidiary LLC | Cougar JV Subsidiary LLC | Cougar JV Subsidiary LLC |
| 1114000 | 8.000 | 05/15/32 | 1190955 |
| Group 1 Automotive, Inc. | Group 1 Automotive, Inc. | Group 1 Automotive, Inc. | Group 1 Automotive, Inc. |
| 219000 | 4.000 | 08/15/28 | 214804 |
| LCM Investments Holdings II LLC | LCM Investments Holdings II LLC | LCM Investments Holdings II LLC | LCM Investments Holdings II LLC |
| 1273000 | 4.875 | 05/01/29 | 1247654 |
| Lithia Motors, Inc. | Lithia Motors, Inc. | Lithia Motors, Inc. | Lithia Motors, Inc. |
| 520000 | 3.875 | 06/01/29 | 502705 |
| Sonic Automotive, Inc. | Sonic Automotive, Inc. | Sonic Automotive, Inc. | Sonic Automotive, Inc. |
| 525000 | 4.625 | 11/15/29 | 515083 |
|  |  |  | 4173332 |
| **Semiconductors<sup>(c)(d)</sup> – 0.0%** | **Semiconductors<sup>(c)(d)</sup> – 0.0%** | **Semiconductors<sup>(c)(d)</sup> – 0.0%** | **Semiconductors<sup>(c)(d)</sup> – 0.0%** |
| Entegris, Inc. | Entegris, Inc. | Entegris, Inc. | Entegris, Inc. |
| 470000 | 5.950 | 06/15/30 | 479278 |
| **Software<sup>(c)</sup> – 0.4%** | **Software<sup>(c)</sup> – 0.4%** | **Software<sup>(c)</sup> – 0.4%** | **Software<sup>(c)</sup> – 0.4%** |
| Camelot Finance SA<sup>(d)</sup> | Camelot Finance SA<sup>(d)</sup> | Camelot Finance SA<sup>(d)</sup> | Camelot Finance SA<sup>(d)</sup> |
| 15000 | 4.500 | 11/01/26 | 14888 |
| Castle U.S. Holding Corp.<sup>(d)</sup> | Castle U.S. Holding Corp.<sup>(d)</sup> | Castle U.S. Holding Corp.<sup>(d)</sup> | Castle U.S. Holding Corp.<sup>(d)</sup> |
| 522000 | 10.000 | 06/30/31 | 76697 |
| Clarivate Science Holdings Corp.<sup>(d)</sup> | Clarivate Science Holdings Corp.<sup>(d)</sup> | Clarivate Science Holdings Corp.<sup>(d)</sup> | Clarivate Science Holdings Corp.<sup>(d)</sup> |
| 510000 | 3.875 | 07/01/28 | 495235 |
| Cloud Software Group, Inc.<sup>(d)</sup> | Cloud Software Group, Inc.<sup>(d)</sup> | Cloud Software Group, Inc.<sup>(d)</sup> | Cloud Software Group, Inc.<sup>(d)</sup> |
| 215000 | 6.625 | 08/15/33 | 213097 |
| CoreWeave, Inc.<sup>(d)</sup> | CoreWeave, Inc.<sup>(d)</sup> | CoreWeave, Inc.<sup>(d)</sup> | CoreWeave, Inc.<sup>(d)</sup> |
| 2104000 | 9.000 | 02/01/31 | 1922446 |
| Open Text Corp.<sup>(d)</sup> | Open Text Corp.<sup>(d)</sup> | Open Text Corp.<sup>(d)</sup> | Open Text Corp.<sup>(d)</sup> |
| 1585000 | 3.875 | 12/01/29 | 1504625 |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Software<sup>(c)</sup> – (continued)** | **Software<sup>(c)</sup> – (continued)** | **Software<sup>(c)</sup> – (continued)** | **Software<sup>(c)</sup> – (continued)** |
| Twilio, Inc. | Twilio, Inc. | Twilio, Inc. | Twilio, Inc. |
| 525000 | 3.625% | 03/15/29 | $508478 |
| ZoomInfo Technologies LLC/ZoomInfo Finance Corp.<sup>(d)</sup> | ZoomInfo Technologies LLC/ZoomInfo Finance Corp.<sup>(d)</sup> | ZoomInfo Technologies LLC/ZoomInfo Finance Corp.<sup>(d)</sup> | ZoomInfo Technologies LLC/ZoomInfo Finance Corp.<sup>(d)</sup> |
| 1440000 | 3.875 | 02/01/29 | 1361333 |
|  |  |  | 6096799 |
| **Telecommunication Services<sup>(c)(d)</sup> – 0.2%** | **Telecommunication Services<sup>(c)(d)</sup> – 0.2%** | **Telecommunication Services<sup>(c)(d)</sup> – 0.2%** | **Telecommunication Services<sup>(c)(d)</sup> – 0.2%** |
| Level 3 Financing, Inc. | Level 3 Financing, Inc. | Level 3 Financing, Inc. | Level 3 Financing, Inc. |
| 2665000 | 7.000 | 03/31/34 | 2745563 |
| **Transportation<sup>(c)(d)</sup> – 0.2%** | **Transportation<sup>(c)(d)</sup> – 0.2%** | **Transportation<sup>(c)(d)</sup> – 0.2%** | **Transportation<sup>(c)(d)</sup> – 0.2%** |
| Beacon Mobility Corp. | Beacon Mobility Corp. | Beacon Mobility Corp. | Beacon Mobility Corp. |
| 2610000 | 7.250 | 08/01/30 | 2729016 |
| Rand Parent LLC | Rand Parent LLC | Rand Parent LLC | Rand Parent LLC |
| 725000 | 8.500 | 02/15/30 | 755827 |
|  |  |  | 3484843 |
| **Trucking & Leasing<sup>(c)(d)</sup> – 0.1%** | **Trucking & Leasing<sup>(c)(d)</sup> – 0.1%** | **Trucking & Leasing<sup>(c)(d)</sup> – 0.1%** | **Trucking & Leasing<sup>(c)(d)</sup> – 0.1%** |
| FTAI Aviation Investors LLC | FTAI Aviation Investors LLC | FTAI Aviation Investors LLC | FTAI Aviation Investors LLC |
| 1060000 | 5.500 | 05/01/28 | 1060297 |
| **TOTAL CORPORATE OBLIGATIONS<br>(Cost $233,202,005)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $233,202,005)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $233,202,005)** | $234951396 |
| **Bank Loans<sup>(i)</sup> – 3.7%** | **Bank Loans<sup>(i)</sup> – 3.7%** | **Bank Loans<sup>(i)</sup> – 3.7%** | **Bank Loans<sup>(i)</sup> – 3.7%** |
| **Aerospace & Defense – 0.2%** | **Aerospace & Defense – 0.2%** | **Aerospace & Defense – 0.2%** | **Aerospace & Defense – 0.2%** |
| Bleriot U.S. Bidco, Inc. | Bleriot U.S. Bidco, Inc. | Bleriot U.S. Bidco, Inc. | Bleriot U.S. Bidco, Inc. |
| (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) |
| 689522 | 6.172% | 10/31/30 | $692680 |
| Kaman Corp. | Kaman Corp. | Kaman Corp. | Kaman Corp. |
| (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) |
| 2186848 | 6.322– |  |  |
|  | 6.544 | 02/26/32 | 2194197 |
| 19763 | 6.427 | 02/26/32 | 19252 |
|  |  |  | 2906129 |
| **Automotive - Parts – 0.1%** | **Automotive - Parts – 0.1%** | **Automotive - Parts – 0.1%** | **Automotive - Parts – 0.1%** |
| Adient U.S. LLC | Adient U.S. LLC | Adient U.S. LLC | Adient U.S. LLC |
| (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) |
| 1670250 | 5.966 | 01/31/31 | 1675478 |
| **Banks – 0.1%** | **Banks – 0.1%** | **Banks – 0.1%** | **Banks – 0.1%** |
| Nouryon Finance BV | Nouryon Finance BV | Nouryon Finance BV | Nouryon Finance BV |
| (6 mo. USD Term SOFR + 3.250%) | (6 mo. USD Term SOFR + 3.250%) | (6 mo. USD Term SOFR + 3.250%) | (6 mo. USD Term SOFR + 3.250%) |
| 1228850 | 7.036 | 04/03/28 | 1227830 |
| **Building & Construction – 0.3%** | **Building & Construction – 0.3%** | **Building & Construction – 0.3%** | **Building & Construction – 0.3%** |
| AAL Delaware Holdco, Inc. | AAL Delaware Holdco, Inc. | AAL Delaware Holdco, Inc. | AAL Delaware Holdco, Inc. |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |
| 2493501 | 6.466 | 07/30/31 | 2503450 |
| KKR Apple Bidco LLC | KKR Apple Bidco LLC | KKR Apple Bidco LLC | KKR Apple Bidco LLC |
| (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) |
| 1440450 | 6.216 | 09/23/31 | 1447450 |
|  |  |  | 3950900 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Bank Loans<sup>(i)</sup> – (continued)** | **Bank Loans<sup>(i)</sup> – (continued)** | **Bank Loans<sup>(i)</sup> – (continued)** | **Bank Loans<sup>(i)</sup> – (continued)** |
| **Commercial Services – 0.4%** | **Commercial Services – 0.4%** | **Commercial Services – 0.4%** | **Commercial Services – 0.4%** |
| Anticimex International AB | Anticimex International AB | Anticimex International AB | Anticimex International AB |
| (3 mo. USD Term SOFR + 3.400%) | (3 mo. USD Term SOFR + 3.400%) | (3 mo. USD Term SOFR + 3.400%) | (3 mo. USD Term SOFR + 3.400%) |
| 2563355 | 7.310% | 11/16/28 | $2568162 |
| Fleet Midco I Ltd. | Fleet Midco I Ltd. | Fleet Midco I Ltd. | Fleet Midco I Ltd. |
| (6 mo. USD Term SOFR + 2.500%) | (6 mo. USD Term SOFR + 2.500%) | (6 mo. USD Term SOFR + 2.500%) | (6 mo. USD Term SOFR + 2.500%) |
| 3469370 | 6.542 | 02/21/31 | 3482380 |
|  |  |  | 6050542 |
| **Consumer Cyclical Services – 0.3%** | **Consumer Cyclical Services – 0.3%** | **Consumer Cyclical Services – 0.3%** | **Consumer Cyclical Services – 0.3%** |
| Hertz Corp. | Hertz Corp. | Hertz Corp. | Hertz Corp. |
| (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) |
| 3392582 | 7.331 | 06/30/28 | 2842340 |
| IRB Holding Corp. | IRB Holding Corp. | IRB Holding Corp. | IRB Holding Corp. |
| (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) |
| 2364165 | 6.216 | 12/16/30 | 2368704 |
|  |  |  | 5211044 |
| **Diversified Financial Services – 0.4%** | **Diversified Financial Services – 0.4%** | **Diversified Financial Services – 0.4%** | **Diversified Financial Services – 0.4%** |
| Deep Blue Operating I LLC | Deep Blue Operating I LLC | Deep Blue Operating I LLC | Deep Blue Operating I LLC |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |
| 2800000 | 6.593 | 10/01/32 | 2806412 |
| GEN II Fund Services LLC | GEN II Fund Services LLC | GEN II Fund Services LLC | GEN II Fund Services LLC |
| (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) |
| 1384537 | 6.422 | 11/26/31 | 1383956 |
| VFH Parent LLC | VFH Parent LLC | VFH Parent LLC | VFH Parent LLC |
| (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) |
| 1825000 | 6.216 | 06/21/31 | 1828796 |
|  |  |  | 6019164 |
| **Diversified Manufacturing – 0.1%** | **Diversified Manufacturing – 0.1%** | **Diversified Manufacturing – 0.1%** | **Diversified Manufacturing – 0.1%** |
| Chart Industries, Inc. | Chart Industries, Inc. | Chart Industries, Inc. | Chart Industries, Inc. |
| (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) |
| 2068915 | 6.476 | 03/15/30 | 2074873 |
| **Energy - Exploration & Production – 0.2%** | **Energy - Exploration & Production – 0.2%** | **Energy - Exploration & Production – 0.2%** | **Energy - Exploration & Production – 0.2%** |
| CQP Holdco LP | CQP Holdco LP | CQP Holdco LP | CQP Holdco LP |
| (3 mo. USD Term SOFR + 2.000%) | (3 mo. USD Term SOFR + 2.000%) | (3 mo. USD Term SOFR + 2.000%) | (3 mo. USD Term SOFR + 2.000%) |
| 2351295 | 5.672 | 12/31/30 | 2358019 |
| Kohler Energy Co. LLC | Kohler Energy Co. LLC | Kohler Energy Co. LLC | Kohler Energy Co. LLC |
| (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) |
| 482078 | 7.422 | 05/01/31 | 484248 |
|  |  |  | 2842267 |
| **Entertainment – 0.1%** | **Entertainment – 0.1%** | **Entertainment – 0.1%** | **Entertainment – 0.1%** |
| Crown Finance U.S., Inc. | Crown Finance U.S., Inc. | Crown Finance U.S., Inc. | Crown Finance U.S., Inc. |
| (1 mo. USD Term SOFR + 4.500%) | (1 mo. USD Term SOFR + 4.500%) | (1 mo. USD Term SOFR + 4.500%) | (1 mo. USD Term SOFR + 4.500%) |
| 1485038 | 8.343 | 12/02/31 | 1462019 |
| **Food & Beverages – 0.1%** | **Food & Beverages – 0.1%** | **Food & Beverages – 0.1%** | **Food & Beverages – 0.1%** |
| Sazerac Co., Inc. | Sazerac Co., Inc. | Sazerac Co., Inc. | Sazerac Co., Inc. |
| (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) |
| 1620937 | 6.500 | 07/09/32 | 1622510 |
| **Healthcare – 0.1%** | **Healthcare – 0.1%** | **Healthcare – 0.1%** | **Healthcare – 0.1%** |
| LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
| (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) |
| 934432 | 7.655 | 05/19/31 | 937011 |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Bank Loans<sup>(i)</sup> – (continued)** | **Bank Loans<sup>(i)</sup> – (continued)** | **Bank Loans<sup>(i)</sup> – (continued)** | **Bank Loans<sup>(i)</sup> – (continued)** |
| **Insurance – 0.0%** | **Insurance – 0.0%** | **Insurance – 0.0%** | **Insurance – 0.0%** |
| Broadstreet Partners, Inc. | Broadstreet Partners, Inc. | Broadstreet Partners, Inc. | Broadstreet Partners, Inc. |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |
| 497764 | 6.466% | 06/13/31 | $499203 |
| **Internet – 0.1%** | **Internet – 0.1%** | **Internet – 0.1%** | **Internet – 0.1%** |
| BEP Intermediate Holdco LLC | BEP Intermediate Holdco LLC | BEP Intermediate Holdco LLC | BEP Intermediate Holdco LLC |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |
| 541788 | 6.466 | 04/25/31 | 545851 |
| Plano HoldCo, Inc. | Plano HoldCo, Inc. | Plano HoldCo, Inc. | Plano HoldCo, Inc. |
| (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) |
| 1290250 | 7.172 | 10/02/31 | 1248317 |
|  |  |  | 1794168 |
| **Machinery – 0.2%** | **Machinery – 0.2%** | **Machinery – 0.2%** | **Machinery – 0.2%** |
| TK Elevator Midco GmbH | TK Elevator Midco GmbH | TK Elevator Midco GmbH | TK Elevator Midco GmbH |
| (6 mo. USD Term SOFR + 2.750%) | (6 mo. USD Term SOFR + 2.750%) | (6 mo. USD Term SOFR + 2.750%) | (6 mo. USD Term SOFR + 2.750%) |
| 2358314 | 6.947 | 04/30/30 | 2371685 |
| **Media - Cable – 0.0%** | **Media - Cable – 0.0%** | **Media - Cable – 0.0%** | **Media - Cable – 0.0%** |
| iHeartCommunications, Inc. | iHeartCommunications, Inc. | iHeartCommunications, Inc. | iHeartCommunications, Inc. |
| (1 mo. USD Term SOFR + 5.775%) | (1 mo. USD Term SOFR + 5.775%) | (1 mo. USD Term SOFR + 5.775%) | (1 mo. USD Term SOFR + 5.775%) |
| 602349 | 9.606 | 05/01/29 | 549752 |
| **Midstream – 0.2%** | **Midstream – 0.2%** | **Midstream – 0.2%** | **Midstream – 0.2%** |
| AL GCX Holdings LLC | AL GCX Holdings LLC | AL GCX Holdings LLC | AL GCX Holdings LLC |
| (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) |
| 500000 | 5.981 | 12/17/32 | 500315 |
| Prairie ECI Acquiror LP | Prairie ECI Acquiror LP | Prairie ECI Acquiror LP | Prairie ECI Acquiror LP |
| (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) |
| 1975075 | 7.466 | 08/01/29 | 1984535 |
|  |  |  | 2484850 |
| **Mining – 0.1%** | **Mining – 0.1%** | **Mining – 0.1%** | **Mining – 0.1%** |
| Crosby U.S. Acquisition Corp. | Crosby U.S. Acquisition Corp. | Crosby U.S. Acquisition Corp. | Crosby U.S. Acquisition Corp. |
| (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) |
| 1641626 | 7.216 | 08/16/29 | 1647782 |
| **Pipelines – 0.1%** | **Pipelines – 0.1%** | **Pipelines – 0.1%** | **Pipelines – 0.1%** |
| WhiteWater DBR HoldCo LLC | WhiteWater DBR HoldCo LLC | WhiteWater DBR HoldCo LLC | WhiteWater DBR HoldCo LLC |
| (3 mo. USD Term SOFR + 2.250%) | (3 mo. USD Term SOFR + 2.250%) | (3 mo. USD Term SOFR + 2.250%) | (3 mo. USD Term SOFR + 2.250%) |
| 1654104 | 5.938 | 03/03/31 | 1662375 |
| **Retailers – 0.2%** | **Retailers – 0.2%** | **Retailers – 0.2%** | **Retailers – 0.2%** |
| Harbor Freight Tools USA, Inc. | Harbor Freight Tools USA, Inc. | Harbor Freight Tools USA, Inc. | Harbor Freight Tools USA, Inc. |
| (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) |
| 2394687 | 5.966 | 06/11/31 | 2369040 |
| **Technology – 0.0%** | **Technology – 0.0%** | **Technology – 0.0%** | **Technology – 0.0%** |
| McAfee LLC | McAfee LLC | McAfee LLC | McAfee LLC |
| (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) |
| 345634 | 6.716 | 03/01/29 | 317876 |
| **Technology - Software – 0.4%** | **Technology - Software – 0.4%** | **Technology - Software – 0.4%** | **Technology - Software – 0.4%** |
| Athenahealth Group, Inc. | Athenahealth Group, Inc. | Athenahealth Group, Inc. | Athenahealth Group, Inc. |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |
| 1698993 | 6.466 | 02/15/29 | 1700760 |
| Camelot U.S. Acquisition LLC | Camelot U.S. Acquisition LLC | Camelot U.S. Acquisition LLC | Camelot U.S. Acquisition LLC |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |
| 1831968 | 6.466 | 01/31/31 | 1805478 |
| Drake Software LLC | Drake Software LLC | Drake Software LLC | Drake Software LLC |
| (3 mo. USD Term SOFR + 4.250%) | (3 mo. USD Term SOFR + 4.250%) | (3 mo. USD Term SOFR + 4.250%) | (3 mo. USD Term SOFR + 4.250%) |
| 834345 | 7.922 | 06/26/31 | 817658 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Bank Loans<sup>(i)</sup> – (continued)** | **Bank Loans<sup>(i)</sup> – (continued)** | **Bank Loans<sup>(i)</sup> – (continued)** | **Bank Loans<sup>(i)</sup> – (continued)** |
| **Technology - Software – (continued)** | **Technology - Software – (continued)** | **Technology - Software – (continued)** | **Technology - Software – (continued)** |
| Epicor Software Corp. | Epicor Software Corp. | Epicor Software Corp. | Epicor Software Corp. |
| (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) |
| 390063 | 6.216% | 05/30/31 | $391112 |
| iSolved, Inc. | iSolved, Inc. | iSolved, Inc. | iSolved, Inc. |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |
| 629952 | 6.466 | 10/15/30 | 630934 |
| Travelport Finance (Luxembourg) SARL | Travelport Finance (Luxembourg) SARL | Travelport Finance (Luxembourg) SARL | Travelport Finance (Luxembourg) SARL |
| (3 mo. USD Term SOFR + 5.448%) | (3 mo. USD Term SOFR + 5.448%) | (3 mo. USD Term SOFR + 5.448%) | (3 mo. USD Term SOFR + 5.448%) |
| 12678 | 11.247 | 09/30/28 | 10824 |
| UKG, Inc. | UKG, Inc. | UKG, Inc. | UKG, Inc. |
| (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) |
| 675323 | 6.338 | 02/10/31 | 675593 |
|  |  |  | 6032359 |
| **TOTAL BANK LOANS<br>(Cost $55,721,206)** | **TOTAL BANK LOANS<br>(Cost $55,721,206)** | **TOTAL BANK LOANS<br>(Cost $55,721,206)** | $55708857 |
| **Sovereign Debt Obligations – 1.7%** | **Sovereign Debt Obligations – 1.7%** | **Sovereign Debt Obligations – 1.7%** | **Sovereign Debt Obligations – 1.7%** |
| **Euro – 0.1%** | **Euro – 0.1%** | **Euro – 0.1%** | **Euro – 0.1%** |
| Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds |
| 530000 | 4.875% | 01/30/32 | $604220 |
| Romania Government International Bonds<sup>(d)</sup> | Romania Government International Bonds<sup>(d)</sup> | Romania Government International Bonds<sup>(d)</sup> | Romania Government International Bonds<sup>(d)</sup> |
| 1250000 | 3.624 | 05/26/30 | 1446510 |
|  |  |  | 2050730 |
| **Sovereign – 0.3%** | **Sovereign – 0.3%** | **Sovereign – 0.3%** | **Sovereign – 0.3%** |
| Eagle Funding Luxco SARL<sup>(c)(d)</sup> | Eagle Funding Luxco SARL<sup>(c)(d)</sup> | Eagle Funding Luxco SARL<sup>(c)(d)</sup> | Eagle Funding Luxco SARL<sup>(c)(d)</sup> |
| 3300000 | 5.500 | 08/17/30 | 3356100 |
| Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
| 930000 | 3.000 | 02/14/31 | 844756 |
|  |  |  | 4200856 |
| **United States Dollar – 1.3%** | **United States Dollar – 1.3%** | **United States Dollar – 1.3%** | **United States Dollar – 1.3%** |
| Egyptian Financial Co. for Sovereign Taskeek<sup>(d)</sup> | Egyptian Financial Co. for Sovereign Taskeek<sup>(d)</sup> | Egyptian Financial Co. for Sovereign Taskeek<sup>(d)</sup> | Egyptian Financial Co. for Sovereign Taskeek<sup>(d)</sup> |
| 420000 | 7.950 | 10/07/32 | 445112 |
| Guatemala Government Bonds<sup>(c)(d)</sup> | Guatemala Government Bonds<sup>(c)(d)</sup> | Guatemala Government Bonds<sup>(c)(d)</sup> | Guatemala Government Bonds<sup>(c)(d)</sup> |
| 1160000 | 6.250 | 08/15/36 | 1213662 |
| Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds |
| 3440000 | 6.750 | 09/25/52 | 3646400 |
| Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |
| 1220000 | 5.500 | 03/12/34 | 1265128 |
| Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds |
| 1190000 | 7.625 | 01/30/33 | 1287056 |
| 1896000 | 6.125 | 06/15/33 | 1896588 |
| 560000 | 8.075 <sup>(d)</sup> | 04/01/36 | 604836 |
| Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
| 1810000 | 4.750 | 03/08/44 | 1490535 |
| 360000 | 3.771 <sup>(c)</sup> | 05/24/61 | 221400 |
| Nigeria Government International Bonds | Nigeria Government International Bonds | Nigeria Government International Bonds | Nigeria Government International Bonds |
| 1260000 | 7.875 | 02/16/32 | 1312416 |
| Republic of South Africa Government International Bonds<sup>(d)</sup> | Republic of South Africa Government International Bonds<sup>(d)</sup> | Republic of South Africa Government International Bonds<sup>(d)</sup> | Republic of South Africa Government International Bonds<sup>(d)</sup> |
| 1090000 | 6.125 | 12/11/37 | 1075557 |
| 1900000 | 7.250 | 12/11/55 | 1881000 |
| Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
| 1740000 | 7.500 | 02/10/37 | 1921191 |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** |
| **United States Dollar – (continued)** | **United States Dollar – (continued)** | **United States Dollar – (continued)** | **United States Dollar – (continued)** |
| Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds |
| 2100000 | 6.800% | 11/04/36 | $2116926 |
|  |  |  | 20377807 |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $26,178,024)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $26,178,024)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $26,178,024)** | $26629393 |
| **Municipal Debt Obligations – 0.5%** | **Municipal Debt Obligations – 0.5%** | **Municipal Debt Obligations – 0.5%** | **Municipal Debt Obligations – 0.5%** |
| **Illinois – 0.5%** | **Illinois – 0.5%** | **Illinois – 0.5%** | **Illinois – 0.5%** |
| Illinois State GO Bonds Build America Series 2010 | Illinois State GO Bonds Build America Series 2010 | Illinois State GO Bonds Build America Series 2010 | Illinois State GO Bonds Build America Series 2010 |
| 3192857 | 7.350% | 07/01/35 | $3476871 |
| Illinois State GO Bonds Taxable-Pension Series 2003 | Illinois State GO Bonds Taxable-Pension Series 2003 | Illinois State GO Bonds Taxable-Pension Series 2003 | Illinois State GO Bonds Taxable-Pension Series 2003 |
| 3734510 | 5.100 | 06/01/33 | 3827386 |
| **TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $7,138,523)** | **TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $7,138,523)** | **TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $7,138,523)** | $7304257 |
| **Shares** | **Description** | **Description** | **Value** |
| **Common Stocks – 0.1%** | **Common Stocks – 0.1%** |  |  |
| **Media – 0.1%** | **Media – 0.1%** |  |  |
| 242215 | iHeartMedia, Inc. Class A | iHeartMedia, Inc. Class A | $1007614 |
| **(Cost $641,642)** | **(Cost $641,642)** |  |  |
| **Units** | **Expiration**<br> **Date** | **Expiration**<br> **Date** | **Value** |
| **Rights – 0.0%** | **Rights – 0.0%** | **Rights – 0.0%** | **Rights – 0.0%** |
| Cineworld Group PLC | Cineworld Group PLC | Cineworld Group PLC | Cineworld Group PLC |
| 16800 | 12/31/99 | 12/31/99 | $315000 |
| **(Cost $426,888)** | **(Cost $426,888)** |  |  |
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **U.S. Treasury Obligations – 21.6%** | **U.S. Treasury Obligations – 21.6%** | **U.S. Treasury Obligations – 21.6%** | **U.S. Treasury Obligations – 21.6%** |
| U.S. Treasury Bills<sup>(j)(k)</sup> | U.S. Treasury Bills<sup>(j)(k)</sup> | U.S. Treasury Bills<sup>(j)(k)</sup> | U.S. Treasury Bills<sup>(j)(k)</sup> |
| 162030000 | 0.000% | 02/17/26 | $161299392 |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| 13490000 | 4.750 | 02/15/45 | 13437305 |
| U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds |
| 40565160 | 1.500 | 02/15/53 | 31615472 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 11400 | 3.875 | 11/30/29 | 11495 |
| 63790000 | 4.125 <sup>(j)</sup> | 11/30/29 | 64896358 |
| 56500000 | 4.125 <sup>(j)</sup> | 03/31/32 | 57298945 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $327,974,858)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $327,974,858)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $327,974,858)** | $328558967 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company(l) – 8.4%** | **Investment Company(l) – 8.4%** | **Investment Company(l) – 8.4%** | **Investment Company(l) – 8.4%** |
| Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 127746592 | 3.686% | 3.686% | $127746592 |
| **(Cost $127,746,592)** | **(Cost $127,746,592)** | **(Cost $127,746,592)** | **(Cost $127,746,592)** |
| **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 130.8%<br>(Cost $1,978,083,781)** | **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 130.8%<br>(Cost $1,978,083,781)** | **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 130.8%<br>(Cost $1,978,083,781)** | $1986686180 |
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Short-term Investments – 3.3%** | **Short-term Investments – 3.3%** | **Short-term Investments – 3.3%** | **Short-term Investments – 3.3%** |
| **Certificates of Deposit – 0.7%** | **Certificates of Deposit – 0.7%** | **Certificates of Deposit – 0.7%** | **Certificates of Deposit – 0.7%** |
| Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
| 10100000 | 4.000% | 04/24/26 | $10103438 |
| **Commercial Paper<sup>(k)</sup> – 2.6%** | **Commercial Paper<sup>(k)</sup> – 2.6%** | **Commercial Paper<sup>(k)</sup> – 2.6%** | **Commercial Paper<sup>(k)</sup> – 2.6%** |
| Bell Telephone Co. of Canada or Bell Canada<sup>(d)</sup> | Bell Telephone Co. of Canada or Bell Canada<sup>(d)</sup> | Bell Telephone Co. of Canada or Bell Canada<sup>(d)</sup> | Bell Telephone Co. of Canada or Bell Canada<sup>(d)</sup> |
| 8824000 | 0.000 | 03/03/26 | 8765492 |
| Entergy Corp.<sup>(d)</sup> | Entergy Corp.<sup>(d)</sup> | Entergy Corp.<sup>(d)</sup> | Entergy Corp.<sup>(d)</sup> |
| 4388000 | 0.000 | 03/10/26 | 4355402 |
| General Motors Financial Co., Inc.<sup>(d)</sup> | General Motors Financial Co., Inc.<sup>(d)</sup> | General Motors Financial Co., Inc.<sup>(d)</sup> | General Motors Financial Co., Inc.<sup>(d)</sup> |
| 5224000 | 0.000 | 01/26/26 | 5209394 |
| Macquarie Group Ltd. | Macquarie Group Ltd. | Macquarie Group Ltd. | Macquarie Group Ltd. |
| 7005000 | 0.000 | 03/17/26 | 6947612 |
| National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait |
| 2908000 | 0.000 | 04/09/26 | 2909271 |
| Oracle Corp.<sup>(d)</sup> | Oracle Corp.<sup>(d)</sup> | Oracle Corp.<sup>(d)</sup> | Oracle Corp.<sup>(d)</sup> |
| 2367000 | 0.000 | 01/15/26 | 2363215 |
| 9494000 | 0.000 | 01/16/26 | 9477798 |
|  |  |  | 40028184 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $50,117,935)** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $50,117,935)** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $50,117,935)** | $50131622 |
| **TOTAL INVESTMENTS – 134.1%<br>(Cost $2,028,201,716)** | **TOTAL INVESTMENTS – 134.1%<br>(Cost $2,028,201,716)** | **TOTAL INVESTMENTS – 134.1%<br>(Cost $2,028,201,716)** | $2036817802 |
| **LIABILITIES IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS – (34.1)%** | **LIABILITIES IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS – (34.1)%** | **LIABILITIES IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS – (34.1)%** | (517820373) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $1518997429 |

---

---

| | |
|:---|:---|
| 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) | Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate. |
| (b) | Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2025. |
| (c) | Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates. |
| (d) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (e) | Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on December 31, 2025. |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*December 31, 2025 (Unaudited)* 

(f) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $600,963,779 which represents approximately 39.6% of net assets as of December 31, 2025.

(g) Pay-in-kind securities.

(h) Security is currently in default and/or non-income producing.

(i) Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on December 31, 2025. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the Secured Overnight Financing Rate ("SOFR"), and secondarily the prime rate offered by one or more major United States banks (the "Prime Rate") and the certificate of deposit ("CD") rate or other base lending rates used by commercial lenders.

(j) All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.

(k) Issued with a zero coupon. Income is recognized through the accretion of discount.

(l) Represents an affiliated issuer.

------

GOLDMAN SACHS DYNAMIC BOND FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION** 

**UNFUNDED LOAN COMMITMENTS** — At December 31, 2025, the Fund had unfunded loan commitments which could be extended at the option of the borrowers, pursuant to the following loan agreements:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower** | **Principal Amount** | **Current Value** | **Unrealized<br>Gain (Loss)** |
|  Kaman Corp. (NR/B2), due 02/26/32 | $187034 | $188240 | $630 |

---

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At December 31, 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** |
|  JPMorgan Securities, Inc. | AUD | 162712478 | NZD | 187243294 | 01/09/26 | $&nbsp;&nbsp;&nbsp;&nbsp;747740 |
|  | AUD | 1490707 | USD | 988458 | 01/02/26 | 6382 |
|  | AUD | 17519014 | USD | 11574188 | 01/09/26 | 117928 |
|  | AUD | 93216108 | USD | 61125443 | 01/30/26 | 1093145 |
|  | AUD | 40563859 | USD | 26874770 | 03/18/26 | 196992 |
|  | BRL | 85139314 | USD | 15448905 | 01/05/26 | 68049 |
|  | BRL | 45109308 | USD | 8017459 | 02/03/26 | 143812 |
|  | BRL | 22356943 | USD | 3960086 | 03/18/26 | 45149 |
|  | CAD | 32205564 | EUR | 19921789 | 01/09/26 | 51768 |
|  | CAD | 91110710 | USD | 66312348 | 01/09/26 | 96274 |
|  | CAD | 3903379 | USD | 2809678 | 02/27/26 | 41255 |
|  | CAD | 157098062 | USD | &nbsp;&nbsp;&nbsp;&nbsp;113827364 | 03/18/26 | 1014767 |
|  | CHF | 16062526 | EUR | 17256393 | 01/09/26 | 9941 |
|  | CHF | 11450617 | EUR | 12315140 | 02/20/26 | 26782 |
|  | CHF | 45478162 | USD | 57480928 | 03/18/26 | 413935 |
|  | CLP | 3306016216 | USD | 3602611 | 03/18/26 | 72749 |
|  | CNH | 129885462 | USD | 18488586 | 01/09/26 | 141631 |
|  | CNH | 599549665 | USD | 84948203 | 02/02/26 | 1173161 |
|  | CNH | 532126232 | USD | 75835943 | 03/18/26 | 802534 |
|  | COP | 30140349632 | USD | 7815782 | 01/02/26 | 154985 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COP | 14018536497 | USD | 3656374 | 01/05/26 | 45405 |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  JPMorgan Securities, Inc. (continued) | COP | 13941389707 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3663436 | 01/08/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12157 |
|  | COP | 28345804113 | USD | 7359492 | 01/13/26 | 91689 |
|  | COP | 14235497973 | USD | 3726570 | 01/16/26 | 8852 |
|  | COP | 14429265371 | USD | 3732350 | 01/20/26 | 45004 |
|  | COP | 47093903866 | USD | 12019884 | 01/29/26 | 243605 |
|  | CZK | 1180537536 | EUR | 48438990 | 01/09/26 | 484654 |
|  | CZK | 151879365 | USD | 7301805 | 02/23/26 | 92376 |
|  | CZK | 1348777111 | USD | 65223937 | 03/18/26 | 465446 |
|  | EUR | 17257256 | CHF | 16048076 | 01/09/26 | 9334 |
|  | EUR | 22249709 | CHF | 20494427 | 02/20/26 | 197019 |
|  | EUR | 15863274 | PLN | 66891825 | 01/09/26 | 18484 |
|  | EUR | 35123183 | USD | 40581326 | 01/08/26 | 711176 |
|  | EUR | 24374855 | USD | 28523955 | 01/09/26 | 133712 |
|  | EUR | 30998679 | USD | 35803474 | 01/13/26 | 649065 |
|  | EUR | 38325835 | USD | 44745413 | 01/14/26 | 325639 |
|  | EUR | 56485021 | USD | 65622648 | 01/26/26 | 842951 |
|  | EUR | 54878875 | USD | 64176460 | 02/03/26 | 420427 |
|  | EUR | 38786141 | USD | 45321606 | 02/12/26 | 350770 |
|  | EUR | 5678759 | USD | 6647851 | 02/25/26 | 42933 |
|  | EUR | 101623355 | USD | 119200845 | 03/18/26 | 666480 |
|  | GBP | 17591207 | EUR | 20115813 | 01/09/26 | 61581 |
|  | GBP | 4732847 | EUR | 5356936 | 03/05/26 | 64099 |
|  | GBP | 13061591 | USD | 17509551 | 01/09/26 | 96668 |
|  | GBP | 14493967 | USD | 19197609 | 01/30/26 | 338757 |
|  | GBP | 13432586 | USD | 17665155 | 02/04/26 | 440356 |
|  | GBP | 12199527 | USD | 16286368 | 02/09/26 | 156870 |
|  | GBP | 18865736 | USD | 25243027 | 03/18/26 | 181734 |
|  | HUF | 338959267 | USD | 1026123 | 02/10/26 | 7464 |
|  | HUF | 4643130185 | USD | 14007775 | 03/18/26 | 115641 |
|  | ILS | 37168467 | USD | 11529332 | 03/18/26 | 145712 |
|  | INR | 3341196117 | USD | 37040178 | 01/02/26 | 125471 |
|  | INR | 657024354 | USD | 7299232 | 01/12/26 | 1589 |
|  | INR | 766682291 | USD | 8476498 | 01/15/26 | 40492 |
|  | INR | 708287855 | USD | 7857888 | 01/20/26 | 6796 |
|  | INR | 6660049575 | USD | 73445630 | 03/18/26 | 122503 |
|  | JPY | 3402583957 | USD | 21730045 | 01/08/26 | 8386 |
|  | KRW | 11437999335 | USD | 7923000 | 02/02/26 | 6820 |
|  | KRW | 106718192740 | USD | 72790548 | 03/18/26 | 1323939 |
|  | MXN | 330404389 | USD | 17793294 | 01/08/26 | 541274 |
|  | MXN | 67531319 | USD | 3736607 | 01/09/26 | 10411 |
|  | MXN | 201146141 | USD | 10981991 | 01/20/26 | 166185 |
|  | MXN | 305523977 | USD | 16696645 | 02/11/26 | 201849 |
|  | MXN | 202197471 | USD | 11116776 | 02/17/26 | 60486 |
|  | MXN | 484630762 | USD | 26236209 | 03/18/26 | 469390 |
|  | NZD | 6649631 | USD | 3823671 | 01/09/26 | 6294 |
|  | NZD | 31047935 | USD | 17561606 | 01/15/26 | 325863 |
|  | NZD | 140893422 | USD | 79451142 | 01/26/26 | 1761753 |
|  | PLN | 54382845 | USD | 14857999 | 01/14/26 | 289204 |
|  | PLN | 87738698 | USD | 24119809 | 03/18/26 | 309792 |
|  | SEK | 524237649 | EUR | 48082341 | 01/09/26 | 438522 |
|  | SEK | 429495368 | USD | 46101173 | 03/18/26 | 743330 |
|  | SGD | 71462517 | EUR | 47200821 | 01/09/26 | 136288 |
|  | SGD | 53878005 | USD | 41841886 | 01/09/26 | 99889 |
|  | SGD | 35790006 | USD | 27643779 | 02/02/26 | 260859 |
|  | SGD | 41355149 | USD | 32205050 | 03/18/26 | 132749 |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  JPMorgan Securities, Inc. (continued) | TRY | 348632683 | USD | 7597354 | 03/18/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61934 |
|  | TWD | 146430197 | USD | 4628803 | 03/18/26 | 25907 |
|  | USD | 999593 | AUD | 1491176 | 01/02/26 | 4440 |
|  | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7865930 | AUD | 11769142 | 01/09/26 | 11255 |
|  | USD | 3747629 | BRL | 20182209 | 01/05/26 | 69347 |
|  | USD | 17169242 | BRL | 94379324 | 01/15/26 | 14722 |
|  | USD | 4617604 | BRL | 25556314 | 03/18/26 | 39203 |
|  | USD | 2438021 | CAD | 3328672 | 03/18/26 | 4689 |
|  | USD | 13713653 | CAD | 18677899 | 03/19/26 | 59118 |
|  | USD | 5741080 | CHF | 4490994 | 03/18/26 | 23930 |
|  | USD | 8130724 | COP | 30140349632 | 01/02/26 | 159957 |
|  | USD | 11076404 | COP | 41693397700 | 01/05/26 | 66717 |
|  | USD | 6471757 | COP | 24392053716 | 01/08/26 | 40887 |
|  | USD | 3660664 | COP | 13723827649 | 01/09/26 | 44573 |
|  | USD | 3726570 | COP | 14164693140 | 01/16/26 | 9727 |
|  | USD | 415913 | COP | 1560505313 | 01/22/26 | 7877 |
|  | USD | 3749157 | COP | 14280538899 | 01/23/26 | 17325 |
|  | USD | 6798433 | COP | 26093260010 | 03/18/26 | 68308 |
|  | USD | 11885800 | EUR | 10076982 | 01/02/26 | 42209 |
|  | USD | 116310723 | EUR | 98648568 | 01/09/26 | 328997 |
|  | USD | 10044313 | EUR | 8531652 | 01/26/26 | 5168 |
|  | USD | 2491654 | EUR | 2114043 | 02/25/26 | 863 |
|  | USD | 43487676 | EUR | 36735553 | 03/18/26 | 157160 |
|  | USD | 8600445 | EUR | 7281324 | 03/19/26 | 11511 |
|  | USD | 7994751 | GBP | 5917557 | 01/09/26 | 18249 |
|  | USD | 2597328 | GBP | 1924072 | 03/18/26 | 4317 |
|  | USD | 47299102 | HUF | 15544580913 | 03/18/26 | 15790 |
|  | USD | 14617369 | INR | 1309278698 | 01/02/26 | 53665 |
|  | USD | 7277455 | INR | 654888742 | 01/15/26 | 2368 |
|  | USD | 4866483 | INR | 440353447 | 03/18/26 | 2258 |
|  | USD | 11013841 | JPY | 1701638465 | 01/09/26 | 141415 |
|  | USD | 662392 | JPY | 103081383 | 01/16/26 | 3342 |
|  | USD | 2778978 | JPY | 429032606 | 01/20/26 | 34954 |
|  | USD | 2234495 | JPY | 345899796 | 02/05/26 | 19254 |
|  | USD | 5943036 | JPY | 918626269 | 02/17/26 | 54224 |
|  | USD | 25756136 | JPY | 3926126781 | 03/18/26 | 521678 |
|  | USD | 1436781 | JPY | 221745997 | 03/19/26 | 11424 |
|  | USD | 5753728 | KRW | 8087832706 | 03/18/26 | 136826 |
|  | USD | 35647135 | MXN | 641020113 | 01/09/26 | 79734 |
|  | USD | 14713244 | NOK | 147222066 | 03/18/26 | 112189 |
|  | USD | 63557180 | NZD | 109442441 | 01/09/26 | 521996 |
|  | USD | 273226 | NZD | 472727 | 01/15/26 | 876 |
|  | USD | 20784525 | NZD | 35589940 | 01/26/26 | 269997 |
|  | USD | 12796686 | NZD | 22086100 | 01/27/26 | 65375 |
|  | USD | 50572033 | NZD | 87235908 | 03/18/26 | 197221 |
|  | USD | 1346235 | PLN | 4822894 | 01/09/26 | 2865 |
|  | USD | 2950056 | PLN | 10586362 | 03/18/26 | 2433 |
|  | USD | 2325417 | SEK | 21269103 | 03/18/26 | 5623 |
|  | USD | 12741977 | SGD | 16284260 | 03/18/26 | 8444 |
|  | USD | 15641419 | TWD | 486241134 | 03/18/26 | 184829 |
|  | USD | 41591 | ZAR | 528043 | 01/09/26 | 9723 |
|  | ZAR | 530356447 | USD | 30539657 | 01/13/26 | 1458582 |
|  | ZAR | 402204183 | USD | 23591072 | 01/20/26 | 662175 |
|  | ZAR | 441738938 | USD | 26215961 | 01/28/26 | 404813 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZAR | 22904295 | USD | 1332599 | 02/05/26 | 47031 |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  JPMorgan Securities, Inc. (continued) | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666841791 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38856910 | 03/18/26 | $1187636 |
|  **TOTAL** |  |  |  |  |  | $28992303 |

---

**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** |
|  JPMorgan Securities, Inc. | AUD | 7368147 | USD | 4938462 | 01/09/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20993) |
|  | BRL | 43910325 | USD | 8041403 | 01/05/26 | (38584) |
|  | BRL | 3426016 | USD | 631264 | 03/18/26 | (17495) |
|  | CAD | 33641194 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24577416 | 01/09/26 | (57078) |
|  | CAD | 24184690 | USD | 17746780 | 03/18/26 | (67241) |
|  | CHF | 9021127 | EUR | 9764139 | 02/20/26 | (51834) |
|  | CHF | 2546224 | USD | 3256835 | 03/18/26 | (15426) |
|  | CHF | 4490420 | USD | 5741080 | 03/19/26 | (24029) |
|  | COP | 27684917170 | USD | 7468341 | 01/02/26 | (146926) |
|  | COP | 41602694434 | USD | 11063499 | 01/05/26 | (77762) |
|  | COP | 52409300715 | USD | 13968364 | 01/08/26 | (150855) |
|  | COP | 13783927320 | USD | 3660584 | 01/09/26 | (28657) |
|  | COP | 14033320411 | USD | 3704737 | 01/15/26 | (20193) |
|  | COP | 67675796639 | USD | 17917876 | 01/20/26 | (201418) |
|  | COP | 43770335322 | USD | 11406631 | 03/18/26 | (117132) |
|  | EUR | 33907590 | CAD | 54838981 | 01/09/26 | (105585) |
|  | EUR | 20729184 | CHF | 19265704 | 02/27/26 | (44205) |
|  | EUR | 48461809 | CZK | 1180380106 | 01/09/26 | (450168) |
|  | EUR | 24852780 | GBP | 21735044 | 01/09/26 | (77938) |
|  | EUR | 38519327 | SEK | 419647311 | 01/09/26 | (315921) |
|  | EUR | 14717000 | SGD | 22294312 | 01/09/26 | (52323) |
|  | EUR | 28737145 | USD | 33822158 | 01/02/26 | (47064) |
|  | EUR | 12849674 | USD | 15155303 | 01/06/26 | (50072) |
|  | EUR | 6581584 | USD | 7744000 | 01/09/26 | (5991) |
|  | EUR | 23120528 | USD | 27300720 | 02/12/26 | (75287) |
|  | EUR | 30144921 | USD | 35629318 | 03/18/26 | (72616) |
|  | GBP | 2983977 | USD | 4023576 | 01/09/26 | (1358) |
|  | HKD | 6389875 | USD | 823425 | 03/30/26 | (83) |
|  | HUF | 11095261257 | USD | 33758008 | 03/18/26 | (8580) |
|  | INR | 1660093400 | USD | 18466000 | 01/05/26 | (6404) |
|  | INR | 259052266 | USD | 2862921 | 03/18/26 | (1382) |
|  | JPY | 4516054939 | USD | 29055233 | 01/08/26 | (203058) |
|  | JPY | 1744353687 | USD | 11222370 | 01/09/26 | (77020) |
|  | JPY | 255881881 | USD | 1655979 | 01/16/26 | (20000) |
|  | JPY | 273662744 | USD | 1766374 | 02/17/26 | (12071) |
|  | JPY | 2787739297 | USD | 18120323 | 03/18/26 | (202641) |
|  | JPY | 1178339151 | USD | 7635080 | 03/19/26 | (60856) |
|  | KRW | 16313356645 | USD | 11726526 | 03/18/26 | (397098) |
|  | MXN | 68466050 | USD | 3803458 | 01/09/26 | (4577) |
|  | NOK | 182073016 | USD | 18113739 | 03/18/26 | (56269) |
|  | NOK | 127711167 | USD | 12777843 | 03/19/26 | (111939) |
|  | NZD | 102349380 | AUD | 89419323 | 01/09/26 | (728257) |
|  | NZD | 63768545 | USD | 36934283 | 01/09/26 | (205733) |
|  | NZD | 1772016 | USD | 1025567 | 01/15/26 | (4665) |
|  | NZD | 43114670 | USD | 24941836 | 01/27/26 | (88816) |
|  | NZD | 73523022 | USD | 42952149 | 02/05/26 | (558095) |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  JPMorgan Securities, Inc. (continued) | NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81005785 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46976025 | 03/18/26 | $&nbsp;&nbsp;&nbsp;&nbsp;(198829) |
|  | PLN | 98374134 | EUR | 23351038 | 01/09/26 | (52804) |
|  | PLN | 43759135 | USD | 12194506 | 03/18/26 | (10393) |
|  | SEK | 15243611 | USD | 1668265 | 03/18/26 | (5664) |
|  | SGD | 2442045 | USD | 1910702 | 03/18/26 | (1136) |
|  | TWD | 153471482 | USD | 4882247 | 01/29/26 | (2553) |
|  | TWD | 431482634 | USD | 13858866 | 03/18/26 | (142935) |
|  | USD | 24296765 | AUD | 36624916 | 01/09/26 | (146548) |
|  | USD | 16873893 | AUD | 25965949 | 01/30/26 | (457496) |
|  | USD | 44488635 | AUD | 67369217 | 03/18/26 | (472653) |
|  | USD | 19696514 | BRL | 108867430 | 01/05/26 | (144977) |
|  | USD | 16856248 | BRL | 93552177 | 01/15/26 | (147929) |
|  | USD | 7774874 | BRL | 43400306 | 02/03/26 | (77201) |
|  | USD | 37765979 | CAD | 51887557 | 01/09/26 | (53737) |
|  | USD | 11509651 | CAD | 15881016 | 02/10/26 | (81624) |
|  | USD | 2679749 | CAD | 3722874 | 02/27/26 | (39347) |
|  | USD | 79973207 | CAD | 110932207 | 03/18/26 | (1120669) |
|  | USD | 13125431 | CAD | 17980567 | 03/19/26 | (19317) |
|  | USD | 48493415 | CHF | 38486976 | 03/18/26 | (501487) |
|  | USD | 3891869 | CLP | 3544637323 | 03/18/26 | (48772) |
|  | USD | 45017018 | CNH | 315443207 | 01/09/26 | (228813) |
|  | USD | 10315 | CNH | 72541 | 02/24/26 | (118) |
|  | USD | 86040394 | CNH | 603170610 | 03/18/26 | (830115) |
|  | USD | 7299912 | COP | 27684917170 | 01/02/26 | (21503) |
|  | USD | 3656559 | COP | 13927833231 | 01/05/26 | (21268) |
|  | USD | 10092748 | COP | 38746060954 | 01/08/26 | (122500) |
|  | USD | 3706289 | COP | 14235856433 | 01/15/26 | (31432) |
|  | USD | 27756015 | COP | 108141274525 | 01/20/26 | (553667) |
|  | USD | 13016750 | COP | 50860737660 | 03/18/26 | (101547) |
|  | USD | 7664487 | CZK | 159774661 | 02/23/26 | (114073) |
|  | USD | 56931877 | CZK | 1179160854 | 03/18/26 | (496699) |
|  | USD | 21878247 | EUR | 18661078 | 01/02/26 | (54330) |
|  | USD | 15074293 | EUR | 12858734 | 01/06/26 | (41588) |
|  | USD | 16728163 | EUR | 14331874 | 01/08/26 | (121076) |
|  | USD | 47174864 | EUR | 40211122 | 01/09/26 | (101600) |
|  | USD | 16040783 | EUR | 13777191 | 01/13/26 | (160346) |
|  | USD | 43447003 | EUR | 37229651 | 01/14/26 | (334940) |
|  | USD | 17652597 | EUR | 15031958 | 01/26/26 | (35422) |
|  | USD | 44174233 | EUR | 37674738 | 02/25/26 | (214616) |
|  | USD | 67953992 | EUR | 57945949 | 03/18/26 | (394724) |
|  | USD | 11854901 | EUR | 10074178 | 03/19/26 | (28439) |
|  | USD | 23711815 | GBP | 17677647 | 01/09/26 | (116564) |
|  | USD | 17670028 | GBP | 13464683 | 02/04/26 | (478744) |
|  | USD | 31089310 | GBP | 23298423 | 03/18/26 | (309242) |
|  | USD | 8748021 | GBP | 6532864 | 03/19/26 | (56077) |
|  | USD | 6375677 | HUF | 2090847732 | 01/09/26 | (13583) |
|  | USD | 2437846 | HUF | 803757876 | 02/04/26 | (13998) |
|  | USD | 3914178 | HUF | 1304125043 | 03/18/26 | (52693) |
|  | USD | 11937347 | ILS | 39044757 | 03/18/26 | (327061) |
|  | USD | 22596205 | INR | 2031917419 | 01/02/26 | (5740) |
|  | USD | 18455898 | INR | 1661323353 | 01/05/26 | (17374) |
|  | USD | 7411474 | INR | 668848452 | 01/12/26 | (20737) |
|  | USD | 16911299 | INR | 1536995274 | 01/20/26 | (155183) |
|  | USD | 63207962 | INR | 5725656626 | 03/18/26 | (38696) |
|  | USD | 37812158 | JPY | 5934618199 | 01/08/26 | (102936) |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  JPMorgan Securities, Inc. (continued) | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9800000 | KRW | 14492240000 | 01/26/26 | $(245281) |
|  | USD | 69063017 | KRW | 101088177951 | 03/18/26 | (1141495) |
|  | USD | 6829206 | MXN | 124926672 | 01/08/26 | (103137) |
|  | USD | 6507846 | MXN | 118013285 | 01/20/26 | (32835) |
|  | USD | 15814952 | MXN | 294144200 | 03/18/26 | (393876) |
|  | USD | 18765000 | NOK | 189756773 | 03/18/26 | (54523) |
|  | USD | 29867647 | NZD | 51910332 | 01/09/26 | (30967) |
|  | USD | 18086043 | NZD | 31695029 | 01/15/26 | (174233) |
|  | USD | 4398700 | NZD | 7793945 | 03/18/26 | (101953) |
|  | USD | 14879732 | PLN | 54501645 | 01/14/26 | (300560) |
|  | USD | 34608325 | PLN | 125472136 | 03/18/26 | (327619) |
|  | USD | 2656958 | SEK | 24445038 | 03/10/26 | (8034) |
|  | USD | 44847497 | SEK | 418229435 | 03/18/26 | (768245) |
|  | USD | 54334826 | SGD | 69978229 | 01/09/26 | (140301) |
|  | USD | 27529832 | SGD | 35634140 | 02/02/26 | (253279) |
|  | USD | 31244255 | SGD | 40117560 | 03/18/26 | (125808) |
|  | USD | 4143985 | TRY | 193143225 | 03/18/26 | (99276) |
|  | USD | 4628803 | TWD | 146517061 | 01/20/26 | (34385) |
|  | USD | 3147034 | TWD | 99515509 | 03/18/26 | (16356) |
|  | USD | 37530033 | ZAR | 629020968 | 01/09/26 | (432714) |
|  | USD | 11294497 | ZAR | 192458231 | 01/13/26 | (317173) |
|  | USD | 13910597 | ZAR | 234254462 | 01/20/26 | (215141) |
|  | USD | 8303715 | ZAR | 139419367 | 01/28/26 | (98197) |
|  | USD | 42501183 | ZAR | 730457158 | 03/18/26 | (1363532) |
|  **TOTAL** |  |  |  |  |  | $(21304130) |

---

**FORWARD SALES CONTRACTS** — At December 31, 2025, the Fund had the following forward sales contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date<sup>(a)</sup>** | **Settlement<br>Date** | **Principal<br>Amount** | **Value** |
|  Government National Mortgage Association | 3.000% | TBA - 30yr | 01/15/25 | $(8000000) | $(7190611) |
|  Government National Mortgage Association | 5.500 | TBA - 30yr | 01/15/25 | (9000000) | (9086871) |
|  Uniform Mortgage-Backed Security | 2.000 | TBA - 30yr | 01/15/25 | (74000000) | (59783904) |
|  Uniform Mortgage-Backed Security | 3.500 | TBA - 30yr | 01/14/26 | (11000000) | (10161680) |
|  Uniform Mortgage-Backed Security | 4.500 | TBA - 30yr | 01/15/25 | (36000000) | (35135158) |
|  Uniform Mortgage-Backed Security | 5.000 | TBA - 30yr | 01/15/25 | (51000000) | (50872500) |
|  Uniform Mortgage-Backed Security | 4.000 | TBA - 30yr | 01/14/26 | (25000000) | (23708985) |
|  Uniform Mortgage-Backed Security | 6.500 | TBA - 30yr | 01/15/25 | (148000000) | (153775463) |
|  **(PROCEEDS RECEIVED: $(349842168))** |  |  |  |  | $(349715172) |

---

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

------

GOLDMAN SACHS DYNAMIC BOND FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**FUTURES CONTRACTS** — At December 31, 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:** |  |  |  |  |
|  10 Year U.K. Long Gilt | 607 | 03/27/26 | $74759479 | $297836 |
|  10 Year U.S. Treasury Notes | 843 | 03/20/26 | 94784813 | (172836) |
|  2 Year U.S. Treasury Notes | 269 | 03/31/26 | 56164258 | 16342 |
|  20 Year U.S. Treasury Bonds | 675 | 03/20/26 | 78025781 | (473981) |
|  30 Year German Euro-Buxl | 579 | 03/06/26 | 74930140 | (501420) |
|  3M Euribor | 1307 | 09/14/26 | 376086267 | 123279 |
|  3M Euribor | 1300 | 06/15/26 | 374148421 | 79601 |
|  5 Year U.S. Treasury Notes | 2055 | 03/31/26 | 224621134 | (247279) |
|  Australian 3 Year Government Bonds | 1168 | 03/16/26 | 81840347 | (57920) |
|  ICE 3M Sonia Bonds | 1807 | 03/17/26 | 586162412 | 358471 |
|  ICE 3M Sonia Bonds | 1753 | 06/16/26 | 569649917 | 144036 |
|  ICE 3M Sonia Bonds | 1656 | 03/16/27 | 539468395 | 36107 |
|  **Total** |  |  |  | $(397764) |
|  **Short position contracts:** |  |  |  |  |
|  5 Year German Euro-Bund | (140) | 03/06/26 | (20988837) | (21624) |
|  Euro-Schatz | (1) | 03/06/26 | (125500) | 145 |
|  French 10 Year Government Bonds | (1213) | 03/06/26 | (171903166) | 781996 |
|  Ultra 10-Year U.S. Treasury Notes | (1414) | 03/20/26 | (162632094) | 961696 |
|  Ultra Long U.S. Treasury Bonds | (257) | 03/20/26 | (30326000) | 44667 |
|  **Total** |  |  |  | $1766880 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $1369116 |

---

**SWAP CONTRACTS** — At December 31, 2025, the Fund had the following swap contracts:

**CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made**<br> **by the Fund** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  1M BID Average<sup>(a)</sup><br> 13.750%<sup>(a)</sup> | 01/04/27 | 204880 | $(178795) | $(155715) | $&nbsp;&nbsp;&nbsp;&nbsp;(23080) |
|  13.750%<sup>(a)</sup><br> 1M BID Average<sup>(a)</sup> | 01/04/27 | 322060 | 281055 | (438072) | 719127 |
| 3.490<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 05/31/27 | $10 | 28 | (10) | 38 |
| 3.062<sup>(b)</sup><br> 12M SOFR<sup>(b)</sup> | 08/31/27 | 306650 <sup>(c)</sup> | 338389 | 39090 | 299299 |
| 1.250<sup>(b)</sup><br> 12M JYOR<sup>(b)</sup> | 12/15/27 | 44224440 <sup>(c)</sup> | 360481 | 33183 | 327298 |
| 3.136<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 12/15/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311670 <sup>(c)</sup> | 576372 | 114531 | 461841 |
|  Mexico Interbank TIIE 28 Days<sup>(d)</sup><br> 7.250<sup>(d)</sup> | 03/15/28 | 469070 <sup>(c)</sup> | (9550) | 127376 | (136926) |
|  12M THOR<sup>(e)</sup><br> 1.000<sup>(e)</sup> | 03/18/28 | 532990 <sup>(c)</sup> | (16551) | (1296) | (15255) |
|  3M CNRR<sup>(e)</sup><br> 1.500<sup>(e)</sup> | 03/18/28 | 109510 <sup>(c)</sup> | 4203 | (15032) | 19235 |
|  12M EURO<sup>(a)</sup><br> 1.750<sup>(a)</sup> | 03/18/28 | 253840 <sup>(c)</sup> | (1756048) | (1922645) | 166597 |
| 2.500<sup>(f)</sup><br> 12M CDOR<sup>(f)</sup> | 03/18/28 | 36210 <sup>(c)</sup> | 21078 | 37685 | (16607) |
| 2.750<sup>(f)</sup><br> 12M CDOR<sup>(f)</sup> | 03/18/28 | 5610 <sup>(c)</sup> | (16542) | (15060) | (1482) |
| 0.000<sup>(a)</sup><br> 12M CHFOR<sup>(a)</sup> | 03/18/28 | 323740 <sup>(c)</sup> | 604238 | 539664 | 64574 |
| 4.500<sup>(f)</sup><br> 12M CLICP<sup>(f)</sup> | 03/18/28 | 8957210 <sup>(c)</sup> | (8848) | (14894) | 6046 |
| 8.500<sup>(e)</sup><br> 12M CPIBR<sup>(e)</sup> | 03/18/28 | 53134280 <sup>(c)</sup> | 641882 | (73618) | 715500 |
| 1.000<sup>(a)</sup><br> 12M JYOR<sup>(a)</sup> | 03/18/28 | 101606000 <sup>(c)</sup> | 3095532 | 1980412 | 1115120 |
| 3.500<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 03/18/28 | $666040 <sup>(c)</sup> | (2966475) | (2916232) | (50243) |
|  6M PRIBO<sup>(f)</sup><br> 3.750<sup>(a)</sup> | 03/18/28 | 661650 <sup>(c)</sup> | 103367 | 72391 | 30976 |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made**<br> **by the Fund** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  6M WIBOR<sup>(f)</sup><br> 3.750%<sup>(a)</sup> | 03/18/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90860 <sup>(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;129080 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42646 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86434 |
|  12M GBP<sup>(a)</sup><br> 3.750<sup>(a)</sup> | 03/18/28 | 512740 <sup>(c)</sup> | 3726394 | 2453846 | 1272548 |
|  3.500%<sup>(e)</sup><br> 3M AUDOR<sup>(e)</sup> | 03/18/28 | 68380 <sup>(c)</sup> | 509981 | 522040 | (12059) |
| 2.250<sup>(e)</sup><br> 3M KWCDC<sup>(e)</sup> | 03/18/28 | 1571970 <sup>(c)</sup> | 14998 | 1452 | 13546 |
|  6M NIBOR<sup>(f)</sup><br> 4.000<sup>(a)</sup> | 03/18/28 | 8805790 <sup>(c)</sup> | (1682622) | (2087966) | 405344 |
|  12M GBP<sup>(a)</sup><br> 4.000<sup>(a)</sup> | 03/18/28 | 29380 <sup>(c)</sup> | 400963 | 350524 | 50439 |
|  6M BUBOR<sup>(f)</sup><br> 6.000<sup>(a)</sup> | 03/18/28 | 4508970 <sup>(c)</sup> | 53376 | 4381 | 48995 |
|  3M JIBAR<sup>(e)</sup><br> 6.750<sup>(e)</sup> | 03/18/28 | 598800 <sup>(c)</sup> | 301603 | 169792 | 131811 |
| 2.000<sup>(a)</sup><br> 6M EURO<sup>(f)</sup> | 03/18/28 | 28650 <sup>(c)</sup> | 201397 | 236173 | (34776) |
| 2.250<sup>(a)</sup><br> 6M EURO<sup>(f)</sup> | 03/18/28 | 41090 <sup>(c)</sup> | 54953 | 76767 | (21814) |
| 5.500<sup>(f)</sup><br> 6M MIBOR<sup>(f)</sup> | 03/18/28 | 1417010 <sup>(c)</sup> | 29467 | (8059) | 37526 |
|  12M SOFR<sup>(b)</sup><br> 3.368<sup>(b)</sup> | 06/23/28 | $797020 <sup>(c)</sup> | 705681 | 555113 | 150568 |
|  12M EURO<sup>(b)</sup><br> 2.000<sup>(b)</sup> | 09/10/28 | 1138677 <sup>(c)</sup> | (3573456) | (991142) | (2582314) |
| 2.500<sup>(b)</sup><br> 6M EURO<sup>(f)</sup> | 09/10/28 | 1138677 <sup>(c)</sup> | 557884 | (2429839) | 2987723 |
|  12M SOFR<sup>(b)</sup><br> 3.201<sup>(b)</sup> | 10/07/28 | $252770 <sup>(c)</sup> | (331609) | 48775 | (380384) |
|  12M GBP<sup>(b)</sup><br> 3.500<sup>(b)</sup> | 10/27/28 | 493050 <sup>(c)</sup> | (498854) | (493024) | (5830) |
| 1.250<sup>(a)</sup><br> 6M EURO<sup>(f)</sup> | 12/19/28 | 2630 | 100706 | (24056) | 124762 |
|  1M BID Average<sup>(a)</sup><br> 13.250<sup>(a)</sup> | 01/02/29 | 102300 | (80755) | (273115) | 192360 |
| 2.000<sup>(a)</sup><br> 6M EURO<sup>(f)</sup> | 03/18/29 | 1800 <sup>(c)</sup> | 25675 | 26914 | (1239) |
|  6M EURO<sup>(f)</sup><br> 2.400<sup>(a)</sup> | 08/11/29 | 212150 <sup>(c)</sup> | (1084086) | (547898) | (536188) |
| 13.250<sup>(a)</sup><br> 1M BID Average<sup>(a)</sup> | 01/02/30 | 49220 | 49653 | 52163 | (2510) |
| 3.600<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 06/23/30 | $838150 <sup>(c)</sup> | (473639) | (1758882) | 1285243 |
| 3.528<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 07/15/30 | 53910 <sup>(c)</sup> | (73668) | (108995) | 35327 |
| 3.500<sup>(a)</sup><br> 12M GBP<sup>(a)</sup> | 10/27/30 | 459230 <sup>(c)</sup> | 3502225 | 3035789 | 466436 |
|  12M SOFR<sup>(a)</sup><br> 3.265<sup>(a)</sup> | 01/30/31 | $132500 <sup>(c)</sup> | (1182854) | (810552) | (372302) |
|  Mexico Interbank TIIE 28 Days<sup>(d)</sup><br> 7.500<sup>(d)</sup> | 03/12/31 | 204030 <sup>(c)</sup> | (131603) | 90683 | (222286) |
| 1.000<sup>(a)</sup><br> 12M JYOR<sup>(a)</sup> | 03/18/31 | 24059000 <sup>(c)</sup> | 4089539 | 3396345 | 693194 |
| 1.250<sup>(e)</sup><br> 12M THOR<sup>(e)</sup> | 03/18/31 | 244890 <sup>(c)</sup> | (3619) | (23067) | 19448 |
|  6M EURO<sup>(f)</sup><br> 2.250<sup>(a)</sup> | 03/18/31 | 153220 <sup>(c)</sup> | (3045695) | (3134200) | 88505 |
|  12M SOFR<sup>(a)</sup><br> 3.500<sup>(a)</sup> | 03/18/31 | $20 <sup>(c)</sup> | 35 | 32 | 3 |
|  3M NZDOR<sup>(e)</sup><br> 3.500<sup>(f)</sup> | 03/18/31 | 177460 <sup>(c)</sup> | (636188) | (1043570) | 407382 |
|  6M AUDOR<sup>(f)</sup><br> 3.750<sup>(f)</sup> | 03/18/31 | 137270 <sup>(c)</sup> | (3093216) | (3020223) | (72993) |
|  12M GBP<sup>(a)</sup><br> 3.750<sup>(a)</sup> | 03/18/31 | 82590 <sup>(c)</sup> | 434655 | 271399 | 163256 |
|  3M JIBAR<sup>(e)</sup><br> 7.250<sup>(e)</sup> | 03/18/31 | 57560 <sup>(c)</sup> | 87463 | 2223 | 85240 |
|  12M CPIBR<sup>(e)</sup><br> 8.750<sup>(e)</sup> | 03/18/31 | 10496610 <sup>(c)</sup> | (218399) | 18653 | (237052) |
|  12M SOFR<sup>(a)</sup><br> 3.379<sup>(a)</sup> | 08/31/31 | $435920 <sup>(c)</sup> | (2308284) | 968506 | (3276790) |
|  12M SOFR<sup>(a)</sup><br> 3.845<sup>(a)</sup> | 05/21/32 | 69700 <sup>(c)</sup> | 697976 | 316067 | 381909 |
| 3.577<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 10/10/32 | 173830 <sup>(c)</sup> | 1198402 | (6370) | 1204772 |
| 1.295<sup>(a)</sup><br> 12M JYOR<sup>(a)</sup> | 08/02/34 | 18691491 <sup>(c)</sup> | 4164930 | (562896) | 4727826 |
|  12M EURO<sup>(a)</sup><br> 2.500<sup>(a)</sup> | 02/15/35 | 158820 <sup>(c)</sup> | (2142632) | (1523295) | (619337) |
|  12M SOFR<sup>(a)</sup><br> 4.098<sup>(a)</sup> | 06/24/35 | $204740 <sup>(c)</sup> | (186682) | (84654) | (102028) |
|  12M GBP<sup>(a)</sup><br> 4.500<sup>(a)</sup> | 10/28/35 | 91190 <sup>(c)</sup> | 525728 | 692904 | (167176) |
| 4.000<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 11/27/35 | $128877 <sup>(c)</sup> | 904976 | (193127) | 1098103 |
|  6M AUDOR<sup>(f)</sup><br> 5.000<sup>(f)</sup> | 11/27/35 | 214050 <sup>(c)</sup> | (736701) | 31968 | (768669) |
|  Mexico Interbank TIIE 28 Days<sup>(d)</sup><br> 8.000<sup>(d)</sup> | 03/05/36 | 101280 <sup>(c)</sup> | (90385) | 13142 | (103527) |
| 0.500<sup>(a)</sup><br> 12M CHFOR<sup>(a)</sup> | 03/18/36 | 8200 <sup>(c)</sup> | 192806 | 150573 | 42233 |
| 9.250<sup>(e)</sup><br> 12M CPIBR<sup>(e)</sup> | 03/18/36 | 18601610 <sup>(c)</sup> | 493188 | 50047 | 443141 |
| 4.250<sup>(a)</sup><br> 12M GBP<sup>(a)</sup> | 03/18/36 | 21620 <sup>(c)</sup> | (557036) | (476315) | (80721) |
| 1.250<sup>(a)</sup><br> 12M JYOR<sup>(a)</sup> | 03/18/36 | 31249000 <sup>(c)</sup> | 12166342 | 10904020 | 1262322 |
| 4.000<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 03/18/36 | $50890 <sup>(c)</sup> | (810967) | (924506) | 113539 |
|  12M CDOR<sup>(f)</sup><br> 3.000<sup>(f)</sup> | 03/18/36 | 20510 <sup>(c)</sup> | (255606) | (344974) | 89368 |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made**<br> **by the Fund** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  3M STIBOR<sup>(e)</sup><br> 3.000%<sup>(a)</sup> | 03/18/36 | &nbsp;&nbsp;&nbsp;&nbsp;203010 <sup>(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56386 | $(118590) | $&nbsp;&nbsp;&nbsp;&nbsp;174976 |
|  8.500%<sup>(e)</sup><br> 3M JIBAR<sup>(e)</sup> | 03/18/36 | 147830 <sup>(c)</sup> | (660009) | (463116) | (196893) |
|  3M NZDOR<sup>(e)</sup><br> 4.000<sup>(f)</sup> | 03/18/36 | 81420 <sup>(c)</sup> | (545369) | (866099) | 320730 |
|  6M WIBOR<sup>(f)</sup><br> 4.500<sup>(a)</sup> | 03/18/36 | 14860 <sup>(c)</sup> | 102741 | (32654) | 135395 |
|  12M CLICP<sup>(f)</sup><br> 5.250<sup>(f)</sup> | 03/18/36 | 888520 <sup>(c)</sup> | 3985 | 4725 | (740) |
|  6M BUBOR<sup>(f)</sup><br> 6.500<sup>(a)</sup> | 03/18/36 | 33400 <sup>(c)</sup> | (74) | (199) | 125 |
| 4.250<sup>(f)</sup><br> 6M AUDOR<sup>(f)</sup> | 03/18/36 | 27110 <sup>(c)</sup> | 802065 | 795652 | 6413 |
| 2.500<sup>(a)</sup><br> 6M EURO<sup>(f)</sup> | 03/18/36 | 85110 <sup>(c)</sup> | 3974335 | 3957411 | 16924 |
| 4.000<sup>(a)</sup><br> 6M NIBOR<sup>(f)</sup> | 03/18/36 | 353610 <sup>(c)</sup> | 425903 | 537481 | (111578) |
| 4.000<sup>(a)</sup><br> 6M PRIBOR<sup>(f)</sup> | 03/18/36 | 12530 <sup>(c)</sup> | 6777 | 2039 | 4738 |
| 3.805<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 08/31/36 | $239490 <sup>(c)</sup> | 957457 | (1890041) | 2847498 |
| 4.250<sup>(a)</sup><br> 12M GBP<sup>(a)</sup> | 01/31/39 | 64340 <sup>(c)</sup> | (600949) | (167201) | (433748) |
|  12M SOFR<sup>(a)</sup><br> 4.574<sup>(a)</sup> | 07/16/40 | $304280 <sup>(c)</sup> | (1364179) | (182474) | (1181705) |
|  12M SOFR<sup>(a)</sup><br> 4.438<sup>(a)</sup> | 10/09/40 | 116990 <sup>(c)</sup> | (1054910) | (43718) | (1011192) |
|  12M JYOR<sup>(a)</sup><br> 2.160<sup>(a)</sup> | 08/02/44 | 27699458 <sup>(c)</sup> | (8508918) | (8425058) | (83860) |
|  6M EURO<sup>(f)</sup><br> 2.750<sup>(a)</sup> | 03/18/46 | 14950 <sup>(c)</sup> | (1324907) | (1293369) | (31538) |
| 2.750<sup>(a)</sup><br> 6M EURO<sup>(f)</sup> | 03/18/46 | 530 <sup>(c)</sup> | 46970 | 45467 | 1503 |
| 4.213<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 05/21/55 | $47460 <sup>(c)</sup> | 1343052 | 241550 | 1101502 |
| 3.848<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 07/17/55 | 246330 <sup>(c)</sup> | 2970272 | 343232 | 2627040 |
| 2.800<sup>(a)</sup><br> 6M EURO<sup>(f)</sup> | 08/13/55 | 85790 <sup>(c)</sup> | 4810969 | 1379626 | 3431343 |
|  6M EURO<sup>(f)</sup><br> 2.900<sup>(a)</sup> | 08/15/55 | 49340 <sup>(c)</sup> | (1074607) | (18085) | (1056522) |
| 3.828<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 01/30/56 | $37240 <sup>(c)</sup> | 2136507 | 1003284 | 1133223 |
|  12M JYOR<sup>(a)</sup><br> 2.250<sup>(a)</sup> | 03/18/56 | 3042000 <sup>(c)</sup> | (2432613) | (2370237) | (62376) |
| 2.500<sup>(a)</sup><br> 6M EURO<sup>(f)</sup> | 03/18/56 | 24850 <sup>(c)</sup> | 4324022 | 4257405 | 66617 |
|  12M EURO<sup>(a)</sup><br> 2.530<sup>(a)</sup> | 03/19/56 | 73190 <sup>(c)</sup> | (9180853) | (3483749) | (5697104) |
| 2.610<sup>(a)</sup><br> 6M EURO<sup>(f)</sup> | 03/19/56 | 73190 <sup>(c)</sup> | 10895184 | 3853851 | 7041333 |
| 3.100<sup>(a)</sup><br> 6M EURO<sup>(f)</sup> | 08/15/56 | 64960 <sup>(c)</sup> | 2366937 | 1175544 | 1191393 |
| 2.600<sup>(a)</sup><br> 6M EURO<sup>(f)</sup> | 08/16/75 | 34450 <sup>(c)</sup> | 405500 | (272956) | 678456 |
| 3.000<sup>(a)</sup><br> 6M EURO<sup>(f)</sup> | 03/18/76 | 8470 <sup>(c)</sup> | 354131 | 355857 | (1726) |
|  TOTAL |  |  | $22431141 | $(670452) | $23101593 |

---

(a) Payments made annually.<sup></sup>

(b) Payments made at maturity.

(c) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2025. <sup>
</sup>

(d) Payments made at monthly.

(e) Payments made quarterly.

(f) Payments made semi-annually.

**OVER-THE-COUNTER CREDIT DEFAULT SWAP CONTRACTS** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br>Obligation/Index** | **Financing Rate**<br> **Received/(Paid) by**<br> **the Fund<sup>(a)</sup>**  | **Credit**<br> **Spread at**<br> **December 31,**<br> **2025<sup>(b)</sup>**  | **Counterparty** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** |  |  |  |
|  CMBX.NA.AAA.17 | 0.500% | 0.692% | Citigroup Global Markets, Inc. | 12/15/56 | $21850 | $(250412) | $(298848) | $48436 |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**OVER-THE-COUNTER CREDIT DEFAULT SWAP CONTRACTS (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br>Obligation/Index** | **Financing Rate**<br> **Received/(Paid) by**<br> **the Fund<sup>(a)</sup>** | **Credit**<br> **Spread at**<br> **December 31,**<br> **2025<sup>(b)</sup>** | **Counterparty** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  CMBX.NA.AAA.17 | 0.500% | 0.692% | MS & Co. Int. PLC | 12/15/56 | $40200 | $(460711) | $(512860) | $52149 |
|  **TOTAL** |  |  |  |  |  | $(711123) | $(811708) | $100585 |

---

(a) Payments made monthly.

(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its
counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

**CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced<br>Obligation/Index** | **Financing Rate**<br> **Received/(Paid) by**<br> **the Fund<sup>(a)</sup>** | **Credit**<br> **Spread at**<br> **December 31,<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 Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** |  |  |  |
|  CDX.NA.HY Index 39 | 5.000% | 1.866% | 12/20/27 | $21533 | $1300785 | $834468 | $466317 |
|  CDX.NA.HY Index 45 | 5.000 | 3.168 | 12/20/30 | 91475 | 7079606 | 6722826 | 356780 |
|  CDX.NA.IG Index 44 | 1.000 | 0.456 | 06/20/30 | 211142 | 4796692 | 4260160 | 536532 |
|  Republic of Chile, 3.240%, 02/06/28 | 1.000 | 0.428 | 12/20/30 | 5200 | 137736 | 117546 | 20190 |
|  Republic of Indonesia, 2.150%, 07/28/31 | 1.000 | 0.692 | 12/20/30 | 5230 | 74321 | 37173 | 37148 |
|  Republic of Peru, 8.750%, 11/21/33 | 1.000 | 0.702 | 12/20/30 | 5190 | 71785 | 69916 | 1869 |
|  Republic of the Philippines, 9.500%, 02/02/30 | 1.000 | 0.570 | 12/20/30 | 5170 | 102437 | 93295 | 9142 |
|  **TOTAL** |  |  |  |  | $13563362 | $12135384 | $1427978 |

---

(a) Payments made quarterly.

(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its
counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br>Obligation/Index** | **Financing Rate**<br> **Paid/(Received) by**<br> **the Fund<sup>(a)</sup>** | **Counterparty** | **Termination<br>Date#** | **Notional<br>Amount<br>(000s)** | **Market<br>Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  JPMBKTL5 Index | 12MSOFR-0.570% | JPMorgan Securities, Inc. | 01/15/26 | $100086 | $2048457 | $(23) | $2048480 |

---

(a) Payments made quarterly.

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

------

GOLDMAN SACHS DYNAMIC BOND FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **A basket (JPMBKTL5) of Corporate Obligations** |  | | | |
| **Corporate Obligations** | **Sector** | **Shares** | **Value** | **Weight** |
|  Amazon.com Inc, 4.050, 08/22/47 | Communications | 193 | $15871 | 1.2% |
|  Texas Instruments, 4.150, 05/15/48 | Technology | 193 | 15892 | 1.2 |
|  Comcast Corp, 3.750, 04/01/40 | Communications | 193 | 15921 | 1.2 |
|  AbbVie, Inc., 4.250, 11/21/49 | Health Care | 193 | 15930 | 1.2 |
|  Elevance Health, Inc., 4.375, 12/02/47 | Health Care | 193 | 16038 | 1.2 |
|  Berkshire Hathaway Finance Corp, 4.250, 01/15/49 | Financials | 193 | 16224 | 1.2 |
|  Caterpillar Inc, 3.803, 08/15/42 | Industrials | 193 | 16224 | 1.2 |
|  Chubb INA Holdings LLC, 4.350, 11/03/45 | Financials | 193 | 16844 | 1.3 |
|  Visa Inc, 4.300, 12/14/45 | Financials | 193 | 16844 | 1.3 |
|  Mitsubishi UFJ Financial Group Inc, 3.751, 07/18/39 | Financials | 193 | 16851 | 1.3 |
|  Phillips 66, 4.875, 11/15/44 | Energy | 193 | 16974 | 1.3 |
|  Walmart Inc, 4.500, 04/15/53 | Consumer Staples | 193 | 17080 | 1.3 |
|  Novartis Capital Corp, 4.400, 05/06/44 | Consumer Staples | 193 | 17242 | 1.3 |
|  Energy Transfer LP, 5.400, 10/01/47 | Energy | 193 | 17348 | 1.3 |
|  Gilead Sciences Inc, 4.750, 03/01/46 | Consumer Staples | 193 | 17532 | 1.3 |
|  KLA Corp, 4.950, 07/15/52 | Technology | 193 | 17535 | 1.3 |
|  Dow Chemical Co/The, 5.950, 03/15/55 | Materials | 193 | 17597 | 1.3 |
|  Kenvue Inc, 5.050, 03/22/53 | Consumer Staples | 193 | 17610 | 1.3 |
|  Enterprise Products Operating LLC, 4.850, 03/15/44 | Energy | 193 | 17651 | 1.3 |
|  QUALCOMM Inc, 4.800, 05/20/45 | Technology | 193 | 17682 | 1.4 |
|  Medtronic Inc, 4.625, 03/15/45 | Consumer Staples | 193 | 17703 | 1.4 |
|  Intercontinental Exchange Inc, 4.950, 06/15/52 | Financials | 193 | 17719 | 1.4 |
|  Eli Lilly & Co, 5.000, 02/09/54 | Consumer Staples | 193 | 18027 | 1.4 |
|  Abbott Laboratories, 4.900, 11/30/46 | Consumer Staples | 193 | 18186 | 1.4 |
|  Honeywell International Inc, 5.250, 03/01/54 | Industrials | 193 | 18252 | 1.4 |
|  BHP Billiton Finance USA Ltd, 5.000, 09/30/43 | Materials | 193 | 18355 | 1.4 |
|  BlackRock Funding Inc, 5.250, 03/14/54 | Financials | 193 | 18514 | 1.4 |
|  Shell Finance US Inc, 4.125, 05/11/35 | Energy | 193 | 18541 | 1.4 |
|  RTX Corp, 5.375, 02/27/53 | Industrials | 193 | 18554 | 1.4 |
|  Marsh & McLennan Cos Inc, 5.400, 03/15/55 | Financials | 193 | 18595 | 1.4 |
|  Coca-Cola Co/The, 5.200, 01/14/55 | Consumer Staples | 193 | 18640 | 1.4 |
|  Devon Energy Corp, 5.600, 07/15/41 | Energy | 193 | 18698 | 1.4 |
|  PepsiCo, 5.250, 07/17/54 | Consumer Staples | 193 | 18722 | 1.4 |
|  Waste Management Inc, 5.350, 10/15/54 | Industrials | 193 | 18822 | 1.4 |
|  Burlington Northern Santa Fe LLC, 5.500, 03/15/55 | Industrials | 193 | 19012 | 1.5 |
|  Intuit Inc, 5.500, 09/15/53 | Technology | 193 | 19040 | 1.5 |
|  Anheuser-Busch InBev Worldwide Inc, 5.550, 01/23/49 | Consumer Staples | 193 | 19272 | 1.5 |
|  Eli Lilly & Co, 5.500, 02/12/55 | Consumer Staples | 193 | 19360 | 1.5 |
|  Cooperatieve Rabobank UA, 5.250, 05/24/41 | Financials | 193 | 19397 | 1.5 |
|  Rio Tinto Finance USA PLC, 5.750, 03/14/55 | Materials | 193 | 19697 | 1.5 |
|  Cisco Systems Inc, 5.500, 01/15/40 | Communications | 193 | 20036 | 1.5 |
|  ONEOK Inc, 6.625, 09/01/53 | Energy | 193 | 20245 | 1.5 |
|  Bank of America Corp, 5.875, 02/07/42 | Financials | 193 | 20538 | 1.6 |
|  Marathon Petroleum Corp, 6.500, 03/01/41 | Energy | 193 | 20559 | 1.6 |
|  Home Depot Inc/The, 5.875, 12/16/36 | Consumer Staples | 193 | 20898 | 1.6 |
|  Enbridge Inc, 6.700, 11/15/53 | Energy | 193 | 21228 | 1.6 |
|  Valero Energy Corp, 6.625, 06/15/37 | Energy | 193 | 21270 | 1.6 |
|  United Parcel Service Inc, 6.200, 01/15/38 | Industrials | 193 | 21291 | 1.6 |
|  ConocoPhillips, 6.500, 02/01/39 | Energy | 193 | 21686 | 1.7 |
|  UnitedHealth Group Inc, 6.875, 02/15/38 | Consumer Staples | 193 | 22327 | 1.7 |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**PURCHASED AND WRITTEN OPTIONS CONTRACTS** — At December 31, 2025, the Fund 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 Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  6M IRS | Barclays Bank PLC | 2.250% | 01/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;78120000 | $&nbsp;&nbsp;&nbsp;&nbsp;78120000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43608 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352500 | $&nbsp;&nbsp;&nbsp;&nbsp;(308892) |
|  6M IRS | Barclays Bank PLC | 1.750 | 01/30/2026 | 78120000 | 78120000 | 211 | 53544 | (53333) |
|  6M IRS | Barclays Bank PLC | 3.400 | 05/14/2026 | 52300000 | 52300000 | 144922 | 164867 | (19945) |
|  2Y IRS | BNP Paribas SA | 1.950 | 05/11/2026 | 21520000 | 21520000 | 4858 | 272326 | (267468) |
|  2Y IRS | BNP Paribas SA | 2.000 | 11/11/2026 | 21760000 | 21760000 | 26242 | 327067 | (300825) |
|  2Y IRS | BNP Paribas SA | 2.250 | 03/08/2027 | 56160000 | 56160000 | 144829 | 381142 | (236313) |
|  6M IRS | BNP Paribas SA | 1.950 | 05/11/2026 | 10270000 | 10270000 | 2319 | 10951 | (8632) |
|  6M IRS | BNP Paribas SA | 2.250 | 03/08/2027 | 23820000 | 23820000 | 61428 | 108606 | (47178) |
|  9M IRS | BNP Paribas SA | 2.450 | 03/24/2026 | 12480000 | 12480000 | 5214 | 197474 | (192260) |
|  9M IRS | BNP Paribas SA | 2.250 | 04/29/2026 | 18390000 | 18390000 | 16872 | 124153 | (107281) |
|  1Y IRS | BofA Securities LLC | 2.000 | 09/04/2026 | 39790000 | 39790000 | 32882 | 121886 | (89004) |
|  6M IRS | Citibank NA | 2.450 | 03/24/2026 | 3180000 | 3180000 | 1329 | 13398 | (12069) |
|  |  |  |  | 415910000 | $415910000 | $484714 | $2127914 | $(1643200) |
|  **Puts** | **Puts** | **Puts** |  |  |  |  |  |  |
|  4Y IRS | Citibank NA | 2.180 | 12/03/2029 | 14401140000 | 14401140000 | 1666474 | 1358553 | 307921 |
|  3M IRS | JPMorgan Securities, Inc. | 3.302 | 01/28/2026 | 67410000 | 67410000 | 80946 | 91004 | (10058) |
|  |  |  |  | 14468550000 | $14468550000 | $1747420 | $1449557 | $297863 |
|  **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** | 14884460000 | $14884460000 | $2232134 | $3577471 | $(1345337) |
|  **Written option contracts** | **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  1M IRS | Barclays Bank PLC | 2.917 | 01/15/2026 | (29550000) | (29550000) | (114631) | (191851) | 77220 |
|  1M IRS | Barclays Bank PLC | 2.985 | 01/22/2026 | (30560000) | (30560000) | (263380) | (191291) | (72089) |
|  6M IRS | Barclays Bank PLC | 2.000 | 01/30/2026 | (156240000) | (156240000) | (4297) | (294494) | 290197 |
|  6M IRS | Barclays Bank PLC | 3.893 | 05/14/2026 | (12180000) | (12180000) | (143252) | (164851) | 21599 |
|  2Y IRS | BNP Paribas SA | 2.085 | 11/11/2026 | (6400000) | (6400000) | (7302) | (326983) | 319681 |
|  6M IRS | BNP Paribas SA | 2.400 | 05/11/2026 | (3130000) | (3130000) | (1495) | (14097) | 12602 |
|  6M IRS | BNP Paribas SA | 2.690 | 03/08/2027 | (7460000) | (7460000) | (117323) | (338133) | 220810 |
|  9M IRS | BNP Paribas SA | 2.498 | 03/24/2026 | (5240000) | (5240000) | (2759) | (197475) | 194716 |
|  9M IRS | BNP Paribas SA | 2.586 | 04/29/2026 | (4260000) | (4260000) | (7493) | (124191) | 116698 |
|  9M IRS | BNP Paribas SA | 2.400 | 05/11/2026 | (6555646) | (6555646) | (3130) | (85989) | 82859 |
|  1M IRS | BofA Securities LLC | 2.753 | 01/02/2026 | (28650000) | (28650000) | (3) | (155416) | 155413 |
|  1M IRS | BofA Securities LLC | 2.815 | 01/09/2026 | (28800000) | (28800000) | (11917) | (168519) | 156602 |
|  1Y IRS | BofA Securities LLC | 2.551 | 09/04/2026 | (3920000) | (3920000) | (21118) | (122094) | 100976 |
|  1M IRS | Citibank NA | 3.686 | 01/02/2026 | (29470000) | (29470000) | (62) | (205185) | 205123 |
|  6M IRS | Citibank NA | 2.498 | 03/24/2026 | (1340000) | (1340000) | (706) | (11767) | 11061 |
|  1M IRS | Deutsche Bank AG (London) | 3.764 | 01/08/2026 | (30830000) | (30830000) | (48770) | (214423) | 165653 |
|  1M IRS | MS & Co. Int. PLC | 3.785 | 01/15/2026 | (30840000) | (30840000) | (108967) | (214492) | 105525 |
|  1M IRS | MS & Co. Int. PLC | 3.788 | 01/22/2026 | (31690000) | (31690000) | (137956) | (184990) | 47034 |
|  |  |  |  | (447115646) | $(447115646) | $(994561) | $(3206241) | $2211680 |
|  **Puts** | **Puts** | **Puts** |  |  |  |  |  |  |
|  1M IRS | Barclays Bank PLC | 2.917 | 01/15/2026 | (29550000) | (29550000) | (163190) | (191851) | 28661 |
|  1M IRS | Barclays Bank PLC | 2.985 | 01/22/2026 | (30560000) | (30560000) | (108956) | (191291) | 82335 |
|  1M IRS | BofA Securities LLC | 2.753 | 01/02/2026 | (28650000) | (28650000) | (514537) | (155416) | (359121) |
|  1M IRS | BofA Securities LLC | 2.815 | 01/09/2026 | (28800000) | (28800000) | (353654) | (168519) | (185135) |
|  1M IRS | Citibank NA | 3.686 | 01/02/2026 | (29470000) | (29470000) | (267885) | (205185) | (62700) |
|  4Y IRS | Citibank NA | 3.336 | 12/03/2029 | (4404020000) | (4404020000) | (1533481) | (1358554) | (174927) |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**OVER-THE-COUNTER INTEREST RATE SWAPTIONS (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **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 (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** |  |  |
|  **Puts (continued)** | **Puts (continued)** | **Puts (continued)** | **Puts (continued)** | **Puts (continued)** | **Puts (continued)** |  |  |  |
|  1M IRS | Deutsche Bank AG (London) | 3.764% | 01/08/2026 | (30830000) | $(30830000) | $(130913) | $(214423) | $83510 |
|  1M IRS | MS & Co. Int. PLC | 3.785 | 01/15/2026 | (30840000) | (30840000) | (140683) | (214492) | 73809 |
|  1M IRS | MS & Co. Int. PLC | 3.788 | 01/22/2026 | (31690000) | (31690000) | (165602) | (184990) | 19388 |
|  |  |  |  | (4644410000) | $(4644410000) | $(3378901) | $(2884721) | $(494180) |
|  **Total written option contracts** | **Total written option contracts** |  |  | (5091525646) | $(5091525646) | $(4373462) | $(6090962) | $1717500 |
|  **TOTAL** |  |  |  | 9792934354 | $9792934354 | $(2141328) | $(2513491) | $372163 |

---

**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 USD/Put HUF | Barclays Bank PLC | $339.000 | 02/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;73948000 | $&nbsp;&nbsp;&nbsp;&nbsp;73948000 | $&nbsp;&nbsp;&nbsp;&nbsp;200769 | $429638 | $(228869) |
|  Call USD/Put ZAR | Barclays Bank PLC | 17.175 | 01/15/2026 | 74440000 | 74440000 | 56277 | 639440 | (583163) |
|  Call USD/Put CNH | BNP Paribas SA | 7.020 | 01/29/2026 | 78380000 | 78380000 | 83240 | 199229 | (115989) |
|  Call USD/Put HUF | BNP Paribas SA | 337.500 | 02/06/2026 | 75088000 | 75088000 | 299000 | 517356 | (218356) |
|  Call USD/Put MXN | BNP Paribas SA | 18.235 | 02/09/2026 | 38194000 | 38194000 | 230960 | 348788 | (117828) |
|  Call USD/Put MXN | BNP Paribas SA | 18.350 | 02/12/2026 | 37515000 | 37515000 | 199692 | 371661 | (171969) |
|  Call USD/Put ZAR | BNP Paribas SA | 17.440 | 01/09/2026 | 36026000 | 36026000 | 4179 | 412480 | (408301) |
|  Call USD/Put ZAR | BNP Paribas SA | 16.975 | 01/26/2026 | 76388000 | 76388000 | 190359 | 626076 | (435717) |
|  Call USD/Put ZAR | BofA Securities LLC | 16.785 | 01/26/2026 | 76677000 | 76677000 | 338606 | 805415 | (466809) |
|  Call USD/Put JPY | Citibank NA | 156.700 | 01/06/2026 | 72879000 | 72879000 | 190579 | 670560 | (479981) |
|  Call USD/Put COP | Deutsche Bank AG (London) | 3975.000 | 01/27/2026 | 38442000 | 38442000 | 168568 | 442237 | (273669) |
|  Call USD/Put CNH | HSBC Bank PLC | 7.110 | 01/29/2026 | 109429000 | 109429000 | 15211 | 303115 | (287904) |
|  Call USD/Put COP | JPMorgan Securities, Inc. | 3910.000 | 01/15/2026 | 37397000 | 37397000 | 124756 | 457739 | (332983) |
|  Call USD/Put MXN | JPMorgan Securities, Inc. | 18.555 | 02/09/2026 | 37396500 | 37396500 | 107515 | 373965 | (266450) |
|  Call USD/Put ZAR | JPMorgan Securities, Inc. | 17.440 | 01/09/2026 | 36026000 | 36026000 | 4179 | 389801 | (385622) |
|  Call USD/Put COP | MS & Co. Int. PLC | 3891.000 | 01/06/2026 | 36671000 | 36671000 | 20316 | 450430 | (430114) |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*December 31, 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)** | **Purchased option contracts (continued)** | **Purchased option contracts (continued)** | **Purchased option contracts (continued)** | **Purchased option contracts (continued)** |  |  |
|  **Calls (continued)** | **Calls (continued)** | **Calls (continued)** | **Calls (continued)** | **Calls (continued)** | **Calls (continued)** | **Calls (continued)** |  |  |
|  Call USD/Put COP | MS & Co. Int. PLC | $3800.000 | 01/15/2026 | 37220000 | $37220000 | $452260 | $527742 | $(75482) |
|  Call USD/Put ZAR | MS & Co. Int. PLC | 17.850 | 01/09/2026 | 36104000 | 36104000 | 722 | 375445 | (374723) |
|  Call USD/Put CNH | Standard Chartered Bank | 7.060 | 01/29/2026 | 110909000 | 110909000 | 47691 | 365556 | (317865) |
|  |  |  |  | 1119129500 | $1119129500 | $2734879 | $8706673 | $(5971794) |
|  **Puts** |  |  |  |  |  |  |  |  |
|  Put NZD/Call USD | Barclays Bank PLC | 0.574 | 01/22/2026 | 258337000 | 258337000 | 875618 | 1206839 | (331221) |
|  Put EUR/Call USD | BNP Paribas SA | 1.162 | 01/12/2026 | 95558000 | 95558000 | 52556 | 579609 | (527053) |
|  Put EUR/Call USD | BNP Paribas SA | 1.150 | 01/22/2026 | 94768000 | 94768000 | 37198 | 740576 | (703378) |
|  Put NZD/Call USD | BNP Paribas SA | 0.565 | 01/22/2026 | 263716000 | 263716000 | 281046 | 1480707 | (1199661) |
|  Put USD/Call JPY | BNP Paribas SA | 152.950 | 01/14/2026 | 38039000 | 38039000 | 34083 | 215491 | (181408) |
|  Put EUR/Call USD | BofA Securities LLC | 1.170 | 01/30/2026 | 96672000 | 96672000 | 409219 | 645575 | (236356) |
|  Put EUR/Call USD | BofA Securities LLC | 1.175 | 02/10/2026 | 99945000 | 99945000 | 731160 | 627372 | 103788 |
|  Put USD/Call BRL | BofA Securities LLC | 5.550 | 01/13/2026 | 38338000 | 38338000 | 517180 | 530943 | (13763) |
|  Put USD/Call CAD | BofA Securities LLC | 1.380 | 02/09/2026 | 74793000 | 74793000 | 773509 | 560948 | 212561 |
|  Put USD/Call JPY | BofA Securities LLC | 152.250 | 01/16/2026 | 76388000 | 76388000 | 65235 | 368419 | (303184) |
|  Put GBP/Call USD | Citibank NA | 1.335 | 01/28/2026 | 55838000 | 55838000 | 212629 | 685840 | (473211) |
|  Put NZD/Call USD | Citibank NA | 0.555 | 01/22/2026 | 261259000 | 261259000 | 68441 | 1483179 | (1414738) |
|  Put USD/Call JPY | Citibank NA | 150.100 | 01/14/2026 | 114116000 | 114116000 | 20427 | 153927 | (133500) |
|  Put USD/Call JPY | Citibank NA | 151.850 | 01/16/2026 | 76481000 | 76481000 | 53536 | 308934 | (255398) |
|  Put USD/Call JPY | Citibank NA | 146.750 | 02/03/2026 | 110943000 | 110943000 | 45265 | 234701 | (189436) |
|  Put EUR/Call USD | Deutsche Bank AG (London) | 1.164 | 01/22/2026 | 95587000 | 95587000 | 165243 | 638050 | (472807) |
|  Put EUR/Call USD | Deutsche Bank AG (London) | 1.158 | 01/30/2026 | 95558000 | 95558000 | 133300 | 663520 | (530220) |
|  Put GBP/Call USD | HSBC Bank PLC | 1.335 | 02/05/2026 | 55664000 | 55664000 | 286774 | 730445 | (443671) |
|  Put USD/Call JPY | JPMorgan Securities, Inc. | 150.800 | 02/03/2026 | 36981000 | 36981000 | 61573 | 138124 | (76551) |
|  Put EUR/Call USD | MS & Co. Int. PLC | 1.144 | 01/09/2026 | 93572000 | 93572000 | 1759 | 640434 | (638675) |
|  Put AUD/Call USD | Standard Chartered Bank | 0.644 | 01/28/2026 | 57344000 | 57344000 | 33791 | 356976 | (323185) |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*December 31, 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)** | **Purchased option contracts (continued)** |  |  |  |  |  |
|  **Puts (continued)** | **Puts (continued)** | **Puts (continued)** |  |  |  |  |  |  |
|  Put NZD/Call USD | Standard Chartered Bank | $0.580 | 02/03/2026 | 202900000 | $202900000 | $1530922 | $871490 | $659432 |
|  Put AUD/Call USD | UBS AG (London) | 0.660 | 01/28/2026 | 112451000 | 112451000 | 330720 | 660010 | (329290) |
|  Put EUR/Call CHF | UBS AG (London) | 0.924 | 02/25/2026 | 63940000 | 63940000 | 311840 | 439243 | (127403) |
|  |  |  |  | 2569188000 | $2569188000 | $7033024 | $14961352 | $(7928328) |
|  **Total purchased option contracts** | **Total purchased option contracts** |  |  | 3688317500 | $3688317500 | $9767903 | $23668025 | $(13900122) |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  Call EUR/Put SEK | Barclays Bank PLC | 10.960 | 01/07/2026 | (15943000) | (15943000) | (2136) | (95698) | 93562 |
|  Call USD/Put HUF | Barclays Bank PLC | 329.900 | 02/02/2026 | (36974000) | (36974000) | (318087) | (516194) | 198107 |
|  Call USD/Put ZAR | Barclays Bank PLC | 17.440 | 01/09/2026 | (72052000) | (72052000) | (8358) | (296134) | 287776 |
|  Call AUD/Put NZD | BNP Paribas SA | 1.144 | 01/05/2026 | (28150000) | (28150000) | (245701) | (89545) | (156156) |
|  Call AUD/Put NZD | BNP Paribas SA | 1.146 | 01/08/2026 | (29435000) | (29435000) | (222148) | (63767) | (158381) |
|  Call USD/Put CNH | BNP Paribas SA | 7.055 | 01/08/2026 | (18733000) | (18733000) | (768) | (47675) | 46907 |
|  Call USD/Put CNH | BNP Paribas SA | 7.060 | 01/29/2026 | (110909000) | (110909000) | (47691) | (104717) | 57026 |
|  Call USD/Put HUF | BNP Paribas SA | 330.150 | 02/06/2026 | (37544000) | (37544000) | (351750) | (533876) | 182126 |
|  Call USD/Put MXN | BNP Paribas SA | 18.555 | 02/09/2026 | (37396500) | (37396500) | (107514) | (196219) | 88705 |
|  Call USD/Put ZAR | BNP Paribas SA | 17.850 | 01/09/2026 | (36104000) | (36104000) | (722) | (218068) | 217346 |
|  Call USD/Put ZAR | BNP Paribas SA | 17.175 | 01/15/2026 | (74440000) | (74440000) | (56277) | (295527) | 239250 |
|  Call EUR/Put PLN | BofA Securities LLC | 4.233 | 01/08/2026 | (16116000) | (16116000) | (16837) | (77934) | 61097 |
|  Call USD/Put BRL | BofA Securities LLC | 5.656 | 01/13/2026 | (37515000) | (37515000) | (96714) | (237883) | 141169 |
|  Call USD/Put ZAR | BofA Securities LLC | 16.975 | 01/26/2026 | (153353000) | (153353000) | (382156) | (1016117) | 633961 |
|  Call AUD/Put NZD | Citibank NA | 1.145 | 01/20/2026 | (29072000) | (29072000) | (245697) | (90819) | (154878) |
|  Call USD/Put COP | Deutsche Bank AG (London) | 3910.000 | 01/15/2026 | (37397000) | (37397000) | (124756) | (543939) | 419183 |
|  Call USD/Put SGD | Deutsche Bank AG (London) | 1.292 | 01/13/2026 | (18758000) | (18758000) | (8422) | (75276) | 66854 |
|  Call AUD/Put NZD | JPMorgan Securities, Inc. | 1.146 | 01/14/2026 | (28504000) | (28504000) | (217328) | (93470) | (123858) |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*December 31, 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)** |
|  **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** |  |  |  |  |  |
|  **Calls (continued)** | **Calls (continued)** | **Calls (continued)** |  |  |  |  |  |  |
|  Call USD/Put CAD | JPMorgan Securities, Inc. | $1.379 | 01/02/2026 | (19236000) | $(19236000) | $(2039) | $(48186) | $46147 |
|  Call USD/Put COP | JPMorgan Securities, Inc. | 3800.000 | 01/15/2026 | (37220000) | (37220000) | (452260) | (972373) | 520113 |
|  Call USD/Put JPY | JPMorgan Securities, Inc. | 156.700 | 01/06/2026 | (72879000) | (72879000) | (190579) | (1074236) | 883657 |
|  Call USD/Put SGD | JPMorgan Securities, Inc. | 1.292 | 01/02/2026 | (19236000) | (19236000) | (38) | (36548) | 36510 |
|  Call USD/Put COP | MS & Co. Int. PLC | 3891.000 | 01/06/2026 | (36671000) | (36671000) | (20316) | (186142) | 165826 |
|  Call USD/Put CAD | Royal Bank of Canada (UK) | 1.375 | 01/06/2026 | (19120000) | (19120000) | (21300) | (68668) | 47368 |
|  Call USD/Put CAD | Royal Bank of Canada (UK) | 1.377 | 01/16/2026 | (19224000) | (19224000) | (44330) | (90766) | 46436 |
|  Call USD/Put CNH | Standard Chartered Bank | 7.110 | 01/29/2026 | (109429000) | (109429000) | (15211) | (129783) | 114572 |
|  |  |  |  | (1151410500) | $(1151410500) | $(3199135) | $(7199560) | $4000425 |
|  **Puts** |  |  |  |  |  |  |  |  |
|  Put EUR/Call SEK | Barclays Bank PLC | 10.960 | 01/07/2026 | (15943000) | (15943000) | (242709) | (95698) | (147011) |
|  Put NZD/Call USD | Barclays Bank PLC | 0.565 | 01/22/2026 | (263716000) | (263716000) | (281046) | (586997) | 305951 |
|  Put AUD/Call NZD | BNP Paribas SA | 1.144 | 01/05/2026 | (28150000) | (28150000) | (19) | (89545) | 89526 |
|  Put AUD/Call NZD | BNP Paribas SA | 1.146 | 01/08/2026 | (29435000) | (29435000) | (2514) | (63767) | 61253 |
|  Put EUR/Call USD | BNP Paribas SA | 1.164 | 01/22/2026 | (63085470) | (63085470) | (109057) | (173515) | 64458 |
|  Put NZD/Call USD | BNP Paribas SA | 0.555 | 01/22/2026 | (261259000) | (261259000) | (68441) | (704144) | 635703 |
|  Put USD/Call CNH | BNP Paribas SA | 7.055 | 01/08/2026 | (18733000) | (18733000) | (222155) | (47676) | (174479) |
|  Put USD/Call JPY | BNP Paribas SA | 150.100 | 01/14/2026 | (114116000) | (114116000) | (20427) | (216410) | 195983 |
|  Put EUR/Call PLN | BofA Securities LLC | 4.233 | 01/08/2026 | (16116000) | (16116000) | (74281) | (77934) | 3653 |
|  Put EUR/Call USD | BofA Securities LLC | 1.162 | 01/12/2026 | (95558000) | (95558000) | (52556) | (453532) | 400976 |
|  Put EUR/Call USD | BofA Securities LLC | 1.164 | 01/22/2026 | (32501530) | (32501530) | (56186) | (115315) | 59129 |
|  Put EUR/Call USD | BofA Securities LLC | 1.158 | 01/30/2026 | (95558000) | (95558000) | (133300) | (280475) | 147175 |
|  Put USD/Call CAD | BofA Securities LLC | 1.363 | 02/09/2026 | (112190000) | (112190000) | (419815) | (336570) | (83245) |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*December 31, 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)** |
|  **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** |  |  |  |  |  |
|  **Puts (continued)** | **Puts (continued)** | **Puts (continued)** |  |  |  |  |  |  |
|  Put USD/Call JPY | BofA Securities LLC | $154.350 | 01/16/2026 | (38194000) | $(38194000) | $(93996) | $(375944) | $281948 |
|  Put AUD/Call NZD | Citibank NA | 1.145 | 01/20/2026 | (29072000) | (29072000) | (9720) | (90819) | 81099 |
|  Put EUR/Call USD | Citibank NA | 1.170 | 01/02/2026 | (32806000) | (32806000) | (7248) | (71524) | 64276 |
|  Put GBP/Call USD | Citibank NA | 1.314 | 01/28/2026 | (69797000) | (69797000) | (62377) | (347011) | 284634 |
|  Put USD/Call JPY | Citibank NA | 152.950 | 01/14/2026 | (38039000) | (38039000) | (34083) | (153650) | 119567 |
|  Put USD/Call JPY | Citibank NA | 153.950 | 01/16/2026 | (38240000) | (38240000) | (76939) | (325595) | 248656 |
|  Put USD/Call JPY | Citibank NA | 150.800 | 02/03/2026 | (36981000) | (36981000) | (61573) | (216179) | 154606 |
|  Put EUR/Call USD | Deutsche Bank AG (London) | 1.144 | 01/09/2026 | (93572000) | (93572000) | (1759) | (185326) | 183567 |
|  Put EUR/Call USD | Deutsche Bank AG (London) | 1.150 | 01/22/2026 | (94768000) | (94768000) | (37198) | (260326) | 223128 |
|  Put USD/Call SGD | Deutsche Bank AG (London) | 1.292 | 01/13/2026 | (18758000) | (18758000) | (110091) | (75276) | (34815) |
|  Put GBP/Call USD | HSBC Bank PLC | 1.312 | 02/05/2026 | (69581000) | (69581000) | (95199) | (372091) | 276892 |
|  Put AUD/Call NZD | JPMorgan Securities, Inc. | 1.146 | 01/14/2026 | (28504000) | (28504000) | (6943) | (93639) | 86696 |
|  Put USD/Call CAD | JPMorgan Securities, Inc. | 1.379 | 01/02/2026 | (19236000) | (19236000) | (93718) | (48186) | (45532) |
|  Put USD/Call JPY | JPMorgan Securities, Inc. | 146.750 | 02/03/2026 | (110943000) | (110943000) | (45265) | (111498) | 66233 |
|  Put USD/Call SGD | JPMorgan Securities, Inc. | 1.292 | 01/02/2026 | (19236000) | (19236000) | (100065) | (36548) | (63517) |
|  Put USD/Call CAD | Royal Bank of Canada (UK) | 1.375 | 01/06/2026 | (19120000) | (19120000) | (58469) | (68668) | 10199 |
|  Put USD/Call CAD | Royal Bank of Canada (UK) | 1.377 | 01/16/2026 | (19224000) | (19224000) | (113902) | (90766) | (23136) |
|  Put NZD/Call USD | Standard Chartered Bank | 0.574 | 01/22/2026 | (193752445) | (193752445) | (656713) | (315752) | (340961) |
|  Put AUD/Call USD | UBS AG (London) | 0.644 | 01/28/2026 | (57344000) | (57344000) | (33791) | (232232) | 198441 |
|  Put NZD/Call USD | UBS AG (London) | 0.574 | 01/22/2026 | (64584555) | (64584555) | (218905) | (254633) | 35728 |
|  |  |  |  | (2238113000) | $(2238113000) | $(3600460) | $(6967241) | $3366781 |
|  **Total written option contracts** | **Total written option contracts** |  |  | (3389523500) | $(3389523500) | $(6799595) | $(14166801) | $7367206 |
|  **TOTAL** |  |  |  | 298794000 | $298794000 | $2968308 | $9501224 | $(6532916) |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| AUD | — Australian Dollar |
| BRL | — Brazil Real |
| CAD | — Canadian Dollar |
| CHF | — Swiss Franc |
| CLP | — Chilean Peso |
| CNH | — Chinese Yuan Renminbi Offshore |
| CNY | — Chinese Yuan Renminbi |
| COP | — Colombia Peso |
| CZK | — Czech Republic Koruna |
| EUR | — Euro |
| GBP | — British Pound |
| HKD | — Hong Kong Dollar |
| HUF | — Hungarian Forint |
| ILS | — Israeli Shekel |
| INR | — Indian Rupee |
| JPY | — Japanese Yen |
| KRW | — South Korean Won |
| MXN | — Mexican Peso |
| NOK | — Norwegian Krone |
| NZD | — New Zealand Dollar |
| PLN | — Polish Zloty |
| SEK | — Swedish Krona |
| SGD | — Singapore Dollar |
| THB | — Thailand Baht |
| TRY | — Turkish Lira |
| TWD | — Taiwan Dollar |
| USD | — U.S. Dollar |
| ZAR | — South African Rand |
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| CLO | — Collateralized Loan Obligation |
| CMT | — Constant Maturity Treasury Indexes |
| EURIBOR | — Euro Interbank Offered Rate |
| GO | — General Obligation |
| ICE | — Inter-Continental Exchange |
| LLC | — Limited Liability Company |
| LP | — Limited Partnership |
| PI | — Private Investment |
| PIK | — Payment in kind |
| PLC | — Public Limited Company |
| REMICS | — Real Estate Mortgage Investment Conduits |
| SOFR | — Secured Overnight Financing Rate |
| STACR | — Structured Agency Credit Risk |

---

------

GOLDMAN SACHS DYNAMIC BOND FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| 1M BID Avg | — 1 Month Brazilian Interbank Deposit Average |
| 1M IRS | — 1 Month Interest Rate Swaptions |
| 1Y IRS | — 1 Year Interest Rate Swaptions |
| 2Y IRS | — 2 Year Interest Rate Swaptions |
| 3M IRS | — 3 Months Interest Rate Swaptions |
| 4Y IRS | — 4 Year Interest Rate Swaptions |
| 6M IRS | — 6 Month Interest Rate Swaptions |
| 9M IRS | — 9 Months Interest Rate Swaptions |
| AUDOR | — Australian Dollar Offered Rate |
| BofA Securities LLC | — Bank of America Securities LLC |
| BUBOR | — Budapest Interbank Offered Rate |
| CDOR | — Canadian Dollar Offered Rate |
| CDX.NA.HY Ind 39 | — CDX North America High Yield Index 39 |
| CDX.NA.HY Ind 45 | — CDX North America High Yield Index 45 |
| CDX.NA.IG Ind 44 | — CDX North America Investment Grade Index 44 |
| CHFOR | — Swiss Franc Offered Rate |
| CLICP | — Sinacofi Chile Interbank Rate |
| CMBX | — Commercial Mortgage Backed Securities Index |
| CNRR | — China Fixing Repo Rate |
| EURO | — Euro Offered Rate |
| JIBAR | — Johannesburg Interbank Agreed Rate |
| JYOR | — Japanese Yen Offered Rate |
| KWCDC | — South Korean Won Certificate of Deposit |
| MIBOR | — Mumbai Interbank Offered Rate |
| MS & Co. Int. PLC | — Morgan Stanley & Co. International PLC |
| NIBOR | — Norwegian Interbank Offered Rate |
| NZDOR | — New Zealand Dollar Offered Rate |
| PRIBOR | — Prague Interbank Offered Rate |
| SOFR | — Secured Overnight Financing Rate |
| STIBOR | — Stockholm Interbank Offered Rate |
| TIIE | — La Tasa de Interbank Equilibrium Interest Rate |
| WIBOR | — Warsaw Interbank Offered Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

## Schedule of Investments
*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Mortgage-Backed Obligations – 40.3%** | **Mortgage-Backed Obligations – 40.3%** | **Mortgage-Backed Obligations – 40.3%** | **Mortgage-Backed Obligations – 40.3%** |
| **Collateralized Mortgage Obligations – 6.2%** | **Collateralized Mortgage Obligations – 6.2%** | **Collateralized Mortgage Obligations – 6.2%** | **Collateralized Mortgage Obligations – 6.2%** |
| **Interest Only<sup>(a)</sup> – 0.1%** | **Interest Only<sup>(a)</sup> – 0.1%** | **Interest Only<sup>(a)</sup> – 0.1%** | **Interest Only<sup>(a)</sup> – 0.1%** |
| Federal Home Loan Mortgage Corp. REMICS Series 5002, Class SJ (-1X 30 day USD SOFR Average + 5.986%) | Federal Home Loan Mortgage Corp. REMICS Series 5002, Class SJ (-1X 30 day USD SOFR Average + 5.986%) | Federal Home Loan Mortgage Corp. REMICS Series 5002, Class SJ (-1X 30 day USD SOFR Average + 5.986%) | Federal Home Loan Mortgage Corp. REMICS Series 5002, Class SJ (-1X 30 day USD SOFR Average + 5.986%) |
| 802755 | 2.111 %<sup>(b)</sup> | 07/25/50 | $92472 |
| Federal Home Loan Mortgage Corp. REMICS Series 4583, Class ST (-1X 30 day USD SOFR Average + 5.886%) | Federal Home Loan Mortgage Corp. REMICS Series 4583, Class ST (-1X 30 day USD SOFR Average + 5.886%) | Federal Home Loan Mortgage Corp. REMICS Series 4583, Class ST (-1X 30 day USD SOFR Average + 5.886%) | Federal Home Loan Mortgage Corp. REMICS Series 4583, Class ST (-1X 30 day USD SOFR Average + 5.886%) |
| 340513 | 1.902 <sup>(b)</sup> | 05/15/46 | 37765 |
| Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE (-1X 30 day USD SOFR Average + 5.936%) | Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE (-1X 30 day USD SOFR Average + 5.936%) | Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE (-1X 30 day USD SOFR Average + 5.936%) | Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE (-1X 30 day USD SOFR Average + 5.936%) |
| 93293 | 1.952 <sup>(b)</sup> | 03/15/44 | 9352 |
| Federal National Mortgage Association REMICS Series 2017-31, Class SG (-1X 30 day USD SOFR Average + 5.986%) | Federal National Mortgage Association REMICS Series 2017-31, Class SG (-1X 30 day USD SOFR Average + 5.986%) | Federal National Mortgage Association REMICS Series 2017-31, Class SG (-1X 30 day USD SOFR Average + 5.986%) | Federal National Mortgage Association REMICS Series 2017-31, Class SG (-1X 30 day USD SOFR Average + 5.986%) |
| 263369 | 2.111 <sup>(b)</sup> | 05/25/47 | 29915 |
| Federal National Mortgage Association REMICS Series 2012-5, Class SA (-1X 30 day USD SOFR Average + 5.836%) | Federal National Mortgage Association REMICS Series 2012-5, Class SA (-1X 30 day USD SOFR Average + 5.836%) | Federal National Mortgage Association REMICS Series 2012-5, Class SA (-1X 30 day USD SOFR Average + 5.836%) | Federal National Mortgage Association REMICS Series 2012-5, Class SA (-1X 30 day USD SOFR Average + 5.836%) |
| 123974 | 1.961 <sup>(b)</sup> | 02/25/42 | 12438 |
| Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) |
| 87558 | 2.252 <sup>(b)(c)</sup> | 10/20/43 | 4547 |
| Government National Mortgage Association REMICS Series 2015-129, Class IC | Government National Mortgage Association REMICS Series 2015-129, Class IC | Government National Mortgage Association REMICS Series 2015-129, Class IC | Government National Mortgage Association REMICS Series 2015-129, Class IC |
| 75735 | 4.500 <sup>(c)</sup> | 09/16/45 | 14539 |
| Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) |
| 120427 | 2.202 <sup>(b)(c)</sup> | 01/20/49 | 13550 |
| Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) |
| 82796 | 2.252 <sup>(b)(c)</sup> | 06/20/49 | 9204 |
| Government National Mortgage Association REMICS Series 2020-78, Class DI | Government National Mortgage Association REMICS Series 2020-78, Class DI | Government National Mortgage Association REMICS Series 2020-78, Class DI | Government National Mortgage Association REMICS Series 2020-78, Class DI |
| 472205 | 4.000 <sup>(c)</sup> | 06/20/50 | 101795 |
| Government National Mortgage Association REMICS Series 2013-124, Class CS (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2013-124, Class CS (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2013-124, Class CS (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2013-124, Class CS (-1X 1 mo. USD Term SOFR + 5.936%) |
| 191901 | 2.202 <sup>(b)(c)</sup> | 08/20/43 | 20472 |
| Government National Mortgage Association REMICS Series 2015-123, Class SP (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015-123, Class SP (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015-123, Class SP (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015-123, Class SP (-1X 1 mo. USD Term SOFR + 6.136%) |
| 116852 | 2.402 <sup>(b)(c)</sup> | 09/20/45 | 14330 |
| Government National Mortgage Association REMICS Series 2016-27, Class IA | Government National Mortgage Association REMICS Series 2016-27, Class IA | Government National Mortgage Association REMICS Series 2016-27, Class IA | Government National Mortgage Association REMICS Series 2016-27, Class IA |
| 77973 | 4.000 <sup>(c)</sup> | 06/20/45 | 10228 |
| Government National Mortgage Association REMICS Series 2018-122, Class SE (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-122, Class SE (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-122, Class SE (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-122, Class SE (-1X 1 mo. USD Term SOFR + 6.086%) |
| 244198 | 2.352 <sup>(b)(c)</sup> | 09/20/48 | 28688 |
| Government National Mortgage Association REMICS Series 2010-20, Class SE (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2010-20, Class SE (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2010-20, Class SE (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2010-20, Class SE (-1X 1 mo. USD Term SOFR + 6.136%) |
| 227502 | 2.402 <sup>(b)(c)</sup> | 02/20/40 | 24720 |
| Government National Mortgage Association REMICS Series 2016-1, Class ST (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2016-1, Class ST (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2016-1, Class ST (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2016-1, Class ST (-1X 1 mo. USD Term SOFR + 6.086%) |
| 87298 | 2.352 <sup>(b)(c)</sup> | 01/20/46 | 10371 |
| Government National Mortgage Association REMICS Series 2019-151, Class IA | Government National Mortgage Association REMICS Series 2019-151, Class IA | Government National Mortgage Association REMICS Series 2019-151, Class IA | Government National Mortgage Association REMICS Series 2019-151, Class IA |
| 1096489 | 3.500 <sup>(c)</sup> | 12/20/49 | 206155 |
| Government National Mortgage Association REMICS Series 2016-138, Class GI | Government National Mortgage Association REMICS Series 2016-138, Class GI | Government National Mortgage Association REMICS Series 2016-138, Class GI | Government National Mortgage Association REMICS Series 2016-138, Class GI |
| 205338 | 4.000 <sup>(c)</sup> | 10/20/46 | 40096 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Interest Only<sup>(a)</sup> – (continued)** | **Interest Only<sup>(a)</sup> – (continued)** | **Interest Only<sup>(a)</sup> – (continued)** | **Interest Only<sup>(a)</sup> – (continued)** |
| Government National Mortgage Association REMICS Series 2015-167, Class AS (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015-167, Class AS (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015-167, Class AS (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015-167, Class AS (-1X 1 mo. USD Term SOFR + 6.136%) |
| 70602 | 2.402 %<sup>(b)(c)</sup> | 11/20/45 | $8394 |
|  |  |  | 689031 |
| **Regular Floater<sup>(b)</sup> – 0.3%** | **Regular Floater<sup>(b)</sup> – 0.3%** | **Regular Floater<sup>(b)</sup> – 0.3%** | **Regular Floater<sup>(b)</sup> – 0.3%** |
| Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%) | Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%) | Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%) | Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%) |
| 904278 | 4.874 | 02/25/55 | 904396 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA3, Class A1 (1 mo. USD Term SOFR + 1.050%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA3, Class A1 (1 mo. USD Term SOFR + 1.050%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA3, Class A1 (1 mo. USD Term SOFR + 1.050%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA3, Class A1 (1 mo. USD Term SOFR + 1.050%) |
| 340875 | 4.924 <sup>(c)(d)</sup> | 10/25/44 | 341287 |
| Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) |
| 1630795 | 4.874 | 03/25/55 | 1627275 |
|  |  |  | 2872958 |
| **Sequential Fixed Rate – 3.0%** | **Sequential Fixed Rate – 3.0%** | **Sequential Fixed Rate – 3.0%** | **Sequential Fixed Rate – 3.0%** |
| Angel Oak Mortgage Trust Series 2025-7, Class A1 | Angel Oak Mortgage Trust Series 2025-7, Class A1 | Angel Oak Mortgage Trust Series 2025-7, Class A1 | Angel Oak Mortgage Trust Series 2025-7, Class A1 |
| 2072051 | 5.509 <sup>(c)(d)(e)</sup> | 06/25/70 | 2091144 |
| BRAVO Residential Funding Trust Series 2025-NQM4, Class A1 | BRAVO Residential Funding Trust Series 2025-NQM4, Class A1 | BRAVO Residential Funding Trust Series 2025-NQM4, Class A1 | BRAVO Residential Funding Trust Series 2025-NQM4, Class A1 |
| 1558853 | 5.613 <sup>(c)(d)(e)</sup> | 02/25/65 | 1576340 |
| CIM Trust Series 2025-I1, Class A2 | CIM Trust Series 2025-I1, Class A2 | CIM Trust Series 2025-I1, Class A2 | CIM Trust Series 2025-I1, Class A2 |
| 928488 | 5.908 <sup>(c)(d)(e)</sup> | 10/25/69 | 941805 |
| Federal National Mortgage Association REMICS Series 2011-99, Class DB | Federal National Mortgage Association REMICS Series 2011-99, Class DB | Federal National Mortgage Association REMICS Series 2011-99, Class DB | Federal National Mortgage Association REMICS Series 2011-99, Class DB |
| 99463 | 5.000 | 10/25/41 | 100387 |
| Federal National Mortgage Association REMICS Series 2012-111, Class B | Federal National Mortgage Association REMICS Series 2012-111, Class B | Federal National Mortgage Association REMICS Series 2012-111, Class B | Federal National Mortgage Association REMICS Series 2012-111, Class B |
| 13609 | 7.000 | 10/25/42 | 14626 |
| Federal National Mortgage Association REMICS Series 2012-153, Class B | Federal National Mortgage Association REMICS Series 2012-153, Class B | Federal National Mortgage Association REMICS Series 2012-153, Class B | Federal National Mortgage Association REMICS Series 2012-153, Class B |
| 57324 | 7.000 | 07/25/42 | 62266 |
| Federal National Mortgage Association REMICS Series 2011-52, Class GB | Federal National Mortgage Association REMICS Series 2011-52, Class GB | Federal National Mortgage Association REMICS Series 2011-52, Class GB | Federal National Mortgage Association REMICS Series 2011-52, Class GB |
| 116007 | 5.000 | 06/25/41 | 117053 |
| JP Morgan Mortgage Trust Series 2024-VIS2, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS2, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS2, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS2, Class A1 |
| 1631144 | 5.853 <sup>(c)(d)(e)</sup> | 11/25/64 | 1651222 |
| JP Morgan Mortgage Trust Series 2025-VIS1, Class A1A | JP Morgan Mortgage Trust Series 2025-VIS1, Class A1A | JP Morgan Mortgage Trust Series 2025-VIS1, Class A1A | JP Morgan Mortgage Trust Series 2025-VIS1, Class A1A |
| 1397283 | 5.493 <sup>(c)(d)(e)</sup> | 08/25/55 | 1407719 |
| Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC1, Class A1 | Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC1, Class A1 | Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC1, Class A1 | Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC1, Class A1 |
| 1458388 | 5.562 <sup>(c)(d)(e)</sup> | 03/25/70 | 1475353 |
| Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC3, Class A1A | Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC3, Class A1A | Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC3, Class A1A | Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC3, Class A1A |
| 2456283 | 4.912 <sup>(c)(d)(e)</sup> | 09/25/70 | 2456809 |
| New Residential Mortgage Loan Trust Series 2025-NQM1, Class A1 | New Residential Mortgage Loan Trust Series 2025-NQM1, Class A1 | New Residential Mortgage Loan Trust Series 2025-NQM1, Class A1 | New Residential Mortgage Loan Trust Series 2025-NQM1, Class A1 |
| 939668 | 5.643 <sup>(c)(d)(e)</sup> | 01/25/65 | 956023 |
| OBX Trust Series 2024-NQM2, Class A1 | OBX Trust Series 2024-NQM2, Class A1 | OBX Trust Series 2024-NQM2, Class A1 | OBX Trust Series 2024-NQM2, Class A1 |
| 1037387 | 5.878 <sup>(c)(d)(e)</sup> | 12/25/63 | 1045663 |
| OBX Trust Series 2025-NQM21, Class A1A | OBX Trust Series 2025-NQM21, Class A1A | OBX Trust Series 2025-NQM21, Class A1A | OBX Trust Series 2025-NQM21, Class A1A |
| 2179328 | 4.989 <sup>(c)(d)(e)</sup> | 10/25/65 | 2183703 |
| Santander Mortgage Asset Receivable Trust Series 2025-NQM1, Class A1 | Santander Mortgage Asset Receivable Trust Series 2025-NQM1, Class A1 | Santander Mortgage Asset Receivable Trust Series 2025-NQM1, Class A1 | Santander Mortgage Asset Receivable Trust Series 2025-NQM1, Class A1 |
| 1472795 | 5.545 <sup>(c)(d)(e)</sup> | 01/25/65 | 1483451 |
| Verus Securitization Trust Series 2023-INV2, Class A3 | Verus Securitization Trust Series 2023-INV2, Class A3 | Verus Securitization Trust Series 2023-INV2, Class A3 | Verus Securitization Trust Series 2023-INV2, Class A3 |
| 576103 | 7.079 <sup>(c)(d)(e)</sup> | 08/25/68 | 580138 |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

## Schedule of Investments (continued)
*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Sequential Fixed Rate – (continued)** | **Sequential Fixed Rate – (continued)** | **Sequential Fixed Rate – (continued)** | **Sequential Fixed Rate – (continued)** |
| Verus Securitization Trust Series 2024-INV2, Class A1 | Verus Securitization Trust Series 2024-INV2, Class A1 | Verus Securitization Trust Series 2024-INV2, Class A1 | Verus Securitization Trust Series 2024-INV2, Class A1 |
| 1052250 | 5.332 %<sup>(c)(d)(e)</sup> | 08/26/69 | $1059261 |
| Verus Securitization Trust Series 2025-6, Class A1 | Verus Securitization Trust Series 2025-6, Class A1 | Verus Securitization Trust Series 2025-6, Class A1 | Verus Securitization Trust Series 2025-6, Class A1 |
| 3681528 | 5.417 <sup>(c)(d)(e)</sup> | 07/25/70 | 3713790 |
| Verus Securitization Trust Series 2025-1, Class A1A | Verus Securitization Trust Series 2025-1, Class A1A | Verus Securitization Trust Series 2025-1, Class A1A | Verus Securitization Trust Series 2025-1, Class A1A |
| 2415231 | 5.620 <sup>(c)(d)(e)</sup> | 01/25/70 | 2437492 |
|  |  |  | 25354245 |
| **Sequential Floating Rate<sup>(b)(c)</sup> – 2.8%** | **Sequential Floating Rate<sup>(b)(c)</sup> – 2.8%** | **Sequential Floating Rate<sup>(b)(c)</sup> – 2.8%** | **Sequential Floating Rate<sup>(b)(c)</sup> – 2.8%** |
| Angel Oak Mortgage Trust Series 2021-3, Class A1 | Angel Oak Mortgage Trust Series 2021-3, Class A1 | Angel Oak Mortgage Trust Series 2021-3, Class A1 | Angel Oak Mortgage Trust Series 2021-3, Class A1 |
| 554453 | 1.068 <sup>(d)</sup> | 05/25/66 | 488596 |
| Angel Oak Mortgage Trust Series 2019-6, Class B1 | Angel Oak Mortgage Trust Series 2019-6, Class B1 | Angel Oak Mortgage Trust Series 2019-6, Class B1 | Angel Oak Mortgage Trust Series 2019-6, Class B1 |
| 1825000 | 3.941 <sup>(d)</sup> | 11/25/59 | 1769185 |
| Angel Oak Mortgage Trust Series 2025-11, Class A1 | Angel Oak Mortgage Trust Series 2025-11, Class A1 | Angel Oak Mortgage Trust Series 2025-11, Class A1 | Angel Oak Mortgage Trust Series 2025-11, Class A1 |
| 2257544 | 4.975 <sup>(d)</sup> | 10/25/70 | 2260091 |
| Chase Home Lending Mortgage Trust Series 2024-3, Class A5 | Chase Home Lending Mortgage Trust Series 2024-3, Class A5 | Chase Home Lending Mortgage Trust Series 2024-3, Class A5 | Chase Home Lending Mortgage Trust Series 2024-3, Class A5 |
| 275000 | 6.000 <sup>(d)</sup> | 02/25/55 | 278868 |
| Chase Home Lending Mortgage Trust Series 2024-3, Class A5A | Chase Home Lending Mortgage Trust Series 2024-3, Class A5A | Chase Home Lending Mortgage Trust Series 2024-3, Class A5A | Chase Home Lending Mortgage Trust Series 2024-3, Class A5A |
| 425000 | 5.500 <sup>(d)</sup> | 02/25/55 | 424711 |
| Chase Home Lending Mortgage Trust Series 2024-3, Class A7 | Chase Home Lending Mortgage Trust Series 2024-3, Class A7 | Chase Home Lending Mortgage Trust Series 2024-3, Class A7 | Chase Home Lending Mortgage Trust Series 2024-3, Class A7 |
| 200000 | 6.000 <sup>(d)</sup> | 02/25/55 | 204190 |
| Countrywide Alternative Loan Trust Series 2005-38, Class A1 (1 yr. MTA + 1.500%) | Countrywide Alternative Loan Trust Series 2005-38, Class A1 (1 yr. MTA + 1.500%) | Countrywide Alternative Loan Trust Series 2005-38, Class A1 (1 yr. MTA + 1.500%) | Countrywide Alternative Loan Trust Series 2005-38, Class A1 (1 yr. MTA + 1.500%) |
| 29975 | 5.529 | 09/25/35 | 26947 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA5, Class M2 (1 mo. USD Term SOFR + 1.650%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA5, Class M2 (1 mo. USD Term SOFR + 1.650%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA5, Class M2 (1 mo. USD Term SOFR + 1.650%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA5, Class M2 (1 mo. USD Term SOFR + 1.650%) |
| 53907 | 5.524 <sup>(d)</sup> | 01/25/34 | 54090 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA2, Class M1 (1 mo. USD Term SOFR + 1.200%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA2, Class M1 (1 mo. USD Term SOFR + 1.200%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA2, Class M1 (1 mo. USD Term SOFR + 1.200%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA2, Class M1 (1 mo. USD Term SOFR + 1.200%) |
| 1156661 | 5.074 <sup>(d)</sup> | 05/25/44 | 1158089 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2 (1 mo. USD Term SOFR + 1.550%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2 (1 mo. USD Term SOFR + 1.550%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2 (1 mo. USD Term SOFR + 1.550%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2 (1 mo. USD Term SOFR + 1.550%) |
| 157746 | 5.424 <sup>(d)</sup> | 10/25/41 | 158323 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2 (1 mo. USD Term SOFR + 1.650%) |
| 285000 | 5.524 <sup>(d)</sup> | 12/25/41 | 286476 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1 (1 mo. USD Term SOFR + 1.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1 (1 mo. USD Term SOFR + 1.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1 (1 mo. USD Term SOFR + 1.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1 (1 mo. USD Term SOFR + 1.900%) |
| 34196 | 5.774 <sup>(d)</sup> | 04/25/42 | 34281 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) |
| 227000 | 6.874 <sup>(d)</sup> | 04/25/42 | 231930 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) |
| 450000 | 5.674 <sup>(d)</sup> | 01/25/44 | 452271 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R02, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R02, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R02, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R02, Class 1M2 (1 mo. USD Term SOFR + 1.800%) |
| 1845000 | 5.674 <sup>(d)</sup> | 02/25/44 | 1854566 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) |
| 1650000 | 5.524 <sup>(d)</sup> | 05/25/44 | 1658547 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Sequential Floating Rate<sup>(b)(c)</sup> – (continued)** | **Sequential Floating Rate<sup>(b)(c)</sup> – (continued)** | **Sequential Floating Rate<sup>(b)(c)</sup> – (continued)** | **Sequential Floating Rate<sup>(b)(c)</sup> – (continued)** |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) |
| 250000 | 5.824 %<sup>(d)</sup> | 03/25/44 | $251658 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M1 (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M1 (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M1 (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M1 (1 mo. USD Term SOFR + 1.000%) |
| 124251 | 4.874 <sup>(d)</sup> | 07/25/44 | 124264 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M2 (1 mo. USD Term SOFR + 1.700%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M2 (1 mo. USD Term SOFR + 1.700%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M2 (1 mo. USD Term SOFR + 1.700%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M2 (1 mo. USD Term SOFR + 1.700%) |
| 1150000 | 5.574 <sup>(d)</sup> | 07/25/44 | 1154713 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%) |
| 775000 | 5.474 <sup>(d)</sup> | 09/25/44 | 776135 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R03, Class 2A1 (1 mo. USD Term SOFR + 1.450%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R03, Class 2A1 (1 mo. USD Term SOFR + 1.450%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R03, Class 2A1 (1 mo. USD Term SOFR + 1.450%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R03, Class 2A1 (1 mo. USD Term SOFR + 1.450%) |
| 884858 | 5.324 <sup>(d)</sup> | 03/25/45 | 889434 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1M2 (1 mo. USD Term SOFR + 1.500%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1M2 (1 mo. USD Term SOFR + 1.500%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1M2 (1 mo. USD Term SOFR + 1.500%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01, Class 1M2 (1 mo. USD Term SOFR + 1.500%) |
| 1850000 | 5.374 <sup>(d)</sup> | 01/25/45 | 1852481 |
| HarborView Mortgage Loan Trust Series 2006-6, Class 3A1A | HarborView Mortgage Loan Trust Series 2006-6, Class 3A1A | HarborView Mortgage Loan Trust Series 2006-6, Class 3A1A | HarborView Mortgage Loan Trust Series 2006-6, Class 3A1A |
| 138679 | 4.835 | 08/19/36 | 112485 |
| JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 |
| 902658 | 2.520 <sup>(d)</sup> | 05/25/52 | 778312 |
| JP Morgan Mortgage Trust Series 2022-LTV1, Class A2 | JP Morgan Mortgage Trust Series 2022-LTV1, Class A2 | JP Morgan Mortgage Trust Series 2022-LTV1, Class A2 | JP Morgan Mortgage Trust Series 2022-LTV1, Class A2 |
| 297255 | 3.511 <sup>(d)</sup> | 07/25/52 | 269706 |
| JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 |
| 1253055 | 5.990 <sup>(d)</sup> | 07/25/64 | 1265909 |
| JP Morgan Mortgage Trust Series 2024-3, Class A4 | JP Morgan Mortgage Trust Series 2024-3, Class A4 | JP Morgan Mortgage Trust Series 2024-3, Class A4 | JP Morgan Mortgage Trust Series 2024-3, Class A4 |
| 1601837 | 3.000 <sup>(d)</sup> | 05/25/54 | 1462993 |
| JP Morgan Mortgage Trust Series 2024-4, Class A5A | JP Morgan Mortgage Trust Series 2024-4, Class A5A | JP Morgan Mortgage Trust Series 2024-4, Class A5A | JP Morgan Mortgage Trust Series 2024-4, Class A5A |
| 700000 | 6.000 <sup>(d)</sup> | 10/25/54 | 711914 |
| JP Morgan Mortgage Trust Series 2024-1, Class A4 | JP Morgan Mortgage Trust Series 2024-1, Class A4 | JP Morgan Mortgage Trust Series 2024-1, Class A4 | JP Morgan Mortgage Trust Series 2024-1, Class A4 |
| 502514 | 6.000 <sup>(d)</sup> | 06/25/54 | 505710 |
| JP Morgan Mortgage Trust Series 2025-DSC1, Class A1 | JP Morgan Mortgage Trust Series 2025-DSC1, Class A1 | JP Morgan Mortgage Trust Series 2025-DSC1, Class A1 | JP Morgan Mortgage Trust Series 2025-DSC1, Class A1 |
| 1454789 | 5.577 <sup>(d)</sup> | 09/25/65 | 1470474 |
| Mill City Mortgage Loan Trust Series 2017-2, Class A3 | Mill City Mortgage Loan Trust Series 2017-2, Class A3 | Mill City Mortgage Loan Trust Series 2017-2, Class A3 | Mill City Mortgage Loan Trust Series 2017-2, Class A3 |
| 92991 | 3.250 <sup>(d)</sup> | 07/25/59 | 91444 |
| Sequoia Mortgage Trust Series 2004-10, Class A3A (6 mo. USD Term SOFR + 1.088%) | Sequoia Mortgage Trust Series 2004-10, Class A3A (6 mo. USD Term SOFR + 1.088%) | Sequoia Mortgage Trust Series 2004-10, Class A3A (6 mo. USD Term SOFR + 1.088%) | Sequoia Mortgage Trust Series 2004-10, Class A3A (6 mo. USD Term SOFR + 1.088%) |
| 22716 | 4.818 | 11/20/34 | 21174 |
| Towd Point Mortgage Trust Series 2020-1, Class A2A | Towd Point Mortgage Trust Series 2020-1, Class A2A | Towd Point Mortgage Trust Series 2020-1, Class A2A | Towd Point Mortgage Trust Series 2020-1, Class A2A |
| 530000 | 3.100 <sup>(d)</sup> | 01/25/60 | 484121 |
| Verus Securitization Trust Series 2021-8, Class A1 | Verus Securitization Trust Series 2021-8, Class A1 | Verus Securitization Trust Series 2021-8, Class A1 | Verus Securitization Trust Series 2021-8, Class A1 |
| 93773 | 2.824 <sup>(d)</sup> | 11/25/66 | 87688 |
|  |  |  | 23651776 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | 52568010 |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Commercial Mortgage-Backed Securities – 11.6%** | **Commercial Mortgage-Backed Securities – 11.6%** | **Commercial Mortgage-Backed Securities – 11.6%** | **Commercial Mortgage-Backed Securities – 11.6%** |
| **Regular Floater<sup>(b)(d)</sup> – 0.6%** | **Regular Floater<sup>(b)(d)</sup> – 0.6%** | **Regular Floater<sup>(b)(d)</sup> – 0.6%** | **Regular Floater<sup>(b)(d)</sup> – 0.6%** |
| BFLD Commercial Mortgage Trust Series 2024-UNIV, Class A (1 mo. USD Term SOFR + 1.493%) | BFLD Commercial Mortgage Trust Series 2024-UNIV, Class A (1 mo. USD Term SOFR + 1.493%) | BFLD Commercial Mortgage Trust Series 2024-UNIV, Class A (1 mo. USD Term SOFR + 1.493%) | BFLD Commercial Mortgage Trust Series 2024-UNIV, Class A (1 mo. USD Term SOFR + 1.493%) |
| 1600000 | 5.243% | 11/15/41 | $1601264 |
| TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR + 2.133%) | TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR + 2.133%) | TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR + 2.133%) | TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR + 2.133%) |
| 2350000 | 5.883 | 11/15/29 | 2360826 |
| WCORE Commercial Mortgage Trust Series 2024-CORE, Class A (1 mo. USD Term SOFR + 1.492%) | WCORE Commercial Mortgage Trust Series 2024-CORE, Class A (1 mo. USD Term SOFR + 1.492%) | WCORE Commercial Mortgage Trust Series 2024-CORE, Class A (1 mo. USD Term SOFR + 1.492%) | WCORE Commercial Mortgage Trust Series 2024-CORE, Class A (1 mo. USD Term SOFR + 1.492%) |
| 900000 | 5.242 | 11/15/41 | 899438 |
|  |  |  | 4861528 |
| **Sequential Fixed Rate – 3.5%** | **Sequential Fixed Rate – 3.5%** | **Sequential Fixed Rate – 3.5%** | **Sequential Fixed Rate – 3.5%** |
| Bank Series 2024-BNK47, Class A5 | Bank Series 2024-BNK47, Class A5 | Bank Series 2024-BNK47, Class A5 | Bank Series 2024-BNK47, Class A5 |
| 1250000 | 5.716 <sup>(c)</sup> | 06/15/57 | 1326855 |
| Bank5 Series 2024-5YR7, Class A3 | Bank5 Series 2024-5YR7, Class A3 | Bank5 Series 2024-5YR7, Class A3 | Bank5 Series 2024-5YR7, Class A3 |
| 1200000 | 5.769 <sup>(c)</sup> | 06/15/57 | 1252208 |
| Bank5 Series 2024-5YR10, Class A3 | Bank5 Series 2024-5YR10, Class A3 | Bank5 Series 2024-5YR10, Class A3 | Bank5 Series 2024-5YR10, Class A3 |
| 1150000 | 5.302 <sup>(c)</sup> | 10/15/57 | 1184469 |
| Bank5 Series 2024-5YR11, Class A3 | Bank5 Series 2024-5YR11, Class A3 | Bank5 Series 2024-5YR11, Class A3 | Bank5 Series 2024-5YR11, Class A3 |
| 900000 | 5.893 <sup>(c)</sup> | 11/15/57 | 946191 |
| Bank5 Series 2024-5YR11, Class AS | Bank5 Series 2024-5YR11, Class AS | Bank5 Series 2024-5YR11, Class AS | Bank5 Series 2024-5YR11, Class AS |
| 575000 | 6.139 <sup>(c)</sup> | 11/15/57 | 601678 |
| Bank5 Series 2025-5YR14, Class A3 | Bank5 Series 2025-5YR14, Class A3 | Bank5 Series 2025-5YR14, Class A3 | Bank5 Series 2025-5YR14, Class A3 |
| 1500000 | 5.646 <sup>(c)</sup> | 04/15/58 | 1568240 |
| Bank5 Series 2025-5YR15, Class A3 | Bank5 Series 2025-5YR15, Class A3 | Bank5 Series 2025-5YR15, Class A3 | Bank5 Series 2025-5YR15, Class A3 |
| 1450000 | 5.452 <sup>(c)</sup> | 07/15/58 | 1507374 |
| BBCMS Mortgage Trust Series 2025-5C36, Class A3 | BBCMS Mortgage Trust Series 2025-5C36, Class A3 | BBCMS Mortgage Trust Series 2025-5C36, Class A3 | BBCMS Mortgage Trust Series 2025-5C36, Class A3 |
| 1700000 | 5.517 <sup>(c)</sup> | 08/15/58 | 1772949 |
| Benchmark Mortgage Trust Series 2023-B39, Class A5 | Benchmark Mortgage Trust Series 2023-B39, Class A5 | Benchmark Mortgage Trust Series 2023-B39, Class A5 | Benchmark Mortgage Trust Series 2023-B39, Class A5 |
| 1125000 | 5.754 <sup>(c)</sup> | 07/15/56 | 1191764 |
| BMO Mortgage Trust Series 2023-C7, Class A5 | BMO Mortgage Trust Series 2023-C7, Class A5 | BMO Mortgage Trust Series 2023-C7, Class A5 | BMO Mortgage Trust Series 2023-C7, Class A5 |
| 2300000 | 6.160 <sup>(c)</sup> | 12/15/56 | 2471820 |
| BMO Mortgage Trust Series 2025-5C11, Class A3 | BMO Mortgage Trust Series 2025-5C11, Class A3 | BMO Mortgage Trust Series 2025-5C11, Class A3 | BMO Mortgage Trust Series 2025-5C11, Class A3 |
| 1500000 | 5.669 <sup>(c)</sup> | 07/15/58 | 1569428 |
| BWAY Mortgage Trust Series 2013-1515, Class A2 | BWAY Mortgage Trust Series 2013-1515, Class A2 | BWAY Mortgage Trust Series 2013-1515, Class A2 | BWAY Mortgage Trust Series 2013-1515, Class A2 |
| 1180763 | 3.454 <sup>(c)(d)</sup> | 03/10/33 | 1120056 |
| Citigroup Commercial Mortgage Trust Series 2017-P8, Class D | Citigroup Commercial Mortgage Trust Series 2017-P8, Class D | Citigroup Commercial Mortgage Trust Series 2017-P8, Class D | Citigroup Commercial Mortgage Trust Series 2017-P8, Class D |
| 400000 | 3.000 <sup>(c)(d)</sup> | 09/15/50 | 280730 |
| COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A |
| 1825000 | 6.338 <sup>(d)</sup> | 08/10/44 | 1920832 |
| DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A |
| 1500000 | 2.956 <sup>(d)</sup> | 05/10/41 | 1348005 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B | JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B | JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B | JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B |
| 1300000 | 3.598 <sup>(c)(d)</sup> | 06/05/39 | 1214415 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2025-NSLB, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2025-NSLB, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2025-NSLB, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2025-NSLB, Class A |
| 1600000 | 6.234 <sup>(d)</sup> | 06/05/42 | 1672597 |
| ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A |
| 3325000 | 5.388 <sup>(d)</sup> | 11/13/41 | 3417058 |
| ROCK Trust Series 2024-CNTR, Class D | ROCK Trust Series 2024-CNTR, Class D | ROCK Trust Series 2024-CNTR, Class D | ROCK Trust Series 2024-CNTR, Class D |
| 1750000 | 7.109 <sup>(d)</sup> | 11/13/41 | 1827508 |
| Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 |
| 1100000 | 2.626 <sup>(c)</sup> | 04/15/54 | 994482 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Sequential Fixed Rate – (continued)** | **Sequential Fixed Rate – (continued)** | **Sequential Fixed Rate – (continued)** | **Sequential Fixed Rate – (continued)** |
| Wells Fargo Commercial Mortgage Trust Series 2024-C63, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2024-C63, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2024-C63, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2024-C63, Class A5 |
| 130000 | 5.309 %<sup>(c)</sup> | 08/15/57 | $134471 |
|  |  |  | 29323130 |
| **Sequential Floating Rate – 7.5%** | **Sequential Floating Rate – 7.5%** | **Sequential Floating Rate – 7.5%** | **Sequential Floating Rate – 7.5%** |
| 3650R Commercial Mortgage Trust Series 2021-PF1, Class AS | 3650R Commercial Mortgage Trust Series 2021-PF1, Class AS | 3650R Commercial Mortgage Trust Series 2021-PF1, Class AS | 3650R Commercial Mortgage Trust Series 2021-PF1, Class AS |
| 850000 | 2.778 <sup>(b)</sup> | 11/15/54 | 731953 |
| ALA Trust Series 2025-OANA, Class A (1 mo. USD Term SOFR + 1.743%) | ALA Trust Series 2025-OANA, Class A (1 mo. USD Term SOFR + 1.743%) | ALA Trust Series 2025-OANA, Class A (1 mo. USD Term SOFR + 1.743%) | ALA Trust Series 2025-OANA, Class A (1 mo. USD Term SOFR + 1.743%) |
| 1950000 | 5.494 <sup>(b)(d)</sup> | 06/15/40 | 1955578 |
| Banc of America Commercial Mortgage Trust Series 2015-UBS7, Class AS | Banc of America Commercial Mortgage Trust Series 2015-UBS7, Class AS | Banc of America Commercial Mortgage Trust Series 2015-UBS7, Class AS | Banc of America Commercial Mortgage Trust Series 2015-UBS7, Class AS |
| 448204 | 3.989 <sup>(b)(c)</sup> | 09/15/48 | 444489 |
| Bank Series 2022-BNK39, Class A4 | Bank Series 2022-BNK39, Class A4 | Bank Series 2022-BNK39, Class A4 | Bank Series 2022-BNK39, Class A4 |
| 1900000 | 2.928 <sup>(b)(c)</sup> | 02/15/55 | 1731586 |
| Bank Series 2022-BNK40, Class A4 | Bank Series 2022-BNK40, Class A4 | Bank Series 2022-BNK40, Class A4 | Bank Series 2022-BNK40, Class A4 |
| 1150000 | 3.390 <sup>(b)(c)</sup> | 03/15/64 | 1075883 |
| Bank Series 2025-BNK50, Class A5 | Bank Series 2025-BNK50, Class A5 | Bank Series 2025-BNK50, Class A5 | Bank Series 2025-BNK50, Class A5 |
| 675000 | 5.652 <sup>(b)(c)</sup> | 05/15/68 | 714800 |
| Bank Series 2025-BNK50, Class AS | Bank Series 2025-BNK50, Class AS | Bank Series 2025-BNK50, Class AS | Bank Series 2025-BNK50, Class AS |
| 1250000 | 5.875 <sup>(b)(c)</sup> | 05/15/68 | 1324912 |
| Bank5 Series 2024-5YR10, Class AS | Bank5 Series 2024-5YR10, Class AS | Bank5 Series 2024-5YR10, Class AS | Bank5 Series 2024-5YR10, Class AS |
| 400000 | 5.637 <sup>(c)</sup> | 10/15/57 | 411589 |
| Bank5 Series 2025-5YR16, Class AS | Bank5 Series 2025-5YR16, Class AS | Bank5 Series 2025-5YR16, Class AS | Bank5 Series 2025-5YR16, Class AS |
| 2200000 | 5.751 <sup>(b)(c)</sup> | 08/15/63 | 2285545 |
| Bank5 Trust Series 2025-5YR13, Class AS | Bank5 Trust Series 2025-5YR13, Class AS | Bank5 Trust Series 2025-5YR13, Class AS | Bank5 Trust Series 2025-5YR13, Class AS |
| 1050000 | 6.096 <sup>(b)(c)</sup> | 01/15/58 | 1099741 |
| BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) |
| 1775000 | 4.670 <sup>(b)(d)</sup> | 03/15/37 | 1679104 |
| BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) | BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) | BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) | BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) |
| 475000 | 4.919 <sup>(b)(d)</sup> | 03/15/37 | 428171 |
| BFLD Commercial Mortgage Trust Series 2025-5MW, Class A | BFLD Commercial Mortgage Trust Series 2025-5MW, Class A | BFLD Commercial Mortgage Trust Series 2025-5MW, Class A | BFLD Commercial Mortgage Trust Series 2025-5MW, Class A |
| 2550000 | 4.674 <sup>(b)(d)</sup> | 10/10/42 | 2548400 |
| BFLD Commercial Mortgage Trust Series 2025-660F, Class A (1 mo. USD Term SOFR + 1.500%) | BFLD Commercial Mortgage Trust Series 2025-660F, Class A (1 mo. USD Term SOFR + 1.500%) | BFLD Commercial Mortgage Trust Series 2025-660F, Class A (1 mo. USD Term SOFR + 1.500%) | BFLD Commercial Mortgage Trust Series 2025-660F, Class A (1 mo. USD Term SOFR + 1.500%) |
| 2650000 | 5.250 <sup>(b)(d)</sup> | 11/15/42 | 2657414 |
| BFLD Trust Series 2025-EWEST, Class B (1 mo. USD Term SOFR + 1.900%) | BFLD Trust Series 2025-EWEST, Class B (1 mo. USD Term SOFR + 1.900%) | BFLD Trust Series 2025-EWEST, Class B (1 mo. USD Term SOFR + 1.900%) | BFLD Trust Series 2025-EWEST, Class B (1 mo. USD Term SOFR + 1.900%) |
| 1750000 | 5.650 <sup>(b)(d)</sup> | 06/15/42 | 1750568 |
| BLP Commercial Mortgage Trust Series 2024-IND2, Class A (1 mo. USD Term SOFR + 1.342%) | BLP Commercial Mortgage Trust Series 2024-IND2, Class A (1 mo. USD Term SOFR + 1.342%) | BLP Commercial Mortgage Trust Series 2024-IND2, Class A (1 mo. USD Term SOFR + 1.342%) | BLP Commercial Mortgage Trust Series 2024-IND2, Class A (1 mo. USD Term SOFR + 1.342%) |
| 1049403 | 5.092 <sup>(b)(d)</sup> | 03/15/41 | 1049287 |
| BSTN Commercial Mortgage Trust Series 2025-1C, Class A | BSTN Commercial Mortgage Trust Series 2025-1C, Class A | BSTN Commercial Mortgage Trust Series 2025-1C, Class A | BSTN Commercial Mortgage Trust Series 2025-1C, Class A |
| 1800000 | 5.369 <sup>(b)(d)</sup> | 06/15/44 | 1849094 |
| BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) |
| 740315 | 5.142 <sup>(b)(d)</sup> | 03/15/41 | 739923 |
| BX Commercial Mortgage Trust Series 2024-VLT5, Class A | BX Commercial Mortgage Trust Series 2024-VLT5, Class A | BX Commercial Mortgage Trust Series 2024-VLT5, Class A | BX Commercial Mortgage Trust Series 2024-VLT5, Class A |
| 900000 | 5.410 <sup>(b)(d)</sup> | 11/13/46 | 910062 |
| BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) |
| 2050000 | 5.392 <sup>(b)(d)</sup> | 02/15/41 | 2042227 |
| BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%) | BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%) | BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%) | BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%) |
| 1494173 | 4.894 <sup>(b)(d)</sup> | 03/15/30 | 1491696 |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** |
| BX Trust Series 2025-TAIL, Class A (1 mo. USD Term SOFR + 1.400%) | BX Trust Series 2025-TAIL, Class A (1 mo. USD Term SOFR + 1.400%) | BX Trust Series 2025-TAIL, Class A (1 mo. USD Term SOFR + 1.400%) | BX Trust Series 2025-TAIL, Class A (1 mo. USD Term SOFR + 1.400%) |
| 1550000 | 5.150 %<sup>(b)(d)</sup> | 06/15/35 | $1549282 |
| Durst Commercial Mortgage Trust Series 2025-151, Class A | Durst Commercial Mortgage Trust Series 2025-151, Class A | Durst Commercial Mortgage Trust Series 2025-151, Class A | Durst Commercial Mortgage Trust Series 2025-151, Class A |
| 1850000 | 5.145 <sup>(b)(d)</sup> | 08/10/42 | 1887096 |
| Durst Commercial Mortgage Trust Series 2025-151, Class B | Durst Commercial Mortgage Trust Series 2025-151, Class B | Durst Commercial Mortgage Trust Series 2025-151, Class B | Durst Commercial Mortgage Trust Series 2025-151, Class B |
| 2250000 | 5.582 <sup>(b)(d)</sup> | 08/10/42 | 2292600 |
| Durst Commercial Mortgage Trust Series 2025-151, Class C | Durst Commercial Mortgage Trust Series 2025-151, Class C | Durst Commercial Mortgage Trust Series 2025-151, Class C | Durst Commercial Mortgage Trust Series 2025-151, Class C |
| 1025000 | 5.824 <sup>(b)(d)</sup> | 08/10/42 | 1044084 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF153, Class AS (1 mo. USD Term SOFR + 0.680%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF153, Class AS (1 mo. USD Term SOFR + 0.680%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF153, Class AS (1 mo. USD Term SOFR + 0.680%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF153, Class AS (1 mo. USD Term SOFR + 0.680%) |
| 602712 | 4.689 <sup>(b)(c)</sup> | 02/25/33 | 603275 |
| Houston Galleria Mall Trust Series 2025-HGLR, Class A | Houston Galleria Mall Trust Series 2025-HGLR, Class A | Houston Galleria Mall Trust Series 2025-HGLR, Class A | Houston Galleria Mall Trust Series 2025-HGLR, Class A |
| 975000 | 5.462 <sup>(b)(d)</sup> | 02/05/45 | 1008360 |
| Hudson Yards Mortgage Trust Series 2025-SPRL, Class D | Hudson Yards Mortgage Trust Series 2025-SPRL, Class D | Hudson Yards Mortgage Trust Series 2025-SPRL, Class D | Hudson Yards Mortgage Trust Series 2025-SPRL, Class D |
| 750000 | 6.340 <sup>(b)(d)</sup> | 01/13/40 | 780021 |
| Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A |
| 3100000 | 5.467 <sup>(b)(d)</sup> | 01/13/40 | 3210242 |
| IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A |
| 2100000 | 5.295 <sup>(b)(c)(d)</sup> | 03/14/47 | 2141095 |
| IRV Trust Series 2025-200P, Class C | IRV Trust Series 2025-200P, Class C | IRV Trust Series 2025-200P, Class C | IRV Trust Series 2025-200P, Class C |
| 675000 | 5.730 <sup>(b)(c)(d)</sup> | 03/14/47 | 679066 |
| IRV Trust Series 2025-200P, Class D | IRV Trust Series 2025-200P, Class D | IRV Trust Series 2025-200P, Class D | IRV Trust Series 2025-200P, Class D |
| 750000 | 6.166 <sup>(b)(c)(d)</sup> | 03/14/47 | 761559 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class B (1 mo. USD Term SOFR + 1.357%) | JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class B (1 mo. USD Term SOFR + 1.357%) | JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class B (1 mo. USD Term SOFR + 1.357%) | JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class B (1 mo. USD Term SOFR + 1.357%) |
| 962757 | 5.107 <sup>(b)(d)</sup> | 04/15/37 | 944937 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A |
| 550000 | 5.797 <sup>(b)(d)</sup> | 10/05/39 | 560043 |
| KRE Commercial Mortgage Trust Series 2025-AIP4, Class A (1 mo. USD Term SOFR + 1.300%) | KRE Commercial Mortgage Trust Series 2025-AIP4, Class A (1 mo. USD Term SOFR + 1.300%) | KRE Commercial Mortgage Trust Series 2025-AIP4, Class A (1 mo. USD Term SOFR + 1.300%) | KRE Commercial Mortgage Trust Series 2025-AIP4, Class A (1 mo. USD Term SOFR + 1.300%) |
| 1700000 | 5.050 <sup>(b)(d)</sup> | 03/15/42 | 1697187 |
| LEX Mortgage Trust Series 2024-BBG, Class A | LEX Mortgage Trust Series 2024-BBG, Class A | LEX Mortgage Trust Series 2024-BBG, Class A | LEX Mortgage Trust Series 2024-BBG, Class A |
| 1875000 | 4.874 <sup>(b)(c)(d)</sup> | 10/13/33 | 1887011 |
| MAD Commercial Mortgage Trust Series 2025-11MD, Class D | MAD Commercial Mortgage Trust Series 2025-11MD, Class D | MAD Commercial Mortgage Trust Series 2025-11MD, Class D | MAD Commercial Mortgage Trust Series 2025-11MD, Class D |
| 1450000 | 6.359 <sup>(b)(d)</sup> | 10/15/42 | 1469497 |
| MSWF Commercial Mortgage Trust Series 2023-2, Class A5 | MSWF Commercial Mortgage Trust Series 2023-2, Class A5 | MSWF Commercial Mortgage Trust Series 2023-2, Class A5 | MSWF Commercial Mortgage Trust Series 2023-2, Class A5 |
| 850000 | 6.014 <sup>(b)(c)</sup> | 12/15/56 | 916659 |
| NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) | NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) | NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) | NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) |
| 1200000 | 5.442 <sup>(b)(d)</sup> | 02/15/42 | 1196257 |
| NYC Commercial Mortgage Trust Series 2025-300P, Class A | NYC Commercial Mortgage Trust Series 2025-300P, Class A | NYC Commercial Mortgage Trust Series 2025-300P, Class A | NYC Commercial Mortgage Trust Series 2025-300P, Class A |
| 1850000 | 4.879 <sup>(b)(d)</sup> | 07/13/42 | 1857945 |
| NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) | NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) | NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) | NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) |
| 2200000 | 5.493 <sup>(b)(d)</sup> | 10/15/40 | 2204786 |
| PENN Commercial Mortgage Trust Series 2025-P11, Class A | PENN Commercial Mortgage Trust Series 2025-P11, Class A | PENN Commercial Mortgage Trust Series 2025-P11, Class A | PENN Commercial Mortgage Trust Series 2025-P11, Class A |
| 2000000 | 5.344 <sup>(b)(d)</sup> | 08/10/42 | 2047501 |
| TEXAS Commercial Mortgage Trust Series 2025-TWR, Class C (1 mo. USD Term SOFR + 2.142%) | TEXAS Commercial Mortgage Trust Series 2025-TWR, Class C (1 mo. USD Term SOFR + 2.142%) | TEXAS Commercial Mortgage Trust Series 2025-TWR, Class C (1 mo. USD Term SOFR + 2.142%) | TEXAS Commercial Mortgage Trust Series 2025-TWR, Class C (1 mo. USD Term SOFR + 2.142%) |
| 350000 | 5.892 <sup>(b)(d)</sup> | 04/15/42 | 349612 |
| UBS Commercial Mortgage Trust Series 2017-C2, Class AS | UBS Commercial Mortgage Trust Series 2017-C2, Class AS | UBS Commercial Mortgage Trust Series 2017-C2, Class AS | UBS Commercial Mortgage Trust Series 2017-C2, Class AS |
| 1125000 | 3.740 <sup>(b)(c)</sup> | 08/15/50 | 1108380 |
| Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A |
| 1600000 | 5.308 <sup>(b)(d)</sup> | 07/15/35 | 1613873 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
|  **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** |
|  Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B |
|  $ | 1000000 | 5.743 %<sup>(b)(d)</sup> | 07/15/35 | $1006932 |
|  |  |  |  | 63739322 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | $97923980 |
|  **Federal Agencies – 22.5%** | **Federal Agencies – 22.5%** | **Federal Agencies – 22.5%** | **Federal Agencies – 22.5%** | **Federal Agencies – 22.5%** |
|  **Federal Home Loan Mortgage Corp. – 0.0%** | **Federal Home Loan Mortgage Corp. – 0.0%** | **Federal Home Loan Mortgage Corp. – 0.0%** | **Federal Home Loan Mortgage Corp. – 0.0%** | **Federal Home Loan Mortgage Corp. – 0.0%** |
|  $ | 398 | 5.000% | 01/01/33 | $406 |
|  | 116 | 5.000 | 06/01/33 | 119 |
|  | 1179 | 5.000 | 07/01/33 | 1203 |
|  | 1543 | 5.000 | 08/01/33 | 1576 |
|  | 287 | 5.000 | 10/01/33 | 294 |
|  | 804 | 5.000 | 11/01/33 | 821 |
|  | 329 | 5.000 | 12/01/33 | 336 |
|  | 1105 | 5.000 | 02/01/34 | 1129 |
|  | 546 | 5.000 | 03/01/34 | 558 |
|  | 698 | 5.000 | 04/01/34 | 714 |
|  | 1049 | 5.000 | 05/01/34 | 1071 |
|  | 20497 | 5.000 | 06/01/34 | 20931 |
|  | 367 | 5.000 | 11/01/34 | 375 |
|  | 4706 | 5.000 | 04/01/35 | 4805 |
|  | 1 | 5.000 | 11/01/35 | 1 |
|  | 5563 | 5.000 | 01/01/40 | 5678 |
|  | 4340 | 4.000 | 06/01/40 | 4261 |
|  | 29369 | 4.000 | 02/01/41 | 28834 |
|  | 2760 | 4.000 | 11/01/41 | 2702 |
|  |  |  |  | 75814 |
|  **Government National Mortgage Association – 5.5%** | **Government National Mortgage Association – 5.5%** | **Government National Mortgage Association – 5.5%** | **Government National Mortgage Association – 5.5%** | **Government National Mortgage Association – 5.5%** |
|  | 135129 | 4.000 | 11/20/44 | 130748 |
|  | 12652 | 4.000 | 05/20/45 | 12233 |
|  | 289510 | 4.000 | 07/20/45 | 279718 |
|  | 201311 | 4.000 | 01/20/46 | 194338 |
|  | 66838 | 4.500 | 02/20/48 | 66629 |
|  | 22874 | 4.500 | 03/20/48 | 22803 |
|  | 80247 | 4.500 | 04/20/48 | 79945 |
|  | 182061 | 4.500 | 05/20/48 | 181264 |
|  | 732785 | 4.000 | 07/20/48 | 704464 |
|  | 252320 | 4.500 | 08/20/48 | 251058 |
|  | 141847 | 5.000 | 08/20/48 | 144258 |
|  | 741353 | 4.000 | 09/20/48 | 713561 |
|  | 1188907 | 4.500 | 09/20/48 | 1182957 |
|  | 164334 | 5.000 | 09/20/48 | 167127 |
|  | 166582 | 5.000 | 10/20/48 | 169257 |
|  | 654776 | 5.000 | 11/20/48 | 665292 |
|  | 272915 | 5.000 | 12/20/48 | 277128 |
|  | 921454 | 4.500 | 01/20/49 | 914827 |
|  | 472687 | 5.000 | 01/20/49 | 479983 |
|  | 248365 | 4.500 | 02/20/49 | 246578 |
|  | 175864 | 4.500 | 03/20/49 | 174599 |
|  | 262963 | 5.000 | 03/20/49 | 267022 |
|  | 517348 | 3.000 | 08/20/49 | 467972 |
|  | 388151 | 4.500 | 10/20/49 | 386208 |
|  | 148967 | 4.500 | 12/20/49 | 147896 |
|  | 1683461 | 3.000 | 03/20/50 | 1519611 |
|  | 626807 | 3.000 | 07/20/51 | 564062 |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

*December 31, 2025 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
|  **Government National Mortgage Association – (continued)** | **Government National Mortgage Association – (continued)** | **Government National Mortgage Association – (continued)** | **Government National Mortgage Association – (continued)** | **Government National Mortgage Association – (continued)** |
|  $ | 314288 | 2.500% | 09/20/51 | $270119 |
|  | 745801 | 2.500 | 10/20/51 | 643552 |
|  | 465580 | 2.500 | 11/20/51 | 401458 |
|  | 681632 | 3.000 | 12/20/51 | 612972 |
|  | 1432702 | 2.500 | 12/20/51 | 1234974 |
|  | 10850319 | 4.500 | 10/20/52 | 10651913 |
|  | 5000000 | 2.000 | TBA-30yr<sup>(f)</sup> | 4138239 |
|  | 13000000 | 5.500 | TBA-30yr<sup>(f)</sup> | 13125480 |
|  | 4000000 | 6.000 | TBA-30yr<sup>(f)</sup> | 4076016 |
|  | 1000000 | 6.500 | TBA-30yr<sup>(f)</sup> | 1033590 |
|  |  |  |  | 46599851 |
|  **Uniform Mortgage-Backed Security – 17.0%** | **Uniform Mortgage-Backed Security – 17.0%** | **Uniform Mortgage-Backed Security – 17.0%** | **Uniform Mortgage-Backed Security – 17.0%** | **Uniform Mortgage-Backed Security – 17.0%** |
|  | 103934 | 4.500 | 07/01/36 | 104081 |
|  | 4337 | 4.500 | 12/01/36 | 4344 |
|  | 3807 | 4.500 | 05/01/38 | 3823 |
|  | 8657 | 4.500 | 05/01/39 | 8682 |
|  | 5202 | 4.500 | 06/01/39 | 5218 |
|  | 2708 | 4.500 | 08/01/39 | 2714 |
|  | 3825 | 4.500 | 09/01/39 | 3841 |
|  | 6148 | 4.500 | 10/01/39 | 6174 |
|  | 2953 | 4.500 | 03/01/40 | 2966 |
|  | 37009 | 4.500 | 04/01/40 | 37220 |
|  | 4154 | 4.500 | 12/01/40 | 4177 |
|  | 36701 | 4.500 | 01/01/41 | 36911 |
|  | 11859 | 4.500 | 04/01/41 | 11875 |
|  | 18586 | 4.500 | 06/01/41 | 18612 |
|  | 16684 | 4.500 | 07/01/41 | 16707 |
|  | 26463 | 4.500 | 08/01/41 | 26491 |
|  | 70937 | 4.500 | 09/01/41 | 71037 |
|  | 40177 | 4.500 | 10/01/41 | 40234 |
|  | 49608 | 4.500 | 11/01/41 | 49678 |
|  | 45155 | 4.500 | 12/01/41 | 45219 |
|  | 35261 | 4.500 | 01/01/42 | 35310 |
|  | 2939 | 4.500 | 03/01/42 | 2962 |
|  | 8108 | 4.500 | 04/01/42 | 8149 |
|  | 35243 | 3.000 | 12/01/42 | 33013 |
|  | 89250 | 3.000 | 01/01/43 | 83184 |
|  | 129148 | 3.000 | 04/01/43 | 119790 |
|  | 169264 | 4.500 | 06/01/45 | 168636 |
|  | 1314333 | 4.000 | 08/01/45 | 1280317 |
|  | 690032 | 4.500 | 11/01/47 | 687301 |
|  | 2138056 | 4.000 | 01/01/48 | 2073265 |
|  | 11897 | 4.500 | 08/01/48 | 11809 |
|  | 213464 | 4.500 | 09/01/48 | 212952 |
|  | 139364 | 5.000 | 11/01/48 | 142160 |
|  | 703816 | 3.000 | 02/01/49 | 642098 |
|  | 10130 | 4.500 | 03/01/49 | 10039 |
|  | 77016 | 3.500 | 07/01/49 | 72360 |
|  | 711716 | 4.000 | 07/01/49 | 687424 |
|  | 323980 | 4.500 | 10/01/50 | 321584 |
|  | 2045623 | 3.000 | 12/01/50 | 1843127 |
|  | 128014 | 2.500 | 03/01/51 | 110511 |
|  | 5206233 | 2.000 | 03/01/51 | 4259154 |
|  | 2237112 | 2.500 | 05/01/51 | 1921218 |
|  | 632026 | 2.000 | 07/01/51 | 515757 |
|  | 829652 | 2.000 | 08/01/51 | 676208 |
|  | 2229216 | 2.500 | 09/01/51 | 1914812 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
|  **Uniform Mortgage-Backed Security – (continued)** | **Uniform Mortgage-Backed Security – (continued)** | **Uniform Mortgage-Backed Security – (continued)** | **Uniform Mortgage-Backed Security – (continued)** | **Uniform Mortgage-Backed Security – (continued)** |
|  $ | 622994 | 2.500% | 10/01/51 | $537423 |
|  | 653029 | 2.500 | 11/01/51 | 563333 |
|  | 1592726 | 2.000 | 01/01/52 | 1304284 |
|  | 721833 | 2.000 | 02/01/52 | 586817 |
|  | 1156713 | 2.500 | 02/01/52 | 983823 |
|  | 397834 | 2.000 | 03/01/52 | 323524 |
|  | 685380 | 2.500 | 03/01/52 | 580983 |
|  | 830431 | 4.500 | 04/01/52 | 816053 |
|  | 951130 | 2.000 | 04/01/52 | 773472 |
|  | 758013 | 3.000 | 08/01/52 | 680846 |
|  | 736721 | 5.500 | 09/01/52 | 758510 |
|  | 333210 | 2.500 | 09/01/52 | 283393 |
|  | 1536621 | 5.500 | 11/01/52 | 1582068 |
|  | 2118880 | 6.000 | 11/01/52 | 2213783 |
|  | 1400678 | 6.000 | 12/01/52 | 1461869 |
|  | 716971 | 6.000 | 01/01/53 | 748293 |
|  | 742092 | 5.500 | 04/01/53 | 761953 |
|  | 4753776 | 4.500 | 05/01/53 | 4706733 |
|  | 418095 | 2.500 | 01/01/54 | 355523 |
|  | 28000000 | 2.500 | TBA-30yr<sup>(f)</sup> | 23663282 |
|  | 1000000 | 3.000 | TBA-30yr<sup>(f)</sup> | 883828 |
|  | 17000000 | 4.500 | TBA-30yr<sup>(f)</sup> | 16591602 |
|  | 10000000 | 5.000 | TBA-30yr<sup>(f)</sup> | 9975000 |
|  | 7000000 | 3.500 | TBA-30yr<sup>(f)</sup> | 6444649 |
|  | 5000000 | 4.000 | TBA-30yr<sup>(f)</sup> | 4741797 |
|  | 38000000 | 5.500 | TBA-30yr<sup>(f)</sup> | 38529921 |
|  | 3000000 | 6.000 | TBA-30yr<sup>(f)</sup> | 3079805 |
|  | 2000000 | 6.500 | TBA-30yr<sup>(f)</sup> | 2078047 |
|  |  |  |  | 144343758 |
| **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | $191019423 |
| **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $341,934,352)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $341,934,352)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $341,934,352)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $341,934,352)** | $341511413 |
| **Sovereign Debt Obligations – 28.7%** | **Sovereign Debt Obligations – 28.7%** | **Sovereign Debt Obligations – 28.7%** | **Sovereign Debt Obligations – 28.7%** | **Sovereign Debt Obligations – 28.7%** |
|  **British Pound – 0.7%** | **British Pound – 0.7%** | **British Pound – 0.7%** | **British Pound – 0.7%** | **British Pound – 0.7%** |
|  U.K. Gilts | U.K. Gilts | U.K. Gilts | U.K. Gilts | U.K. Gilts |
|  GBP | 1990000 | 3.500% | 01/22/45 | $2162059 |
|  | 840000 | 1.500 | 07/31/53 | 521142 |
|  | 220000 | 1.750 | 07/22/57 | 139675 |
|  | 3330000 | 3.500 | 07/22/68 | 3253392 |
|  |  |  |  | 6076268 |
|  **Canadian Dollar – 0.8%** | **Canadian Dollar – 0.8%** | **Canadian Dollar – 0.8%** | **Canadian Dollar – 0.8%** | **Canadian Dollar – 0.8%** |
|  Province of British Columbia | Province of British Columbia | Province of British Columbia | Province of British Columbia | Province of British Columbia |
|  CAD | 2000000 | 4.950 | 06/18/40 | 1556840 |
|  Province of Ontario | Province of Ontario | Province of Ontario | Province of Ontario | Province of Ontario |
|  | 2300000 | 4.650 | 06/02/41 | 1731715 |
|  Province of Quebec | Province of Quebec | Province of Quebec | Province of Quebec | Province of Quebec |
|  GBP | 2390000 | 2.250 | 09/15/26 | 3185584 |
|  |  |  |  | 6474139 |
|  **Chinese Yuan Renminbi – 1.8%** | **Chinese Yuan Renminbi – 1.8%** | **Chinese Yuan Renminbi – 1.8%** | **Chinese Yuan Renminbi – 1.8%** | **Chinese Yuan Renminbi – 1.8%** |
|  China Government Bonds | China Government Bonds | China Government Bonds | China Government Bonds | China Government Bonds |
|  CNY | 58720000 | 1.650 | 05/15/35 | 8257472 |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

*December 31, 2025 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** |
|  **Chinese Yuan Renminbi – (continued)** | **Chinese Yuan Renminbi – (continued)** | **Chinese Yuan Renminbi – (continued)** | **Chinese Yuan Renminbi – (continued)** | **Chinese Yuan Renminbi – (continued)** |
|  CNY | 23780000 | 1.980% | 04/25/45 | $3216408 |
|  | 26320000 | 1.880 | 04/25/55 | 3450931 |
|  |  |  |  | 14924811 |
|  **Colombia Peso – 0.0%** | **Colombia Peso – 0.0%** | **Colombia Peso – 0.0%** | **Colombia Peso – 0.0%** | **Colombia Peso – 0.0%** |
|  Colombia TES | Colombia TES | Colombia TES | Colombia TES | Colombia TES |
|  COP | 897700000 | 13.250 | 02/09/33 | 239991 |
|  | 890400000 | 9.250 | 05/28/42 | 178325 |
|  |  |  |  | 418316 |
|  **Euro – 15.3%** | **Euro – 15.3%** | **Euro – 15.3%** | **Euro – 15.3%** | **Euro – 15.3%** |
|  European Financial Stability Facility<sup>(g)</sup> | European Financial Stability Facility<sup>(g)</sup> | European Financial Stability Facility<sup>(g)</sup> | European Financial Stability Facility<sup>(g)</sup> | European Financial Stability Facility<sup>(g)</sup> |
|  EUR | 1170000 | 0.875 | 04/10/35 | 1122289 |
|  European Union | European Union | European Union | European Union | European Union |
|  | 6632868 | 1.625 | 12/04/29 | 7548158 |
|  | 820000 | 0.200 | 06/04/36 | 708168 |
|  Finland Government Bonds | Finland Government Bonds | Finland Government Bonds | Finland Government Bonds | Finland Government Bonds |
|  | 1190000 | 1.500 | 09/15/32 | 1282609 |
|  France Treasury Bills BTF<sup>(h)</sup> | France Treasury Bills BTF<sup>(h)</sup> | France Treasury Bills BTF<sup>(h)</sup> | France Treasury Bills BTF<sup>(h)</sup> | France Treasury Bills BTF<sup>(h)</sup> |
|  | 20513728 | 0.000 | 01/14/26 | 24092063 |
|  | 38809326 | 0.000 | 02/18/26 | 45487856 |
|  French Republic Government Bonds OAT | French Republic Government Bonds OAT | French Republic Government Bonds OAT | French Republic Government Bonds OAT | French Republic Government Bonds OAT |
|  | 7350000 | 3.500 | 11/25/33 | 8760116 |
|  | 1760000 | 1.250 | 05/25/34 | 1750839 |
|  | 1030000 | 4.500 | 04/25/41 | 1282151 |
|  | 310000 | 3.250 | 05/25/45 | 320646 |
|  | 210000 | 2.000 | 05/25/48 | 166557 |
|  | 800000 | 1.750 | 05/25/66 | 459832 |
|  Ireland Government Bonds | Ireland Government Bonds | Ireland Government Bonds | Ireland Government Bonds | Ireland Government Bonds |
|  | 430000 | 0.200 | 10/18/30 | 452741 |
|  | 920000 | 0.350 | 10/18/32 | 921104 |
|  Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro |
|  | 5400000 | 0.000 <sup>(h)</sup> | 08/01/26 | 6275131 |
|  | 3220000 | 0.900 | 04/01/31 | 3426429 |
|  | 1680000 | 6.000 | 05/01/31 | 2282944 |
|  | 1130000 | 3.250 | 03/01/38 | 1269731 |
|  | 1370000 | 4.450 | 09/01/43 | 1689076 |
|  | 1170000 | 2.150 | 09/01/52 | 916056 |
|  | 357000 | 4.500 | 10/01/53 | 430044 |
|  | 100000 | 2.800 | 03/01/67 | 83616 |
|  Kingdom of Belgium Government Bonds | Kingdom of Belgium Government Bonds | Kingdom of Belgium Government Bonds | Kingdom of Belgium Government Bonds | Kingdom of Belgium Government Bonds |
|  | 1690000 | 0.350 | 06/22/32 | 1687162 |
|  | 250000 | 2.150 | 06/22/66 | 169076 |
|  Netherlands Government Bonds | Netherlands Government Bonds | Netherlands Government Bonds | Netherlands Government Bonds | Netherlands Government Bonds |
|  | 709181 | 2.500 | 07/15/34 | 808793 |
|  | 673445 | 0.000 <sup>(h)</sup> | 01/15/38 | 540414 |
|  | 838544 | 3.750 | 01/15/42 | 1032552 |
|  | 687236 | 2.000 | 01/15/54 | 582995 |
|  Portugal Obrigacoes do Tesouro OT | Portugal Obrigacoes do Tesouro OT | Portugal Obrigacoes do Tesouro OT | Portugal Obrigacoes do Tesouro OT | Portugal Obrigacoes do Tesouro OT |
|  | 1200000 | 1.950 | 06/15/29 | 1394615 |
|  Region Wallonne Belgium | Region Wallonne Belgium | Region Wallonne Belgium | Region Wallonne Belgium | Region Wallonne Belgium |
|  | 1300000 | 2.875 | 01/14/38 | 1372830 |
|  Republic of Austria Government Bonds | Republic of Austria Government Bonds | Republic of Austria Government Bonds | Republic of Austria Government Bonds | Republic of Austria Government Bonds |
|  | 1270000 | 0.000 <sup>(h)</sup> | 10/20/28 | 1401715 |
|  | 280000 | 2.100 <sup>(i)</sup> | 09/20/17 | 189434 |
|  | 280000 | 0.850 <sup>(j)</sup> | 06/30/20 | 97503 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  | 630000 | 2.124 | 07/16/31 | 649450 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** |
|  **Euro – (continued)** | **Euro – (continued)** | **Euro – (continued)** | **Euro – (continued)** | **Euro – (continued)** |
|  Romania Government International Bonds – (continued) | Romania Government International Bonds – (continued) | Romania Government International Bonds – (continued) | Romania Government International Bonds – (continued) | Romania Government International Bonds – (continued) |
|  EUR | 1130000 | 5.375 %<sup>(d)</sup> | 06/07/33 | $1341256 |
|  | 400000 | 3.375 <sup>(d)</sup> | 01/28/50 | 300997 |
|  Spain Government Bonds | Spain Government Bonds | Spain Government Bonds | Spain Government Bonds | Spain Government Bonds |
|  | 870000 | 1.250 | 10/31/30 | 958328 |
|  | 3430000 | 2.550 | 10/31/32 | 3941006 |
|  | 650000 | 0.850 | 07/30/37 | 574407 |
|  | 700000 | 2.900 | 10/31/46 | 708219 |
|  | 1110000 | 3.450 | 07/30/66 | 1116132 |
|  |  |  |  | 129595040 |
|  **Indonesia Rupiah – 0.4%** | **Indonesia Rupiah – 0.4%** | **Indonesia Rupiah – 0.4%** | **Indonesia Rupiah – 0.4%** | **Indonesia Rupiah – 0.4%** |
|  Indonesia Treasury Bonds | Indonesia Treasury Bonds | Indonesia Treasury Bonds | Indonesia Treasury Bonds | Indonesia Treasury Bonds |
|  IDR | 10285000000 | 6.500 | 07/15/30 | 640338 |
|  | 7702000000 | 6.500 | 02/15/31 | 478231 |
|  | 7391000000 | 6.375 | 04/15/32 | 453787 |
|  | 18210000000 | 6.625 | 02/15/34 | 1130736 |
|  | 5281000000 | 7.125 | 06/15/38 | 338284 |
|  |  |  |  | 3041376 |
|  **Israeli Shekel – 0.2%** | **Israeli Shekel – 0.2%** | **Israeli Shekel – 0.2%** | **Israeli Shekel – 0.2%** | **Israeli Shekel – 0.2%** |
|  Israel Government Bonds | Israel Government Bonds | Israel Government Bonds | Israel Government Bonds | Israel Government Bonds |
|  ILS | 2430000 | 2.000 | 03/31/27 | 747044 |
|  | 2500000 | 1.300 | 04/30/32 | 676450 |
|  |  |  |  | 1423494 |
|  **Japanese Yen – 7.1%** | **Japanese Yen – 7.1%** | **Japanese Yen – 7.1%** | **Japanese Yen – 7.1%** | **Japanese Yen – 7.1%** |
|  Japan Government Five Year Bonds | Japan Government Five Year Bonds | Japan Government Five Year Bonds | Japan Government Five Year Bonds | Japan Government Five Year Bonds |
|  JPY | 958350000 | 1.100 | 12/20/29 | 6037103 |
|  Japan Government Forty Year Bonds | Japan Government Forty Year Bonds | Japan Government Forty Year Bonds | Japan Government Forty Year Bonds | Japan Government Forty Year Bonds |
|  | 712600000 | 1.000 | 03/20/62 | 2305714 |
|  Japan Government Ten Year Bonds | Japan Government Ten Year Bonds | Japan Government Ten Year Bonds | Japan Government Ten Year Bonds | Japan Government Ten Year Bonds |
|  | 245900000 | 0.200 | 06/20/32 | 1425542 |
|  | 768800000 | 1.400 | 03/20/35 | 4663059 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  | 721900000 | 1.400 | 09/20/52 | 3012080 |
|  Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds |
|  | 903000000 | 1.100 | 09/20/42 | 4509984 |
|  | 1167350000 | 1.600 | 03/20/44 | 6140288 |
|  Japan Treasury Discount Bills <sup>(h)</sup> | Japan Treasury Discount Bills <sup>(h)</sup> | Japan Treasury Discount Bills <sup>(h)</sup> | Japan Treasury Discount Bills <sup>(h)</sup> | Japan Treasury Discount Bills <sup>(h)</sup> |
|  | 3135550000 | 0.000 | 01/07/26 | 20017156 |
|  | 1870600000 | 0.000 | 01/20/26 | 11938808 |
|  |  |  |  | 60049734 |
|  **Mexican Peso – 0.2%** | **Mexican Peso – 0.2%** | **Mexican Peso – 0.2%** | **Mexican Peso – 0.2%** | **Mexican Peso – 0.2%** |
|  Mexico Bonos | Mexico Bonos | Mexico Bonos | Mexico Bonos | Mexico Bonos |
|  MXN | 39000000 | 7.750 | 11/23/34 | 2008887 |
|  **Peruvian Nuevo Sol – 0.1%** | **Peruvian Nuevo Sol – 0.1%** | **Peruvian Nuevo Sol – 0.1%** | **Peruvian Nuevo Sol – 0.1%** | **Peruvian Nuevo Sol – 0.1%** |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  PEN | 1550000 | 5.940 | 02/12/29 | 482996 |
|  **Singapore Dollar – 0.2%** | **Singapore Dollar – 0.2%** | **Singapore Dollar – 0.2%** | **Singapore Dollar – 0.2%** | **Singapore Dollar – 0.2%** |
|  Singapore Government Bonds | Singapore Government Bonds | Singapore Government Bonds | Singapore Government Bonds | Singapore Government Bonds |
|  SGD | 1320000 | 3.375 | 09/01/33 | 1117774 |
|  | 790000 | 2.750 | 03/01/35 | 647064 |
|  |  |  |  | 1764838 |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

*December 31, 2025 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** |
|  **South Korean Won – 0.4%** | **South Korean Won – 0.4%** | **South Korean Won – 0.4%** | **South Korean Won – 0.4%** | **South Korean Won – 0.4%** |
|  Korea Treasury Bonds | Korea Treasury Bonds | Korea Treasury Bonds | Korea Treasury Bonds | Korea Treasury Bonds |
|  KRW | 2598070000 | 1.875% | 06/10/29 | $1731245 |
|  | 2641660000 | 1.375 | 12/10/29 | 1709542 |
|  |  |  |  | 3440787 |
|  **Sovereign – 0.5%** | **Sovereign – 0.5%** | **Sovereign – 0.5%** | **Sovereign – 0.5%** | **Sovereign – 0.5%** |
|  Eagle Funding Luxco SARL<sup>(c)(d)</sup> | Eagle Funding Luxco SARL<sup>(c)(d)</sup> | Eagle Funding Luxco SARL<sup>(c)(d)</sup> | Eagle Funding Luxco SARL<sup>(c)(d)</sup> | Eagle Funding Luxco SARL<sup>(c)(d)</sup> |
|  $ | 2450000 | 5.500 | 08/17/30 | 2491650 |
|  Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds |
|  | 2040000 | 6.125 | 05/22/28 | 2117112 |
|  |  |  |  | 4608762 |
|  **Thailand Baht – 0.2%** | **Thailand Baht – 0.2%** | **Thailand Baht – 0.2%** | **Thailand Baht – 0.2%** | **Thailand Baht – 0.2%** |
|  Thailand Government Bonds | Thailand Government Bonds | Thailand Government Bonds | Thailand Government Bonds | Thailand Government Bonds |
|  THB | 6350000 | 2.650 | 06/17/28 | 208368 |
|  | 6710000 | 2.875 | 12/17/28 | 222987 |
|  | 70000 | 3.390 | 06/17/37 | 2590 |
|  | 9116000 | 3.450 | 06/17/43 | 338765 |
|  | 17150000 | 4.000 | 06/17/55 | 719383 |
|  |  |  |  | 1492093 |
|  **Total Romania New Leu – 0.0%** | **Total Romania New Leu – 0.0%** | **Total Romania New Leu – 0.0%** | **Total Romania New Leu – 0.0%** | **Total Romania New Leu – 0.0%** |
|  Romania Government Bonds | Romania Government Bonds | Romania Government Bonds | Romania Government Bonds | Romania Government Bonds |
|  RON | 1375000 | 6.700 | 02/25/32 | 315121 |
|  **United States Dollar – 0.8%** | **United States Dollar – 0.8%** | **United States Dollar – 0.8%** | **United States Dollar – 0.8%** | **United States Dollar – 0.8%** |
|  Chile Government International Bonds<sup>(c)</sup> | Chile Government International Bonds<sup>(c)</sup> | Chile Government International Bonds<sup>(c)</sup> | Chile Government International Bonds<sup>(c)</sup> | Chile Government International Bonds<sup>(c)</sup> |
|  $ | 430000 | 3.100 | 05/07/41 | 330132 |
|  Export-Import Bank of Korea | Export-Import Bank of Korea | Export-Import Bank of Korea | Export-Import Bank of Korea | Export-Import Bank of Korea |
|  | 390000 | 5.000 | 01/11/28 | 399071 |
|  | 330000 | 5.125 | 01/11/33 | 344903 |
|  Korea Hydro & Nuclear Power Co. Ltd.<sup>(d)</sup> | Korea Hydro & Nuclear Power Co. Ltd.<sup>(d)</sup> | Korea Hydro & Nuclear Power Co. Ltd.<sup>(d)</sup> | Korea Hydro & Nuclear Power Co. Ltd.<sup>(d)</sup> | Korea Hydro & Nuclear Power Co. Ltd.<sup>(d)</sup> |
|  | 630000 | 4.250 | 07/27/27 | 632684 |
|  Mexico Government International Bonds<sup>(c)</sup> | Mexico Government International Bonds<sup>(c)</sup> | Mexico Government International Bonds<sup>(c)</sup> | Mexico Government International Bonds<sup>(c)</sup> | Mexico Government International Bonds<sup>(c)</sup> |
|  | 1521000 | 3.771 | 05/24/61 | 935415 |
|  | 1810000 | 3.750 | 04/19/71 | 1067900 |
|  Panama Government International Bonds<sup>(c)</sup> | Panama Government International Bonds<sup>(c)</sup> | Panama Government International Bonds<sup>(c)</sup> | Panama Government International Bonds<sup>(c)</sup> | Panama Government International Bonds<sup>(c)</sup> |
|  | 200000 | 6.875 | 01/31/36 | 217098 |
|  Peru Government International Bonds<sup>(c)</sup> | Peru Government International Bonds<sup>(c)</sup> | Peru Government International Bonds<sup>(c)</sup> | Peru Government International Bonds<sup>(c)</sup> | Peru Government International Bonds<sup>(c)</sup> |
|  | 10000 | 2.780 | 12/01/60 | 5440 |
|  | 100000 | 3.230 <sup>(k)</sup> | 07/28/21 | 54600 |
|  Philippines Government International Bonds | Philippines Government International Bonds | Philippines Government International Bonds | Philippines Government International Bonds | Philippines Government International Bonds |
|  | 470000 | 3.700 | 03/01/41 | 392450 |
|  Republic of Poland Government International Bonds <sup>(c)</sup> | Republic of Poland Government International Bonds <sup>(c)</sup> | Republic of Poland Government International Bonds <sup>(c)</sup> | Republic of Poland Government International Bonds <sup>(c)</sup> | Republic of Poland Government International Bonds <sup>(c)</sup> |
|  | 600000 | 5.125 | 09/18/34 | 613662 |
|  | 650000 | 5.500 | 03/18/54 | 620045 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  | 240000 | 3.000 <sup>(d)</sup> | 02/27/27 | 235998 |
|  | 70000 | 6.375 | 01/30/34 | 72822 |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  | 830000 | 4.875 | 07/18/33 | 843359 |
|  State of Israel | State of Israel | State of Israel | State of Israel | State of Israel |
|  | 400000 | 3.800 | 05/13/60 | 268356 |
|  Uruguay Government International Bonds<sup>(c)</sup> | Uruguay Government International Bonds<sup>(c)</sup> | Uruguay Government International Bonds<sup>(c)</sup> | Uruguay Government International Bonds<sup>(c)</sup> | Uruguay Government International Bonds<sup>(c)</sup> |
|  | 31914 | 4.375 | 01/23/31 | 32332 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** |
|  **United States Dollar – (continued)** | **United States Dollar – (continued)** | **United States Dollar – (continued)** | **United States Dollar – (continued)** | **United States Dollar – (continued)** |
|  Uruguay Government International Bonds<sup>(c)</sup> – (continued) | Uruguay Government International Bonds<sup>(c)</sup> – (continued) | Uruguay Government International Bonds<sup>(c)</sup> – (continued) | Uruguay Government International Bonds<sup>(c)</sup> – (continued) | Uruguay Government International Bonds<sup>(c)</sup> – (continued) |
|  $ | 57058 | 5.442% | 02/14/37 | $59397 |
|  |  |  |  | 7125664 |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $257,567,633)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $257,567,633)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $257,567,633)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $257,567,633)** | $243242326 |
| **Corporate Obligations – 23.1%** | **Corporate Obligations – 23.1%** | **Corporate Obligations – 23.1%** | **Corporate Obligations – 23.1%** | **Corporate Obligations – 23.1%** |
|  **Aerospace & Defense<sup>(c)</sup> – 0.8%** | **Aerospace & Defense<sup>(c)</sup> – 0.8%** | **Aerospace & Defense<sup>(c)</sup> – 0.8%** | **Aerospace & Defense<sup>(c)</sup> – 0.8%** | **Aerospace & Defense<sup>(c)</sup> – 0.8%** |
|  Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. |
|  $ | 4954000 | 5.150% | 05/01/30 | $5090433 |
|  | 1634000 | 6.528 | 05/01/34 | 1807629 |
|  L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. |
|  | 50000 | 4.400 | 06/15/28 | 50386 |
|  |  |  |  | 6948448 |
|  **Agriculture<sup>(c)</sup> – 0.3%** | **Agriculture<sup>(c)</sup> – 0.3%** | **Agriculture<sup>(c)</sup> – 0.3%** | **Agriculture<sup>(c)</sup> – 0.3%** | **Agriculture<sup>(c)</sup> – 0.3%** |
|  Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |
|  | 875000 | 4.500 | 08/06/30 | 880985 |
|  BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. |
|  | 50000 | 3.557 | 08/15/27 | 49614 |
|  BAT International Finance PLC | BAT International Finance PLC | BAT International Finance PLC | BAT International Finance PLC | BAT International Finance PLC |
|  GBP | 948000 | 2.250 | 06/26/28 | 1215037 |
|  EUR | 200000 | 2.250 | 01/16/30 | 226929 |
|  |  |  |  | 2372565 |
|  **Automotive<sup>(c)</sup> – 0.6%** | **Automotive<sup>(c)</sup> – 0.6%** | **Automotive<sup>(c)</sup> – 0.6%** | **Automotive<sup>(c)</sup> – 0.6%** | **Automotive<sup>(c)</sup> – 0.6%** |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  $ | 975000 | 5.800 | 03/05/27 | 987002 |
|  | 818000 | 5.850 | 05/17/27 | 830377 |
|  General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
|  EUR | 195000 | 0.850 | 02/26/26 | 228646 |
|  $ | 249000 | 1.500 | 06/10/26 | 246010 |
|  | 650000 | 5.000 | 04/09/27 | 656942 |
|  Hyundai Capital America<sup>(d)</sup> | Hyundai Capital America<sup>(d)</sup> | Hyundai Capital America<sup>(d)</sup> | Hyundai Capital America<sup>(d)</sup> | Hyundai Capital America<sup>(d)</sup> |
|  | 941000 | 1.650 | 09/17/26 | 924203 |
|  Traton Finance Luxembourg SA | Traton Finance Luxembourg SA | Traton Finance Luxembourg SA | Traton Finance Luxembourg SA | Traton Finance Luxembourg SA |
|  EUR | 1000000 | 3.375 | 01/14/28 | 1185612 |
|  |  |  |  | 5058792 |
|  **Banks – 10.1%** | **Banks – 10.1%** | **Banks – 10.1%** | **Banks – 10.1%** | **Banks – 10.1%** |
|  ABN AMRO Bank NV<sup>(b)(c)(d)</sup> (1 yr. CMT + 0.800%) | ABN AMRO Bank NV<sup>(b)(c)(d)</sup> (1 yr. CMT + 0.800%) | ABN AMRO Bank NV<sup>(b)(c)(d)</sup> (1 yr. CMT + 0.800%) | ABN AMRO Bank NV<sup>(b)(c)(d)</sup> (1 yr. CMT + 0.800%) | ABN AMRO Bank NV<sup>(b)(c)(d)</sup> (1 yr. CMT + 0.800%) |
|  $ | 1200000 | 1.542 | 06/16/27 | 1185612 |
|  AIB Group PLC<sup>(b)(c)</sup> (-1X 5 yr. EUR Swap + 3.300%) | AIB Group PLC<sup>(b)(c)</sup> (-1X 5 yr. EUR Swap + 3.300%) | AIB Group PLC<sup>(b)(c)</sup> (-1X 5 yr. EUR Swap + 3.300%) | AIB Group PLC<sup>(b)(c)</sup> (-1X 5 yr. EUR Swap + 3.300%) | AIB Group PLC<sup>(b)(c)</sup> (-1X 5 yr. EUR Swap + 3.300%) |
|  EUR | 805000 | 2.875 | 05/30/31 | 946272 |
|  Australia & New Zealand Banking Group Ltd.<sup>(b)(c)</sup> (5 yr. EURIBOR ICE Swap + 1.320%) | Australia & New Zealand Banking Group Ltd.<sup>(b)(c)</sup> (5 yr. EURIBOR ICE Swap + 1.320%) | Australia & New Zealand Banking Group Ltd.<sup>(b)(c)</sup> (5 yr. EURIBOR ICE Swap + 1.320%) | Australia & New Zealand Banking Group Ltd.<sup>(b)(c)</sup> (5 yr. EURIBOR ICE Swap + 1.320%) | Australia & New Zealand Banking Group Ltd.<sup>(b)(c)</sup> (5 yr. EURIBOR ICE Swap + 1.320%) |
|  | 1006000 | 3.706 | 07/31/35 | 1189392 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  $ | 1000000 | 3.800 | 02/23/28 | 992160 |
|  (1 yr. CMT + 1.250%) | (1 yr. CMT + 1.250%) | (1 yr. CMT + 1.250%) | (1 yr. CMT + 1.250%) | (1 yr. CMT + 1.250%) |
|  | 1000000 | 5.552 <sup>(b)(c)</sup> | 03/14/28 | 1016420 |
|  (5 yr. CMT + 3.753%) | (5 yr. CMT + 3.753%) | (5 yr. CMT + 3.753%) | (5 yr. CMT + 3.753%) | (5 yr. CMT + 3.753%) |
|  | 600000 | 4.750 <sup>(b)(c)</sup> | 11/12/26 | 595854 |
|  Bank of America Corp.<sup>(b)(c)</sup> | Bank of America Corp.<sup>(b)(c)</sup> | Bank of America Corp.<sup>(b)(c)</sup> | Bank of America Corp.<sup>(b)(c)</sup> | Bank of America Corp.<sup>(b)(c)</sup> |
|  (Secured Overnight Financing Rate + 1.570%) | (Secured Overnight Financing Rate + 1.570%) | (Secured Overnight Financing Rate + 1.570%) | (Secured Overnight Financing Rate + 1.570%) | (Secured Overnight Financing Rate + 1.570%) |
|  | 2993000 | 5.819 | 09/15/29 | 3120622 |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |
| (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) |
| 2125000 | 5.202% | 04/25/29 | $2176744 |
| (Secured Overnight Financing Rate + 2.150%) | (Secured Overnight Financing Rate + 2.150%) | (Secured Overnight Financing Rate + 2.150%) | (Secured Overnight Financing Rate + 2.150%) |
| 375000 | 2.592 | 04/29/31 | 349425 |
| Bank of Ireland Group PLC<sup>(b)(c)</sup> (5 yr. EUR Swap + 4.150%) | Bank of Ireland Group PLC<sup>(b)(c)</sup> (5 yr. EUR Swap + 4.150%) | Bank of Ireland Group PLC<sup>(b)(c)</sup> (5 yr. EUR Swap + 4.150%) | Bank of Ireland Group PLC<sup>(b)(c)</sup> (5 yr. EUR Swap + 4.150%) |
| 400000 | 6.750 | 03/01/33 | 501674 |
| Barclays PLC<sup>(b)(c)</sup> | Barclays PLC<sup>(b)(c)</sup> | Barclays PLC<sup>(b)(c)</sup> | Barclays PLC<sup>(b)(c)</sup> |
| (1 yr. EUR Swap + 1.750%) | (1 yr. EUR Swap + 1.750%) | (1 yr. EUR Swap + 1.750%) | (1 yr. EUR Swap + 1.750%) |
| 1671000 | 4.918 | 08/08/30 | 2080289 |
| (5 yr. EURIBOR ICE Swap + 2.100%) | (5 yr. EURIBOR ICE Swap + 2.100%) | (5 yr. EURIBOR ICE Swap + 2.100%) | (5 yr. EURIBOR ICE Swap + 2.100%) |
| 457000 | 4.973 | 05/31/36 | 563705 |
| (Secured Overnight Financing Rate + 1.230%) | (Secured Overnight Financing Rate + 1.230%) | (Secured Overnight Financing Rate + 1.230%) | (Secured Overnight Financing Rate + 1.230%) |
| 1250000 | 5.367 | 02/25/31 | 1291537 |
| (Secured Overnight Financing Rate + 1.490%) | (Secured Overnight Financing Rate + 1.490%) | (Secured Overnight Financing Rate + 1.490%) | (Secured Overnight Financing Rate + 1.490%) |
| 605000 | 5.674 | 03/12/28 | 615854 |
| (Secured Overnight Financing Rate + 1.560%) | (Secured Overnight Financing Rate + 1.560%) | (Secured Overnight Financing Rate + 1.560%) | (Secured Overnight Financing Rate + 1.560%) |
| 639000 | 4.942 | 09/10/30 | 651205 |
| (Secured Overnight Financing Rate + 1.740%) | (Secured Overnight Financing Rate + 1.740%) | (Secured Overnight Financing Rate + 1.740%) | (Secured Overnight Financing Rate + 1.740%) |
| 573000 | 5.690 | 03/12/30 | 596172 |
| BNP Paribas SA<sup>(b)(c)(d)</sup> (Secured Overnight Financing Rate + 1.004%) | BNP Paribas SA<sup>(b)(c)(d)</sup> (Secured Overnight Financing Rate + 1.004%) | BNP Paribas SA<sup>(b)(c)(d)</sup> (Secured Overnight Financing Rate + 1.004%) | BNP Paribas SA<sup>(b)(c)(d)</sup> (Secured Overnight Financing Rate + 1.004%) |
| 575000 | 1.323 | 01/13/27 | 574448 |
| BPCE SA | BPCE SA | BPCE SA | BPCE SA |
| 300000 | 1.750 | 04/26/27 | 349380 |
| CaixaBank SA<sup>(b)(c)</sup> | CaixaBank SA<sup>(b)(c)</sup> | CaixaBank SA<sup>(b)(c)</sup> | CaixaBank SA<sup>(b)(c)</sup> |
| (-1X 3 mo. EUR EURIBOR + 1.000%) | (-1X 3 mo. EUR EURIBOR + 1.000%) | (-1X 3 mo. EUR EURIBOR + 1.000%) | (-1X 3 mo. EUR EURIBOR + 1.000%) |
| 300000 | 0.750 | 05/26/28 | 344010 |
| (3 mo. EUR EURIBOR + 0.620%) | (3 mo. EUR EURIBOR + 0.620%) | (3 mo. EUR EURIBOR + 0.620%) | (3 mo. EUR EURIBOR + 0.620%) |
| 300000 | 0.625 | 01/21/28 | 345830 |
| Citigroup, Inc.<sup>(b)(c)</sup> | Citigroup, Inc.<sup>(b)(c)</sup> | Citigroup, Inc.<sup>(b)(c)</sup> | Citigroup, Inc.<sup>(b)(c)</sup> |
| (3 mo. EUR EURIBOR + 0.784%) | (3 mo. EUR EURIBOR + 0.784%) | (3 mo. EUR EURIBOR + 0.784%) | (3 mo. EUR EURIBOR + 0.784%) |
| 1418000 | 2.928 | 10/22/30 | 1654219 |
| (Secured Overnight Financing Rate + 1.364%) | (Secured Overnight Financing Rate + 1.364%) | (Secured Overnight Financing Rate + 1.364%) | (Secured Overnight Financing Rate + 1.364%) |
| 1750000 | 5.174 | 02/13/30 | 1796147 |
| Cooperatieve Rabobank UA<sup>(b)(c)</sup> (-1X 5 yr. EUR Swap + 3.702%) | Cooperatieve Rabobank UA<sup>(b)(c)</sup> (-1X 5 yr. EUR Swap + 3.702%) | Cooperatieve Rabobank UA<sup>(b)(c)</sup> (-1X 5 yr. EUR Swap + 3.702%) | Cooperatieve Rabobank UA<sup>(b)(c)</sup> (-1X 5 yr. EUR Swap + 3.702%) |
| 600000 | 3.250 | 12/29/26 | 700255 |
| Credit Agricole SA<sup>(b)(c)(d)</sup> (Secured Overnight Financing Rate + 0.892%) | Credit Agricole SA<sup>(b)(c)(d)</sup> (Secured Overnight Financing Rate + 0.892%) | Credit Agricole SA<sup>(b)(c)(d)</sup> (Secured Overnight Financing Rate + 0.892%) | Credit Agricole SA<sup>(b)(c)(d)</sup> (Secured Overnight Financing Rate + 0.892%) |
| 1100000 | 1.247 | 01/26/27 | 1097701 |
| Danske Bank AS<sup>(b)(c)(d)</sup> (1 yr. CMT + 1.750%) | Danske Bank AS<sup>(b)(c)(d)</sup> (1 yr. CMT + 1.750%) | Danske Bank AS<sup>(b)(c)(d)</sup> (1 yr. CMT + 1.750%) | Danske Bank AS<sup>(b)(c)(d)</sup> (1 yr. CMT + 1.750%) |
| 1275000 | 4.298 | 04/01/28 | 1277461 |
| Deutsche Bank AG<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 2.950%) | Deutsche Bank AG<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 2.950%) | Deutsche Bank AG<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 2.950%) | Deutsche Bank AG<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 2.950%) |
| 2100000 | 5.000 | 09/05/30 | 2610418 |
| HSBC Holdings PLC<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.040%) | HSBC Holdings PLC<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.040%) | HSBC Holdings PLC<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.040%) | HSBC Holdings PLC<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.040%) |
| 975000 | 5.130 | 11/19/28 | 993096 |
| Huntington Bancshares, Inc.<sup>(b)(c)</sup> | Huntington Bancshares, Inc.<sup>(b)(c)</sup> | Huntington Bancshares, Inc.<sup>(b)(c)</sup> | Huntington Bancshares, Inc.<sup>(b)(c)</sup> |
| (Secured Overnight Financing Rate + 1.276%) | (Secured Overnight Financing Rate + 1.276%) | (Secured Overnight Financing Rate + 1.276%) | (Secured Overnight Financing Rate + 1.276%) |
| 750000 | 5.272 | 01/15/31 | 772162 |
| (Secured Overnight Financing Rate + 2.020%) | (Secured Overnight Financing Rate + 2.020%) | (Secured Overnight Financing Rate + 2.020%) | (Secured Overnight Financing Rate + 2.020%) |
| 817000 | 6.208 | 08/21/29 | 856837 |
| ING Groep NV<sup>(b)(c)</sup> | ING Groep NV<sup>(b)(c)</sup> | ING Groep NV<sup>(b)(c)</sup> | ING Groep NV<sup>(b)(c)</sup> |
| (-1X 5 yr. EUR Swap + 1.150%) | (-1X 5 yr. EUR Swap + 1.150%) | (-1X 5 yr. EUR Swap + 1.150%) | (-1X 5 yr. EUR Swap + 1.150%) |
| 700000 | 1.000 | 11/16/32 | 795592 |
| (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) |
| 400000 | 4.017 | 03/28/28 | 400040 |
| JPMorgan Chase & Co.<sup>(b)(c)</sup> | JPMorgan Chase & Co.<sup>(b)(c)</sup> | JPMorgan Chase & Co.<sup>(b)(c)</sup> | JPMorgan Chase & Co.<sup>(b)(c)</sup> |
| (Secured Overnight Financing Rate + 0.930%) | (Secured Overnight Financing Rate + 0.930%) | (Secured Overnight Financing Rate + 0.930%) | (Secured Overnight Financing Rate + 0.930%) |
| 3500000 | 4.255 | 10/22/31 | 3488345 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |
| (Secured Overnight Financing Rate + 1.160%) | (Secured Overnight Financing Rate + 1.160%) | (Secured Overnight Financing Rate + 1.160%) | (Secured Overnight Financing Rate + 1.160%) |
| 1750000 | 5.581% | 04/22/30 | $1825495 |
| (Secured Overnight Financing Rate + 1.560%) | (Secured Overnight Financing Rate + 1.560%) | (Secured Overnight Financing Rate + 1.560%) | (Secured Overnight Financing Rate + 1.560%) |
| 3125000 | 4.323 | 04/26/28 | 3137250 |
| Kreditanstalt fuer Wiederaufbau<sup>(g)</sup> | Kreditanstalt fuer Wiederaufbau<sup>(g)</sup> | Kreditanstalt fuer Wiederaufbau<sup>(g)</sup> | Kreditanstalt fuer Wiederaufbau<sup>(g)</sup> |
| 3500000 | 3.125 | 10/10/28 | 4198755 |
| 4070000 | 2.625 | 04/26/29 | 4813102 |
| M&T Bank Corp.<sup>(b)(c)</sup> | M&T Bank Corp.<sup>(b)(c)</sup> | M&T Bank Corp.<sup>(b)(c)</sup> | M&T Bank Corp.<sup>(b)(c)</sup> |
| (5 yr. CMT + 1.430%) | (5 yr. CMT + 1.430%) | (5 yr. CMT + 1.430%) | (5 yr. CMT + 1.430%) |
| 275000 | 5.400 | 07/30/35 | 277854 |
| (Secured Overnight Financing Rate + 0.930%) | (Secured Overnight Financing Rate + 0.930%) | (Secured Overnight Financing Rate + 0.930%) | (Secured Overnight Financing Rate + 0.930%) |
| 525000 | 4.833 | 01/16/29 | 533027 |
| (Secured Overnight Financing Rate + 1.400%) | (Secured Overnight Financing Rate + 1.400%) | (Secured Overnight Financing Rate + 1.400%) | (Secured Overnight Financing Rate + 1.400%) |
| 1650000 | 5.179 | 07/08/31 | 1692768 |
| (Secured Overnight Financing Rate + 1.610%) | (Secured Overnight Financing Rate + 1.610%) | (Secured Overnight Financing Rate + 1.610%) | (Secured Overnight Financing Rate + 1.610%) |
| 1200000 | 5.385 | 01/16/36 | 1219308 |
| (Secured Overnight Financing Rate + 2.800%) | (Secured Overnight Financing Rate + 2.800%) | (Secured Overnight Financing Rate + 2.800%) | (Secured Overnight Financing Rate + 2.800%) |
| 630000 | 7.413 | 10/30/29 | 683317 |
| Macquarie Group Ltd.<sup>(b)(c)(d)</sup> | Macquarie Group Ltd.<sup>(b)(c)(d)</sup> | Macquarie Group Ltd.<sup>(b)(c)(d)</sup> | Macquarie Group Ltd.<sup>(b)(c)(d)</sup> |
| (3 mo. USD Term SOFR + 1.634%) | (3 mo. USD Term SOFR + 1.634%) | (3 mo. USD Term SOFR + 1.634%) | (3 mo. USD Term SOFR + 1.634%) |
| 380000 | 3.763 | 11/28/28 | 377188 |
| (Secured Overnight Financing Rate + 1.069%) | (Secured Overnight Financing Rate + 1.069%) | (Secured Overnight Financing Rate + 1.069%) | (Secured Overnight Financing Rate + 1.069%) |
| 400000 | 1.340 | 01/12/27 | 399732 |
| Morgan Stanley<sup>(b)(c)</sup> | Morgan Stanley<sup>(b)(c)</sup> | Morgan Stanley<sup>(b)(c)</sup> | Morgan Stanley<sup>(b)(c)</sup> |
| (Secured Overnight Financing Rate + 0.913%) | (Secured Overnight Financing Rate + 0.913%) | (Secured Overnight Financing Rate + 0.913%) | (Secured Overnight Financing Rate + 0.913%) |
| 2500000 | 4.133 | 10/18/29 | 2497850 |
| (Secured Overnight Financing Rate + 1.100%) | (Secured Overnight Financing Rate + 1.100%) | (Secured Overnight Financing Rate + 1.100%) | (Secured Overnight Financing Rate + 1.100%) |
| 1141000 | 4.654 | 10/18/30 | 1154532 |
| (Secured Overnight Financing Rate + 1.450%) | (Secured Overnight Financing Rate + 1.450%) | (Secured Overnight Financing Rate + 1.450%) | (Secured Overnight Financing Rate + 1.450%) |
| 1150000 | 5.173 | 01/16/30 | 1181188 |
| (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) |
| 3325000 | 5.164 | 04/20/29 | 3400045 |
| NatWest Group PLC<sup>(b)(c)</sup> | NatWest Group PLC<sup>(b)(c)</sup> | NatWest Group PLC<sup>(b)(c)</sup> | NatWest Group PLC<sup>(b)(c)</sup> |
| (-1X 3 mo. EUR EURIBOR + 0.889%) | (-1X 3 mo. EUR EURIBOR + 0.889%) | (-1X 3 mo. EUR EURIBOR + 0.889%) | (-1X 3 mo. EUR EURIBOR + 0.889%) |
| 1750000 | 0.670 | 09/14/29 | 1941245 |
| (-1X 3 mo. EUR EURIBOR + 0.949%) | (-1X 3 mo. EUR EURIBOR + 0.949%) | (-1X 3 mo. EUR EURIBOR + 0.949%) | (-1X 3 mo. EUR EURIBOR + 0.949%) |
| 2252000 | 0.780 | 02/26/30 | 2468808 |
| Norinchukin Bank<sup>(d)</sup> | Norinchukin Bank<sup>(d)</sup> | Norinchukin Bank<sup>(d)</sup> | Norinchukin Bank<sup>(d)</sup> |
| 250000 | 4.674 | 09/09/30 | 251523 |
| Nykredit Realkredit AS | Nykredit Realkredit AS | Nykredit Realkredit AS | Nykredit Realkredit AS |
| 1310000 | 4.625 | 01/19/29 | 1613024 |
| Permanent TSB Group Holdings PLC<sup>(b)(c)</sup> | Permanent TSB Group Holdings PLC<sup>(b)(c)</sup> | Permanent TSB Group Holdings PLC<sup>(b)(c)</sup> | Permanent TSB Group Holdings PLC<sup>(b)(c)</sup> |
| (1 yr. EURIBOR ICE Swap + 3.500%) | (1 yr. EURIBOR ICE Swap + 3.500%) | (1 yr. EURIBOR ICE Swap + 3.500%) | (1 yr. EURIBOR ICE Swap + 3.500%) |
| 265000 | 6.625 | 04/25/28 | 327015 |
| 1020000 | 6.625 | 06/30/29 | 1300834 |
| Santander U.K. Group Holdings PLC<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.070%) | Santander U.K. Group Holdings PLC<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.070%) | Santander U.K. Group Holdings PLC<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.070%) | Santander U.K. Group Holdings PLC<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.070%) |
| 600000 | 4.320 | 09/22/29 | 600372 |
| Shinhan Bank Co. Ltd.<sup>(d)</sup> | Shinhan Bank Co. Ltd.<sup>(d)</sup> | Shinhan Bank Co. Ltd.<sup>(d)</sup> | Shinhan Bank Co. Ltd.<sup>(d)</sup> |
| 240000 | 4.500 | 04/12/28 | 242911 |
| Skandinaviska Enskilda Banken AB<sup>(b)(c)</sup> (5 yr. EURIBOR ICE Swap + 1.900%) | Skandinaviska Enskilda Banken AB<sup>(b)(c)</sup> (5 yr. EURIBOR ICE Swap + 1.900%) | Skandinaviska Enskilda Banken AB<sup>(b)(c)</sup> (5 yr. EURIBOR ICE Swap + 1.900%) | Skandinaviska Enskilda Banken AB<sup>(b)(c)</sup> (5 yr. EURIBOR ICE Swap + 1.900%) |
| 1325000 | 5.000 | 08/17/33 | 1629500 |
| Standard Chartered PLC<sup>(b)(c)(d)</sup> (1 yr. CMT + 1.000%) | Standard Chartered PLC<sup>(b)(c)(d)</sup> (1 yr. CMT + 1.000%) | Standard Chartered PLC<sup>(b)(c)(d)</sup> (1 yr. CMT + 1.000%) | Standard Chartered PLC<sup>(b)(c)(d)</sup> (1 yr. CMT + 1.000%) |
| 1550000 | 1.456 | 01/14/27 | 1548822 |
| Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
| 1375000 | 0.632 | 10/23/29 | 1480762 |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |
| Truist Bank<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.590%) | Truist Bank<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.590%) | Truist Bank<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.590%) | Truist Bank<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.590%) |
| 1575000 | 4.671% | 05/20/27 | $1577866 |
| Truist Financial Corp.<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 2.050%) | Truist Financial Corp.<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 2.050%) | Truist Financial Corp.<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 2.050%) | Truist Financial Corp.<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 2.050%) |
| 225000 | 6.047 | 06/08/27 | 226784 |
| U.S. Bancorp<sup>(b)(c)</sup> | U.S. Bancorp<sup>(b)(c)</sup> | U.S. Bancorp<sup>(b)(c)</sup> | U.S. Bancorp<sup>(b)(c)</sup> |
| (Secured Overnight Financing Rate + 1.560%) | (Secured Overnight Financing Rate + 1.560%) | (Secured Overnight Financing Rate + 1.560%) | (Secured Overnight Financing Rate + 1.560%) |
| 725000 | 5.384 | 01/23/30 | 750643 |
| (Secured Overnight Financing Rate + 2.020%) | (Secured Overnight Financing Rate + 2.020%) | (Secured Overnight Financing Rate + 2.020%) | (Secured Overnight Financing Rate + 2.020%) |
| 700000 | 5.775 | 06/12/29 | 727615 |
| UBS Group AG<sup>(b)(c)</sup> | UBS Group AG<sup>(b)(c)</sup> | UBS Group AG<sup>(b)(c)</sup> | UBS Group AG<sup>(b)(c)</sup> |
| (1 yr. CMT + 1.520%) | (1 yr. CMT + 1.520%) | (1 yr. CMT + 1.520%) | (1 yr. CMT + 1.520%) |
| 1112000 | 5.428 <sup>(d)</sup> | 02/08/30 | 1148941 |
| (-1X 1 yr. EURIBOR ICE Swap + 0.770%) | (-1X 1 yr. EURIBOR ICE Swap + 0.770%) | (-1X 1 yr. EURIBOR ICE Swap + 0.770%) | (-1X 1 yr. EURIBOR ICE Swap + 0.770%) |
| 509000 | 0.650 | 01/14/28 | 586811 |
| (-1X 1 yr. EURIBOR ICE Swap + 1.050%) | (-1X 1 yr. EURIBOR ICE Swap + 1.050%) | (-1X 1 yr. EURIBOR ICE Swap + 1.050%) | (-1X 1 yr. EURIBOR ICE Swap + 1.050%) |
| 750000 | 1.000 | 06/24/27 | 875697 |
| (3 mo. USD Term SOFR + 1.410%) | (3 mo. USD Term SOFR + 1.410%) | (3 mo. USD Term SOFR + 1.410%) | (3 mo. USD Term SOFR + 1.410%) |
| 2800000 | 3.869 <sup>(d)</sup> | 01/12/29 | 2784292 |
| Wells Fargo & Co.<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.500%) | Wells Fargo & Co.<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.500%) | Wells Fargo & Co.<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.500%) | Wells Fargo & Co.<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 1.500%) |
| 175000 | 5.198 | 01/23/30 | 180224 |
|  |  |  | 85583978 |
| **Beverages<sup>(c)</sup> – 0.1%** | **Beverages<sup>(c)</sup> – 0.1%** | **Beverages<sup>(c)</sup> – 0.1%** | **Beverages<sup>(c)</sup> – 0.1%** |
| Bacardi Ltd.<sup>(d)</sup> | Bacardi Ltd.<sup>(d)</sup> | Bacardi Ltd.<sup>(d)</sup> | Bacardi Ltd.<sup>(d)</sup> |
| 1200000 | 4.700 | 05/15/28 | 1208424 |
| Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
| 25000 | 4.650 | 11/15/28 | 25343 |
|  |  |  | 1233767 |
| **Biotechnology<sup>(c)</sup> – 0.1%** | **Biotechnology<sup>(c)</sup> – 0.1%** | **Biotechnology<sup>(c)</sup> – 0.1%** | **Biotechnology<sup>(c)</sup> – 0.1%** |
| Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
| 650000 | 5.150 | 03/02/28 | 665093 |
| **Building Materials<sup>(c)</sup> – 0.1%** | **Building Materials<sup>(c)</sup> – 0.1%** | **Building Materials<sup>(c)</sup> – 0.1%** | **Building Materials<sup>(c)</sup> – 0.1%** |
| Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. |
| 145000 | 2.493 | 02/15/27 | 142634 |
| Owens Corning | Owens Corning | Owens Corning | Owens Corning |
| 975000 | 3.500 | 02/15/30 | 944443 |
|  |  |  | 1087077 |
| **Chemicals<sup>(c)(d)</sup> – 0.1%** | **Chemicals<sup>(c)(d)</sup> – 0.1%** | **Chemicals<sup>(c)(d)</sup> – 0.1%** | **Chemicals<sup>(c)(d)</sup> – 0.1%** |
| International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |
| 53000 | 1.832 | 10/15/27 | 50845 |
| 600000 | 2.300 | 11/01/30 | 541170 |
|  |  |  | 592015 |
| **Commercial Services – 0.5%** | **Commercial Services – 0.5%** | **Commercial Services – 0.5%** | **Commercial Services – 0.5%** |
| DP World Crescent Ltd. | DP World Crescent Ltd. | DP World Crescent Ltd. | DP World Crescent Ltd. |
| 200000 | 4.848 | 09/26/28 | 201860 |
| 950000 | 5.500 <sup>(d)</sup> | 05/08/35 | 978244 |
| DP World Ltd. | DP World Ltd. | DP World Ltd. | DP World Ltd. |
| 390000 | 5.625 | 09/25/48 | 383783 |
| Motability Operations Group PLC<sup>(c)</sup> | Motability Operations Group PLC<sup>(c)</sup> | Motability Operations Group PLC<sup>(c)</sup> | Motability Operations Group PLC<sup>(c)</sup> |
| 1247000 | 3.625 | 07/24/29 | 1494022 |
| Quanta Services, Inc.<sup>(c)</sup> | Quanta Services, Inc.<sup>(c)</sup> | Quanta Services, Inc.<sup>(c)</sup> | Quanta Services, Inc.<sup>(c)</sup> |
| 847000 | 4.750 | 08/09/27 | 857774 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
|  **Commercial Services – (continued)** | **Commercial Services – (continued)** | **Commercial Services – (continued)** | **Commercial Services – (continued)** | **Commercial Services – (continued)** |
|  RELX Finance BV<sup>(c)</sup> | RELX Finance BV<sup>(c)</sup> | RELX Finance BV<sup>(c)</sup> | RELX Finance BV<sup>(c)</sup> | RELX Finance BV<sup>(c)</sup> |
|  EUR | 437000 | 3.750% | 06/12/31 | $527937 |
|  |  |  |  | 4443620 |
|  **Computers<sup>(c)</sup> – 0.1%** | **Computers<sup>(c)</sup> – 0.1%** | **Computers<sup>(c)</sup> – 0.1%** | **Computers<sup>(c)</sup> – 0.1%** | **Computers<sup>(c)</sup> – 0.1%** |
|  Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |
|  $ | 179000 | 6.020 | 06/15/26 | 179718 |
|  | 875000 | 5.300 | 10/01/29 | 903070 |
|  |  |  |  | 1082788 |
|  **Diversified Financial Services<sup>(c)</sup> – 0.8%** | **Diversified Financial Services<sup>(c)</sup> – 0.8%** | **Diversified Financial Services<sup>(c)</sup> – 0.8%** | **Diversified Financial Services<sup>(c)</sup> – 0.8%** | **Diversified Financial Services<sup>(c)</sup> – 0.8%** |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
|  | 1375000 | 4.875 | 04/01/28 | 1397811 |
|  | 244000 | 3.000 | 10/29/28 | 236563 |
|  | 350000 | 5.100 | 01/19/29 | 357816 |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
|  | 575000 | 2.875 | 01/15/26 | 574408 |
|  | 1300000 | 5.300 | 02/01/28 | 1323595 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  | 650000 | 7.100 | 11/15/27 | 682851 |
|  Avolon Holdings Funding Ltd.<sup>(d)</sup> | Avolon Holdings Funding Ltd.<sup>(d)</sup> | Avolon Holdings Funding Ltd.<sup>(d)</sup> | Avolon Holdings Funding Ltd.<sup>(d)</sup> | Avolon Holdings Funding Ltd.<sup>(d)</sup> |
|  | 1036000 | 4.950 | 01/15/28 | 1048940 |
|  Macquarie Airfinance Holdings Ltd.<sup>(d)</sup> | Macquarie Airfinance Holdings Ltd.<sup>(d)</sup> | Macquarie Airfinance Holdings Ltd.<sup>(d)</sup> | Macquarie Airfinance Holdings Ltd.<sup>(d)</sup> | Macquarie Airfinance Holdings Ltd.<sup>(d)</sup> |
|  | 850000 | 5.200 | 03/27/28 | 862877 |
|  |  |  |  | 6484861 |
|  **Electrical – 0.8%** | **Electrical – 0.8%** | **Electrical – 0.8%** | **Electrical – 0.8%** | **Electrical – 0.8%** |
|  Dominion Energy, Inc.<sup>(c)</sup> | Dominion Energy, Inc.<sup>(c)</sup> | Dominion Energy, Inc.<sup>(c)</sup> | Dominion Energy, Inc.<sup>(c)</sup> | Dominion Energy, Inc.<sup>(c)</sup> |
|  | 925000 | 4.600 | 05/15/28 | 936109 |
|  DTE Energy Co.<sup>(c)</sup> | DTE Energy Co.<sup>(c)</sup> | DTE Energy Co.<sup>(c)</sup> | DTE Energy Co.<sup>(c)</sup> | DTE Energy Co.<sup>(c)</sup> |
|  | 700000 | 4.950 | 07/01/27 | 709184 |
|  E.ON International Finance BV | E.ON International Finance BV | E.ON International Finance BV | E.ON International Finance BV | E.ON International Finance BV |
|  GBP | 417000 | 6.375 | 06/07/32 | 607159 |
|  Electricite de France SA<sup>(c)(d)</sup> | Electricite de France SA<sup>(c)(d)</sup> | Electricite de France SA<sup>(c)(d)</sup> | Electricite de France SA<sup>(c)(d)</sup> | Electricite de France SA<sup>(c)(d)</sup> |
|  $ | 1450000 | 4.500 | 09/21/28 | 1461208 |
|  Enel SpA<sup>(b)(c)</sup> | Enel SpA<sup>(b)(c)</sup> | Enel SpA<sup>(b)(c)</sup> | Enel SpA<sup>(b)(c)</sup> | Enel SpA<sup>(b)(c)</sup> |
|  (-1X 5 yr. EUR Swap + 1.719%) | (-1X 5 yr. EUR Swap + 1.719%) | (-1X 5 yr. EUR Swap + 1.719%) | (-1X 5 yr. EUR Swap + 1.719%) | (-1X 5 yr. EUR Swap + 1.719%) |
|  EUR | 523000 | 1.375 | 06/08/27 | 596941 |
|  (5 yr. EUR Swap + 2.580%) | (5 yr. EUR Swap + 2.580%) | (5 yr. EUR Swap + 2.580%) | (5 yr. EUR Swap + 2.580%) | (5 yr. EUR Swap + 2.580%) |
|  | 935000 | 3.375 | 08/24/26 | 1101361 |
|  Sempra<sup>(c)</sup> | Sempra<sup>(c)</sup> | Sempra<sup>(c)</sup> | Sempra<sup>(c)</sup> | Sempra<sup>(c)</sup> |
|  $ | 700000 | 3.400 | 02/01/28 | 689654 |
|  Southern Power Co.<sup>(c)</sup> | Southern Power Co.<sup>(c)</sup> | Southern Power Co.<sup>(c)</sup> | Southern Power Co.<sup>(c)</sup> | Southern Power Co.<sup>(c)</sup> |
|  | 475000 | 4.250 | 10/01/30 | 474240 |
|  Teollisuuden Voima OYJ<sup>(c)</sup> | Teollisuuden Voima OYJ<sup>(c)</sup> | Teollisuuden Voima OYJ<sup>(c)</sup> | Teollisuuden Voima OYJ<sup>(c)</sup> | Teollisuuden Voima OYJ<sup>(c)</sup> |
|  EUR | 250000 | 1.375 | 06/23/28 | 283843 |
|  |  |  |  | 6859699 |
|  **Engineering & Construction<sup>(c)</sup> – 0.1%** | **Engineering & Construction<sup>(c)</sup> – 0.1%** | **Engineering & Construction<sup>(c)</sup> – 0.1%** | **Engineering & Construction<sup>(c)</sup> – 0.1%** | **Engineering & Construction<sup>(c)</sup> – 0.1%** |
|  Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust |
|  $ | 540000 | 3.875 <sup>(d)</sup> | 04/30/28 | 527515 |
|  | 200000 | 5.500 <sup>(d)</sup> | 10/31/46 | 175534 |
|  | 200000 | 5.500 | 07/31/47 | 176188 |
|  |  |  |  | 879237 |
|  **Environmental<sup>(c)</sup> – 0.1%** | **Environmental<sup>(c)</sup> – 0.1%** | **Environmental<sup>(c)</sup> – 0.1%** | **Environmental<sup>(c)</sup> – 0.1%** | **Environmental<sup>(c)</sup> – 0.1%** |
|  Veralto Corp. | Veralto Corp. | Veralto Corp. | Veralto Corp. | Veralto Corp. |
|  | 1050000 | 5.350 | 09/18/28 | 1082361 |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

*December 31, 2025 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
|  **Food & Drug Retailing<sup>(c)</sup> – 0.9%** | **Food & Drug Retailing<sup>(c)</sup> – 0.9%** | **Food & Drug Retailing<sup>(c)</sup> – 0.9%** | **Food & Drug Retailing<sup>(c)</sup> – 0.9%** | **Food & Drug Retailing<sup>(c)</sup> – 0.9%** |
|  Campbell's Co. | Campbell's Co. | Campbell's Co. | Campbell's Co. | Campbell's Co. |
|  $ | 1000000 | 5.200% | 03/21/29 | $1024580 |
|  J.M. Smucker Co. | J.M. Smucker Co. | J.M. Smucker Co. | J.M. Smucker Co. | J.M. Smucker Co. |
|  | 1225000 | 5.900 | 11/15/28 | 1284008 |
|  Mars, Inc.<sup>(d)</sup> | Mars, Inc.<sup>(d)</sup> | Mars, Inc.<sup>(d)</sup> | Mars, Inc.<sup>(d)</sup> | Mars, Inc.<sup>(d)</sup> |
|  | 875000 | 4.800 | 03/01/30 | 894031 |
|  | 800000 | 5.000 | 03/01/32 | 824208 |
|  | 3575000 | 5.200 | 03/01/35 | 3671311 |
|  |  |  |  | 7698138 |
|  **Food Service<sup>(c)(d)</sup> – 0.1%** | **Food Service<sup>(c)(d)</sup> – 0.1%** | **Food Service<sup>(c)(d)</sup> – 0.1%** | **Food Service<sup>(c)(d)</sup> – 0.1%** | **Food Service<sup>(c)(d)</sup> – 0.1%** |
|  Sodexo, Inc. | Sodexo, Inc. | Sodexo, Inc. | Sodexo, Inc. | Sodexo, Inc. |
|  | 1025000 | 5.150 | 08/15/30 | 1050584 |
|  **Gas<sup>(c)</sup> – 0.1%** | **Gas<sup>(c)</sup> – 0.1%** | **Gas<sup>(c)</sup> – 0.1%** | **Gas<sup>(c)</sup> – 0.1%** | **Gas<sup>(c)</sup> – 0.1%** |
|  NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
|  | 600000 | 5.200 | 07/01/29 | 618534 |
|  Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. |
|  | 375000 | 4.050 | 09/15/28 | 375191 |
|  |  |  |  | 993725 |
|  **Healthcare Providers & Services<sup>(c)</sup> – 0.3%** | **Healthcare Providers & Services<sup>(c)</sup> – 0.3%** | **Healthcare Providers & Services<sup>(c)</sup> – 0.3%** | **Healthcare Providers & Services<sup>(c)</sup> – 0.3%** | **Healthcare Providers & Services<sup>(c)</sup> – 0.3%** |
|  Cigna Group | Cigna Group | Cigna Group | Cigna Group | Cigna Group |
|  | 300000 | 4.375 | 10/15/28 | 302676 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  | 250000 | 3.375 | 03/15/29 | 243625 |
|  Solventum Corp. | Solventum Corp. | Solventum Corp. | Solventum Corp. | Solventum Corp. |
|  | 378000 | 5.400 | 03/01/29 | 391631 |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
|  | 1775000 | 4.250 | 01/15/29 | 1786644 |
|  |  |  |  | 2724576 |
|  **Insurance – 0.1%** | **Insurance – 0.1%** | **Insurance – 0.1%** | **Insurance – 0.1%** | **Insurance – 0.1%** |
|  Aviva PLC<sup>(b)(c)</sup> (5 yr. U.K. Government Bond + 2.850%) | Aviva PLC<sup>(b)(c)</sup> (5 yr. U.K. Government Bond + 2.850%) | Aviva PLC<sup>(b)(c)</sup> (5 yr. U.K. Government Bond + 2.850%) | Aviva PLC<sup>(b)(c)</sup> (5 yr. U.K. Government Bond + 2.850%) | Aviva PLC<sup>(b)(c)</sup> (5 yr. U.K. Government Bond + 2.850%) |
|  GBP | 10000 | 6.125 | 11/14/36 | 13689 |
|  Corebridge Global Funding<sup>(d)</sup> | Corebridge Global Funding<sup>(d)</sup> | Corebridge Global Funding<sup>(d)</sup> | Corebridge Global Funding<sup>(d)</sup> | Corebridge Global Funding<sup>(d)</sup> |
|  $ | 925000 | 5.200 | 06/24/29 | 949910 |
|  |  |  |  | 963599 |
|  **Internet – 0.8%** | **Internet – 0.8%** | **Internet – 0.8%** | **Internet – 0.8%** | **Internet – 0.8%** |
|  Alphabet, Inc.<sup>(c)</sup> | Alphabet, Inc.<sup>(c)</sup> | Alphabet, Inc.<sup>(c)</sup> | Alphabet, Inc.<sup>(c)</sup> | Alphabet, Inc.<sup>(c)</sup> |
|  | 625000 | 3.875 | 11/15/28 | 627875 |
|  | 1525000 | 4.100 | 11/15/30 | 1530048 |
|  Booking Holdings, Inc.<sup>(c)</sup> | Booking Holdings, Inc.<sup>(c)</sup> | Booking Holdings, Inc.<sup>(c)</sup> | Booking Holdings, Inc.<sup>(c)</sup> | Booking Holdings, Inc.<sup>(c)</sup> |
|  EUR | 729000 | 3.500 | 03/01/29 | 872442 |
|  Meta Platforms, Inc.<sup>(c)</sup> | Meta Platforms, Inc.<sup>(c)</sup> | Meta Platforms, Inc.<sup>(c)</sup> | Meta Platforms, Inc.<sup>(c)</sup> | Meta Platforms, Inc.<sup>(c)</sup> |
|  $ | 1575000 | 4.200 | 11/15/30 | 1577866 |
|  Netflix, Inc. | Netflix, Inc. | Netflix, Inc. | Netflix, Inc. | Netflix, Inc. |
|  EUR | 1800000 | 4.625 | 05/15/29 | 2230753 |
|  Prosus NV<sup>(c)(d)</sup> | Prosus NV<sup>(c)(d)</sup> | Prosus NV<sup>(c)(d)</sup> | Prosus NV<sup>(c)(d)</sup> | Prosus NV<sup>(c)(d)</sup> |
|  $ | 200000 | 3.832 | 02/08/51 | 134436 |
|  |  |  |  | 6973420 |
|  **Iron/Steel<sup>(c)</sup> – 0.2%** | **Iron/Steel<sup>(c)</sup> – 0.2%** | **Iron/Steel<sup>(c)</sup> – 0.2%** | **Iron/Steel<sup>(c)</sup> – 0.2%** | **Iron/Steel<sup>(c)</sup> – 0.2%** |
|  Steel Dynamics, Inc. | Steel Dynamics, Inc. | Steel Dynamics, Inc. | Steel Dynamics, Inc. | Steel Dynamics, Inc. |
|  | 1275000 | 1.650 | 10/15/27 | 1225530 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
|  **Iron/Steel<sup>(c)</sup> – (continued)** | **Iron/Steel<sup>(c)</sup> – (continued)** | **Iron/Steel<sup>(c)</sup> – (continued)** | **Iron/Steel<sup>(c)</sup> – (continued)** | **Iron/Steel<sup>(c)</sup> – (continued)** |
|  Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. |
|  $ | 350000 | 6.400% | 06/28/54 | $357175 |
|  |  |  |  | 1582705 |
|  **Lodging<sup>(c)</sup> – 0.3%** | **Lodging<sup>(c)</sup> – 0.3%** | **Lodging<sup>(c)</sup> – 0.3%** | **Lodging<sup>(c)</sup> – 0.3%** | **Lodging<sup>(c)</sup> – 0.3%** |
|  Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. |
|  | 248000 | 3.700 | 01/15/31 | 236123 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  | 530000 | 5.625 | 06/15/28 | 542919 |
|  | 200000 | 6.000 | 06/14/30 | 209476 |
|  Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
|  | 515000 | 5.000 | 10/15/27 | 523920 |
|  | 573000 | 4.650 | 12/01/28 | 583022 |
|  | 135000 | 4.875 | 05/15/29 | 137939 |
|  |  |  |  | 2233399 |
|  **Machinery-Diversified<sup>(c)</sup> – 0.1%** | **Machinery-Diversified<sup>(c)</sup> – 0.1%** | **Machinery-Diversified<sup>(c)</sup> – 0.1%** | **Machinery-Diversified<sup>(c)</sup> – 0.1%** | **Machinery-Diversified<sup>(c)</sup> – 0.1%** |
|  Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. |
|  | 225000 | 5.250 | 08/16/28 | 231892 |
|  Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. |
|  | 700000 | 4.900 | 05/29/30 | 716002 |
|  |  |  |  | 947894 |
|  **Media<sup>(c)</sup> – 0.0%** | **Media<sup>(c)</sup> – 0.0%** | **Media<sup>(c)</sup> – 0.0%** | **Media<sup>(c)</sup> – 0.0%** | **Media<sup>(c)</sup> – 0.0%** |
|  Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. |
|  | 300000 | 4.150 | 10/15/28 | 301575 |
|  **Mining<sup>(c)</sup> – 0.3%** | **Mining<sup>(c)</sup> – 0.3%** | **Mining<sup>(c)</sup> – 0.3%** | **Mining<sup>(c)</sup> – 0.3%** | **Mining<sup>(c)</sup> – 0.3%** |
|  Glencore Finance Europe Ltd. | Glencore Finance Europe Ltd. | Glencore Finance Europe Ltd. | Glencore Finance Europe Ltd. | Glencore Finance Europe Ltd. |
|  GBP | 125000 | 3.125 | 03/26/26 | 168046 |
|  Glencore Funding LLC<sup>(d)</sup> | Glencore Funding LLC<sup>(d)</sup> | Glencore Funding LLC<sup>(d)</sup> | Glencore Funding LLC<sup>(d)</sup> | Glencore Funding LLC<sup>(d)</sup> |
|  $ | 455000 | 1.625 | 04/27/26 | 451351 |
|  | 775000 | 4.875 | 03/12/29 | 786951 |
|  | 1150000 | 5.371 | 04/04/29 | 1186351 |
|  |  |  |  | 2592699 |
|  **Multi-National – 1.3%** | **Multi-National – 1.3%** | **Multi-National – 1.3%** | **Multi-National – 1.3%** | **Multi-National – 1.3%** |
|  European Investment Bank | European Investment Bank | European Investment Bank | European Investment Bank | European Investment Bank |
|  EUR | 1240000 | 0.875 | 01/14/28 | 1418718 |
|  | 3500000 | 3.000 | 11/15/28 | 4189870 |
|  | 4410000 | 2.250 | 03/15/30 | 5133864 |
|  |  |  |  | 10742452 |
|  **Oil & Gas<sup>(c)</sup> – 0.1%** | **Oil & Gas<sup>(c)</sup> – 0.1%** | **Oil & Gas<sup>(c)</sup> – 0.1%** | **Oil & Gas<sup>(c)</sup> – 0.1%** | **Oil & Gas<sup>(c)</sup> – 0.1%** |
|  Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
|  $ | 750000 | 8.500 | 07/15/27 | 783615 |
|  **Oil Field Services – 0.2%** | **Oil Field Services – 0.2%** | **Oil Field Services – 0.2%** | **Oil Field Services – 0.2%** | **Oil Field Services – 0.2%** |
|  BP Capital Markets PLC | BP Capital Markets PLC | BP Capital Markets PLC | BP Capital Markets PLC | BP Capital Markets PLC |
|  EUR | 300000 | 1.594 | 07/03/28 | 344144 |
|  Raizen Fuels Finance SA<sup>(c)</sup> | Raizen Fuels Finance SA<sup>(c)</sup> | Raizen Fuels Finance SA<sup>(c)</sup> | Raizen Fuels Finance SA<sup>(c)</sup> | Raizen Fuels Finance SA<sup>(c)</sup> |
|  $ | 210000 | 5.700 | 01/17/35 | 162685 |
|  Saudi Arabian Oil Co.<sup>(c)(d)</sup> | Saudi Arabian Oil Co.<sup>(c)(d)</sup> | Saudi Arabian Oil Co.<sup>(c)(d)</sup> | Saudi Arabian Oil Co.<sup>(c)(d)</sup> | Saudi Arabian Oil Co.<sup>(c)(d)</sup> |
|  | 530000 | 5.750 | 07/17/54 | 516750 |
|  TotalEnergies SE<sup>(b)(c)</sup> (5 yr. EUR Swap + 3.350%) | TotalEnergies SE<sup>(b)(c)</sup> (5 yr. EUR Swap + 3.350%) | TotalEnergies SE<sup>(b)(c)</sup> (5 yr. EUR Swap + 3.350%) | TotalEnergies SE<sup>(b)(c)</sup> (5 yr. EUR Swap + 3.350%) | TotalEnergies SE<sup>(b)(c)</sup> (5 yr. EUR Swap + 3.350%) |
|  EUR | 300000 | 3.369 | 10/06/26 | 353043 |
|  |  |  |  | 1376622 |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Pharmaceuticals<sup>(c)</sup> – 0.5%** | **Pharmaceuticals<sup>(c)</sup> – 0.5%** | **Pharmaceuticals<sup>(c)</sup> – 0.5%** | **Pharmaceuticals<sup>(c)</sup> – 0.5%** |
| BMS Ireland Capital Funding DAC | BMS Ireland Capital Funding DAC | BMS Ireland Capital Funding DAC | BMS Ireland Capital Funding DAC |
| 1200000 | 2.973% | 11/10/30 | $1404106 |
| Cencora, Inc. | Cencora, Inc. | Cencora, Inc. | Cencora, Inc. |
| 900000 | 2.875 | 05/22/28 | 1061847 |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| 325000 | 4.780 | 03/25/38 | 306946 |
| Pfizer Netherlands International Finance BV | Pfizer Netherlands International Finance BV | Pfizer Netherlands International Finance BV | Pfizer Netherlands International Finance BV |
| 1031000 | 2.875 | 05/19/29 | 1214285 |
|  |  |  | 3987184 |
| **Pipelines – 0.4%** | **Pipelines – 0.4%** | **Pipelines – 0.4%** | **Pipelines – 0.4%** |
| Abu Dhabi Crude Oil Pipeline LLC<sup>(d)</sup> | Abu Dhabi Crude Oil Pipeline LLC<sup>(d)</sup> | Abu Dhabi Crude Oil Pipeline LLC<sup>(d)</sup> | Abu Dhabi Crude Oil Pipeline LLC<sup>(d)</sup> |
| 1260000 | 4.600 | 11/02/47 | 1170956 |
| Enbridge, Inc.<sup>(c)</sup> | Enbridge, Inc.<sup>(c)</sup> | Enbridge, Inc.<sup>(c)</sup> | Enbridge, Inc.<sup>(c)</sup> |
| 350000 | 6.000 | 11/15/28 | 367811 |
| Energy Transfer LP<sup>(c)</sup> | Energy Transfer LP<sup>(c)</sup> | Energy Transfer LP<sup>(c)</sup> | Energy Transfer LP<sup>(c)</sup> |
| 750000 | 6.100 | 12/01/28 | 788677 |
| 250000 | 5.250 | 04/15/29 | 256873 |
| Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. |
| 200000 | 2.625 <sup>(d)</sup> | 03/31/36 | 176476 |
| 537156 | 2.940 | 09/30/40 | 457076 |
| Williams Cos., Inc.<sup>(c)</sup> | Williams Cos., Inc.<sup>(c)</sup> | Williams Cos., Inc.<sup>(c)</sup> | Williams Cos., Inc.<sup>(c)</sup> |
| 350000 | 2.600 | 03/15/31 | 319722 |
|  |  |  | 3537591 |
| **Real Estate<sup>(c)</sup> – 0.3%** | **Real Estate<sup>(c)</sup> – 0.3%** | **Real Estate<sup>(c)</sup> – 0.3%** | **Real Estate<sup>(c)</sup> – 0.3%** |
| Blackstone Property Partners Europe Holdings SARL | Blackstone Property Partners Europe Holdings SARL | Blackstone Property Partners Europe Holdings SARL | Blackstone Property Partners Europe Holdings SARL |
| 1050000 | 1.000 | 05/04/28 | 1179419 |
| CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
| 258000 | 5.500 | 04/01/29 | 267448 |
| Logicor Financing SARL | Logicor Financing SARL | Logicor Financing SARL | Logicor Financing SARL |
| 550000 | 3.250 | 11/13/28 | 652158 |
| 325000 | 1.625 | 01/17/30 | 357305 |
|  |  |  | 2456330 |
| **Real Estate Investment Trust<sup>(c)</sup> – 0.1%** | **Real Estate Investment Trust<sup>(c)</sup> – 0.1%** | **Real Estate Investment Trust<sup>(c)</sup> – 0.1%** | **Real Estate Investment Trust<sup>(c)</sup> – 0.1%** |
| American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
| 125000 | 2.375 | 07/15/31 | 111752 |
| Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
| 275000 | 4.250 | 12/15/28 | 275209 |
| Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
| 300000 | 2.100 | 03/15/28 | 288129 |
|  |  |  | 675090 |
| **Retailing<sup>(c)</sup> – 0.3%** | **Retailing<sup>(c)</sup> – 0.3%** | **Retailing<sup>(c)</sup> – 0.3%** | **Retailing<sup>(c)</sup> – 0.3%** |
| AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. |
| 200000 | 1.950 | 08/01/28 | 188578 |
| 2150000 | 4.450 | 01/15/29 | 2156084 |
|  |  |  | 2344662 |
| **Semiconductors<sup>(c)(d)</sup> – 0.1%** | **Semiconductors<sup>(c)(d)</sup> – 0.1%** | **Semiconductors<sup>(c)(d)</sup> – 0.1%** | **Semiconductors<sup>(c)(d)</sup> – 0.1%** |
| Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| 1531000 | 3.137 | 11/15/35 | 1319645 |
| **Software<sup>(c)</sup> – 1.0%** | **Software<sup>(c)</sup> – 1.0%** | **Software<sup>(c)</sup> – 1.0%** | **Software<sup>(c)</sup> – 1.0%** |
| Constellation Software, Inc.<sup>(d)</sup> | Constellation Software, Inc.<sup>(d)</sup> | Constellation Software, Inc.<sup>(d)</sup> | Constellation Software, Inc.<sup>(d)</sup> |
| 438000 | 5.158 | 02/16/29 | 446252 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Software<sup>(c)</sup> – (continued)** | **Software<sup>(c)</sup> – (continued)** | **Software<sup>(c)</sup> – (continued)** | **Software<sup>(c)</sup> – (continued)** |
| MSCI, Inc.<sup>(d)</sup> | MSCI, Inc.<sup>(d)</sup> | MSCI, Inc.<sup>(d)</sup> | MSCI, Inc.<sup>(d)</sup> |
| 1547000 | 3.875% | 02/15/31 | $1487023 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 3350000 | 4.450 | 09/26/30 | 3276032 |
| 1925000 | 4.800 | 09/26/32 | 1859030 |
| Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. |
| 943000 | 5.400 | 06/12/29 | 975091 |
| Workday, Inc. | Workday, Inc. | Workday, Inc. | Workday, Inc. |
| 125000 | 3.700 | 04/01/29 | 123241 |
|  |  |  | 8166669 |
| **Telecommunication Services – 0.7%** | **Telecommunication Services – 0.7%** | **Telecommunication Services – 0.7%** | **Telecommunication Services – 0.7%** |
| Deutsche Telekom International Finance BV | Deutsche Telekom International Finance BV | Deutsche Telekom International Finance BV | Deutsche Telekom International Finance BV |
| 250000 | 8.750 | 06/15/30 | 291788 |
| NTT Finance Corp.<sup>(d)</sup> | NTT Finance Corp.<sup>(d)</sup> | NTT Finance Corp.<sup>(d)</sup> | NTT Finance Corp.<sup>(d)</sup> |
| 1625000 | 4.620 | 07/16/28 | 1645686 |
| 725000 | 4.876 <sup>(c)</sup> | 07/16/30 | 737521 |
| Rogers Communications, Inc.<sup>(c)</sup> | Rogers Communications, Inc.<sup>(c)</sup> | Rogers Communications, Inc.<sup>(c)</sup> | Rogers Communications, Inc.<sup>(c)</sup> |
| 1074000 | 5.000 | 02/15/29 | 1094503 |
| Telefonica Emisiones SA | Telefonica Emisiones SA | Telefonica Emisiones SA | Telefonica Emisiones SA |
| 450000 | 5.445 | 10/08/29 | 622949 |
| T-Mobile USA, Inc.<sup>(c)</sup> | T-Mobile USA, Inc.<sup>(c)</sup> | T-Mobile USA, Inc.<sup>(c)</sup> | T-Mobile USA, Inc.<sup>(c)</sup> |
| 656000 | 3.750 | 04/15/27 | 653894 |
| 300000 | 4.750 | 02/01/28 | 300153 |
| Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
| 300000 | 4.329 | 09/21/28 | 302499 |
|  |  |  | 5648993 |
| **Trucking & Leasing<sup>(c)(d)</sup> – 0.1%** | **Trucking & Leasing<sup>(c)(d)</sup> – 0.1%** | **Trucking & Leasing<sup>(c)(d)</sup> – 0.1%** | **Trucking & Leasing<sup>(c)(d)</sup> – 0.1%** |
| Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. |
| 500000 | 5.250 | 07/01/29 | 513850 |
| **Water<sup>(c)</sup> – 0.2%** | **Water<sup>(c)</sup> – 0.2%** | **Water<sup>(c)</sup> – 0.2%** | **Water<sup>(c)</sup> – 0.2%** |
| Veolia Environnement SA | Veolia Environnement SA | Veolia Environnement SA | Veolia Environnement SA |
| 1300000 | 1.940 | 01/07/30 | 1464113 |
| **TOTAL CORPORATE OBLIGATIONS<br>(Cost $189,047,550)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $189,047,550)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $189,047,550)** | $195453431 |
| **Asset-Backed Securities<sup>(c)</sup> – 9.0%** | **Asset-Backed Securities<sup>(c)</sup> – 9.0%** | **Asset-Backed Securities<sup>(c)</sup> – 9.0%** | **Asset-Backed Securities<sup>(c)</sup> – 9.0%** |
| **Automotive – 1.4%** | **Automotive – 1.4%** | **Automotive – 1.4%** | **Automotive – 1.4%** |
| BMW Vehicle Lease Trust Series 2025-1, Class A3 | BMW Vehicle Lease Trust Series 2025-1, Class A3 | BMW Vehicle Lease Trust Series 2025-1, Class A3 | BMW Vehicle Lease Trust Series 2025-1, Class A3 |
| 1775000 | 4.430% | 06/26/28 | $1790125 |
| Exeter Automobile Receivables Trust Series 2025-1A, Class A2 | Exeter Automobile Receivables Trust Series 2025-1A, Class A2 | Exeter Automobile Receivables Trust Series 2025-1A, Class A2 | Exeter Automobile Receivables Trust Series 2025-1A, Class A2 |
| 107425 | 4.700 | 09/15/27 | 107459 |
| Exeter Automobile Receivables Trust Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust Series 2025-1A, Class A3 |
| 425000 | 4.670 | 08/15/28 | 425941 |
| Exeter Automobile Receivables Trust Series 2025-3A, Class A3 | Exeter Automobile Receivables Trust Series 2025-3A, Class A3 | Exeter Automobile Receivables Trust Series 2025-3A, Class A3 | Exeter Automobile Receivables Trust Series 2025-3A, Class A3 |
| 1550000 | 4.780 | 07/16/29 | 1561283 |
| Ford Credit Auto Owner Trust Series 2025-2, Class A<sup>(d)(e)</sup> | Ford Credit Auto Owner Trust Series 2025-2, Class A<sup>(d)(e)</sup> | Ford Credit Auto Owner Trust Series 2025-2, Class A<sup>(d)(e)</sup> | Ford Credit Auto Owner Trust Series 2025-2, Class A<sup>(d)(e)</sup> |
| 2400000 | 4.370 | 02/15/38 | 2420502 |
| GMF Floorplan Owner Revolving Trust Series 2023-1, Class A1<sup>(d)</sup> | GMF Floorplan Owner Revolving Trust Series 2023-1, Class A1<sup>(d)</sup> | GMF Floorplan Owner Revolving Trust Series 2023-1, Class A1<sup>(d)</sup> | GMF Floorplan Owner Revolving Trust Series 2023-1, Class A1<sup>(d)</sup> |
| 1500000 | 5.340 | 06/15/28 | 1509065 |
| Nissan Auto Receivables Owner Trust Series 2023-B, Class A3 | Nissan Auto Receivables Owner Trust Series 2023-B, Class A3 | Nissan Auto Receivables Owner Trust Series 2023-B, Class A3 | Nissan Auto Receivables Owner Trust Series 2023-B, Class A3 |
| 249266 | 5.930 | 03/15/28 | 251086 |
| Santander Drive Auto Receivables Trust Series 2025-1, Class A2 | Santander Drive Auto Receivables Trust Series 2025-1, Class A2 | Santander Drive Auto Receivables Trust Series 2025-1, Class A2 | Santander Drive Auto Receivables Trust Series 2025-1, Class A2 |
| 74996 | 4.760 | 08/16/27 | 75026 |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Asset-Backed Securities<sup>(c)</sup> – (continued)** | **Asset-Backed Securities<sup>(c)</sup> – (continued)** | **Asset-Backed Securities<sup>(c)</sup> – (continued)** | **Asset-Backed Securities<sup>(c)</sup> – (continued)** |
| **Automotive – (continued)** | **Automotive – (continued)** | **Automotive – (continued)** | **Automotive – (continued)** |
| Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 |
| 1525000 | 4.740% | 01/16/29 | $1529510 |
| Toyota Auto Loan Extended Note Trust Series 2025-1A, Class A<sup>(d)</sup> | Toyota Auto Loan Extended Note Trust Series 2025-1A, Class A<sup>(d)</sup> | Toyota Auto Loan Extended Note Trust Series 2025-1A, Class A<sup>(d)</sup> | Toyota Auto Loan Extended Note Trust Series 2025-1A, Class A<sup>(d)</sup> |
| 2525000 | 4.650 | 05/25/38 | 2575563 |
|  |  |  | 12245560 |
| **Collateralized Loan Obligations<sup>(d)</sup> – 5.8%** | **Collateralized Loan Obligations<sup>(d)</sup> – 5.8%** | **Collateralized Loan Obligations<sup>(d)</sup> – 5.8%** | **Collateralized Loan Obligations<sup>(d)</sup> – 5.8%** |
| 1988 CLO 4 Ltd. Series 2024-4A, Class D<sup>(b)</sup> (3 mo. USD Term SOFR + 4.250%) | 1988 CLO 4 Ltd. Series 2024-4A, Class D<sup>(b)</sup> (3 mo. USD Term SOFR + 4.250%) | 1988 CLO 4 Ltd. Series 2024-4A, Class D<sup>(b)</sup> (3 mo. USD Term SOFR + 4.250%) | 1988 CLO 4 Ltd. Series 2024-4A, Class D<sup>(b)</sup> (3 mo. USD Term SOFR + 4.250%) |
| 1575000 | 8.155 | 04/15/37 | 1582598 |
| 1988 CLO 5 Ltd. Series 2024-5A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.540%) | 1988 CLO 5 Ltd. Series 2024-5A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.540%) | 1988 CLO 5 Ltd. Series 2024-5A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.540%) | 1988 CLO 5 Ltd. Series 2024-5A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.540%) |
| 1275000 | 5.445 | 07/15/37 | 1278839 |
| AGL CLO 3 Ltd. Series 2020-3A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.150%) | AGL CLO 3 Ltd. Series 2020-3A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.150%) | AGL CLO 3 Ltd. Series 2020-3A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.150%) | AGL CLO 3 Ltd. Series 2020-3A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.150%) |
| 2100000 | 5.055 | 04/15/38 | 2098879 |
| Aqueduct European CLO 14 DAC Series 2025-14A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.850%) | Aqueduct European CLO 14 DAC Series 2025-14A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.850%) | Aqueduct European CLO 14 DAC Series 2025-14A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.850%) | Aqueduct European CLO 14 DAC Series 2025-14A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.850%) |
| 900000 | 3.972 | 01/25/39 | 1057527 |
| ARES European CLO XXI DAC Series 21A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.700%) | ARES European CLO XXI DAC Series 21A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.700%) | ARES European CLO XXI DAC Series 21A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.700%) | ARES European CLO XXI DAC Series 21A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.700%) |
| 540000 | 3.709 | 04/15/38 | 631430 |
| Arini European CLO VII DAC Series 7A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.800%) | Arini European CLO VII DAC Series 7A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.800%) | Arini European CLO VII DAC Series 7A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.800%) | Arini European CLO VII DAC Series 7A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.800%) |
| 1300000 | 3.895 | 01/15/39 | 1527589 |
| Arini European CLO VII DAC Series 7A, Class D<sup>(b)</sup> (3 mo. EUR EURIBOR + 2.850%) | Arini European CLO VII DAC Series 7A, Class D<sup>(b)</sup> (3 mo. EUR EURIBOR + 2.850%) | Arini European CLO VII DAC Series 7A, Class D<sup>(b)</sup> (3 mo. EUR EURIBOR + 2.850%) | Arini European CLO VII DAC Series 7A, Class D<sup>(b)</sup> (3 mo. EUR EURIBOR + 2.850%) |
| 1400000 | 4.945 | 01/15/39 | 1635259 |
| Armada Euro CLO IX DAC Series 9A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.850%) | Armada Euro CLO IX DAC Series 9A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.850%) | Armada Euro CLO IX DAC Series 9A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.850%) | Armada Euro CLO IX DAC Series 9A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.850%) |
| 1300000 | 3.934 | 10/30/39 | 1526634 |
| Aurium CLO VIII DAC Series 8A, Class CR<sup>(b)</sup> (3 mo. EUR EURIBOR + 2.150%) | Aurium CLO VIII DAC Series 8A, Class CR<sup>(b)</sup> (3 mo. EUR EURIBOR + 2.150%) | Aurium CLO VIII DAC Series 8A, Class CR<sup>(b)</sup> (3 mo. EUR EURIBOR + 2.150%) | Aurium CLO VIII DAC Series 8A, Class CR<sup>(b)</sup> (3 mo. EUR EURIBOR + 2.150%) |
| 1400000 | 4.163 | 10/16/38 | 1646356 |
| Bain Capital Credit CLO Ltd. Series 2025-5A, Class D1<sup>(b)</sup> (-1X 3 mo. USD Term SOFR + 2.600%) | Bain Capital Credit CLO Ltd. Series 2025-5A, Class D1<sup>(b)</sup> (-1X 3 mo. USD Term SOFR + 2.600%) | Bain Capital Credit CLO Ltd. Series 2025-5A, Class D1<sup>(b)</sup> (-1X 3 mo. USD Term SOFR + 2.600%) | Bain Capital Credit CLO Ltd. Series 2025-5A, Class D1<sup>(b)</sup> (-1X 3 mo. USD Term SOFR + 2.600%) |
| 1420000 | 0.000 | 01/19/39 | 1418280 |
| Bridgepoint CLO IX DAC Series 9A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.800%) | Bridgepoint CLO IX DAC Series 9A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.800%) | Bridgepoint CLO IX DAC Series 9A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.800%) | Bridgepoint CLO IX DAC Series 9A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.800%) |
| 1125000 | 3.914 | 10/15/39 | 1322576 |
| Carlyle U.S. CLO Ltd. Series 2024-2A, Class B<sup>(b)</sup> (3 mo. USD Term SOFR + 2.050%) | Carlyle U.S. CLO Ltd. Series 2024-2A, Class B<sup>(b)</sup> (3 mo. USD Term SOFR + 2.050%) | Carlyle U.S. CLO Ltd. Series 2024-2A, Class B<sup>(b)</sup> (3 mo. USD Term SOFR + 2.050%) | Carlyle U.S. CLO Ltd. Series 2024-2A, Class B<sup>(b)</sup> (3 mo. USD Term SOFR + 2.050%) |
| 1900000 | 5.908 | 04/25/37 | 1905096 |
| CVC Cordatus Loan Fund III DAC Series 3A, Class B1R3<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.650%) | CVC Cordatus Loan Fund III DAC Series 3A, Class B1R3<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.650%) | CVC Cordatus Loan Fund III DAC Series 3A, Class B1R3<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.650%) | CVC Cordatus Loan Fund III DAC Series 3A, Class B1R3<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.650%) |
| 1400000 | 3.709 | 05/26/38 | 1624112 |
| Dryden 97 CLO Ltd. Series 2022-97A, Class D1R<sup>(b)</sup> (3 mo. USD Term SOFR + 2.900%) | Dryden 97 CLO Ltd. Series 2022-97A, Class D1R<sup>(b)</sup> (3 mo. USD Term SOFR + 2.900%) | Dryden 97 CLO Ltd. Series 2022-97A, Class D1R<sup>(b)</sup> (3 mo. USD Term SOFR + 2.900%) | Dryden 97 CLO Ltd. Series 2022-97A, Class D1R<sup>(b)</sup> (3 mo. USD Term SOFR + 2.900%) |
| 1500000 | 6.784 | 10/20/38 | 1505589 |
| Elmwood CLO 41 Ltd. Series 2025-4A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.350%) | Elmwood CLO 41 Ltd. Series 2025-4A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.350%) | Elmwood CLO 41 Ltd. Series 2025-4A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.350%) | Elmwood CLO 41 Ltd. Series 2025-4A, Class A<sup>(b)</sup> (3 mo. USD Term SOFR + 1.350%) |
| 6000000 | 5.636 | 07/17/38 | 6017580 |
| Harvest CLO XXXVII DAC Series 37A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.850%) | Harvest CLO XXXVII DAC Series 37A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.850%) | Harvest CLO XXXVII DAC Series 37A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.850%) | Harvest CLO XXXVII DAC Series 37A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.850%) |
| 1300000 | 3.848 | 01/15/39 | 1527983 |
| Mountain View CLO LLC Series 2016-1A, Class AR2<sup>(b)</sup> (3 mo. USD Term SOFR + 1.260%) | Mountain View CLO LLC Series 2016-1A, Class AR2<sup>(b)</sup> (3 mo. USD Term SOFR + 1.260%) | Mountain View CLO LLC Series 2016-1A, Class AR2<sup>(b)</sup> (3 mo. USD Term SOFR + 1.260%) | Mountain View CLO LLC Series 2016-1A, Class AR2<sup>(b)</sup> (3 mo. USD Term SOFR + 1.260%) |
| 1416674 | 5.172 | 04/14/33 | 1416688 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Asset-Backed Securities<sup>(c)</sup> – (continued)** | **Asset-Backed Securities<sup>(c)</sup> – (continued)** | **Asset-Backed Securities<sup>(c)</sup> – (continued)** | **Asset-Backed Securities<sup>(c)</sup> – (continued)** |
| **Collateralized Loan Obligations<sup>(d)</sup> – (continued)** | **Collateralized Loan Obligations<sup>(d)</sup> – (continued)** | **Collateralized Loan Obligations<sup>(d)</sup> – (continued)** | **Collateralized Loan Obligations<sup>(d)</sup> – (continued)** |
| Mountain View CLO XV Ltd. Series 2019-2A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.670%) | Mountain View CLO XV Ltd. Series 2019-2A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.670%) | Mountain View CLO XV Ltd. Series 2019-2A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.670%) | Mountain View CLO XV Ltd. Series 2019-2A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.670%) |
| 1225000 | 5.575% | 07/15/37 | $1227963 |
| Neuberger Berman Loan Advisers CLO 45Ltd. Series 2021-45A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.060%) | Neuberger Berman Loan Advisers CLO 45Ltd. Series 2021-45A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.060%) | Neuberger Berman Loan Advisers CLO 45Ltd. Series 2021-45A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.060%) | Neuberger Berman Loan Advisers CLO 45Ltd. Series 2021-45A, Class AR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.060%) |
| 740000 | 4.972 | 10/14/36 | 738930 |
| OHA Credit Funding 7 Ltd. Series 2020-7A, Class A1R2<sup>(b)</sup> (3 mo. USD Term SOFR + 1.280%) | OHA Credit Funding 7 Ltd. Series 2020-7A, Class A1R2<sup>(b)</sup> (3 mo. USD Term SOFR + 1.280%) | OHA Credit Funding 7 Ltd. Series 2020-7A, Class A1R2<sup>(b)</sup> (3 mo. USD Term SOFR + 1.280%) | OHA Credit Funding 7 Ltd. Series 2020-7A, Class A1R2<sup>(b)</sup> (3 mo. USD Term SOFR + 1.280%) |
| 2725000 | 5.164 | 07/19/38 | 2723501 |
| Penta CLO DAC Series 2021-2A, Class BR<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.650%) | Penta CLO DAC Series 2021-2A, Class BR<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.650%) | Penta CLO DAC Series 2021-2A, Class BR<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.650%) | Penta CLO DAC Series 2021-2A, Class BR<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.650%) |
| 1300000 | 3.676 | 04/15/38 | 1506426 |
| Pikes Peak CLO 19 Series 2025-19A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.340%) | Pikes Peak CLO 19 Series 2025-19A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.340%) | Pikes Peak CLO 19 Series 2025-19A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.340%) | Pikes Peak CLO 19 Series 2025-19A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.340%) |
| 3325000 | 5.422 | 07/20/38 | 3332102 |
| Pikes Peak CLO 5 Series 2020-5A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.400%) | Pikes Peak CLO 5 Series 2020-5A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.400%) | Pikes Peak CLO 5 Series 2020-5A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.400%) | Pikes Peak CLO 5 Series 2020-5A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.400%) |
| 1875000 | 5.284 | 10/20/37 | 1879224 |
| Silver Point CLO 4 Ltd. Series 2024-4A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.630%) | Silver Point CLO 4 Ltd. Series 2024-4A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.630%) | Silver Point CLO 4 Ltd. Series 2024-4A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.630%) | Silver Point CLO 4 Ltd. Series 2024-4A, Class A1<sup>(b)</sup> (3 mo. USD Term SOFR + 1.630%) |
| 4500000 | 5.535 | 04/15/37 | 4511362 |
| Sound Point Euro CLO 14 Funding DAC Series 14A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.600%) | Sound Point Euro CLO 14 Funding DAC Series 14A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.600%) | Sound Point Euro CLO 14 Funding DAC Series 14A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.600%) | Sound Point Euro CLO 14 Funding DAC Series 14A, Class B<sup>(b)</sup> (3 mo. EUR EURIBOR + 1.600%) |
| 1130000 | 3.604 | 04/20/39 | 1315996 |
| Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A |
| 152027 | 5.750 | 12/20/50 | 155185 |
| Venture 36 CLO Ltd. Series 2019-36A, Class D<sup>(b)</sup> (3 mo. USD Term SOFR + 4.412%) | Venture 36 CLO Ltd. Series 2019-36A, Class D<sup>(b)</sup> (3 mo. USD Term SOFR + 4.412%) | Venture 36 CLO Ltd. Series 2019-36A, Class D<sup>(b)</sup> (3 mo. USD Term SOFR + 4.412%) | Venture 36 CLO Ltd. Series 2019-36A, Class D<sup>(b)</sup> (3 mo. USD Term SOFR + 4.412%) |
| 900000 | 8.296 | 04/20/32 | 872645 |
| Voya CLO Ltd. Series 2019-1A, Class A1RR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.370%) | Voya CLO Ltd. Series 2019-1A, Class A1RR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.370%) | Voya CLO Ltd. Series 2019-1A, Class A1RR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.370%) | Voya CLO Ltd. Series 2019-1A, Class A1RR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.370%) |
| 1150000 | 5.275 | 10/15/37 | 1153628 |
|  |  |  | 49139977 |
| **Credit Card – 1.0%** | **Credit Card – 1.0%** | **Credit Card – 1.0%** | **Credit Card – 1.0%** |
| American Express Credit Account Master Trust Series 2025-3, Class A | American Express Credit Account Master Trust Series 2025-3, Class A | American Express Credit Account Master Trust Series 2025-3, Class A | American Express Credit Account Master Trust Series 2025-3, Class A |
| 2425000 | 4.510 | 04/15/32 | 2471736 |
| Barclays Dryrock Issuance Trust Series 2023-1, Class A | Barclays Dryrock Issuance Trust Series 2023-1, Class A | Barclays Dryrock Issuance Trust Series 2023-1, Class A | Barclays Dryrock Issuance Trust Series 2023-1, Class A |
| 1500000 | 4.720 | 02/15/29 | 1503736 |
| Citibank Credit Card Issuance Trust Series 2025-A2, Class A | Citibank Credit Card Issuance Trust Series 2025-A2, Class A | Citibank Credit Card Issuance Trust Series 2025-A2, Class A | Citibank Credit Card Issuance Trust Series 2025-A2, Class A |
| 1675000 | 4.490 | 06/21/32 | 1707600 |
| WF Card Issuance Trust Series 2025-A1, Class A | WF Card Issuance Trust Series 2025-A1, Class A | WF Card Issuance Trust Series 2025-A1, Class A | WF Card Issuance Trust Series 2025-A1, Class A |
| 2325000 | 4.340 | 05/15/30 | 2354803 |
|  |  |  | 8037875 |
| **Home Equity<sup>(b)(d)</sup> – 0.0%** | **Home Equity<sup>(b)(d)</sup> – 0.0%** | **Home Equity<sup>(b)(d)</sup> – 0.0%** | **Home Equity<sup>(b)(d)</sup> – 0.0%** |
| JP Morgan Mortgage Trust Series 2023-HE3, Class A1 (1 mo. USD Term SOFR + 1.600%) | JP Morgan Mortgage Trust Series 2023-HE3, Class A1 (1 mo. USD Term SOFR + 1.600%) | JP Morgan Mortgage Trust Series 2023-HE3, Class A1 (1 mo. USD Term SOFR + 1.600%) | JP Morgan Mortgage Trust Series 2023-HE3, Class A1 (1 mo. USD Term SOFR + 1.600%) |
| 267241 | 5.518 | 05/20/54 | 268354 |
| **Student Loan<sup>(b)(d)</sup> – 0.8%** | **Student Loan<sup>(b)(d)</sup> – 0.8%** | **Student Loan<sup>(b)(d)</sup> – 0.8%** | **Student Loan<sup>(b)(d)</sup> – 0.8%** |
| ECMC Group Student Loan Trust Series 2017-1A, Class A (1 mo. USD Term SOFR + 1.314%) | ECMC Group Student Loan Trust Series 2017-1A, Class A (1 mo. USD Term SOFR + 1.314%) | ECMC Group Student Loan Trust Series 2017-1A, Class A (1 mo. USD Term SOFR + 1.314%) | ECMC Group Student Loan Trust Series 2017-1A, Class A (1 mo. USD Term SOFR + 1.314%) |
| 1896321 | 5.189 | 12/27/66 | 1920770 |
| Navient Student Loan Trust Series 2017-2A, Class A (1 mo. USD Term SOFR + 1.164%) | Navient Student Loan Trust Series 2017-2A, Class A (1 mo. USD Term SOFR + 1.164%) | Navient Student Loan Trust Series 2017-2A, Class A (1 mo. USD Term SOFR + 1.164%) | Navient Student Loan Trust Series 2017-2A, Class A (1 mo. USD Term SOFR + 1.164%) |
| 2726418 | 5.039 | 12/27/66 | 2770199 |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Asset-Backed Securities<sup>(c)</sup> – (continued)** | **Asset-Backed Securities<sup>(c)</sup> – (continued)** | **Asset-Backed Securities<sup>(c)</sup> – (continued)** | **Asset-Backed Securities<sup>(c)</sup> – (continued)** |
| **Student Loan<sup>(b)(d)</sup> – (continued)** | **Student Loan<sup>(b)(d)</sup> – (continued)** | **Student Loan<sup>(b)(d)</sup> – (continued)** | **Student Loan<sup>(b)(d)</sup> – (continued)** |
| Palmer Square Loan Funding Ltd. Series 2022-3A, Class A1BR (3 mo. USD Term SOFR + 1.400%) | Palmer Square Loan Funding Ltd. Series 2022-3A, Class A1BR (3 mo. USD Term SOFR + 1.400%) | Palmer Square Loan Funding Ltd. Series 2022-3A, Class A1BR (3 mo. USD Term SOFR + 1.400%) | Palmer Square Loan Funding Ltd. Series 2022-3A, Class A1BR (3 mo. USD Term SOFR + 1.400%) |
| 1500000 | 5.305% | 04/15/31 | $1501544 |
| PHEAA Student Loan Trust Series 2016-1A, Class A (1 mo. USD Term SOFR + 1.264%) | PHEAA Student Loan Trust Series 2016-1A, Class A (1 mo. USD Term SOFR + 1.264%) | PHEAA Student Loan Trust Series 2016-1A, Class A (1 mo. USD Term SOFR + 1.264%) | PHEAA Student Loan Trust Series 2016-1A, Class A (1 mo. USD Term SOFR + 1.264%) |
| 582537 | 5.139 | 09/25/65 | 586870 |
|  |  |  | 6779383 |
| **TOTAL ASSET-BACKED SECURITIES<br>(Cost $75,694,101)** | **TOTAL ASSET-BACKED SECURITIES<br>(Cost $75,694,101)** | **TOTAL ASSET-BACKED SECURITIES<br>(Cost $75,694,101)** | $76471149 |
| **U.S. Treasury Obligations – 5.0%** | **U.S. Treasury Obligations – 5.0%** | **U.S. Treasury Obligations – 5.0%** | **U.S. Treasury Obligations – 5.0%** |
| U.S. Treasury Bills<sup>(h)</sup> | U.S. Treasury Bills<sup>(h)</sup> | U.S. Treasury Bills<sup>(h)</sup> | U.S. Treasury Bills<sup>(h)</sup> |
| 29406000 | 0.000% | 03/19/26 | $29187758 |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| 3560000 | 2.375 | 11/15/49 | 2290638 |
| 2440000 | 4.750 | 11/15/53 | 2399206 |
| U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds |
| 8554215 | 1.500 | 02/15/53 | 6666941 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 1574700 | 0.625 | 05/15/30 | 1382045 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $42,190,340)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $42,190,340)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $42,190,340)** | $41926588 |
| **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Description** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Description** | **Value** |
| **Exchange Traded Funds – 0.1%** | **Exchange Traded Funds – 0.1%** | **Exchange Traded Funds – 0.1%** | **Exchange Traded Funds – 0.1%** |
| 3755 | Vanguard Intermediate-Term<br>Corporate Bond ETF | Vanguard Intermediate-Term<br>Corporate Bond ETF | $314481 |
| **(Cost $306,201)** | **(Cost $306,201)** | **(Cost $306,201)** | **(Cost $306,201)** |
| **Shares** | **Dividend**<br> **Rate** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(l)</sup> – 4.2%** | **Investment Company<sup>(l)</sup> – 4.2%** | **Investment Company<sup>(l)</sup> – 4.2%** | **Investment Company<sup>(l)</sup> – 4.2%** |
| Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 35662989 | 3.686% | 3.686% | $35662989 |
| **(Cost $35,662,989)** | **(Cost $35,662,989)** | **(Cost $35,662,989)** | **(Cost $35,662,989)** |
| **TOTAL INVESTMENTS – 110.4%<br>(Cost $942,403,166)** | **TOTAL INVESTMENTS – 110.4%<br>(Cost $942,403,166)** | **TOTAL INVESTMENTS – 110.4%<br>(Cost $942,403,166)** | $934582377 |
| **LIABILITIES IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS – (10.4)%** | **LIABILITIES IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS – (10.4)%** | **LIABILITIES IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS – (10.4)%** | (87773591) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $846808786 |

---

---

| | |
|:---|:---|
| 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) | Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate. |
| (b) | Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2025. |
| (c) | Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates. |
| (d) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (e) | Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on December 31, 2025. |
| (f) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $128,361,256 which represents approximately 15.3% of net assets as of December 31, 2025. |
| (g) | Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $10,134,146, which represents approximately 1.2% of the Fund's net assets as of December 31, 2025. |
| (h) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (i) | Actual maturity date is September 20, 2117. (j) Actual maturity date is June 30, 2120. (k) Actual maturity date is July 28, 2121. (l) Represents an affiliated issuer. |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At December 31, 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** |
|  JPMorgan Securities, Inc. | AUD | 7643025 | USD | 5063375 | 03/18/26 | $37475 |
|  | BRL | 5410512 | USD | 983300 | 01/05/26 | 2785 |
|  | BRL | 5451182 | USD | 967398 | 02/03/26 | 18841 |
|  | BRL | 3900332 | USD | 690866 | 03/18/26 | 7877 |
|  | CAD | 30036727 | USD | 21764359 | 03/18/26 | 193148 |
|  | CHF | 9777801 | USD | 12358373 | 03/18/26 | 89018 |
|  | CLP | 453750743 | USD | 494458 | 03/18/26 | 9985 |
|  | CNH | 102665435 | USD | 14629144 | 03/18/26 | 157051 |
|  | CZK | 248039216 | USD | 11991837 | 03/18/26 | 88398 |
|  | EUR | 2260845 | USD | 2638229 | 02/25/26 | 25527 |
|  | EUR | 20115047 | USD | 23590584 | 03/18/26 | 135626 |
|  | GBP | 1143135 | USD | 1508798 | 02/04/26 | 32011 |
|  | GBP | 3574899 | USD | 4784156 | 03/18/26 | 33623 |
|  | HUF | 559858170 | USD | 1693000 | 03/18/26 | 9970 |
|  | ILS | 6927709 | USD | 2148914 | 03/18/26 | 27159 |
|  | INR | 137711602 | USD | 1522550 | 01/15/26 | 7273 |
|  | INR | 1259510681 | USD | 13890174 | 03/18/26 | 22614 |
|  | KRW | 1982124585 | USD | 1373000 | 02/02/26 | 1182 |
|  | KRW | 18941689295 | USD | 12924336 | 03/18/26 | 230437 |
|  | MXN | 111349406 | USD | 6028070 | 03/18/26 | 107844 |
|  | NZD | 4916023 | USD | 2815564 | 01/15/26 | 16677 |
|  | PLN | 20851038 | USD | 5736212 | 03/18/26 | 69465 |
|  | SEK | 81547238 | USD | 8751606 | 03/18/26 | 142646 |
|  | SGD | 7983885 | USD | 6217398 | 03/18/26 | 25628 |
|  | TRY | 69335575 | USD | 1510951 | 03/18/26 | 12317 |
|  | TWD | 25798847 | USD | 815527 | 03/18/26 | 4564 |
|  | USD | 1062122 | BRL | 5878357 | 03/18/26 | 9017 |
|  | USD | 2392447 | CAD | 3258496 | 03/19/26 | 10314 |
|  | USD | 1001573 | CHF | 783486 | 03/18/26 | 4175 |
|  | USD | 44217890 | EUR | 37474217 | 02/25/26 | 65297 |
|  | USD | 9491992 | EUR | 8017023 | 03/18/26 | 35710 |
|  | USD | 1544814 | EUR | 1307873 | 03/19/26 | 2068 |
|  | USD | 597427 | GBP | 442567 | 03/18/26 | 993 |
|  | USD | 9164096 | HUF | 3011768410 | 03/18/26 | 2936 |
|  | USD | 1384849 | INR | 124620792 | 01/15/26 | 451 |
|  | USD | 20674354 | JPY | 3132257672 | 01/07/26 | 664819 |
|  | USD | 12235419 | JPY | 1869226979 | 01/20/26 | 280143 |
|  | USD | 29161073 | JPY | 4538786936 | 02/17/26 | 65380 |
|  | USD | 4927289 | JPY | 750064064 | 03/18/26 | 106389 |
|  | USD | 254686 | JPY | 39307035 | 03/19/26 | 2025 |
|  | USD | 1277550 | KRW | 1795790082 | 03/18/26 | 30396 |
|  | USD | 2713648 | NOK | 27163739 | 03/18/26 | 19628 |
|  | USD | 9952807 | NZD | 17168047 | 03/18/26 | 39033 |
|  | USD | 1992221 | SGD | 2546034 | 03/18/26 | 1342 |
|  | USD | 2366535 | TWD | 73397475 | 03/18/26 | 33382 |
|  | ZAR | 128988738 | USD | 7504903 | 03/18/26 | 241005 |
|  **TOTAL** |  |  |  |  |  | $3123644 |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**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** |
|  JPMorgan Securities, Inc. | BRL | 5393350 | USD | 991230 | 01/05/26 | $(8272) |
|  | BRL | 531863 | USD | 97999 | 03/18/26 | (2716) |
|  | CAD | 3258585 | USD | 2392447 | 03/18/26 | (10350) |
|  | CHF | 327324 | USD | 418291 | 03/18/26 | (1599) |
|  | CHF | 783386 | USD | 1001573 | 03/19/26 | (4192) |
|  | COP | 4400978232 | USD | 1156162 | 03/18/26 | (21037) |
|  | EUR | 54283766 | USD | 64044693 | 02/25/26 | (86879) |
|  | EUR | 5404010 | USD | 6386146 | 03/18/26 | (11980) |
|  | HUF | 2309361712 | USD | 7028106 | 03/18/26 | (3517) |
|  | JPY | 95215835 | USD | 614577 | 02/17/26 | (4200) |
|  | JPY | 526583314 | USD | 3422948 | 03/18/26 | (38432) |
|  | JPY | 208874206 | USD | 1353406 | 03/19/26 | (10787) |
|  | KRW | 3752333592 | USD | 2697289 | 03/18/26 | (91339) |
|  | NOK | 33320877 | USD | 3316195 | 03/18/26 | (11528) |
|  | NOK | 22280156 | USD | 2229189 | 03/19/26 | (19529) |
|  | NZD | 15883654 | USD | 9209892 | 03/18/26 | (37796) |
|  | PLN | 6050540 | USD | 1686000 | 03/18/26 | (1313) |
|  | TWD | 26774232 | USD | 851744 | 01/29/26 | (445) |
|  | TWD | 43383864 | USD | 1397120 | 03/18/26 | (18037) |
|  | USD | 8343286 | AUD | 12635158 | 03/18/26 | (89244) |
|  | USD | 1947579 | BRL | 10803862 | 01/05/26 | (21465) |
|  | USD | 690866 | BRL | 3860241 | 02/03/26 | (7537) |
|  | USD | 3123443 | CAD | 4339121 | 02/27/26 | (45746) |
|  | USD | 15151284 | CAD | 21018851 | 03/18/26 | (213958) |
|  | USD | 2357593 | CAD | 3229674 | 03/19/26 | (3470) |
|  | USD | 10530667 | CHF | 8357495 | 03/18/26 | (108638) |
|  | USD | 468700 | CLP | 429938226 | 03/18/26 | (9271) |
|  | USD | 15413391 | CNH | 108235604 | 02/24/26 | (152798) |
|  | USD | 16518092 | CNH | 115810867 | 03/18/26 | (161349) |
|  | USD | 1936155 | COP | 7565196751 | 03/18/26 | (15104) |
|  | USD | 10659349 | CZK | 220798898 | 03/18/26 | (94202) |
|  | USD | 225604400 | EUR | 192400827 | 02/25/26 | (1084668) |
|  | USD | 12625048 | EUR | 10766601 | 03/18/26 | (74432) |
|  | USD | 2100402 | EUR | 1784901 | 03/19/26 | (5038) |
|  | USD | 13091073 | GBP | 9967423 | 02/04/26 | (343813) |
|  | USD | 5980656 | GBP | 4481981 | 03/18/26 | (59569) |
|  | USD | 1550687 | GBP | 1158025 | 03/19/26 | (9941) |
|  | USD | 3476649 | IDR | 58363551868 | 02/02/26 | (16592) |
|  | USD | 1378183 | ILS | 4558131 | 01/08/26 | (53054) |
|  | USD | 2515554 | ILS | 8236988 | 03/18/26 | (71778) |
|  | USD | 1663297 | INR | 150927566 | 01/20/26 | (12572) |
|  | USD | 12438180 | INR | 1126789501 | 03/18/26 | (8544) |
|  | USD | 1707000 | KRW | 2524311600 | 01/26/26 | (42724) |
|  | USD | 3907491 | KRW | 5702052867 | 03/11/26 | (51297) |
|  | USD | 13019470 | KRW | 19032571562 | 03/18/26 | (198420) |
|  | USD | 2097647 | MXN | 38680753 | 02/03/26 | (43379) |
|  | USD | 3661937 | MXN | 68103773 | 03/18/26 | (90924) |
|  | USD | 3377000 | NOK | 34149274 | 03/18/26 | (9825) |
|  | USD | 2728764 | NZD | 4840054 | 01/15/26 | (59708) |
|  | USD | 575426 | NZD | 1019583 | 03/18/26 | (13337) |
|  | USD | 7378440 | PLN | 26754917 | 03/18/26 | (71089) |
|  | USD | 9026766 | SEK | 84137871 | 03/18/26 | (150043) |
|  | USD | 1800077 | SGD | 2331565 | 02/02/26 | (17789) |
|  | USD | 6208631 | SGD | 7971870 | 03/18/26 | (25000) |
|  | USD | 1560718 | THB | 49511129 | 03/18/26 | (20021) |
|  | USD | 762894 | TRY | 35692798 | 03/18/26 | (21259) |
|  | USD | 815527 | TWD | 25814151 | 01/20/26 | (6058) |
|  | USD | 7774360 | ZAR | 133804904 | 03/18/26 | (260764) |
|  **TOTAL** |  |  |  |  |  | $(4128368) |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**FORWARD SALES CONTRACTS** — At December 31, 2025, the Fund had the following forward sales contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date<sup>(a)</sup>** | **Settlement<br>Date** | **Principal<br>Amount** | **Value** |
|  Government National Mortgage Association | 3.000% | TBA - 30yr | 01/15/25 | $(2000000) | $(1797653) |
|  Government National Mortgage Association | 4.000 | TBA - 30yr | 01/15/25 | (2000000) | (1887193) |
|  Government National Mortgage Association | 4.500 | TBA - 30yr | 01/22/25 | (3000000) | (2922291) |
|  Government National Mortgage Association | 5.000 | TBA - 30yr | 01/15/25 | (2000000) | (1995150) |
|  Uniform Mortgage-Backed Security | 2.000 | TBA - 30yr | 01/15/25 | (10000000) | (8078906) |
|  **(PROCEEDS RECEIVED: $(16721523))** | **(PROCEEDS RECEIVED: $(16721523))** |  |  |  | $(16681193) |

---

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

**FUTURES CONTRACTS** — At December 31, 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:** |  |  |  |  |
|  10 Year U.K. Long Gilt | 213 | 03/27/26 | $26233557 | $174573 |
|  10 Year U.S. Treasury Notes | 498 | 03/20/26 | 55993875 | (317743) |
|  20 Year U.S. Treasury Bonds | 233 | 03/20/26 | 26933344 | (356576) |
|  30 Year German Euro-Buxl | 160 | 03/06/26 | 20706084 | (199042) |
|  3M Euribor | 173 | 06/15/26 | 49790521 | 7358 |
|  5 Year German Euro-Bobl | 192 | 03/06/26 | 26210156 | (56732) |
|  5 Year German Euro-Btp | 14 | 03/06/26 | 1977297 | (5700) |
|  5 Year German Euro-Bund | 225 | 03/06/26 | 33732059 | (216991) |
|  Australian 10 Year Government Bonds | 46 | 03/16/26 | 3360953 | 8347 |
|  Australian 3 Year Government Bonds | 307 | 03/16/26 | 21511119 | (4834) |
|  Canada 10 Year Government Bonds | 239 | 03/20/26 | 21053870 | (230299) |
|  ICE 3M Sonia Bonds | 236 | 03/17/26 | 76554692 | 31122 |
|  ICE 3M Sonia Bonds | 127 | 06/16/26 | 41269560 | 57860 |
|  Japan 10 Year Government Bonds | 10 | 03/13/26 | 8453141 | (68335) |
|  Ultra Long U.S. Treasury Bonds | 106 | 03/20/26 | 12508000 | (174405) |
|  **Total** |  |  |  | $(1351397) |
|  **Short position contracts:** |  |  |  |  |
|  3M Euribor | (30) | 03/16/26 | (8634194) | (1809) |
|  5 Year U.S. Treasury Notes | (167) | 03/31/26 | (18253883) | 26839 |
|  French 10 Year Government Bonds | (225) | 03/06/26 | (31886408) | 145053 |
|  Ultra 10-Year U.S. Treasury Notes | (434) | 03/20/26 | (49916781) | 348472 |
|  **Total** |  |  |  | $518555 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $(832842) |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**SWAP CONTRACTS** — At December 31, 2025, the Fund had the following swap contracts:

**OVER-THE-COUNTER INTEREST RATE SWAP CONTRACTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made**<br> **by the Fund<sup>(a)</sup>** | **Payments**<br> **Received by**<br> **the Fund<sup>(a)</sup>** | **Counterparty** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Payments<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  3M KLIBOR | 3.735% | Citibank NA | 07/14/32 | MYR 1,950 | $9693 | $— | $9693 |
|  3M KLIBOR | 3.750 | Citibank NA | 12/21/32 | 3450 | 17246 | (32998) | 50244 |
|  3M KLIBOR | 3.250 | JPMorgan Securities, Inc. | 09/17/30 | 3030 | (3190) | 2657 | (5847) |
|  3M KLIBOR | 3.680 | MS & Co. Int. PLC | 07/12/32 | 1940 | 8023 |  | 8023 |
|  **TOTAL** |  |  |  |  | $31772 | $(30341) | $62113 |

---

(a) Payments made quarterly.

**CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made**<br> **by the Fund** | **Termination<br>Date** | **Notional**<br> **Amount**<br> **(000s)** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  13.750%<sup>(a)</sup><br> 1M BID Average<sup>(a)</sup> | 01/04/27 | 27180 | $23720 | $(29056) | $52776 |
| 3.062<sup>(a)</sup><br> 12M SOFR<sup>(a)</sup> | 08/31/27 | $55670 <sup>(b)</sup> | 61432 | 1205 | 60227 |
| 1.250<sup>(a)</sup><br> 12M JYOR<sup>(a)</sup> | 12/15/27 | 7763400 <sup>(b)</sup> | 63281 | 5826 | 57455 |
| 3.136<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 12/15/27 | $68290 <sup>(b)</sup> | 126289 | 25095 | 101194 |
|  Mexico Interbank TIIE 28 Days<sup>(d)</sup><br> &nbsp;&nbsp;&nbsp;&nbsp;7.250%<sup>(d)</sup> | 03/15/28 | 96640 <sup>(b)</sup> | (1967) | 26243 | (28210) |
|  12M THOR<sup>(e)</sup><br> 1.000<sup>(e)</sup> | 03/18/28 | 152680 <sup>(b)</sup> | (4741) | (371) | (4370) |
|  3M CNRR<sup>(e)</sup><br> 1.500<sup>(e)</sup> | 03/18/28 | 111870 <sup>(b)</sup> | 4293 | (15356) | 19649 |
|  12M EURO<sup>(c)</sup><br> 1.750<sup>(c)</sup> | 03/18/28 | 29780 <sup>(b)</sup> | (206016) | (225904) | 19888 |
| 0.000<sup>(c)</sup><br> 12M CHFOR<sup>(c)</sup> | 03/18/28 | 53050 <sup>(b)</sup> | 99014 | 83869 | 15145 |
| 4.500<sup>(f)</sup><br> 12M CLICP<sup>(f)</sup> | 03/18/28 | 2259290 <sup>(b)</sup> | (2232) | (3757) | 1525 |
| 8.500<sup>(e)</sup><br> 12M CPIBR<sup>(e)</sup> | 03/18/28 | 10916520 <sup>(b)</sup> | 131876 | (15125) | 147001 |
| 1.000<sup>(c)</sup><br> 12M JYOR<sup>(c)</sup> | 03/18/28 | 16016000 <sup>(b)</sup> | 487944 | 310797 | 177147 |
| 3.500<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 03/18/28 | $102290 <sup>(b)</sup> | (455589) | (447307) | (8282) |
|  12M CDOR<sup>(f)</sup><br> 2.750<sup>(f)</sup> | 03/18/28 | 1110 <sup>(b)</sup> | 3273 | 2943 | 330 |
|  6M PRIBOR<sup>(f)</sup><br> 3.750<sup>(c)</sup> | 03/18/28 | 157440 <sup>(b)</sup> | 24596 | 16940 | 7656 |
|  6M WIBOR<sup>(f)</sup><br> 3.750<sup>(c)</sup> | 03/18/28 | 16510 <sup>(b)</sup> | 23454 | 7925 | 15529 |
|  12M GBP<sup>(c)</sup><br> 3.750<sup>(c)</sup> | 03/18/28 | 92380 <sup>(b)</sup> | 671382 | 434214 | &nbsp;&nbsp;&nbsp;&nbsp;237168 |
| 3.500<sup>(e)</sup><br> 3M AUDOR<sup>(e)</sup> | 03/18/28 | 14660 <sup>(b)</sup> | 109335 | 111920 | (2585) |
| 2.250<sup>(e)</sup><br> 3M KWCDC<sup>(e)</sup> | 03/18/28 | 6253440 <sup>(b)</sup> | 59661 | 5776 | 53885 |
|  6M NIBOR<sup>(f)</sup><br> 4.000<sup>(c)</sup> | 03/18/28 | 1474040 <sup>(b)</sup> | (281662) | (355596) | 73934 |
|  12M GBP<sup>(c)</sup><br> 4.000<sup>(c)</sup> | 03/18/28 | 5690 <sup>(b)</sup> | 77654 | 67886 | 9768 |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made**<br> **by the Fund** | **Termination<br>Date** | **Notional**<br> **Amount**<br> **(000s)** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  6M BUBOR<sup>(f)</sup><br> &nbsp;&nbsp;&nbsp;&nbsp;6.000%<sup>(c)</sup> | 03/18/28 | 1199280 <sup>(b)</sup> | $14196 | $1165 | $13031 |
|  3M JIBAR<sup>(e)</sup><br> 6.750<sup>(e)</sup> | 03/18/28 | 128080 <sup>(b)</sup> | 64511 | 34866 | 29645 |
|  2.000%<sup>(c)</sup><br> 6M EURO<sup>(f)</sup> | 03/18/28 | 5260 <sup>(b)</sup> | 36975 | 43360 | (6385) |
| 2.250<sup>(c)</sup><br> 6M EURO<sup>(f)</sup> | 03/18/28 | 7340 <sup>(b)</sup> | 9816 | 13713 | (3897) |
| 5.500<sup>(f)</sup><br> 6M MIBOR<sup>(f)</sup> | 03/18/28 | 410670 <sup>(b)</sup> | 8540 | (2336) | 10876 |
|  12M SOFR<sup>(a)</sup><br> 3.368<sup>(a)</sup> | 06/23/28 | $144210 <sup>(b)</sup> | 127684 | 52909 | 74775 |
|  12M EURO<sup>(a)</sup><br> 2.000<sup>(a)</sup> | 09/10/28 | 211378 <sup>(b)</sup> | (663357) | (183949) | (479408) |
| 2.500<sup>(a)</sup><br> 6M EURO<sup>(f)</sup> | 09/10/28 | 211378 <sup>(b)</sup> | 103562 | (458961) | 562523 |
|  12M SOFR<sup>(a)</sup><br> 3.201<sup>(a)</sup> | 10/07/28 | $48490 <sup>(b)</sup> | (63614) | 10215 | (73829) |
|  12M GBP<sup>(a)</sup><br> 3.500<sup>(a)</sup> | 10/27/28 | 87810 <sup>(b)</sup> | (88844) | (85051) | (3793) |
|  1M BID Average<sup>(c)</sup><br> 13.250<sup>(c)</sup> | 01/02/29 | 23730 | (18732) | (60348) | 41616 |
| 3.750<sup>(c)</sup><br> 12M GBP<sup>(c)</sup> | 03/18/29 | 380 <sup>(b)</sup> | (3203) | (2453) | (750) |
|  6M EURO<sup>(f)</sup><br> 2.400<sup>(c)</sup> | 08/11/29 | 38528 <sup>(b)</sup> | (196877) | (89698) | (107179) |
| 13.250<sup>(a)</sup><br> 1M BID Average<sup>(a)</sup> | 01/02/30 | 8770 | 8848 | 9300 | (452) |
| 3.600<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 06/23/30 | $151880 <sup>(b)</sup> | (85827) | (274679) | 188852 |
| 3.528<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 07/15/30 | 10300 <sup>(b)</sup> | (14075) | (13977) | (98) |
| 3.500<sup>(c)</sup><br> 12M GBP<sup>(c)</sup> | 10/27/30 | 81770 <sup>(b)</sup> | 623602 | 534397 | 89205 |
|  12M SOFR<sup>(c)</sup><br> 3.265<sup>(c)</sup> | 01/30/31 | $23590 <sup>(b)</sup> | (210592) | (134936) | (75656) |
|  Mexico Interbank TIIE 28 Days<sup>(d)</sup><br> 7.500<sup>(d)</sup> | 03/12/31 | 43650 <sup>(b)</sup> | (28155) | 19401 | (47556) |
|  12M THOR<sup>(e)</sup><br> 1.250<sup>(e)</sup> | 03/18/31 | 6450 <sup>(b)</sup> | 95 | 908 | (813) |
|  3M CNRR<sup>(e)</sup><br> 1.750<sup>(e)</sup> | 03/18/31 | 393990 <sup>(b)</sup> | 416785 | 259567 | 157218 |
| 1.000<sup>(c)</sup><br> 12M JYOR<sup>(c)</sup> | 03/18/31 | 1830000 <sup>(b)</sup> | 311063 | 256253 | 54810 |
|  6M EURO<sup>(f)</sup><br> 2.250<sup>(c)</sup> | 03/18/31 | 23340 <sup>(b)</sup> | (463950) | (477042) | 13092 |
|  3M NZDOR<sup>(e)</sup><br> 3.500<sup>(f)</sup> | 03/18/31 | 29780 <sup>(b)</sup> | (106760) | (174421) | 67661 |
|  6M AUDOR<sup>(f)</sup><br> 3.750<sup>(f)</sup> | 03/18/31 | 23810 <sup>(b)</sup> | (536530) | (523869) | (12661) |
|  12M GBP<sup>(c)</sup><br> 3.750<sup>(c)</sup> | 03/18/31 | 17290 <sup>(b)</sup> | 90994 | 57269 | 33725 |
|  3M JIBAR<sup>(e)</sup><br> 7.250<sup>(e)</sup> | 03/18/31 | 19350 <sup>(b)</sup> | 29403 | 748 | 28655 |
|  12M CPIBR<sup>(e)</sup><br> 8.750<sup>(e)</sup> | 03/18/31 | 1929140 <sup>(b)</sup> | (40139) | 3428 | (43567) |
|  12M SOFR<sup>(c)</sup><br> 3.379<sup>(c)</sup> | 08/31/31 | $79120 <sup>(b)</sup> | (418956) | 197994 | (616950) |
|  12M SOFR<sup>(c)</sup><br> 3.845<sup>(c)</sup> | 05/21/32 | 12220 <sup>(b)</sup> | 122371 | 35664 | 86707 |
| 3.577<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 10/10/32 | 33330 <sup>(b)</sup> | 229781 | (3742) | 233523 |
|  12M JYOR<sup>(c)</sup><br> 1.250<sup>(c)</sup> | 03/18/33 | 57000 <sup>(b)</sup> | (10779) | (8663) | (2116) |
| 1.295<sup>(c)</sup><br> 12M JYOR<sup>(c)</sup> | 08/02/34 | 3287578 <sup>(b)</sup> | 732554 | (417654) | 1150208 |
|  12M EURO<sup>(c)</sup><br> 2.500<sup>(c)</sup> | 02/15/35 | 28270 <sup>(b)</sup> | (381389) | (252473) | (128916) |
|  12M SOFR<sup>(c)</sup><br> 4.098<sup>(c)</sup> | 06/24/35 | $37190 <sup>(b)</sup> | (33910) | (36785) | 2875 |
|  12M GBP<sup>(c)</sup><br> 4.500<sup>(c)</sup> | 10/28/35 | 16240 <sup>(b)</sup> | 93626 | 125932 | (32306) |
| 4.000<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 11/27/35 | $24030 <sup>(b)</sup> | 168742 | (36010) | 204752 |
|  6M AUDOR<sup>(f)</sup><br> 5.000<sup>(f)</sup> | 11/27/35 | 39915 <sup>(b)</sup> | (137376) | 5962 | (143338) |
|  Mexico Interbank TIIE 28 Days<sup>(d)</sup><br> 8.000<sup>(d)</sup> | 03/05/36 | 17250 <sup>(b)</sup> | (15394) | 1558 | (16952) |
|  12M CHFOR<sup>(c)</sup><br> 0.500<sup>(c)</sup> | 03/18/36 | 1060 <sup>(b)</sup> | (24924) | (17549) | (7375) |
| 9.250<sup>(e)</sup><br> 12M CPIBR<sup>(e)</sup> | 03/18/36 | 4846740 <sup>(b)</sup> | 128502 | 11590 | 116912 |
| 4.250<sup>(c)</sup><br> 12M GBP<sup>(c)</sup> | 03/18/36 | 4570 <sup>(b)</sup> | (117746) | (100683) | (17063) |
| 1.250<sup>(c)</sup><br> 12M JYOR<sup>(c)</sup> | 03/18/36 | 3450000 <sup>(b)</sup> | 1343207 | 1190630 | 152577 |
| 4.000<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 03/18/36 | $8400 <sup>(b)</sup> | (133860) | (153458) | 19598 |
|  3M KWCDC<sup>(e)</sup><br> 2.750<sup>(e)</sup> | 03/18/36 | 11794860 <sup>(b)</sup> | (370761) | 15877 | (386638) |
|  12M CDOR<sup>(f)</sup><br> 3.000<sup>(f)</sup> | 03/18/36 | 2110 <sup>(b)</sup> | (26296) | (35180) | 8884 |
|  3M STIBOR<sup>(e)</sup><br> 3.000<sup>(c)</sup> | 03/18/36 | 33180 <sup>(b)</sup> | 9216 | (19382) | 28598 |
| 8.500<sup>(e)</sup><br> 3M JIBAR<sup>(e)</sup> | 03/18/36 | 31870 <sup>(b)</sup> | (142289) | (97848) | (44441) |
|  3M NZDOR<sup>(e)</sup><br> 4.000<sup>(f)</sup> | 03/18/36 | 14860 <sup>(b)</sup> | (99536) | (157418) | 57882 |
|  6M WIBOR<sup>(f)</sup><br> 4.500<sup>(c)</sup> | 03/18/36 | 3360 <sup>(b)</sup> | 23231 | (6498) | 29729 |
|  12M CLICP<sup>(f)</sup><br> 5.250<sup>(f)</sup> | 03/18/36 | 136240 <sup>(b)</sup> | 611 | 724 | (113) |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made**<br> **by the Fund** | **Termination<br>Date** | **Notional**<br> **Amount**<br> **(000s)** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  6M BUBOR<sup>(f)</sup><br> &nbsp;&nbsp;&nbsp;&nbsp;6.500%<sup>(c)</sup> | 03/18/36 | 23320 <sup>(b)</sup> | $(52) | $(139) | $87 |
|  4.250%<sup>(f)</sup><br> 6M AUDOR<sup>(f)</sup> | 03/18/36 | 6340 <sup>(b)</sup> | 187573 | 186073 | 1500 |
| 2.500<sup>(c)</sup><br> 6M EURO<sup>(f)</sup> | 03/18/36 | 14610 <sup>(b)</sup> | 682236 | 689588 | (7352) |
| 4.000<sup>(c)</sup><br> 6M NIBOR<sup>(f)</sup> | 03/18/36 | 34830 <sup>(b)</sup> | 41951 | 53605 | (11654) |
| 4.000<sup>(c)</sup><br> 6M PRIBOR<sup>(f)</sup> | 03/18/36 | 6790 <sup>(b)</sup> | 3673 | 1105 | 2568 |
| 3.805<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 08/31/36 | $43500 <sup>(b)</sup> | 173909 | (346370) | 520279 |
| 4.250<sup>(c)</sup><br> 12M GBP<sup>(c)</sup> | 01/31/39 | 11340 <sup>(b)</sup> | (105918) | (29920) | (75998) |
|  12M SOFR<sup>(c)</sup><br> 4.574<sup>(c)</sup> | 07/16/40 | $58700 <sup>(b)</sup> | (263170) | (68238) | (194932) |
|  12M SOFR<sup>(c)</sup><br> 4.438<sup>(c)</sup> | 10/09/40 | 22420 <sup>(b)</sup> | (202163) | (5489) | (196674) |
|  12M JYOR<sup>(c)</sup><br> 2.160<sup>(c)</sup> | 08/02/44 | 4871834 <sup>(b)</sup> | (1496565) | (1537077) | 40512 |
|  6M EURO<sup>(f)</sup><br> 2.750<sup>(c)</sup> | 03/18/46 | 2830 <sup>(b)</sup> | (250802) | (244832) | (5970) |
| 4.213<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 05/21/55 | $8340 <sup>(b)</sup> | 236010 | 32435 | 203575 |
| 3.848<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 07/17/55 | 47520 <sup>(b)</sup> | 573001 | 77095 | 495906 |
| 2.800<sup>(c)</sup><br> 6M EURO<sup>(f)</sup> | 08/13/55 | 15580 <sup>(b)</sup> | 873702 | 209636 | 664066 |
|  6M EURO<sup>(f)</sup><br> 2.900<sup>(c)</sup> | 08/15/55 | 9370 <sup>(b)</sup> | (204076) | 35014 | (239090) |
| 3.828<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 01/30/56 | $6680 <sup>(b)</sup> | 383241 | 172138 | 211103 |
|  12M JYOR<sup>(c)</sup><br> 2.250<sup>(c)</sup> | 03/18/56 | 4000 <sup>(b)</sup> | (3199) | (3100) | (99) |
| 2.500<sup>(c)</sup><br> 6M EURO<sup>(f)</sup> | 03/18/56 | 3370 <sup>(b)</sup> | 586397 | 576228 | 10169 |
|  12M EURO<sup>(c)</sup><br> 2.530<sup>(c)</sup> | 03/19/56 | 14300 <sup>(b)</sup> | (1793772) | (648055) | (1145717) |
| 2.610<sup>(c)</sup><br> 6M EURO<sup>(f)</sup> | 03/19/56 | 14300 <sup>(b)</sup> | 2128722 | 708774 | 1419948 |
| 3.100<sup>(c)</sup><br> 6M EURO<sup>(f)</sup> | 08/15/56 | 11670 <sup>(b)</sup> | 425218 | 201211 | 224007 |
| 2.600<sup>(c)</sup><br> 6M EURO<sup>(f)</sup> | 08/16/75 | 6550 <sup>(b)</sup> | 77098 | (27515) | 104613 |
| 3.000<sup>(c)</sup><br> 6M EURO<sup>(f)</sup> | 03/18/76 | 1780 <sup>(b)</sup> | 74422 | 74785 | (363) |
|  **TOTAL** |  |  | $3406477 | $(826514) | $4232991 |

---

(a) Payments made at maturity.

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2025. <sup>
</sup>

(c) Payments made annually.

(d) Payments made at monthly. <sup></sup>

(e) Payments made quarterly. <sup></sup>

(f) Payments made semi-annually.

**OVER-THE-COUNTER CREDIT DEFAULT SWAP CONTRACTS** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br>Obligation/Index** | **Financing Rate<br>Received/(Paid) by<br>the Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>December 31,<br>2025<sup>(b)</sup>** | **Counterparty** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Protection Sold:** |  |  |  |  |  |  |  |  |
|  CMBX.NA.AAA.17 | 0.500% | 0.692% | MS & Co. Int. PLC | 12/15/56 | $3800 | $(43550) | $(47744) | $4194 |

---

(a) Payments made monthly.

(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its
counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced<br>Obligation/Index** | **Financing Rate<br>Received/(Paid) by<br>the Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>December 31,<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:** |  |  |  |  |  |  |  |
|  ICE CD ITXEU 44 | (1.000)% | 0.933% | 12/20/30 | 8713 | $(34845) | $(472) | $(34373) |
|  Next Group PLC, 3.625%, 5/18/28 | (1.000) | 0.441 | 06/20/30 | 939 | (26658) | (14480) | (12178) |
|  **Protection Sold:** |  |  |  |  |  |  |  |
|  CDX.NA.IG Index 43 | 1.000 | 0.400 | 12/20/29 | $78409 | 1771565 | 1377628 | 393937 |
|  CDX.NA.IG Index 44 | 1.000 | 0.456 | 06/20/30 | 6877 | 156430 | 113983 | 42447 |
|  CDX.NA.IG Index 45 | 1.000 | 0.499 | 12/20/30 | 17265 | 396377 | 376599 | 19778 |
|  ICE CD ITXEB 43 | 1.000 | 0.445 | 06/20/30 | 18189 | 509142 | 385290 | 123852 |
|  ICE CD ITXEB 44 | 1.000 | 0.505 | 12/20/30 | 5027 | 138121 | 115198 | 22923 |
|  Republic of Chile, 3.240%, 2/06/28 | 1.000 | 0.428 | 12/20/30 | $1250 | 33109 | 28256 | 4853 |
|  Republic of Indonesia, 2.150%, 07/28/31 | 1.000 | 0.692 | 12/20/30 | 1740 | 24726 | 12367 | 12359 |
|  Republic of Peru, 8.750%, 11/21/33 | 1.000 | 0.702 | 12/20/30 | 1150 | 15906 | 15492 | 414 |
|  **TOTAL** |  |  |  |  | $2983873 | $2409861 | $574012 |

---

(a) Payments made quarterly.

(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its
counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

**PURCHASED AND WRITTEN OPTIONS CONTRACTS** — At December 31, 2025, the Fund 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<br>(Received)<br>by**<br> **Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  6M IRS | Barclays Bank PLC | 2.250% | 01/30/2026 | 18160000 | $18160000 | $10137 | $81943 | $(71806) |
|  6M IRS | Barclays Bank PLC | 1.750 | 01/30/2026 | 18160000 | 18160000 | 49 | 12447 | (12398) |
|  6M IRS | Barclays Bank PLC | 3.400 | 05/14/2026 | 10010000 | 10010000 | 27738 | 31555 | (3817) |
|  2Y IRS | BNP Paribas SA | 1.950 | 05/11/2026 | 5680000 | 5680000 | 1282 | 71878 | (70596) |
|  2Y IRS | BNP Paribas SA | 2.000 | 11/11/2026 | 5740000 | 5740000 | 6922 | 86276 | (79354) |
|  2Y IRS | BNP Paribas SA | 2.250 | 03/08/2027 | 14390000 | 14390000 | 37110 | 97661 | (60551) |
|  9M IRS | BNP Paribas SA | 2.450 | 03/24/2026 | 3060000 | 3060000 | 1278 | 48419 | (47141) |
|  9M IRS | BNP Paribas SA | 2.250 | 04/29/2026 | 4270000 | 4270000 | 3918 | 28827 | (24909) |
|  1Y IRS | BofA Securities LLC | 2.000 | 09/04/2026 | 8860000 | 8860000 | 7322 | 27140 | (19818) |
|  |  |  |  | 88330000 | $88330000 | $95756 | $486146 | $(390390) |
|  **Puts** |  |  |  |  |  |  |  |  |
|  4Y IRS | Citibank NA | 2.180 | 12/03/2029 | 2627140000 | 2627140000 | 304008 | 247835 | 56173 |
|  3M IRS | JPMorgan Securities, Inc. | 3.302 | 01/28/2026 | 13150000 | 13150000 | 15791 | 17753 | (1962) |
|  |  |  |  | 2640290000 | $2640290000 | $319799 | $265588 | $54211 |
|  **Total purchased option contracts** | **Total purchased option contracts** |  |  | 2728620000 | $2728620000 | $415555 | $&nbsp;&nbsp;&nbsp;&nbsp;751734 | $(336179) |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**OVER-THE-COUNTER INTEREST RATE SWAPTIONS (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums**<br> **Paid<br>(Received)<br>by**<br> **Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  1M IRS | Barclays Bank PLC | 2.917% | 01/15/2026 | (5170000) | $(5170000) | $(20056) | $(33566) | $13510 |
|  1M IRS | Barclays Bank PLC | 2.985 | 01/22/2026 | (5280000) | (5280000) | (45505) | (33050) | (12455) |
|  6M IRS | Barclays Bank PLC | 2.000 | 01/30/2026 | (36320000) | (36320000) | (999) | (68459) | 67460 |
|  6M IRS | Barclays Bank PLC | 3.893 | 05/14/2026 | (2330000) | (2330000) | (27404) | (31536) | 4132 |
|  2Y IRS | BNP Paribas SA | 2.085 | 11/11/2026 | (1690000) | (1690000) | (1928) | (86344) | 84416 |
|  6M IRS | BNP Paribas SA | 2.690 | 03/08/2027 | (1340000) | (1340000) | (21074) | (60123) | 39049 |
|  9M IRS | BNP Paribas SA | 2.498 | 03/24/2026 | (1280000) | (1280000) | (674) | (48238) | 47564 |
|  9M IRS | BNP Paribas SA | 2.586 | 04/29/2026 | (1000000) | (1000000) | (1759) | (29153) | 27394 |
|  9M IRS | BNP Paribas SA | 2.400 | 05/11/2026 | (1726803) | (1726803) | (825) | (22651) | 21826 |
|  1M IRS | BofA Securities LLC | 2.753 | 01/02/2026 | (5330000) | (5330000) | (1) | (28913) | 28912 |
|  1M IRS | BofA Securities LLC | 2.815 | 01/09/2026 | (5200000) | (5200000) | (2152) | (30427) | 28275 |
|  1Y IRS | BofA Securities LLC | 2.551 | 09/04/2026 | (870000) | (870000) | (4687) | (27097) | 22410 |
|  1M IRS | Citibank NA | 3.686 | 01/02/2026 | (5370000) | (5370000) | (11) | (37389) | 37378 |
|  1M IRS | Deutsche Bank AG (London) | 3.764 | 01/08/2026 | (5500000) | (5500000) | (8700) | (38253) | 29553 |
|  1M IRS | MS & Co. Int. PLC | 3.785 | 01/15/2026 | (5390000) | (5390000) | (19044) | (37487) | 18443 |
|  1M IRS | MS & Co. Int. PLC | 3.788 | 01/22/2026 | (5480000) | (5480000) | (23856) | (31989) | 8133 |
|  |  |  |  | (89276803) | $(89276803) | $(178675) | $(644675) | $466000 |
|  **Puts** |  |  |  |  |  |  |  |  |
|  1M IRS | Barclays Bank PLC | 2.917 | 01/15/2026 | (5170000) | (5170000) | (28551) | (33566) | 5015 |
|  1M IRS | Barclays Bank PLC | 2.985 | 01/22/2026 | (5280000) | (5280000) | (18825) | (33050) | 14225 |
|  1M IRS | BofA Securities LLC | 2.753 | 01/02/2026 | (5330000) | (5330000) | (95724) | (28913) | (66811) |
|  1M IRS | BofA Securities LLC | 2.815 | 01/09/2026 | (5200000) | (5200000) | (63854) | (30427) | (33427) |
|  1M IRS | Citibank NA | 3.686 | 01/02/2026 | (5370000) | (5370000) | (48814) | (37389) | (11425) |
|  4Y IRS | Citibank NA | 3.336 | 12/03/2029 | (803410000) | (803410000) | (279747) | (247836) | (31911) |
|  1M IRS | Deutsche Bank AG (London) | 3.764 | 01/08/2026 | (5500000) | (5500000) | (23355) | (38253) | 14898 |
|  1M IRS | MS & Co. Int. PLC | 3.785 | 01/15/2026 | (5390000) | (5390000) | (24587) | (37487) | 12900 |
|  1M IRS | MS & Co. Int. PLC | 3.788 | 01/22/2026 | (5480000) | (5480000) | (28637) | (31990) | 3353 |
|  |  |  |  | (846130000) | $(846130000) | $(612094) | $(518911) | $(93183) |
|  **Total written option contracts** | **Total written option contracts** |  |  | (935406803) | $(935406803) | $(790769) | $(1163586) | $372817 |
|  **TOTAL** |  |  |  | 1793213197 | $1793213197 | $(375214) | $(411852) | $36638 |

---

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| AUD | — Australian Dollar |
| BRL | — Brazil Real |
| CAD | — Canadian Dollar |
| CHF | — Swiss Franc |
| CLP | — Chilean Peso |
| CNH | — Chinese Yuan Renminbi Offshore |
| CNY | — Chinese Yuan Renminbi |
| COP | — Colombia Peso |
| CZK | — Czech Republic Koruna |
| EUR | — Euro |
| GBP | — British Pound |
| HUF | — Hungarian Forint |
| IDR | — Indonesia Rupiah |
| ILS | — Israeli Shekel |
| INR | — Indian Rupee |
| JPY | — Japanese Yen |
| KRW | — South Korean Won |
| MXN | — Mexican Peso |
| MYR | — Malaysia Ringgit |
| NOK | — Norwegian Krone |
| NZD | — New Zealand Dollar |
| PEN | — Peru Nuevo Sol |
| PLN | — Polish Zloty |
| RON | — Romania New Leu |
| SEK | — Swedish Krona |
| SGD | — Singapore Dollar |
| THB | — Thailand Baht |
| TRY | — Turkish Lira |
| TWD | — Taiwan Dollar |
| USD | — U.S. Dollar |
| ZAR | — South African Rand |
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| CLO | — Collateralized Loan Obligation |
| CMT | — Constant Maturity Treasury Indexes |
| ETF | — Exchange Traded Fund |
| EURIBOR | — Euro Interbank Offered Rate |
| ICE | — Inter-Continental Exchange |
| LLC | — Limited Liability Company |
| LP | — Limited Partnership |
| MSCI | — Morgan Stanley Capital International |
| MTA | — Monthly Treasury Average |
| PLC | — Public Limited Company |
| REMICS | — Real Estate Mortgage Investment Conduits |
| SOFR | — Secured Overnight Financing Rate |
| SpA | — Stand-by Purchase Agreement |
| STACR | — Structured Agency Credit Risk |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| 1M IRS | — 1 Month Interest Rate Swaptions |
| 1Y IRS | — 1 Year Interest Rate Swaptions |
| 2Y IRS | — 2 Year Interest Rate Swaptions |
| 3M IRS | — 3 Months Interest Rate Swaptions |
| 4Y IRS | — 4 Year Interest Rate Swaptions |
| 6M IRS | — 6 Month Interest Rate Swaptions |
| 9M IRS | — 9 Months Interest Rate Swaptions |
| AUDOR | — Australian Dollar Offered Rate |
| BofA Securities LLC | — Bank of America Securities LLC |
| BUBOR | — Budapest Interbank Offered Rate |
| CDOR | — Canadian Dollar Offered Rate |
| CDX.NA.IG Ind 43 | — CDX North America Investment Grade Index 43 |
| CDX.NA.IG Ind 44 | — CDX North America Investment Grade Index 44 |
| CDX.NA.IG Ind 45 | — CDX North America Investment Grade Index 45 |
| CHFOR | — Swiss Franc Offered Rate |
| CLICP | — Sinacofi Chile Interbank Rate |
| CMBX | — Commercial Mortgage Backed Securities Index |
| CNRR | — China Fixing Repo Rate |
| EURO | — Euro Offered Rate |
| ICE | — Inter-Continental Exchange |
| ICE CD ITXEB | — iTraxx Europe Index |
| ICE CD ITXEU | — iTraxx Europe Sub Financials Index |
| JIBAR | — Johannesburg Interbank Agreed Rate |
| JYOR | — Japanese Yen Offered Rate |
| KLIBOR | — Kuala Lumpur Interbank Offered Rate |
| KWCDC | — South Korean Won Certificate of Deposit |
| MIBOR | — Mumbai Interbank Offered Rate |
| MS & Co. Int. PLC | — Morgan Stanley & Co. International PLC |
| NIBOR | — Norwegian Interbank Offered Rate |
| NZDOR | — New Zealand Dollar Offered Rate |
| PRIBOR | — Prague Interbank Offered Rate |
| SOFR | — Secured Overnight Financing Rate |
| STIBOR | — Stockholm Interbank Offered Rate |
| TIIE | — La Tasa de Interbank Equilibrium Interest Rate |
| WIBOR | — Warsaw Interbank Offered Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

GOLDMAN SACHS INCOME FUND

## Schedule of Investments
*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – 72.1%** | **Corporate Obligations – 72.1%** | **Corporate Obligations – 72.1%** | **Corporate Obligations – 72.1%** |
| **Advertising<sup>(a)(b)</sup>** – **0.4%** | **Advertising<sup>(a)(b)</sup>** – **0.4%** | **Advertising<sup>(a)(b)</sup>** – **0.4%** | **Advertising<sup>(a)(b)</sup>** – **0.4%** |
| Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. |
| 40000 | 7.750% | 04/15/28 | $40016 |
| 309000 | 7.875 | 04/01/30 | 325890 |
| 95000 | 7.125 | 02/15/31 | 99429 |
| 106000 | 7.500 | 03/15/33 | 112280 |
| Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. |  |  |
| 135000 | 10.375 | 05/15/31 | 138356 |
|  |  |  | 715971 |
| **Aerospace & Defense** – **1.6%** | **Aerospace & Defense** – **1.6%** |  |  |
| Boeing Co.<sup>(a)</sup> | Boeing Co.<sup>(a)</sup> | Boeing Co.<sup>(a)</sup> | Boeing Co.<sup>(a)</sup> |
| 858000 | 6.298 | 05/01/29 | 911290 |
| 90000 | 5.150 | 05/01/30 | 92479 |
| 25000 | 3.250 | 02/01/35 | 21889 |
| 90000 | 5.805 | 05/01/50 | 88650 |
| Bombardier, Inc.<sup>(a)(b)</sup> | Bombardier, Inc.<sup>(a)(b)</sup> | Bombardier, Inc.<sup>(a)(b)</sup> | Bombardier, Inc.<sup>(a)(b)</sup> |
| 120000 | 7.000 | 06/01/32 | 126887 |
| 55000 | 6.750 | 06/15/33 | 58186 |
| Howmet Aerospace, Inc. | Howmet Aerospace, Inc. | Howmet Aerospace, Inc. | Howmet Aerospace, Inc. |
| 495000 | 4.550 <sup>(a)</sup> | 11/15/32 | 497257 |
| 180000 | 5.950 | 02/01/37 | 194452 |
| TransDigm, Inc.<sup>(a)</sup> | TransDigm, Inc.<sup>(a)</sup> | TransDigm, Inc.<sup>(a)</sup> | TransDigm, Inc.<sup>(a)</sup> |
| 465000 | 4.625 | 01/15/29 | 462098 |
| 220000 | 4.875 | 05/01/29 | 219259 |
|  |  |  | 2672447 |
| **Agriculture** – **0.8%** | **Agriculture** – **0.8%** | **Agriculture** – **0.8%** | **Agriculture** – **0.8%** |
| BAT Capital Corp.<sup>(a)</sup> | BAT Capital Corp.<sup>(a)</sup> | BAT Capital Corp.<sup>(a)</sup> | BAT Capital Corp.<sup>(a)</sup> |
| 578000 | 6.000 | 02/20/34 | 619194 |
| 480000 | 5.625 | 08/15/35 | 500175 |
| MHP Lux SA | MHP Lux SA | MHP Lux SA | MHP Lux SA |
| 200000 | 6.950 | 04/03/26 | 193578 |
|  |  |  | 1312947 |
| **Airlines<sup>(b)</sup>** – **0.5%** | **Airlines<sup>(b)</sup>** – **0.5%** | **Airlines<sup>(b)</sup>** – **0.5%** | **Airlines<sup>(b)</sup>** – **0.5%** |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. |
| 280000 | 5.750 | 04/20/29 | 285099 |
| OneSky Flight LLC<sup>(a)</sup> | OneSky Flight LLC<sup>(a)</sup> | OneSky Flight LLC<sup>(a)</sup> | OneSky Flight LLC<sup>(a)</sup> |
| 250000 | 8.875 | 12/15/29 | 267775 |
| VistaJet Malta Finance PLC/Vista Management Holding, Inc.<sup>(a)</sup> | VistaJet Malta Finance PLC/Vista Management Holding, Inc.<sup>(a)</sup> | VistaJet Malta Finance PLC/Vista Management Holding, Inc.<sup>(a)</sup> | VistaJet Malta Finance PLC/Vista Management Holding, Inc.<sup>(a)</sup> |
| 265000 | 7.875 | 05/01/27 | 266341 |
| 115000 | 9.500 | 06/01/28 | 118869 |
|  |  |  | 938084 |
| **Apparel<sup>(a)(b)</sup>** – **0.4%** | **Apparel<sup>(a)(b)</sup>** – **0.4%** | **Apparel<sup>(a)(b)</sup>** – **0.4%** | **Apparel<sup>(a)(b)</sup>** – **0.4%** |
| Beach Acquisition Bidco LLC | Beach Acquisition Bidco LLC | Beach Acquisition Bidco LLC | Beach Acquisition Bidco LLC |
| 100000 | 5.250 | 07/15/32 | 119847 |
| (PIK 10.750%, Cash 10.000%) | (PIK 10.750%, Cash 10.000%) | (PIK 10.750%, Cash 10.000%) | (PIK 10.750%, Cash 10.000%) |
| 200000 | 10.000 <sup>(c)</sup> | 07/15/33 | 219866 |
| Champ Acquisition Corp. | Champ Acquisition Corp. | Champ Acquisition Corp. | Champ Acquisition Corp. |
| 375000 | 8.375 | 12/01/31 | 404887 |
|  |  |  | 744600 |
| **Automotive<sup>(a)</sup>** – **2.1%** | **Automotive<sup>(a)</sup>** – **2.1%** | **Automotive<sup>(a)</sup>** – **2.1%** | **Automotive<sup>(a)</sup>** – **2.1%** |
| American Axle & Manufacturing, Inc.<sup>(b)</sup> | American Axle & Manufacturing, Inc.<sup>(b)</sup> | American Axle & Manufacturing, Inc.<sup>(b)</sup> | American Axle & Manufacturing, Inc.<sup>(b)</sup> |
| 95000 | 6.375 | 10/15/32 | 96762 |
| Clarios Global LP/Clarios U.S. Finance Co.<sup>(b)</sup> | Clarios Global LP/Clarios U.S. Finance Co.<sup>(b)</sup> | Clarios Global LP/Clarios U.S. Finance Co.<sup>(b)</sup> | Clarios Global LP/Clarios U.S. Finance Co.<sup>(b)</sup> |
| 126000 | 6.750 | 02/15/30 | 131631 |
| 105000 | 6.750 | 09/15/32 | 108911 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations** – **(continued)** | **Corporate Obligations** – **(continued)** | **Corporate Obligations** – **(continued)** | **Corporate Obligations** – **(continued)** |
| **Automotive<sup>(a)</sup>** – **(continued)** | **Automotive<sup>(a)</sup>** – **(continued)** | **Automotive<sup>(a)</sup>** – **(continued)** | **Automotive<sup>(a)</sup>** – **(continued)** |
| Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
| 200000 | 5.850% | 05/17/27 | $203026 |
| Forvia SE | Forvia SE | Forvia SE | Forvia SE |
| 100000 | 2.375 | 06/15/29 | 114556 |
| General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
| 365000 | 5.650 | 01/17/29 | 378045 |
| 475000 | 6.150 | 07/15/35 | 500892 |
| Hyundai Capital America<sup>(b)</sup> | Hyundai Capital America<sup>(b)</sup> | Hyundai Capital America<sup>(b)</sup> | Hyundai Capital America<sup>(b)</sup> |
| 370000 | 6.200 | 09/21/30 | 394686 |
| 475000 | 5.400 | 06/23/32 | 491174 |
| Nissan Motor Acceptance Co. LLC<sup>(b)</sup> | Nissan Motor Acceptance Co. LLC<sup>(b)</sup> | Nissan Motor Acceptance Co. LLC<sup>(b)</sup> | Nissan Motor Acceptance Co. LLC<sup>(b)</sup> |
| 310000 | 6.125 | 09/30/30 | 310096 |
| Phinia, Inc.<sup>(b)</sup> | Phinia, Inc.<sup>(b)</sup> | Phinia, Inc.<sup>(b)</sup> | Phinia, Inc.<sup>(b)</sup> |
| 240000 | 6.750 | 04/15/29 | 248614 |
| 90000 | 6.625 | 10/15/32 | 93200 |
| Qnity Electronics, Inc.<sup>(b)</sup> | Qnity Electronics, Inc.<sup>(b)</sup> | Qnity Electronics, Inc.<sup>(b)</sup> | Qnity Electronics, Inc.<sup>(b)</sup> |
| 115000 | 5.750 | 08/15/32 | 117800 |
| 55000 | 6.250 | 08/15/33 | 57120 |
| Schaeffler AG | Schaeffler AG | Schaeffler AG | Schaeffler AG |
| 100000 | 4.750 | 08/14/29 | 121468 |
| ZF Europe Finance BV | ZF Europe Finance BV | ZF Europe Finance BV | ZF Europe Finance BV |
| 100000 | 6.125 | 03/13/29 | 121964 |
|  |  |  | 3489945 |
| **Banks** – **10.2%** |  |  |  |
| Banco Mercantil del Norte SA<sup>(a)(d)</sup> | Banco Mercantil del Norte SA<sup>(a)(d)</sup> | Banco Mercantil del Norte SA<sup>(a)(d)</sup> | Banco Mercantil del Norte SA<sup>(a)(d)</sup> |
| (10 yr. CMT + 4.299%) | (10 yr. CMT + 4.299%) | (10 yr. CMT + 4.299%) | (10 yr. CMT + 4.299%) |
| 450000 | 8.750 <sup>(b)</sup> | 05/20/35 | 480445 |
| (10 yr. CMT + 5.353%) | (10 yr. CMT + 5.353%) | (10 yr. CMT + 5.353%) | (10 yr. CMT + 5.353%) |
| 400000 | 7.625 | 01/10/28 | 408660 |
| Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA |
| 600000 | 2.749 | 12/03/30 | 546522 |
| 400000 | 6.921 | 08/08/33 | 443428 |
| Bank of America Corp.<sup>(a)(d)</sup> | Bank of America Corp.<sup>(a)(d)</sup> | Bank of America Corp.<sup>(a)(d)</sup> | Bank of America Corp.<sup>(a)(d)</sup> |
| (3 mo. USD Term SOFR + 1.252%) | (3 mo. USD Term SOFR + 1.252%) | (3 mo. USD Term SOFR + 1.252%) | (3 mo. USD Term SOFR + 1.252%) |
| 345000 | 2.496 | 02/13/31 | 321336 |
| (3 mo. USD Term SOFR + 1.332%) | (3 mo. USD Term SOFR + 1.332%) | (3 mo. USD Term SOFR + 1.332%) | (3 mo. USD Term SOFR + 1.332%) |
| 285000 | 3.970 | 03/05/29 | 284473 |
| (3 mo. USD Term SOFR + 1.572%) | (3 mo. USD Term SOFR + 1.572%) | (3 mo. USD Term SOFR + 1.572%) | (3 mo. USD Term SOFR + 1.572%) |
| 340000 | 4.271 | 07/23/29 | 341435 |
| (5 yr. CMT + 3.231%) | (5 yr. CMT + 3.231%) | (5 yr. CMT + 3.231%) | (5 yr. CMT + 3.231%) |
| 325000 | 6.125 | 04/27/27 | 329813 |
| (Secured Overnight Financing Rate + 1.220%) | (Secured Overnight Financing Rate + 1.220%) | (Secured Overnight Financing Rate + 1.220%) | (Secured Overnight Financing Rate + 1.220%) |
| 415000 | 2.651 | 03/11/32 | 381115 |
| (Secured Overnight Financing Rate + 1.530%) | (Secured Overnight Financing Rate + 1.530%) | (Secured Overnight Financing Rate + 1.530%) | (Secured Overnight Financing Rate + 1.530%) |
| 470000 | 1.898 | 07/23/31 | 422182 |
| (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) |
| 150000 | 5.202 | 04/25/29 | 153653 |
| (Secured Overnight Financing Rate + 2.150%) | (Secured Overnight Financing Rate + 2.150%) | (Secured Overnight Financing Rate + 2.150%) | (Secured Overnight Financing Rate + 2.150%) |
| 515000 | 2.592 | 04/29/31 | 479877 |
| Bank of New York Mellon Corp.<sup>(a)(d)</sup> | Bank of New York Mellon Corp.<sup>(a)(d)</sup> | Bank of New York Mellon Corp.<sup>(a)(d)</sup> | Bank of New York Mellon Corp.<sup>(a)(d)</sup> |
| (5 yr. CMT + 2.297%) | (5 yr. CMT + 2.297%) | (5 yr. CMT + 2.297%) | (5 yr. CMT + 2.297%) |
| 125000 | 6.300 | 03/20/30 | 129410 |
| (Secured Overnight Financing Rate + 1.755%) | (Secured Overnight Financing Rate + 1.755%) | (Secured Overnight Financing Rate + 1.755%) | (Secured Overnight Financing Rate + 1.755%) |
| 15000 | 4.596 | 07/26/30 | 15265 |
| Barclays PLC<sup>(a)</sup> | Barclays PLC<sup>(a)</sup> | Barclays PLC<sup>(a)</sup> | Barclays PLC<sup>(a)</sup> |
| 250000 | 4.337 | 01/10/28 | 250598 |

---

------

GOLDMAN SACHS INCOME FUND

## Schedule of Investments (continued)
*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |
| Barclays PLC<sup>(a)</sup> – (continued) | Barclays PLC<sup>(a)</sup> – (continued) | Barclays PLC<sup>(a)</sup> – (continued) | Barclays PLC<sup>(a)</sup> – (continued) |
| (5 yr. CMT + 5.431%) | (5 yr. CMT + 5.431%) | (5 yr. CMT + 5.431%) | (5 yr. CMT + 5.431%) |
| 205000 | 8.000 %<sup>(d)</sup> | 03/15/29 | $218147 |
| BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico<sup>(a)(d)</sup> (5 yr. CMT + 2.650%) | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico<sup>(a)(d)</sup> (5 yr. CMT + 2.650%) | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico<sup>(a)(d)</sup> (5 yr. CMT + 2.650%) | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico<sup>(a)(d)</sup> (5 yr. CMT + 2.650%) |
| 200000 | 5.125 | 01/18/33 | 195860 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| 635000 | 4.125 | 07/25/28 | 634835 |
| (5 yr. CMT + 2.572%) | (5 yr. CMT + 2.572%) | (5 yr. CMT + 2.572%) | (5 yr. CMT + 2.572%) |
| 330000 | 6.750 <sup>(a)(d)</sup> | 02/15/30 | 334478 |
| (5 yr. CMT + 3.001%) | (5 yr. CMT + 3.001%) | (5 yr. CMT + 3.001%) | (5 yr. CMT + 3.001%) |
| 170000 | 6.625 <sup>(a)(d)</sup> | 02/15/31 | 172338 |
| (5 yr. CMT + 3.417%) | (5 yr. CMT + 3.417%) | (5 yr. CMT + 3.417%) | (5 yr. CMT + 3.417%) |
| 260000 | 3.875 <sup>(a)(d)</sup> | 02/18/26 | 259223 |
| (Secured Overnight Financing Rate + 1.422%) | (Secured Overnight Financing Rate + 1.422%) | (Secured Overnight Financing Rate + 1.422%) | (Secured Overnight Financing Rate + 1.422%) |
| 370000 | 2.976 <sup>(a)(d)</sup> | 11/05/30 | 352351 |
| Commerzbank AG<sup>(a)(d)</sup> (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 4.322%) | Commerzbank AG<sup>(a)(d)</sup> (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 4.322%) | Commerzbank AG<sup>(a)(d)</sup> (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 4.322%) | Commerzbank AG<sup>(a)(d)</sup> (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 4.322%) |
| 200000 | 7.500 | 10/09/30 | 209988 |
| Fifth Third Bancorp <sup>(a)(d)</sup> (Secured Overnight Financing Rate + 2.127%) | Fifth Third Bancorp <sup>(a)(d)</sup> (Secured Overnight Financing Rate + 2.127%) | Fifth Third Bancorp <sup>(a)(d)</sup> (Secured Overnight Financing Rate + 2.127%) | Fifth Third Bancorp <sup>(a)(d)</sup> (Secured Overnight Financing Rate + 2.127%) |
| 350000 | 4.772 | 07/28/30 | 354155 |
| JPMorgan Chase & Co.<sup>(a)(d)</sup> | JPMorgan Chase & Co.<sup>(a)(d)</sup> | JPMorgan Chase & Co.<sup>(a)(d)</sup> | JPMorgan Chase & Co.<sup>(a)(d)</sup> |
| (3 mo. USD Term SOFR + 1.207%) | (3 mo. USD Term SOFR + 1.207%) | (3 mo. USD Term SOFR + 1.207%) | (3 mo. USD Term SOFR + 1.207%) |
| 285000 | 3.509 | 01/23/29 | 282233 |
| (3 mo. USD Term SOFR + 2.515%) | (3 mo. USD Term SOFR + 2.515%) | (3 mo. USD Term SOFR + 2.515%) | (3 mo. USD Term SOFR + 2.515%) |
| 335000 | 2.956 | 05/13/31 | 316250 |
| (5 yr. CMT + 2.152%) | (5 yr. CMT + 2.152%) | (5 yr. CMT + 2.152%) | (5 yr. CMT + 2.152%) |
| 240000 | 6.500 | 04/01/30 | 249019 |
| (Secured Overnight Financing Rate + 1.800%) | (Secured Overnight Financing Rate + 1.800%) | (Secured Overnight Financing Rate + 1.800%) | (Secured Overnight Financing Rate + 1.800%) |
| 765000 | 4.586 | 04/26/33 | 768794 |
| M&T Bank Corp.<sup>(a)(d)</sup> | M&T Bank Corp.<sup>(a)(d)</sup> | M&T Bank Corp.<sup>(a)(d)</sup> | M&T Bank Corp.<sup>(a)(d)</sup> |
| (5 yr. CMT + 2.679%) | (5 yr. CMT + 2.679%) | (5 yr. CMT + 2.679%) | (5 yr. CMT + 2.679%) |
| 360000 | 3.500 | 09/01/26 | 349423 |
| (Secured Overnight Financing Rate + 1.850%) | (Secured Overnight Financing Rate + 1.850%) | (Secured Overnight Financing Rate + 1.850%) | (Secured Overnight Financing Rate + 1.850%) |
| 475000 | 5.053 | 01/27/34 | 477826 |
| Macquarie Bank Ltd.<sup>(a)(b)(d)</sup> (5 yr. CMT + 1.700%) | Macquarie Bank Ltd.<sup>(a)(b)(d)</sup> (5 yr. CMT + 1.700%) | Macquarie Bank Ltd.<sup>(a)(b)(d)</sup> (5 yr. CMT + 1.700%) | Macquarie Bank Ltd.<sup>(a)(b)(d)</sup> (5 yr. CMT + 1.700%) |
| 635000 | 3.052 | 03/03/36 | 578040 |
| Morgan Stanley<sup>(a)(d)</sup> | Morgan Stanley<sup>(a)(d)</sup> | Morgan Stanley<sup>(a)(d)</sup> | Morgan Stanley<sup>(a)(d)</sup> |
| (3 mo. USD Term SOFR + 1.890%) | (3 mo. USD Term SOFR + 1.890%) | (3 mo. USD Term SOFR + 1.890%) | (3 mo. USD Term SOFR + 1.890%) |
| 280000 | 4.431 | 01/23/30 | 281568 |
| (Secured Overnight Financing Rate + 1.034%) | (Secured Overnight Financing Rate + 1.034%) | (Secured Overnight Financing Rate + 1.034%) | (Secured Overnight Financing Rate + 1.034%) |
| 405000 | 1.794 | 02/13/32 | 355801 |
| (Secured Overnight Financing Rate + 1.143%) | (Secured Overnight Financing Rate + 1.143%) | (Secured Overnight Financing Rate + 1.143%) | (Secured Overnight Financing Rate + 1.143%) |
| 750000 | 2.699 | 01/22/31 | 703800 |
| (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) |
| 125000 | 5.164 | 04/20/29 | 127821 |
| (Secured Overnight Financing Rate + 1.610%) | (Secured Overnight Financing Rate + 1.610%) | (Secured Overnight Financing Rate + 1.610%) | (Secured Overnight Financing Rate + 1.610%) |
| 150000 | 4.210 | 04/20/28 | 150303 |
| PNC Financial Services Group, Inc.<sup>(a)(d)</sup> (5 yr. CMT + 3.238%) | PNC Financial Services Group, Inc.<sup>(a)(d)</sup> (5 yr. CMT + 3.238%) | PNC Financial Services Group, Inc.<sup>(a)(d)</sup> (5 yr. CMT + 3.238%) | PNC Financial Services Group, Inc.<sup>(a)(d)</sup> (5 yr. CMT + 3.238%) |
| 510000 | 6.200 | 09/15/27 | 518410 |
| Royal Bank of Canada<sup>(a)(d)</sup> (5 yr. CMT + 2.887%) | Royal Bank of Canada<sup>(a)(d)</sup> (5 yr. CMT + 2.887%) | Royal Bank of Canada<sup>(a)(d)</sup> (5 yr. CMT + 2.887%) | Royal Bank of Canada<sup>(a)(d)</sup> (5 yr. CMT + 2.887%) |
| 485000 | 7.500 | 05/02/84 | 513693 |
| State Street Corp.<sup>(a)(d)</sup> | State Street Corp.<sup>(a)(d)</sup> | State Street Corp.<sup>(a)(d)</sup> | State Street Corp.<sup>(a)(d)</sup> |
| (5 yr. CMT + 2.135%) | (5 yr. CMT + 2.135%) | (5 yr. CMT + 2.135%) | (5 yr. CMT + 2.135%) |
| 140000 | 6.450 | 09/15/30 | 144715 |
| (5 yr. CMT + 2.613%) | (5 yr. CMT + 2.613%) | (5 yr. CMT + 2.613%) | (5 yr. CMT + 2.613%) |
| 245000 | 6.700 | 03/15/29 | 254565 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |
| Truist Financial Corp.<sup>(a)(d)</sup> | Truist Financial Corp.<sup>(a)(d)</sup> | Truist Financial Corp.<sup>(a)(d)</sup> | Truist Financial Corp.<sup>(a)(d)</sup> |
| (10 yr. CMT + 4.349%) | (10 yr. CMT + 4.349%) | (10 yr. CMT + 4.349%) | (10 yr. CMT + 4.349%) |
| 561000 | 5.100% | 03/01/30 | $564798 |
| (5 yr. CMT + 3.003%) | (5 yr. CMT + 3.003%) | (5 yr. CMT + 3.003%) | (5 yr. CMT + 3.003%) |
| 255000 | 6.669 | 03/01/26 | 255678 |
| (Secured Overnight Financing Rate + 2.050%) | (Secured Overnight Financing Rate + 2.050%) | (Secured Overnight Financing Rate + 2.050%) | (Secured Overnight Financing Rate + 2.050%) |
| 25000 | 6.047 | 06/08/27 | 25198 |
| U.S. Bancorp<sup>(a)(d)</sup> (5 yr. CMT + 2.541%) | U.S. Bancorp<sup>(a)(d)</sup> (5 yr. CMT + 2.541%) | U.S. Bancorp<sup>(a)(d)</sup> (5 yr. CMT + 2.541%) | U.S. Bancorp<sup>(a)(d)</sup> (5 yr. CMT + 2.541%) |
| 285000 | 3.700 | 01/15/27 | 278157 |
| UBS Group AG<sup>(a)(b)(d)</sup> | UBS Group AG<sup>(a)(b)(d)</sup> | UBS Group AG<sup>(a)(b)(d)</sup> | UBS Group AG<sup>(a)(b)(d)</sup> |
| (1 yr. CMT + 1.100%) | (1 yr. CMT + 1.100%) | (1 yr. CMT + 1.100%) | (1 yr. CMT + 1.100%) |
| 435000 | 2.746 | 02/11/33 | 389473 |
| (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 3.179%) | (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 3.179%) | (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 3.179%) | (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 3.179%) |
| 240000 | 7.125 | 08/10/34 | 245954 |
| Walker & Dunlop, Inc.<sup>(a)(b)</sup> | Walker & Dunlop, Inc.<sup>(a)(b)</sup> | Walker & Dunlop, Inc.<sup>(a)(b)</sup> | Walker & Dunlop, Inc.<sup>(a)(b)</sup> |
| 115000 | 6.625 | 04/01/33 | 117927 |
| Wells Fargo & Co.<sup>(a)</sup> | Wells Fargo & Co.<sup>(a)</sup> | Wells Fargo & Co.<sup>(a)</sup> | Wells Fargo & Co.<sup>(a)</sup> |
| 95000 | 4.150 | 01/24/29 | 95201 |
| (5 yr. CMT + 2.767%) | (5 yr. CMT + 2.767%) | (5 yr. CMT + 2.767%) | (5 yr. CMT + 2.767%) |
| 210000 | 6.850 <sup>(d)</sup> | 09/15/29 | 219377 |
| (5 yr. CMT + 3.453%) | (5 yr. CMT + 3.453%) | (5 yr. CMT + 3.453%) | (5 yr. CMT + 3.453%) |
| 260000 | 3.900 <sup>(d)</sup> | 03/15/26 | 259116 |
| (5 yr. CMT + 3.606%) | (5 yr. CMT + 3.606%) | (5 yr. CMT + 3.606%) | (5 yr. CMT + 3.606%) |
| 400000 | 7.625 <sup>(d)</sup> | 09/15/28 | 426536 |
| (Secured Overnight Financing Rate + 2.100%) | (Secured Overnight Financing Rate + 2.100%) | (Secured Overnight Financing Rate + 2.100%) | (Secured Overnight Financing Rate + 2.100%) |
| 390000 | 4.897 <sup>(d)</sup> | 07/25/33 | 396166 |
| Yapi ve Kredi Bankasi AS<sup>(a)(b)(d)</sup> (5 yr. CMT + 5.278%) | Yapi ve Kredi Bankasi AS<sup>(a)(b)(d)</sup> (5 yr. CMT + 5.278%) | Yapi ve Kredi Bankasi AS<sup>(a)(b)(d)</sup> (5 yr. CMT + 5.278%) | Yapi ve Kredi Bankasi AS<sup>(a)(b)(d)</sup> (5 yr. CMT + 5.278%) |
| 200000 | 9.250 | 01/17/34 | 212772 |
|  |  |  | 17278201 |
| **Beverages<sup>(a)</sup> – 0.8%** | **Beverages<sup>(a)</sup> – 0.8%** | **Beverages<sup>(a)</sup> – 0.8%** | **Beverages<sup>(a)</sup> – 0.8%** |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. |
| 390000 | 4.700 | 02/01/36 | 386221 |
| Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
| 100000 | 3.150 | 08/01/29 | 96394 |
| 505000 | 4.950 | 11/01/35 | 499662 |
| Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
| 421000 | 3.200 | 05/01/30 | 399895 |
|  |  |  | 1382172 |
| **Biotechnology<sup>(a)</sup> – 0.2%** | **Biotechnology<sup>(a)</sup> – 0.2%** | **Biotechnology<sup>(a)</sup> – 0.2%** | **Biotechnology<sup>(a)</sup> – 0.2%** |
| Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
| 115000 | 5.250 | 03/02/30 | 119305 |
| 291000 | 5.250 | 03/02/33 | 301435 |
|  |  |  | 420740 |
| **Building Materials<sup>(a)</sup> – 1.5%** | **Building Materials<sup>(a)</sup> – 1.5%** | **Building Materials<sup>(a)</sup> – 1.5%** | **Building Materials<sup>(a)</sup> – 1.5%** |
| Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. |
| 410000 | 2.722 | 02/15/30 | 386212 |
| 465000 | 5.900 | 03/15/34 | 499019 |
| Johnson Controls International PLC/Tyco Fire & Security Finance SCA | Johnson Controls International PLC/Tyco Fire & Security Finance SCA | Johnson Controls International PLC/Tyco Fire & Security Finance SCA | Johnson Controls International PLC/Tyco Fire & Security Finance SCA |
| 270000 | 4.900 | 12/01/32 | 274841 |
| Quikrete Holdings, Inc.<sup>(b)</sup> | Quikrete Holdings, Inc.<sup>(b)</sup> | Quikrete Holdings, Inc.<sup>(b)</sup> | Quikrete Holdings, Inc.<sup>(b)</sup> |
| 175000 | 6.375 | 03/01/32 | 182103 |
| 195000 | 6.750 | 03/01/33 | 203615 |

---

------

GOLDMAN SACHS INCOME FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Building Materials<sup>(a)</sup> – (continued)** | **Building Materials<sup>(a)</sup> – (continued)** | **Building Materials<sup>(a)</sup> – (continued)** | **Building Materials<sup>(a)</sup> – (continued)** |
| Smyrna Ready Mix Concrete LLC<sup>(b)</sup> | Smyrna Ready Mix Concrete LLC<sup>(b)</sup> | Smyrna Ready Mix Concrete LLC<sup>(b)</sup> | Smyrna Ready Mix Concrete LLC<sup>(b)</sup> |
| 472000 | 8.875% | 11/15/31 | $504965 |
| Standard Building Solutions, Inc.<sup>(b)</sup> | Standard Building Solutions, Inc.<sup>(b)</sup> | Standard Building Solutions, Inc.<sup>(b)</sup> | Standard Building Solutions, Inc.<sup>(b)</sup> |
| 265000 | 6.500 | 08/15/32 | 273178 |
| Standard Industries, Inc.<sup>(b)</sup> | Standard Industries, Inc.<sup>(b)</sup> | Standard Industries, Inc.<sup>(b)</sup> | Standard Industries, Inc.<sup>(b)</sup> |
| 230000 | 4.375 | 07/15/30 | 222373 |
|  |  |  | 2546306 |
| **Chemicals<sup>(a)</sup> – 1.6%** | **Chemicals<sup>(a)</sup> – 1.6%** | **Chemicals<sup>(a)</sup> – 1.6%** | **Chemicals<sup>(a)</sup> – 1.6%** |
| Avient Corp.<sup>(b)</sup> | Avient Corp.<sup>(b)</sup> | Avient Corp.<sup>(b)</sup> | Avient Corp.<sup>(b)</sup> |
| 180000 | 7.125 | 08/01/30 | 185085 |
| Axalta Coating Systems LLC<sup>(b)</sup> | Axalta Coating Systems LLC<sup>(b)</sup> | Axalta Coating Systems LLC<sup>(b)</sup> | Axalta Coating Systems LLC<sup>(b)</sup> |
| 325000 | 3.375 | 02/15/29 | 312364 |
| Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC |
| 60000 | 6.500 | 04/15/30 | 60255 |
| 85000 | 6.750 | 04/15/33 | 84516 |
| Chemours Co.<sup>(b)</sup> | Chemours Co.<sup>(b)</sup> | Chemours Co.<sup>(b)</sup> | Chemours Co.<sup>(b)</sup> |
| 50000 | 8.000 | 01/15/33 | 48352 |
| Ingevity Corp.<sup>(b)</sup> | Ingevity Corp.<sup>(b)</sup> | Ingevity Corp.<sup>(b)</sup> | Ingevity Corp.<sup>(b)</sup> |
| 190000 | 3.875 | 11/01/28 | 184332 |
| International Flavors & Fragrances, Inc.<sup>(b)</sup> | International Flavors & Fragrances, Inc.<sup>(b)</sup> | International Flavors & Fragrances, Inc.<sup>(b)</sup> | International Flavors & Fragrances, Inc.<sup>(b)</sup> |
| 266000 | 2.300 | 11/01/30 | 239919 |
| Inversion Escrow Issuer LLC<sup>(b)</sup> | Inversion Escrow Issuer LLC<sup>(b)</sup> | Inversion Escrow Issuer LLC<sup>(b)</sup> | Inversion Escrow Issuer LLC<sup>(b)</sup> |
| 250000 | 6.750 | 08/01/32 | 249070 |
| Methanex U.S. Operations, Inc.<sup>(b)</sup> | Methanex U.S. Operations, Inc.<sup>(b)</sup> | Methanex U.S. Operations, Inc.<sup>(b)</sup> | Methanex U.S. Operations, Inc.<sup>(b)</sup> |
| 125000 | 6.250 | 03/15/32 | 128875 |
| Minerals Technologies, Inc.<sup>(b)</sup> | Minerals Technologies, Inc.<sup>(b)</sup> | Minerals Technologies, Inc.<sup>(b)</sup> | Minerals Technologies, Inc.<sup>(b)</sup> |
| 325000 | 5.000 | 07/01/28 | 324285 |
| Olympus Water U.S. Holding Corp.<sup>(b)</sup> | Olympus Water U.S. Holding Corp.<sup>(b)</sup> | Olympus Water U.S. Holding Corp.<sup>(b)</sup> | Olympus Water U.S. Holding Corp.<sup>(b)</sup> |
| 245000 | 7.250 | 06/15/31 | 250792 |
| 470000 | 7.250 | 02/15/33 | 472707 |
| Solstice Advanced Materials, Inc.<sup>(b)</sup> | Solstice Advanced Materials, Inc.<sup>(b)</sup> | Solstice Advanced Materials, Inc.<sup>(b)</sup> | Solstice Advanced Materials, Inc.<sup>(b)</sup> |
| 35000 | 5.625 | 09/30/33 | 35333 |
| WR Grace Holdings LLC<sup>(b)</sup> | WR Grace Holdings LLC<sup>(b)</sup> | WR Grace Holdings LLC<sup>(b)</sup> | WR Grace Holdings LLC<sup>(b)</sup> |
| 230000 | 5.625 | 08/15/29 | 218399 |
|  |  |  | 2794284 |
| **Commercial Services – 2.3%** | **Commercial Services – 2.3%** | **Commercial Services – 2.3%** | **Commercial Services – 2.3%** |
| Adani Ports & Special Economic Zone Ltd.<sup>(a)</sup> | Adani Ports & Special Economic Zone Ltd.<sup>(a)</sup> | Adani Ports & Special Economic Zone Ltd.<sup>(a)</sup> | Adani Ports & Special Economic Zone Ltd.<sup>(a)</sup> |
| 350000 | 4.000 | 07/30/27 | 344094 |
| Alarm.com Holdings, Inc. <sup>(e)</sup> | Alarm.com Holdings, Inc. <sup>(e)</sup> | Alarm.com Holdings, Inc. <sup>(e)</sup> | Alarm.com Holdings, Inc. <sup>(e)</sup> |
| 15000 | 0.000 | 01/15/26 | 14962 |
| APi Group DE, Inc.<sup>(a)(b)</sup> | APi Group DE, Inc.<sup>(a)(b)</sup> | APi Group DE, Inc.<sup>(a)(b)</sup> | APi Group DE, Inc.<sup>(a)(b)</sup> |
| 365000 | 4.125 | 07/15/29 | 354966 |
| 50000 | 4.750 | 10/15/29 | 48948 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc.<sup>(a)(b)</sup> | Avis Budget Car Rental LLC/Avis Budget Finance, Inc.<sup>(a)(b)</sup> | Avis Budget Car Rental LLC/Avis Budget Finance, Inc.<sup>(a)(b)</sup> | Avis Budget Car Rental LLC/Avis Budget Finance, Inc.<sup>(a)(b)</sup> |
| 65000 | 8.375 | 06/15/32 | 67131 |
| Belron U.K. Finance PLC<sup>(a)(b)</sup> | Belron U.K. Finance PLC<sup>(a)(b)</sup> | Belron U.K. Finance PLC<sup>(a)(b)</sup> | Belron U.K. Finance PLC<sup>(a)(b)</sup> |
| 205000 | 5.750 | 10/15/29 | 209307 |
| CoStar Group, Inc.<sup>(a)(b)</sup> | CoStar Group, Inc.<sup>(a)(b)</sup> | CoStar Group, Inc.<sup>(a)(b)</sup> | CoStar Group, Inc.<sup>(a)(b)</sup> |
| 75000 | 2.800 | 07/15/30 | 68776 |
| Garda World Security Corp.<sup>(a)(b)</sup> | Garda World Security Corp.<sup>(a)(b)</sup> | Garda World Security Corp.<sup>(a)(b)</sup> | Garda World Security Corp.<sup>(a)(b)</sup> |
| 75000 | 7.750 | 02/15/28 | 76694 |
| 95000 | 8.250 | 08/01/32 | 96529 |
| 100000 | 8.375 | 11/15/32 | 102013 |
| Graham Holdings Co.<sup>(a)(b)</sup> | Graham Holdings Co.<sup>(a)(b)</sup> | Graham Holdings Co.<sup>(a)(b)</sup> | Graham Holdings Co.<sup>(a)(b)</sup> |
| 385000 | 5.625 | 12/01/33 | 388569 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Commercial Services – (continued)** | **Commercial Services – (continued)** | **Commercial Services – (continued)** | **Commercial Services – (continued)** |
| GXO Logistics, Inc.<sup>(a)</sup> | GXO Logistics, Inc.<sup>(a)</sup> | GXO Logistics, Inc.<sup>(a)</sup> | GXO Logistics, Inc.<sup>(a)</sup> |
| 471000 | 2.650% | 07/15/31 | $424183 |
| 465000 | 6.500 | 05/06/34 | 502498 |
| Herc Holdings, Inc.<sup>(a)(b)</sup> | Herc Holdings, Inc.<sup>(a)(b)</sup> | Herc Holdings, Inc.<sup>(a)(b)</sup> | Herc Holdings, Inc.<sup>(a)(b)</sup> |
| 165000 | 7.000 | 06/15/30 | 173544 |
| Hertz Corp.<sup>(a)(b)</sup> | Hertz Corp.<sup>(a)(b)</sup> | Hertz Corp.<sup>(a)(b)</sup> | Hertz Corp.<sup>(a)(b)</sup> |
| 107000 | 12.625 | 07/15/29 | 107845 |
| Quanta Services, Inc.<sup>(a)</sup> | Quanta Services, Inc.<sup>(a)</sup> | Quanta Services, Inc.<sup>(a)</sup> | Quanta Services, Inc.<sup>(a)</sup> |
| 61000 | 2.900 | 10/01/30 | 57148 |
| Verisure Midholding AB<sup>(a)</sup> | Verisure Midholding AB<sup>(a)</sup> | Verisure Midholding AB<sup>(a)</sup> | Verisure Midholding AB<sup>(a)</sup> |
| 380000 | 5.250 | 02/15/29 | 448336 |
| Wand NewCo 3, Inc.<sup>(a)(b)</sup> | Wand NewCo 3, Inc.<sup>(a)(b)</sup> | Wand NewCo 3, Inc.<sup>(a)(b)</sup> | Wand NewCo 3, Inc.<sup>(a)(b)</sup> |
| 437000 | 7.625 | 01/30/32 | 462294 |
|  |  |  | 3947837 |
| **Computers<sup>(a)</sup> – 1.1%** | **Computers<sup>(a)</sup> – 1.1%** | **Computers<sup>(a)</sup> – 1.1%** | **Computers<sup>(a)</sup> – 1.1%** |
| Ahead DB Holdings LLC<sup>(b)</sup> | Ahead DB Holdings LLC<sup>(b)</sup> | Ahead DB Holdings LLC<sup>(b)</sup> | Ahead DB Holdings LLC<sup>(b)</sup> |
| 443000 | 6.625 | 05/01/28 | 445871 |
| CACI International, Inc.<sup>(b)</sup> | CACI International, Inc.<sup>(b)</sup> | CACI International, Inc.<sup>(b)</sup> | CACI International, Inc.<sup>(b)</sup> |
| 100000 | 6.375 | 06/15/33 | 103500 |
| Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |
| 14000 | 6.020 | 06/15/26 | 14056 |
| 270000 | 5.300 | 10/01/29 | 278661 |
| Diebold Nixdorf, Inc.<sup>(b)</sup> | Diebold Nixdorf, Inc.<sup>(b)</sup> | Diebold Nixdorf, Inc.<sup>(b)</sup> | Diebold Nixdorf, Inc.<sup>(b)</sup> |
| 240000 | 7.750 | 03/31/30 | 255437 |
| KBR, Inc.<sup>(b)</sup> | KBR, Inc.<sup>(b)</sup> | KBR, Inc.<sup>(b)</sup> | KBR, Inc.<sup>(b)</sup> |
| 110000 | 4.750 | 09/30/28 | 108298 |
| McAfee Corp.<sup>(b)</sup> | McAfee Corp.<sup>(b)</sup> | McAfee Corp.<sup>(b)</sup> | McAfee Corp.<sup>(b)</sup> |
| 420000 | 7.375 | 02/15/30 | 366559 |
| Virtusa Corp.<sup>(b)</sup> | Virtusa Corp.<sup>(b)</sup> | Virtusa Corp.<sup>(b)</sup> | Virtusa Corp.<sup>(b)</sup> |
| 254000 | 7.125 | 12/15/28 | 250231 |
|  |  |  | 1822613 |
| **Cosmetics & Personal Care<sup>(a)</sup> – 0.0%** | **Cosmetics & Personal Care<sup>(a)</sup> – 0.0%** | **Cosmetics & Personal Care<sup>(a)</sup> – 0.0%** | **Cosmetics & Personal Care<sup>(a)</sup> – 0.0%** |
| Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. |
| 85000 | 6.125 | 09/30/32 | 82924 |
| **Diversified Financial Services<sup>(a)</sup> – 4.0%** | **Diversified Financial Services<sup>(a)</sup> – 4.0%** | **Diversified Financial Services<sup>(a)</sup> – 4.0%** | **Diversified Financial Services<sup>(a)</sup> – 4.0%** |
| AG Issuer LLC<sup>(b)</sup> | AG Issuer LLC<sup>(b)</sup> | AG Issuer LLC<sup>(b)</sup> | AG Issuer LLC<sup>(b)</sup> |
| 350000 | 6.250 | 03/01/28 | 351410 |
| Air Lease Corp.<sup>(d)</sup> (5 yr. CMT + 3.149%) | Air Lease Corp.<sup>(d)</sup> (5 yr. CMT + 3.149%) | Air Lease Corp.<sup>(d)</sup> (5 yr. CMT + 3.149%) | Air Lease Corp.<sup>(d)</sup> (5 yr. CMT + 3.149%) |
| 260000 | 4.125 | 12/15/26 | 253820 |
| Ally Financial, Inc.<sup>(d)</sup> (7 yr. CMT + 3.481%) | Ally Financial, Inc.<sup>(d)</sup> (7 yr. CMT + 3.481%) | Ally Financial, Inc.<sup>(d)</sup> (7 yr. CMT + 3.481%) | Ally Financial, Inc.<sup>(d)</sup> (7 yr. CMT + 3.481%) |
| 295000 | 4.700 | 05/15/28 | 280135 |
| Capital One Financial Corp.<sup>(d)</sup> (3 mo. USD Term SOFR + 3.338%) | Capital One Financial Corp.<sup>(d)</sup> (3 mo. USD Term SOFR + 3.338%) | Capital One Financial Corp.<sup>(d)</sup> (3 mo. USD Term SOFR + 3.338%) | Capital One Financial Corp.<sup>(d)</sup> (3 mo. USD Term SOFR + 3.338%) |
| 290000 | 5.500 | 10/30/27 | 290360 |
| Charles Schwab Corp.<sup>(d)</sup> (5 yr. CMT + 3.256%) | Charles Schwab Corp.<sup>(d)</sup> (5 yr. CMT + 3.256%) | Charles Schwab Corp.<sup>(d)</sup> (5 yr. CMT + 3.256%) | Charles Schwab Corp.<sup>(d)</sup> (5 yr. CMT + 3.256%) |
| 265000 | 5.000 | 06/01/27 | 266407 |
| Credit Acceptance Corp.<sup>(b)</sup> | Credit Acceptance Corp.<sup>(b)</sup> | Credit Acceptance Corp.<sup>(b)</sup> | Credit Acceptance Corp.<sup>(b)</sup> |
| 175000 | 6.625 | 03/15/30 | 175676 |
| Focus Financial Partners LLC<sup>(b)</sup> | Focus Financial Partners LLC<sup>(b)</sup> | Focus Financial Partners LLC<sup>(b)</sup> | Focus Financial Partners LLC<sup>(b)</sup> |
| 192000 | 6.750 | 09/15/31 | 198561 |
| Freedom Mortgage Holdings LLC<sup>(b)</sup> | Freedom Mortgage Holdings LLC<sup>(b)</sup> | Freedom Mortgage Holdings LLC<sup>(b)</sup> | Freedom Mortgage Holdings LLC<sup>(b)</sup> |
| 340000 | 9.250 | 02/01/29 | 356531 |
| 110000 | 7.875 | 04/01/33 | 113947 |
| goeasy Ltd.<sup>(b)</sup> | goeasy Ltd.<sup>(b)</sup> | goeasy Ltd.<sup>(b)</sup> | goeasy Ltd.<sup>(b)</sup> |
| 205000 | 6.875 | 02/15/31 | 191441 |

---

------

GOLDMAN SACHS INCOME FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Diversified Financial Services<sup>(a)</sup> – (continued)** | **Diversified Financial Services<sup>(a)</sup> – (continued)** | **Diversified Financial Services<sup>(a)</sup> – (continued)** | **Diversified Financial Services<sup>(a)</sup> – (continued)** |
| Jane Street Group/JSG Finance, Inc.<sup>(b)</sup> | Jane Street Group/JSG Finance, Inc.<sup>(b)</sup> | Jane Street Group/JSG Finance, Inc.<sup>(b)</sup> | Jane Street Group/JSG Finance, Inc.<sup>(b)</sup> |
| 250000 | 6.125% | 11/01/32 | $254522 |
| Midcap Financial Issuer Trust<sup>(b)</sup> | Midcap Financial Issuer Trust<sup>(b)</sup> | Midcap Financial Issuer Trust<sup>(b)</sup> | Midcap Financial Issuer Trust<sup>(b)</sup> |
| 463000 | 6.500 | 05/01/28 | 461991 |
| Navient Corp. | Navient Corp. | Navient Corp. | Navient Corp. |
| 300000 | 5.500 | 03/15/29 | 297555 |
| OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
| 250000 | 4.000 | 09/15/30 | 234242 |
| 445000 | 7.125 | 09/15/32 | 462991 |
| 275000 | 6.750 | 09/15/33 | 279067 |
| Osaic Holdings, Inc.<sup>(b)</sup> | Osaic Holdings, Inc.<sup>(b)</sup> | Osaic Holdings, Inc.<sup>(b)</sup> | Osaic Holdings, Inc.<sup>(b)</sup> |
| 6000 | 6.750 | 08/01/32 | 6267 |
| 6000 | 8.000 | 08/01/33 | 6217 |
| Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc.<sup>(b)</sup> | Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc.<sup>(b)</sup> | Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc.<sup>(b)</sup> | Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc.<sup>(b)</sup> |
| 160000 | 6.375 | 02/01/27 | 159822 |
| PennyMac Financial Services, Inc.<sup>(b)</sup> | PennyMac Financial Services, Inc.<sup>(b)</sup> | PennyMac Financial Services, Inc.<sup>(b)</sup> | PennyMac Financial Services, Inc.<sup>(b)</sup> |
| 190000 | 6.875 | 05/15/32 | 198995 |
| Rocket Cos., Inc.<sup>(b)</sup> | Rocket Cos., Inc.<sup>(b)</sup> | Rocket Cos., Inc.<sup>(b)</sup> | Rocket Cos., Inc.<sup>(b)</sup> |
| 205000 | 6.125 | 08/01/30 | 211984 |
| 180000 | 6.375 | 08/01/33 | 188006 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.<sup>(b)</sup> | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.<sup>(b)</sup> | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.<sup>(b)</sup> | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.<sup>(b)</sup> |
| 578000 | 4.000 | 10/15/33 | 536991 |
| SLM Corp. | SLM Corp. | SLM Corp. | SLM Corp. |
| 105000 | 6.500 | 01/31/30 | 108603 |
| Stonex Escrow Issuer LLC<sup>(b)</sup> | Stonex Escrow Issuer LLC<sup>(b)</sup> | Stonex Escrow Issuer LLC<sup>(b)</sup> | Stonex Escrow Issuer LLC<sup>(b)</sup> |
| 110000 | 6.875 | 07/15/32 | 114078 |
| StoneX Group, Inc.<sup>(b)</sup> | StoneX Group, Inc.<sup>(b)</sup> | StoneX Group, Inc.<sup>(b)</sup> | StoneX Group, Inc.<sup>(b)</sup> |
| 130000 | 7.875 | 03/01/31 | 137822 |
| United Wholesale Mortgage LLC<sup>(b)</sup> | United Wholesale Mortgage LLC<sup>(b)</sup> | United Wholesale Mortgage LLC<sup>(b)</sup> | United Wholesale Mortgage LLC<sup>(b)</sup> |
| 210000 | 5.500 | 04/15/29 | 208498 |
| UWM Holdings LLC<sup>(b)</sup> | UWM Holdings LLC<sup>(b)</sup> | UWM Holdings LLC<sup>(b)</sup> | UWM Holdings LLC<sup>(b)</sup> |
| 263000 | 6.250 | 03/15/31 | 262566 |
| VFH Parent LLC/Valor Co-Issuer, Inc.<sup>(b)</sup> | VFH Parent LLC/Valor Co-Issuer, Inc.<sup>(b)</sup> | VFH Parent LLC/Valor Co-Issuer, Inc.<sup>(b)</sup> | VFH Parent LLC/Valor Co-Issuer, Inc.<sup>(b)</sup> |
| 125000 | 7.500 | 06/15/31 | 130904 |
|  |  |  | 6739409 |
| **Electrical<sup>(a)</sup> – 1.8%** | **Electrical<sup>(a)</sup> – 1.8%** | **Electrical<sup>(a)</sup> – 1.8%** | **Electrical<sup>(a)</sup> – 1.8%** |
| AES Panama Generation Holdings SRL | AES Panama Generation Holdings SRL | AES Panama Generation Holdings SRL | AES Panama Generation Holdings SRL |
| 373403 | 4.375 | 05/31/30 | 348834 |
| Alpha Generation LLC<sup>(b)</sup> | Alpha Generation LLC<sup>(b)</sup> | Alpha Generation LLC<sup>(b)</sup> | Alpha Generation LLC<sup>(b)</sup> |
| 360000 | 6.250 | 01/15/34 | 363276 |
| American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |
| 325000 | 2.300 | 03/01/30 | 300440 |
| California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<sup>(b)</sup> | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<sup>(b)</sup> | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<sup>(b)</sup> | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<sup>(b)</sup> |
| 415000 | 6.375 | 02/15/32 | 415494 |
| Lightning Power LLC<sup>(b)</sup> | Lightning Power LLC<sup>(b)</sup> | Lightning Power LLC<sup>(b)</sup> | Lightning Power LLC<sup>(b)</sup> |
| 195000 | 7.250 | 08/15/32 | 207379 |
| NextEra Energy Capital Holdings, Inc.<sup>(d)</sup> | NextEra Energy Capital Holdings, Inc.<sup>(d)</sup> | NextEra Energy Capital Holdings, Inc.<sup>(d)</sup> | NextEra Energy Capital Holdings, Inc.<sup>(d)</sup> |
| (5 yr. CMT + 1.979%) | (5 yr. CMT + 1.979%) | (5 yr. CMT + 1.979%) | (5 yr. CMT + 1.979%) |
| 180000 | 6.500 | 08/15/55 | 189603 |
| (5 yr. CMT + 2.053%) | (5 yr. CMT + 2.053%) | (5 yr. CMT + 2.053%) | (5 yr. CMT + 2.053%) |
| 125000 | 6.375 | 08/15/55 | 129057 |
| NRG Energy, Inc.<sup>(b)</sup> | NRG Energy, Inc.<sup>(b)</sup> | NRG Energy, Inc.<sup>(b)</sup> | NRG Energy, Inc.<sup>(b)</sup> |
| 305000 | 5.750 | 07/15/29 | 306437 |
| 195000 | 6.000 | 01/15/36 | 197642 |
| Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
| 25000 | 2.100 | 08/01/27 | 24236 |
| 355000 | 2.500 | 02/01/31 | 319518 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Electrical<sup>(a)</sup> – (continued)** | **Electrical<sup>(a)</sup> – (continued)** | **Electrical<sup>(a)</sup> – (continued)** | **Electrical<sup>(a)</sup> – (continued)** |
| Talen Energy Supply LLC<sup>(b)</sup> | Talen Energy Supply LLC<sup>(b)</sup> | Talen Energy Supply LLC<sup>(b)</sup> | Talen Energy Supply LLC<sup>(b)</sup> |
| 115000 | 6.250% | 02/01/34 | $117286 |
| 115000 | 6.500 | 02/01/36 | 118969 |
| Vistra Operations Co. LLC<sup>(b)</sup> | Vistra Operations Co. LLC<sup>(b)</sup> | Vistra Operations Co. LLC<sup>(b)</sup> | Vistra Operations Co. LLC<sup>(b)</sup> |
| 60000 | 4.300 | 07/15/29 | 59566 |
|  |  |  | 3097737 |
| **Electronics<sup>(a)(b)</sup> – 0.2%** | **Electronics<sup>(a)(b)</sup> – 0.2%** | **Electronics<sup>(a)(b)</sup> – 0.2%** | **Electronics<sup>(a)(b)</sup> – 0.2%** |
| Imola Merger Corp. | Imola Merger Corp. | Imola Merger Corp. | Imola Merger Corp. |
| 375000 | 4.750 | 05/15/29 | 370455 |
| **Engineering & Construction<sup>(a)</sup> – 1.0%** | **Engineering & Construction<sup>(a)</sup> – 1.0%** | **Engineering & Construction<sup>(a)</sup> – 1.0%** | **Engineering & Construction<sup>(a)</sup> – 1.0%** |
| Aeropuerto Internacional de Tocumen SA<sup>(b)</sup> | Aeropuerto Internacional de Tocumen SA<sup>(b)</sup> | Aeropuerto Internacional de Tocumen SA<sup>(b)</sup> | Aeropuerto Internacional de Tocumen SA<sup>(b)</sup> |
| 210000 | 4.000 | 08/11/41 | 175455 |
| Arcosa, Inc.<sup>(b)</sup> | Arcosa, Inc.<sup>(b)</sup> | Arcosa, Inc.<sup>(b)</sup> | Arcosa, Inc.<sup>(b)</sup> |
| 190000 | 4.375 | 04/15/29 | 186660 |
| 60000 | 6.875 | 08/15/32 | 63250 |
| Global Infrastructure Solutions, Inc.<sup>(b)</sup> | Global Infrastructure Solutions, Inc.<sup>(b)</sup> | Global Infrastructure Solutions, Inc.<sup>(b)</sup> | Global Infrastructure Solutions, Inc.<sup>(b)</sup> |
| 280000 | 5.625 | 06/01/29 | 279605 |
| 85000 | 7.500 | 04/15/32 | 90557 |
| IHS Holding Ltd.<sup>(b)</sup> | IHS Holding Ltd.<sup>(b)</sup> | IHS Holding Ltd.<sup>(b)</sup> | IHS Holding Ltd.<sup>(b)</sup> |
| 460000 | 8.250 | 11/29/31 | 479881 |
| Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust |
| 400000 | 5.500 | 10/31/46 | 351068 |
|  |  |  | 1626476 |
| **Entertainment<sup>(a)</sup> – 1.4%** | **Entertainment<sup>(a)</sup> – 1.4%** | **Entertainment<sup>(a)</sup> – 1.4%** | **Entertainment<sup>(a)</sup> – 1.4%** |
| AMC Entertainment Holdings, Inc.<sup>(b)</sup> | AMC Entertainment Holdings, Inc.<sup>(b)</sup> | AMC Entertainment Holdings, Inc.<sup>(b)</sup> | AMC Entertainment Holdings, Inc.<sup>(b)</sup> |
| 68000 | 7.500 | 02/15/29 | 59500 |
| Caesars Entertainment, Inc.<sup>(b)</sup> | Caesars Entertainment, Inc.<sup>(b)</sup> | Caesars Entertainment, Inc.<sup>(b)</sup> | Caesars Entertainment, Inc.<sup>(b)</sup> |
| 436000 | 4.625 | 10/15/29 | 418512 |
| 130000 | 6.000 | 10/15/32 | 126502 |
| Cinemark USA, Inc.<sup>(b)</sup> | Cinemark USA, Inc.<sup>(b)</sup> | Cinemark USA, Inc.<sup>(b)</sup> | Cinemark USA, Inc.<sup>(b)</sup> |
| 311000 | 5.250 | 07/15/28 | 310969 |
| 85000 | 7.000 | 08/01/32 | 88171 |
| Light & Wonder International, Inc.<sup>(b)</sup> | Light & Wonder International, Inc.<sup>(b)</sup> | Light & Wonder International, Inc.<sup>(b)</sup> | Light & Wonder International, Inc.<sup>(b)</sup> |
| 177000 | 6.250 | 10/01/33 | 179120 |
| Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.<sup>(b)</sup> | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.<sup>(b)</sup> | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.<sup>(b)</sup> | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.<sup>(b)</sup> |
| 262000 | 6.625 | 02/01/33 | 268243 |
| Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp.<sup>(b)</sup> | Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp.<sup>(b)</sup> | Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp.<sup>(b)</sup> | Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp.<sup>(b)</sup> |
| 120000 | 6.250 | 10/15/30 | 122393 |
| SeaWorld Parks & Entertainment, Inc.<sup>(b)</sup> | SeaWorld Parks & Entertainment, Inc.<sup>(b)</sup> | SeaWorld Parks & Entertainment, Inc.<sup>(b)</sup> | SeaWorld Parks & Entertainment, Inc.<sup>(b)</sup> |
| 290000 | 5.250 | 08/15/29 | 282118 |
| Vail Resorts, Inc.<sup>(b)</sup> | Vail Resorts, Inc.<sup>(b)</sup> | Vail Resorts, Inc.<sup>(b)</sup> | Vail Resorts, Inc.<sup>(b)</sup> |
| 145000 | 5.625 | 07/15/30 | 147423 |
| Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
| 115000 | 4.279 | 03/15/32 | 100959 |
| 190000 | 5.050 | 03/15/42 | 134199 |
| 200000 | 5.141 | 03/15/52 | 132174 |
|  |  |  | 2370283 |
| **Environmental<sup>(a)(b)</sup> – 1.0%** | **Environmental<sup>(a)(b)</sup> – 1.0%** | **Environmental<sup>(a)(b)</sup> – 1.0%** | **Environmental<sup>(a)(b)</sup> – 1.0%** |
| GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
| 340000 | 4.000 | 08/01/28 | 335040 |
| Luna 1.5 SARL<sup>(c)</sup> | Luna 1.5 SARL<sup>(c)</sup> | Luna 1.5 SARL<sup>(c)</sup> | Luna 1.5 SARL<sup>(c)</sup> |
| 518000 | 12.000 | 07/01/32 | 543382 |
| Luna 2 5SARL | Luna 2 5SARL | Luna 2 5SARL | Luna 2 5SARL |
| 100000 | 5.500 | 07/01/32 | 119514 |

---

------

GOLDMAN SACHS INCOME FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Environmental<sup>(a)(b)</sup> – (continued)** | **Environmental<sup>(a)(b)</sup> – (continued)** | **Environmental<sup>(a)(b)</sup> – (continued)** | **Environmental<sup>(a)(b)</sup> – (continued)** |
| Madison IAQ LLC | Madison IAQ LLC | Madison IAQ LLC | Madison IAQ LLC |
| 265000 | 4.125% | 06/30/28 | $260394 |
| Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. |
| 480000 | 7.000 | 02/01/33 | 495202 |
|  |  |  | 1753532 |
| **Food & Drug Retailing<sup>(a)</sup> – 1.8%** | **Food & Drug Retailing<sup>(a)</sup> – 1.8%** | **Food & Drug Retailing<sup>(a)</sup> – 1.8%** | **Food & Drug Retailing<sup>(a)</sup> – 1.8%** |
| Fiesta Purchaser, Inc.<sup>(b)</sup> | Fiesta Purchaser, Inc.<sup>(b)</sup> | Fiesta Purchaser, Inc.<sup>(b)</sup> | Fiesta Purchaser, Inc.<sup>(b)</sup> |
| 183000 | 9.625 | 09/15/32 | 191806 |
| J.M. Smucker Co. | J.M. Smucker Co. | J.M. Smucker Co. | J.M. Smucker Co. |
| 626000 | 6.200 | 11/15/33 | 678384 |
| Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
| 351000 | 5.500 | 06/01/50 | 328402 |
| Mars, Inc.<sup>(b)</sup> | Mars, Inc.<sup>(b)</sup> | Mars, Inc.<sup>(b)</sup> | Mars, Inc.<sup>(b)</sup> |
| 325000 | 4.800 | 03/01/30 | 332069 |
| 300000 | 5.000 | 03/01/32 | 309078 |
| 400000 | 5.200 | 03/01/35 | 410776 |
| Post Holdings, Inc.<sup>(b)</sup> | Post Holdings, Inc.<sup>(b)</sup> | Post Holdings, Inc.<sup>(b)</sup> | Post Holdings, Inc.<sup>(b)</sup> |
| 363000 | 6.375 | 03/01/33 | 366539 |
| U.S. Foods, Inc.<sup>(b)</sup> | U.S. Foods, Inc.<sup>(b)</sup> | U.S. Foods, Inc.<sup>(b)</sup> | U.S. Foods, Inc.<sup>(b)</sup> |
| 205000 | 4.625 | 06/01/30 | 202218 |
| United Natural Foods, Inc.<sup>(b)</sup> | United Natural Foods, Inc.<sup>(b)</sup> | United Natural Foods, Inc.<sup>(b)</sup> | United Natural Foods, Inc.<sup>(b)</sup> |
| 180000 | 6.750 | 10/15/28 | 180000 |
|  |  |  | 2999272 |
| **Hand/Machine Tools<sup>(a)</sup> – 0.1%** | **Hand/Machine Tools<sup>(a)</sup> – 0.1%** | **Hand/Machine Tools<sup>(a)</sup> – 0.1%** | **Hand/Machine Tools<sup>(a)</sup> – 0.1%** |
| Regal Rexnord Corp. | Regal Rexnord Corp. | Regal Rexnord Corp. | Regal Rexnord Corp. |
| 105000 | 6.300 | 02/15/30 | 111313 |
| **Healthcare Providers & Services<sup>(a)</sup> – 2.0%** | **Healthcare Providers & Services<sup>(a)</sup> – 2.0%** | **Healthcare Providers & Services<sup>(a)</sup> – 2.0%** | **Healthcare Providers & Services<sup>(a)</sup> – 2.0%** |
| DaVita, Inc.<sup>(b)</sup> | DaVita, Inc.<sup>(b)</sup> | DaVita, Inc.<sup>(b)</sup> | DaVita, Inc.<sup>(b)</sup> |
| 305000 | 3.750 | 02/15/31 | 281594 |
| Global Medical Response, Inc.<sup>(b)</sup> | Global Medical Response, Inc.<sup>(b)</sup> | Global Medical Response, Inc.<sup>(b)</sup> | Global Medical Response, Inc.<sup>(b)</sup> |
| 107000 | 7.375 | 10/01/32 | 111408 |
| LifePoint Health, Inc.<sup>(b)</sup> | LifePoint Health, Inc.<sup>(b)</sup> | LifePoint Health, Inc.<sup>(b)</sup> | LifePoint Health, Inc.<sup>(b)</sup> |
| 210000 | 5.375 | 01/15/29 | 205815 |
| 140000 | 11.000 | 10/15/30 | 153512 |
| Medline Borrower LP<sup>(b)</sup> | Medline Borrower LP<sup>(b)</sup> | Medline Borrower LP<sup>(b)</sup> | Medline Borrower LP<sup>(b)</sup> |
| 400000 | 3.875 | 04/01/29 | 391104 |
| 275000 | 5.250 | 10/01/29 | 276532 |
| Molina Healthcare, Inc.<sup>(b)</sup> | Molina Healthcare, Inc.<sup>(b)</sup> | Molina Healthcare, Inc.<sup>(b)</sup> | Molina Healthcare, Inc.<sup>(b)</sup> |
| 260000 | 6.500 | 02/15/31 | 267241 |
| 235000 | 6.250 | 01/15/33 | 238081 |
| Prime Healthcare Services, Inc.<sup>(b)</sup> | Prime Healthcare Services, Inc.<sup>(b)</sup> | Prime Healthcare Services, Inc.<sup>(b)</sup> | Prime Healthcare Services, Inc.<sup>(b)</sup> |
| 150000 | 9.375 | 09/01/29 | 157998 |
| Select Medical Corp.<sup>(b)</sup> | Select Medical Corp.<sup>(b)</sup> | Select Medical Corp.<sup>(b)</sup> | Select Medical Corp.<sup>(b)</sup> |
| 325000 | 6.250 | 12/01/32 | 317619 |
| Team Health Holdings, Inc.<sup>(b)</sup> | Team Health Holdings, Inc.<sup>(b)</sup> | Team Health Holdings, Inc.<sup>(b)</sup> | Team Health Holdings, Inc.<sup>(b)</sup> |
| 71000 | 8.375 | 06/30/28 | 71877 |
| (PIK 4.500%, Cash 9.000%) | (PIK 4.500%, Cash 9.000%) | (PIK 4.500%, Cash 9.000%) | (PIK 4.500%, Cash 9.000%) |
| 745000 | 13.500 <sup>(c)</sup> | 06/30/28 | 787048 |
| Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
| 155000 | 6.125 | 06/15/30 | 158729 |
|  |  |  | 3418558 |
| **Home Builders<sup>(a)</sup> – 0.5%** | **Home Builders<sup>(a)</sup> – 0.5%** | **Home Builders<sup>(a)</sup> – 0.5%** | **Home Builders<sup>(a)</sup> – 0.5%** |
| K Hovnanian Enterprises, Inc.<sup>(b)</sup> | K Hovnanian Enterprises, Inc.<sup>(b)</sup> | K Hovnanian Enterprises, Inc.<sup>(b)</sup> | K Hovnanian Enterprises, Inc.<sup>(b)</sup> |
| 49000 | 8.000 | 04/01/31 | 49976 |
| 44000 | 8.375 | 10/01/33 | 44708 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Home Builders<sup>(a)</sup> – (continued)** | **Home Builders<sup>(a)</sup> – (continued)** | **Home Builders<sup>(a)</sup> – (continued)** | **Home Builders<sup>(a)</sup> – (continued)** |
| KB Home | KB Home | KB Home | KB Home |
| 185000 | 7.250% | 07/15/30 | $190707 |
| LGI Homes, Inc.<sup>(b)</sup> | LGI Homes, Inc.<sup>(b)</sup> | LGI Homes, Inc.<sup>(b)</sup> | LGI Homes, Inc.<sup>(b)</sup> |
| 214000 | 4.000 | 07/15/29 | 195110 |
| New Home Co., Inc.<sup>(b)</sup> | New Home Co., Inc.<sup>(b)</sup> | New Home Co., Inc.<sup>(b)</sup> | New Home Co., Inc.<sup>(b)</sup> |
| 343000 | 8.500 | 11/01/30 | 354144 |
|  |  |  | 834645 |
| **Housewares<sup>(a)</sup> – 0.3%** | **Housewares<sup>(a)</sup> – 0.3%** | **Housewares<sup>(a)</sup> – 0.3%** | **Housewares<sup>(a)</sup> – 0.3%** |
| Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. |
| 90000 | 8.500 <sup>(b)</sup> | 06/01/28 | 94274 |
| 45000 | 6.375 | 05/15/30 | 43970 |
| 75000 | 6.625 | 05/15/32 | 72512 |
| Scotts Miracle-Gro Co. | Scotts Miracle-Gro Co. | Scotts Miracle-Gro Co. | Scotts Miracle-Gro Co. |
| 250000 | 4.000 | 04/01/31 | 235460 |
|  |  |  | 446216 |
| **Insurance<sup>(a)</sup> – 2.9%** | **Insurance<sup>(a)</sup> – 2.9%** | **Insurance<sup>(a)</sup> – 2.9%** | **Insurance<sup>(a)</sup> – 2.9%** |
| Acrisure LLC/Acrisure Finance, Inc.<sup>(b)</sup> | Acrisure LLC/Acrisure Finance, Inc.<sup>(b)</sup> | Acrisure LLC/Acrisure Finance, Inc.<sup>(b)</sup> | Acrisure LLC/Acrisure Finance, Inc.<sup>(b)</sup> |
| 70000 | 8.250 | 02/01/29 | 72622 |
| 640000 | 6.000 | 08/01/29 | 633178 |
| 110000 | 6.750 | 07/01/32 | 113129 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>(b)</sup> | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>(b)</sup> | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>(b)</sup> | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>(b)</sup> |
| 345000 | 6.750 | 10/15/27 | 345618 |
| 85000 | 7.375 | 10/01/32 | 88284 |
| American International Group, Inc. | American International Group, Inc. | American International Group, Inc. | American International Group, Inc. |
| 305000 | 3.400 | 06/30/30 | 294298 |
| 475000 | 5.450 | 05/07/35 | 494874 |
| APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC<sup>(b)</sup> | APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC<sup>(b)</sup> | APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC<sup>(b)</sup> | APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC<sup>(b)</sup> |
| 310000 | 7.875 | 11/01/29 | 314479 |
| Ardonagh Finco Ltd. | Ardonagh Finco Ltd. | Ardonagh Finco Ltd. | Ardonagh Finco Ltd. |
| 125000 | 6.875 | 02/15/31 | 151405 |
| Ardonagh Group Finance Ltd.<sup>(b)</sup> | Ardonagh Group Finance Ltd.<sup>(b)</sup> | Ardonagh Group Finance Ltd.<sup>(b)</sup> | Ardonagh Group Finance Ltd.<sup>(b)</sup> |
| 540000 | 8.875 | 02/15/32 | 561254 |
| Broadstreet Partners Group LLC<sup>(b)</sup> | Broadstreet Partners Group LLC<sup>(b)</sup> | Broadstreet Partners Group LLC<sup>(b)</sup> | Broadstreet Partners Group LLC<sup>(b)</sup> |
| 510000 | 5.875 | 04/15/29 | 509362 |
| Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. |
| 20000 | 4.350 | 04/20/28 | 20083 |
| Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC<sup>(b)</sup> | Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC<sup>(b)</sup> | Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC<sup>(b)</sup> | Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC<sup>(b)</sup> |
| 340000 | 8.125 | 02/15/32 | 350588 |
| HUB International Ltd.<sup>(b)</sup> | HUB International Ltd.<sup>(b)</sup> | HUB International Ltd.<sup>(b)</sup> | HUB International Ltd.<sup>(b)</sup> |
| 115000 | 7.375 | 01/31/32 | 120680 |
| MetLife, Inc. | MetLife, Inc. | MetLife, Inc. | MetLife, Inc. |
| 480000 | 5.300 | 12/15/34 | 499325 |
| (5 yr. CMT + 2.078%) | (5 yr. CMT + 2.078%) | (5 yr. CMT + 2.078%) | (5 yr. CMT + 2.078%) |
| 80000 | 6.350 <sup>(d)</sup> | 03/15/55 | 84196 |
| Ryan Specialty LLC<sup>(b)</sup> | Ryan Specialty LLC<sup>(b)</sup> | Ryan Specialty LLC<sup>(b)</sup> | Ryan Specialty LLC<sup>(b)</sup> |
| 135000 | 5.875 | 08/01/32 | 138040 |
| USI, Inc.<sup>(b)</sup> | USI, Inc.<sup>(b)</sup> | USI, Inc.<sup>(b)</sup> | USI, Inc.<sup>(b)</sup> |
| 90000 | 7.500 | 01/15/32 | 94397 |
|  |  |  | 4885812 |
| **Internet<sup>(a)</sup> – 2.0%** | **Internet<sup>(a)</sup> – 2.0%** | **Internet<sup>(a)</sup> – 2.0%** | **Internet<sup>(a)</sup> – 2.0%** |
| ANGI Group LLC<sup>(b)</sup> | ANGI Group LLC<sup>(b)</sup> | ANGI Group LLC<sup>(b)</sup> | ANGI Group LLC<sup>(b)</sup> |
| 194000 | 3.875 | 08/15/28 | 179318 |

---

------

GOLDMAN SACHS INCOME FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Internet<sup>(a)</sup> – (continued)** | **Internet<sup>(a)</sup> – (continued)** | **Internet<sup>(a)</sup> – (continued)** | **Internet<sup>(a)</sup> – (continued)** |
| Arches Buyer, Inc.<sup>(b)</sup> | Arches Buyer, Inc.<sup>(b)</sup> | Arches Buyer, Inc.<sup>(b)</sup> | Arches Buyer, Inc.<sup>(b)</sup> |
| 389000 | 6.125% | 12/01/28 | $379551 |
| Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. |
| 72000 | 4.625 | 08/01/27 | 72535 |
| 326000 | 2.950 | 03/15/31 | 303049 |
| 485000 | 5.400 | 02/15/35 | 497848 |
| Gen Digital, Inc.<sup>(b)</sup> | Gen Digital, Inc.<sup>(b)</sup> | Gen Digital, Inc.<sup>(b)</sup> | Gen Digital, Inc.<sup>(b)</sup> |
| 125000 | 6.250 | 04/01/33 | 128790 |
| Match Group Holdings II LLC<sup>(b)</sup> | Match Group Holdings II LLC<sup>(b)</sup> | Match Group Holdings II LLC<sup>(b)</sup> | Match Group Holdings II LLC<sup>(b)</sup> |
| 145000 | 5.625 | 02/15/29 | 145461 |
| 110000 | 3.625 | 10/01/31 | 100779 |
| Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
| 575000 | 5.625 | 11/15/55 | 552816 |
| 80000 | 5.750 | 05/15/63 | 76876 |
| Prosus NV<sup>(b)</sup> | Prosus NV<sup>(b)</sup> | Prosus NV<sup>(b)</sup> | Prosus NV<sup>(b)</sup> |
| 120000 | 2.031 | 08/03/32 | 126180 |
| Snap, Inc.<sup>(b)</sup> | Snap, Inc.<sup>(b)</sup> | Snap, Inc.<sup>(b)</sup> | Snap, Inc.<sup>(b)</sup> |
| 80000 | 6.875 | 03/01/33 | 82985 |
| 360000 | 6.875 | 03/15/34 | 370883 |
| United Group BV | United Group BV | United Group BV | United Group BV |
| 175000 | 4.625 <sup>(b)</sup> | 08/15/28 | 205405 |
| (3 mo. EUR EURIBOR + 4.250%) | (3 mo. EUR EURIBOR + 4.250%) | (3 mo. EUR EURIBOR + 4.250%) | (3 mo. EUR EURIBOR + 4.250%) |
| 110000 | 6.314 <sup>(d)</sup> | 02/15/31 | 130080 |
|  |  |  | 3352556 |
| **Investment Companies<sup>(a)(b)</sup> – 0.4%** | **Investment Companies<sup>(a)(b)</sup> – 0.4%** | **Investment Companies<sup>(a)(b)</sup> – 0.4%** | **Investment Companies<sup>(a)(b)</sup> – 0.4%** |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. |
| 425000 | 10.000 | 11/15/29 | 424792 |
| JAB Holdings BV | JAB Holdings BV | JAB Holdings BV | JAB Holdings BV |
| 250000 | 2.200 | 11/23/30 | 222462 |
|  |  |  | 647254 |
| **Iron/Steel<sup>(a)</sup> – 0.3%** | **Iron/Steel<sup>(a)</sup> – 0.3%** | **Iron/Steel<sup>(a)</sup> – 0.3%** | **Iron/Steel<sup>(a)</sup> – 0.3%** |
| Cleveland-Cliffs, Inc.<sup>(b)</sup> | Cleveland-Cliffs, Inc.<sup>(b)</sup> | Cleveland-Cliffs, Inc.<sup>(b)</sup> | Cleveland-Cliffs, Inc.<sup>(b)</sup> |
| 120000 | 6.875 | 11/01/29 | 124213 |
| 95000 | 7.500 | 09/15/31 | 100135 |
| Metinvest BV | Metinvest BV | Metinvest BV | Metinvest BV |
| 200000 | 8.500 | 04/23/26 | 178000 |
| Mineral Resources Ltd.<sup>(b)</sup> | Mineral Resources Ltd.<sup>(b)</sup> | Mineral Resources Ltd.<sup>(b)</sup> | Mineral Resources Ltd.<sup>(b)</sup> |
| 120000 | 7.000 | 04/01/31 | 125132 |
|  |  |  | 527480 |
| **Leisure Time<sup>(a)(b)</sup> – 1.4%** | **Leisure Time<sup>(a)(b)</sup> – 1.4%** | **Leisure Time<sup>(a)(b)</sup> – 1.4%** | **Leisure Time<sup>(a)(b)</sup> – 1.4%** |
| Carnival Corp. | Carnival Corp. | Carnival Corp. | Carnival Corp. |
| 500000 | 5.125 | 05/01/29 | 505950 |
| 60000 | 7.000 | 08/15/29 | 62861 |
| 240000 | 5.750 | 03/15/30 | 247054 |
| 200000 | 6.125 | 02/15/33 | 206466 |
| MajorDrive Holdings IV LLC | MajorDrive Holdings IV LLC | MajorDrive Holdings IV LLC | MajorDrive Holdings IV LLC |
| 305000 | 6.375 | 06/01/29 | 220335 |
| NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. |
| 164000 | 5.875 | 01/15/31 | 163434 |
| 210000 | 6.750 | 02/01/32 | 215099 |
| 82000 | 6.250 | 09/15/33 | 81980 |
| Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
| 250000 | 5.625 | 09/30/31 | 255623 |
| 65000 | 6.250 | 03/15/32 | 67267 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Leisure Time<sup>(a)(b)</sup> – (continued)** | **Leisure Time<sup>(a)(b)</sup> – (continued)** | **Leisure Time<sup>(a)(b)</sup> – (continued)** | **Leisure Time<sup>(a)(b)</sup> – (continued)** |
| Viking Cruises Ltd. | Viking Cruises Ltd. | Viking Cruises Ltd. | Viking Cruises Ltd. |
| 410000 | 5.875% | 10/15/33 | $416884 |
|  |  |  | 2442953 |
| **Lodging<sup>(a)</sup> – 0.7%** | **Lodging<sup>(a)</sup> – 0.7%** | **Lodging<sup>(a)</sup> – 0.7%** | **Lodging<sup>(a)</sup> – 0.7%** |
| Genting New York LLC/GENNY Capital, Inc.<sup>(b)</sup> | Genting New York LLC/GENNY Capital, Inc.<sup>(b)</sup> | Genting New York LLC/GENNY Capital, Inc.<sup>(b)</sup> | Genting New York LLC/GENNY Capital, Inc.<sup>(b)</sup> |
| 435000 | 7.250 | 10/01/29 | 446266 |
| Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>(b)</sup> | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>(b)</sup> | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>(b)</sup> | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>(b)</sup> |
| 350000 | 5.000 | 06/01/29 | 340130 |
| Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
| 75000 | 5.000 | 10/15/27 | 76299 |
| 185000 | 4.900 | 04/15/29 | 189192 |
| 58000 | 4.875 | 05/15/29 | 59263 |
|  |  |  | 1111150 |
| **Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.2%** | **Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.2%** | **Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.2%** | **Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.2%** |
| Terex Corp. | Terex Corp. | Terex Corp. | Terex Corp. |
| 105000 | 6.250 | 10/15/32 | 107792 |
| Vertiv Group Corp. | Vertiv Group Corp. | Vertiv Group Corp. | Vertiv Group Corp. |
| 255000 | 4.125 | 11/15/28 | 251807 |
|  |  |  | 359599 |
| **Machinery-Diversified<sup>(a)</sup> – 0.3%** | **Machinery-Diversified<sup>(a)</sup> – 0.3%** | **Machinery-Diversified<sup>(a)</sup> – 0.3%** | **Machinery-Diversified<sup>(a)</sup> – 0.3%** |
| Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC<sup>(b)</sup> | Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC<sup>(b)</sup> | Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC<sup>(b)</sup> | Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC<sup>(b)</sup> |
| 225000 | 9.000 | 02/15/29 | 235854 |
| Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. |
| 245000 | 2.565 | 02/15/30 | 229340 |
|  |  |  | 465194 |
| **Media – 2.4%** | **Media – 2.4%** | **Media – 2.4%** | **Media – 2.4%** |
| AMC Networks, Inc.<sup>(a)(b)</sup> | AMC Networks, Inc.<sup>(a)(b)</sup> | AMC Networks, Inc.<sup>(a)(b)</sup> | AMC Networks, Inc.<sup>(a)(b)</sup> |
| 80000 | 10.250 | 01/15/29 | 83826 |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(a)(b)</sup> | CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(a)(b)</sup> | CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(a)(b)</sup> | CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(a)(b)</sup> |
| 520000 | 4.750 | 03/01/30 | 497448 |
| 575000 | 4.750 | 02/01/32 | 525493 |
| Charter Communications Operating LLC/Charter Communications Operating Capital<sup>(a)</sup> | Charter Communications Operating LLC/Charter Communications Operating Capital<sup>(a)</sup> | Charter Communications Operating LLC/Charter Communications Operating Capital<sup>(a)</sup> | Charter Communications Operating LLC/Charter Communications Operating Capital<sup>(a)</sup> |
| 170000 | 3.750 | 02/15/28 | 167598 |
| CSC Holdings LLC<sup>(a)(b)</sup> | CSC Holdings LLC<sup>(a)(b)</sup> | CSC Holdings LLC<sup>(a)(b)</sup> | CSC Holdings LLC<sup>(a)(b)</sup> |
| 200000 | 5.750 | 01/15/30 | 73400 |
| 210000 | 3.375 | 02/15/31 | 127140 |
| Directv Financing LLC<sup>(a)(b)</sup> | Directv Financing LLC<sup>(a)(b)</sup> | Directv Financing LLC<sup>(a)(b)</sup> | Directv Financing LLC<sup>(a)(b)</sup> |
| 120000 | 8.875 | 02/01/30 | 121602 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>(a)(b)</sup> | Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>(a)(b)</sup> | Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>(a)(b)</sup> | Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>(a)(b)</sup> |
| 193000 | 5.875 | 08/15/27 | 194073 |
| DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. |
| 110000 | 5.250 <sup>(a)(b)</sup> | 12/01/26 | 106890 |
| 14000 | 5.750 <sup>(a)(b)</sup> | 12/01/28 | 13698 |
| 7000 | 5.125 | 06/01/29 | 6220 |
| DISH Network Corp.<sup>(a)(b)</sup> | DISH Network Corp.<sup>(a)(b)</sup> | DISH Network Corp.<sup>(a)(b)</sup> | DISH Network Corp.<sup>(a)(b)</sup> |
| 170000 | 11.750 | 11/15/27 | 176904 |
| GCI LLC<sup>(a)(b)</sup> | GCI LLC<sup>(a)(b)</sup> | GCI LLC<sup>(a)(b)</sup> | GCI LLC<sup>(a)(b)</sup> |
| 440000 | 4.750 | 10/15/28 | 429845 |
| Gray Media, Inc.<sup>(a)(b)</sup> | Gray Media, Inc.<sup>(a)(b)</sup> | Gray Media, Inc.<sup>(a)(b)</sup> | Gray Media, Inc.<sup>(a)(b)</sup> |
| 91000 | 4.750 | 10/15/30 | 70530 |
| 82000 | 7.250 | 08/15/33 | 83834 |

---

------

GOLDMAN SACHS INCOME FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Media – (continued)** | **Media – (continued)** | **Media – (continued)** | **Media – (continued)** |
| iHeartCommunications, Inc.<sup>(a)(b)</sup> | iHeartCommunications, Inc.<sup>(a)(b)</sup> | iHeartCommunications, Inc.<sup>(a)(b)</sup> | iHeartCommunications, Inc.<sup>(a)(b)</sup> |
| 232000 | 10.875% | 05/01/30 | $200079 |
| Sinclair Television Group, Inc.<sup>(a)(b)</sup> | Sinclair Television Group, Inc.<sup>(a)(b)</sup> | Sinclair Television Group, Inc.<sup>(a)(b)</sup> | Sinclair Television Group, Inc.<sup>(a)(b)</sup> |
| 430000 | 8.125 | 02/15/33 | 449634 |
| Sirius XM Radio LLC<sup>(a)(b)</sup> | Sirius XM Radio LLC<sup>(a)(b)</sup> | Sirius XM Radio LLC<sup>(a)(b)</sup> | Sirius XM Radio LLC<sup>(a)(b)</sup> |
| 635000 | 3.875 | 09/01/31 | 583933 |
| Univision Communications, Inc.<sup>(a)(b)</sup> | Univision Communications, Inc.<sup>(a)(b)</sup> | Univision Communications, Inc.<sup>(a)(b)</sup> | Univision Communications, Inc.<sup>(a)(b)</sup> |
| 175000 | 9.375 | 08/01/32 | 188200 |
|  |  |  | 4100347 |
| **Mining<sup>(a)(b)</sup> – 0.0%** | **Mining<sup>(a)(b)</sup> – 0.0%** | **Mining<sup>(a)(b)</sup> – 0.0%** | **Mining<sup>(a)(b)</sup> – 0.0%** |
| Novelis Corp. | Novelis Corp. | Novelis Corp. | Novelis Corp. |
| 70000 | 6.875 | 01/30/30 | 72650 |
| **Miscellaneous Manufacturing – 0.4%** | **Miscellaneous Manufacturing – 0.4%** | **Miscellaneous Manufacturing – 0.4%** | **Miscellaneous Manufacturing – 0.4%** |
| Amsted Industries, Inc.<sup>(a)(b)</sup> | Amsted Industries, Inc.<sup>(a)(b)</sup> | Amsted Industries, Inc.<sup>(a)(b)</sup> | Amsted Industries, Inc.<sup>(a)(b)</sup> |
| 50000 | 6.375 | 03/15/33 | 51500 |
| Axon Enterprise, Inc.<sup>(a)(b)</sup> | Axon Enterprise, Inc.<sup>(a)(b)</sup> | Axon Enterprise, Inc.<sup>(a)(b)</sup> | Axon Enterprise, Inc.<sup>(a)(b)</sup> |
| 80000 | 6.125 | 03/15/30 | 82854 |
| 80000 | 6.250 | 03/15/33 | 83173 |
| General Electric Co. | General Electric Co. | General Electric Co. | General Electric Co. |
| 95000 | 5.875 | 01/14/38 | 103113 |
| Hillenbrand, Inc.<sup>(a)</sup> | Hillenbrand, Inc.<sup>(a)</sup> | Hillenbrand, Inc.<sup>(a)</sup> | Hillenbrand, Inc.<sup>(a)</sup> |
| 84000 | 6.250 | 02/15/29 | 85969 |
| 235000 | 3.750 | 03/01/31 | 235202 |
|  |  |  | 641811 |
| **Oil Field Services – 4.7%** | **Oil Field Services – 4.7%** | **Oil Field Services – 4.7%** | **Oil Field Services – 4.7%** |
| Aethon United BR LP/Aethon United Finance Corp.<sup>(a)(b)</sup> | Aethon United BR LP/Aethon United Finance Corp.<sup>(a)(b)</sup> | Aethon United BR LP/Aethon United Finance Corp.<sup>(a)(b)</sup> | Aethon United BR LP/Aethon United Finance Corp.<sup>(a)(b)</sup> |
| 76000 | 7.500 | 10/01/29 | 79608 |
| Archrock Partners LP/Archrock Partners Finance Corp.<sup>(a)(b)</sup> | Archrock Partners LP/Archrock Partners Finance Corp.<sup>(a)(b)</sup> | Archrock Partners LP/Archrock Partners Finance Corp.<sup>(a)(b)</sup> | Archrock Partners LP/Archrock Partners Finance Corp.<sup>(a)(b)</sup> |
| 170000 | 6.625 | 09/01/32 | 175107 |
| BKV Upstream Midstream LLC<sup>(a)(b)</sup> | BKV Upstream Midstream LLC<sup>(a)(b)</sup> | BKV Upstream Midstream LLC<sup>(a)(b)</sup> | BKV Upstream Midstream LLC<sup>(a)(b)</sup> |
| 135000 | 7.500 | 10/15/30 | 136932 |
| California Resources Corp.<sup>(b)</sup> | California Resources Corp.<sup>(b)</sup> | California Resources Corp.<sup>(b)</sup> | California Resources Corp.<sup>(b)</sup> |
| 115000 | 7.000 | 01/15/34 | 113502 |
| Cenovus Energy, Inc. | Cenovus Energy, Inc. | Cenovus Energy, Inc. | Cenovus Energy, Inc. |
| 11000 | 6.750 | 11/15/39 | 12106 |
| Chord Energy Corp.<sup>(a)(b)</sup> | Chord Energy Corp.<sup>(a)(b)</sup> | Chord Energy Corp.<sup>(a)(b)</sup> | Chord Energy Corp.<sup>(a)(b)</sup> |
| 185000 | 6.000 | 10/01/30 | 186874 |
| 195000 | 6.750 | 03/15/33 | 201659 |
| Civitas Resources, Inc.<sup>(a)(b)</sup> | Civitas Resources, Inc.<sup>(a)(b)</sup> | Civitas Resources, Inc.<sup>(a)(b)</sup> | Civitas Resources, Inc.<sup>(a)(b)</sup> |
| 55000 | 8.375 | 07/01/28 | 56723 |
| 100000 | 9.625 | 06/15/33 | 107800 |
| CNX Resources Corp.<sup>(a)(b)</sup> | CNX Resources Corp.<sup>(a)(b)</sup> | CNX Resources Corp.<sup>(a)(b)</sup> | CNX Resources Corp.<sup>(a)(b)</sup> |
| 175000 | 7.250 | 03/01/32 | 182878 |
| Crescent Energy Finance LLC<sup>(a)(b)</sup> | Crescent Energy Finance LLC<sup>(a)(b)</sup> | Crescent Energy Finance LLC<sup>(a)(b)</sup> | Crescent Energy Finance LLC<sup>(a)(b)</sup> |
| 50000 | 7.625 | 04/01/32 | 48530 |
| 485000 | 7.375 | 01/15/33 | 460609 |
| DBR Land Holdings LLC<sup>(a)(b)</sup> | DBR Land Holdings LLC<sup>(a)(b)</sup> | DBR Land Holdings LLC<sup>(a)(b)</sup> | DBR Land Holdings LLC<sup>(a)(b)</sup> |
| 230000 | 6.250 | 12/01/30 | 234959 |
| Ecopetrol SA<sup>(a)</sup> | Ecopetrol SA<sup>(a)</sup> | Ecopetrol SA<sup>(a)</sup> | Ecopetrol SA<sup>(a)</sup> |
| 240000 | 6.875 | 04/29/30 | 243180 |
| Expand Energy Corp.<sup>(a)</sup> | Expand Energy Corp.<sup>(a)</sup> | Expand Energy Corp.<sup>(a)</sup> | Expand Energy Corp.<sup>(a)</sup> |
| 180000 | 4.750 | 02/01/32 | 177809 |
| Kodiak Gas Services LLC<sup>(a)(b)</sup> | Kodiak Gas Services LLC<sup>(a)(b)</sup> | Kodiak Gas Services LLC<sup>(a)(b)</sup> | Kodiak Gas Services LLC<sup>(a)(b)</sup> |
| 148000 | 7.250 | 02/15/29 | 153748 |
| 150000 | 6.500 | 10/01/33 | 153114 |
| 100000 | 6.750 | 10/01/35 | 102806 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Oil Field Services – (continued)** | **Oil Field Services – (continued)** | **Oil Field Services – (continued)** | **Oil Field Services – (continued)** |
| Marathon Petroleum Corp.<sup>(a)</sup> | Marathon Petroleum Corp.<sup>(a)</sup> | Marathon Petroleum Corp.<sup>(a)</sup> | Marathon Petroleum Corp.<sup>(a)</sup> |
| 50000 | 3.800% | 04/01/28 | $49735 |
| Matador Resources Co.<sup>(a)(b)</sup> | Matador Resources Co.<sup>(a)(b)</sup> | Matador Resources Co.<sup>(a)(b)</sup> | Matador Resources Co.<sup>(a)(b)</sup> |
| 230000 | 6.875 | 04/15/28 | 234904 |
| 110000 | 6.500 | 04/15/32 | 111391 |
| 191000 | 6.250 | 04/15/33 | 190958 |
| Murphy Oil Corp.<sup>(a)</sup> | Murphy Oil Corp.<sup>(a)</sup> | Murphy Oil Corp.<sup>(a)</sup> | Murphy Oil Corp.<sup>(a)</sup> |
| 142000 | 6.000 | 10/01/32 | 141884 |
| Noble Finance II LLC<sup>(a)(b)</sup> | Noble Finance II LLC<sup>(a)(b)</sup> | Noble Finance II LLC<sup>(a)(b)</sup> | Noble Finance II LLC<sup>(a)(b)</sup> |
| 350000 | 8.000 | 04/15/30 | 363793 |
| Northern Oil & Gas, Inc.<sup>(a)(b)</sup> | Northern Oil & Gas, Inc.<sup>(a)(b)</sup> | Northern Oil & Gas, Inc.<sup>(a)(b)</sup> | Northern Oil & Gas, Inc.<sup>(a)(b)</sup> |
| 355000 | 8.750 | 06/15/31 | 357872 |
| 30000 | 7.875 | 10/15/33 | 29158 |
| Permian Resources Operating LLC<sup>(a)(b)</sup> | Permian Resources Operating LLC<sup>(a)(b)</sup> | Permian Resources Operating LLC<sup>(a)(b)</sup> | Permian Resources Operating LLC<sup>(a)(b)</sup> |
| 83000 | 5.875 | 07/01/29 | 83388 |
| 79000 | 7.000 | 01/15/32 | 82285 |
| 115000 | 6.250 | 02/01/33 | 118000 |
| Petroleos Mexicanos<sup>(a)</sup> | Petroleos Mexicanos<sup>(a)</sup> | Petroleos Mexicanos<sup>(a)</sup> | Petroleos Mexicanos<sup>(a)</sup> |
| 340000 | 6.840 | 01/23/30 | 345406 |
| 170000 | 5.950 | 01/28/31 | 164543 |
| 30000 | 6.700 | 02/16/32 | 29914 |
| SESI LLC<sup>(a)(b)</sup> | SESI LLC<sup>(a)(b)</sup> | SESI LLC<sup>(a)(b)</sup> | SESI LLC<sup>(a)(b)</sup> |
| 25000 | 7.875 | 09/30/30 | 24609 |
| SM Energy Co.<sup>(a)(b)</sup> | SM Energy Co.<sup>(a)(b)</sup> | SM Energy Co.<sup>(a)(b)</sup> | SM Energy Co.<sup>(a)(b)</sup> |
| 90000 | 6.750 | 08/01/29 | 90670 |
| 140000 | 7.000 | 08/01/32 | 137753 |
| Sunoco LP<sup>(a)(b)</sup> | Sunoco LP<sup>(a)(b)</sup> | Sunoco LP<sup>(a)(b)</sup> | Sunoco LP<sup>(a)(b)</sup> |
| 190000 | 7.000 | 05/01/29 | 198109 |
| 145000 | 7.250 | 05/01/32 | 153161 |
| 35000 | 6.250 | 07/01/33 | 35847 |
| (5 yr. CMT + 4.230%) | (5 yr. CMT + 4.230%) | (5 yr. CMT + 4.230%) | (5 yr. CMT + 4.230%) |
| 350000 | 7.875 <sup>(d)</sup> | 09/18/30 | 358925 |
| Tidewater, Inc.<sup>(a)(b)</sup> | Tidewater, Inc.<sup>(a)(b)</sup> | Tidewater, Inc.<sup>(a)(b)</sup> | Tidewater, Inc.<sup>(a)(b)</sup> |
| 265000 | 9.125 | 07/15/30 | 284395 |
| Transocean International Ltd.<sup>(a)(b)</sup> | Transocean International Ltd.<sup>(a)(b)</sup> | Transocean International Ltd.<sup>(a)(b)</sup> | Transocean International Ltd.<sup>(a)(b)</sup> |
| 100000 | 8.250 | 05/15/29 | 100593 |
| 23250 | 8.750 | 02/15/30 | 24271 |
| 105000 | 8.500 | 05/15/31 | 103911 |
| 75000 | 7.875 | 10/15/32 | 78080 |
| Transocean Titan Financing Ltd.<sup>(a)(b)</sup> | Transocean Titan Financing Ltd.<sup>(a)(b)</sup> | Transocean Titan Financing Ltd.<sup>(a)(b)</sup> | Transocean Titan Financing Ltd.<sup>(a)(b)</sup> |
| 56667 | 8.375 | 02/01/28 | 57882 |
| USA Compression Partners LP/USA Compression Finance Corp.<sup>(a)(b)</sup> | USA Compression Partners LP/USA Compression Finance Corp.<sup>(a)(b)</sup> | USA Compression Partners LP/USA Compression Finance Corp.<sup>(a)(b)</sup> | USA Compression Partners LP/USA Compression Finance Corp.<sup>(a)(b)</sup> |
| 165000 | 7.125 | 03/15/29 | 170876 |
| 105000 | 6.250 | 10/01/33 | 106136 |
| WBI Operating LLC<sup>(a)(b)</sup> | WBI Operating LLC<sup>(a)(b)</sup> | WBI Operating LLC<sup>(a)(b)</sup> | WBI Operating LLC<sup>(a)(b)</sup> |
| 285000 | 6.250 | 10/15/30 | 286958 |
| 250000 | 6.500 | 10/15/33 | 249082 |
| Weatherford International Ltd.<sup>(a)(b)</sup> | Weatherford International Ltd.<sup>(a)(b)</sup> | Weatherford International Ltd.<sup>(a)(b)</sup> | Weatherford International Ltd.<sup>(a)(b)</sup> |
| 145000 | 6.750 | 10/15/33 | 148458 |
| Western Midstream Operating LP<sup>(a)(b)</sup> | Western Midstream Operating LP<sup>(a)(b)</sup> | Western Midstream Operating LP<sup>(a)(b)</sup> | Western Midstream Operating LP<sup>(a)(b)</sup> |
| 160000 | 7.250 | 04/01/30 | 170682 |
| Wildfire Intermediate Holdings LLC<sup>(a)(b)</sup> | Wildfire Intermediate Holdings LLC<sup>(a)(b)</sup> | Wildfire Intermediate Holdings LLC<sup>(a)(b)</sup> | Wildfire Intermediate Holdings LLC<sup>(a)(b)</sup> |
| 95000 | 7.500 | 10/15/29 | 96227 |
|  |  |  | 8007800 |

---

------

GOLDMAN SACHS INCOME FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Packaging<sup>(a)(b)</sup> – 0.2%** | **Packaging<sup>(a)(b)</sup> – 0.2%** | **Packaging<sup>(a)(b)</sup> – 0.2%** | **Packaging<sup>(a)(b)</sup> – 0.2%** |
| ARD Finance SA <sup>(f)</sup> (PIK 7.250%, Cash 6.500%) | ARD Finance SA <sup>(f)</sup> (PIK 7.250%, Cash 6.500%) | ARD Finance SA <sup>(f)</sup> (PIK 7.250%, Cash 6.500%) | ARD Finance SA <sup>(f)</sup> (PIK 7.250%, Cash 6.500%) |
| 434894 | 6.500% | 06/30/27 | $3988 |
| Efesto Bidco SpA Efesto U.S. LLC | Efesto Bidco SpA Efesto U.S. LLC | Efesto Bidco SpA Efesto U.S. LLC | Efesto Bidco SpA Efesto U.S. LLC |
| 290000 | 7.500 | 02/15/32 | 293437 |
|  |  |  | 297425 |
| **Pharmaceuticals<sup>(a)</sup> – 0.8%** | **Pharmaceuticals<sup>(a)</sup> – 0.8%** |  |  |
| 1261229 BC Ltd.<sup>(b)</sup> | 1261229 BC Ltd.<sup>(b)</sup> | 1261229 BC Ltd.<sup>(b)</sup> | 1261229 BC Ltd.<sup>(b)</sup> |
| 200000 | 10.000 | 04/15/32 | 208306 |
| AdaptHealth LLC<sup>(b)</sup> | AdaptHealth LLC<sup>(b)</sup> | AdaptHealth LLC<sup>(b)</sup> | AdaptHealth LLC<sup>(b)</sup> |
| 220000 | 6.125 | 08/01/28 | 221553 |
| 95000 | 4.625 | 08/01/29 | 92181 |
| 65000 | 5.125 | 03/01/30 | 63429 |
| Amneal Pharmaceuticals LLC<sup>(b)</sup> | Amneal Pharmaceuticals LLC<sup>(b)</sup> | Amneal Pharmaceuticals LLC<sup>(b)</sup> | Amneal Pharmaceuticals LLC<sup>(b)</sup> |
| 58000 | 6.875 | 08/01/32 | 61308 |
| Bausch Health Cos., Inc.<sup>(b)</sup> | Bausch Health Cos., Inc.<sup>(b)</sup> |  |  |
| 60000 | 5.000 | 01/30/28 | 52617 |
| Opal Bidco SAS<sup>(b)</sup> | Opal Bidco SAS<sup>(b)</sup> | Opal Bidco SAS<sup>(b)</sup> | Opal Bidco SAS<sup>(b)</sup> |
| 485000 | 6.500 | 03/31/32 | 496786 |
| Teva Pharmaceutical Finance Netherlands IV BV | Teva Pharmaceutical Finance Netherlands IV BV | Teva Pharmaceutical Finance Netherlands IV BV | Teva Pharmaceutical Finance Netherlands IV BV |
| 200000 | 5.750 | 12/01/30 | 207500 |
|  |  |  | 1403680 |
| **Pipelines<sup>(a)</sup> – 5.5%** |  |  |  |
| Antero Midstream Partners LP/Antero Midstream Finance Corp.<sup>(b)</sup> | Antero Midstream Partners LP/Antero Midstream Finance Corp.<sup>(b)</sup> | Antero Midstream Partners LP/Antero Midstream Finance Corp.<sup>(b)</sup> | Antero Midstream Partners LP/Antero Midstream Finance Corp.<sup>(b)</sup> |
| 155000 | 6.625 | 02/01/32 | 160743 |
| 130000 | 5.750 | 10/15/33 | 130758 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp.<sup>(b)</sup> | Blue Racer Midstream LLC/Blue Racer Finance Corp.<sup>(b)</sup> | Blue Racer Midstream LLC/Blue Racer Finance Corp.<sup>(b)</sup> | Blue Racer Midstream LLC/Blue Racer Finance Corp.<sup>(b)</sup> |
| 55000 | 7.000 | 07/15/29 | 57370 |
| 55000 | 7.250 | 07/15/32 | 58311 |
| Buckeye Partners LP<sup>(b)</sup> | Buckeye Partners LP<sup>(b)</sup> | Buckeye Partners LP<sup>(b)</sup> | Buckeye Partners LP<sup>(b)</sup> |
| 185000 | 6.875 | 07/01/29 | 192557 |
| 85000 | 6.750 | 02/01/30 | 89214 |
| Cheniere Energy Partners LP | Cheniere Energy Partners LP |  |  |
| 40000 | 5.950 | 06/30/33 | 42455 |
| CNX Midstream Partners LP<sup>(b)</sup> | CNX Midstream Partners LP<sup>(b)</sup> | CNX Midstream Partners LP<sup>(b)</sup> | CNX Midstream Partners LP<sup>(b)</sup> |
| 145000 | 4.750 | 04/15/30 | 140432 |
| Columbia Pipelines Operating Co. LLC<sup>(b)</sup> | Columbia Pipelines Operating Co. LLC<sup>(b)</sup> | Columbia Pipelines Operating Co. LLC<sup>(b)</sup> | Columbia Pipelines Operating Co. LLC<sup>(b)</sup> |
| 345000 | 6.036 | 11/15/33 | 369312 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC<sup>(b)</sup> | CQP Holdco LP/BIP-V Chinook Holdco LLC<sup>(b)</sup> | CQP Holdco LP/BIP-V Chinook Holdco LLC<sup>(b)</sup> | CQP Holdco LP/BIP-V Chinook Holdco LLC<sup>(b)</sup> |
| 685000 | 5.500 | 06/15/31 | 678225 |
| Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>(b)</sup> | Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>(b)</sup> | Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>(b)</sup> | Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>(b)</sup> |
| 140000 | 8.625 | 03/15/29 | 146341 |
| 255000 | 7.375 | 06/30/33 | 260253 |
| Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| 385000 | 5.250 | 04/15/29 | 395584 |
| Excelerate Energy LP<sup>(b)</sup> | Excelerate Energy LP<sup>(b)</sup> |  |  |
| 208000 | 8.000 | 05/15/30 | 219662 |
| Genesis Energy LP/Genesis Energy Finance Corp. | Genesis Energy LP/Genesis Energy Finance Corp. | Genesis Energy LP/Genesis Energy Finance Corp. | Genesis Energy LP/Genesis Energy Finance Corp. |
| 129000 | 7.750 | 02/01/28 | 129346 |
| 220000 | 7.875 | 05/15/32 | 229130 |
| Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. |
| 440000 | 6.875 | 01/15/29 | 445183 |
| Howard Midstream Energy Partners LLC<sup>(b)</sup> | Howard Midstream Energy Partners LLC<sup>(b)</sup> | Howard Midstream Energy Partners LLC<sup>(b)</sup> |  |
| 115000 | 7.375 | 07/15/32 | 121361 |
| 190000 | 6.625 | 01/15/34 | 194397 |
| Kinetik Holdings LP<sup>(b)</sup> | Kinetik Holdings LP<sup>(b)</sup> | Kinetik Holdings LP<sup>(b)</sup> | Kinetik Holdings LP<sup>(b)</sup> |
| 70000 | 6.625 | 12/15/28 | 72071 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Pipelines<sup>(a)</sup> – (continued)** | **Pipelines<sup>(a)</sup> – (continued)** |  |  |
| Kinetik Holdings LP<sup>(b)</sup> – (continued) | Kinetik Holdings LP<sup>(b)</sup> – (continued) | Kinetik Holdings LP<sup>(b)</sup> – (continued) | Kinetik Holdings LP<sup>(b)</sup> – (continued) |
| 265000 | 5.875% | 06/15/30 | $267263 |
| MPLX LP | MPLX LP | MPLX LP | MPLX LP |
| 105000 | 4.000 | 03/15/28 | 104811 |
| 365000 | 2.650 | 08/15/30 | 338114 |
| NFE Financing LLC<sup>(b)</sup> | NFE Financing LLC<sup>(b)</sup> | NFE Financing LLC<sup>(b)</sup> | NFE Financing LLC<sup>(b)</sup> |
| 146261 | 12.000 | 11/15/29 | 42258 |
| NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP |
| 285000 | 6.375 | 10/01/30 | 299982 |
| ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
| 275000 | 6.350 | 01/15/31 | 295207 |
| Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. |
| 400000 | 3.800 | 09/15/30 | 388068 |
| Prairie Acquiror LP<sup>(b)</sup> | Prairie Acquiror LP<sup>(b)</sup> | Prairie Acquiror LP<sup>(b)</sup> | Prairie Acquiror LP<sup>(b)</sup> |
| 255000 | 9.000 | 08/01/29 | 265261 |
| Rockies Express Pipeline LLC<sup>(b)</sup> | Rockies Express Pipeline LLC<sup>(b)</sup> | Rockies Express Pipeline LLC<sup>(b)</sup> | Rockies Express Pipeline LLC<sup>(b)</sup> |
| 150000 | 6.750 | 03/15/33 | 158289 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<sup>(b)</sup> | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<sup>(b)</sup> | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<sup>(b)</sup> | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<sup>(b)</sup> |
| 140000 | 7.375 | 02/15/29 | 144680 |
| 75000 | 6.000 | 12/31/30 | 75591 |
| 160000 | 6.750 | 03/15/34 | 159925 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. | Targa Resources Partners LP/Targa Resources Partners Finance Corp. | Targa Resources Partners LP/Targa Resources Partners Finance Corp. | Targa Resources Partners LP/Targa Resources Partners Finance Corp. |
| 395000 | 4.875 | 02/01/31 | 397627 |
| 197000 | 4.000 | 01/15/32 | 188178 |
| TransMontaigne Partners LLC<sup>(b)</sup> | TransMontaigne Partners LLC<sup>(b)</sup> | TransMontaigne Partners LLC<sup>(b)</sup> | TransMontaigne Partners LLC<sup>(b)</sup> |
| 460000 | 8.500 | 06/15/30 | 464605 |
| Venture Global Calcasieu Pass LLC<sup>(b)</sup> | Venture Global Calcasieu Pass LLC<sup>(b)</sup> | Venture Global Calcasieu Pass LLC<sup>(b)</sup> | Venture Global Calcasieu Pass LLC<sup>(b)</sup> |
| 310000 | 4.125 | 08/15/31 | 282057 |
| 282000 | 3.875 | 11/01/33 | 242057 |
| Venture Global LNG, Inc.<sup>(b)</sup> | Venture Global LNG, Inc.<sup>(b)</sup> |  |  |
| 278000 | 8.125 | 06/01/28 | 282609 |
| 30000 | 9.500 | 02/01/29 | 31132 |
| 150000 | 7.000 | 01/15/30 | 144274 |
| Venture Global Plaquemines LNG LLC<sup>(b)</sup> | Venture Global Plaquemines LNG LLC<sup>(b)</sup> | Venture Global Plaquemines LNG LLC<sup>(b)</sup> | Venture Global Plaquemines LNG LLC<sup>(b)</sup> |
| 130000 | 6.125 | 12/15/30 | 132357 |
| 145000 | 6.500 | 01/15/34 | 148438 |
| 135000 | 6.500 | 06/15/34 | 138009 |
| 145000 | 6.750 | 01/15/36 | 148412 |
|  |  |  | 9271909 |
| **Real Estate<sup>(a)(b)</sup> – 0.1%** | **Real Estate<sup>(a)(b)</sup> – 0.1%** | **Real Estate<sup>(a)(b)</sup> – 0.1%** | **Real Estate<sup>(a)(b)</sup> – 0.1%** |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp. | Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp. | Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp. | Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp. |
| 160000 | 5.750 | 01/15/29 | 155286 |
| **Real Estate Investment Trust<sup>(a)</sup> – 2.5%** | **Real Estate Investment Trust<sup>(a)</sup> – 2.5%** | **Real Estate Investment Trust<sup>(a)</sup> – 2.5%** | **Real Estate Investment Trust<sup>(a)</sup> – 2.5%** |
| Agree LP |  |  |  |
| 25000 | 2.900 | 10/01/30 | 23398 |
| 475000 | 5.600 | 06/15/35 | 497434 |
| Cousins Properties LP | Cousins Properties LP | Cousins Properties LP | Cousins Properties LP |
| 480000 | 5.875 | 10/01/34 | 501461 |
| Iron Mountain Information Management Services, Inc.<sup>(b)</sup> | Iron Mountain Information Management Services, Inc.<sup>(b)</sup> | Iron Mountain Information Management Services, Inc.<sup>(b)</sup> | Iron Mountain Information Management Services, Inc.<sup>(b)</sup> |
| 318000 | 5.000 | 07/15/32 | 303251 |
| MPT Operating Partnership LP/MPT Finance Corp.<sup>(b)</sup> | MPT Operating Partnership LP/MPT Finance Corp.<sup>(b)</sup> | MPT Operating Partnership LP/MPT Finance Corp.<sup>(b)</sup> | MPT Operating Partnership LP/MPT Finance Corp.<sup>(b)</sup> |
| 10000 | 8.500 | 02/15/32 | 10686 |
| Prologis LP |  |  |  |
| 25000 | 1.750 | 07/01/30 | 22493 |
| Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
| 60000 | 4.000 | 07/15/29 | 59692 |
| 355000 | 2.850 | 12/15/32 | 318534 |
| 490000 | 5.125 | 04/15/35 | 498399 |

---

------

GOLDMAN SACHS INCOME FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Real Estate Investment Trust<sup>(a)</sup> – (continued)** | **Real Estate Investment Trust<sup>(a)</sup> – (continued)** | **Real Estate Investment Trust<sup>(a)</sup> – (continued)** | **Real Estate Investment Trust<sup>(a)</sup> – (continued)** |
| Regency Centers LP | Regency Centers LP | Regency Centers LP | Regency Centers LP |
| 60000 | 2.950% | 09/15/29 | $57508 |
| 490000 | 5.100 | 01/15/35 | 496267 |
| RHP Hotel Properties LP/RHP Finance Corp.<sup>(b)</sup> | RHP Hotel Properties LP/RHP Finance Corp.<sup>(b)</sup> | RHP Hotel Properties LP/RHP Finance Corp.<sup>(b)</sup> | RHP Hotel Properties LP/RHP Finance Corp.<sup>(b)</sup> |
| 45000 | 6.500 | 06/15/33 | 46692 |
| Service Properties Trust<sup>(b)(e)</sup> | Service Properties Trust<sup>(b)(e)</sup> | Service Properties Trust<sup>(b)(e)</sup> | Service Properties Trust<sup>(b)(e)</sup> |
| 20000 | 0.000 | 09/30/28 | 18076 |
| Starwood Property Trust, Inc.<sup>(b)</sup> | Starwood Property Trust, Inc.<sup>(b)</sup> | Starwood Property Trust, Inc.<sup>(b)</sup> | Starwood Property Trust, Inc.<sup>(b)</sup> |
| 330000 | 5.250 | 10/15/28 | 332656 |
| 215000 | 6.500 | 07/01/30 | 224254 |
| 65000 | 5.750 | 01/15/31 | 65785 |
| Trust 2401<sup>(b)</sup> | Trust 2401<sup>(b)</sup> | Trust 2401<sup>(b)</sup> | Trust 2401<sup>(b)</sup> |
| 200000 | 4.869 | 01/15/30 | 197000 |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC<sup>(b)</sup> | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC<sup>(b)</sup> | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC<sup>(b)</sup> | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC<sup>(b)</sup> |
| 200000 | 4.750 | 04/15/28 | 199024 |
| WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. |
| 60000 | 3.850 | 07/15/29 | 59139 |
| 25000 | 2.400 | 02/01/31 | 22542 |
| XHR LP<sup>(b)</sup> | XHR LP<sup>(b)</sup> | XHR LP<sup>(b)</sup> | XHR LP<sup>(b)</sup> |
| 277000 | 4.875 | 06/01/29 | 273119 |
|  |  |  | 4227410 |
| **Retailing<sup>(a)</sup> – 1.3%** | **Retailing<sup>(a)</sup> – 1.3%** | **Retailing<sup>(a)</sup> – 1.3%** | **Retailing<sup>(a)</sup> – 1.3%** |
| Asbury Automotive Group, Inc.<sup>(b)</sup> | Asbury Automotive Group, Inc.<sup>(b)</sup> | Asbury Automotive Group, Inc.<sup>(b)</sup> | Asbury Automotive Group, Inc.<sup>(b)</sup> |
| 220000 | 4.625 | 11/15/29 | 216605 |
| 55000 | 5.000 | 02/15/32 | 53459 |
| Cougar JV Subsidiary LLC<sup>(b)</sup> | Cougar JV Subsidiary LLC<sup>(b)</sup> | Cougar JV Subsidiary LLC<sup>(b)</sup> | Cougar JV Subsidiary LLC<sup>(b)</sup> |
| 90000 | 8.000 | 05/15/32 | 96217 |
| Group 1 Automotive, Inc.<sup>(b)</sup> | Group 1 Automotive, Inc.<sup>(b)</sup> | Group 1 Automotive, Inc.<sup>(b)</sup> | Group 1 Automotive, Inc.<sup>(b)</sup> |
| 110000 | 4.000 | 08/15/28 | 107892 |
| 45000 | 6.375 | 01/15/30 | 46278 |
| Ken Garff Automotive LLC<sup>(b)</sup> | Ken Garff Automotive LLC<sup>(b)</sup> | Ken Garff Automotive LLC<sup>(b)</sup> | Ken Garff Automotive LLC<sup>(b)</sup> |
| 290000 | 4.875 | 09/15/28 | 289173 |
| LCM Investments Holdings II LLC<sup>(b)</sup> | LCM Investments Holdings II LLC<sup>(b)</sup> | LCM Investments Holdings II LLC<sup>(b)</sup> | LCM Investments Holdings II LLC<sup>(b)</sup> |
| 410000 | 4.875 | 05/01/29 | 401837 |
| Michaels Cos., Inc.<sup>(b)</sup> | Michaels Cos., Inc.<sup>(b)</sup> | Michaels Cos., Inc.<sup>(b)</sup> | Michaels Cos., Inc.<sup>(b)</sup> |
| 35000 | 5.250 | 05/01/28 | 33636 |
| 40000 | 7.875 | 05/01/29 | 36901 |
| Penske Automotive Group, Inc. | Penske Automotive Group, Inc. | Penske Automotive Group, Inc. | Penske Automotive Group, Inc. |
| 290000 | 3.750 | 06/15/29 | 281106 |
| QXO Building Products, Inc.<sup>(b)</sup> | QXO Building Products, Inc.<sup>(b)</sup> | QXO Building Products, Inc.<sup>(b)</sup> | QXO Building Products, Inc.<sup>(b)</sup> |
| 125000 | 6.750 | 04/30/32 | 130608 |
| Sonic Automotive, Inc.<sup>(b)</sup> | Sonic Automotive, Inc.<sup>(b)</sup> | Sonic Automotive, Inc.<sup>(b)</sup> | Sonic Automotive, Inc.<sup>(b)</sup> |
| 185000 | 4.625 | 11/15/29 | 181505 |
| 75000 | 4.875 | 11/15/31 | 72379 |
| Staples, Inc.<sup>(b)</sup> | Staples, Inc.<sup>(b)</sup> | Staples, Inc.<sup>(b)</sup> | Staples, Inc.<sup>(b)</sup> |
| 50000 | 10.750 | 09/01/29 | 49725 |
| 10000 | 12.750 | 01/15/30 | 8380 |
| Tractor Supply Co. | Tractor Supply Co. | Tractor Supply Co. | Tractor Supply Co. |
| 75000 | 1.750 | 11/01/30 | 66476 |
| Yum! Brands, Inc.<sup>(b)</sup> | Yum! Brands, Inc.<sup>(b)</sup> | Yum! Brands, Inc.<sup>(b)</sup> | Yum! Brands, Inc.<sup>(b)</sup> |
| 135000 | 4.750 | 01/15/30 | 135296 |
|  |  |  | 2207473 |
| **Semiconductors<sup>(a)</sup> – 1.0%** | **Semiconductors<sup>(a)</sup> – 1.0%** | **Semiconductors<sup>(a)</sup> – 1.0%** | **Semiconductors<sup>(a)</sup> – 1.0%** |
| Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| 372000 | 3.469 | 04/15/34 | 339870 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Semiconductors<sup>(a)</sup> – (continued)** | **Semiconductors<sup>(a)</sup> – (continued)** | **Semiconductors<sup>(a)</sup> – (continued)** | **Semiconductors<sup>(a)</sup> – (continued)** |
| Broadcom, Inc. – (continued) | Broadcom, Inc. – (continued) | Broadcom, Inc. – (continued) | Broadcom, Inc. – (continued) |
| 594000 | 3.137 %<sup>(b)</sup> | 11/15/35 | $511998 |
| 645000 | 3.187 <sup>(b)</sup> | 11/15/36 | 547283 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. |
| 360000 | 3.400 | 05/01/30 | 347123 |
|  |  |  | 1746274 |
| **Software<sup>(a)</sup> – 3.6%** | **Software<sup>(a)</sup> – 3.6%** | **Software<sup>(a)</sup> – 3.6%** | **Software<sup>(a)</sup> – 3.6%** |
| AthenaHealth Group, Inc.<sup>(b)</sup> | AthenaHealth Group, Inc.<sup>(b)</sup> | AthenaHealth Group, Inc.<sup>(b)</sup> | AthenaHealth Group, Inc.<sup>(b)</sup> |
| 421000 | 6.500 | 02/15/30 | 421143 |
| Castle U.S. Holding Corp.<sup>(b)</sup> | Castle U.S. Holding Corp.<sup>(b)</sup> | Castle U.S. Holding Corp.<sup>(b)</sup> | Castle U.S. Holding Corp.<sup>(b)</sup> |
| 329000 | 10.000 | 06/30/31 | 48340 |
| Clarivate Science Holdings Corp.<sup>(b)</sup> | Clarivate Science Holdings Corp.<sup>(b)</sup> | Clarivate Science Holdings Corp.<sup>(b)</sup> | Clarivate Science Holdings Corp.<sup>(b)</sup> |
| 365000 | 3.875 | 07/01/28 | 354433 |
| Cloud Software Group, Inc.<sup>(b)</sup> | Cloud Software Group, Inc.<sup>(b)</sup> | Cloud Software Group, Inc.<sup>(b)</sup> | Cloud Software Group, Inc.<sup>(b)</sup> |
| 483000 | 9.000 | 09/30/29 | 503025 |
| 297000 | 8.250 | 06/30/32 | 310873 |
| 25000 | 6.625 | 08/15/33 | 24779 |
| CoreWeave, Inc.<sup>(b)</sup> | CoreWeave, Inc.<sup>(b)</sup> | CoreWeave, Inc.<sup>(b)</sup> | CoreWeave, Inc.<sup>(b)</sup> |
| 340000 | 9.250 | 06/01/30 | 316237 |
| 452000 | 9.000 | 02/01/31 | 412997 |
| Elastic NV<sup>(b)</sup> | Elastic NV<sup>(b)</sup> | Elastic NV<sup>(b)</sup> | Elastic NV<sup>(b)</sup> |
| 245000 | 4.125 | 07/15/29 | 236974 |
| MSCI, Inc. | MSCI, Inc. | MSCI, Inc. | MSCI, Inc. |
| 748000 | 3.875 <sup>(b)</sup> | 02/15/31 | 719000 |
| 490000 | 5.250 | 09/01/35 | 493180 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 850000 | 2.950 | 04/01/30 | 784295 |
| 415000 | 2.875 | 03/25/31 | 372039 |
| 580000 | 6.250 | 11/09/32 | 604778 |
| TeamSystem SpA<sup>(b)</sup> | TeamSystem SpA<sup>(b)</sup> | TeamSystem SpA<sup>(b)</sup> | TeamSystem SpA<sup>(b)</sup> |
| 435000 | 3.500 | 02/15/28 | 509934 |
|  |  |  | 6112027 |
| **Telecommunication Services – 3.2%** | **Telecommunication Services – 3.2%** | **Telecommunication Services – 3.2%** | **Telecommunication Services – 3.2%** |
| APLD ComputeCo LLC<sup>(a)(b)</sup> | APLD ComputeCo LLC<sup>(a)(b)</sup> | APLD ComputeCo LLC<sup>(a)(b)</sup> | APLD ComputeCo LLC<sup>(a)(b)</sup> |
| 290000 | 9.250 | 12/15/30 | 284441 |
| AT&T, Inc.<sup>(a)</sup> | AT&T, Inc.<sup>(a)</sup> | AT&T, Inc.<sup>(a)</sup> | AT&T, Inc.<sup>(a)</sup> |
| 365000 | 2.750 | 06/01/31 | 335285 |
| 482000 | 2.550 | 12/01/33 | 411503 |
| 135000 | 4.900 | 08/15/37 | 131278 |
| 315000 | 5.150 | 11/15/46 | 288313 |
| 395000 | 3.650 | 06/01/51 | 277882 |
| 420000 | 3.500 | 09/15/53 | 281429 |
| CommScope LLC<sup>(a)(b)</sup> | CommScope LLC<sup>(a)(b)</sup> | CommScope LLC<sup>(a)(b)</sup> | CommScope LLC<sup>(a)(b)</sup> |
| 63000 | 8.250 | 03/01/27 | 63515 |
| 133000 | 9.500 | 12/15/31 | 134367 |
| EchoStar Corp.<sup>(a)</sup> | EchoStar Corp.<sup>(a)</sup> | EchoStar Corp.<sup>(a)</sup> | EchoStar Corp.<sup>(a)</sup> |
| 220000 | 10.750 | 11/30/29 | 242990 |
| (PIK 6.750%, Cash 6.750%) | (PIK 6.750%, Cash 6.750%) | (PIK 6.750%, Cash 6.750%) | (PIK 6.750%, Cash 6.750%) |
| 468526 | 6.750 <sup>(c)</sup> | 11/30/30 | 480099 |
| Frontier Communications Holdings LLC<sup>(a)(b)</sup> | Frontier Communications Holdings LLC<sup>(a)(b)</sup> | Frontier Communications Holdings LLC<sup>(a)(b)</sup> | Frontier Communications Holdings LLC<sup>(a)(b)</sup> |
| 125000 | 5.000 | 05/01/28 | 125339 |
| Level 3 Financing, Inc.<sup>(a)(b)</sup> | Level 3 Financing, Inc.<sup>(a)(b)</sup> | Level 3 Financing, Inc.<sup>(a)(b)</sup> | Level 3 Financing, Inc.<sup>(a)(b)</sup> |
| 220000 | 6.875 | 06/30/33 | 225148 |
| 275000 | 7.000 | 03/31/34 | 283313 |
| 275000 | 8.500 | 01/15/36 | 282062 |
| Sprint Capital Corp. | Sprint Capital Corp. | Sprint Capital Corp. | Sprint Capital Corp. |
| 325000 | 8.750 | 03/15/32 | 393224 |

---

------

GOLDMAN SACHS INCOME FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Telecommunication Services – (continued)** | **Telecommunication Services – (continued)** | **Telecommunication Services – (continued)** | **Telecommunication Services – (continued)** |
| T-Mobile USA, Inc.<sup>(a)</sup> | T-Mobile USA, Inc.<sup>(a)</sup> | T-Mobile USA, Inc.<sup>(a)</sup> | T-Mobile USA, Inc.<sup>(a)</sup> |
| 402000 | 3.875% | 04/15/30 | $395122 |
| 500000 | 4.950 | 11/15/35 | 497385 |
| Windstream Services LLC<sup>(a)(b)</sup> | Windstream Services LLC<sup>(a)(b)</sup> | Windstream Services LLC<sup>(a)(b)</sup> | Windstream Services LLC<sup>(a)(b)</sup> |
| 185000 | 7.500 | 10/15/33 | 189603 |
| Windstream Services LLC/Windstream Escrow Finance Corp.<sup>(a)(b)</sup> | Windstream Services LLC/Windstream Escrow Finance Corp.<sup>(a)(b)</sup> | Windstream Services LLC/Windstream Escrow Finance Corp.<sup>(a)(b)</sup> | Windstream Services LLC/Windstream Escrow Finance Corp.<sup>(a)(b)</sup> |
| 90000 | 8.250 | 10/01/31 | 94462 |
|  |  |  | 5416760 |
| **Transportation – 0.6%** | **Transportation – 0.6%** | **Transportation – 0.6%** | **Transportation – 0.6%** |
| Beacon Mobility Corp.<sup>(a)(b)</sup> | Beacon Mobility Corp.<sup>(a)(b)</sup> | Beacon Mobility Corp.<sup>(a)(b)</sup> | Beacon Mobility Corp.<sup>(a)(b)</sup> |
| 135000 | 7.250 | 08/01/30 | 141156 |
| MV24 Capital BV | MV24 Capital BV | MV24 Capital BV | MV24 Capital BV |
| 416418 | 6.748 | 06/01/34 | 413062 |
| Rand Parent LLC<sup>(a)(b)</sup> | Rand Parent LLC<sup>(a)(b)</sup> | Rand Parent LLC<sup>(a)(b)</sup> | Rand Parent LLC<sup>(a)(b)</sup> |
| 240000 | 8.500 | 02/15/30 | 250205 |
| RXO, Inc.<sup>(a)(b)</sup> | RXO, Inc.<sup>(a)(b)</sup> | RXO, Inc.<sup>(a)(b)</sup> | RXO, Inc.<sup>(a)(b)</sup> |
| 170000 | 7.500 | 11/15/27 | 173301 |
| XPO, Inc.<sup>(a)(b)</sup> | XPO, Inc.<sup>(a)(b)</sup> | XPO, Inc.<sup>(a)(b)</sup> | XPO, Inc.<sup>(a)(b)</sup> |
| 110000 | 7.125 | 02/01/32 | 115751 |
|  |  |  | 1093475 |
| **TOTAL CORPORATE OBLIGATIONS<br>(Cost $119,183,697)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $119,183,697)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $119,183,697)** | $122463292 |
| **Mortgage-Backed Obligations – 13.0%** | **Mortgage-Backed Obligations – 13.0%** | **Mortgage-Backed Obligations – 13.0%** | **Mortgage-Backed Obligations – 13.0%** |
| **Collateralized Mortgage Obligations<sup>(a)</sup> – 0.5%** | **Collateralized Mortgage Obligations<sup>(a)</sup> – 0.5%** | **Collateralized Mortgage Obligations<sup>(a)</sup> – 0.5%** | **Collateralized Mortgage Obligations<sup>(a)</sup> – 0.5%** |
| **Interest Only(g) – 0.1%** | **Interest Only(g) – 0.1%** | **Interest Only(g) – 0.1%** | **Interest Only(g) – 0.1%** |
| Government National Mortgage Association REMICS Series 2018- 124, Class SN (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018- 124, Class SN (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018- 124, Class SN (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018- 124, Class SN (-1X 1 mo. USD Term SOFR + 6.086%) |
| 110490 | 2.352 %<sup>(d)</sup> | 09/20/48 | $13276 |
| Government National Mortgage Association REMICS Series 2020-7, Class GI | Government National Mortgage Association REMICS Series 2020-7, Class GI | Government National Mortgage Association REMICS Series 2020-7, Class GI | Government National Mortgage Association REMICS Series 2020-7, Class GI |
| 49093 | 4.000 | 01/20/50 | 10130 |
| Government National Mortgage Association REMICS Series 2020-21, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2020-21, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2020-21, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2020-21, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) |
| 144389 | 2.202 <sup>(d)</sup> | 02/20/50 | 17130 |
| Government National Mortgage Association REMICS Series 2019- 153, Class EI | Government National Mortgage Association REMICS Series 2019- 153, Class EI | Government National Mortgage Association REMICS Series 2019- 153, Class EI | Government National Mortgage Association REMICS Series 2019- 153, Class EI |
| 281170 | 4.000 | 12/20/49 | 59321 |
| Government National Mortgage Association REMICS Series 2020-61, Class GI | Government National Mortgage Association REMICS Series 2020-61, Class GI | Government National Mortgage Association REMICS Series 2020-61, Class GI | Government National Mortgage Association REMICS Series 2020-61, Class GI |
| 111082 | 5.000 | 05/20/50 | 25608 |
|  |  |  | 125465 |
| **Sequential Fixed Rate<sup>(b)</sup>(h) – 0.1%** | **Sequential Fixed Rate<sup>(b)</sup>(h) – 0.1%** | **Sequential Fixed Rate<sup>(b)</sup>(h) – 0.1%** | **Sequential Fixed Rate<sup>(b)</sup>(h) – 0.1%** |
| OBX Trust Series 2024-NQM8, Class A1 | OBX Trust Series 2024-NQM8, Class A1 | OBX Trust Series 2024-NQM8, Class A1 | OBX Trust Series 2024-NQM8, Class A1 |
| 216125 | 6.233 | 05/25/64 | 219262 |
| **Sequential Floating Rate<sup>(b)(d)</sup> – 0.3%** | **Sequential Floating Rate<sup>(b)(d)</sup> – 0.3%** | **Sequential Floating Rate<sup>(b)(d)</sup> – 0.3%** | **Sequential Floating Rate<sup>(b)(d)</sup> – 0.3%** |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-HQA2, Class M1B (1 mo. USD Term SOFR + 4.000%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-HQA2, Class M1B (1 mo. USD Term SOFR + 4.000%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-HQA2, Class M1B (1 mo. USD Term SOFR + 4.000%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-HQA2, Class M1B (1 mo. USD Term SOFR + 4.000%) |
| 100000 | 7.874 | 07/25/42 | 104491 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA2, Class M1 (1 mo. USD Term SOFR + 1.200%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA2, Class M1 (1 mo. USD Term SOFR + 1.200%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA2, Class M1 (1 mo. USD Term SOFR + 1.200%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA2, Class M1 (1 mo. USD Term SOFR + 1.200%) |
| 181164 | 5.074 | 05/25/44 | 181387 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Sequential Floating Rate<sup>(b)(d)</sup> – (continued)** | **Sequential Floating Rate<sup>(b)(d)</sup> – (continued)** | **Sequential Floating Rate<sup>(b)(d)</sup> – (continued)** | **Sequential Floating Rate<sup>(b)(d)</sup> – (continued)** |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R08, Class 1M2 (1 mo. USD Term SOFR + 3.600%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R08, Class 1M2 (1 mo. USD Term SOFR + 3.600%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R08, Class 1M2 (1 mo. USD Term SOFR + 3.600%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R08, Class 1M2 (1 mo. USD Term SOFR + 3.600%) |
| 30000 | 7.474% | 07/25/42 | $31118 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) |
| 85000 | 6.874 | 04/25/42 | 86846 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) |
| 100000 | 5.524 | 05/25/44 | 100518 |
|  |  |  | 504360 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | 849087 |
| **Commercial Mortgage-Backed Securities – 3.1%** | **Commercial Mortgage-Backed Securities – 3.1%** | **Commercial Mortgage-Backed Securities – 3.1%** | **Commercial Mortgage-Backed Securities – 3.1%** |
| **Regular Floater<sup>(b)(d)</sup> – 0.2%** | **Regular Floater<sup>(b)(d)</sup> – 0.2%** | **Regular Floater<sup>(b)(d)</sup> – 0.2%** | **Regular Floater<sup>(b)(d)</sup> – 0.2%** |
| TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR + 2.133%) | TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR + 2.133%) | TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR + 2.133%) | TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR + 2.133%) |
| 200000 | 5.883% | 11/15/29 | $200921 |
| TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR + 2.930%) | TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR + 2.930%) | TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR + 2.930%) | TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR + 2.930%) |
| 100000 | 6.680 | 11/15/29 | 102103 |
|  |  |  | 303024 |
| **Sequential Fixed Rate – 0.7%** | **Sequential Fixed Rate – 0.7%** | **Sequential Fixed Rate – 0.7%** | **Sequential Fixed Rate – 0.7%** |
| Morgan Stanley Capital I Trust Series 2017-HR2, Class A4 | Morgan Stanley Capital I Trust Series 2017-HR2, Class A4 | Morgan Stanley Capital I Trust Series 2017-HR2, Class A4 | Morgan Stanley Capital I Trust Series 2017-HR2, Class A4 |
| 275000 | 3.587 <sup>(a)</sup> | 12/15/50 | 271499 |
| ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A |
| 250000 | 5.388 <sup>(b)</sup> | 11/13/41 | 256921 |
| ROCK Trust Series 2024-CNTR, Class D | ROCK Trust Series 2024-CNTR, Class D | ROCK Trust Series 2024-CNTR, Class D | ROCK Trust Series 2024-CNTR, Class D |
| 300000 | 7.109 <sup>(b)</sup> | 11/13/41 | 313287 |
| SLG Office Trust Series 2021-OVA, Class A | SLG Office Trust Series 2021-OVA, Class A | SLG Office Trust Series 2021-OVA, Class A | SLG Office Trust Series 2021-OVA, Class A |
| 500000 | 2.585 <sup>(b)</sup> | 07/15/41 | 446037 |
|  |  |  | 1287744 |
| **Sequential Floating Rate – 2.2%** | **Sequential Floating Rate – 2.2%** | **Sequential Floating Rate – 2.2%** | **Sequential Floating Rate – 2.2%** |
| Bank Series 2021-BN37, Class A5 | Bank Series 2021-BN37, Class A5 | Bank Series 2021-BN37, Class A5 | Bank Series 2021-BN37, Class A5 |
| 210000 | 2.618 <sup>(a)(d)</sup> | 11/15/64 | 187790 |
| Bank Series 2022-BNK42, Class A5 | Bank Series 2022-BNK42, Class A5 | Bank Series 2022-BNK42, Class A5 | Bank Series 2022-BNK42, Class A5 |
| 400000 | 4.493 <sup>(a)(d)</sup> | 06/15/55 | 394662 |
| Bank Series 2018-BN13, Class A5 | Bank Series 2018-BN13, Class A5 | Bank Series 2018-BN13, Class A5 | Bank Series 2018-BN13, Class A5 |
| 375000 | 4.217 <sup>(a)(d)</sup> | 08/15/61 | 374357 |
| Bank Series 2021-BN33, Class AS | Bank Series 2021-BN33, Class AS | Bank Series 2021-BN33, Class AS | Bank Series 2021-BN33, Class AS |
| 500000 | 2.792 <sup>(a)</sup> | 05/15/64 | 441944 |
| BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) |
| 550000 | 4.670 <sup>(b)(d)</sup> | 03/15/37 | 520286 |
| BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) |
| 400000 | 5.392 <sup>(b)(d)</sup> | 02/15/41 | 398483 |
| Durst Commercial Mortgage Trust Series 2025-151, Class A | Durst Commercial Mortgage Trust Series 2025-151, Class A | Durst Commercial Mortgage Trust Series 2025-151, Class A | Durst Commercial Mortgage Trust Series 2025-151, Class A |
| 300000 | 5.145 <sup>(b)(d)</sup> | 08/10/42 | 306016 |
| Hudson Yards Mortgage Trust Series 2025-SPRL, Class D | Hudson Yards Mortgage Trust Series 2025-SPRL, Class D | Hudson Yards Mortgage Trust Series 2025-SPRL, Class D | Hudson Yards Mortgage Trust Series 2025-SPRL, Class D |
| 150000 | 6.340 <sup>(b)(d)</sup> | 01/13/40 | 156004 |

---

------

GOLDMAN SACHS INCOME FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** |
| IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A |
| 350000 | 5.295 %<sup>(a)(b)(d)</sup> | 03/14/47 | $356849 |
| IRV Trust Series 2025-200P, Class D | IRV Trust Series 2025-200P, Class D | IRV Trust Series 2025-200P, Class D | IRV Trust Series 2025-200P, Class D |
| 100000 | 6.166 <sup>(a)(b)(d)</sup> | 03/14/47 | 101541 |
| LEX Mortgage Trust Series 2024-BBG, Class A | LEX Mortgage Trust Series 2024-BBG, Class A | LEX Mortgage Trust Series 2024-BBG, Class A | LEX Mortgage Trust Series 2024-BBG, Class A |
| 250000 | 4.874 <sup>(a)(b)(d)</sup> | 10/13/33 | 251602 |
| NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) | NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) | NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) | NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) |
| 250000 | 5.442 <sup>(b)(d)</sup> | 02/15/42 | 249220 |
|  |  |  | 3738754 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | $5329522 |
| **Federal Agencies(i) – 9.4%** | **Federal Agencies(i) – 9.4%** | **Federal Agencies(i) – 9.4%** | **Federal Agencies(i) – 9.4%** |
| **Government National Mortgage Association – 3.6%** | **Government National Mortgage Association – 3.6%** | **Government National Mortgage Association – 3.6%** | **Government National Mortgage Association – 3.6%** |
| 2000000 | 4.500% | TBA-30yr | $1948194 |
| 2000000 | 5.500 | TBA-30yr | 2019305 |
| 2000000 | 6.000 | TBA-30yr | 2038008 |
|  |  |  | 6005507 |
| **Uniform Mortgage-Backed Security – 5.8%** | **Uniform Mortgage-Backed Security – 5.8%** | **Uniform Mortgage-Backed Security – 5.8%** | **Uniform Mortgage-Backed Security – 5.8%** |
| 1000000 | 2.500 | TBA-30yr | 845117 |
| 2000000 | 5.000 | TBA-30yr | 1995000 |
| 1000000 | 4.000 | TBA-30yr | 948359 |
| 6000000 | 5.500 | TBA-30yr | 6083672 |
|  |  |  | 9872148 |
| **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | $15877655 |
| **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $21,873,428)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $21,873,428)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $21,873,428)** | $22056264 |
| **Bank Loans – 4.1%** | **Bank Loans – 4.1%** | **Bank Loans – 4.1%** | **Bank Loans – 4.1%** |
| **Aerospace & Defense – 0.5%** | **Aerospace & Defense – 0.5%** | **Aerospace & Defense – 0.5%** | **Aerospace & Defense – 0.5%** |
| Bleriot U.S. Bidco, Inc. | Bleriot U.S. Bidco, Inc. | Bleriot U.S. Bidco, Inc. | Bleriot U.S. Bidco, Inc. |
| (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) |
| 98503 | 6.172% | 10/31/30 | $98954 |
| Dynasty Acquisition Co., Inc. | Dynasty Acquisition Co., Inc. | Dynasty Acquisition Co., Inc. | Dynasty Acquisition Co., Inc. |
| (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) |
| 445500 | 5.716 | 10/31/31 | 446970 |
| Kaman Corp. | Kaman Corp. | Kaman Corp. | Kaman Corp. |
| (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) |
| 363739 | 6.322– |  |  |
|  | 6.544 | 02/26/32 | 364962 |
| 3294 | 6.427 | 02/26/32 | 3209 |
|  |  |  | 914095 |
| **Building & Construction – 0.4%** | **Building & Construction – 0.4%** | **Building & Construction – 0.4%** | **Building & Construction – 0.4%** |
| AAL Delaware Holdco, Inc. | AAL Delaware Holdco, Inc. | AAL Delaware Holdco, Inc. | AAL Delaware Holdco, Inc. |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |
| 395010 | 6.466 | 07/30/31 | 396586 |
| TRC Cos. LLC | TRC Cos. LLC | TRC Cos. LLC | TRC Cos. LLC |
| (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) |
| 234726 | 6.716 | 12/08/28 | 235240 |
|  |  |  | 631826 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans – (continued)** | **Bank Loans – (continued)** | **Bank Loans – (continued)** | **Bank Loans – (continued)** |
| **Building Materials – 0.2%** | **Building Materials – 0.2%** | **Building Materials – 0.2%** | **Building Materials – 0.2%** |
| Chamberlain Group, Inc. | Chamberlain Group, Inc. | Chamberlain Group, Inc. | Chamberlain Group, Inc. |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |
| 336061 | 6.466% | 09/08/32 | $336552 |
| **Capital Goods - Others – 0.2%** | **Capital Goods - Others – 0.2%** | **Capital Goods - Others – 0.2%** | **Capital Goods - Others – 0.2%** |
| Engineered Machinery Holdings, Inc. | Engineered Machinery Holdings, Inc. | Engineered Machinery Holdings, Inc. | Engineered Machinery Holdings, Inc. |
| (3 mo. EUR EURIBOR + 3.500%) | (3 mo. EUR EURIBOR + 3.500%) | (3 mo. EUR EURIBOR + 3.500%) | (3 mo. EUR EURIBOR + 3.500%) |
| 72000 | 5.519 | 11/26/32 | 85064 |
| (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) |
| 159191 | 6.922 | 11/26/32 | 160067 |
|  |  |  | 245131 |
| **Commercial Services – 0.3%** | **Commercial Services – 0.3%** | **Commercial Services – 0.3%** | **Commercial Services – 0.3%** |
| Ankura Consulting Group LLC | Ankura Consulting Group LLC | Ankura Consulting Group LLC | Ankura Consulting Group LLC |
| (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) |
| 497690 | 7.365 | 12/29/31 | 485427 |
| **Diversified Financial Services – 0.5%** | **Diversified Financial Services – 0.5%** | **Diversified Financial Services – 0.5%** | **Diversified Financial Services – 0.5%** |
| Deep Blue Operating I LLC | Deep Blue Operating I LLC | Deep Blue Operating I LLC | Deep Blue Operating I LLC |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |
| 350000 | 6.593 | 10/01/32 | 350802 |
| DRW Holdings LLC | DRW Holdings LLC | DRW Holdings LLC | DRW Holdings LLC |
| (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) |
| 235113 | 7.216 | 06/26/31 | 231292 |
| GEN II Fund Services LLC | GEN II Fund Services LLC | GEN II Fund Services LLC | GEN II Fund Services LLC |
| (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) |
| 228275 | 6.422 | 11/26/31 | 228179 |
|  |  |  | 810273 |
| **Energy - Exploration & Production – 0.1%** | **Energy - Exploration & Production – 0.1%** | **Energy - Exploration & Production – 0.1%** | **Energy - Exploration & Production – 0.1%** |
| Kohler Energy Co. LLC | Kohler Energy Co. LLC | Kohler Energy Co. LLC | Kohler Energy Co. LLC |
| (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) |
| 91824 | 7.422 | 05/01/31 | 92238 |
| **Entertainment – 0.2%** | **Entertainment – 0.2%** | **Entertainment – 0.2%** | **Entertainment – 0.2%** |
| Arcis Golf LLC | Arcis Golf LLC | Arcis Golf LLC | Arcis Golf LLC |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |
| 169455 | 6.466 | 11/24/28 | 169667 |
| Crown Finance U.S., Inc. | Crown Finance U.S., Inc. | Crown Finance U.S., Inc. | Crown Finance U.S., Inc. |
| (1 mo. USD Term SOFR + 4.500%) | (1 mo. USD Term SOFR + 4.500%) | (1 mo. USD Term SOFR + 4.500%) | (1 mo. USD Term SOFR + 4.500%) |
| 247506 | 8.343 | 12/02/31 | 243670 |
|  |  |  | 413337 |
| **Food & Beverages – 0.1%** | **Food & Beverages – 0.1%** | **Food & Beverages – 0.1%** | **Food & Beverages – 0.1%** |
| Sazerac Co., Inc. | Sazerac Co., Inc. | Sazerac Co., Inc. | Sazerac Co., Inc. |
| (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) |
| 224438 | 6.500 | 07/09/32 | 224655 |
| **Insurance – 0.0%** | **Insurance – 0.0%** | **Insurance – 0.0%** | **Insurance – 0.0%** |
| Broadstreet Partners, Inc. | Broadstreet Partners, Inc. | Broadstreet Partners, Inc. | Broadstreet Partners, Inc. |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |
| 74665 | 6.466 | 06/13/31 | 74880 |
| **Internet – 0.2%** | **Internet – 0.2%** | **Internet – 0.2%** | **Internet – 0.2%** |
| Plano HoldCo, Inc. | Plano HoldCo, Inc. | Plano HoldCo, Inc. | Plano HoldCo, Inc. |
| (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) |
| 297750 | 7.172 | 10/02/31 | 288073 |

---

------

GOLDMAN SACHS INCOME FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans** – **(continued)** | **Bank Loans** – **(continued)** | **Bank Loans** – **(continued)** | **Bank Loans** – **(continued)** |
| **Machinery - Construction & Mining** – **0.0%** | **Machinery - Construction & Mining** – **0.0%** | **Machinery - Construction & Mining** – **0.0%** | **Machinery - Construction & Mining** – **0.0%** |
| Clark Equipment Co. | Clark Equipment Co. | Clark Equipment Co. | Clark Equipment Co. |
| (3 mo. USD Term SOFR + 2.000%) | (3 mo. USD Term SOFR + 2.000%) | (3 mo. USD Term SOFR + 2.000%) | (3 mo. USD Term SOFR + 2.000%) |
| 21174 | 5.672% | 04/20/29 | $21233 |
| **Media** – **0.0%** | **Media** – **0.0%** | **Media** – **0.0%** | **Media** – **0.0%** |
| Audacy Capital Corp. | Audacy Capital Corp. | Audacy Capital Corp. | Audacy Capital Corp. |
| (1 mo. USD Term SOFR + 7.000%) | (1 mo. USD Term SOFR + 7.000%) | (1 mo. USD Term SOFR + 7.000%) | (1 mo. USD Term SOFR + 7.000%) |
|  | 10.831 | 10/02/28 |  |
| **Media - Cable** – **0.0%** | **Media - Cable** – **0.0%** | **Media - Cable** – **0.0%** | **Media - Cable** – **0.0%** |
| DirecTV Financing LLC | DirecTV Financing LLC | DirecTV Financing LLC | DirecTV Financing LLC |
| (3 mo. USD Term SOFR + 5.000%) | (3 mo. USD Term SOFR + 5.000%) | (3 mo. USD Term SOFR + 5.000%) | (3 mo. USD Term SOFR + 5.000%) |
| 8836 | 9.102 | 08/02/27 | 8838 |
| **Midstream** – **0.2%** | **Midstream** – **0.2%** | **Midstream** – **0.2%** | **Midstream** – **0.2%** |
| AL GCX Holdings LLC | AL GCX Holdings LLC | AL GCX Holdings LLC | AL GCX Holdings LLC |
| (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) |
| 75000 | 5.981 | 12/17/32 | 75047 |
| Prairie ECI Acquiror LP | Prairie ECI Acquiror LP | Prairie ECI Acquiror LP | Prairie ECI Acquiror LP |
| (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) |
| 320950 | 7.466 | 08/01/29 | 322487 |
|  |  |  | 397534 |
| **Retailers** – **0.2%** | **Retailers** – **0.2%** | **Retailers** – **0.2%** | **Retailers** – **0.2%** |
| Harbor Freight Tools USA, Inc. | Harbor Freight Tools USA, Inc. | Harbor Freight Tools USA, Inc. | Harbor Freight Tools USA, Inc. |
| (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) |
| 149057 | 5.966 | 06/11/31 | 147460 |
| TruGreen LP | TruGreen LP | TruGreen LP | TruGreen LP |
| (3 mo. USD Term SOFR + 8.500%) | (3 mo. USD Term SOFR + 8.500%) | (3 mo. USD Term SOFR + 8.500%) | (3 mo. USD Term SOFR + 8.500%) |
| 210000 | 12.602 | 11/02/28 | 193595 |
|  |  |  | 341055 |
| **Technology** – **0.7%** | **Technology** – **0.7%** | **Technology** – **0.7%** | **Technology** – **0.7%** |
| Kaseya, Inc. | Kaseya, Inc. | Kaseya, Inc. | Kaseya, Inc. |
| (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) |
| 347375 | 6.716 | 03/20/32 | 347424 |
| (1 mo. USD Term SOFR + 5.000%) | (1 mo. USD Term SOFR + 5.000%) | (1 mo. USD Term SOFR + 5.000%) | (1 mo. USD Term SOFR + 5.000%) |
| 275000 | 8.716 | 03/18/33 | 268526 |
| LSF12 Crown U.S. Commercial Bidco LLC | LSF12 Crown U.S. Commercial Bidco LLC | LSF12 Crown U.S. Commercial Bidco LLC | LSF12 Crown U.S. Commercial Bidco LLC |
| (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) |
| 189447 | 7.373 | 12/02/31 | 190453 |
| Pitney Bowes, Inc. | Pitney Bowes, Inc. | Pitney Bowes, Inc. | Pitney Bowes, Inc. |
| (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) |
| 347343 | 7.422 | 03/19/32 | 344738 |
|  |  |  | 1151141 |
| **Technology - Hardware** – **0.1%** | **Technology - Hardware** – **0.1%** | **Technology - Hardware** – **0.1%** | **Technology - Hardware** – **0.1%** |
| Grinding Media, Inc. | Grinding Media, Inc. | Grinding Media, Inc. | Grinding Media, Inc. |
| (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) |
| 191575 | 7.335 | 10/12/28 | 191575 |
| **Technology - Software** – **0.2%** | **Technology - Software** – **0.2%** | **Technology - Software** – **0.2%** | **Technology - Software** – **0.2%** |
| Drake Software LLC | Drake Software LLC | Drake Software LLC | Drake Software LLC |
| (3 mo. USD Term SOFR + 4.250%) | (3 mo. USD Term SOFR + 4.250%) | (3 mo. USD Term SOFR + 4.250%) | (3 mo. USD Term SOFR + 4.250%) |
| 166869 | 7.922 | 06/26/31 | 163532 |
| iSolved, Inc. | iSolved, Inc. | iSolved, Inc. | iSolved, Inc. |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |
| 52085 | 6.466 | 10/15/30 | 52167 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans** – **(continued)** | **Bank Loans** – **(continued)** | **Bank Loans** – **(continued)** | **Bank Loans** – **(continued)** |
| **Technology - Software** – **(continued)** | **Technology - Software** – **(continued)** | **Technology - Software** – **(continued)** | **Technology - Software** – **(continued)** |
| Virtusa Corp. | Virtusa Corp. | Virtusa Corp. | Virtusa Corp. |
| (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) |
| 187993 | 6.966% | 02/15/29 | $188274 |
|  |  |  | 403973 |
| **TOTAL BANK LOANS<br>(Cost $7,078,186)** | **TOTAL BANK LOANS<br>(Cost $7,078,186)** | **TOTAL BANK LOANS<br>(Cost $7,078,186)** | $7031836 |
| **Asset-Backed Securities<sup>(a)(b)(d)</sup>** – **3.6%** | **Asset-Backed Securities<sup>(a)(b)(d)</sup>** – **3.6%** | **Asset-Backed Securities<sup>(a)(b)(d)</sup>** – **3.6%** | **Asset-Backed Securities<sup>(a)(b)(d)</sup>** – **3.6%** |
| **Collateralized Loan Obligations** – **3.6%** | **Collateralized Loan Obligations** – **3.6%** | **Collateralized Loan Obligations** – **3.6%** | **Collateralized Loan Obligations** – **3.6%** |
| 1988 CLO 3 Ltd. Series 2023-3A, Class A1R (3 mo. USD Term SOFR + 1.250%) | 1988 CLO 3 Ltd. Series 2023-3A, Class A1R (3 mo. USD Term SOFR + 1.250%) | 1988 CLO 3 Ltd. Series 2023-3A, Class A1R (3 mo. USD Term SOFR + 1.250%) | 1988 CLO 3 Ltd. Series 2023-3A, Class A1R (3 mo. USD Term SOFR + 1.250%) |
| 500000 | 5.155% | 10/15/38 | $498914 |
| 1988 CLO 5 Ltd. Series 2024-5A, Class A1 (3 mo. USD Term SOFR + 1.540%) | 1988 CLO 5 Ltd. Series 2024-5A, Class A1 (3 mo. USD Term SOFR + 1.540%) | 1988 CLO 5 Ltd. Series 2024-5A, Class A1 (3 mo. USD Term SOFR + 1.540%) | 1988 CLO 5 Ltd. Series 2024-5A, Class A1 (3 mo. USD Term SOFR + 1.540%) |
| 500000 | 5.445 | 07/15/37 | 501505 |
| Bain Capital Credit CLO Ltd. Series 2024-3A, Class A1 (3 mo. USD Term SOFR + 1.480%) | Bain Capital Credit CLO Ltd. Series 2024-3A, Class A1 (3 mo. USD Term SOFR + 1.480%) | Bain Capital Credit CLO Ltd. Series 2024-3A, Class A1 (3 mo. USD Term SOFR + 1.480%) | Bain Capital Credit CLO Ltd. Series 2024-3A, Class A1 (3 mo. USD Term SOFR + 1.480%) |
| 725000 | 5.374 | 07/16/37 | 727116 |
| Bain Capital Credit CLO Ltd. Series 2019-1A, Class DR2 (3 mo. USD Term SOFR + 3.100%) | Bain Capital Credit CLO Ltd. Series 2019-1A, Class DR2 (3 mo. USD Term SOFR + 3.100%) | Bain Capital Credit CLO Ltd. Series 2019-1A, Class DR2 (3 mo. USD Term SOFR + 3.100%) | Bain Capital Credit CLO Ltd. Series 2019-1A, Class DR2 (3 mo. USD Term SOFR + 3.100%) |
| 175000 | 6.984 | 04/19/34 | 175001 |
| CBAMR Ltd. Series 2020-12A, Class A1R2 (3 mo. USD Term SOFR + 1.250%) | CBAMR Ltd. Series 2020-12A, Class A1R2 (3 mo. USD Term SOFR + 1.250%) | CBAMR Ltd. Series 2020-12A, Class A1R2 (3 mo. USD Term SOFR + 1.250%) | CBAMR Ltd. Series 2020-12A, Class A1R2 (3 mo. USD Term SOFR + 1.250%) |
| 500000 | 4.920 | 01/20/39 | 500000 |
| CIFC Funding Ltd. Series 2022-6A, Class BR (3 mo. USD Term SOFR + 1.750%) | CIFC Funding Ltd. Series 2022-6A, Class BR (3 mo. USD Term SOFR + 1.750%) | CIFC Funding Ltd. Series 2022-6A, Class BR (3 mo. USD Term SOFR + 1.750%) | CIFC Funding Ltd. Series 2022-6A, Class BR (3 mo. USD Term SOFR + 1.750%) |
| 600000 | 5.644 | 10/16/38 | 602210 |
| Golub Capital Partners CLO 74 B Ltd. Series 2024-74A, Class A (3 mo. USD Term SOFR + 1.500%) | Golub Capital Partners CLO 74 B Ltd. Series 2024-74A, Class A (3 mo. USD Term SOFR + 1.500%) | Golub Capital Partners CLO 74 B Ltd. Series 2024-74A, Class A (3 mo. USD Term SOFR + 1.500%) | Golub Capital Partners CLO 74 B Ltd. Series 2024-74A, Class A (3 mo. USD Term SOFR + 1.500%) |
| 725000 | 5.358 | 07/25/37 | 726910 |
| Madison Park Funding LXI Ltd. Series 2023-61A, Class A (3 mo. USD Term SOFR + 1.730%) | Madison Park Funding LXI Ltd. Series 2023-61A, Class A (3 mo. USD Term SOFR + 1.730%) | Madison Park Funding LXI Ltd. Series 2023-61A, Class A (3 mo. USD Term SOFR + 1.730%) | Madison Park Funding LXI Ltd. Series 2023-61A, Class A (3 mo. USD Term SOFR + 1.730%) |
| 500000 | 7.037 | 01/20/37 | 500000 |
| Mountain View CLO XV Ltd. Series 2019-2A, Class A1R (3 mo. USD Term SOFR + 1.670%) | Mountain View CLO XV Ltd. Series 2019-2A, Class A1R (3 mo. USD Term SOFR + 1.670%) | Mountain View CLO XV Ltd. Series 2019-2A, Class A1R (3 mo. USD Term SOFR + 1.670%) | Mountain View CLO XV Ltd. Series 2019-2A, Class A1R (3 mo. USD Term SOFR + 1.670%) |
| 400000 | 5.575 | 07/15/37 | 400968 |
| Oaktree CLO Ltd. Series 2019-4A, Class ARR (3 mo. USD Term SOFR + 1.510%) | Oaktree CLO Ltd. Series 2019-4A, Class ARR (3 mo. USD Term SOFR + 1.510%) | Oaktree CLO Ltd. Series 2019-4A, Class ARR (3 mo. USD Term SOFR + 1.510%) | Oaktree CLO Ltd. Series 2019-4A, Class ARR (3 mo. USD Term SOFR + 1.510%) |
| 250000 | 5.394 | 07/20/37 | 250649 |
| OHA Credit Funding 13 Ltd. Series 2022-13A, Class AR (3 mo. USD Term SOFR + 1.350%) | OHA Credit Funding 13 Ltd. Series 2022-13A, Class AR (3 mo. USD Term SOFR + 1.350%) | OHA Credit Funding 13 Ltd. Series 2022-13A, Class AR (3 mo. USD Term SOFR + 1.350%) | OHA Credit Funding 13 Ltd. Series 2022-13A, Class AR (3 mo. USD Term SOFR + 1.350%) |
| 575000 | 5.234 | 07/20/37 | 575988 |
| THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR (3 mo. USD Term SOFR + 3.982%) | THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR (3 mo. USD Term SOFR + 3.982%) | THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR (3 mo. USD Term SOFR + 3.982%) | THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR (3 mo. USD Term SOFR + 3.982%) |
| 600000 | 7.866 | 04/18/36 | 600884 |
|  |  |  | 6060145 |
| **TOTAL ASSET-BACKED SECURITIES<br>(Cost $6,048,800)** | **TOTAL ASSET-BACKED SECURITIES<br>(Cost $6,048,800)** | **TOTAL ASSET-BACKED SECURITIES<br>(Cost $6,048,800)** | $6060145 |

---

------

GOLDMAN SACHS INCOME FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Sovereign Debt Obligations – 2.7%** | **Sovereign Debt Obligations – 2.7%** | **Sovereign Debt Obligations – 2.7%** | **Sovereign Debt Obligations – 2.7%** |
| **Euro – 0.8%** |  |  |  |
| Egypt Government International Bonds | Egypt Government International Bonds | Egypt Government International Bonds | Egypt Government International Bonds |
| 200000 | 4.750% | 04/16/26 | $234925 |
| Indonesia Government International Bonds | Indonesia Government International Bonds | Indonesia Government International Bonds | Indonesia Government International Bonds |
| 100000 | 1.100 | 03/12/33 | 97435 |
| Ivory Coast Government International Bonds<sup>(b)</sup> | Ivory Coast Government International Bonds<sup>(b)</sup> | Ivory Coast Government International Bonds<sup>(b)</sup> | Ivory Coast Government International Bonds<sup>(b)</sup> |
| 500000 | 4.875 | 01/30/32 | 569637 |
| Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
| 290000 | 2.875 | 03/11/29 | 333585 |
| 30000 | 2.625 <sup>(b)</sup> | 12/02/40 | 23163 |
|  |  |  | 1258745 |
| **United States Dollar – 1.9%** | **United States Dollar – 1.9%** |  |  |
| Abu Dhabi Government International Bonds<sup>(b)</sup> | Abu Dhabi Government International Bonds<sup>(b)</sup> | Abu Dhabi Government International Bonds<sup>(b)</sup> | Abu Dhabi Government International Bonds<sup>(b)</sup> |
| 200000 | 3.875 | 04/16/50 | 160600 |
| Argentina Republic Government International Bonds<sup>(a)</sup><sup>(h)</sup> | Argentina Republic Government International Bonds<sup>(a)</sup><sup>(h)</sup> | Argentina Republic Government International Bonds<sup>(a)</sup><sup>(h)</sup> | Argentina Republic Government International Bonds<sup>(a)</sup><sup>(h)</sup> |
| 364720 | 0.750 | 07/09/30 | 310741 |
| Benin Government International Bonds | Benin Government International Bonds | Benin Government International Bonds | Benin Government International Bonds |
| 200000 | 7.960 | 02/13/38 | 207812 |
| Dominican Republic International Bonds<sup>(b)</sup> | Dominican Republic International Bonds<sup>(b)</sup> | Dominican Republic International Bonds<sup>(b)</sup> | Dominican Republic International Bonds<sup>(b)</sup> |
| 240000 | 4.875 | 09/23/32 | 230974 |
| Ecuador Government International Bonds<sup>(b)</sup> | Ecuador Government International Bonds<sup>(b)</sup> | Ecuador Government International Bonds<sup>(b)</sup> | Ecuador Government International Bonds<sup>(b)</sup> |
| 34036 | 0.000 <sup>(e)</sup> | 07/31/30 | 29067 |
| 40000 | 6.900 (h) | 07/31/30 | 39560 |
| 46400 | 5.000 (h) | 07/31/40 | 36040 |
| Egypt Government International Bonds<sup>(b)</sup> | Egypt Government International Bonds<sup>(b)</sup> | Egypt Government International Bonds<sup>(b)</sup> | Egypt Government International Bonds<sup>(b)</sup> |
| 200000 | 8.875 | 05/29/50 | 203126 |
| Mexico Government International Bonds<sup>(a)</sup> | Mexico Government International Bonds<sup>(a)</sup> | Mexico Government International Bonds<sup>(a)</sup> | Mexico Government International Bonds<sup>(a)</sup> |
| 603000 | 3.500 | 02/12/34 | 521595 |
| Morocco Government International Bonds<sup>(b)</sup> | Morocco Government International Bonds<sup>(b)</sup> | Morocco Government International Bonds<sup>(b)</sup> | Morocco Government International Bonds<sup>(b)</sup> |
| 310000 | 3.000 | 12/15/32 | 272099 |
| Republic of Uzbekistan International Bonds<sup>(b)</sup> | Republic of Uzbekistan International Bonds<sup>(b)</sup> | Republic of Uzbekistan International Bonds<sup>(b)</sup> | Republic of Uzbekistan International Bonds<sup>(b)</sup> |
| 200000 | 3.700 | 11/25/30 | 185688 |
| Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds |
| 200000 | 6.125 | 10/24/28 | 206600 |
| 200000 | 7.625 | 04/26/29 | 214882 |
| 250000 | 7.125 | 07/17/32 | 264437 |
| 200000 | 6.500 | 09/20/33 | 203550 |
| Ukraine Government International Bonds<sup>(b)</sup><sup>(h)</sup> | Ukraine Government International Bonds<sup>(b)</sup><sup>(h)</sup> | Ukraine Government International Bonds<sup>(b)</sup><sup>(h)</sup> | Ukraine Government International Bonds<sup>(b)</sup><sup>(h)</sup> |
| 54803 | 4.500 | 02/01/29 | 40965 |
| 10241 | 0.000 | 02/01/30 | 6042 |
| 38270 | 0.000 | 02/01/34 | 18083 |
| 79801 | 4.500 | 02/01/34 | 48479 |
| 32341 | 0.000 | 02/01/35 | 18273 |
| 33651 | 4.500 | 02/01/35 | 20022 |
| 26951 | 0.000 | 02/01/36 | 15160 |
| 19229 | 4.500 | 02/01/36 | 11249 |
|  |  |  | 3265044 |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $4,648,119)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $4,648,119)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $4,648,119)** | $4523789 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 0.2%** | **Common Stocks – 0.2%** |  |
| **Financial Services(j) – 0.0%** | **Financial Services(j) – 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7945 | Yeoman Capital SA | $55618 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Shares** | **Description** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
|  **Media<sup>(f)</sup> – 0.2%** | **Media<sup>(f)</sup> – 0.2%** | **Media<sup>(f)</sup> – 0.2%** |  |  |
|  | 222 | Audacy Capital Corp. Class B | Audacy Capital Corp. Class B | $1443 |
|  | 2022 | Audacy Capital LLC<br>Class A | Audacy Capital LLC<br>Class A | 6739 |
|  | 45301 | iHeartMedia, Inc.<br>Class A | iHeartMedia, Inc.<br>Class A | 188452 |
|  | 4216 | SES SA\* | SES SA\* | 63590 |
|  |  |  |  | 260224 |
| **TOTAL COMMON STOCKS<br>(Cost $346,195)** | **TOTAL COMMON STOCKS<br>(Cost $346,195)** | **TOTAL COMMON STOCKS<br>(Cost $346,195)** | **TOTAL COMMON STOCKS<br>(Cost $346,195)** | $315842 |
| **Units** | **Units** | **Expiration**<br> **Date** | **Expiration**<br> **Date** | **Value** |
| **Rights – 0.0%** | **Rights – 0.0%** | **Rights – 0.0%** |  |  |
|  Cineworld Group PLC | Cineworld Group PLC | Cineworld Group PLC | Cineworld Group PLC | Cineworld Group PLC |
|  | 2800 | 12/31/99 | 12/31/99 | $52500 |
| **(Cost $71,148)** | **(Cost $71,148)** | **(Cost $71,148)** | **(Cost $71,148)** | **(Cost $71,148)** |
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **U.S. Treasury Obligations – 5.7%** | **U.S. Treasury Obligations – 5.7%** | **U.S. Treasury Obligations – 5.7%** | **U.S. Treasury Obligations – 5.7%** | **U.S. Treasury Obligations – 5.7%** |
|  U.S. Treasury Bills<sup>(e)</sup> | U.S. Treasury Bills<sup>(e)</sup> | U.S. Treasury Bills<sup>(e)</sup> | U.S. Treasury Bills<sup>(e)</sup> | U.S. Treasury Bills<sup>(e)</sup> |
|  $ | 6000000 | 0.000% | 02/17/26 | $5972946 |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  | 550000 | 4.750 | 05/15/55 | 541664 |
|  | 570000 | 4.750 | 08/15/55 | 561628 |
|  | 660000 | 4.625 | 11/15/55 | 637209 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  | 1910000 | 3.625 | 12/31/30 | 1901196 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $9,624,114)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $9,624,114)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $9,624,114)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $9,624,114)** | $9614643 |
| **Shares** | **Shares** | **Dividend**<br> **Rate** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(k)</sup> – 5.3%** | **Investment Company<sup>(k)</sup> – 5.3%** | **Investment Company<sup>(k)</sup> – 5.3%** | **Investment Company<sup>(k)</sup> – 5.3%** | **Investment Company<sup>(k)</sup> – 5.3%** |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
|  | 9058484 | 3.686% | 3.686% | $9058484 |
| **(Cost $9,058,484)** | **(Cost $9,058,484)** | **(Cost $9,058,484)** | **(Cost $9,058,484)** |  |
| **TOTAL INVESTMENTS – 106.7%<br>(Cost $177,932,171)** | **TOTAL INVESTMENTS – 106.7%<br>(Cost $177,932,171)** | **TOTAL INVESTMENTS – 106.7%<br>(Cost $177,932,171)** | **TOTAL INVESTMENTS – 106.7%<br>(Cost $177,932,171)** | $181176795 |
| **LIABILITIES IN EXCESS OF<br> OTHER ASSETS – (6.7)%** | **LIABILITIES IN EXCESS OF<br> OTHER ASSETS – (6.7)%** | **LIABILITIES IN EXCESS OF<br> OTHER ASSETS – (6.7)%** | **LIABILITIES IN EXCESS OF<br> OTHER ASSETS – (6.7)%** | (11407590) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $169769205 |

---

---

| | |
|:---|:---|
| 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. |
| \* | Non-income producing security. |
| (a) | Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates. |

---

------

GOLDMAN SACHS INCOME FUND

*December 31, 2025 (Unaudited)* 

(b) Exempt from registration under Rule 144A of the Securities Act of 1933.

(c) Pay-in-kind securities.

(d) Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2025.

(e) Issued with a zero coupon. Income is recognized through the accretion of discount.

(f) Security is currently in default and/or non-income producing.

(g) Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(h) Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on December 31, 2025.

(i) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $15,877,655 which represents approximately 9.4% of net assets as of December 31, 2025.

(j) Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.

(k) Represents an affiliated issuer.

------

GOLDMAN SACHS INCOME FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION** 

**UNFUNDED LOAN COMMITMENTS** — At December 31, 2025, the Fund had unfunded loan commitments which could be extended at the option of the borrowers, pursuant to the following loan agreements:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower** | **Principal<br>Amount** | **Current<br>Value** | **Unrealized<br>Gain<br>(Loss)** |
|  Kaman Corp. (NR/B2), due 02/26/32 | $31172 | $31373 | $105 |

---

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At December 31, 2025, the Fund had the following forward foreign currency exchange contracts:

**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** |
|  JPMorgan Securities, Inc. | USD | 3553486 | EUR | 3030498 | 02/25/26 | $(17085) |

---

**FORWARD SALES CONTRACTS** — At December 31, 2025, the Fund had the following forward sales contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date<sup>(a)</sup>** | **Settlement<br>Date** | **Principal<br>Amount** | **Value** |
|  Uniform Mortgage-Backed Security | 2.000% | TBA - 30yr | 01/15/25 | $(1000000) | $(807891) |
|  Uniform Mortgage-Backed Security | 4.500 | TBA - 30yr | 01/15/25 | (4000000) | (3903906) |
|  **(PROCEEDS RECEIVED: $(4711934))** |  |  |  |  | $(4711797) |

---

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

**FUTURES CONTRACTS** — At December 31, 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:** |  |  |  |  |
|  10 Year U.S. Treasury Notes | 45 | 03/20/26 | $5059687 | $(7422) |
|  2 Year U.S. Treasury Notes | 188 | 03/31/26 | 39252344 | (8408) |
|  20 Year U.S. Treasury Bonds | 8 | 03/20/26 | 924750 | (5063) |
|  5 Year U.S. Treasury Notes | 389 | 03/31/26 | 42519524 | (96124) |
|  **Total** |  |  |  | $(117017) |

---

------

GOLDMAN SACHS INCOME FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**FUTURES CONTRACTS (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Short position contracts:** |  |  |  |  |
|  Ultra 10-Year U.S. Treasury Notes | (53) | 03/20/26 | $(6095828) | $37371 |
|  Ultra Long U.S. Treasury Bonds | (44) | 03/20/26 | (5192000) | 81674 |
|  **Total** |  |  |  | $119045 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $2028 |

---

**SWAP CONTRACTS** — At December 31, 2025, the Fund had the following swap contracts:

**CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made**<br> **by the Fund** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)<sup>(a)</sup>** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  2.500%<sup>(b)</sup><br> 12M CDOR<sup>(b)</sup> | 03/18/28 | 120 | $70 | $125 | $(55) |
| 2.000<sup>(c)</sup><br> 6M EURO<sup>(b)</sup> | 03/18/29 | 390 | 5563 | 5820 | (257) |
|  12M SOFR<sup>(c)</sup><br> 3.265%<sup>(c)</sup> | 01/30/31 | $2790 | (24907) | (17041) | (7866) |
| 2.250<sup>(c)</sup><br> 6M EURO<sup>(b)</sup> | 03/18/31 | 670 | 13318 | 13668 | (350) |
| 2.500<sup>(c)</sup><br> 6M EURO<sup>(b)</sup> | 03/18/33 | 590 | 11736 | 11907 | (171) |
| 2.500<sup>(c)</sup><br> 6M EURO<sup>(b)</sup> | 03/18/36 | 380 | 17744 | 18017 | (273) |
| 3.828<sup>(c)</sup><br> 12M SOFR<sup>(c)</sup> | 01/30/56 | $790 | 45324 | 21228 | 24096 |
|  **TOTAL** |  |  | $68848 | $53724 | $15124 |

---

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2025.

(b) Payments made semi-annually.

(c) Payments made annually.

**CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced<br>Obligation/Index** | **Financing<br>Rate Received/(Paid)<br>by the Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>December 31,<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 Sold:** |  |  |  |  |  |  |  |
|  CDX.NA.HY Index 45 | 5.000% | 3.168% | 12/20/30 | $1200 | $92873 | $86992 | $5881 |
|  CDX.NA.IG Index 41 | 1.000 | 0.291 | 12/20/28 | 4990 | 101972 | 52672 | 49300 |
|  **TOTAL** |  |  |  |  | $194845 | $139664 | $55181 |

---

(a) Payments made quarterly.

(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its
counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

------

GOLDMAN SACHS INCOME FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| CAD | — Canadian Dollar |
| EUR | — Euro |
| USD | — U.S. Dollar |
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| CLO | — Collateralized Loan Obligation |
| CMT | — Constant Maturity Treasury Indexes |
| EURIBOR | — Euro Interbank Offered Rate |
| ICE | — Inter-Continental Exchange |
| LLC | — Limited Liability Company |
| LP | — Limited Partnership |
| MSCI | — Morgan Stanley Capital International |
| PIK | — Payment in kind |
| PLC | — Public Limited Company |
| REMICS | — Real Estate Mortgage Investment Conduits |
| SOFR | — Secured Overnight Financing Rate |
| STACR | — Structured Agency Credit Risk |
| **Abbreviations:** | **Abbreviations:** |
| CDOR | — Canadian Dollar Offered Rate |
| CDX.NA.HY Ind 45 | — CDX North America High Yield Index 45 |
| CDX.NA.IG Ind 41 | — CDX North America Investment Grade Index 41 |
| EURO | — Euro Offered Rate |
| SOFR | — Secured Overnight Financing Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

*December 31, 2025 (Unaudited)* 

**NOTES TO THE SCHEDULE OF INVESTMENTS** 

**Investment Valuation** — The Funds' valuation policy is to value investments at fair value.

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds' policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM's and GSAMI's assumptions in determining fair value measurement).

The Board of Trustees ("Trustees") has approved valuation procedures that govern the valuation of the portfolio investments held by the Funds ("Valuation Procedures"), including investments for which market quotations are not readily available. With respect to the Funds' investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the "Valuation Designee"). GSAM and GSAMI have day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds' investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM and GSAMI regularly perform price verification procedures and issue challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

**Level 1 and Level 2 Fair Value Investments** — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

**Equity Securities** — Equity securities traded on a United States ("U.S.") securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM and GSAMI to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e., where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under the Valuation Procedures and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

*December 31, 2025 (Unaudited)* 

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

**Underlying Funds (including Money Market Funds)** — Underlying funds ("Underlying Funds") include exchange-traded funds ("ETFs") and other investment companies. Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Fund's shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund's accounting policies and investment holdings, please see the Underlying Fund's financial statements at SEC.gov.

**Debt Securities** — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i. Bank Loans** — Bank loans ("Loans") are interests in amounts owed by corporate, governmental, or other borrowers to lenders or lending syndicates. Loans are arranged through private negotiations between the borrower and one or more financial institutions ("Lenders"). A Fund's investments in Loans are in the form of either participations in Loans ("Participations") or assignments of all or a portion of Loans from third parties ("Assignments"). With respect to Participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participations and only upon receipt by the Lender of the payments from the borrower. A Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement with respect to Participations. Conversely, assignments result in a Fund having a direct contractual relationship with the borrower, and a Fund may be permitted to enforce compliance by the borrower with the terms of the loan agreement.

The Dynamic Bond and Income Funds may also enter into certain credit arrangements, all or a portion of which may be unfunded. Unfunded loan commitments represent the remaining obligation of a Fund to the borrower. A Fund is obligated to fund these commitments at the borrower's discretion. A Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit of a loan. All loans and unfunded loan commitments involve interest rate risk, liquidity risk and credit risk, including the potential default or insolvency of the borrower. Loans, including unfunded loan commitments, are marked to market daily using pricing vendor quotations and the change in value, if any, is recorded as an unrealized gain or loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii. Commercial Paper** — Commercial paper normally represents short-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations, finance companies and other issuers. Commercial paper consists of direct U.S. dollar-denominated obligations of domestic or foreign issuers. Asset-backed commercial paper is issued by a special purpose entity that is organized to issue the commercial paper and to purchase trade receivables or other financial assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii. Inverse Floaters** — The interest rate on inverse floating rate securities ("inverse floaters") resets in the opposite direction from the market rate of interest to which the inverse floaters are indexed. An inverse floater may be considered to be leveraged to the extent that its interest rate varies by a magnitude that exceeds the magnitude of the change in the index rate of interest. The higher the degree of leverage of an inverse floater, the greater the volatility of its market value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv. Mortgage-Backed and Asset-Backed Securities** — Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of other assets or receivables. The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market's perception of the creditworthiness of the issuers.

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

*December 31, 2025 (Unaudited)* 

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a subordinated claim on collateral.

Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all interest payments (interest-only, or "IO" and/or high coupon rate with relatively low principal amount, or "IOette"), and the other that receives substantially all principal payments (principal-only, or "PO") from a pool of mortgage loans. Little to no principal will be received at the maturity of an IO; as a result, periodic adjustments are recorded to reduce the cost of the security until maturity. These adjustments are included in interest income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**v. Mortgage Dollar Rolls** — Mortgage dollar rolls are transactions whereby a Fund sells mortgage-backed-securities and simultaneously contracts with the same counterparty to repurchase similar securities on a specified future date. During the settlement period, a Fund will not be entitled to accrue interest and receive principal payments on the securities sold. The Funds account for mortgage dollar roll transactions as purchases and sales and realize gains and losses on these transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**vi. Structured Notes** — The values of structured notes are based on the price movements of a reference security or index. Upon termination, a Fund will receive a payment from the issuer based on the value of the referenced instrument (notional amount multiplied by price of the referenced instrument) and record a realized gain or loss. Structured notes that are exchange traded are generally classified as Level 1 of the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**vii. When-Issued Securities and Forward Commitments** — When-issued securities, including TBA ("To Be Announced") securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to a Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on other investments. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

**Derivative Contracts** — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter ("OTC") and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

*December 31, 2025 (Unaudited)* 

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i. Forward Contracts** — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.

A *forward foreign currency exchange contract* is a forward contract in which a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii. Futures Contracts** — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii. Options** — When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on swap contracts.

Upon the purchase of a call option or a put option by a Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv. Swap Contracts** — Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member ("DCM"), acting in an agency capacity, and submitted to a central counterparty ("CCP") ("centrally cleared swaps"), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

An *interest rate swap* is an agreement that obligates two parties to exchange a series of cash flows at specified intervals, based upon or calculated by reference to changes in interest rates on a specified notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.

A *credit default swap* is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. A Fund's investment in credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If a Fund buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

*December 31, 2025 (Unaudited)* 

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

counterparty. Upon the occurrence of a specified credit event, a Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. A Fund may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.

As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, a Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, a Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, a Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement.

The maximum potential amount of future payments (undiscounted) that a Fund as seller of protection could be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts received from a settlement of a credit default swap for the same reference security or obligation where a Fund bought credit protection.

A *total return swap* is an agreement that gives a Fund the right to receive or pay the appreciation or depreciation, as applicable, in the value of a specified security, an index, a basket of securities or indices, or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset declines in value over the term of the swap, a Fund may also be required to pay the dollar value of that decline to the counterparty.

**Level 3 Fair Value Investments** — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM or GSAMI believes that such quotations do not accurately reflect fair value, the fair value of a Fund's investments may be determined under the Valuation Procedures. GSAM and GSAMI, consistent with their procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund's NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

*December 31, 2025 (Unaudited)* 

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

**Fair Value Hierarchy** — The following is a summary of the Funds' investments and derivatives classified in the fair value hierarchy as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **BOND FUND**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations | $— | $214385656 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations |  | 101302656 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 48379128 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 37947501 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 3762935 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations |  | 3487846 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 2580502 |  |
|  Investment Company | 5707038 |  |  |
| **Total** | $54086166 | $363467096 | $— |
| **Liabilities** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations — Forward Sales Contracts | $— | $(37348512) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $2618881 | $— |
|  Futures Contracts<sup>(a)</sup> | 326932 |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | 3696420 |  |
|  Credit Default Swap Contracts<sup>(a)</sup> |  | 152230 |  |
|  Purchased Option Contracts |  | 990715 |  |
| **Total** | $326932 | $7458246 | $— |
| **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $(1938954) | $— |
|  Futures Contracts<sup>(a)</sup> | (621494) |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | (1629281) |  |
|  Written Option Contracts |  | (918835) |  |
| **Total** | $(621494) | $(4487070) | $— |

---

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

*December 31, 2025 (Unaudited)* 

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **CORE FIXED INCOME FUND**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations | $— | $1099106956 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 742985646 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations |  | 546676344 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 254688541 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 24752330 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agency Debentures |  | 23614472 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations |  | 11403600 |  |
|  Investment Company | 63957576 |  |  |
|  Short-term Investments |  | 30295921 |  |
| **Total** | $806943222 | $1990538164 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Liabilities** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations — Forward Sales Contracts | $— | $(155351961) | $— |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Futures Contracts<sup>(a)</sup> | $812315 | $— | $— |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | 12247811 |  |
|  Credit Default Swap Contracts<sup>(a)</sup> |  | 1721473 |  |
|  Purchased Option Contracts |  | 643799 |  |
| **Total** | $812315 | $14613083 | $— |
| **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $(42365) | $— |
|  Futures Contracts<sup>(a)</sup> | (3269903) |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | (5667728) |  |
|  Written Option Contracts |  | (1242721) |  |
| **Total** | $(3269903) | $(6952814) | $— |

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

*December 31, 2025 (Unaudited)* 

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

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| | | | |
|:---|:---|:---|:---|
| **DYNAMIC BOND FUND**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations | $— | $915323965 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 328558967 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 289140139 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations |  | 234951396 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 55708857 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 26629393 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations |  | 7304257 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded Loan Committment<sup>(a)</sup> |  | 630 |  |
|  Common Stock and/or Other Equity Investments<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 1007614 |  |  |
|  Rights |  | 315000 |  |
|  Investment Company | 127746592 |  |  |
|  Short-term Investments |  | 50131622 |  |
| **Total** | $457313173 | $1579505259 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Liabilities** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations — Forward Sales Contracts | $— | $(349715172) | $— |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $28992303 | $— |
|  Futures Contracts<sup>(a)</sup> | 2844176 |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | 42814163 |  |
|  Credit Default Swap Contracts<sup>(a)</sup> |  | 1528563 |  |
|  Total Return Swap Contracts<sup>(a)</sup> |  | 2048480 |  |
|  Purchased Option Contracts |  | 12000037 |  |
| **Total** | $2844176 | $87383546 | $— |
| **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $(21304130) | $— |
|  Futures Contracts<sup>(a)</sup> | (1475060) |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | (19712570) |  |
|  Written Option Contracts |  | (11173057) |  |
| **Total** | $(1475060) | $(52189757) | $— |

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

*December 31, 2025 (Unaudited)* 

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **GLOBAL CORE FIXED INCOME FUND**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations | $— | $341511413 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations | 171293228 | 71949098 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations |  | 195453431 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 76471149 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 41926588 |  |  |
|  Exchange Traded Funds | 314481 |  |  |
|  Investment Company | 35662989 |  |  |
| **Total** | $249197286 | $685385091 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Liabilities** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations — Forward Sales Contracts | $— | $(16681193) | $— |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $3123644 | $— |
|  Futures Contracts<sup>(a)</sup> | 799624 |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | 8474499 |  |
|  Credit Default Swap Contracts<sup>(a)</sup> |  | 624757 |  |
|  Purchased Option Contracts |  | 415555 |  |
| **Total** | $799624 | $12638455 | $— |
| **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $(4128368) | $— |
|  Futures Contracts<sup>(a)</sup> | (1632466) |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | (4179395) |  |
|  Credit Default Swap Contracts<sup>(a)</sup> |  | (46551) |  |
|  Written Option Contracts |  | (790769) |  |
| **Total** | $(1632466) | $(9145083) | $— |

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

*December 31, 2025 (Unaudited)* 

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **INCOME FUND**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $122463292 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations |  | 22056264 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 9614643 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 7031836 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 6060145 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 4523789 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded Loan Committment |  | 105 |  |
|  Common Stock and/or Other Equity Investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe |  | 63590 | 55618 |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 188452 | 8182 |  |
|  Rights |  | 52500 |  |
|  Investment Company | 9058484 |  |  |
| **Total** | $18861579 | $162259703 | $55618 |
| **Liabilities** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations — Forward Sales Contracts | $— | $(4711797) | $— |
| **Derivative Type** |  |  |  |
| **Assets<sup>(a)</sup>** |  |  |  |
|  Futures Contracts | $119045 | $— | $— |
|  Interest Rate Swap Contracts |  | 24096 |  |
|  Credit Default Swap Contracts |  | 55181 |  |
| **Total** | $119045 | $79277 | $— |
| **Liabilities<sup>(a)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $(17085) | $— |
|  Futures Contracts | (117017) |  |  |
|  Interest Rate Swap Contracts |  | (8972) |  |
| **Total** | $(117017) | $(26057) | $— |

---

<sup>(a)</sup> Amount shown represents unrealized gain (loss) at period end.

<sup>(b)</sup> Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Fund utilizes fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification.

For further information regarding security characteristics, see the Schedules of Investments.

The Funds' risks include, but are not limited to, the following:

**Collateralized Loan Obligations Risk** — The Funds may invest in collateralized loan obligations ("CLOs") and other similarly structured investments. A CLO is an asset-backed security whose underlying collateral is a pool of loans, which may include, among others, floating rate and fixed rate senior secured loans, senior unsecured loans, and subordinate corporate loans, including

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

*December 31, 2025 (Unaudited)* 

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

loans that may be rated below investment grade or equivalent unrated loans. In addition to the normal risks associated with loan- and credit-related securities discussed elsewhere in the Prospectus (e.g., loan-related investments risk, interest rate risk and default risk), investments in CLOs carry additional risks including, but not limited to, the risk that: (i) distributions from the collateral may not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Funds may invest in tranches of CLOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; and (v) the CLO's manager may perform poorly.

**Credit/Default Risk** — An issuer or guarantor of a security held by the Funds, or a bank or other financial institution that has entered into a repurchase agreement with the Funds, may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair a Fund's liquidity and cause significant deterioration in NAV.

**Derivatives Risk** — The Funds' use of derivatives and other similar instruments (collectively referred to in this paragraph as "derivatives") may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Funds. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligation, liquidity risk, which includes the risk that the Funds will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Funds will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

**Foreign and Emerging Countries Risk** — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund's liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that the Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

**Interest Rate Risk** — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

*December 31, 2025 (Unaudited)* 

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of a Fund's investments, which would make it harder for the Fund to sell its investments at an advantageous time.

**Investments in Other Investment Companies Risk** — As a shareholder of another investment company, including an ETF, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein. ETFs are subject to risks that do not apply to conventional mutual funds, including, but not limited to, the following: (i) the market price of the ETF's shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF's shares may not develop or be maintained.

**Large Shareholder Transactions Risk** — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund's NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund's current expenses being allocated over a smaller asset base, leading to an increase in a Fund's expense ratio. Similarly, large Fund share purchases may adversely affect a Fund's performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

**Loan-Related Investments Risk** — In addition to risks generally associated with debt investments (e.g., interest rate risk and default risk), loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be or become illiquid or less liquid, or lose all or substantially all of its value subsequent to investment. Many loan investments are subject to legal or contractual restrictions on resale and certain loan investments may be or become illiquid or less liquid and more difficult to value, particularly in the event of a downgrade of the loan or the borrower. There is less readily available, reliable information about most loan investments than is the case for many other types of securities. Substantial increases in interest rates may cause an increase in loan obligation defaults. With respect to loan participations, a Fund may not always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or interest; may be subject to greater delays, expenses and risks than if a Fund had purchased a direct obligation of the borrower; and may be regarded as the creditor of the agent lender (rather than the borrower), subjecting a Fund to the creditworthiness of that lender as well. Investors in loans, such as a Fund, may not be entitled to rely on the anti-fraud protections of the federal securities laws, although they may be entitled to certain contractual remedies. The market for loan obligations may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Because transactions in many loans are subject to extended trade settlement periods, a Fund may not receive the proceeds from the sale of a loan for a period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet a Fund's redemption obligations for a period after the sale of the loans, and, as a result, a Fund may have to sell other investments or engage in borrowing transactions, such as borrowing from its credit facility, if necessary to raise cash to meet its obligations.

Senior Loans hold the most senior position in the capital structure of a business entity, and are typically secured with specific collateral, but are nevertheless usually rated below investment grade. Because Second Lien Loans are subordinated or unsecured and thus lower in priority of payment to Senior Loans, they are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. Second Lien Loans generally have greater price volatility than Senior Loans and may be less liquid.

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

*December 31, 2025 (Unaudited)* 

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

**Market and Credit Risks** — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which a Fund has unsettled or open transactions defaults.

**Mortgage-Backed and Other Asset-Backed Securities Risk** — Mortgage-related and other asset-backed securities are subject to credit/ default, interest rate and certain additional risks, including "extension risk" (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and "prepayment risk" (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing the Funds to reinvest proceeds at lower prevailing interest rates). Due to these risks, asset-backed securities may become more volatile in certain interest rate environments. Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities, particularly during periods of rising interest rates. Other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk.

**Non-Investment Grade Fixed Income Securities Risk** — Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as "junk bonds") are considered speculative and are subject to the increased risk of an issuer's inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity. The Funds may purchase the securities of issuers that are in default.

**Portfolio Turnover Rate Risk** — A high rate of portfolio turnover may involve correspondingly greater expenses which must be borne by the Funds and their shareholders, and is also likely to result in short-term capital gains taxable to shareholders.

**Short Position Risk** — A Fund may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that a Fund may purchase for investment. Taking short positions involves leverage of a Fund's assets and presents various risks, including counterparty risk. If the value of the underlying instrument or market in which a Fund has taken a short position increases, then the Fund will incur a loss equal to the increase in value from the time that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount invested, and may be unlimited. To the extent that a Fund uses the proceeds it receives from a short position to take additional long positions, the risks associated with the short position, including leverage risks, may be heightened, because doing so increases the exposure of a Fund to the markets and therefore could magnify changes to a Fund's NAV.

**U.S. Government Securities Risk** — The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. government securities issued by those agencies, instrumentalities and sponsored enterprises, including those issued by Fannie Mae, Freddie Mac and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities held by the Funds may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S.

------

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

*December 31, 2025 (Unaudited)* 

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

government securities will not have the funds to meet their payment obligations in the future. Fannie Mae and Freddie Mac have been operating under conservatorship, with the Federal Housing Finance Agency ("FHFA") acting as their conservator, since September 2008. The entities are dependent upon the continued support of the U.S. Department of the Treasury and FHFA in order to continue their business operations. These factors, among others, could affect the future status and role of Fannie Mae and Freddie Mac and the value of their securities and the securities which they guarantee. Additionally, the U.S. government and its agencies and instrumentalities do not guarantee the market values of their securities, which may fluctuate.

## 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 Bond Fund

- **b. EDGAR series identifier (if any):** S000013795

- **c. LEI of Series:** K5ZYN8ZUQE8S5OUPBU26

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

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-12-31

**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:** $529268573.90

**Total Liabilities:** $173234168.27

**Net Assets:** $356034405.63

**Delayed Delivery Securities:** $6431250.00

**Cash Not Reported:** $8410826.42

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -461.40000000 | **1-Year:** -11265.67000000 | **5-Year:** -32928.97000000 | **10-Year:** -19405.63000000 | **30-Year:** -5266.13000000

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

- **3-Month:** -67.18000000 | **1-Year:** -4615.75000000 | **5-Year:** -16800.50000000 | **10-Year:** -2799.23000000 | **30-Year:** -3040.87000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000037818 | 0.89%                | 0.65%                | -0.05%               |
| Class ID C000037819 | 0.82%                | 0.59%                | -0.11%               |
| Class ID C000037820 | 0.91%                | 0.68%                | -0.02%               |
| Class ID C000041010 | 0.87%                | 0.64%                | -0.07%               |
| Class ID C000058984 | 0.86%                | 0.63%                | -0.07%               |
| Class ID C000058985 | 0.91%                | 0.68%                | -0.03%               |
| Class ID C000161293 | 0.92%                | 0.79%                | -0.02%               |
| Class ID C000202041 | 0.91%                | 0.79%                | -0.02%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-563832.69              | $700467.11                                 |
| Month 2  | $-297524.31              | $1106618.74                                |
| Month 3  | $-161767.93              | $-1068852.09                               |

**Designated Index Information**

- **Index Name:** Bloomberg Barclays U.S. Aggregate Bond Index

- **Index Identifier:** LMUSXXXCCJ

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AT&T INC                                                 | AT&T Inc                                                                                                                               | CUSIP: 00206RJX1<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     336000 | PA      | $328453.44    | 0.09%             | 2027-06-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                 | AT&T Inc                                                                                                                               | CUSIP: 00206RJY9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     500000 | PA      | $459295.00    | 0.13%             | 2031-06-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                 | AT&T Inc                                                                                                                               | CUSIP: 00206RKG6<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     100000 | PA      | $95291.00     | 0.03%             | 2028-02-01      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Access Group Inc                                         | AccessLex Institute                                                                                                                    | CUSIP: 00432CBN0<br>LEI: 635400C9RW3TYNTIJP57 | Long             | ABS-O            | CORP              | US        |     170289 | PA      | $168376.91    | 0.05%             | 2033-09-26      | Floating      | 4.52%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                                   | Acrisure LLC / Acrisure Finance Inc                                                                                                    | CUSIP: 004961AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     280000 | PA      | $287966.00    | 0.08%             | 2032-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ACUSHNET CO                                              | Acushnet Co                                                                                                                            | CUSIP: 005095AB0<br>LEI: 549300H805O14KEFES79 | Long             | DBT              | CORP              | US        |     165000 | PA      | $167169.75    | 0.05%             | 2033-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Adient US LLC                                            | Adient US LLC 2024 Term Loan B2                                                                                                        | CUSIP: 00687MAH4<br>LEI: 213800SOTRCDGZUHL712 | Long             | LON              | CORP              | US        |     663188 | PA      | $665263.28    | 0.19%             | 2031-01-31      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| AECOM                                                    | AECOM                                                                                                                                  | CUSIP: 00766TAE0<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | DBT              | CORP              | US        |     517000 | PA      | $529718.20    | 0.15%             | 2033-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                                                                              | CUSIP: 00774MAW5<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |     675000 | PA      | $654426.00    | 0.18%             | 2028-10-29      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                                                                              | CUSIP: 00774MAY1<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |     275000 | PA      | $248811.75    | 0.07%             | 2033-10-29      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| ADVENTIST HEALTH SYS/W                                   | Adventist Health System/West                                                                                                           | CUSIP: 007944AK7<br>LEI: 5493008YM33UCY5QPW83 | Long             | DBT              | CORP              | US        |     235000 | PA      | $242365.08    | 0.07%             | 2034-12-01      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| ADVENTIST HEALTH SYS/W                                   | Adventist Health System/West                                                                                                           | CUSIP: 007944AN1<br>LEI: 5493008YM33UCY5QPW83 | Long             | DBT              | CORP              | US        |    1095000 | PA      | $1099118.26   | 0.31%             | 2030-12-01      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                                           | Air Lease Corp                                                                                                                         | CUSIP: 00914AAB8<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |     875000 | PA      | $873005.00    | 0.25%             | 2026-06-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                                   | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC                                                                  | CUSIP: 01309QAC2<br>LEI: 549300YKWOC0AOR16R51 | Long             | DBT              | CORP              | US        |     255000 | PA      | $257998.80    | 0.07%             | 2031-03-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                                   | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC                                                                  | CUSIP: 01309QAD0<br>LEI: 549300YKWOC0AOR16R51 | Long             | DBT              | CORP              | US        |     330000 | PA      | $331240.80    | 0.09%             | 2034-03-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ALCON FINANCE CORP                                       | Alcon Finance Corp                                                                                                                     | CUSIP: 01400EAB9<br>LEI: 549300CUZUI9VU7XNK42 | Long             | DBT              | CORP              | US        |     933000 | PA      | $894233.85    | 0.25%             | 2029-09-23      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ALEXANDRIA REAL ESTATE E                                 | Alexandria Real Estate Equities Inc                                                                                                    | CUSIP: 015271AR0<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              |  | US        |     350000 | PA      | $327096.00    | 0.09%             | 2031-08-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| ALLEGION US HOLDING CO                                   | Allegion US Holding Co Inc                                                                                                             | CUSIP: 01748NAF1<br>LEI: 5493002B66JX7J7SXI33 | Long             | DBT              | CORP              | US        |     256000 | PA      | $267322.88    | 0.08%             | 2034-05-29      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                | Uniform Mortgage-Backed Security, TBA                                                                                                  | CUSIP: 01F020612<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |   -8000000 | PA      | $-6463124.80  | -1.82%            | 2055-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                | Uniform Mortgage-Backed Security, TBA                                                                                                  | CUSIP: 01F022618<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    3000000 | PA      | $2535351.60   | 0.71%             | 2055-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                | Uniform Mortgage-Backed Security, TBA                                                                                                  | CUSIP: 01F030611<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |   -6000000 | PA      | $-5302968.60  | -1.49%            | 2056-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                | Uniform Mortgage-Backed Security, TBA                                                                                                  | CUSIP: 01F032625<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    7000000 | PA      | $6444648.70   | 1.81%             | 2056-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                | Uniform Mortgage-Backed Security, TBA                                                                                                  | CUSIP: 01F040610<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    2000000 | PA      | $1896718.80   | 0.53%             | 2056-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                | Uniform Mortgage-Backed Security, TBA                                                                                                  | CUSIP: 01F042616<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |  -13000000 | PA      | $-12687695.80 | -3.56%            | 2055-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                | Uniform Mortgage-Backed Security, TBA                                                                                                  | CUSIP: 01F050619<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    8000000 | PA      | $7980000.00   | 2.24%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                | Uniform Mortgage-Backed Security, TBA                                                                                                  | CUSIP: 01F050619<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |  -17000000 | PA      | $-16957500.00 | -4.76%            | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                | Uniform Mortgage-Backed Security, TBA                                                                                                  | CUSIP: 01F052615<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   32000000 | PA      | $32446249.60  | 9.11%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                | Uniform Mortgage-Backed Security, TBA                                                                                                  | CUSIP: 01F060618<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    7000000 | PA      | $7186211.20   | 2.02%             | 2055-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                | Uniform Mortgage-Backed Security, TBA                                                                                                  | CUSIP: 01F062614<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |   -3000000 | PA      | $-3117070.20  | -0.88%            | 2055-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ALUMINA PTY LTD                                          | Alumina Pty Ltd                                                                                                                        | CUSIP: 02220AAA5<br>LEI: 2138002VD9MW2WT8HR38 | Long             | DBT              | CORP              | AU        |     285000 | PA      | $293934.75    | 0.08%             | 2030-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ALUMINA PTY LTD                                          | Alumina Pty Ltd                                                                                                                        | CUSIP: 02220AAB3<br>LEI: 2138002VD9MW2WT8HR38 | Long             | DBT              | CORP              | AU        |     240000 | PA      | $249076.80    | 0.07%             | 2032-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| AMEREN CORP                                              | Ameren Corp                                                                                                                            | CUSIP: 023608AJ1<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | DBT              | CORP              | US        |     125000 | PA      | $120195.00    | 0.03%             | 2031-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| American Express Credit Account Master Trust             | American Express Credit Account Master Trust                                                                                           | CUSIP: 02582JKR0<br>LEI: 549300Y4SA5G3GIJTP18 | Long             | ABS-O            | CORP              | US        |    1050000 | PA      | $1070236.29   | 0.30%             | 2032-04-15      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| AMERICAN HOMES 4 RENT                                    | American Homes 4 Rent LP                                                                                                               | CUSIP: 02666TAC1<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              |  | US        |     180000 | PA      | $160923.60    | 0.05%             | 2031-07-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| AMERICAN INTL GROUP                                      | American International Group Inc                                                                                                       | CUSIP: 026874DR5<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | DBT              | CORP              | US        |     250000 | PA      | $241227.50    | 0.07%             | 2030-06-30      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| American Municipal Power Inc                             | AMERICAN MUNI PWR-OHIO INC OH REVENUE                                                                                                  | CUSIP: 02765UEQ3<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |     230000 | PA      | $237540.14    | 0.07%             | 2050-02-15      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                                | Amgen Inc                                                                                                                              | CUSIP: 031162DQ0<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    1278000 | PA      | $1325835.54   | 0.37%             | 2030-03-02      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AMKOR TECHNOLOGY INC                                     | Amkor Technology Inc                                                                                                                   | CUSIP: 031652BL3<br>LEI: 529900VHLRTKPWZJBM84 | Long             | DBT              | CORP              | US        |     164000 | PA      | $167785.12    | 0.05%             | 2033-10-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| AMNEAL PHARMACEUTICALS L                                 | Amneal Pharmaceuticals LLC                                                                                                             | CUSIP: 03168LAA3<br>LEI: 54930037VIXE7LRZ1M66 | Long             | DBT              | CORP              | US        |     234000 | PA      | $247347.36    | 0.07%             | 2032-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                 | Angel Oak Mortgage Trust 2019-6                                                                                                        | CUSIP: 03464VAE4<br>LEI: 2549003MM0537Y3QHI22 | Long             | ABS-MBS          | CORP              | US        |     850000 | PA      | $824003.86    | 0.23%             | 2059-11-25      | Variable      | 3.94%                 | No            |                  2 | On Loan: No      |
| APPLOVIN CORP                                            | AppLovin Corp                                                                                                                          | CUSIP: 03831WAD0<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | DBT              | CORP              | US        |     226000 | PA      | $232196.92    | 0.07%             | 2034-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ASCENSION HEALTH                                         | Ascension Health                                                                                                                       | CUSIP: 04351LAE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     485000 | PA      | $485734.07    | 0.14%             | 2035-11-15      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                                      | Ashtead Capital Inc                                                                                                                    | CUSIP: 045054AS2<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |     301000 | PA      | $315634.62    | 0.09%             | 2034-04-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| ATKORE INC                                               | Atkore Inc                                                                                                                             | CUSIP: 047649AA6<br>LEI: 52990002TI38AM4RPV48 | Long             | DBT              | CORP              | US        |      15000 | PA      | $14382.45     | 0.00%             | 2031-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| AUTONATION INC                                           | AutoNation Inc                                                                                                                         | CUSIP: 05329WAQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     450000 | PA      | $454297.50    | 0.13%             | 2030-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                         | BAT Capital Corp                                                                                                                       | CUSIP: 05526DBZ7<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    1050000 | PA      | $1124833.50   | 0.32%             | 2034-02-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC              | BBCMS 2018-TALL Mortgage Trust                                                                                                         | CUSIP: 05548WAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     650000 | PA      | $614883.09    | 0.17%             | 2037-03-15      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC              | BBCMS 2018-TALL Mortgage Trust                                                                                                         | CUSIP: 05548WAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     225000 | PA      | $202818.02    | 0.06%             | 2037-03-15      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC              | BBCMS Mortgage Trust 2024-5C29                                                                                                         | CUSIP: 05555PAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     700000 | PA      | $719304.73    | 0.20%             | 2057-09-15      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| BFLD Trust                                               | BFLD Commercial Mortgage Trust 2025-660F                                                                                               | CUSIP: 05556QAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1000000 | PA      | $1003846.75   | 0.28%             | 2042-11-15      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                                  | BPCE SA                                                                                                                                | CUSIP: 05583JAE2<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |     525000 | PA      | $529305.00    | 0.15%             | 2028-09-12      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                                       | BMO 2023-C7 Mortgage Trust                                                                                                             | CUSIP: 05593FAD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     900000 | PA      | $967234.01    | 0.27%             | 2056-12-15      | Fixed         | 6.16%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                 | BX Trust 2025-ROIC                                                                                                                     | CUSIP: 05593VAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     697280 | PA      | $696124.62    | 0.20%             | 2030-03-15      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| BWAY Mortgage Trust                                      | BWAY 2013-1515 Mortgage Trust                                                                                                          | CUSIP: 05604FAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     637612 | PA      | $604830.43    | 0.17%             | 2033-03-10      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                 | BX Commercial Mortgage Trust 2024-XL4                                                                                                  | CUSIP: 05611VAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1020839 | PA      | $1020842.59   | 0.29%             | 2039-02-15      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                 | BX Trust 2024-BIO                                                                                                                      | CUSIP: 05612AAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1050000 | PA      | $1046018.72   | 0.29%             | 2041-02-15      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                 | BX Commercial Mortgage Trust 2024-XL5                                                                                                  | CUSIP: 05612GAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     386983 | PA      | $386777.85    | 0.11%             | 2041-03-15      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                 | BX 2024-BRVE                                                                                                                           | CUSIP: 05612KAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     812944 | PA      | $812859.33    | 0.23%             | 2041-04-15      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                 | BX 2024-BRVE                                                                                                                           | CUSIP: 05612KAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     478202 | PA      | $478773.29    | 0.13%             | 2041-04-15      | Floating      | 6.29%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                 | BX Commercial Mortgage Trust 2024-VLT5                                                                                                 | CUSIP: 05614JAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     450000 | PA      | $455031.00    | 0.13%             | 2046-11-13      | Variable      | 5.41%                 | No            |                  2 | On Loan: No      |
| BSTN Commercial Mortgage Trust                           | BSTN Commercial Mortgage Trust 2025-1C                                                                                                 | CUSIP: 05615EAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     675000 | PA      | $693410.19    | 0.19%             | 2044-06-15      | Variable      | 5.37%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                 | BX Trust 2025-ARIA                                                                                                                     | CUSIP: 05619TAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1400000 | PA      | $1408690.84   | 0.40%             | 2042-12-13      | Variable      | 5.03%                 | No            |                  2 | On Loan: No      |
| BLP Commercial Mortgage Trust                            | BLP Commercial Mortgage Trust 2024-IND2                                                                                                | CUSIP: 05625AAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     535410 | PA      | $535350.71    | 0.15%             | 2041-03-15      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                                       | Banco Santander SA                                                                                                                     | CUSIP: 05964HAB1<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |     600000 | PA      | $601230.00    | 0.17%             | 2027-04-11      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                                       | Banco Santander SA                                                                                                                     | CUSIP: 05964HAV7<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |     600000 | PA      | $665142.00    | 0.19%             | 2033-08-08      | Fixed         | 6.92%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                                       | Banco Santander SA                                                                                                                     | CUSIP: 05971KAG4<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |     200000 | PA      | $182174.00    | 0.05%             | 2030-12-03      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE                                 | Banco Mercantil del Norte SA/Grand Cayman                                                                                              | CUSIP: 05973KAA5<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |     260000 | PA      | $258325.60    | 0.07%             | 2027-01-24      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Bank                                                     | BANK 2017-BNK6                                                                                                                         | CUSIP: 060352AF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     525000 | PA      | $519623.78    | 0.15%             | 2060-07-15      | Fixed         | 3.52%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                     | Bank of America Corp                                                                                                                   | CUSIP: 06051GGF0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     525000 | PA      | $523698.00    | 0.15%             | 2028-01-20      | Fixed         | 3.82%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                     | Bank of America Corp                                                                                                                   | CUSIP: 06051GHM4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     750000 | PA      | $753165.00    | 0.21%             | 2029-07-23      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                     | Bank of America Corp                                                                                                                   | CUSIP: 06051GHZ5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      75000 | PA      | $69855.75     | 0.02%             | 2031-02-13      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                     | Bank of America Corp                                                                                                                   | CUSIP: 06051GJF7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     600000 | PA      | $538956.00    | 0.15%             | 2031-07-23      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                     | Bank of America Corp                                                                                                                   | CUSIP: 06051GKC2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     475000 | PA      | $417392.00    | 0.12%             | 2036-09-21      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                     | Bank of America Corp                                                                                                                   | CUSIP: 06051GKQ1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     275000 | PA      | $274392.25    | 0.08%             | 2033-04-27      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                     | Bank of America Corp                                                                                                                   | CUSIP: 06051GKW8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     550000 | PA      | $557700.00    | 0.16%             | 2028-07-22      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                     | Bank of America Corp                                                                                                                   | CUSIP: 06051GLG2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    1600000 | PA      | $1638960.00   | 0.46%             | 2029-04-25      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Bank                                                     | BANK 2025-BNK50                                                                                                                        | CUSIP: 064908AN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     575000 | PA      | $609459.45    | 0.17%             | 2068-05-15      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| Bank                                                     | BANK 2021-BNK35                                                                                                                        | CUSIP: 06540CBF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     950000 | PA      | $843395.32    | 0.24%             | 2064-06-15      | Fixed         | 2.29%                 | No            |                  2 | On Loan: No      |
| Bank                                                     | BANK 2022-BNK44                                                                                                                        | CUSIP: 06540KAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     500000 | PA      | $532404.33    | 0.15%             | 2055-11-15      | Variable      | 5.74%                 | No            |                  2 | On Loan: No      |
| Bank5                                                    | BANK5 2024-5YR8                                                                                                                        | CUSIP: 065923BR4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     150000 | PA      | $155924.97    | 0.04%             | 2057-08-15      | Variable      | 6.78%                 | No            |                  2 | On Loan: No      |
| Bank5                                                    | BANK5 2025-5YR16                                                                                                                       | CUSIP: 065934BF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     950000 | PA      | $986939.66    | 0.28%             | 2063-08-15      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| Bank5                                                    | BANK5 2024-5YR11                                                                                                                       | CUSIP: 06644WBD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     700000 | PA      | $735926.58    | 0.21%             | 2057-11-15      | Fixed         | 5.89%                 | No            |                  2 | On Loan: No      |
| Bank5                                                    | BANK5 2024-5YR11                                                                                                                       | CUSIP: 06644WBL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     300000 | PA      | $313919.17    | 0.09%             | 2057-11-15      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| Bank5                                                    | BANK5 Trust 2025-5YR13                                                                                                                 | CUSIP: 06650CAP8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     500000 | PA      | $523686.39    | 0.15%             | 2058-01-15      | Variable      | 6.10%                 | No            |                  2 | On Loan: No      |
| Barclays Dryrock Issuance Trust                          | Barclays Dryrock Issuance Trust                                                                                                        | CUSIP: 06742LBF9<br>LEI: 213800R4G3N2G68CHU37 | Long             | ABS-O            | CORP              | US        |     775000 | PA      | $777547.15    | 0.22%             | 2031-07-15      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| BAXTER INTERNATIONAL INC                                 | Baxter International Inc                                                                                                               | CUSIP: 071813CL1<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | DBT              | CORP              | US        |      78000 | PA      | $76126.44     | 0.02%             | 2027-02-01      | Fixed         | 1.92%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC                                         | Berry Global Inc                                                                                                                       | CUSIP: 08576PAH4<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |     375000 | PA      | $374456.25    | 0.11%             | 2026-01-15      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| BFLD Trust                                               | BFLD Commercial Mortgage Trust 2025-5MW                                                                                                | CUSIP: 088921AC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     500000 | PA      | $505311.73    | 0.14%             | 2042-10-10      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                              | BNP Paribas SA                                                                                                                         | CUSIP: 09659W2N3<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |     725000 | PA      | $724304.00    | 0.20%             | 2027-01-13      | Fixed         | 1.32%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                                       | BMO 2025-5C11 Mortgage Trust                                                                                                           | CUSIP: 096941AC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     650000 | PA      | $680085.58    | 0.19%             | 2058-07-15      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                                | Boeing Co/The                                                                                                                          | CUSIP: 097023BS3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |      15000 | PA      | $10607.25     | 0.00%             | 2046-06-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                                | Boeing Co/The                                                                                                                          | CUSIP: 097023CA1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    1400000 | PA      | $1370600.00   | 0.38%             | 2028-11-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                                | Boeing Co/The                                                                                                                          | CUSIP: 097023CE3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |      25000 | PA      | $20403.00     | 0.01%             | 2039-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                                | Boeing Co/The                                                                                                                          | CUSIP: 097023CN3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     145000 | PA      | $137410.70    | 0.04%             | 2030-02-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                                | Boeing Co/The                                                                                                                          | CUSIP: 097023CY9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    1211000 | PA      | $1244350.94   | 0.35%             | 2030-05-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                                            | Boeing Co/The                                                                                                                          | CUSIP: 097023DS1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     457000 | PA      | $505560.82    | 0.14%             | 2034-05-01      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                                            | Boeing Co/The                                                                                                                          | CUSIP: 097023DT9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     386000 | PA      | $433192.36    | 0.12%             | 2054-05-01      | Fixed         | 6.86%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                          | BRAVO Residential Funding Trust 2025-NQM7                                                                                              | CUSIP: 10570TAA3<br>LEI: 254900I1LYOO3G3UAT10 | Long             | ABS-MBS          | CORP              | US        |     928706 | PA      | $938756.62    | 0.26%             | 2065-07-25      | Variable      | 5.46%                 | No            |                  2 | On Loan: No      |
| BRINK'S CO/THE                                           | Brink's Co/The                                                                                                                         | CUSIP: 109696AC8<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |      70000 | PA      | $72459.80     | 0.02%             | 2029-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                                 | Builders FirstSource Inc                                                                                                               | CUSIP: 12008RAT4<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     395000 | PA      | $413659.80    | 0.12%             | 2035-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CBAMR Ltd                                                | CBAM 2018-5 Ltd                                                                                                                        | CUSIP: 12516LAL9<br>LEI: 25490038OT2B8HTRW786 | Long             | ABS-CBDO         | CORP              | KY        |    1200000 | PA      | $1201480.80   | 0.34%             | 2038-10-17      | Floating      | 7.11%                 | No            |                  2 | On Loan: No      |
| CIGNA GROUP/THE                                          | Cigna Group/The                                                                                                                        | CUSIP: 125523CL2<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |     184000 | PA      | $170849.52    | 0.05%             | 2030-03-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| CIGNA GROUP/THE                                          | Cigna Group/The                                                                                                                        | CUSIP: 125523CU2<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |     550000 | PA      | $568304.00    | 0.16%             | 2031-05-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                                | CIM Trust 2019-INV3                                                                                                                    | CUSIP: 12557LAQ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      43666 | PA      | $39122.66     | 0.01%             | 2049-08-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                         | Cifc Funding 2023-III Ltd                                                                                                              | CUSIP: 12598SAA9<br>LEI: 2549005S1LQJ8MBPXW05 | Long             | ABS-CBDO         | CORP              | KY        |     500000 | PA      | $500400.00    | 0.14%             | 2037-01-20      | Floating      | 11.53%                | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                         | Cifc Funding 2023-III Ltd                                                                                                              | CUSIP: 12598YAE8<br>LEI: 2549005S1LQJ8MBPXW05 | Long             | ABS-CBDO         | CORP              | KY        |     400000 | PA      | $401059.20    | 0.11%             | 2037-01-20      | Floating      | 6.18%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                      | COMM 2024-277P Mortgage Trust                                                                                                          | CUSIP: 12654FAA8<br>LEI: 5493004GWEVMOU8S3L34 | Long             | ABS-MBS          | CORP              | US        |     875000 | PA      | $920946.74    | 0.26%             | 2044-08-10      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| CSL FINANCE PLC                                          | CSL Finance PLC                                                                                                                        | CUSIP: 12661PAA7<br>LEI: 2549007CCNBNAF4HBC02 | Long             | DBT              | CORP              | GB        |     100000 | PA      | $99864.00     | 0.03%             | 2027-04-27      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                          | CVS Health Corp                                                                                                                        | CUSIP: 126650CY4<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    1388000 | PA      | $1310896.60   | 0.37%             | 2038-03-25      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| CACI INTERNATIONAL INC                                   | CACI International Inc                                                                                                                 | CUSIP: 127190AE6<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | DBT              | CORP              | US        |     180000 | PA      | $186300.00    | 0.05%             | 2033-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| State of California                                      | CALIFORNIA ST                                                                                                                          | CUSIP: 13063A5G5<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |     210000 | PA      | $254851.25    | 0.07%             | 2039-04-01      | Fixed         | 7.55%                 | No            |                  2 | On Loan: No      |
| CARDINAL HEALTH INC                                      | Cardinal Health Inc                                                                                                                    | CUSIP: 14149YBN7<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |     247000 | PA      | $254170.41    | 0.07%             | 2029-02-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategies                         | Carlyle Global Market Strategies CLO 2015-4 Ltd                                                                                        | CUSIP: 14311NBJ2<br>LEI: 549300Q4PPEXLDSOKL32 | Long             | ABS-CBDO         | CORP              | KY        |    3825000 | PA      | $3826843.65   | 1.07%             | 2032-07-20      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                            | Carnival Corp                                                                                                                          | CUSIP: 143658BZ4<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |     316000 | PA      | $326491.20    | 0.09%             | 2031-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CARPENTER TECHNOLOGY                                     | Carpenter Technology Corp                                                                                                              | CUSIP: 144285AN3<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | DBT              | CORP              | US        |     180000 | PA      | $182973.60    | 0.05%             | 2034-03-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CARRIER GLOBAL CORP                                      | Carrier Global Corp                                                                                                                    | CUSIP: 14448CAL8<br>LEI: 549300JE3W6CWY2NAN77 | Long             | DBT              | CORP              | US        |     400000 | PA      | $370612.00    | 0.10%             | 2031-02-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Chart Industries Inc                                     | Chart Industries Inc 2024 Term Loan B                                                                                                  | CUSIP: 16115EAT4<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | LON              | CORP              | US        |     581882 | PA      | $583558.10    | 0.16%             | 2030-03-15      | Floating      | 6.48%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corporation                       | Chase Home Lending Mortgage Trust Series 2024-3                                                                                        | CUSIP: 16159HAN7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $102094.89    | 0.03%             | 2055-02-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY PARTNERS                                 | Cheniere Energy Partners LP                                                                                                            | CUSIP: 16411QAQ4<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |     230000 | PA      | $244115.10    | 0.07%             | 2033-06-30      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| CHOICE HOTELS INTL INC                                   | Choice Hotels International Inc                                                                                                        | CUSIP: 169905AG1<br>LEI: 5493003CYRY5RFGTIR97 | Long             | DBT              | CORP              | US        |     540000 | PA      | $514139.40    | 0.14%             | 2031-01-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| CHOICE HOTELS INTL INC                                   | Choice Hotels International Inc                                                                                                        | CUSIP: 169905AH9<br>LEI: 5493003CYRY5RFGTIR97 | Long             | DBT              | CORP              | US        |     262000 | PA      | $267221.66    | 0.08%             | 2034-08-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| CHUBB INA HOLDINGS LLC                                   | Chubb INA Holdings LLC                                                                                                                 | CUSIP: 171232AE1<br>LEI: CZCBJZWDMLTHWJDXU843 | Long             | DBT              | CORP              | US        |     342000 | PA      | $382417.56    | 0.11%             | 2031-11-15      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                            | Citigroup Inc                                                                                                                          | CUSIP: 172967JC6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     125000 | PA      | $125277.50    | 0.04%             | 2026-11-20      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                            | Citigroup Inc                                                                                                                          | CUSIP: 172967NU1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     800000 | PA      | $809216.00    | 0.23%             | 2033-05-24      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                            | Citigroup Inc                                                                                                                          | CUSIP: 172967PU9<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     355000 | PA      | $372434.05    | 0.10%             | 2036-01-24      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                            | Citigroup Inc                                                                                                                          | CUSIP: 172967QJ3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     365000 | PA      | $370018.75    | 0.10%             | 2031-02-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                        | Citigroup Mortgage Loan Trust Inc                                                                                                      | CUSIP: 17307GP77<br>LEI: 549300R1KUK063S4I339 | Long             | ABS-MBS          | CORP              | US        |      79625 | PA      | $78953.20     | 0.02%             | 2035-10-25      | Floating      | 4.52%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                            | Citigroup Inc                                                                                                                          | CUSIP: 17308CC53<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     550000 | PA      | $523765.00    | 0.15%             | 2030-11-05      | Fixed         | 2.98%                 | No            |                  2 | On Loan: No      |
| COMMONSPIRIT HEALTH                                      | CommonSpirit Health                                                                                                                    | CUSIP: 20268JAG8<br>LEI: 4SXHN5XW08IBO0UG2V58 | Long             | DBT              | CORP              | US        |     635000 | PA      | $474260.05    | 0.13%             | 2050-10-01      | Fixed         | 3.91%                 | No            |                  2 | On Loan: No      |
| COMMONSPIRIT HEALTH                                      | CommonSpirit Health                                                                                                                    | CUSIP: 20268JAM5<br>LEI: 4SXHN5XW08IBO0UG2V58 | Long             | DBT              | CORP              | US        |     610000 | PA      | $655531.82    | 0.18%             | 2052-11-01      | Fixed         | 6.46%                 | No            |                  2 | On Loan: No      |
| COMMONSPIRIT HEALTH                                      | CommonSpirit Health                                                                                                                    | CUSIP: 20268JAY9<br>LEI: 4SXHN5XW08IBO0UG2V58 | Long             | DBT              | CORP              | US        |     290000 | PA      | $288743.25    | 0.08%             | 2030-09-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| COMMONSPIRIT HEALTH                                      | CommonSpirit Health                                                                                                                    | CUSIP: 20268JBD4<br>LEI: 4SXHN5XW08IBO0UG2V58 | Long             | DBT              | CORP              | US        |     440000 | PA      | $434823.38    | 0.12%             | 2035-09-01      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                         | Fannie Mae Connecticut Avenue Securities                                                                                               | CUSIP: 20753GAC5<br>LEI: 549300Z5THZ1JXIHVK60 | Long             | ABS-MBS          | USGSE             | US        |     250000 | PA      | $251295.05    | 0.07%             | 2044-05-25      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                         | Fannie Mae Connecticut Avenue Securities                                                                                               | CUSIP: 20753UAB6<br>LEI: 549300Z5THZ1JXIHVK60 | Long             | ABS-MBS          | USGSE             | US        |     225000 | PA      | $226135.44    | 0.06%             | 2044-01-25      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                         | Fannie Mae Connecticut Avenue Securities                                                                                               | CUSIP: 20754XAB9<br>LEI: 549300Z5THZ1JXIHVK60 | Long             | ABS-MBS          | USGSE             | US        |      64427 | PA      | $64433.23     | 0.02%             | 2044-07-25      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                         | Fannie Mae Connecticut Avenue Securities                                                                                               | CUSIP: 20755CAF5<br>LEI: 549300Z5THZ1JXIHVK60 | Long             | ABS-MBS          | USGSE             | US        |     330000 | PA      | $345126.80    | 0.10%             | 2043-10-25      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                         | Fannie Mae Connecticut Avenue Securities                                                                                               | CUSIP: 20755JAG8<br>LEI: 549300Z5THZ1JXIHVK60 | Long             | ABS-MBS          | USGSE             | US        |     350000 | PA      | $350515.52    | 0.10%             | 2045-01-25      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                         | Fannie Mae Connecticut Avenue Securities                                                                                               | CUSIP: 20755RAC9<br>LEI: 549300Z5THZ1JXIHVK60 | Long             | ABS-MBS          | USGSE             | US        |     400000 | PA      | $400585.80    | 0.11%             | 2044-09-25      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                         | Fannie Mae Connecticut Avenue Securities                                                                                               | CUSIP: 207941AB1<br>LEI: 549300Z5THZ1JXIHVK60 | Long             | ABS-MBS          | USGSE             | US        |     250000 | PA      | $251657.70    | 0.07%             | 2044-03-25      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION BRANDS INC                                 | Constellation Brands Inc                                                                                                               | CUSIP: 21036PAY4<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |     500000 | PA      | $495395.00    | 0.14%             | 2028-02-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION BRANDS INC                                 | Constellation Brands Inc                                                                                                               | CUSIP: 21036PBH0<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |     325000 | PA      | $288307.50    | 0.08%             | 2031-08-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| CORNELL UNIVERSITY                                       | Cornell University                                                                                                                     | CUSIP: 219207AF4<br>LEI: 549300ZZIJPNT0RZWP17 | Long             | DBT              | CORP              | US        |     830000 | PA      | $831890.21    | 0.23%             | 2035-06-15      | Fixed         | 4.73%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae                                                                                                                             | CUSIP: 21H020618<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    3000000 | PA      | $2482943.70   | 0.70%             | 2055-01-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae                                                                                                                             | CUSIP: 21H022614<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    4000000 | PA      | $3449532.80   | 0.97%             | 2055-01-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae                                                                                                                             | CUSIP: 21H030617<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        |   -2000000 | PA      | $-1797652.80  | -0.50%            | 2055-01-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae                                                                                                                             | CUSIP: 21H032613<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    3000000 | PA      | $2727304.50   | 0.77%             | 2055-01-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae                                                                                                                             | CUSIP: 21H042612<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    2000000 | PA      | $1948193.80   | 0.55%             | 2056-01-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae                                                                                                                             | CUSIP: 21H050615<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    4000000 | PA      | $3990300.80   | 1.12%             | 2055-01-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae                                                                                                                             | CUSIP: 21H052611<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1000000 | PA      | $1009652.30   | 0.28%             | 2055-01-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae                                                                                                                             | CUSIP: 21H060614<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    5000000 | PA      | $5095020.50   | 1.43%             | 2055-01-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| COSTAR GROUP INC                                         | CoStar Group Inc                                                                                                                       | CUSIP: 22160NAA7<br>LEI: 984500Q1D53D08E2E698 | Long             | DBT              | CORP              | US        |     625000 | PA      | $573131.25    | 0.16%             | 2030-07-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                             | UBS Group AG                                                                                                                           | CUSIP: 225401AC2<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    2025000 | PA      | $2028037.50   | 0.57%             | 2028-01-09      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| Credit Suisse First Boston Mortgage Securities           | Credit Suisse First Boston Mortgage Securities Corp                                                                                    | CUSIP: 22540A7A0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        253 | PA      | $248.64       | 0.00%             | 2032-01-25      | Floating      | 4.38%                 | No            |                  2 | On Loan: No      |
| Home Equity Asset Trust                                  | Home Equity Asset Trust 2002-1                                                                                                         | CUSIP: 22541NAD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        257 | PA      | $242.92       | 0.00%             | 2032-11-25      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| CROWN AMERICAS LLC                                       | Crown Americas LLC                                                                                                                     | CUSIP: 228180AC9<br>LEI: RPPGGRL1J75WGF2DFO04 | Long             | DBT              | CORP              | US        |     370000 | PA      | $378543.30    | 0.11%             | 2033-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Crown City CLO                                           | Crown City CLO IV                                                                                                                      | CUSIP: 228233AU6<br>LEI: 549300AGQI0XSPNAK945 | Long             | ABS-CBDO         | CORP              | KY        |     650000 | PA      | $652209.35    | 0.18%             | 2037-04-20      | Floating      | 8.38%                 | No            |                  2 | On Loan: No      |
| CUBESMART LP                                             | CubeSmart LP                                                                                                                           | CUSIP: 22966RAJ5<br>LEI: 549300MPHKO3I3FJRA97 | Long             | DBT              |  | US        |      90000 | PA      | $79635.60     | 0.02%             | 2032-02-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                       | Alternative Loan Trust 2006-OC8                                                                                                        | CUSIP: 232434AE0<br>LEI: 5493004SLAYUFMHIS127 | Long             | ABS-MBS          | CORP              | US        |     926366 | PA      | $812600.27    | 0.23%             | 2036-11-25      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| DCP MIDSTREAM OPERATING                                  | DCP Midstream Operating LP                                                                                                             | CUSIP: 23311VAK3<br>LEI: 549300Y6CTBSE0QIPL28 | Long             | DBT              | CORP              | US        |     455000 | PA      | $418681.90    | 0.12%             | 2032-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| DOLP Trust                                               | DOLP Trust 2021-NYC                                                                                                                    | CUSIP: 23345LAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1100000 | PA      | $988536.93    | 0.28%             | 2041-05-10      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| DBR LAND HOLDINGS LLC                                    | DBR Land Holdings LLC                                                                                                                  | CUSIP: 24024BAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     255000 | PA      | $260497.80    | 0.07%             | 2030-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                                  | Dell International LLC / EMC Corp                                                                                                      | CUSIP: 24703TAD8<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |      54000 | PA      | $54216.54     | 0.02%             | 2026-06-15      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                                  | Dell International LLC / EMC Corp                                                                                                      | CUSIP: 24703TAG1<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |      75000 | PA      | $77406.00     | 0.02%             | 2029-10-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Diameter Capital CLO                                     | Diameter Capital CLO 4 Ltd                                                                                                             | CUSIP: 25255NAQ1<br>LEI: 25490087B17FBD0ODC27 | Long             | ABS-CBDO         | CORP              | KY        |     600000 | PA      | $601073.40    | 0.17%             | 2037-01-15      | Floating      | 5.74%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $1219.62      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |          1 | NC      | $654.33       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD SEK                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-11298.68    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED CZK / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CZ        |          1 | NC      | $948.62       | 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      | $-44740.08    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $17817.15     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED NOK / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NO        |          1 | NC      | $-3937.18     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD JPY                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $39257.41     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED CHF / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |          1 | NC      | $-888.04      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $551.55       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED ZAR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | ZA        |          1 | NC      | $55002.70     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD TRY                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-10274.08    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD ILS                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-29719.08    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD TWD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $13065.38     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED KRW / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | KR        |          1 | NC      | $-50738.09    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD BRL                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $5009.05      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED PLN / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | PL        |          1 | NC      | $38313.80     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD KRW                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $11673.56     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED CAD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |          1 | NC      | $4192.23      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD KRW                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $5167.50      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD SEK                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-8477.23     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD CHF                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-2157.22     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD SEK                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-16352.29    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $7119.04      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CN        |          1 | NC      | $17093.76     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD CHF                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $12208.92     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD CHF                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $15112.65     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED CHF / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |          1 | NC      | $-15189.72    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD NZD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-2307.35     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED MXN / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | MX        |          1 | NC      | $40073.38     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $57143.15     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED ZAR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | ZA        |          1 | NC      | $52362.18     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED NOK / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NO        |          1 | NC      | $49469.59     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD NOK                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-13469.78    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED AUD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |          1 | NC      | $64040.27     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD AUD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-68625.59    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD NOK                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-14510.16    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD NZD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-8973.70     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED ZAR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | ZA        |          1 | NC      | $23802.34     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED ZAR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | ZA        |          1 | NC      | $52065.67     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED MXN / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | MX        |          1 | NC      | $7555.77      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-7063.96     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED MXN / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | MX        |          1 | NC      | $5695.18      | 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      | $-3476.76     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD JPY                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $2213.17      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED AUD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |          1 | NC      | $6852.84      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD CAD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-8698.24     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED TWD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | TW        |          1 | NC      | $-5918.39     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |          1 | NC      | $-17550.48    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CN        |          1 | NC      | $66965.27     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED COP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CO        |          1 | NC      | $-13019.27    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $61370.91     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD JPY                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-4519.63     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $61819.32     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD JPY                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-4377.21     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD COP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-10572.19    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED NZD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |          1 | NC      | $120146.28    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD JPY                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $1879.81      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |          1 | NC      | $-1427.64     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED BRL / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | BR        |          1 | NC      | $-4564.17     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED CHF / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |          1 | NC      | $2471.10      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD CHF                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $-3789.28     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD COP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-1843.78     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |          1 | NC      | $23115.04     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED AUD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |          1 | NC      | $29908.30     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CN        |          1 | NC      | $27212.28     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED NZD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |          1 | NC      | $31033.34     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD INR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $2644.82      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD INR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $1954.16      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED AUD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |          1 | NC      | $27425.23     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD INR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-165.70      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $27902.72     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED COP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CO        |          1 | NC      | $-1652.30     | -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      | $-14116.69    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $35050.95     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED GBP / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |          1 | NC      | $5641.64      | 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      | $-10448.29    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD KRW                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-4330.69     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD INR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-1171.47     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD HUF                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-1194.48     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $3116.10      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |          1 | NC      | $-1820.83     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED AUD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |          1 | NC      | $7241.81      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED COP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CO        |          1 | NC      | $3880.95      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED BRL / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | BR        |          1 | NC      | $-1175.91     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-53672.97    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CN        |          1 | NC      | $55792.21     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD HUF                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $580.91       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |          1 | NC      | $6772.27      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD CAD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-16387.02    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |          1 | NC      | $1111.02      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-5455.25     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED MXN / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | MX        |          1 | NC      | $28944.41     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD COP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-1817.38     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED HUF / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | HU        |          1 | NC      | $-775.24      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $1065.12      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED MXN / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | MX        |          1 | NC      | $5333.02      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED MXN / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | MX        |          1 | NC      | $25463.50     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED NOK / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NO        |          1 | NC      | $-2000.37     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD COP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $2388.60      | 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      | $-11372.23    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED NZD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |          1 | NC      | $-14369.74    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD CAD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-70137.28    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $10803.08     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED SGD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | SG        |          1 | NC      | $11536.54     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD NZD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $11471.70     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD JPY                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $896.36       | 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      | $-12466.79    | -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      | $-17619.67    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD JPY                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $6706.33      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED CHF / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |          1 | NC      | $34513.33     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED CHF / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |          1 | NC      | $12294.14     | 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      | $-16896.38    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $8370.38      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |          1 | NC      | $-3903.08     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD JPY                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $2869.86      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD ZAR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-120576.82   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED CAD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |          1 | NC      | $6187.80      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED COP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CO        |          1 | NC      | $-14861.18    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD COP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $3508.81      | 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      | $-616.72      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED COP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CO        |          1 | NC      | $-2433.01     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |          1 | NC      | $1948.13      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED SEK / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | SE        |          1 | NC      | $61576.32     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD COP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $3786.65      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED MXN / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | MX        |          1 | NC      | $14118.11     | 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      | $-9029.42     | -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      | $-77873.35    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED NZD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |          1 | NC      | $-7544.68     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED INR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IN        |          1 | NC      | $1368.69      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD INR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-709.38      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD ILS                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-6957.51     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED CLP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CL        |          1 | NC      | $6751.11      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED TWD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | TW        |          1 | NC      | $-4106.28     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED TWD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | TW        |          1 | NC      | $-1336.72     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD PLN                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-29303.35    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $42886.47     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED ZAR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | ZA        |          1 | NC      | $56709.04     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD ZAR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-27908.72    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED ZAR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | ZA        |          1 | NC      | $56245.74     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED COP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CO        |          1 | NC      | $-8818.11     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |          1 | NC      | $5878.16      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED CZK / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CZ        |          1 | NC      | $39390.93     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD NOK                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $148.62       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED COP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CO        |          1 | NC      | $2352.30      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED CAD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |          1 | NC      | $5583.98      | 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      | $-3633.71     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED KRW / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | KR        |          1 | NC      | $97913.93     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |          1 | NC      | $13329.90     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD CZK                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-30321.87    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED CAD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |          1 | NC      | $8403.19      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD CAD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-8260.47     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED ILS / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IL        |          1 | NC      | $14943.67     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD CLP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-5251.91     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED AUD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |          1 | NC      | $7134.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-19315.29    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD NZD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $1652.99      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-13297.30    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |          1 | NC      | $-12488.08    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED CAD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |          1 | NC      | $52454.19     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD CHF                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-46848.13    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $18931.06     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD MXN                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-5738.98     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED AUD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |          1 | NC      | $4971.09      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED CAD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |          1 | NC      | $7765.74      | 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      | $-5554.06     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD SEK                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-26210.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED HUF / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | HU        |          1 | NC      | $612.53       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $12214.78     | 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      | $-5185.75     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-1644.60     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD JPY                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $988.42       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED HUF / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | HU        |          1 | NC      | $4534.31      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $6376.32      | 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      | $-3556.78     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD CHF                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-9086.53     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $4785.48      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD PLN                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-8848.65     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD CZK                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-9322.06     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED AUD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |          1 | NC      | $2883.19      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED COP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CO        |          1 | NC      | $5252.04      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD KRW                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-47565.73    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD CAD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-6702.96     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED CAD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |          1 | NC      | $5542.39      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD COP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-12193.68    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED MXN / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | MX        |          1 | NC      | $16329.74     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD COP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-11108.27    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD INR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-1696.48     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $2290.19      | 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      | $-28699.69    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $28677.72     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD NZD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $5553.41      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD TRY                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-1081.64     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED TRY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | TR        |          1 | NC      | $5542.83      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD HUF                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $760.19       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED CAD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |          1 | NC      | $1570.29      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |          1 | NC      | $-2433.81     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $-955.64      | -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      | $441.07       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD INR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-2503.54     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED INR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IN        |          1 | NC      | $3320.05      | 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      | $943.85       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD CAD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-1583.86     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |          1 | NC      | $590.57       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $-1210.29     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED INR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IN        |          1 | NC      | $8803.49      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED MXN / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | MX        |          1 | NC      | $4948.15      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD BRL                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $3168.94      | 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      | $-2789.47     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED NZD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |          1 | NC      | $-1788.54     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD CZK                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-193.17      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED HUF / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | HU        |          1 | NC      | $-912.97      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED ZAR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | ZA        |          1 | NC      | $4689.31      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED CAD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |          1 | NC      | $598.18       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-2436.42     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD COP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-2571.87     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED SEK / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | SE        |          1 | NC      | $2640.76      | 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      | $-913.22      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD SEK                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-17479.74    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED SEK / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | SE        |          1 | NC      | $17442.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED COP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CO        |          1 | NC      | $-1003.45     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD TWD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $5921.34      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD BRL                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $1204.33      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD KRW                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-37555.40    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $929.92       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED CAD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |          1 | NC      | $945.21       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED COP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CO        |          1 | NC      | $714.41       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD COP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $785.02       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD SEK                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-6271.22     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $1912.18      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD JPY                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $269.94       | 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      | $-1008.95     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED MXN / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | MX        |          1 | NC      | $240.62       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD JPY                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $1953.86      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $-1261.60     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD INR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-6728.80     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED CAD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |          1 | NC      | $1658.36      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $-220.22      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD NZD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $1904.78      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD CAD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-2151.94     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |          1 | NC      | $-1615.59     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED ZAR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | ZA        |          1 | NC      | $32501.41     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD ZAR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-18274.31    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD JPY                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $852.69       | 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      | $3389.87      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD ZAR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-3399.31     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-135.52      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $-5806.98     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD CZK                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $-12453.83    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |          1 | NC      | $1813.25      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD JPY                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $12780.32     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD HUF                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-1115.85     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED CAD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |          1 | NC      | $925.90       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED CHF / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |          1 | NC      | $4284.47      | 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      | $-8511.52     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD SEK                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $-7314.24     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD NZD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $13199.27     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED SEK / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | SE        |          1 | NC      | $27327.14     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $12298.21     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD ZAR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-22991.79    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD NZD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $4991.93      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-3690.79     | -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      | $4582.91      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED CAD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |          1 | NC      | $3992.79      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-1685.22     | -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      | $-5061.21     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $-293.19      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED NZD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |          1 | NC      | $-1605.20     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED BRL / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | BR        |          1 | NC      | $-210.70      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED COP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CO        |          1 | NC      | $3613.05      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD NZD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $2079.22      | 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      | $5973.11      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED NZD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |          1 | NC      | $-3517.28     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD JPY                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $5457.79      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED PLN / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | PL        |          1 | NC      | $-597.94      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD CZK                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-3940.49     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $-3222.56     | -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      | $648.37       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED PLN / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | PL        |          1 | NC      | $-241.54      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD CZK                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $-14417.73    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED SEK / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | SE        |          1 | NC      | $2773.39      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD JPY                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $1335.77      | 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      | $657.24       | 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      | $-7678.11     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $-290.75      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED CAD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |          1 | NC      | $3547.55      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-775.11      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED TWD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | TW        |          1 | NC      | $2084.95      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD TWD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-2767.23     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |          1 | NC      | $2260.74      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD ZAR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-3623.58     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED PLN / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | PL        |          1 | NC      | $-397.97      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED AUD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |          1 | NC      | $8395.94      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |          1 | NC      | $-5388.11     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $2754.04      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD BRL                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-11880.47    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED NZD / SOLD AUD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |          1 | NC      | $-30591.81    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $443.90       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD INR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-5734.83     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD JPY                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $746.90       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $671.78       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD ZAR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-7885.69     | -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      | $-4363.36     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED KRW / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | KR        |          1 | NC      | $6008.51      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-6172.35     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD SEK                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $-13335.12    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD CAD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $-4724.03     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED CAD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |          1 | NC      | $1892.53      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $764.37       | 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      | $-771.02      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD JPY                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $922.56       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |          1 | NC      | $-4914.49     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |          1 | NC      | $3909.47      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |          1 | NC      | $-924.01      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |          1 | NC      | $611.49       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-612.51      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-3916.06     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD JPY                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $4910.16      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED COP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CO        |          1 | NC      | $19631.85     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD COP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-33679.83    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD MXN                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $14.26        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $308.67       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED GBP / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |          1 | NC      | $2188.17      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-1196.27     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED BRL / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | BR        |          1 | NC      | $2811.78      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |          1 | NC      | $1979.93      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD COP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $634.84       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD SGD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $-4216.58     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD BRL                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-2454.42     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD CZK                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $-6250.02     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED NZD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |          1 | NC      | $507.24       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $3226.90      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED NZD / SOLD AUD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |          1 | NC      | $-3987.83     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED AUD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |          1 | NC      | $605.94       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED SGD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | SG        |          1 | NC      | $2142.55      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED PLN / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | PL        |          1 | NC      | $-2275.93     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED SEK / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | SE        |          1 | NC      | $1873.71      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD ZAR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $783.55       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED CZK / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CZ        |          1 | NC      | $30190.77     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED INR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IN        |          1 | NC      | $9722.66      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED SGD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | SG        |          1 | NC      | $6151.94      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED AUD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |          1 | NC      | $551.95       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED COP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CO        |          1 | NC      | $8122.96      | 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      | $-397.19      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED MXN / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | MX        |          1 | NC      | $836.09       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED CAD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |          1 | NC      | $2823.53      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD CAD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-3334.18     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED AUD / SOLD NZD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |          1 | NC      | $33509.44     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED SGD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | SG        |          1 | NC      | $3998.72      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $1516.11      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $454.58       | 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      | $-1523.77     | -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      | $-2410.29     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $470.08       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD COP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $1394.38      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED SGD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | SG        |          1 | NC      | $2654.50      | 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      | $-6713.27     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD NZD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-2726.17     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |          1 | NC      | $728.59       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD ZAR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-7771.84     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-5551.27     | -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      | $-8736.63     | -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      | $-3353.09     | -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      | $-2625.91     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED INR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IN        |          1 | NC      | $-516.35      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD INR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $202.21       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED COP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CO        |          1 | NC      | $5163.79      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |          1 | NC      | $-799.20      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED COP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CO        |          1 | NC      | $1044.29      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD NZD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $4101.66      | 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      | $-27.78       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED SEK / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | SE        |          1 | NC      | $4075.85      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-1100.89     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED GBP / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |          1 | NC      | $2724.67      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED CHF / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |          1 | NC      | $617.38       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED CAD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |          1 | NC      | $2231.77      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED SGD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | SG        |          1 | NC      | $1867.98      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED PLN / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | PL        |          1 | NC      | $-1313.81     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD CZK                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $-4165.73     | -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      | $-1722.59     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CN        |          1 | NC      | $10858.55     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED NZD / SOLD AUD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |          1 | NC      | $-8106.41     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $-185.01      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-339.94      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD NZD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $487.72       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED SGD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | SG        |          1 | NC      | $2947.59      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD KRW                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-19422.28    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED INR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IN        |          1 | NC      | $117.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD PLN                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $1595.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED INR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IN        |          1 | NC      | $332.59       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD CAD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-1261.16     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED NZD / SOLD AUD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |          1 | NC      | $-16744.01    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED CAD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |          1 | NC      | $-1868.19     | -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      | $890.54       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED SGD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | SG        |          1 | NC      | $2.63         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $-200.69      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED NZD / SOLD AUD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |          1 | NC      | $-1623.05     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED CAD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |          1 | NC      | $194.31       | 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      | $69.71        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |          1 | NC      | $651.49       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CN        |          1 | NC      | $6321.14      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-5376.95     | -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      | $1004.72      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD NZD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $12900.46     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED NZD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |          1 | NC      | $-44157.99    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD BRL                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $2422.10      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD BRL                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-10311.59    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED BRL / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | BR        |          1 | NC      | $10396.29     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD INR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-106.20      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED INR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IN        |          1 | NC      | $174.51       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED AUD / SOLD NZD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |          1 | NC      | $17546.89     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD SEK                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $-6022.84     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $-869.93      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD CAD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $-4179.55     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED CZK / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CZ        |          1 | NC      | $10849.70     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD CHF                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $657.87       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD INR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-99.93       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED INR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IN        |          1 | NC      | $238.03       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $-5956.99     | -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      | $1146.26      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $-2432.33     | -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      | $2445.04      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $-678.22      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD SEK                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $473.48       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED SEK / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | SE        |          1 | NC      | $-658.29      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD ZAR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-1762.04     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD NZD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $2468.36      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD CAD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $829.09       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CN        |          1 | NC      | $1481.52      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD HUF                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-1332.24     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED COP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CO        |          1 | NC      | $-1731.12     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD COP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $3085.83      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD COP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $715.77       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED COP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CO        |          1 | NC      | $-2271.70     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED NZD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |          1 | NC      | $-4064.61     | -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      | $1772.42      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED CAD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |          1 | NC      | $-2647.22     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD NZD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $22935.47     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-10918.67    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $-557.32      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED AUD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |          1 | NC      | $-385.11      | -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      | $384.04       | 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      | $4023.19      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $-4037.06     | -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      | $557.03       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED BRL / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | BR        |          1 | NC      | $3579.53      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD BRL                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-3425.22     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD TWD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $253.47       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED TWD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | TW        |          1 | NC      | $-202.37      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED CHF / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |          1 | NC      | $-1905.06     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD CAD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $4687.02      | 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      | $8836.59      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD CHF                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $1897.19      | 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      | $1075.52      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED NOK / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NO        |          1 | NC      | $-8874.75     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED CAD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |          1 | NC      | $-4703.64     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD NZD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $4473.55      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $865.02       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED BRL / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | BR        |          1 | NC      | $4869.99      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |          1 | NC      | $-106.85      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED NZD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |          1 | NC      | $-5675.93     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED AUD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |          1 | NC      | $-1301.22     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $905.43       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED AUD / SOLD NZD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |          1 | NC      | $7017.11      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $575.52       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED AUD / SOLD NZD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |          1 | NC      | $2150.45      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD COP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $6276.59      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED COP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CO        |          1 | NC      | $-12598.20    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD COP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $7447.53      | 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      | $538.23       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED KRW / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | KR        |          1 | NC      | $536.30       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED AUD / SOLD NZD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |          1 | NC      | $856.35       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD BRL                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-2674.07     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED AUD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |          1 | NC      | $461.48       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $353.01       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DP WORLD CRESCENT LTD                                    | DP World Crescent Ltd                                                                                                                  | CUSIP: 260979AA7<br>LEI: 21380096JRTWB8TL9236 | Long             | DBT              | CORP              | KY        |     560000 | PA      | $576648.80    | 0.16%             | 2035-05-08      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                  | Dryden 90 Clo Ltd                                                                                                                      | CUSIP: 262484AU2<br>LEI: 549300BLIFMJ8T7AGX24 | Long             | ABS-CBDO         | CORP              | KY        |     720000 | PA      | $721415.52    | 0.20%             | 2038-11-15      | Floating      | 6.86%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                  | Dryden 97 CLO Ltd                                                                                                                      | CUSIP: 26248XAU8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     655000 | PA      | $657440.53    | 0.18%             | 2038-10-20      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| DURST Commercial Mortgage Trust                          | Durst Commercial Mortgage Trust 2025-151                                                                                               | CUSIP: 266895AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     800000 | PA      | $816041.52    | 0.23%             | 2042-08-10      | Variable      | 5.14%                 | No            |                  2 | On Loan: No      |
| DURST Commercial Mortgage Trust                          | Durst Commercial Mortgage Trust 2025-151                                                                                               | CUSIP: 266895AC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1000000 | PA      | $1018933.26   | 0.29%             | 2042-08-10      | Variable      | 5.58%                 | No            |                  2 | On Loan: No      |
| DURST Commercial Mortgage Trust                          | Durst Commercial Mortgage Trust 2025-151                                                                                               | CUSIP: 266895AE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     350000 | PA      | $356516.39    | 0.10%             | 2042-08-10      | Variable      | 5.82%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                 | EQT Corp                                                                                                                               | CUSIP: 26884LAF6<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     109000 | PA      | $108496.42    | 0.03%             | 2027-10-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                 | EQT Corp                                                                                                                               | CUSIP: 26884LAN9<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     610000 | PA      | $573339.00    | 0.16%             | 2031-05-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| EAGLE FUNDING LUXCO SARL                                 | Eagle Funding Luxco Sarl                                                                                                               | CUSIP: 26951TAA8<br>LEI: 894500VDP08MVIZ6OA60 | Long             | DBT              | NUSS              | LU        |    1060000 | PA      | $1078020.00   | 0.30%             | 2030-08-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| East Bay Municipal Utility District Water System Revenue | EAST BAY CA MUNI UTILITY DIST WTR SYS REVENUE                                                                                          | CUSIP: 271014TU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     900000 | PA      | $953861.94    | 0.27%             | 2040-06-01      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                             | Ecopetrol SA                                                                                                                           | CUSIP: 279158AN9<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |      40000 | PA      | $40530.00     | 0.01%             | 2030-04-29      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                             | Ecopetrol SA                                                                                                                           | CUSIP: 279158AS8<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |     110000 | PA      | $117040.00    | 0.03%             | 2033-01-13      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                             | Ecopetrol SA                                                                                                                           | CUSIP: 279158AT6<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |      90000 | PA      | $96538.50     | 0.03%             | 2029-01-19      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                             | Ecopetrol SA                                                                                                                           | CUSIP: 279158AW9<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |      90000 | PA      | $92210.40     | 0.03%             | 2032-02-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC                                        | Kinder Morgan Inc                                                                                                                      | CUSIP: 28368EAE6<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |        500 | PA      | $580.62       | 0.00%             | 2032-01-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO 35 Ltd                                       | Elmwood CLO 35 Ltd                                                                                                                     | CUSIP: 29004NAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    2175000 | PA      | $2180300.48   | 0.61%             | 2037-10-18      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| Empower CLO Ltd.                                         | Empower CLO 2023-2 Ltd                                                                                                                 | CUSIP: 29247BAQ0<br>LEI: 213800DM8ZNUIQ1JCN40 | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1002916.00   | 0.28%             | 2038-10-15      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                       | Energy Transfer LP                                                                                                                     | CUSIP: 29278NAG8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     550000 | PA      | $565119.50    | 0.16%             | 2029-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                       | Energy Transfer LP                                                                                                                     | CUSIP: 29278NAN3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     725000 | PA      | $736875.50    | 0.21%             | 2027-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                      | Exeter Automobile Receivables Trust 2025-1                                                                                             | CUSIP: 30167MAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      56696 | PA      | $56714.45     | 0.02%             | 2027-09-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                      | Exeter Automobile Receivables Trust 2025-1                                                                                             | CUSIP: 30167MAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     225000 | PA      | $225498.03    | 0.06%             | 2028-08-15      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| EXPEDIA GROUP INC                                        | Expedia Group Inc                                                                                                                      | CUSIP: 30212PAR6<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | DBT              | CORP              | US        |     200000 | PA      | $191846.00    | 0.05%             | 2030-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| EXPEDIA GROUP INC                                        | Expedia Group Inc                                                                                                                      | CUSIP: 30212PBH7<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | DBT              | CORP              | US        |      81000 | PA      | $75297.60     | 0.02%             | 2031-03-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| EXPEDIA GROUP INC                                        | Expedia Group Inc                                                                                                                      | CUSIP: 30212PBK0<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | DBT              | CORP              | US        |     260000 | PA      | $261931.80    | 0.07%             | 2027-08-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                                       | Meta Platforms Inc                                                                                                                     | CUSIP: 30303MAB8<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |     725000 | PA      | $726319.50    | 0.20%             | 2030-11-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                                       | Meta Platforms Inc                                                                                                                     | CUSIP: 30303MAD4<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |     650000 | PA      | $649499.50    | 0.18%             | 2035-11-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| FAIR ISAAC CORP                                          | Fair Isaac Corp                                                                                                                        | CUSIP: 303250AG9<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |     295000 | PA      | $302469.40    | 0.08%             | 2033-05-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                              | Freddie Mac Gold Pool                                                                                                                  | CUSIP: 3128LXBH2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       1308 | PA      | $1337.37      | 0.00%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                              | Freddie Mac Gold Pool                                                                                                                  | CUSIP: 3128M4EM1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        957 | PA      | $978.09       | 0.00%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                              | Freddie Mac Gold Pool                                                                                                                  | CUSIP: 3128M7EV4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      13100 | PA      | $13418.07     | 0.00%             | 2039-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                              | Freddie Mac Gold Pool                                                                                                                  | CUSIP: 3128M7LA2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |          1 | PA      | $1.45         | 0.00%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                              | Freddie Mac Gold Pool                                                                                                                  | CUSIP: 3128M9UC4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       7469 | PA      | $7332.86      | 0.00%             | 2041-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                              | Freddie Mac Gold Pool                                                                                                                  | CUSIP: 3128MJ3P3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     287995 | PA      | $278495.05    | 0.08%             | 2048-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                              | Freddie Mac Gold Pool                                                                                                                  | CUSIP: 3128MJ3T5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     292913 | PA      | $282439.72    | 0.08%             | 2048-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                              | Freddie Mac Gold Pool                                                                                                                  | CUSIP: 3128P7FQ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      10253 | PA      | $10345.05     | 0.00%             | 2027-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                              | Freddie Mac Non Gold Pool                                                                                                              | CUSIP: 3128QJ4T0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       9310 | PA      | $9601.01      | 0.00%             | 2035-09-01      | Floating      | 6.51%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                              | Freddie Mac Gold Pool                                                                                                                  | CUSIP: 312933AN4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       1100 | PA      | $1126.66      | 0.00%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                              | Freddie Mac Gold Pool                                                                                                                  | CUSIP: 312941Z42<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        940 | PA      | $959.81       | 0.00%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                              | Freddie Mac Gold Pool                                                                                                                  | CUSIP: 31296LKE0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        214 | PA      | $218.32       | 0.00%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                              | Freddie Mac Gold Pool                                                                                                                  | CUSIP: 31296LVE8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       3925 | PA      | $4007.73      | 0.00%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                              | Freddie Mac Gold Pool                                                                                                                  | CUSIP: 31296NDL8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        642 | PA      | $655.12       | 0.00%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                              | Freddie Mac Gold Pool                                                                                                                  | CUSIP: 31296NV61<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        992 | PA      | $1012.46      | 0.00%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                              | Freddie Mac Gold Pool                                                                                                                  | CUSIP: 31297KC91<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      12442 | PA      | $12720.77     | 0.00%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                              | Freddie Mac Gold Pool                                                                                                                  | CUSIP: 31297KFM9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      25994 | PA      | $26577.32     | 0.01%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                              | Freddie Mac Pool                                                                                                                       | CUSIP: 3132DMKF1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    3920480 | PA      | $3888289.94   | 1.09%             | 2050-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                              | Freddie Mac Pool                                                                                                                       | CUSIP: 3132DMKH7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1695638 | PA      | $1635775.94   | 0.46%             | 2050-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                              | Freddie Mac Pool                                                                                                                       | CUSIP: 3132DPHR2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     443210 | PA      | $462711.31    | 0.13%             | 2052-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                              | Freddie Mac Pool                                                                                                                       | CUSIP: 3132DQGL4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    2711329 | PA      | $2218104.02   | 0.62%             | 2051-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                              | Freddie Mac Pool                                                                                                                       | CUSIP: 3132DVLL7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    2045623 | PA      | $1843127.50   | 0.52%             | 2050-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                              | Freddie Mac Pool                                                                                                                       | CUSIP: 3132DVLV5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1501392 | PA      | $1293292.29   | 0.36%             | 2051-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                              | Freddie Mac Pool                                                                                                                       | CUSIP: 3132DVLY9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     844781 | PA      | $727691.07    | 0.20%             | 2051-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                              | Freddie Mac Pool                                                                                                                       | CUSIP: 3132DVML6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    2376888 | PA      | $2353366.62   | 0.66%             | 2053-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                              | Freddie Mac Pool                                                                                                                       | CUSIP: 3132DVMU6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    2415292 | PA      | $2550411.53   | 0.72%             | 2054-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                              | Freddie Mac Pool                                                                                                                       | CUSIP: 3132DWA60<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    2408060 | PA      | $2057105.66   | 0.58%             | 2051-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                              | Freddie Mac Pool                                                                                                                       | CUSIP: 3132DWBP7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    7221192 | PA      | $5900058.07   | 1.66%             | 2051-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                              | Freddie Mac Pool                                                                                                                       | CUSIP: 3132E06J6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     726075 | PA      | $765559.28    | 0.22%             | 2053-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                              | Freddie Mac Gold Pool                                                                                                                  | CUSIP: 3132GEV56<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       1142 | PA      | $1166.16      | 0.00%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                              | Freddie Mac Gold Pool                                                                                                                  | CUSIP: 3132L5TH6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       3821 | PA      | $3750.88      | 0.00%             | 2041-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                              | Freddie Mac Gold Pool                                                                                                                  | CUSIP: 3132Y1WP9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     819616 | PA      | $818623.85    | 0.23%             | 2048-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                              | Freddie Mac Pool                                                                                                                       | CUSIP: 3133KGR83<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1379659 | PA      | $1245673.58   | 0.35%             | 2049-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                              | Freddie Mac Pool                                                                                                                       | CUSIP: 3133KHRK4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     724357 | PA      | $718403.19    | 0.20%             | 2050-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                              | Freddie Mac Pool                                                                                                                       | CUSIP: 3133KKH44<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     832369 | PA      | $748412.02    | 0.21%             | 2050-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                              | Freddie Mac Pool                                                                                                                       | CUSIP: 3133KL2H9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    2229625 | PA      | $1911857.77   | 0.54%             | 2051-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                              | Freddie Mac Pool                                                                                                                       | CUSIP: 3133KMNS0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1390410 | PA      | $1191609.74   | 0.33%             | 2051-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                              | Freddie Mac Pool                                                                                                                       | CUSIP: 3133KMQE8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1376496 | PA      | $1183126.58   | 0.33%             | 2051-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                              | Freddie Mac Pool                                                                                                                       | CUSIP: 3133KQDS2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     779923 | PA      | $813994.92    | 0.23%             | 2052-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae REMICS                                                                                                                      | CUSIP: 3136A3B75<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     123974 | PA      | $12437.64     | 0.00%             | 2042-02-25      | Floating      | 1.96%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae REMICS                                                                                                                      | CUSIP: 3136A9EA2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      10207 | PA      | $10969.84     | 0.00%             | 2042-10-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae REMICS                                                                                                                      | CUSIP: 3136ABDT7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      28662 | PA      | $31132.79     | 0.01%             | 2042-07-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae REMICS                                                                                                                      | CUSIP: 3136AWKF3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     313595 | PA      | $35620.52     | 0.01%             | 2047-05-25      | Floating      | 2.11%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae REMICS                                                                                                                      | CUSIP: 3136BUZ45<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     803913 | PA      | $802177.52    | 0.23%             | 2055-03-25      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                              | Freddie Mac REMICS                                                                                                                     | CUSIP: 3137B9HA6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     203171 | PA      | $20365.90     | 0.01%             | 2044-03-15      | Floating      | 1.95%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.         | Freddie Mac Multifamily Structured Pass Through Certificates                                                                           | CUSIP: 3137FQKJ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     222453 | PA      | $222452.66    | 0.06%             | 2029-11-25      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.         | Freddie Mac Multifamily Structured Pass Through Certificates                                                                           | CUSIP: 3137H9Y94<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     452034 | PA      | $452456.32    | 0.13%             | 2033-02-25      | Floating      | 4.69%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                              | Freddie Mac REMICS                                                                                                                     | CUSIP: 3137HJSY4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     460670 | PA      | $460730.24    | 0.13%             | 2055-02-25      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.         | Freddie Mac Multifamily Structured Pass Through Certificates                                                                           | CUSIP: 3137HMCE8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1350000 | PA      | $1359842.99   | 0.38%             | 2030-07-25      | Variable      | 4.27%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3138ANZG1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      13217 | PA      | $13225.71     | 0.00%             | 2041-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3138EP2E3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      85229 | PA      | $85610.88     | 0.02%             | 2045-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3138EPK94<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     716323 | PA      | $715185.41    | 0.20%             | 2045-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3138ERH60<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      51489 | PA      | $49717.79     | 0.01%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3138ET6A9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     338528 | PA      | $337272.92    | 0.09%             | 2045-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3138M6P76<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       2447 | PA      | $2285.56      | 0.00%             | 2042-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3138MJGD5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       7039 | PA      | $6557.03      | 0.00%             | 2042-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3138MKQH2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      15074 | PA      | $14041.01     | 0.00%             | 2043-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3138MN5G1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      11995 | PA      | $11215.74     | 0.00%             | 2043-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3138MPDQ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       8912 | PA      | $8251.39      | 0.00%             | 2043-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3138MQHG1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       6327 | PA      | $5965.41      | 0.00%             | 2042-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3138MQTN3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       8026 | PA      | $7501.53      | 0.00%             | 2042-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3138MRK75<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      23451 | PA      | $21892.39     | 0.01%             | 2043-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3138MRXV8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       6913 | PA      | $6421.65      | 0.00%             | 2043-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3138W0FU8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       7449 | PA      | $6900.12      | 0.00%             | 2043-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3138W3FS7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      13261 | PA      | $12371.82     | 0.00%             | 2043-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3138W4AP6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       5714 | PA      | $5285.78      | 0.00%             | 2043-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3138W7WP5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      10090 | PA      | $9348.87      | 0.00%             | 2043-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3138WHGK2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      26772 | PA      | $25851.33     | 0.01%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3138WK2U8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      47732 | PA      | $46329.91     | 0.01%             | 2047-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3138WLA60<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     239914 | PA      | $238964.40    | 0.07%             | 2047-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3138WMKE0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       5522 | PA      | $5182.81      | 0.00%             | 2043-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3138WMWQ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      33203 | PA      | $30779.86     | 0.01%             | 2043-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3138WN5M7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      28651 | PA      | $26557.04     | 0.01%             | 2043-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3138WPGT5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       7671 | PA      | $7116.14      | 0.00%             | 2043-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3138WRNS5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       7597 | PA      | $7035.73      | 0.00%             | 2043-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3138WVH46<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       7853 | PA      | $7248.70      | 0.00%             | 2043-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3138WVN49<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      13474 | PA      | $12457.46     | 0.00%             | 2043-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3138WWKV0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       9860 | PA      | $9148.84      | 0.00%             | 2043-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3138WXWH6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       7273 | PA      | $6731.98      | 0.00%             | 2043-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3138XRXN4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       9556 | PA      | $9797.08      | 0.00%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3138XZSV4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     243774 | PA      | $221352.02    | 0.06%             | 2045-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3138YDZ28<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      11379 | PA      | $10734.99     | 0.00%             | 2045-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae REMICS                                                                                                                      | CUSIP: 31394EZ35<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      14423 | PA      | $14834.64     | 0.00%             | 2035-08-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae REMICS                                                                                                                      | CUSIP: 31397S7M0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     116007 | PA      | $117052.56    | 0.03%             | 2041-06-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3140E0EH4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     148906 | PA      | $144482.96    | 0.04%             | 2045-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3140EWUP8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      29916 | PA      | $28886.78     | 0.01%             | 2046-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3140GULV7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     121293 | PA      | $120775.09    | 0.03%             | 2047-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3140GYKA6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     343566 | PA      | $332833.06    | 0.09%             | 2048-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3140H4BV5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     397462 | PA      | $394646.88    | 0.11%             | 2048-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3140HBH76<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     219907 | PA      | $212761.96    | 0.06%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3140J7R98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     148054 | PA      | $143567.59    | 0.04%             | 2047-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3140J8MQ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     325208 | PA      | $315047.68    | 0.09%             | 2048-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3140JAEL8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     877008 | PA      | $894599.99    | 0.25%             | 2048-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3140Q8DN2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     423774 | PA      | $410931.78    | 0.12%             | 2048-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3140Q8KG9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     107608 | PA      | $104380.48    | 0.03%             | 2048-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3140Q9CT8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     215190 | PA      | $208467.03    | 0.06%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3140Q9TW3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     213464 | PA      | $212952.12    | 0.06%             | 2048-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3140QEXS6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     727999 | PA      | $629825.04    | 0.18%             | 2050-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3140QFFS3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1729463 | PA      | $1557182.98   | 0.44%             | 2050-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3140QFFV6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1691749 | PA      | $1521111.11   | 0.43%             | 2050-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3140QFLM9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1364413 | PA      | $1228497.33   | 0.35%             | 2050-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3140QFNZ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1755858 | PA      | $1580399.56   | 0.44%             | 2050-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3140QKC48<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     485544 | PA      | $396421.05    | 0.11%             | 2051-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3140QQUQ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1694628 | PA      | $1772367.85   | 0.50%             | 2052-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3140QS5D9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1984991 | PA      | $2076033.87   | 0.58%             | 2053-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3140X7AV1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       5158 | PA      | $5119.60      | 0.00%             | 2050-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3140XCUR7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    2135047 | PA      | $1835116.75   | 0.52%             | 2051-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 3140Y7S41<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    4972253 | PA      | $5080464.59   | 1.43%             | 2055-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 31416A6T2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       1777 | PA      | $1784.97      | 0.00%             | 2039-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 31416MVP6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       1453 | PA      | $1455.20      | 0.00%             | 2039-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 31417MFB4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       2708 | PA      | $2713.76      | 0.00%             | 2039-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 31418BZY5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      22126 | PA      | $21469.31     | 0.01%             | 2046-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 31418CAY0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       8259 | PA      | $7974.75      | 0.00%             | 2046-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 31418CCW2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       9241 | PA      | $8923.02      | 0.00%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 31418DGZ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      26065 | PA      | $25807.40     | 0.01%             | 2049-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 31418DTQ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    5001604 | PA      | $4090003.43   | 1.15%             | 2050-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 31418DUG5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    5000512 | PA      | $4087363.91   | 1.15%             | 2050-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 31418DYX4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    2117158 | PA      | $1727807.39   | 0.49%             | 2051-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 31418MUL4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      35235 | PA      | $35320.21     | 0.01%             | 2039-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                               | Fannie Mae Pool                                                                                                                        | CUSIP: 31418QAH6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      33834 | PA      | $34027.13     | 0.01%             | 2040-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FIRST HORIZON CORP                                       | First Horizon Corp                                                                                                                     | CUSIP: 320517AE5<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | DBT              | CORP              | US        |     330000 | PA      | $340975.80    | 0.10%             | 2031-03-07      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                 | Ford Motor Credit Co LLC                                                                                                               | CUSIP: 345397E74<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     500000 | PA      | $507565.00    | 0.14%             | 2027-05-17      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| GCAT                                                     | GCAT 2019-NQM3 Trust                                                                                                                   | CUSIP: 36167VAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     500000 | PA      | $487134.65    | 0.14%             | 2059-11-25      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179MAY6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       1780 | PA      | $1731.06      | 0.00%             | 2042-04-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179MQQ6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       1110 | PA      | $1078.52      | 0.00%             | 2042-10-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179N5W4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       1578 | PA      | $1528.83      | 0.00%             | 2044-03-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179NLE6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     280647 | PA      | $272316.46    | 0.08%             | 2043-08-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179QDZ1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       1928 | PA      | $1867.43      | 0.00%             | 2044-05-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179QT50<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     135129 | PA      | $130747.79    | 0.04%             | 2044-11-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179QWF4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      32560 | PA      | $31504.63     | 0.01%             | 2044-12-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179RD89<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       8843 | PA      | $8549.88      | 0.00%             | 2045-05-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179RJF7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      31982 | PA      | $30900.73     | 0.01%             | 2045-07-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179RXE4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     174343 | PA      | $168304.09    | 0.05%             | 2046-01-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179T7L3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     832657 | PA      | $828490.18    | 0.23%             | 2048-08-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179T7M1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      94564 | PA      | $96171.88     | 0.03%             | 2048-08-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179TXW0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     555843 | PA      | $553408.84    | 0.16%             | 2048-05-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179U4E9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     225724 | PA      | $224594.47    | 0.06%             | 2049-10-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179UCC4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     586195 | PA      | $583261.09    | 0.16%             | 2048-09-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179UEB4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     689337 | PA      | $700408.13    | 0.20%             | 2048-10-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179UGE6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     379137 | PA      | $385226.09    | 0.11%             | 2048-11-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179UH62<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     385530 | PA      | $391480.41    | 0.11%             | 2048-12-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179UKY7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     908528 | PA      | $901994.25    | 0.25%             | 2049-01-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179UKZ4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     725654 | PA      | $736854.75    | 0.21%             | 2049-01-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179UML3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     363426 | PA      | $348925.56    | 0.10%             | 2049-02-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179UMM1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     745094 | PA      | $739735.17    | 0.21%             | 2049-02-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179UPA4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     232744 | PA      | $223458.17    | 0.06%             | 2049-03-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179UPB2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      18989 | PA      | $18852.44     | 0.01%             | 2049-03-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179UPC0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      62696 | PA      | $63664.26     | 0.02%             | 2049-03-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179UQ54<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     395106 | PA      | $379341.88    | 0.11%             | 2049-04-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179UXS6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     517296 | PA      | $467925.27    | 0.13%             | 2049-08-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179V4Y3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     216811 | PA      | $207754.22    | 0.06%             | 2051-01-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179VBJ8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     231944 | PA      | $230275.42    | 0.06%             | 2049-12-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179VHS2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1010076 | PA      | $911766.33    | 0.26%             | 2050-03-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36179XFH4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1456406 | PA      | $1433889.58   | 0.40%             | 2052-09-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae I Pool                                                                                                                      | CUSIP: 36200KFF9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       5350 | PA      | $5481.54      | 0.00%             | 2034-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae I Pool                                                                                                                      | CUSIP: 36200N3F6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      46144 | PA      | $48041.99     | 0.01%             | 2034-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae I Pool                                                                                                                      | CUSIP: 36200NXX4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      53809 | PA      | $56069.52     | 0.02%             | 2034-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae I Pool                                                                                                                      | CUSIP: 36201SQC6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      12630 | PA      | $13051.49     | 0.00%             | 2033-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae I Pool                                                                                                                      | CUSIP: 36201SSM2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       7204 | PA      | $7420.74      | 0.00%             | 2033-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae I Pool                                                                                                                      | CUSIP: 36201SSU4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       4244 | PA      | $4374.85      | 0.00%             | 2033-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae I Pool                                                                                                                      | CUSIP: 36201U5P5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       8351 | PA      | $8602.89      | 0.00%             | 2033-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36202F2M7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        550 | PA      | $535.05       | 0.00%             | 2042-01-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36202FP67<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       2029 | PA      | $1978.28      | 0.00%             | 2041-02-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae II Pool                                                                                                                     | CUSIP: 36202FY67<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       3269 | PA      | $3181.64      | 0.00%             | 2041-11-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae I Pool                                                                                                                      | CUSIP: 36202SBG2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       2672 | PA      | $2721.53      | 0.00%             | 2033-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae I Pool                                                                                                                      | CUSIP: 36210AT31<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      43859 | PA      | $45689.49     | 0.01%             | 2035-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae I Pool                                                                                                                      | CUSIP: 36213X3S1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       6364 | PA      | $6545.57      | 0.00%             | 2032-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae II Pool                                                                                                                     | CUSIP: 3622ABD33<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     251301 | PA      | $215983.66    | 0.06%             | 2051-09-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae II Pool                                                                                                                     | CUSIP: 3622ABHF2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     810819 | PA      | $726612.88    | 0.20%             | 2051-11-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae II Pool                                                                                                                     | CUSIP: 3622ABJ94<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     266717 | PA      | $229983.25    | 0.06%             | 2051-12-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae II Pool                                                                                                                     | CUSIP: 3622ABJH6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     465580 | PA      | $401457.73    | 0.11%             | 2051-11-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                             | GS Mortgage Securities Trust 2020-GC45                                                                                                 | CUSIP: 36258YBG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     600000 | PA      | $566998.05    | 0.16%             | 2053-02-13      | Fixed         | 2.91%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae I Pool                                                                                                                      | CUSIP: 36290NBS0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       2397 | PA      | $2450.82      | 0.00%             | 2033-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae I Pool                                                                                                                      | CUSIP: 36290QX75<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       5162 | PA      | $5271.79      | 0.00%             | 2033-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae I Pool                                                                                                                      | CUSIP: 36290XLG3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       6249 | PA      | $6423.44      | 0.00%             | 2033-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae I Pool                                                                                                                      | CUSIP: 36291GXG6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       6550 | PA      | $6720.75      | 0.00%             | 2034-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae I Pool                                                                                                                      | CUSIP: 36291NPZ8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       8723 | PA      | $9041.82      | 0.00%             | 2034-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Ginnie Mae I Pool                                                                                                                      | CUSIP: 36292MYM8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        151 | PA      | $154.91       | 0.00%             | 2036-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GALAXY PIPELINE ASSETS                                   | Galaxy Pipeline Assets Bidco Ltd                                                                                                       | CUSIP: 36321PAB6<br>LEI: 549300L82YB0C6JQIC26 | Long             | DBT              | CORP              | JE        |     200000 | PA      | $176476.00    | 0.05%             | 2036-03-31      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                                   | General Motors Financial Co Inc                                                                                                        | CUSIP: 37045XDE3<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     500000 | PA      | $449365.00    | 0.13%             | 2031-01-08      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| GENMAB A/S/GENMAB FIN                                    | GENMAB A/S/GENMAB FINANCE LLC                                                                                                          | CUSIP: 37230JAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | DK        |     495000 | PA      | $507360.15    | 0.14%             | 2032-12-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                     | Glencore Funding LLC                                                                                                                   | CUSIP: 378272BG2<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |     250000 | PA      | $225120.00    | 0.06%             | 2031-09-23      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                                      | Global Payments Inc                                                                                                                    | CUSIP: 37940XAY8<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |     530000 | PA      | $527127.40    | 0.15%             | 2035-11-15      | Fixed         | 5.55%                 | 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        |    5699797 | NS      | $5699796.62   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                 | Government National Mortgage Association                                                                                               | CUSIP: 38376VHU4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     301669 | PA      | $32779.06     | 0.01%             | 2040-02-20      | Floating      | 2.40%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Government National Mortgage Association                                                                                               | CUSIP: 38378YFA2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     149346 | PA      | $15746.65     | 0.00%             | 2043-11-20      | Floating      | 2.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Government National Mortgage Association                                                                                               | CUSIP: 38379EW73<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      87558 | PA      | $4547.32      | 0.00%             | 2043-10-20      | Floating      | 2.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Government National Mortgage Association                                                                                               | CUSIP: 38379FEG0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      70602 | PA      | $8393.81      | 0.00%             | 2045-11-20      | Floating      | 2.40%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Government National Mortgage Association                                                                                               | CUSIP: 38379GQY6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      84453 | PA      | $6850.65      | 0.00%             | 2044-09-20      | Floating      | 1.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Government National Mortgage Association                                                                                               | CUSIP: 38379GV20<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      72747 | PA      | $6664.13      | 0.00%             | 2044-11-20      | Floating      | 1.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Government National Mortgage Association                                                                                               | CUSIP: 38379MVJ0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      94120 | PA      | $11440.88     | 0.00%             | 2045-08-20      | Floating      | 2.40%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Government National Mortgage Association                                                                                               | CUSIP: 38379QCY9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     116852 | PA      | $14329.87     | 0.00%             | 2045-09-20      | Floating      | 2.40%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Government National Mortgage Association                                                                                               | CUSIP: 38379VUJ1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      91469 | PA      | $11998.47     | 0.00%             | 2045-06-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Government National Mortgage Association                                                                                               | CUSIP: 38380YR23<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     193162 | PA      | $22692.51     | 0.01%             | 2048-09-20      | Floating      | 2.35%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Government National Mortgage Association                                                                                               | CUSIP: 38380YR64<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     280264 | PA      | $33227.93     | 0.01%             | 2048-09-20      | Floating      | 2.35%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Government National Mortgage Association                                                                                               | CUSIP: 38381BG65<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      65716 | PA      | $7368.81      | 0.00%             | 2049-01-20      | Floating      | 2.20%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Government National Mortgage Association                                                                                               | CUSIP: 38381BZG2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      59423 | PA      | $6685.87      | 0.00%             | 2049-01-20      | Floating      | 2.20%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Government National Mortgage Association                                                                                               | CUSIP: 38382BUQ4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     871978 | PA      | $183968.42    | 0.05%             | 2049-12-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                 | Government National Mortgage Association                                                                                               | CUSIP: 38382XAA3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    2187513 | PA      | $1832585.09   | 0.51%             | 2051-08-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| GRAHAM HOLDINGS CO                                       | Graham Holdings Co                                                                                                                     | CUSIP: 384637AC8<br>LEI: 529900BOSCEEEMAFQJ29 | Long             | DBT              | CORP              | US        |     630000 | PA      | $635840.10    | 0.18%             | 2033-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                  | HCA Inc                                                                                                                                | CUSIP: 404119CR8<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     685000 | PA      | $671286.30    | 0.19%             | 2053-06-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                  | HCA Inc                                                                                                                                | CUSIP: 404119CT4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     770000 | PA      | $803471.90    | 0.23%             | 2031-04-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| HILLENBRAND INC                                          | Hillenbrand Inc                                                                                                                        | CUSIP: 431571AF5<br>LEI: U246OE781574J2BUD366 | Long             | DBT              | CORP              | US        |     169000 | PA      | $172961.36    | 0.05%             | 2029-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                                 | Hilton Domestic Operating Co Inc                                                                                                       | CUSIP: 432833AT8<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |     350000 | PA      | $352747.50    | 0.10%             | 2034-03-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Home Equity Loan Trust                                   | Home Equity Loan Trust                                                                                                                 | CUSIP: 43710XAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     289948 | PA      | $283869.92    | 0.08%             | 2037-04-25      | Floating      | 4.08%                 | No            |                  2 | On Loan: No      |
| HOST HOTELS & RESORTS LP                                 | Host Hotels & Resorts LP                                                                                                               | CUSIP: 44107TBA3<br>LEI: FXB7X4WXVA8QPMNOGS12 | Long             | DBT              |  | US        |     224000 | PA      | $202995.52    | 0.06%             | 2031-12-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| HOUSTON GALLERIA MALL TRUST                              | Houston Galleria Mall Trust 2025-HGLR                                                                                                  | CUSIP: 44216XAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     475000 | PA      | $491252.23    | 0.14%             | 2045-02-05      | Variable      | 5.46%                 | No            |                  2 | On Loan: No      |
| HOWARD MIDSTREAM ENERGY                                  | Howard Midstream Energy Partners LLC                                                                                                   | CUSIP: 442722AD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     195000 | PA      | $199512.30    | 0.06%             | 2034-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Hudson Yards                                             | Hudson Yards 2025-SPRL Mortgage Trust                                                                                                  | CUSIP: 44855PAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     800000 | PA      | $828449.50    | 0.23%             | 2040-01-13      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| Hudson Yards                                             | Hudson Yards 2025-SPRL Mortgage Trust                                                                                                  | CUSIP: 44855PAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     340000 | PA      | $350407.03    | 0.10%             | 2040-01-13      | Variable      | 5.95%                 | No            |                  2 | On Loan: No      |
| Hudson Yards                                             | Hudson Yards 2025-SPRL Mortgage Trust                                                                                                  | CUSIP: 44855PAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     375000 | PA      | $390010.54    | 0.11%             | 2040-01-13      | Variable      | 6.34%                 | No            |                  2 | On Loan: No      |
| HYATT HOTELS CORP                                        | Hyatt Hotels Corp                                                                                                                      | CUSIP: 448579AS1<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |     630000 | PA      | $650248.20    | 0.18%             | 2034-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Lease Securitization Trust                  | Hyundai Auto Lease Securitization Trust 2024-B                                                                                         | CUSIP: 44934FAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1010047 | PA      | $1015486.83   | 0.29%             | 2027-05-17      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| IRB Holding Corp                                         | IRB Holding Corp 2024 1st Lien Term Loan B                                                                                             | CUSIP: 44988LAL1<br>LEI: 549300HVW4WNWYBXN830 | Long             | LON              | CORP              | US        |     664921 | PA      | $666122.23    | 0.19%             | 2027-12-15      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| IRV Trust                                                | IRV Trust 2025-200P                                                                                                                    | CUSIP: 45006HAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     700000 | PA      | $713698.48    | 0.20%             | 2047-03-14      | Variable      | 5.29%                 | No            |                  2 | On Loan: No      |
| IRV Trust                                                | IRV Trust 2025-200P                                                                                                                    | CUSIP: 45006HAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     500000 | PA      | $503011.46    | 0.14%             | 2047-03-14      | Variable      | 5.73%                 | No            |                  2 | On Loan: No      |
| IRV Trust                                                | IRV Trust 2025-200P                                                                                                                    | CUSIP: 45006HAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     350000 | PA      | $355394.32    | 0.10%             | 2047-03-14      | Variable      | 6.17%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                        | ILLINOIS ST                                                                                                                            | CUSIP: 452151LF8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     462451 | PA      | $473952.01    | 0.13%             | 2033-06-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                        | ILLINOIS ST                                                                                                                            | CUSIP: 452152BM2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |      88462 | PA      | $93475.94     | 0.03%             | 2035-02-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                        | ILLINOIS ST                                                                                                                            | CUSIP: 452152GS4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     521429 | PA      | $567811.15    | 0.16%             | 2035-07-01      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| PRA HEALTH SCIENCES INC                                  | PRA Health Sciences Inc                                                                                                                | CUSIP: 45569KAA1<br>LEI: 549300R1HR1VWWHIAK47 | Long             | DBT              | CORP              | US        |     200000 | PA      | $198418.00    | 0.06%             | 2026-07-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| INGERSOLL RAND INC                                       | Ingersoll Rand Inc                                                                                                                     | CUSIP: 45687VAE6<br>LEI: 5299004C02FMZCUOIR50 | Long             | DBT              | CORP              | US        |     177000 | PA      | $185193.33    | 0.05%             | 2031-06-15      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                                               | Intel Corp                                                                                                                             | CUSIP: 458140CL2<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |     159000 | PA      | $160855.53    | 0.05%             | 2034-02-21      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTALEXCHANGE                                 | Intercontinental Exchange Inc                                                                                                          | CUSIP: 45866FBB9<br>LEI: 5493000F4ZO33MV32P92 | Long             | DBT              | CORP              | US        |     190000 | PA      | $188666.20    | 0.05%             | 2028-09-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| INTL FLAVOR & FRAGRANCES                                 | International Flavors & Fragrances Inc                                                                                                 | CUSIP: 459506AP6<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |     170000 | PA      | $163087.80    | 0.05%             | 2027-10-15      | Fixed         | 1.83%                 | No            |                  2 | On Loan: No      |
| INVITATION HOMES OP                                      | Invitation Homes Operating Partnership LP                                                                                              | CUSIP: 46188BAB8<br>LEI: 549300147YMUQB3GW319 | Long             | DBT              |  | US        |     300000 | PA      | $285195.00    | 0.08%             | 2028-11-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust            | J.P. Morgan Chase Commercial Mortgage Securities Trust 2024-OMNI                                                                       | CUSIP: 46593JAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     300000 | PA      | $305478.07    | 0.09%             | 2039-10-05      | Variable      | 5.80%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                 | JP Morgan Mortgage Trust Series 2024-VIS1                                                                                              | CUSIP: 465970AA9<br>LEI: 529900371ZWA9WXVGB88 | Long             | ABS-MBS          | CORP              | US        |     512613 | PA      | $517871.71    | 0.15%             | 2064-07-25      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                 | JP Morgan Mortgage Trust 2023-HE3                                                                                                      | CUSIP: 465985AA7<br>LEI: 5299007DSRZLE19EYU93 | Long             | ABS-O            | CORP              | US        |     135615 | PA      | $136179.37    | 0.04%             | 2054-05-20      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                      | JPMorgan Chase & Co                                                                                                                    | CUSIP: 46625HRX0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     425000 | PA      | $422964.25    | 0.12%             | 2027-12-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Alternative Loan Trust                       | JP Morgan Alternative Loan Trust 2006-A7                                                                                               | CUSIP: 466286AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      95128 | PA      | $89437.14     | 0.03%             | 2036-12-25      | Floating      | 4.17%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                      | JPMorgan Chase & Co                                                                                                                    | CUSIP: 46647PBA3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     475000 | PA      | $474881.25    | 0.13%             | 2027-01-29      | Fixed         | 3.96%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                      | JPMorgan Chase & Co                                                                                                                    | CUSIP: 46647PBP0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     200000 | PA      | $188806.00    | 0.05%             | 2031-05-13      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                      | JPMorgan Chase & Co                                                                                                                    | CUSIP: 46647PEX0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     840000 | PA      | $882000.00    | 0.25%             | 2036-04-22      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust            | J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-OSB                                                                        | CUSIP: 46651EAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     650000 | PA      | $607207.42    | 0.17%             | 2039-06-05      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                 | J.P. Morgan Mortgage Trust 2021-LTV2                                                                                                   | CUSIP: 46654VAA1<br>LEI: 529900371ZWA9WXVGB88 | Long             | ABS-MBS          | CORP              | US        |     675966 | PA      | $582848.57    | 0.16%             | 2052-05-25      | Variable      | 2.52%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                 | JP Morgan Mortgage Trust Series 2024-3                                                                                                 | CUSIP: 46657QAH4<br>LEI: 529900371ZWA9WXVGB88 | Long             | ABS-MBS          | CORP              | US        |     840965 | PA      | $768071.25    | 0.22%             | 2054-05-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                 | JP Morgan Mortgage Trust Series 2025-NQM4                                                                                              | CUSIP: 46660HAA4<br>LEI: 529900371ZWA9WXVGB88 | Long             | ABS-MBS          | CORP              | US        |     976767 | PA      | $977209.82    | 0.27%             | 2066-03-25      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| JDE PEET'S NV                                            | JDE Peet's NV                                                                                                                          | CUSIP: 47216QAB9<br>LEI: 724500EHG519SE5ZRT89 | Long             | DBT              | CORP              | NL        |     375000 | PA      | $363198.75    | 0.10%             | 2027-01-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| KKR Financial CLO Ltd                                    | KKR CLO 57 Ltd                                                                                                                         | CUSIP: 481954AA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    2000000 | PA      | $2006836.00   | 0.56%             | 2038-07-15      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| Katayma CLO Ltd                                          | Katayma CLO II Ltd                                                                                                                     | CUSIP: 485862AC0<br>LEI: 254900HW0KYG9AOGVP97 | Long             | ABS-CBDO         | CORP              | JE        |     600000 | PA      | $601007.40    | 0.17%             | 2037-04-20      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| KEURIG DR PEPPER INC                                     | Keurig Dr Pepper Inc                                                                                                                   | CUSIP: 49271VAF7<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |     575000 | PA      | $579479.25    | 0.16%             | 2028-05-25      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| KEURIG DR PEPPER INC                                     | Keurig Dr Pepper Inc                                                                                                                   | CUSIP: 49271VAN0<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |     925000 | PA      | $824480.25    | 0.23%             | 2031-03-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| KILROY REALTY LP                                         | Kilroy Realty LP                                                                                                                       | CUSIP: 49427RAN2<br>LEI: 5493008CT3N3JR7P1552 | Long             | DBT              |  | US        |     397000 | PA      | $399032.64    | 0.11%             | 2028-12-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| KKR Industrial Portfolio Trust                           | KIND Commercial Mortgage Trust 2024-1                                                                                                  | CUSIP: 494925AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     475000 | PA      | $475458.37    | 0.13%             | 2041-08-15      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| KODIAK GAS SERVICES LLC                                  | Kodiak Gas Services LLC                                                                                                                | CUSIP: 50012LAD6<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |     185000 | PA      | $188840.60    | 0.05%             | 2033-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| KODIAK GAS SERVICES LLC                                  | Kodiak Gas Services LLC                                                                                                                | CUSIP: 50012LAE4<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |     120000 | PA      | $123367.20    | 0.03%             | 2035-10-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| LCM INVESTMENTS HOLDINGS                                 | LCM Investments Holdings II LLC                                                                                                        | CUSIP: 50190EAC8<br>LEI: 549300P5V78NNQTG4428 | Long             | DBT              | CORP              | US        |     265000 | PA      | $280269.30    | 0.08%             | 2031-08-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| LAMAR MEDIA CORP                                         | Lamar Media Corp                                                                                                                       | CUSIP: 513075CA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     545000 | PA      | $543566.65    | 0.15%             | 2033-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                                     | Las Vegas Sands Corp                                                                                                                   | CUSIP: 517834AM9<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |     230000 | PA      | $235606.66    | 0.07%             | 2028-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                                     | Las Vegas Sands Corp                                                                                                                   | CUSIP: 517834AN7<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |      90000 | PA      | $94264.20     | 0.03%             | 2030-06-14      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LOWE'S COS INC                                           | Lowe's Cos Inc                                                                                                                         | CUSIP: 548661ED5<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |     425000 | PA      | $400588.00    | 0.11%             | 2028-09-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORPORATION                                     | M&T Bank Corp                                                                                                                          | CUSIP: 55261FAT1<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |     650000 | PA      | $691424.50    | 0.19%             | 2032-03-13      | Fixed         | 6.08%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                  | MPLX LP                                                                                                                                | CUSIP: 55336VAS9<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |     225000 | PA      | $228447.00    | 0.06%             | 2029-02-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| MSCI INC                                                 | MSCI Inc                                                                                                                               | CUSIP: 55354GAL4<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |     760000 | PA      | $730534.80    | 0.21%             | 2031-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| MSWF Commercial Mortgage Trust                           | MSWF Commercial Mortgage Trust 2023-2                                                                                                  | CUSIP: 55361AAR5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     800000 | PA      | $843024.30    | 0.24%             | 2056-12-15      | Fixed         | 6.89%                 | No            |                  2 | On Loan: No      |
| MACQUARIE GROUP LTD                                      | Macquarie Group Ltd                                                                                                                    | CUSIP: 55608JAR9<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | DBT              | CORP              | AU        |     450000 | PA      | $449698.50    | 0.13%             | 2027-01-12      | Fixed         | 1.34%                 | No            |                  2 | On Loan: No      |
| Madison Avenue Trust                                     | MAD Commercial Mortgage Trust 2025-11MD                                                                                                | CUSIP: 55616AAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     900000 | PA      | $912101.61    | 0.26%             | 2042-10-15      | Variable      | 6.36%                 | No            |                  2 | On Loan: No      |
| Manhattan West                                           | Manhattan West 2020-1MW Mortgage Trust                                                                                                 | CUSIP: 563136AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     750000 | PA      | $721820.49    | 0.20%             | 2039-09-10      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| MARS INC                                                 | Mars Inc                                                                                                                               | CUSIP: 571676AY1<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |     875000 | PA      | $894031.25    | 0.25%             | 2030-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| MARS INC                                                 | Mars Inc                                                                                                                               | CUSIP: 571676AZ8<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |     775000 | PA      | $798451.50    | 0.22%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                                   | Marriott International Inc/MD                                                                                                          | CUSIP: 571903BG7<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |     400000 | PA      | $371260.00    | 0.10%             | 2031-04-15      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                                   | Marriott International Inc/MD                                                                                                          | CUSIP: 571903BJ1<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |     475000 | PA      | $483227.00    | 0.14%             | 2027-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                                   | Marriott International Inc/MD                                                                                                          | CUSIP: 571903BP7<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |     221000 | PA      | $225811.17    | 0.06%             | 2029-05-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp                       | MARYLAND ST ECON DEV CORP                                                                                                              | CUSIP: 574205JA9<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |     360000 | PA      | $367406.89    | 0.10%             | 2032-11-30      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp                       | MARYLAND ST ECON DEV CORP                                                                                                              | CUSIP: 574205JB7<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |     145000 | PA      | $147766.57    | 0.04%             | 2033-11-30      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| MASCO CORP                                               | Masco Corp                                                                                                                             | CUSIP: 574599BS4<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | DBT              | CORP              | US        |     325000 | PA      | $307602.75    | 0.09%             | 2028-02-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| MASTEC INC                                               | MasTec Inc                                                                                                                             | CUSIP: 576323AP4<br>LEI: 549300TMDIT8WREDOF45 | Long             | DBT              | CORP              | US        |     610000 | PA      | $606047.20    | 0.17%             | 2028-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC                                   | Match Group Holdings II LLC                                                                                                            | CUSIP: 57667JAC6<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |     550000 | PA      | $557144.50    | 0.16%             | 2033-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                    | MET TRANSPRTN AUTH NY REVENUE                                                                                                          | CUSIP: 59261A2P1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |      60000 | PA      | $55396.84     | 0.02%             | 2049-11-15      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| MEXICO CITY ARPT TRUST                                   | Mexico City Airport Trust                                                                                                              | CUSIP: 59284MAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |     250000 | PA      | $244220.00    | 0.07%             | 2028-04-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                                 | Mill City Mortgage Loan Trust 2017-2                                                                                                   | CUSIP: 59980AAQ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      62933 | PA      | $61886.23     | 0.02%             | 2059-07-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                                 | Mill City Mortgage Loan Trust 2019-GS2                                                                                                 | CUSIP: 59981TAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     720000 | PA      | $677313.50    | 0.19%             | 2059-08-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                                 | Mill City Mortgage Loan Trust 2021-NMR1                                                                                                | CUSIP: 59982HAH3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     760000 | PA      | $680641.71    | 0.19%             | 2060-11-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                           | Morgan Stanley Capital I Trust 2018-H4                                                                                                 | CUSIP: 61691RAE6<br>LEI: 3IFG42XD94UUZ7FL2766 | Long             | ABS-MBS          | CORP              | US        |     400000 | PA      | $398392.40    | 0.11%             | 2051-12-15      | Fixed         | 4.31%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                           | Morgan Stanley                                                                                                                         | CUSIP: 6174468G7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     200000 | PA      | $201120.00    | 0.06%             | 2030-01-23      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                           | Morgan Stanley                                                                                                                         | CUSIP: 6174468L6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     725000 | PA      | $680340.00    | 0.19%             | 2031-01-22      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                           | Morgan Stanley                                                                                                                         | CUSIP: 6174468U6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     750000 | PA      | $658890.00    | 0.19%             | 2032-02-13      | Fixed         | 1.79%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                           | Morgan Stanley                                                                                                                         | CUSIP: 61747YEL5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     141000 | PA      | $128690.70    | 0.04%             | 2033-01-21      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                           | Morgan Stanley                                                                                                                         | CUSIP: 61747YFD2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    1395000 | PA      | $1426485.15   | 0.40%             | 2029-04-20      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                           | Morgan Stanley                                                                                                                         | CUSIP: 61747YGA7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     310000 | PA      | $325915.40    | 0.09%             | 2036-04-17      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Mortgage Loan Trust                       | Morgan Stanley Mortgage Loan Trust 2007-7AX                                                                                            | CUSIP: 61754HAA0<br>LEI: 5493001INKZRJR8O7L63 | Long             | ABS-MBS          | CORP              | US        |    2310710 | PA      | $538179.79    | 0.15%             | 2037-04-25      | Floating      | 4.29%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                           | Morgan Stanley                                                                                                                         | CUSIP: 61761JZN2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     174000 | PA      | $173872.98    | 0.05%             | 2027-04-23      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| MOUNTAIN VIEW CLO                                        | Mountain View CLO 2016-1 LLC                                                                                                           | CUSIP: 62432FAS3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     944449 | PA      | $944458.42    | 0.27%             | 2033-04-14      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| NXP BV/NXP FDG/NXP USA                                   | NXP BV / NXP Funding LLC / NXP USA Inc                                                                                                 | CUSIP: 62954HAY4<br>LEI: 724500RKKW4NOJ9YQF60 | Long             | DBT              | CORP              | XX        |     275000 | PA      | $265163.25    | 0.07%             | 2030-05-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| NY Commercial Mortgage Trust                             | NY Commercial Mortgage Trust 2025-299P                                                                                                 | CUSIP: 62957FAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     450000 | PA      | $468060.45    | 0.13%             | 2047-02-10      | Variable      | 5.93%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                        | NatWest Group PLC                                                                                                                      | CUSIP: 639057AV0<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |     200000 | PA      | $205220.00    | 0.06%             | 2031-05-23      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                               | Navient Student Loan Trust 2017-2                                                                                                      | CUSIP: 63939RAA2<br>LEI: 549300761SV59SBM0Z40 | Long             | ABS-O            | CORP              | US        |    1898139 | PA      | $1928619.31   | 0.54%             | 2066-12-27      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                                 | Neuberger Berman Loan Advisers CLO 45 Ltd                                                                                              | CUSIP: 64134MAJ5<br>LEI: 549300BQ0WQMX5H5TS32 | Long             | ABS-CBDO         | CORP              | KY        |     460000 | PA      | $459334.84    | 0.13%             | 2036-10-14      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                   | NextEra Energy Capital Holdings Inc                                                                                                    | CUSIP: 65339KBW9<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     525000 | PA      | $500167.50    | 0.14%             | 2028-06-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| 1988 CLO Ltd.                                            | 1988 CLO 6 Ltd                                                                                                                         | CUSIP: 65444GAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     900000 | PA      | $872190.00    | 0.24%             | 2038-04-15      | Floating      | 8.80%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC                                             | NiSource Inc                                                                                                                           | CUSIP: 65473PAJ4<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |     100000 | PA      | $97212.00     | 0.03%             | 2030-05-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                                 | OCP SA                                                                                                                                 | CUSIP: 67091TAF2<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |     420000 | PA      | $452949.00    | 0.13%             | 2034-05-02      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                 | OBX 2025-NQM13 Trust                                                                                                                   | CUSIP: 67121UAF3<br>LEI: 254900FPAGVH6E25VL74 | Long             | ABS-MBS          | CORP              | US        |     499582 | PA      | $504228.80    | 0.14%             | 2065-05-25      | Variable      | 5.44%                 | No            |                  2 | On Loan: No      |
| NYC Commercial Mortgage Trust 2021-909                   | NYC Commercial Mortgage Trust 2025-11X                                                                                                 | CUSIP: 67122NAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1000000 | PA      | $1002175.55   | 0.28%             | 2040-10-15      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| CHORD ENERGY CORP                                        | Chord Energy Corp                                                                                                                      | CUSIP: 674215AQ1<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |     440000 | PA      | $444457.20    | 0.12%             | 2030-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                 | Occidental Petroleum Corp                                                                                                              | CUSIP: 674599DE2<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     278000 | PA      | $317970.84    | 0.09%             | 2031-09-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Octagon 67 Ltd                                           | Octagon 67 Ltd                                                                                                                         | CUSIP: 67571LAN1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1700000 | PA      | $1705722.20   | 0.48%             | 2038-07-25      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN                                 | 1011778 BC ULC / New Red Finance Inc                                                                                                   | CUSIP: 68245XAR0<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     185000 | PA      | $190165.20    | 0.05%             | 2029-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| One New York Plaza Trust 2020-1NYP                       | One New York Plaza Trust 2020-1NYP                                                                                                     | CUSIP: 68249DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     575000 | PA      | $554827.08    | 0.16%             | 2036-01-15      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| 1988 CLO Ltd.                                            | 1988 CLO 4 Ltd                                                                                                                         | CUSIP: 68252EAE1<br>LEI: 2549000NTXDB3VOXDV92 | Long             | ABS-CBDO         | CORP              | KY        |     500000 | PA      | $501667.50    | 0.14%             | 2037-04-15      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| OPAL BIDCO                                               | OPAL BIDCO                                                                                                                             | CUSIP: 68348BAA1<br>LEI: 969500R96XT7XY2UJ564 | Long             | DBT              | CORP              | FR        |     345000 | PA      | $353383.50    | 0.10%             | 2032-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                              | Oracle Corp                                                                                                                            | CUSIP: 68389XBV6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    2239000 | PA      | $2065925.30   | 0.58%             | 2030-04-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                              | Oracle Corp                                                                                                                            | CUSIP: 68389XCE3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     490000 | PA      | $439275.20    | 0.12%             | 2031-03-25      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                              | Oracle Corp                                                                                                                            | CUSIP: 68389XDK8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     580000 | PA      | $560123.40    | 0.16%             | 2032-09-26      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                              | Oracle Corp                                                                                                                            | CUSIP: 68389XDM4<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     675000 | PA      | $647966.25    | 0.18%             | 2035-09-26      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency          | PHEAA Student Loan Trust 2016-1                                                                                                        | CUSIP: 69343FAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     362467 | PA      | $365163.52    | 0.10%             | 2065-09-25      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                              | PRKCM 2021-AFC2 Trust                                                                                                                  | CUSIP: 69361JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     591975 | PA      | $530118.22    | 0.15%             | 2056-11-25      | Variable      | 2.07%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                              | PRKCM 2021-AFC2 Trust                                                                                                                  | CUSIP: 69361JAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     625000 | PA      | $473344.69    | 0.13%             | 2056-11-25      | Variable      | 2.69%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                   | Pacific Gas and Electric Co                                                                                                            | CUSIP: 694308JF5<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     250000 | PA      | $242365.00    | 0.07%             | 2027-08-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                   | Pacific Gas and Electric Co                                                                                                            | CUSIP: 694308JH1<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     125000 | PA      | $94811.25     | 0.03%             | 2040-08-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                           | Palmer Square Loan Funding 2022-3 Ltd                                                                                                  | CUSIP: 69690CAN3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1001029.00   | 0.28%             | 2031-04-15      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                                    | Palmer Square CLO 2024-2 LTD                                                                                                           | CUSIP: 69703LAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1775000 | PA      | $1780797.15   | 0.50%             | 2037-07-20      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| Panama Government International Bonds                    | Panama Government International Bonds                                                                                                  | CUSIP: 698299BS2<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     200000 | PA      | $148751.34    | 0.04%             | 2063-01-19      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PEACEHEALTH OBLIGATED GR                                 | PeaceHealth Obligated Group                                                                                                            | CUSIP: 70462GAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     335000 | PA      | $336560.10    | 0.09%             | 2028-11-15      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Peru Government International Bonds                      | Peru Government International Bonds                                                                                                    | CUSIP: 715638DQ2<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |      20000 | PA      | $10880.00     | 0.00%             | 2060-12-01      | Fixed         | 2.78%                 | No            |                  2 | On Loan: No      |
| Peru Government International Bonds                      | Peru Government International Bonds                                                                                                    | CUSIP: 715638DR0<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     100000 | PA      | $54600.00     | 0.02%             | 2121-07-28      | Fixed         | 3.23%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                      | Petroleos Mexicanos                                                                                                                    | CUSIP: 71643VAB1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |      60000 | PA      | $59827.80     | 0.02%             | 2032-02-16      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                      | Petroleos Mexicanos                                                                                                                    | CUSIP: 71654QDC3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     550000 | PA      | $558745.00    | 0.16%             | 2030-01-23      | Fixed         | 6.84%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                      | Petroleos Mexicanos                                                                                                                    | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     280000 | PA      | $271012.00    | 0.08%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Republic of Poland Government International Bonds        | Republic of Poland Government International Bonds                                                                                      | CUSIP: 731011AZ5<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     350000 | PA      | $333870.25    | 0.09%             | 2054-03-18      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                  | PORT AUTH OF NEW YORK & NEW JERSEY NY                                                                                                  | CUSIP: 73358WXQ2<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |     375000 | PA      | $335783.51    | 0.09%             | 2065-10-15      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| QNITY ELECTRONICS INC                                    | Qnity Electronics Inc                                                                                                                  | CUSIP: 74743LAA8<br>LEI: 254900RSUG4J9TFFZX53 | Long             | DBT              | CORP              | US        |     120000 | PA      | $122922.00    | 0.03%             | 2032-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| QNITY ELECTRONICS INC                                    | Qnity Electronics Inc                                                                                                                  | CUSIP: 74743LAB6<br>LEI: 254900RSUG4J9TFFZX53 | Long             | DBT              | CORP              | US        |      80000 | PA      | $83083.20     | 0.02%             | 2033-08-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| QXO BUILDING PRODUCTS                                    | QXO Building Products Inc                                                                                                              | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |     440000 | PA      | $459738.40    | 0.13%             | 2032-04-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| RHP HOTEL PPTY/RHP FINAN                                 | RHP Hotel Properties LP / RHP Finance Corp                                                                                             | CUSIP: 749571AL9<br>LEI: N/A                  | Long             | DBT              |  | US        |     110000 | PA      | $114136.00    | 0.03%             | 2033-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                                               | ROCK Trust 2024-CNTR                                                                                                                   | CUSIP: 74970WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1500000 | PA      | $1541529.77   | 0.43%             | 2041-11-13      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                                               | ROCK Trust 2024-CNTR                                                                                                                   | CUSIP: 74970WAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     950000 | PA      | $992075.52    | 0.28%             | 2041-11-13      | Fixed         | 7.11%                 | No            |                  2 | On Loan: No      |
| RAIZEN FUELS FINANCE                                     | Raizen Fuels Finance SA                                                                                                                | CUSIP: 75102XAE6<br>LEI: 52990010NH26VC32Q522 | Long             | DBT              | CORP              | LU        |     260000 | PA      | $210600.00    | 0.06%             | 2037-02-25      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| REGENCY CENTERS LP                                       | Regency Centers LP                                                                                                                     | CUSIP: 75884RAZ6<br>LEI: 5493008PTR2GAOYBXW28 | Long             | DBT              |  | US        |     700000 | PA      | $670929.00    | 0.19%             | 2029-09-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                                           | Rocket Cos Inc                                                                                                                         | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     295000 | PA      | $305050.65    | 0.09%             | 2030-08-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                                           | Rocket Cos Inc                                                                                                                         | CUSIP: 77311WAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     255000 | PA      | $266342.40    | 0.07%             | 2033-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                                 | Rogers Communications Inc                                                                                                              | CUSIP: 775109CG4<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |    1215000 | PA      | $1203250.95   | 0.34%             | 2027-03-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| ROYALTY PHARMA PLC                                       | Royalty Pharma PLC                                                                                                                     | CUSIP: 78081BAR4<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |     461000 | PA      | $472280.67    | 0.13%             | 2034-09-02      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| SLG Office Trust                                         | SLG Office Trust 2021-OVA                                                                                                              | CUSIP: 78449RAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     600000 | PA      | $535243.99    | 0.15%             | 2041-07-15      | Fixed         | 2.58%                 | No            |                  2 | On Loan: No      |
| SANDS CHINA LTD                                          | Sands China Ltd                                                                                                                        | CUSIP: 80007RAE5<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |     200000 | PA      | $203896.00    | 0.06%             | 2028-08-08      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                   | Santander Drive Auto Receivables Trust 2025-1                                                                                          | CUSIP: 80288DAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      37498 | PA      | $37513.06     | 0.01%             | 2027-08-16      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                   | Santander Drive Auto Receivables Trust 2025-1                                                                                          | CUSIP: 80288DAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     750000 | PA      | $752218.25    | 0.21%             | 2029-01-16      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| SEAGATE DATA STOR                                        | Seagate Data Storage Technology Pte Ltd                                                                                                | CUSIP: 81180LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |     225000 | PA      | $232222.50    | 0.07%             | 2030-07-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SHERWIN-WILLIAMS CO                                      | Sherwin-Williams Co/The                                                                                                                | CUSIP: 824348AW6<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | DBT              | CORP              | US        |     500000 | PA      | $496400.00    | 0.14%             | 2027-06-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| JM SMUCKER CO                                            | J M Smucker Co/The                                                                                                                     | CUSIP: 832696AW8<br>LEI: 5493000WDH6A0LHDJD55 | Long             | DBT              | CORP              | US        |     449000 | PA      | $470628.33    | 0.13%             | 2028-11-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| SNAP INC                                                 | Snap Inc                                                                                                                               | CUSIP: 83304AAM8<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |     339000 | PA      | $349247.97    | 0.10%             | 2034-03-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SOLSTICE ADVANCED MATERI                                 | Solstice Advanced Materials Inc                                                                                                        | CUSIP: 83443QAA1<br>LEI: 2138004GZ4H9TW6HK435 | Long             | DBT              | CORP              | US        |      85000 | PA      | $85807.50     | 0.02%             | 2033-09-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| SOLVENTUM CORP                                           | Solventum Corp                                                                                                                         | CUSIP: 83444MAP6<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |     272000 | PA      | $281808.32    | 0.08%             | 2029-03-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| SOLVENTUM CORP                                           | Solventum Corp                                                                                                                         | CUSIP: 83444MAR2<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |    1070000 | PA      | $1114073.30   | 0.31%             | 2034-03-23      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                 | Republic of South Africa Government International Bond                                                                                 | CUSIP: 836205BH6<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     280000 | PA      | $276290.00    | 0.08%             | 2037-12-11      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                                | Block Inc                                                                                                                              | CUSIP: 852234AU7<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |     145000 | PA      | $148800.45    | 0.04%             | 2033-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| STANDARD BUILDING SOLUTI                                 | Standard Building Solutions Inc                                                                                                        | CUSIP: 853191AC8<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |     513000 | PA      | $524096.19    | 0.15%             | 2033-08-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                                  | Starwood Property Trust Inc                                                                                                            | CUSIP: 85571BBF1<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |     395000 | PA      | $398179.75    | 0.11%             | 2028-10-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                                  | Starwood Property Trust Inc                                                                                                            | CUSIP: 85571BBG9<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |     245000 | PA      | $247957.15    | 0.07%             | 2031-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential Trust                      | Starwood Mortgage Residential Trust 2020-2                                                                                             | CUSIP: 85573DAU3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     950000 | PA      | $934647.81    | 0.26%             | 2060-04-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential Trust                      | Starwood Mortgage Residential Trust 2021-6                                                                                             | CUSIP: 85573RAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     301876 | PA      | $269981.90    | 0.08%             | 2066-11-25      | Variable      | 1.92%                 | No            |                  2 | On Loan: No      |
| STEEL DYNAMICS INC                                       | Steel Dynamics Inc                                                                                                                     | CUSIP: 858119BN9<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | DBT              | CORP              | US        |     275000 | PA      | $264330.00    | 0.07%             | 2027-10-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| STERIS PLC                                               | STERIS Irish FinCo UnLtd Co                                                                                                            | CUSIP: 85917PAA5<br>LEI: 549300BRDKZ1HFI2J358 | Long             | DBT              | CORP              | IE        |     218000 | PA      | $201078.84    | 0.06%             | 2031-03-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| STONEX ESCROW ISSUER LLC                                 | Stonex Escrow Issuer LLC                                                                                                               | CUSIP: 86189AAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     440000 | PA      | $456310.80    | 0.13%             | 2032-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Sunnova Hestia I Issuer, LLC                             | Sunnova Hestia I Issuer LLC                                                                                                            | CUSIP: 86746BAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      86873 | PA      | $88677.15     | 0.02%             | 2050-12-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                       | Energy Transfer LP                                                                                                                     | CUSIP: 86765BAV1<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |      75000 | PA      | $67408.50     | 0.02%             | 2047-10-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                                | Sunoco LP                                                                                                                              | CUSIP: 86765KAG4<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |     465000 | PA      | $464734.95    | 0.13%             | 2034-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Sycamore Tree CLO Ltd                                    | Sycamore Tree CLO 2023-2 Ltd                                                                                                           | CUSIP: 87122CAQ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     500000 | PA      | $501028.50    | 0.14%             | 2037-01-20      | Floating      | 8.38%                 | No            |                  2 | On Loan: No      |
| SYSCO CORPORATION                                        | Sysco Corp                                                                                                                             | CUSIP: 871829BM8<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |      50000 | PA      | $55279.50     | 0.02%             | 2040-04-01      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                         | T-Mobile USA Inc                                                                                                                       | CUSIP: 87264ABD6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    1000000 | PA      | $996790.00    | 0.28%             | 2027-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                         | T-Mobile USA Inc                                                                                                                       | CUSIP: 87264ABT1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     520000 | PA      | $483163.20    | 0.14%             | 2031-02-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                         | T-Mobile USA Inc                                                                                                                       | CUSIP: 87264ABZ7<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     375000 | PA      | $373653.75    | 0.10%             | 2026-02-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                         | T-Mobile USA Inc                                                                                                                       | CUSIP: 87264ACA1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     275000 | PA      | $264099.00    | 0.07%             | 2028-02-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                         | T-Mobile USA Inc                                                                                                                       | CUSIP: 87264ACV5<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     350000 | PA      | $361291.00    | 0.10%             | 2033-01-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| TPG Trust                                                | TPG Trust 2024-WLSC                                                                                                                    | CUSIP: 872973AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1150000 | PA      | $1155297.96   | 0.32%             | 2029-11-15      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| TPG Trust                                                | TPG Trust 2024-WLSC                                                                                                                    | CUSIP: 872973AG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     250000 | PA      | $255257.24    | 0.07%             | 2029-11-15      | Floating      | 6.68%                 | No            |                  2 | On Loan: No      |
| TAKE-TWO INTERACTIVE SOF                                 | Take-Two Interactive Software Inc                                                                                                      | CUSIP: 874054AG4<br>LEI: BOMSTHHJK882EWYX3334 | Long             | DBT              | CORP              | US        |     360000 | PA      | $358509.60    | 0.10%             | 2027-04-14      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                                     | Targa Resources Corp                                                                                                                   | CUSIP: 87612GAA9<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |     235000 | PA      | $224923.20    | 0.06%             | 2033-02-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| TEXAS Commercial Mortgage Trust                          | TEXAS Commercial Mortgage Trust 2025-TWR                                                                                               | CUSIP: 88231WAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     150000 | PA      | $149833.57    | 0.04%             | 2042-04-15      | Floating      | 5.89%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                | Towd Point Mortgage Trust 2017-3                                                                                                       | CUSIP: 89169DAF8<br>LEI: 25490010CSYSAQU59J50 | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $91266.29     | 0.03%             | 2057-07-25      | Variable      | 3.86%                 | No            |                  2 | On Loan: No      |
| TRAVEL + LEISURE CO                                      | Travel + Leisure Co                                                                                                                    | CUSIP: 894164AC6<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |     339000 | PA      | $344264.67    | 0.10%             | 2033-09-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                                    | Truist Financial Corp                                                                                                                  | CUSIP: 89788MAN2<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |     150000 | PA      | $151189.50    | 0.04%             | 2027-06-08      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                             | UBS Group AG                                                                                                                           | CUSIP: 902613BB3<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     307000 | PA      | $307454.36    | 0.09%             | 2026-04-17      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                             | UBS Group AG                                                                                                                           | CUSIP: 902613BE7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     200000 | PA      | $234656.00    | 0.07%             | 2033-11-13      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                             | UBS Group AG                                                                                                                           | CUSIP: 902613BQ0<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     510000 | PA      | $530634.60    | 0.15%             | 2036-05-09      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                               | US Bancorp                                                                                                                             | CUSIP: 902973BC9<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     650000 | PA      | $634393.50    | 0.18%             | 2027-01-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| UBER TECHNOLOGIES INC                                    | Uber Technologies Inc                                                                                                                  | CUSIP: 90353TAK6<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |    1280000 | PA      | $1282662.40   | 0.36%             | 2029-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bonds                    | Mexico Government International Bonds                                                                                                  | CUSIP: 91087BAN0<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     624000 | PA      | $383760.00    | 0.11%             | 2061-05-24      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                   | U.S. Treasury Bonds                                                                                                                    | CUSIP: 912810SC3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1500000 | PA      | $1141171.88   | 0.32%             | 2048-05-15      | Fixed         | 3.12%                 | No            |                  1 | On Loan: No      |
| United States Treasury                                   | U.S. Treasury Bonds                                                                                                                    | CUSIP: 912810SE9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1450000 | PA      | $1148898.44   | 0.32%             | 2048-11-15      | Fixed         | 3.38%                 | No            |                  1 | On Loan: No      |
| United States Treasury                                   | U.S. Treasury Bonds                                                                                                                    | CUSIP: 912810SH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1550000 | PA      | $1114062.50   | 0.31%             | 2049-05-15      | Fixed         | 2.88%                 | No            |                  1 | On Loan: No      |
| United States Treasury                                   | U.S. Treasury Inflation-Indexed Bonds                                                                                                  | CUSIP: 912810TP3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    3906899 | PA      | $3044939.74   | 0.86%             | 2053-02-15      | Fixed         | 1.50%                 | No            |                  1 | On Loan: No      |
| United States Treasury                                   | U.S. Treasury Bonds                                                                                                                    | CUSIP: 912810UC0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      15000 | PA      | $13591.41     | 0.00%             | 2054-08-15      | Fixed         | 4.25%                 | No            |                  1 | On Loan: No      |
| United States Treasury                                   | U.S. Treasury Notes                                                                                                                    | CUSIP: 91282CGZ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |       2600 | PA      | $2581.52      | 0.00%             | 2030-04-30      | Fixed         | 3.50%                 | No            |                  1 | On Loan: No      |
| United States Treasury                                   | U.S. Treasury Notes                                                                                                                    | CUSIP: 91282CKP5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   12020000 | PA      | $12410650.00  | 3.49%             | 2029-04-30      | Fixed         | 4.62%                 | No            |                  1 | On Loan: No      |
| United States Treasury                                   | U.S. Treasury Notes                                                                                                                    | CUSIP: 91282CLF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    3010000 | PA      | $2965320.31   | 0.83%             | 2034-08-15      | Fixed         | 3.88%                 | No            |                  1 | On Loan: No      |
| United States Treasury                                   | U.S. Treasury Notes                                                                                                                    | CUSIP: 91282CMY4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    8570000 | PA      | $8596781.25   | 2.41%             | 2027-04-30      | Fixed         | 3.75%                 | No            |                  1 | On Loan: No      |
| United States Treasury                                   | U.S. Treasury Notes                                                                                                                    | CUSIP: 91282CNC1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   17780000 | PA      | $17941131.25  | 5.04%             | 2035-05-15      | Fixed         | 4.25%                 | No            |                  1 | On Loan: No      |
| USA COM PART/USA COM FIN                                 | USA Compression Partners LP / USA Compression Finance Corp                                                                             | CUSIP: 91740PAH1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     185000 | PA      | $187001.70    | 0.05%             | 2033-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| VFH PARENT / VALOR CO                                    | VFH Parent LLC / Valor Co-Issuer Inc                                                                                                   | CUSIP: 91824YAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     460000 | PA      | $481725.80    | 0.14%             | 2031-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| VALE OVERSEAS LIMITED                                    | Vale Overseas Ltd                                                                                                                      | CUSIP: 91911TAS2<br>LEI: 254900BA3U6G5DNV5V04 | Long             | DBT              | CORP              | KY        |     200000 | PA      | $204100.00    | 0.06%             | 2054-06-28      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                    | Venture Global Plaquemines LNG LLC                                                                                                     | CUSIP: 922966AE6<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     205000 | PA      | $208716.65    | 0.06%             | 2030-12-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                    | Venture Global Plaquemines LNG LLC                                                                                                     | CUSIP: 922966AF3<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     210000 | PA      | $214680.90    | 0.06%             | 2034-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                   | Verizon Communications Inc                                                                                                             | CUSIP: 92343VER1<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     467000 | PA      | $470890.11    | 0.13%             | 2028-09-21      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                   | Verizon Communications Inc                                                                                                             | CUSIP: 92343VGJ7<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     975000 | PA      | $890448.00    | 0.25%             | 2031-03-21      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                               | Verus Securitization Trust 2025-1                                                                                                      | CUSIP: 92540TAA8<br>LEI: 213800JOKZMXZECMAB50 | Long             | ABS-MBS          | CORP              | US        |     791197 | PA      | $799600.91    | 0.22%             | 2070-01-25      | Variable      | 5.62%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                               | Verus Securitization Trust 2025-1                                                                                                      | CUSIP: 92540TAL4<br>LEI: 213800JOKZMXZECMAB50 | Long             | ABS-MBS          | CORP              | US        |    1061869 | PA      | $1071656.03   | 0.30%             | 2070-01-25      | Variable      | 5.62%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                                   | VICI Properties LP / VICI Note Co Inc                                                                                                  | CUSIP: 92564RAD7<br>LEI: N/A                  | Long             | DBT              |  | US        |     590000 | PA      | $586530.80    | 0.16%             | 2027-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD                                       | Viking Cruises Ltd                                                                                                                     | CUSIP: 92676XAH0<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |     545000 | PA      | $554150.55    | 0.16%             | 2033-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Vista Point Securitization Trust                         | Vista Point Securitization Trust 2020-2                                                                                                | CUSIP: 92838TAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     500000 | PA      | $476985.65    | 0.13%             | 2065-04-25      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| VMWARE LLC                                               | VMware LLC                                                                                                                             | CUSIP: 928563AK1<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |     175000 | PA      | $165532.50    | 0.05%             | 2028-08-15      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| VTR Commercial Mortgage Trust                            | VTR Commercial Mortgage Trust 2025-STEM                                                                                                | CUSIP: 92890YAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     850000 | PA      | $852442.35    | 0.24%             | 2039-10-13      | Variable      | 5.03%                 | No            |                  2 | On Loan: No      |
| VTR Commercial Mortgage Trust                            | VTR Commercial Mortgage Trust 2025-STEM                                                                                                | CUSIP: 92890YAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     300000 | PA      | $300923.63    | 0.08%             | 2039-10-13      | Variable      | 5.86%                 | No            |                  2 | On Loan: No      |
| WP CAREY INC                                             | WP Carey Inc                                                                                                                           | CUSIP: 92936UAF6<br>LEI: 54930042CRNE713E3Q67 | Long             | DBT              |  | US        |     425000 | PA      | $418901.25    | 0.12%             | 2029-07-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| WASTE MANAGEMENT INC                                     | Waste Management Inc                                                                                                                   | CUSIP: 94106LBY4<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | CORP              | US        |      27000 | PA      | $27938.79     | 0.01%             | 2031-07-03      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Wellington Management CLO                                | Wellington Management Clo 5 Ltd                                                                                                        | CUSIP: 94957NAA3<br>LEI: 213800J6I7L5KYTPNH51 | Long             | ABS-CBDO         | CORP              | KY        |    1800000 | PA      | $1803173.40   | 0.51%             | 2038-10-18      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                    | Wells Fargo & Co                                                                                                                       | CUSIP: 949746SH5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     675000 | PA      | $670275.00    | 0.19%             | 2026-10-23      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                    | Wells Fargo & Co                                                                                                                       | CUSIP: 94974BGL8<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     600000 | PA      | $602502.00    | 0.17%             | 2027-07-22      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Securities Trust             | Wells Fargo Mortgage Backed Securities 2019-3 Trust                                                                                    | CUSIP: 949831AA9<br>LEI: 549300EZH20KSD9JD814 | Long             | ABS-MBS          | CORP              | US        |      21723 | PA      | $19716.28     | 0.01%             | 2049-07-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                    | Wells Fargo & Co                                                                                                                       | CUSIP: 95000U2D4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      75000 | PA      | $75159.00     | 0.02%             | 2029-01-24      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                    | Wells Fargo & Co                                                                                                                       | CUSIP: 95000U3A9<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     400000 | PA      | $404396.00    | 0.11%             | 2028-07-25      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                    | Wells Fargo Commercial Mortgage Trust 2017-C39                                                                                         | CUSIP: 95000XAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1125000 | PA      | $1103800.06   | 0.31%             | 2050-09-15      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                    | Wells Fargo Commercial Mortgage Trust 2021-C59                                                                                         | CUSIP: 95003CAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     825000 | PA      | $745861.55    | 0.21%             | 2054-04-15      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                    | Wells Fargo Commercial Mortgage Trust 2024-1CHI                                                                                        | CUSIP: 95003PAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     875000 | PA      | $882586.96    | 0.25%             | 2035-07-15      | Variable      | 5.31%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                    | Wells Fargo Commercial Mortgage Trust 2024-1CHI                                                                                        | CUSIP: 95003PAC5<br>LEI: 54930012YCNUERXJ1I74 | Long             | ABS-MBS          | CORP              | US        |     550000 | PA      | $553812.56    | 0.16%             | 2035-07-15      | Variable      | 5.74%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                                   | Williams Cos Inc/The                                                                                                                   | CUSIP: 969457CJ7<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |     425000 | PA      | $447036.25    | 0.13%             | 2033-03-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Wind River CLO Ltd                                       | Wind River 2021-2 CLO Ltd                                                                                                              | CUSIP: 97315VAN7<br>LEI: 254900AGKLJSTAXGRN27 | Long             | ABS-CBDO         | CORP              | KY        |     450000 | PA      | $450200.25    | 0.13%             | 2034-07-20      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| Wind River CLO Ltd                                       | Wind River 2021-2 CLO Ltd                                                                                                              | CUSIP: 97315VAQ0<br>LEI: 254900AGKLJSTAXGRN27 | Long             | ABS-CBDO         | CORP              | KY        |     425000 | PA      | $425053.13    | 0.12%             | 2034-07-20      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| WORKDAY INC                                              | Workday Inc                                                                                                                            | CUSIP: 98138HAG6<br>LEI: 549300J0DYC0N31V7G13 | Long             | DBT              | CORP              | US        |     225000 | PA      | $223618.50    | 0.06%             | 2027-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| WORKDAY INC                                              | Workday Inc                                                                                                                            | CUSIP: 98138HAJ0<br>LEI: 549300J0DYC0N31V7G13 | Long             | DBT              | CORP              | US        |     150000 | PA      | $143566.50    | 0.04%             | 2032-04-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Travel + Leisure Co                                      | Travel + Leisure Co 2024 Term Loan B                                                                                                   | CUSIP: 98309GAF3<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | LON              | CORP              | US        |     666579 | PA      | $667226.00    | 0.19%             | 2029-12-14      | Floating      | 5.74%                 | No            |                  2 | On Loan: No      |
| XCEL ENERGY INC                                          | Xcel Energy Inc                                                                                                                        | CUSIP: 98389BAU4<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | DBT              | CORP              | US        |     900000 | PA      | $894708.00    | 0.25%             | 2026-12-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: SR228526  IRS JPY R F  2.16000 2 CCPOIS / Short: SR228526  IRS JPY P V 00MTONAR 1 CCPOIS                                         | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        | 2141782343 | OU      | $-657928.08   | -0.18%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: BR228525  IRS JPY R V 00MTONAR 1 CCPOIS / Short: BR228525  IRS JPY P F  1.29500 2 CCPOIS                                         | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        | 1445119789 | OU      | $322008.74    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                          | Long: SX003205  CDS USD R F  1.00000 2 CCPCDX / Short: SX003205  CDS USD P V 03MEVENT 1 CCPCDX                                         | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |   23000000 | OU      | $511991.50    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | Long: BR230956  IRS BRL R V 00MBRCDI IR230956_FLO CCPNDFPREDISWAP / Short: BR230956  IRS BRL P F 13.25000 IR230956_FIX CCPNDFPREDISWAP | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | GB        |    3710000 | OU      | $3742.68      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | Long: BR230955  IRS BRL R V 00MBRCDI IR230955_FLO CCPNDFPREDISWAP / Short: BR230955  IRS BRL P F 13.75000 IR230955_FIX CCPNDFPREDISWAP | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | GB        |   32400000 | OU      | $28274.84     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | Long: SR230955  IRS BRL R F 13.75000 2 CCPNDFPREDISWAP / Short: SR230955  IRS BRL P V 00MBRCDI 1 CCPNDFPREDISWAP                       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | GB        |   23770000 | OU      | $-20743.61    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: BR233404  IRS EUR R V 06MEURIB 1 CCPVANILLA / Short: BR233404  IRS EUR P F  2.61000 2 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    6690000 | OU      | $995884.39    | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: SR233405  IRS EUR R F  2.53000 2 CCPOIS / Short: SR233405  IRS EUR P V 00MESTR 1 CCPOIS                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    6690000 | OU      | $-839184.33   | -0.24%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: SR233928  IRS USD R F  3.84519 2 CCPOIS / Short: SR233928  IRS USD P V 00MSOFR 1 CCPOIS                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    5420000 | OU      | $54275.88     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: BR233929  IRS USD R V 00MSOFR 1 CCPOIS / Short: BR233929  IRS USD P F  4.21304 2 CCPOIS                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    3680000 | OU      | $104138.85    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | Long: SR233890  IRS BRL R F 13.25000 2 CCPNDFPREDISWAP / Short: SR233890  IRS BRL P V 00MBRCDI 1 CCPNDFPREDISWAP                       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | GB        |    8100000 | OU      | $-6394.08     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: SR234635  IRS USD R F  4.09811 2 CCPOIS / Short: SR234635  IRS USD P V 00MSOFR 1 CCPOIS                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |   16400000 | OU      | $-14953.52    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: BR234637  IRS USD R V 00MSOFR 1 CCPOIS / Short: BR234637  IRS USD P F  3.59995 2 CCPOIS                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |   66900000 | OU      | $-37805.19    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: SR234636  IRS USD R F  3.36762 2 CCPOIS / Short: SR234636  IRS USD P V 00MSOFR 1 CCPOIS                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |   63470000 | OU      | $56196.34     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: BR236075  IRS USD R V 00MSOFR 1 CCPOIS / Short: BR236075  IRS USD P F  3.84826 2 CCPOIS                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   20720000 | OU      | $249843.83    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: BR236073  IRS USD R V 00MSOFR 1 CCPOIS / Short: BR236073  IRS USD P F  3.52786 2 CCPOIS                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    4520000 | OU      | $-6176.58     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: SR236074  IRS USD R F  4.57424 2 CCPOIS / Short: SR236074  IRS USD P V 00MSOFR 1 CCPOIS                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   25600000 | OU      | $-114772.48   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: BR241429  IRS EUR R V 06MEURIB 1 CCPVANILLA / Short: BR241429  IRS EUR P F  2.80000 2 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    7000000 | OU      | $392549.00    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: SR241428  IRS EUR R F  2.40000 2 CCPVANILLA / Short: SR241428  IRS EUR P V 06MEURIB 1 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |   17310265 | OU      | $-88455.53    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: SR243128  IRS EUR R F  2.90000 2 CCPVANILLA / Short: SR243128  IRS EUR P V 06MEURIB 1 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    4060000 | OU      | $-88425.29    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: BR243130  IRS EUR R V 06MEURIB 1 CCPVANILLA / Short: BR243130  IRS EUR P F  2.60000 2 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    2830000 | OU      | $33311.04     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: BR246931  IRS THB R V 00MTHOR 1 CCPNDFOIS / Short: BR246931  IRS THB P F  1.25000 2 CCPNDFOIS                                    | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |   14870000 | OU      | $-219.76      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: SR246941  IRS THB R F  1.00000 2 CCPNDFOIS / Short: SR246941  IRS THB P V 00MTHOR 1 CCPNDFOIS                                    | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   51390000 | OU      | $-1595.78     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: BR246937  IRS KRW R V 03MKSDA 1 CCPNDF / Short: BR246937  IRS KRW P F  2.25000 2 CCPNDF                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  583830000 | OU      | $5570.08      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: BR247832  IRS USD R V 00MSOFR 1 CCPOIS / Short: BR247832  IRS USD P F  3.06188 2 CCPOIS                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   25020000 | OU      | $27609.57     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: BR247831  IRS USD R V 00MSOFR 1 CCPOIS / Short: BR247831  IRS USD P F  3.80536 2 CCPOIS                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   19540000 | OU      | $78118.97     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: SR247830  IRS USD R F  3.37935 2 CCPOIS / Short: SR247830  IRS USD P V 00MSOFR 1 CCPOIS                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   35540000 | OU      | $-188191.41   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: SR246940  IRS PLN R F  3.75000 2 CCPVANILLA / Short: SR246940  IRS PLN P V 06MWIBOR 1 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    6990000 | OU      | $9930.28      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: BR246943  IRS CZK R V 06MPRIBO 1 CCPVANILLA / Short: BR246943  IRS CZK P F  4.00000 2 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    2680000 | OU      | $1449.54      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: SR246939  IRS CZK R F  3.75000 2 CCPVANILLA / Short: SR246939  IRS CZK P V 06MPRIBO 1 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   50750000 | OU      | $7928.49      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: SR246935  IRS PLN R F  4.50000 2 CCPVANILLA / Short: SR246935  IRS PLN P V 06MWIBOR 1 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1210000 | OU      | $8365.86      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: SR246938  IRS ZAR R F  6.75000 2 CCPVANILLA / Short: SR246938  IRS ZAR P V 03MJIBAR 1 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |   48450000 | OU      | $24403.17     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: SR246946  IRS ZAR R F  7.25000 2 CCPVANILLA / Short: SR246946  IRS ZAR P V 03MJIBAR 1 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    6850000 | OU      | $10408.65     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | Long: BR247178  IRS CLP R V 00MCLICP 1 CCPNDFCAMARAPROMEDIO / Short: BR247178  IRS CLP P F  4.50000 2 CCPNDFCAMARAPROMEDIO             | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |  812620000 | OU      | $-802.66      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | Long: SR247182  IRS CLP R F  5.25000 2 CCPNDFCAMARAPROMEDIO / Short: SR247182  IRS CLP P V 00MCLICP 1 CCPNDFCAMARAPROMEDIO             | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   88750000 | OU      | $398.07       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: SR248830  IRS EUR R F  2.00000 2 CCPOIS / Short: SR248830  IRS EUR P V 00MESTR 1 CCPOIS                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |   86623690 | OU      | $-271847.14   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: BR248829  IRS EUR R V 06MEURIB 1 CCPVANILLA / Short: BR248829  IRS EUR P F  2.50000 2 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   86623690 | OU      | $42440.49     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | Long: BR247175  IRS COP R V 00MCPIBR 1 CCPNDFOIS / Short: BR247175  IRS COP P F  8.50000 2 CCPNDFOIS                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | GB        | 4258110000 | OU      | $51439.60     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | Long: SR247181  IRS COP R F  8.75000 2 CCPNDFOIS / Short: SR247181  IRS COP P V 00MCPIBR 1 CCPNDFOIS                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | GB        |  781540000 | OU      | $-16261.19    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: SR246923  IRS HUF R F  6.00000 2 CCPVANILLA / Short: SR246923  IRS HUF P V 06MBUBOR 1 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  368260000 | OU      | $4359.38      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: SR246926  IRS HUF R F  6.50000 2 CCPVANILLA / Short: SR246926  IRS HUF P V 06MBUBOR 1 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    8410000 | OU      | $-18.82       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | Long: SR247179  IRS MXN R F  7.50000 2 CCPOIS / Short: SR247179  IRS MXN P V 00MTIEF 1 CCPOIS                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | GB        |   14750000 | OU      | $-9514.05     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | Long: SR247174  IRS MXN R F  7.25000 2 CCPOIS / Short: SR247174  IRS MXN P V 00MTIEF 1 CCPOIS                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | GB        |   32000000 | OU      | $-651.47      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | Long: SR247177  IRS MXN R F  8.00000 2 CCPOIS / Short: SR247177  IRS MXN P V 00MTIEF 1 CCPOIS                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | GB        |    7110000 | OU      | $-6345.13     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: SR246932  IRS CNY R F  1.50000 CCPNDF / Short: SR246932  IRS CNY P V 03MCNRR CCPNDF                                              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | CN        |    9100000 | OU      | $349.21       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                   | Long: CX003319  CDS USD R F   .50000 2 CMBX / Short: CX003319  CDS USD P V 01MEVENT 1 CMBX                                             | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DCR              |  | GB        |    1800000 | OU      | $-20803.86    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                          | Long: SX003325  CDS USD R F  1.00000 2 CCPCDX / Short: SX003325  CDS USD P V 03MEVENT 1 CCPCDX                                         | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |    4415000 | OU      | $100137.50    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: SR252135  IRS USD R F  3.20120 2 CCPOIS / Short: SR252135  IRS USD P V 00MSOFR 1 CCPOIS                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |   21150000 | OU      | $-27746.68    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: BR252134  IRS USD R V 00MSOFR 1 CCPOIS / Short: BR252134  IRS USD P F  3.57684 2 CCPOIS                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |   14530000 | OU      | $100171.27    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: SR252136  IRS USD R F  4.43814 2 CCPOIS / Short: SR252136  IRS USD P V 00MSOFR 1 CCPOIS                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    9780000 | OU      | $-88187.24    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | Long: BR247180  IRS COP R V 00MCPIBR 1 CCPNDFOIS / Short: BR247180  IRS COP P F  9.25000 2 CCPNDFOIS                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | GB        | 1680360000 | OU      | $44551.72     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: BR246933  IRS INR R V 06MMIBOR  CCPNDFOIS / Short: BR246933  IRS INR P F  5.50000  CCPNDFOIS                                     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  146530000 | OU      | $3047.19      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: SR252261  IRS GBP R F  3.50000 2 CCPOIS / Short: SR252261  IRS GBP P V 00MSONIA 1 CCPOIS                                         | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |   38730000 | OU      | $-39185.92    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: SR252263  IRS GBP R F  4.50000 2 CCPOIS / Short: SR252263  IRS GBP P V 00MSONIA 1 CCPOIS                                         | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    7150000 | OU      | $41221.06     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: BR252262  IRS GBP R V 00MSONIA 1 CCPOIS / Short: BR252262  IRS GBP P F  3.50000 2 CCPOIS                                         | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |   36070000 | OU      | $275080.63    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: BR252269  IRS USD R V 00MSOFR 1 CCPOIS / Short: BR252269  IRS USD P F  3.82793 2 CCPOIS                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    2960000 | OU      | $169819.05    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: SR252270  IRS USD R F  3.26477 2 CCPOIS / Short: SR252270  IRS USD P V 00MSOFR 1 CCPOIS                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |   10400000 | OU      | $-92842.88    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: BR246922  IRS ZAR R V 03MJIBAR 1 CCPVANILLA / Short: BR246922  IRS ZAR P F  8.50000 2 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   12090000 | OU      | $-53977.62    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: SR252760  IRS AUD R F  5.00000 2 CCPVANILLA / Short: SR252760  IRS AUD P V 06MBBSW 1 CCPVANILLA                                  | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |   17790000 | OU      | $-61228.28    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: BR252761  IRS USD R V 00MSOFR 1 CCPOIS / Short: BR252761  IRS USD P F  4.00000 2 CCPOIS                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |   10710236 | OU      | $75207.28     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: BR252754  IRS USD R V 00MSOFR 1 CCPOIS / Short: BR252754  IRS USD P F  3.13557 2 CCPOIS                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   30270000 | OU      | $55978.31     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: SR253220  IRS EUR R F  2.50000 2 CCPOIS / Short: SR253220  IRS EUR P V 00MESTR 1 CCPOIS                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |   12980000 | OU      | $-175112.45   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: BR253229  IRS EUR R V 06MEURIB 1 CCPVANILLA / Short: BR253229  IRS EUR P F  3.10000 2 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    5270000 | OU      | $192022.16    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: BR253016  IRS CHF R V 00MSARON 1 CCPOIS / Short: BR253016  IRS CHF P F   .00000 2 CCPOIS                                         | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   24570000 | OU      | $45858.22     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: BR253046  IRS NOK R V 06MNIBOR 1 CCPVANILLA / Short: BR253046  IRS NOK P F  4.00000 2 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   23940000 | OU      | $28834.40     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: SR253040  IRS NOK R F  4.00000 2 CCPVANILLA / Short: SR253040  IRS NOK P V 06MNIBOR 1 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |  674190000 | OU      | $-128825.13   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: BR253022  IRS CHF R V 00MSARON 1 CCPOIS / Short: BR253022  IRS CHF P F   .50000 2 CCPOIS                                         | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |     660000 | OU      | $15518.55     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: SR252945  IRS EUR R F  1.75000 2 CCPOIS / Short: SR252945  IRS EUR P V 00MESTR 1 CCPOIS                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   18570000 | OU      | $-128466.00   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: BR253358  IRS GBP R V 00MSONIA 1 CCPOIS / Short: BR253358  IRS GBP P F  4.25000 2 CCPOIS                                         | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    4980000 | OU      | $-46514.30    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: BR252928  IRS EUR R V 06MEURIB 1 CCPVANILLA / Short: BR252928  IRS EUR P F  2.00000 2 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    2210000 | OU      | $15535.37     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: SR252962  IRS GBP R F  3.75000 2 CCPOIS / Short: SR252962  IRS GBP P V 00MSONIA 1 CCPOIS                                         | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |   39860000 | OU      | $289686.94    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: SR252985  IRS CAD R F  3.00000 2 CCPOIS / Short: SR252985  IRS CAD P V 00MCORRA 1 CCPOIS                                         | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1570000 | OU      | $-19566.13    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: SR253034  IRS SEK R F  3.00000 2 CCPVANILLA / Short: SR253034  IRS SEK P V 03MSTIBO 1 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |   15200000 | OU      | $4221.79      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: BR253442  IRS JPY R V 00MTONAR 1 CCPOIS / Short: BR253442  IRS JPY P F  1.25000 2 CCPOIS                                         | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        | 3426770000 | OU      | $27932.20     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: BR252917  IRS USD R V 00MSOFR 1 CCPOIS / Short: BR252917  IRS USD P F  4.00000 2 CCPOIS                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    3820000 | OU      | $-60874.37    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: SR252997  IRS AUD R F  3.75000 2 CCPVANILLA / Short: SR252997  IRS AUD P V 06MBBSW 1 CCPVANILLA                                  | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |   10740000 | OU      | $-242013.10   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: BR252968  IRS GBP R V 00MSONIA 1 CCPOIS / Short: BR252968  IRS GBP P F  4.25000 2 CCPOIS                                         | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    1670000 | OU      | $-43027.32    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: SR252965  IRS GBP R F  3.75000 2 CCPOIS / Short: SR252965  IRS GBP P V 00MSONIA 1 CCPOIS                                         | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    5900000 | OU      | $31050.54     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: SR252937  IRS EUR R F  2.75000 2 CCPVANILLA / Short: SR252937  IRS EUR P V 06MEURIB 1 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    1430000 | OU      | $-126730.23   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: BR252943  IRS EUR R V 06MEURIB 1 CCPVANILLA / Short: BR252943  IRS EUR P F  3.00000 2 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |     800000 | OU      | $33447.98     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: BR252939  IRS EUR R V 06MEURIB 1 CCPVANILLA / Short: BR252939  IRS EUR P F  2.50000 2 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    1810000 | OU      | $314948.92    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: BR252931  IRS EUR R V 06MEURIB 1 CCPVANILLA / Short: BR252931  IRS EUR P F  2.25000 2 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |     790000 | OU      | $15703.55     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: BR252934  IRS EUR R V 06MEURIB 1 CCPVANILLA / Short: BR252934  IRS EUR P F  2.50000 2 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    6340000 | OU      | $296055.52    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: SR252931  IRS EUR R F  2.25000 2 CCPVANILLA / Short: SR252931  IRS EUR P V 06MEURIB 1 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   11340000 | OU      | $-225415.61   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: SR253434  IRS CAD R F  2.75000 2 CCPOIS / Short: SR253434  IRS CAD P V 00MCORRA 1 CCPOIS                                         | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |     530000 | OU      | $1562.76      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: SR253433  IRS GBP R F  4.00000 2 CCPOIS / Short: SR253433  IRS GBP P V 00MSONIA 1 CCPOIS                                         | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    2480000 | OU      | $33845.70     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: BR253435  IRS AUD R V 03MBBSW 1 CCPVANILLA / Short: BR253435  IRS AUD P F  3.50000 2 CCPVANILLA                                  | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    5870000 | OU      | $43778.67     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: BR253432  IRS EUR R V 06MEURIB 1 CCPVANILLA / Short: BR253432  IRS EUR P F  2.25000 2 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    3220000 | OU      | $4306.36      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: BR252911  IRS USD R V 00MSOFR 1 CCPOIS / Short: BR252911  IRS USD P F  3.50000 2 CCPOIS                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |   49190000 | OU      | $-219087.34   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: SR252911  IRS USD R F  3.50000 2 CCPOIS / Short: SR252911  IRS USD P V 00MSOFR 1 CCPOIS                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     830000 | OU      | $3696.74      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: SR253055  IRS NZD R F  3.50000 2 CCPVANILLA / Short: SR253055  IRS NZD P V 03MNZDBB 1 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   13650000 | OU      | $-48934.77    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: SR253058  IRS NZD R F  4.00000 2 CCPVANILLA / Short: SR253058  IRS NZD P V 03MNZDBB 1 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    5920000 | OU      | $-39653.45    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: BR253004  IRS JPY R V 00MTONAR 1 CCPOIS / Short: BR253004  IRS JPY P F  1.00000 2 CCPOIS                                         | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        | 7794000000 | OU      | $237452.29    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: BR253010  IRS JPY R V 00MTONAR 1 CCPOIS / Short: BR253010  IRS JPY P F  1.25000 2 CCPOIS                                         | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        | 2280000000 | OU      | $887684.75    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: BR253000  IRS AUD R V 06MBBSW 1 CCPVANILLA / Short: BR253000  IRS AUD P F  4.25000 2 CCPVANILLA                                  | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    2130000 | OU      | $63017.25     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: SR253014  IRS JPY R F  2.25000 2 CCPOIS / Short: SR253014  IRS JPY P V 00MTONAR 1 CCPOIS                                         | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  210000000 | OU      | $-167931.90   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: BR253007  IRS JPY R V 00MTONAR 1 CCPOIS / Short: BR253007  IRS JPY P F  1.00000 2 CCPOIS                                         | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        | 1815000000 | OU      | $308512.92    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: BR252979  IRS CAD R V 00MCORRA 1 CCPOIS / Short: BR252979  IRS CAD P F  2.50000 2 CCPOIS                                         | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    2210000 | OU      | $1286.51      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IVORY COAST                                              | Ivory Coast Government International Bond                                                                                              | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     130000 | PA      | $138027.83    | 0.04%             | 2048-03-22      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                  | Romanian Government International Bond                                                                                                 | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      10000 | PA      | $11502.92     | 0.00%             | 2029-03-11      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                  | Romanian Government International Bond                                                                                                 | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      80000 | PA      | $60199.38     | 0.02%             | 2050-01-28      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                  | Romanian Government International Bond                                                                                                 | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      70000 | PA      | $52674.46     | 0.01%             | 2050-01-28      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| STATE OF ISRAEL                                          | State of Israel                                                                                                                        | CUSIP: 000000000<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |     200000 | PA      | $134178.00    | 0.04%             | 2060-05-13      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                  | Romanian Government International Bond                                                                                                 | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     190000 | PA      | $219869.46    | 0.06%             | 2030-05-26      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR                                      | Ecuador Government International Bond                                                                                                  | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |      41572 | PA      | $35502.49     | 0.01%             | 2030-07-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                              | Ivory Coast Government International Bond                                                                                              | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     120000 | PA      | $136804.56    | 0.04%             | 2032-01-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Hungary Government International Bonds                   | Hungary Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |     400000 | PA      | $415120.00    | 0.12%             | 2028-05-22      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Romania Government International Bonds                   | Romania Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      70000 | PA      | $72821.70     | 0.02%             | 2034-01-30      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                                 | OCP SA                                                                                                                                 | CUSIP: 000000000<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |     360000 | PA      | $397792.80    | 0.11%             | 2054-05-02      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Cordatus CLO PLC                                         | CVC Cordatus Loan Fund XXXIV DAC                                                                                                       | CUSIP: 000000000<br>LEI: 635400DVOSHFEKDFWJ26 | Long             | ABS-CBDO         | CORP              | IE        |     800000 | PA      | $929483.53    | 0.26%             | 2038-04-20      | Floating      | 3.70%                 | No            |                  2 | On Loan: No      |
| Aurium CLO                                               | Aurium Clo VIII DAC                                                                                                                    | CUSIP: 000000000<br>LEI: 549300FEAY35HPC4RS38 | Long             | ABS-CBDO         | CORP              | IE        |     600000 | PA      | $705581.14    | 0.20%             | 2038-10-16      | Floating      | 4.16%                 | No            |                  2 | On Loan: No      |
| Aqueduct European CLO                                    | Aqueduct European Clo 14 DAC                                                                                                           | CUSIP: 000000000<br>LEI: 2549003MKHH8W6CBWG92 | Long             | ABS-CBDO         | CORP              | IE        |     400000 | PA      | $470011.83    | 0.13%             | 2039-01-25      | Floating      | 3.97%                 | No            |                  2 | On Loan: No      |
| Armada Euro CLO                                          | Armada Euro CLO IX DAC                                                                                                                 | CUSIP: 000000000<br>LEI: 254900H74CRBB8IV8606 | Long             | ABS-CBDO         | CORP              | IE        |     600000 | PA      | $704600.32    | 0.20%             | 2039-10-30      | Floating      | 3.93%                 | No            |                  2 | On Loan: No      |
| Bridgepoint CLO                                          | Bridgepoint Clo IX DAC                                                                                                                 | CUSIP: 000000000<br>LEI: 635400KHJOULRBQMED20 | Long             | ABS-CBDO         | CORP              | IE        |     600000 | PA      | $705373.84    | 0.20%             | 2039-10-15      | Floating      | 3.91%                 | No            |                  2 | On Loan: No      |
| Harvest CLO                                              | Harvest CLO XXXVII DAC                                                                                                                 | CUSIP: 000000000<br>LEI: 635400IUMEGLVCCJWL30 | Long             | ABS-CBDO         | CORP              | IE        |     600000 | PA      | $705222.94    | 0.20%             | 2039-01-15      | Floating      | 3.85%                 | No            |                  2 | On Loan: No      |
| Arini European CLO                                       | Arini European Clo VII DAC                                                                                                             | CUSIP: 000000000<br>LEI: 635400HLOZDFMPWGCW53 | Long             | ABS-CBDO         | CORP              | IE        |     600000 | PA      | $705041.02    | 0.20%             | 2039-01-15      | Floating      | 3.90%                 | No            |                  2 | On Loan: No      |
| Arini European CLO                                       | Arini European Clo VII DAC                                                                                                             | CUSIP: 000000000<br>LEI: 635400HLOZDFMPWGCW53 | Long             | ABS-CBDO         | CORP              | IE        |     600000 | PA      | $700825.11    | 0.20%             | 2039-01-15      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| ICE Futures Europe - Financial Products Division         | ICE 3MTH SONIA FU DEC25                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |        104 | NC      | $15361.35     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe - Financial Products Division         | ICE 3MTH SONIA FU DEC26                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |        135 | NC      | $2493.98      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe - Financial Products Division         | ICE 3MTH SONIA FU MAR26                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |        130 | NC      | $16286.75     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe - Financial Products Division         | 3MO EURO EURIBOR SEP26                                                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |        103 | NC      | $9713.11      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe - Financial Products Division         | 3MO EURO EURIBOR JUN26                                                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |        102 | NC      | $6247.81      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                        | EURO-SCHATZ FUT MAR26                                                                                                                  | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |         -1 | NC      | $151.10       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                        | EURO-BUND FUTURE MAR26                                                                                                                 | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |         -8 | NC      | $-1423.68     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                        | EURO-BUXL 30Y BND MAR26                                                                                                                | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |         47 | NC      | $-42574.22    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                        | EURO-OAT FUTURE MAR26                                                                                                                  | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |       -105 | NC      | $68925.30     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                   | US LONG BOND(CBT) MAR26                                                                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        228 | NC      | $-326822.26   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                   | US 10YR NOTE (CBT)MAR26                                                                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        305 | NC      | $-150363.13   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                   | US ULTRA BOND CBT MAR26                                                                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        182 | NC      | $-424084.23   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                   | US 5YR NOTE (CBT) MAR26                                                                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        277 | NC      | $-50523.23    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                   | US 2YR NOTE (CBT) MAR26                                                                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        129 | NC      | $-14894.26    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                   | US 10YR ULTRA FUT MAR26                                                                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -254 | NC      | $251226.71    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe - Financial Products Division         | LONG GILT FUTURE MAR26                                                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |         47 | NC      | $23017.71     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ASX Clear (Futures)                                      | AUST 3YR BOND FUT MAR26                                                                                                                | CUSIP: 000000000<br>LEI: 549300ZD7BBOVZFVHK49 | N/A              | DIR              |  | AU        |         91 | NC      | $-4504.33     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                                           | OPS08399A SWAPTION EUR OTC                                                                                                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              |  | DE        |    2370000 | NC      | $535.05       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                           | OPS08400A SWAPTION EUR OTC                                                                                                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              |  | DE        |    -710000 | NC      | $-810.11      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                           | OPS08401A SWAPTION EUR OTC                                                                                                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              |  | DE        |    2390000 | NC      | $2882.32      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                           | OPS08786A SWAPTION EUR OTC                                                                                                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              |  | DE        |    6830000 | NC      | $17613.60     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                           | OPS09173A SWAPTION EUR OTC                                                                                                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              |  | DE        |    -540000 | NC      | $-284.36      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                           | OPS09172A SWAPTION EUR OTC                                                                                                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              |  | DE        |    1280000 | NC      | $534.76       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                           | OPS09382A SWAPTION EUR OTC                                                                                                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              |  | DE        |    -723810 | NC      | $-345.60      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                           | OPS09418A SWAPTION EUR OTC                                                                                                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              |  | DE        |    -410000 | NC      | $-721.21      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                           | OPS09417A SWAPTION EUR OTC                                                                                                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              |  | DE        |    1770000 | NC      | $1623.94      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Capital, Inc.                                   | OPS09471A SWAPTION EUR OTC                                                                                                             | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | N/A              | DIR              |  | DE        |  -15280000 | NC      | $-420.19      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Capital, Inc.                                   | OPS09496A SWAPTION                                                                                                                     | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | N/A              | DIR              |  | DE        |    7640000 | NC      | $4264.80      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Capital, Inc.                                   | OPS09497A SWAPTION                                                                                                                     | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | N/A              | DIR              |  | DE        |    7640000 | NC      | $20.65        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                       | OPS09586A SWAPTION EUR OTC                                                                                                             | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | DE        |    -360000 | NC      | $-1939.36     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                       | OPS09587A SWAPTION EUR OTC                                                                                                             | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | DE        |    3620000 | NC      | $2991.57      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                           | OPS09783A SWAPTION EUR OTC                                                                                                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              |  | DE        |    -640000 | NC      | $-10065.20    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                   | OPS09863A SWAPTION USD OTC                                                                                                             | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              |  | US        |    5760000 | NC      | $6916.61      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Capital, Inc.                                   | OPS09936A SWAPTION GBP OTC                                                                                                             | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | N/A              | DIR              |  | GB        |    4340000 | NC      | $12026.06     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Capital, Inc.                                   | OPS09937A SWAPTION GBP OTC                                                                                                             | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | N/A              | DIR              |  | GB        |   -1010000 | NC      | $-11878.88    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                       | OPS10027A SWAPTION EUR OTC                                                                                                             | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | DE        |   -2360000 | NC      | $-42384.20    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                       | OPS10026A SWAPTION EUR OTC                                                                                                             | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | DE        |   -2360000 | NC      | $-0.28        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                              | OPS10039A SWAPTION JPY OTC                                                                                                             | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | JP        | -361840000 | NC      | $-125992.81   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                              | OPS10038A SWAPTION JPY OTC                                                                                                             | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | JP        | 1183230000 | NC      | $136921.25    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                              | OPS10046A SWAPTION USD OTC                                                                                                             | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |   -2420000 | NC      | $-21998.04    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                              | OPS10045A SWAPTION USD OTC                                                                                                             | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |   -2420000 | NC      | $-5.08        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                       | OPS10055A SWAPTION EUR OTC                                                                                                             | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | ER        |   -2350000 | NC      | $-972.41      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                       | OPS10056A SWAPTION EUR OTC                                                                                                             | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | ER        |   -2350000 | NC      | $-28857.21    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                         | OPS10065A SWAPTION USD OTC                                                                                                             | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DIR              |  | US        |   -2420000 | NC      | $-10276.05    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                         | OPS10066A SWAPTION USD OTC                                                                                                             | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DIR              |  | US        |   -2420000 | NC      | $-3828.20     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Capital, Inc.                                   | OPS10078A SWAPTION EUR OTC                                                                                                             | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | N/A              | DIR              |  | DE        |   -2270000 | NC      | $-8805.82     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | OPS10084A SWAPTION USD OTC                                                                                                             | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DIR              |  | US        |   -2370000 | NC      | $-8373.92     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Capital, Inc.                                   | OPS10077A SWAPTION EUR OTC                                                                                                             | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | N/A              | DIR              |  | DE        |   -2270000 | NC      | $-12536.07    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | OPS10083A SWAPTION USD OTC                                                                                                             | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DIR              |  | US        |   -2370000 | NC      | $-10811.23    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Capital, Inc.                                   | OPS10099A SWAPTION EUR OTC                                                                                                             | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | N/A              | DIR              |  | DE        |   -2320000 | NC      | $-8271.55     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Capital, Inc.                                   | OPS10098A SWAPTION EUR OTC                                                                                                             | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | N/A              | DIR              |  | DE        |   -2320000 | NC      | $-19994.79    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | OPS10105A SWAPTION USD OTC                                                                                                             | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DIR              |  | US        |   -2410000 | NC      | $-12593.94    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | OPS10104A SWAPTION USD OTC                                                                                                             | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DIR              |  | US        |   -2410000 | NC      | $-10491.45    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                   | PTMSIEUUS202601091144 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |    8238000 | OU      | $145.22       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                   | CTMSIUSZA202601091785 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | LU        |    3170000 | OU      | $63.40        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                           | CWBNPUSZA202601091785 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |   -3170000 | OU      | $-63.40       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                           | CTBNPUSZA202601091744 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | LU        |    3170000 | OU      | $364.55       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                   | CTCHAUSZA202601091744 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |    3170000 | OU      | $364.55       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                              | CTCITUSJP202601061567 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |    6299000 | OU      | $16465.59     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                   | CWCHAUSJP202601061567 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | LU        |   -6299000 | OU      | $-16465.59    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                           | PTBNPEUUS20260122115 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | LU        |    8178000 | OU      | $3210.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                            | CTHSBUSCN20260129711 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | LU        |    9444000 | OU      | $1303.27      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                              | PTCITNZUS202601220555 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | LU        |   22423000 | OU      | $5861.16      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | CTMSIUSCO202601063891 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | LU        |    3147000 | OU      | $1740.29      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                   | PTUBSEUCH2026022509235 GOLDMAN                                                                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | LU        |    5481000 | OU      | $26724.84     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                           | PWBNPNZUS202601220555 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |  -22423000 | OU      | $-5861.16     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                           | PTBNPNZUS202601220565 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |   22615000 | OU      | $24101.11     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                  | CTSTAUSCN20260129706 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | LU        |    9511000 | OU      | $4089.73      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                  | CWSTAUSCN20260129711 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |   -9444000 | OU      | $-1303.27     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                  | PTSTAAUUS202601280644 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | LU        |    4918000 | OU      | $2898.03      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                         | PWDEUEUUS202601091144 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | LU        |   -8238000 | OU      | $-145.22      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                   | PWUBSAUUS202601280644 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | LU        |   -4918000 | OU      | $-2898.03     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                           | PTBNPEUUS202601121162 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |    8188000 | OU      | $4503.34      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                         | PTDEUEUUS2026013011575 GOLDMAN                                                                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |    8188000 | OU      | $11412.33     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                        | CTBARUSHU20260202339 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | LU        |    6310000 | OU      | $17131.65     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                        | CWBARUSHU202602023299 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |   -3155000 | OU      | $-27139.31    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                         | PWDEUEUUS20260122115 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | LU        |   -8178000 | OU      | $-3210.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                              | PTCITUSJP2026020314675 GOLDMAN                                                                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | LU        |    9469000 | OU      | $3853.88      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                              | PWCITUSJP202602031508 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |   -3156000 | OU      | $-5254.74     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                         | PTDEUEUUS202601221164 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |    8158000 | OU      | $14102.89     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                           | CWBNPAUNZ202601051144 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | LU        |   -2403000 | OU      | $-20974.04    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                           | PWBNPAUNZ202601051144 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |   -2403000 | OU      | $-1.60        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                        | CTBARUSZA2026011517175 GOLDMAN                                                                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | LU        |    6323000 | OU      | $4780.19      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                        | PTBARNZUS202601220574 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |   21945000 | OU      | $74368.63     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                        | CWBARUSZA202601091744 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | LU        |   -6340000 | OU      | $-729.10      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                              | PTCITGBUS202601281335 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | LU        |    4743000 | OU      | $18061.16     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                   | CWMSIUSCO202601063891 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |   -3147000 | OU      | $-1740.29     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                        | PWBARNZUS202601220565 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | LU        |  -22615000 | OU      | $-24101.11    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                   | CTMSIUSCO202601153800 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |    3162000 | OU      | $38421.46     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                              | PWCITGBUS202601281314 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | LU        |   -5929000 | OU      | $-5290.71     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                        | CWBAREUSE202601071096 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |   -1355000 | OU      | $-179.95      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                        | PWBAREUSE202601071096 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | LU        |   -1355000 | OU      | $-20626.31    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                            | PTHSBGBUS202602051335 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | LU        |    4730000 | OU      | $24368.33     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                            | PWHSBGBUS202602051312 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | LU        |   -5913000 | OU      | $-8089.99     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                   | PTUBSAUUS20260128066 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | LU        |    9556000 | OU      | $28104.31     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                           | CWBNPUSHU2026020633015 GOLDMAN                                                                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | LU        |   -3081000 | OU      | $-28862.81    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                           | CTBNPUSHU202602063375 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | LU        |    6162000 | OU      | $24537.08     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                       | PWBOAEUPL202601084233 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | LU        |   -1323000 | OU      | $-6097.89     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                       | CWBOAEUPL202601084233 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |   -1323000 | OU      | $-1380.65     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                   | CTCHAUSMX2026020918555 GOLDMAN                                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | LU        |    3071000 | OU      | $8826.05      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                   | CWCHAUSCO202601153800 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | LU        |   -3162000 | OU      | $-38421.46    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                   | CTCHAUSCO202601153910 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |    3071000 | OU      | $10241.79     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                       | PWBOAUSCA2026020913625 GOLDMAN                                                                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |   -9214000 | OU      | $-34469.57    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                       | PTBOAUSCA20260209138 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | LU        |    6142000 | OU      | $63520.56     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                   | PWUBSNZUS202601220574 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | LU        |   -5486276 | OU      | $-18592.25    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                       | PWBOAEUUS202601121162 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |   -8188000 | OU      | $-4503.34     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                           | PWBNPUSCN202601087055 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | LU        |   -1531000 | OU      | $-18154.60    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                           | CWBNPUSCN202601087055 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | LU        |   -1531000 | OU      | $-62.77       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                         | CWDEUUSSG2026011312915 GOLDMAN                                                                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |   -1535000 | OU      | $-689.22      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                           | CTBNPUSMX202602121835 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |    3069000 | OU      | $16336.29     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                       | PWBOAEUUS2026013011575 GOLDMAN                                                                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |   -8188000 | OU      | $-11412.33    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                         | PWDEUUSSG2026011312915 GOLDMAN                                                                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | LU        |   -1535000 | OU      | $-9007.38     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                       | CWBOAUSBR202601135656 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |   -3069000 | OU      | $-7908.81     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                       | PWBOAEUUS202601221164 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | LU        |   -2773886 | OU      | $-4795.27     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                       | PTBOAEUUS20260130117 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | LU        |    7910000 | OU      | $33474.29     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                   | PWCHAAUNZ202601141146 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | LU        |   -2302000 | OU      | $-559.19      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                              | PTCITUSJP202601141501 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | LU        |    9218000 | OU      | $1640.80      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                   | CWCHAAUNZ202601141146 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | LU        |   -2302000 | OU      | $-17550.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                              | PWCITUSJP2026011415295 GOLDMAN                                                                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | LU        |   -3073000 | OU      | $-2750.34     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                       | PTBOAUSJP2026011615225 GOLDMAN                                                                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | LU        |    6133000 | OU      | $5237.58      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                           | CWBNPUSMX2026020918555 GOLDMAN                                                                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | LU        |   -3071000 | OU      | $-8826.05     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                       | PWBOAUSJP2026011615435 GOLDMAN                                                                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |   -3067000 | OU      | $-7544.82     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                           | PWBNPUSJP202601141501 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | LU        |   -9218000 | OU      | $-1640.80     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                           | CTBNPUSMX2026020918235 GOLDMAN                                                                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |    3067000 | OU      | $18543.08     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                           | PTBNPUSJP2026011415295 GOLDMAN                                                                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |    3073000 | OU      | $2750.34      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                           | CTBNPUSZA2026012616975 GOLDMAN                                                                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | LU        |    6133000 | OU      | $15277.30     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                           | CWBNPUSZA2026011517175 GOLDMAN                                                                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |   -6323000 | OU      | $-4780.19     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                              | PTCITUSJP2026011615185 GOLDMAN                                                                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | LU        |    6142000 | OU      | $4299.40      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                              | PWCITUSJP2026011615395 GOLDMAN                                                                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | LU        |   -3071000 | OU      | $-6178.85     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                     | PWRBCUSCA202601061375 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | LU        |   -1535000 | OU      | $-4692.50     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                     | CWRBCUSCA202601061375 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | US        |   -1535000 | OU      | $-1708.46     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                   | PTCHAUSJP202602031508 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | LU        |    3156000 | OU      | $5254.74      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                       | CTBOAUSZA2026012616785 GOLDMAN                                                                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | LU        |    6158000 | OU      | $27193.73     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                   | PWCHAUSJP2026020314675 GOLDMAN                                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | LU        |   -9469000 | OU      | $-3853.88     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                       | CWBOAUSZA2026012616975 GOLDMAN                                                                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | LU        |  -12315000 | OU      | $-30676.67    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                       | PTBOAUSBR20260113555 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |    3079000 | OU      | $41535.71     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                           | PWBNPEUUS202601221164 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | LU        |   -5384114 | OU      | $-9307.62     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                         | CWDEUUSCO202601153910 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |   -3071000 | OU      | $-10241.79    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                              | PWCITAUNZ2026012011445 GOLDMAN                                                                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |   -2343000 | OU      | $-781.80      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                         | CTDEUUSCO202601273975 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | LU        |    3098000 | OU      | $13581.63     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                              | CWCITAUNZ2026012011445 GOLDMAN                                                                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |   -2343000 | OU      | $-19799.88    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                     | PWRBCUSCA2026011613765 GOLDMAN                                                                                                         | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | LU        |   -1540000 | OU      | $-9124.50     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                     | CWRBCUSCA2026011613765 GOLDMAN                                                                                                         | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | US        |   -1540000 | OU      | $-3549.70     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                   | CWCHAUSCA202601021379 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |   -1551000 | OU      | $-164.41      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                              | PWCITEUUS20260102117 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | LU        |   -2645000 | OU      | $-581.28      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                   | PWCHAUSSG202601021292 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |   -1551000 | OU      | $-8068.30     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                   | CWCHAUSSG202601021292 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |   -1551000 | OU      | $-1.55        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                   | PWCHAUSCA202601021379 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |   -1551000 | OU      | $-7556.47     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                           | PWBNPAUNZ202601081146 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | LU        |   -2329000 | OU      | $-197.39      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                           | CWBNPAUNZ202601081146 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | LU        |   -2329000 | OU      | $-17577.11    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                       | PTBOAEUUS202602101175 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | LU        |    7908000 | OU      | $57851.92     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                           | CTBNPUSCN20260129702 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | LU        |    6201000 | OU      | $6585.46      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                  | PWSTANZUS202601220574 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |  -16458724 | OU      | $-55776.38    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                           | CWBNPUSCN20260129706 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | LU        |   -9511000 | OU      | $-4089.73     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                  | PTSTANZUS20260203058 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | LU        |   16054000 | OU      | $121130.70    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| MEXICO CITY ARPT TRUST                                   | Mexico City Airport Trust                                                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |     200000 | PA      | $199126.00    | 0.06%             | 2026-10-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Ivory Coast Government International Bonds               | Ivory Coast Government International Bonds                                                                                             | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     200000 | PA      | $200062.00    | 0.06%             | 2033-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-30

**Name of Applicant:** GOLDMAN SACHS TRUST

**Signature:** Allison Fracchiolla

**Name of Signer:** Allison Fracchiolla

**Title:** Vice President