# EDGAR Filing Document

**Accession Number:** 0000822977
**File Stem:** 0001410368-26-051351
**Filing Date:** 2026-5
**Character Count:** 200792
**Document Hash:** db83219fd660eb89cb5f3936e141b951
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-051351.hdr.sgml**: 20260526

**ACCESSION NUMBER**: 0001410368-26-051351

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260526

**DATE AS OF CHANGE**: 20260526

**PERIOD START**: 20261231

**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:** 261017911

**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 Conservative Allocation Fund (Series ID: S000009314)

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

## Nport-Ex

GOLDMAN SACHS CONSERVATIVE ALLOCATION FUND

## Schedule of Investments
*March 31, 2026 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Underlying Funds – 92.1%** | **Underlying Funds – 92.1%** | **Underlying Funds – 92.1%** |
| **Dynamic<sup>(a)</sup> –1.0%** | **Dynamic<sup>(a)</sup> –1.0%** |  |
| 626306 | Goldman Sachs Managed Futures Strategy Fund — Class R6 | $5893540 |
| **Equity<sup>(a)</sup> – 23.9%** | **Equity<sup>(a)</sup> – 23.9%** |  |
| 1218891 | Goldman Sachs Large Cap Growth Insights Fund — Class R6 | 39601774 |
| 1587510 | Goldman Sachs Large Cap Value Insights Fund — Class R6 | 39338494 |
| 1650001 | Goldman Sachs International Equity Insights Fund — Class R6 | 30607509 |
| 1033654 | Goldman Sachs Emerging Markets Equity Insights Fund — Class R6 | 12124759 |
| 721795 | Goldman Sachs Global Infrastructure Fund — Class R6 | 10321666 |
| 306308 | Goldman Sachs Small Cap Equity Insights Fund — Class R6 | 9137181 |
| 373581 | Goldman Sachs International Small Cap Insights Fund — Class R6 | 6238806 |
|  |  | 147370189 |
| **Exchange Traded Funds – 25.4%** | **Exchange Traded Funds – 25.4%** |  |
| 1431090 | Goldman Sachs Access Investment Grade Corporate Bond ETF<sup>(a)</sup> | 65543922 |
| 424097 | Goldman Sachs MarketBeta U.S. Equity ETF<sup>(a)</sup> | 37994850 |
| 336503 | Goldman Sachs MarketBeta International Equity ETF<sup>(a)</sup> | 23518195 |
| 183333 | Goldman Sachs MarketBeta Emerging Markets Equity ETF<sup>(a)</sup> | 10723147 |
| 69535 | Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF<sup>(a)</sup> | 8700914 |
| 141235 | Goldman Sachs ActiveBeta International Equity ETF<sup>(a)</sup> | 6091466 |
| 49119 | Goldman Sachs ActiveBeta Emerging Markets Equity ETF<sup>(a)</sup> | 2121941 |
| 10039 | State Street Health Care Select Sector SPDR ETF | 1471818 |
| 2526 | iShares MSCI Mexico ETF | 190031 |
|  |  | 156356284 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Underlying Funds – (continued)** | **Underlying Funds – (continued)** | **Underlying Funds – (continued)** |
| **Fixed Income<sup>(a)</sup> – 41.8%** | **Fixed Income<sup>(a)</sup> – 41.8%** |  |
| 19751769 | Goldman Sachs Global Core Fixed Income Fund — Class R6 | $223590026 |
| 1937162 | Goldman Sachs Inflation Protected Securities Fund — Class R6 | 18538641 |
| 1171560 | Goldman Sachs Emerging Markets Debt Fund — Class R6 | 11821043 |
| 572712 | Goldman Sachs High Yield Fund — Class R6 | 3201458 |
| 78598 | Goldman Sachs High Yield Floating Rate Fund — Class R6 | 659436 |
|  |  | 257810604 |
| **TOTAL UNDERLYING FUNDS – 92.1%<br>(Cost $521,348,134)** | **TOTAL UNDERLYING FUNDS – 92.1%<br>(Cost $521,348,134)** | $567430617 |
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Investment Company<sup>(a)</sup> – 4.2%** | **Investment Company<sup>(a)</sup> – 4.2%** |  |
| Goldman Sachs Financial Square Government Fund — Institutional<br>Shares | Goldman Sachs Financial Square Government Fund — Institutional<br>Shares | Goldman Sachs Financial Square Government Fund — Institutional<br>Shares |
| 25814834 | 3.553% | $25814834 |
| **(Cost $25,814,834)** | **(Cost $25,814,834)** |  |
| **TOTAL INVESTMENTS – 96.3%<br>(Cost $547,162,968)** | **TOTAL INVESTMENTS – 96.3%<br>(Cost $547,162,968)** | $593245451 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 3.7%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 3.7%** | 22733891 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $615979342 |

---

---

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

---

**ADDITIONAL INVESTMENT INFORMATION** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At March 31, 2026, the Fund had the following forward foreign currency exchange contracts:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  MS & Co. Int. PLC | USD | 2078127 | AUD | 2940000 | 06/17/26 | $52000 |
|  | USD | 3085801 | CHF | 2380000 | 06/17/26 | 83851 |
|  | USD | 643623 | DKK | 4110000 | 06/17/26 | 5151 |
|  | USD | 11230804 | EUR | 9600000 | 06/17/26 | 95133 |
|  | USD | 4626982 | GBP | 3460000 | 06/17/26 | 48409 |
|  | USD | 602300 | HKD | 4690000 | 06/17/26 | 1746 |

---

------

GOLDMAN SACHS CONSERVATIVE ALLOCATION FUND

## Schedule of Investments (continued)
*March 31, 2026 (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** |
|  MS & Co. Int. PLC (continued) | USD | 235104 | ILS | 720000 | 06/17/26 | $5579 |
|  | USD | 7328516 | JPY | 1140000000 | 06/17/26 | 98336 |
|  | USD | 507553 | MXN | 9000000 | 06/17/26 | 8790 |
|  | USD | 186768 | NOK | 1800000 | 06/17/26 | 996 |
|  | USD | 59526 | NZD | 100000 | 06/17/26 | 1903 |
|  | USD | 1045068 | SEK | 9525000 | 06/17/26 | 34947 |
|  | USD | 450401 | SGD | 570000 | 06/17/26 | 4642 |
|  **TOTAL** |  |  |  |  |  | $441483 |

---

**FUTURES CONTRACTS** — At March 31, 2026, 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:** |  |  |  |  |
|  5 Year U.S. Treasury Notes | 59 | 06/30/26 | $6382602 | $(114416) |
|  FTSE/JSE Top 40 Index | 7 | 06/18/26 | 442167 | (6496) |
|  IFSC NIFTY 50 Index | 35 | 04/28/26 | 1573705 | (37965) |
|  Mini-MDAX Index | 9 | 06/19/26 | 295019 | (11315) |
|  MSCI EAFE Index | 14 | 06/19/26 | 2030770 | 15763 |
|  S&P 500 E-Mini Index | 101 | 06/18/26 | 33182287 | (748907) |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $(903336) |

---

**SWAP CONTRACTS** — At March 31, 2026, the Fund had the following swap contracts:

**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>March 31,<br>2026<sup>(b)</sup>** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Protection Purchased:** |  |  |  |  |  |  |  |
| CDX.NA.HY Index 45 | (5.000)% | 3.856% | 06/20/31 | $3040 | $140710 | $(146435) | $287145 |
|  | (5.000) | 3.648 | 12/20/30 |  |  | (116) | 116 |
|  **TOTAL** |  |  |  |  | $140710 | $(146551) | $287261 |

---

(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 CONSERVATIVE ALLOCATION FUND

*March 31, 2026 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Obligation/Index** | **Financing Rate<br>Paid/(Received) by<br>the Fund** | **Counterparty** | **Termination<br>Date<sup>#</sup>** | **Notional<br>Amount<br>(000s)** | **Unrealized<br>Appreciation/<br>(Depreciation)\*** |
| BAES0510 Index | 12MEURO+0.000%<sup>(a)</sup> | BofA Securities LLC | 03/17/27 | 6073 | $811 |
| BAUS0510 Index | 0.000%<sup>(a)</sup> | BofA Securities LLC | 03/17/27 | $6927 | 89 |
| SXDR Index | 12MEURO+0.340%<sup>(b)</sup> | JPMorgan Securities, Inc. | 08/04/26 | 752 | 58 |
| SXDR Index | 12MEURO+.0170%<sup>(b)</sup> | JPMorgan Securities, Inc. | 08/04/26 | 504 | 34 |
|  **TOTAL** |  |  |  |  | $992 |

---

(a) Payments made monthly.

(b) Payments made quarterly.

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

\* There are no upfront payments on the swap contracts March 31, 2026. Therefore the unrealized gain (loss) on the swap contracts is equal to their market value.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **A basket (BAUS0510) of Swaption** |  | | | |
| **Caption** | **Security Type** | **Shares** | **Value** | **Weight** |
|  ATMF Straddle, 01/28/26 | Swaption |  | $— | 0.0% |
|  ATMF Straddle, 03/04/26 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 03/11/26 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 12/24/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 03/18/26 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 12/17/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 11/05/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 09/17/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 10/29/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 03/25/26 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 11/12/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 01/14/26 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 12/03/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 12/10/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 11/26/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 10/22/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 11/19/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 09/24/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 10/15/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 10/01/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 10/08/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 09/10/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 01/21/26 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 08/27/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 09/03/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 08/20/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 08/13/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 08/06/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 07/30/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 07/23/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 07/09/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 07/16/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 07/02/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 02/04/26 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 06/11/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 06/25/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 06/18/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 05/28/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 06/04/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 05/21/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 04/02/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 05/14/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 04/30/25 | Swaption |  |  | 0.0 |

---

------

GOLDMAN SACHS CONSERVATIVE ALLOCATION FUND

*March 31, 2026 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **A basket (BAUS0510) of Swaption (continued)** |  | | | |
| **Caption** | **Security Type** | **Shares** | **Value** | **Weight** |
|  ATMF Straddle, 04/23/25 | Swaption |  | $— | 0.0% |
|  ATMF Straddle, 01/07/26 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 04/16/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 02/11/26 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 02/18/26 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 02/25/26 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 12/31/25 | Swaption |  |  | 0.0 |

---

**PURCHASED AND WRITTEN OPTIONS CONTRACTS** — At March 31, 2026, the Fund had the following purchased and written options:

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received) by<br>Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  XLV Index | BofA Securities LLC | $135.000 | 06/18/2026 | 4693 | $63355500 | $69114 | $51288 | $17826 |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  XLV Index | BofA Securities LLC | 146.000 | 06/18/2026 | (4693) | (68517800) | (31268) | (25436) | (5832) |
|  **Puts** | **Puts** |  |  |  |  |  |  |  |
|  UBS AG (London) | UBS AG (London) | 78.490 | 04/17/2026 | (5598) | (43938702) | (9216) | (13564) | 4348 |
|  **Total written option contracts** | **Total written option contracts** | **Total written option contracts** | **Total written option contracts** | (10291) | $(112456502) | $(40484) | $(39000) | $(1484) |
|  **TOTAL** |  |  |  | (5598) | $(49101002) | $28630 | $12288 | $16342 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)**<br>**by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  Call CHF/Put NOK | MS & Co. Int. PLC | CHF 14.209 | 06/17/2026 | 1029000 | CHF 1,029,000 | $256 | $19419 | $(19163) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.297 | 09/16/2026 | 1469000 | 1469000 | 3599 | 25157 | (21558) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.658 | 12/16/2026 | 1554000 | 1554000 | 7000 | 24970 | (17970) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.016 | 03/17/2027 | 1493000 | 1493000 | 22173 | 32244 | (10071) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.248 | 06/17/2026 | 1169000 | 1169000 | 482 | 21860 | (21378) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.045 | 09/16/2026 | 1685000 | 1685000 | 7829 | 25255 | (17426) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 12.920 | 12/16/2026 | 1772000 | 1772000 | 20386 | 27692 | (7306) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.176 | 03/17/2027 | 1712000 | 1712000 | 22751 | 31029 | (8278) |
|  Call EUR/Put GBP | MS & Co. Int. PLC | 0.886 | 06/11/2026 | 570000 | 570000 | 3411 | 8489 | (5078) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.883 | 06/17/2026 | 89736000 | 89736000 | 647 | 9169 | (8522) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.589 | 09/16/2026 | 135170000 | 135170000 | 5801 | 12296 | (6495) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.715 | 12/16/2026 | 150047000 | 150047000 | 10078 | 12826 | (2748) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.678 | 03/17/2027 | 139725000 | 139725000 | 14289 | 13253 | 1036 |
|  Call USD//Put KRW | MS & Co. Int. PLC | 1642.100 | 03/17/2027 | 935000 | 935000 | 14860 | 12295 | 2565 |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.425 | 06/17/2026 | 3237000 | 3237000 | 6160 | 21429 | (15269) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.429 | 09/16/2026 | 4720000 | 4720000 | 18861 | 30793 | (11932) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.431 | 12/16/2026 | 4810000 | 4810000 | 27879 | 29923 | (2044) |

---

------

GOLDMAN SACHS CONSERVATIVE ALLOCATION FUND

*March 31, 2026 (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)** |  |  |  |
|  **Calls (continued)** | **Calls (continued)** | **Calls (continued)** | **Calls (continued)** | **Calls (continued)** |  |  |  |  |
|  Call USD/Put CAD | MS & Co. Int. PLC | $1.431 | 03/17/2027 | 3725000 | $3725000 | $28250 | $30314 | $(2064) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1093.270 | 06/17/2026 | 1064000 | 1064000 | 1728 | 18363 | (16635) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1092.440 | 09/16/2026 | 1496000 | 1496000 | 8249 | 25834 | (17585) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1040.580 | 12/16/2026 | 2012000 | 2012000 | 29510 | 29321 | 189 |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1050.690 | 03/17/2027 | 1551000 | 1551000 | 27433 | 29126 | (1693) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1493.850 | 06/17/2026 | 740000 | 740000 | 17085 | 9590 | 7495 |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1581.730 | 12/16/2026 | 1192000 | 1192000 | 22171 | 12063 | 10108 |
|  Call USD/Put MXN | MS & Co. Int. PLC | 22.541 | 06/17/2026 | 586000 | 586000 | 441 | 8867 | (8426) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 21.614 | 09/15/2026 | 804000 | 804000 | 3693 | 11826 | (8133) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 10.537 | 06/17/2026 | 684000 | 684000 | 1120 | 10280 | (9160) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 10.074 | 09/16/2026 | 972000 | 972000 | 9763 | 12532 | (2769) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 10.040 | 12/16/2026 | 1082000 | 1082000 | 16192 | 12438 | 3754 |
|  Call USD/Put SEK | MS & Co. Int. PLC | 10.227 | 03/17/2027 | 1926000 | 1926000 | 29239 | 29291 | (52) |
|  |  |  |  | 558667000 |  | $381336 | $597944 | $(216608) |
|  **Puts** |  |  |  |  |  |  |  |  |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 81.740 | 06/17/2026 | 2480000 | 2480000 | 183 | 27566 | (27383) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 86.090 | 09/16/2026 | 3635000 | 3635000 | 4835 | 36725 | (31890) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 90.000 | 12/16/2026 | 3640000 | 3640000 | 15257 | 38032 | (22775) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 97.950 | 03/17/2027 | 3286000 | 3286000 | 47051 | 37964 | 9087 |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.597 | 06/17/2026 | 1032000 | 1032000 | 515 | 9512 | (8997) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.613 | 09/16/2026 | 1486000 | 1486000 | 4317 | 12606 | (8289) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.607 | 12/16/2026 | 1453000 | 1453000 | 6592 | 12446 | (5854) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 94.010 | 06/17/2026 | 1252000 | 1252000 | 57 | 13866 | (13809) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 95.680 | 09/16/2026 | 1885000 | 1885000 | 1442 | 18299 | (16857) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 102.300 | 12/16/2026 | 2030000 | 2030000 | 9634 | 18285 | (8651) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 104.900 | 03/17/2027 | 1985000 | 1985000 | 19943 | 21621 | (1678) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 75.890 | 06/17/2026 | 1295000 | 1295000 | 339 | 13131 | (12792) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 77.260 | 09/16/2026 | 1938000 | 1938000 | 3506 | 16881 | (13375) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 79.800 | 12/16/2026 | 2095000 | 2095000 | 10653 | 18903 | (8250) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 82.370 | 03/17/2027 | 1962000 | 1962000 | 20421 | 19149 | 1272 |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.554 | 06/17/2026 | 561000 | 561000 | 2298 | 4844 | (2546) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.550 | 09/16/2026 | 821000 | 821000 | 5581 | 6089 | (508) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.537 | 12/16/2026 | 1651000 | 1651000 | 11101 | 12436 | (1335) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.540 | 03/17/2027 | 1586000 | 1586000 | 14929 | 13030 | 1899 |
|  |  |  |  | 36073000 |  | $178654 | $351385 | $(172731) |
|  **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** |  | 594740000 |  | $559990 | $949329 | $(389339) |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  Call EUR/Put GBP | MS & Co. Int. PLC | 0.908 | 06/11/2026 | (570000) | &nbsp;&nbsp;&nbsp;&nbsp;(570000) | (896) | (3365) | 2469 |
|  **TOTAL** | **TOTAL** | **TOTAL** |  | 594170000 |  | $559094 | $945964 | $(386870) |

---

------

GOLDMAN SACHS CONSERVATIVE ALLOCATION FUND

*March 31, 2026 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  S&P 500 Index | $6770.000 | 04/01/2026 | (3) | $(2031000) | $(38) | $(6222) | $6184 |
|  S&P 500 Index | 7125.000 | 04/01/2026 | (2) | (1425000) | (5) | (3304) | 3299 |
|  S&P 500 Index | 6695.000 | 04/02/2026 | (3) | (2008500) | (390) | (1941) | 1551 |
|  S&P 500 Index | 6625.000 | 04/06/2026 | (3) | (1987500) | (7005) | (3392) | (3613) |
|  S&P 500 Index | 7100.000 | 04/08/2026 | (2) | (1420000) | (25) | (2444) | 2419 |
|  S&P 500 Index | 7000.000 | 04/15/2026 | (2) | (1400000) | (195) | (3038) | 2843 |
|  S&P 500 Index | 6900.000 | 04/22/2026 | (2) | (1380000) | (1470) | (5210) | 3740 |
|  |  |  | (17) |  | $(9128) | $(25551) | $16423 |
|  **Puts** |  |  |  |  |  |  |  |
|  S&P 500 Index | 6260.000 | 04/01/2026 | (6) | (3756000) | (225) | (7887) | 7662 |
|  S&P 500 Index | 6375.000 | 04/01/2026 | (4) | (2550000) | (880) | (12568) | 11688 |
|  S&P 500 Index | 6210.000 | 04/02/2026 | (6) | (3726000) | (810) | (13710) | 12900 |
|  S&P 500 Index | 6050.000 | 04/06/2026 | (6) | (3630000) | (1425) | (8010) | 6585 |
|  S&P 500 Index | 6275.000 | 04/15/2026 | (4) | (2510000) | (16620) | (18133) | 1513 |
|  S&P 500 Index | 6025.000 | 04/22/2026 | (4) | (2410000) | (10620) | (13080) | 2460 |
|  |  |  | (30) |  | $(30580) | $(73388) | $42808 |
|  **Total written option contracts** |  |  | (47) |  | $(39708) | $(98939) | $59231 |

---

**EXCHANGE TRADED OPTIONS ON FUTURES** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise**<br> **Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  3 Month SOFR | $96.250 | 06/12/2026 | 46 | $115000 | $15238 | $65404 | $(50166) |
|  3 Month SOFR | 96.625 | 06/12/2026 | 59 | 147500 | 4794 | 93062 | (88268) |
|  3 Month SOFR | 96.750 | 06/12/2026 | 33 | 82500 | 2269 | 51227 | (48958) |
|  3 Month SOFR | 97.000 | 06/12/2026 | 36 | 90000 | 1800 | 23921 | (22121) |
|  3 Month SOFR | 97.125 | 06/12/2026 | 41 | 102500 | 1794 | 21093 | (19299) |
|  3 Month SOFR | 97.250 | 06/12/2026 | 54 | 135000 | 2025 | 25756 | (23731) |
|  3 Month SOFR | 96.375 | 09/11/2026 | 46 | 115000 | 19838 | 66232 | (46394) |
|  3 Month SOFR | 96.500 | 09/11/2026 | 84 | 210000 | 28875 | 92565 | (63690) |
|  3 Month SOFR | 96.625 | 09/11/2026 | 56 | 140000 | 15750 | 93230 | (77480) |
|  3 Month SOFR | 97.000 | 09/11/2026 | 51 | 127500 | 8606 | 39625 | (31019) |
|  3 Month SOFR | 97.250 | 09/11/2026 | 42 | 105000 | 5512 | 27382 | (21870) |
|  3 Month SOFR | 96.000 | 12/11/2026 | 73 | 182500 | 96725 | 147056 | (50331) |
|  3 Month SOFR | 96.375 | 12/11/2026 | 44 | 110000 | 32725 | 68302 | (35577) |
|  3 Month SOFR | 96.500 | 12/11/2026 | 142 | 355000 | 87862 | 192278 | (104416) |
|  3 Month SOFR | 96.000 | 03/12/2027 | 71 | 177500 | 111825 | 149239 | (37414) |
|  3 Month SOFR | 96.250 | 03/12/2027 | 48 | 120000 | 56400 | 96094 | (39694) |
|  3 Month SOFR | 96.500 | 03/12/2027 | 80 | 200000 | 69000 | 105157 | (36157) |
|  3 Month SOFR | 97.250 | 03/12/2027 | 214 | 535000 | 74900 | 103494 | (28594) |
|  3 Month SOFR | 96.000 | 06/11/2027 | 63 | 157500 | 114975 | 135573 | (20598) |
|  3 Month SOFR | 96.250 | 06/11/2027 | 48 | 120000 | 68100 | 98494 | (30394) |
|  3 Month SOFR | 96.500 | 06/11/2027 | 193 | 482500 | 208681 | 281778 | (73097) |
|  3 Month SOFR | 96.250 | 09/10/2027 | 49 | 122500 | 81462 | 99321 | (17859) |

---

------

GOLDMAN SACHS CONSERVATIVE ALLOCATION FUND

*March 31, 2026 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**EXCHANGE TRADED OPTIONS ON FUTURES (continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise**<br> **Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts (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)** |  |  |  |  |  |  |  |
|  3 Month SOFR | $96.500 | 09/10/2027 | 121 | $302500 | $158813 | $193450 | $(34637) |
|  3 Month SOFR | 97.000 | 09/10/2027 | 61 | 152500 | 48419 | 46632 | 1787 |
|  3 Month SOFR | 96.375 | 12/10/2027 | 71 | 177500 | 117150 | 118922 | (1772) |
|  3 Month SOFR | 96.500 | 12/10/2027 | 150 | 375000 | 221250 | 246994 | (25744) |
|  3 Month SOFR | 96.250 | 03/10/2028 | 67 | 167500 | 127719 | 131368 | (3649) |
|  3 Month SOFR | 96.375 | 03/10/2028 | 132 | 330000 | 226875 | 245959 | (19084) |
|  3 Month SOFR | 96.250 | 06/16/2028 | 66 | 165000 | 127462 | 133779 | (6317) |
|  **TOTAL** |  |  | 2241 | $5602500 | $2136844 | $3193387 | $(1056543) |

---

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| AUD | —Australian Dollar |
| CAD | —Canadian Dollar |
| CHF | —Swiss Franc |
| DKK | —Denmark Krone |
| EUR | —Euro |
| GBP | —British Pound |
| HKD | —Hong Kong Dollar |
| ILS | —Israeli Shekel |
| JPY | —Japanese Yen |
| MXN | —Mexican Peso |
| NOK | —Norwegian Krone |
| NZD | —New Zealand Dollar |
| SEK | —Swedish Krona |
| SGD | —Singapore Dollar |
| USD | —U.S. Dollar |

---

**Investment Abbreviations:**

---

| | |
|:---|:---|
| ETF | —Exchange Traded Fund |
| MSCI | —Morgan Stanley Capital International |
| SPDR | —Standard and Poor's Depository Receipt |

---

**Abbreviations:**

---

| | |
|:---|:---|
| BofA Securities LLC | —Bank of America Securities LLC |
| CDX.NA.HY Ind 45 | —CDX North America High Yield Index 45 |
| MS & Co. Int. PLC | —Morgan Stanley & Co. International PLC |
| SOFR<br>| —Secured Overnight Financing Rate<br>|

---

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

## Schedule of Investments
*March 31, 2026 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Underlying Funds – 92.1%** | **Underlying Funds – 92.1%** | **Underlying Funds – 92.1%** |
| **Equity<sup>(a)</sup> – 55.5%** | **Equity<sup>(a)</sup> – 55.5%** | **Equity<sup>(a)</sup> – 55.5%** |
| 2861508 | Goldman Sachs Large Cap Value Insights Fund — Class R6 | $70908178 |
| 2076583 | Goldman Sachs Large Cap Growth Insights Fund — Class R6 | 67468176 |
| 2777155 | Goldman Sachs International Equity Insights Fund — Class R6 | 51516229 |
| 2546416 | Goldman Sachs Emerging Markets Equity Insights Fund — Class R6 | 29869462 |
| 522933 | Goldman Sachs Global Infrastructure Fund — Class R6 | 7477937 |
| 212636 | Goldman Sachs Small Cap Equity Insights Fund — Class R6 | 6342943 |
| 260762 | Goldman Sachs International Small Cap Insights Fund — Class R6 | 4354716 |
|  |  | 237937641 |
| **Exchange Traded Funds – 36.6%** | **Exchange Traded Funds – 36.6%** | **Exchange Traded Funds – 36.6%** |
| 758629 | Goldman Sachs MarketBeta U.S. Equity ETF<sup>(a)</sup> | 67965572 |
| 474559 | Goldman Sachs MarketBeta International Equity ETF<sup>(a)</sup> | 33166928 |
| 369981 | Goldman Sachs MarketBeta Emerging Markets Equity ETF<sup>(a)</sup> | 21640189 |
| 135595 | Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF<sup>(a)</sup> | 16967002 |
| 202666 | Goldman Sachs ActiveBeta International Equity ETF<sup>(a)</sup> | 8740985 |
| 113420 | Goldman Sachs ActiveBeta Emerging Markets Equity ETF<sup>(a)</sup> | 4899744 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Underlying Funds – (continued)** | **Underlying Funds – (continued)** | **Underlying Funds – (continued)** |
| **Exchange Traded Funds – (continued)** | **Exchange Traded Funds – (continued)** | **Exchange Traded Funds – (continued)** |
| 39950 | iShares U.S. Real Estate ETF | $3777672 |
|  |  | 157158092 |
| **TOTAL UNDERLYING FUNDS – 92.1% <br>(Cost $307,798,925)** | **TOTAL UNDERLYING FUNDS – 92.1% <br>(Cost $307,798,925)** | $395095733 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(a)</sup> – 3.4%** | **Investment Company<sup>(a)</sup> – 3.4%** | **Investment Company<sup>(a)</sup> – 3.4%** |
| Goldman Sachs Financial Square Government<br>Fund — Institutional Shares | Goldman Sachs Financial Square Government<br>Fund — Institutional Shares | Goldman Sachs Financial Square Government<br>Fund — Institutional Shares |
| 14612570 | 3.553% | $14612570 |
| **(Cost $14,612,570)** | **(Cost $14,612,570)** | **(Cost $14,612,570)** |
| **TOTAL INVESTMENTS – 95.5%<br>(Cost $322,411,495)** | **TOTAL INVESTMENTS – 95.5%<br>(Cost $322,411,495)** | $409708303 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 4.5%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 4.5%** | 19165901 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $428874204 |

---

---

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

---

**ADDITIONAL INVESTMENT INFORMATION** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At March 31, 2026, the Fund had the following forward foreign currency exchange contracts:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement**<br> **Date** | **Unrealized**<br> **Gain** |
|  MS & Co. Int. PLC | CHF | 190000 | USD | 239619 | 06/17/26 | $33 |
|  | DKK | 180000 | USD | 27956 | 06/17/26 | 6 |
|  | EUR | 750000 | USD | 869956 | 06/17/26 | 18 |
|  | JPY | 83000000 | USD | 526329 | 06/17/26 | 79 |
|  | SGD | 30000 | USD | 23459 | 06/17/26 | 2 |
|  | USD | 1031995 | AUD | 1460000 | 06/17/26 | 25823 |
|  | USD | 1491038 | CHF | 1150000 | 06/17/26 | 40516 |
|  | USD | 239597 | DKK | 1530000 | 06/17/26 | 1918 |
|  | USD | 5369728 | EUR | 4590000 | 06/17/26 | 45486 |
|  | USD | 2306805 | GBP | 1725000 | 06/17/26 | 24135 |
|  | USD | 290234 | HKD | 2260000 | 06/17/26 | 841 |
|  | USD | 117552 | ILS | 360000 | 06/17/26 | 2789 |
|  | USD | &nbsp;&nbsp;&nbsp;&nbsp;3657830 | JPY | 569000000 | 06/17/26 | 49082 |
|  | USD | 98572 | NOK | 950000 | 06/17/26 | 525 |
|  | USD | 23810 | NZD | 40000 | 06/17/26 | 761 |
|  | USD | 526648 | SEK | 4800000 | 06/17/26 | 17611 |

---

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

## Schedule of Investments (continued)
*March 31, 2026 (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** |
|  MS & Co. Int. PLC (continued) | USD | 221250 | SGD | 280000 | 06/17/26 | $2280 |
|  **TOTAL** |  |  |  |  |  | $211905 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  MS & Co. Int. PLC | AUD | 190000 | USD | 130953 | 06/17/26 | $(13) |
|  | GBP | 270000 | USD | 357319 | 06/17/26 | (32) |
|  | HKD | 300000 | USD | 38429 | 06/17/26 | (14) |
|  | NOK | 50000 | USD | 5161 | 06/17/26 | (1) |
|  **TOTAL** |  |  |  |  |  | $(60) |

---

**FUTURES CONTRACTS** — At March 31, 2026, 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:** |  |  |  |  |
|  MSCI EAFE Index | 9 | 06/19/26 | $1305495 | $(1548) |
|  S&P 500 E-Mini Index | 144 | 06/18/26 | 47309400 | (1084776) |
|  S&P Toronto Stock Exchange 60 Index | 27 | 06/18/26 | 7405736 | 15639 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $(1070685) |

---

**SWAP CONTRACTS** — At March 31, 2026, the Fund had the following swap contracts:

**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<sup>#</sup>** | **Notional<br>Amount<br>(000s)** | **Unrealized<br>Appreciation/<br>(Depreciation)\*** |
|  BAES0510 Index | 12MEURO+0.000% | BofA Securities LLC | 03/17/27 | EUR 4,300 | $574 |
|  BAUS0510 Index | 0.000% | BofA Securities LLC | 03/17/27 | $4904 | 63 |
|  **TOTAL** |  |  |  |  | $637 |

---

(a) Payments made monthly.

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

\* There are no upfront payments on the swap contracts March 31, 2026. Therefore the unrealized gain (loss) on the swap contracts is equal to their market value.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **A basket (BAUS0510) of Swaption** |  |  | | |
| **Caption** | **Security Type** | **Shares** | **Value** | **Weight** |
|  ATMF Straddle, 01/28/26 | Swaption |  | $— | 0.0% |
|  ATMF Straddle, 03/04/26 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 03/11/26 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 12/24/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 03/18/26 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 12/17/25 | Swaption |  |  | 0.0 |

---

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

*March 31, 2026 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**A basket (BAUS0510) of Swaption (continued)** 

---

| | | |
|:---|:---|:---|
| **Caption** | **Security Type** | **Weight** |
|  ATMF Straddle, 11/05/25 | Swaption – $– | 0.0% |
|  ATMF Straddle, 09/17/25 | Swaption – – | 0.0 |
|  ATMF Straddle, 10/29/25 | Swaption – – | 0.0 |
|  ATMF Straddle, 03/25/26 | Swaption – – | 0.0 |
|  ATMF Straddle, 11/12/25 | Swaption – – | 0.0 |
|  ATMF Straddle, 01/14/26 | Swaption – – | 0.0 |
|  ATMF Straddle, 12/03/25 | Swaption – – | 0.0 |
|  ATMF Straddle, 12/10/25 | Swaption – – | 0.0 |
|  ATMF Straddle, 11/26/25 | Swaption – – | 0.0 |
|  ATMF Straddle, 10/22/25 | Swaption – – | 0.0 |
|  ATMF Straddle, 11/19/25 | Swaption – – | 0.0 |
|  ATMF Straddle, 09/24/25 | Swaption – – | 0.0 |
|  ATMF Straddle, 10/15/25 | Swaption – – | 0.0 |
|  ATMF Straddle, 10/01/25 | Swaption – – | 0.0 |
|  ATMF Straddle, 10/08/25 | Swaption – – | 0.0 |
|  ATMF Straddle, 09/10/25 | Swaption – – | 0.0 |
|  ATMF Straddle, 01/21/26 | Swaption – – | 0.0 |
|  ATMF Straddle, 08/27/25 | Swaption – – | 0.0 |
|  ATMF Straddle, 09/03/25 | Swaption – – | 0.0 |
|  ATMF Straddle, 08/20/25 | Swaption – – | 0.0 |
|  ATMF Straddle, 08/13/25 | Swaption – – | 0.0 |
|  ATMF Straddle, 08/06/25 | Swaption – – | 0.0 |
|  ATMF Straddle, 07/30/25 | Swaption – – | 0.0 |
|  ATMF Straddle, 07/23/25 | Swaption – – | 0.0 |
|  ATMF Straddle, 07/09/25 | Swaption – – | 0.0 |
|  ATMF Straddle, 07/16/25 | Swaption – – | 0.0 |
|  ATMF Straddle, 07/02/25 | Swaption – – | 0.0 |
|  ATMF Straddle, 02/04/26 | Swaption – – | 0.0 |
|  ATMF Straddle, 06/11/25 | Swaption – – | 0.0 |
|  ATMF Straddle, 06/25/25 | Swaption – – | 0.0 |
|  ATMF Straddle, 06/18/25 | Swaption – – | 0.0 |
|  ATMF Straddle, 05/28/25 | Swaption – – | 0.0 |
|  ATMF Straddle, 06/04/25 | Swaption – – | 0.0 |
|  ATMF Straddle, 05/21/25 | Swaption – – | 0.0 |
|  ATMF Straddle, 04/02/25 | Swaption – – | 0.0 |
|  ATMF Straddle, 05/14/25 | Swaption – – | 0.0 |
|  ATMF Straddle, 04/30/25 | Swaption – – | 0.0 |
|  ATMF Straddle, 04/23/25 | Swaption – – | 0.0 |
|  ATMF Straddle, 01/07/26 | Swaption – – | 0.0 |
|  ATMF Straddle, 04/16/25 | Swaption – – | 0.0 |
|  ATMF Straddle, 02/11/26 | Swaption – – | 0.0 |
|  ATMF Straddle, 02/18/26 | Swaption – – | 0.0 |
|  ATMF Straddle, 02/25/26 | Swaption – – | 0.0 |
|  ATMF Straddle, 12/31/25 | Swaption – – | 0.0 |

---

**PURCHASED AND WRITTEN OPTIONS CONTRACTS** — At March 31, 2026, the Fund had the following purchased and written options:

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |
|  **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** |
|  Call CHF/Put EK | MS & Co. Int. PLC | CHF 13.176 | 03/17/2027 | 811000 | CHF 811,000 | $10777 | $14699 | $(3922) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.209 | 06/17/2026 | 950000 | 950000 | 236 | 17928 | (17692) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.297 | 09/16/2026 | 1861000 | 1861000 | 4559 | 31870 | (27311) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.658 | 12/16/2026 | 1730000 | 1730000 | 7793 | 27798 | (20005) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.016 | 03/17/2027 | 708000 | 708000 | 10514 | 15290 | (4776) |

---

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

*March 31, 2026 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market<br>Value** | **Premiums<br>Paid (Received)**<br> **by 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)** | **Purchased option contracts (continued)** | **Purchased option contracts (continued)** |
|  **Calls (continued)** | **Calls (continued)** | **Calls (continued)** | **Calls (continued)** | **Calls (continued)** | **Calls (continued)** | **Calls (continued)** | **Calls (continued)** | **Calls (continued)** |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.248 | 06/17/2026 | 1079000 | 1079000 | $445 | $20177 | $(19732) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.045 | 09/16/2026 | 2136000 | 2136000 | 9924 | 32015 | (22091) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 12.920 | 12/16/2026 | 1973000 | 1973000 | 22698 | 30833 | (8135) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | JPY 10.883 | 06/17/2026 | 82810000 | JPY 82,810,000 | 597 | 8462 | (7865) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.589 | 09/16/2026 | 171282000 | 171282000 | 7351 | 15582 | (8231) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.715 | 12/16/2026 | 167028000 | 167028000 | 11218 | 14277 | (3059) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.678 | 03/17/2027 | 66233000 | 66233000 | 6773 | 6282 | 491 |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.425 | 06/17/2026 | 2987000 | 2987000 | 5684 | 19774 | (14090) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.429 | 09/16/2026 | 5980000 | 5980000 | 23896 | 39014 | (15118) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.431 | 12/16/2026 | 5354000 | 5354000 | 31032 | 33307 | (2275) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.431 | 03/17/2027 | 1766000 | 1766000 | 13393 | 14372 | (979) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1093.270 | 06/17/2026 | 982000 | 982000 | 1595 | 16947 | (15352) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1092.440 | 09/16/2026 | 1896000 | 1896000 | 10455 | 32742 | (22287) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1040.580 | 12/16/2026 | 2240000 | 2240000 | 32854 | 32644 | 210 |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1050.690 | 03/17/2027 | 735000 | 735000 | 13000 | 13803 | (803) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1493.850 | 06/17/2026 | 683000 | 683000 | 15769 | 8852 | 6917 |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1581.730 | 12/16/2026 | 1326000 | 1326000 | 24663 | 13419 | 11244 |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1642.100 | 03/17/2027 | 443000 | 443000 | 7041 | 5825 | 1216 |
|  Call USD/Put MXN | MS & Co. Int. PLC | 22.541 | 06/17/2026 | 541000 | 541000 | 407 | 8186 | (7779) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 21.614 | 09/15/2026 | 1019000 | 1019000 | 4680 | 14988 | (10308) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 10.537 | 06/17/2026 | 631000 | 631000 | 1034 | 9484 | (8450) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 10.074 | 09/16/2026 | 1232000 | 1232000 | 12374 | 15884 | (3510) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 10.040 | 12/16/2026 | 1204000 | 1204000 | 18018 | 13840 | 4178 |
|  Call USD/Put SEK | MS & Co. Int. PLC | 10.227 | 03/17/2027 | 913000 | 913000 | 13860 | 13885 | (25) |
|  |  |  |  | 528533000 |  | $322640 | $542179 | $(219539) |
|  **Puts** |  |  |  |  |  |  |  |  |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 81.740 | 06/17/2026 | 2289000 | 2289000 | 169 | 25443 | (25274) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 86.090 | 09/16/2026 | 4606000 | 4606000 | 6127 | 46535 | (40408) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 90.000 | 12/16/2026 | 4052000 | 4052000 | 16984 | 42337 | (25353) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 97.950 | 03/17/2027 | 1557000 | 1557000 | 22294 | 17988 | 4306 |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.597 | 06/17/2026 | 953000 | 953000 | 475 | 8784 | (8309) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.613 | 09/16/2026 | 1883000 | 1883000 | 5471 | 15974 | (10503) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.607 | 12/16/2026 | 1618000 | 1618000 | 7341 | 13860 | (6519) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 94.010 | 06/17/2026 | 1155000 | 1155000 | 53 | 12792 | (12739) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 95.680 | 09/16/2026 | 2389000 | 2389000 | 1827 | 23192 | (21365) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 102.300 | 12/16/2026 | 2260000 | 2260000 | 10727 | 20356 | (9629) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 104.900 | 03/17/2027 | 941000 | 941000 | 9454 | 10250 | (796) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 75.890 | 06/17/2026 | 1195000 | 1195000 | 312 | 12116 | (11804) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 77.260 | 09/16/2026 | 2456000 | 2456000 | 4443 | 21393 | (16950) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 79.800 | 12/16/2026 | 2333000 | 2333000 | 11863 | 21050 | (9187) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 82.370 | 03/17/2027 | 930000 | 930000 | 9679 | 9077 | 602 |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.554 | 06/17/2026 | 518000 | 518000 | 2122 | 4473 | (2351) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.550 | 09/16/2026 | 1041000 | 1041000 | 7077 | 7721 | (644) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.537 | 12/16/2026 | 1838000 | 1838000 | 12359 | 13845 | (1486) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.540 | 03/17/2027 | 752000 | 752000 | 7078 | 6178 | 900 |
|  |  |  |  | 34766000 |  | $135855 | $333364 | $(197509) |
|  **Total purchased option contracts** | **Total purchased option contracts** |  |  | 563299000 |  | $458495 | $875543 | $(417048) |

---

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

*March 31, 2026 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise**<br> **Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid**<br> **(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  S&P 500 Index | $&nbsp;&nbsp;&nbsp;&nbsp;6770.000 | 04/01/2026 | (3) | $(2031000) | $(38) | $(6222) | $6184 |
|  S&P 500 Index | 7125.000 | 04/01/2026 | (2) | (1425000) | (5) | (3304) | 3299 |
|  S&P 500 Index | 6695.000 | 04/02/2026 | (3) | (2008500) | (390) | (1941) | 1551 |
|  S&P 500 Index | 6625.000 | 04/06/2026 | (3) | (1987500) | (7005) | (3392) | (3613) |
|  S&P 500 Index | 7100.000 | 04/08/2026 | (2) | (1420000) | (25) | (2444) | 2419 |
|  S&P 500 Index | 7000.000 | 04/15/2026 | (2) | (1400000) | (195) | (3038) | 2843 |
|  S&P 500 Index | 6900.000 | 04/22/2026 | (2) | (1380000) | (1470) | (5210) | 3740 |
|  |  |  | (17) |  | $(9128) | $(25551) | $16423 |
|  **Puts** |  |  |  |  |  |  |  |
|  S&P 500 Index | 6260.000 | 04/01/2026 | (6) | (3756000) | (225) | (7887) | 7662 |
|  S&P 500 Index | 6375.000 | 04/01/2026 | (4) | (2550000) | (880) | (12568) | 11688 |
|  S&P 500 Index | 6210.000 | 04/02/2026 | (6) | (3726000) | (810) | (13710) | 12900 |
|  S&P 500 Index | 6050.000 | 04/06/2026 | (6) | (3630000) | (1425) | (8010) | 6585 |
|  S&P 500 Index | 6275.000 | 04/15/2026 | (4) | (2510000) | (16620) | (18133) | 1513 |
|  S&P 500 Index | 6025.000 | 04/22/2026 | (4) | (2410000) | (10620) | (13080) | 2460 |
|  |  |  | (30) |  | $(30580) | $(73388) | $42808 |
|  **Total written option contracts** |  |  | (47) |  | $(39708) | $(98939) | $59231 |

---

**EXCHANGE TRADED OPTIONS ON FUTURES** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise**<br> **Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid**<br> **(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  3 Month SOFR | $&nbsp;&nbsp;&nbsp;&nbsp;96.250 | 06/12/2026 | 42 | $&nbsp;&nbsp;&nbsp;&nbsp;105000 | $&nbsp;&nbsp;&nbsp;&nbsp;13913 | $&nbsp;&nbsp;&nbsp;&nbsp;59716 | $(45803) |
|  3 Month SOFR | 96.625 | 06/12/2026 | 36 | 90000 | 2925 | 56784 | (53859) |
|  3 Month SOFR | 96.750 | 06/12/2026 | 111 | 277500 | 7631 | 200195 | (192564) |
|  3 Month SOFR | 97.000 | 06/12/2026 | 30 | 75000 | 1500 | 19934 | (18434) |
|  3 Month SOFR | 97.125 | 06/12/2026 | 77 | 192500 | 3369 | 36238 | (32869) |
|  3 Month SOFR | 97.250 | 06/12/2026 | 44 | 110000 | 1650 | 20986 | (19336) |
|  3 Month SOFR | 96.375 | 09/11/2026 | 42 | 105000 | 18113 | 60472 | (42359) |
|  3 Month SOFR | 96.500 | 09/11/2026 | 158 | 395000 | 54313 | 153410 | (99097) |
|  3 Month SOFR | 96.625 | 09/11/2026 | 34 | 85000 | 9563 | 56604 | (47041) |
|  3 Month SOFR | 97.000 | 09/11/2026 | 42 | 105000 | 7088 | 32632 | (25544) |
|  3 Month SOFR | 97.250 | 09/11/2026 | 34 | 85000 | 4463 | 22167 | (17704) |
|  3 Month SOFR | 96.000 | 12/11/2026 | 60 | 150000 | 79500 | 120868 | (41368) |
|  3 Month SOFR | 96.375 | 12/11/2026 | 39 | 97500 | 29006 | 60540 | (31534) |
|  3 Month SOFR | 96.500 | 12/11/2026 | 203 | 507500 | 125606 | 239423 | (113817) |
|  3 Month SOFR | 96.000 | 03/12/2027 | 58 | 145000 | 91350 | 121914 | (30564) |
|  3 Month SOFR | 96.250 | 03/12/2027 | 39 | 97500 | 45825 | 78076 | (32251) |
|  3 Month SOFR | 96.500 | 03/12/2027 | 151 | 377500 | 130238 | 174283 | (44045) |
|  3 Month SOFR | 97.250 | 03/12/2027 | 204 | 510000 | 71400 | 98537 | (27137) |
|  3 Month SOFR | 96.000 | 06/11/2027 | 52 | 130000 | 94900 | 111902 | (17002) |
|  3 Month SOFR | 96.250 | 06/11/2027 | 39 | 97500 | 55331 | 80026 | (24695) |
|  3 Month SOFR | 96.500 | 06/11/2027 | 257 | 642500 | 277881 | 344504 | (66623) |
|  3 Month SOFR | 96.250 | 09/10/2027 | 40 | 100000 | 66500 | 81078 | (14578) |

---

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

*March 31, 2026 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**EXCHANGE TRADED OPTIONS ON FUTURES (continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise**<br> **Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid**<br> **(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts (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)** |  |
|  3 Month SOFR | $&nbsp;&nbsp;&nbsp;&nbsp;96.500 | 09/10/2027 | 115 | $287500 | $150938 | $183038 | $(32100) |
|  3 Month SOFR | 97.000 | 09/10/2027 | 69 | 172500 | 54769 | 52748 | 2021 |
|  3 Month SOFR | 96.375 | 12/10/2027 | 79 | 197500 | 130350 | 132322 | (1972) |
|  3 Month SOFR | 96.500 | 12/10/2027 | 143 | 357500 | 210925 | 234380 | (23455) |
|  3 Month SOFR | 96.250 | 03/10/2028 | 75 | 187500 | 142969 | 147053 | (4084) |
|  3 Month SOFR | 96.375 | 03/10/2028 | 125 | 312500 | 214844 | 232008 | (17164) |
|  3 Month SOFR | 96.250 | 06/16/2028 | 74 | 185000 | 142913 | 149995 | (7082) |
|  **TOTAL** |  |  | 2472 | $&nbsp;&nbsp;&nbsp;&nbsp;6180000 | $&nbsp;&nbsp;&nbsp;&nbsp;2239773 | $&nbsp;&nbsp;&nbsp;&nbsp;3361833 | $(1122060) |

---

**Currency Abbreviations:**

---

| | |
|:---|:---|
| AUD | —Australian Dollar |
| CAD | —Canadian Dollar |
| CHF | —Swiss Franc |
| DKK | —Denmark Krone |
| EUR | —Euro |
| GBP | —British Pound |
| HKD | —Hong Kong Dollar |
| ILS | —Israeli Shekel |
| JPY | —Japanese Yen |
| NOK | —Norwegian Krone |
| NZD | —New Zealand Dollar |
| SEK | —Swedish Krona |
| SGD | —Singapore Dollar |
| USD | —U.S. Dollar |

---

**Investment Abbreviations:**

ETF —Exchange Traded Fund

**Abbreviations:**

---

| | |
|:---|:---|
| MS & Co. Int. PLC | —Morgan Stanley & Co. International PLC |
| SOFR | —Secured Overnight Financing Rate |

---

------

GOLDMAN SACHS MODERATE ALLOCATION FUND

## Schedule of Investments
*March 31, 2026 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Underlying Funds – 92.9%** | **Underlying Funds – 92.9%** | **Underlying Funds – 92.9%** |
| **Dynamic<sup>(a)</sup> – 0.9%** | **Dynamic<sup>(a)</sup> – 0.9%** | **Dynamic<sup>(a)</sup> – 0.9%** |
| 1019811 | Goldman Sachs Managed Futures Strategy Fund — Class R6 | $9596423 |
| **Equity<sup>(a)</sup> – 34.2%** | **Equity<sup>(a)</sup> – 34.2%** | **Equity<sup>(a)</sup> – 34.2%** |
| 4139359 | Goldman Sachs Large Cap Value Insights Fund — Class R6 | 102573310 |
| 3066941 | Goldman Sachs Large Cap Growth Insights Fund — Class R6 | 99644908 |
| 4312543 | Goldman Sachs International Equity Insights Fund — Class R6 | 79997686 |
| 2970596 | Goldman Sachs Emerging Markets Equity Insights Fund — Class R6 | 34845089 |
| 1274272 | Goldman Sachs Global Infrastructure Fund — Class R6 | 18222086 |
| 602777 | Goldman Sachs Small Cap Equity Insights Fund — Class R6 | 17980855 |
| 651839 | Goldman Sachs International Small Cap Insights Fund — Class R6 | 10885712 |
|  |  | 364149646 |
| **Exchange Traded Funds – 32.5%** | **Exchange Traded Funds – 32.5%** | **Exchange Traded Funds – 32.5%** |
| 1272115 | Goldman Sachs MarketBeta U.S. Equity ETF<sup>(a)</sup> | 113968783 |
| 1865270 | Goldman Sachs Access Investment Grade Corporate Bond ETF<sup>(a)</sup> | 85429366 |
| 905257 | Goldman Sachs MarketBeta International Equity ETF<sup>(a)</sup> | 63268412 |
| 489215 | Goldman Sachs MarketBeta Emerging Markets Equity ETF<sup>(a)</sup> | 28614185 |
| 223124 | Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF<sup>(a)</sup> | 27919506 |
| 396507 | Goldman Sachs ActiveBeta International Equity ETF<sup>(a)</sup> | 17101347 |
| 176202 | Goldman Sachs ActiveBeta Emerging Markets Equity ETF<sup>(a)</sup> | 7611926 |
| 17067 | State Street Health Care Select Sector SPDR ETF | 2502193 |
| 3887 | iShares MSCI Mexico ETF | 292419 |
|  |  | 346708137 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Underlying Funds – (continued)** | **Underlying Funds – (continued)** | **Underlying Funds – (continued)** |
| **Fixed Income<sup>(a)</sup> – 25.3%** | **Fixed Income<sup>(a)</sup> – 25.3%** | **Fixed Income<sup>(a)</sup> – 25.3%** |
| 18301015 | Goldman Sachs Global Core Fixed Income Fund — Class R6 | $207167485 |
| 3410744 | Goldman Sachs Inflation Protected Securities Fund — Class R6 | 32640819 |
| 2292052 | Goldman Sachs Emerging Markets Debt Fund — Class R6 | 23126805 |
| 995808 | Goldman Sachs High Yield Fund — Class R6 | 5566566 |
| 147374 | Goldman Sachs High Yield Floating Rate Fund — Class R6 | 1236471 |
|  |  | 269738146 |
| **TOTAL UNDERLYING FUNDS – 92.9%<br>(Cost $846,854,342)** | **TOTAL UNDERLYING FUNDS – 92.9%<br>(Cost $846,854,342)** | $990192352 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(a)</sup> – 2.6%** | **Investment Company<sup>(a)</sup> – 2.6%** | **Investment Company<sup>(a)</sup> – 2.6%** |
| Goldman Sachs Financial Square Government Fund —<br>Institutional Shares | Goldman Sachs Financial Square Government Fund —<br>Institutional Shares | Goldman Sachs Financial Square Government Fund —<br>Institutional Shares |
| 27517067 | 3.553% | $27517067 |
| **(Cost $27,517,067)** | **(Cost $27,517,067)** | **(Cost $27,517,067)** |
| **TOTAL INVESTMENTS – 95.5%**<br> **(Cost $874,371,409)** | **TOTAL INVESTMENTS – 95.5%**<br> **(Cost $874,371,409)** | $1017709419 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 4.5%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 4.5%** | 47694702 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $1065404121 |

---

---

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

---

**ADDITIONAL INVESTMENT INFORMATION** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At March 31, 2026, the Fund had the following forward foreign currency exchange contracts:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  MS & Co. Int. PLC | USD | 3244423 | AUD | 4590000 | 06/17/26 | $81183 |
|  | USD | 4810219 | CHF | 3710000 | 06/17/26 | 130708 |
|  | USD | 1003801 | DKK | 6410000 | 06/17/26 | 8034 |
|  | USD | 17513035 | EUR | 14970000 | 06/17/26 | 148348 |
|  | USD | 7221301 | GBP | 5400000 | 06/17/26 | 75552 |
|  | USD | 938765 | HKD | 7310000 | 06/17/26 | 2722 |
|  | USD | 378779 | ILS | 1160000 | 06/17/26 | 8988 |

---

------

GOLDMAN SACHS MODERATE ALLOCATION FUND

## Schedule of Investments (continued)
*March 31, 2026 (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** |
|  MS & Co. Int. PLC (continued) | USD | 11436342 | JPY | 1779000000 | 06/17/26 | $153456 |
|  | USD | 846359 | MXN | 15000000 | 06/17/26 | 15087 |
|  | USD | 295716 | NOK | 2850000 | 06/17/26 | 1576 |
|  | USD | 89289 | NZD | 150000 | 06/17/26 | 2855 |
|  | USD | 1629318 | SEK | 14850000 | 06/17/26 | 54485 |
|  | USD | 703258 | SGD | 890000 | 06/17/26 | 7248 |
|  **TOTAL** |  |  |  |  |  | $690242 |

---

**FUTURES CONTRACTS** — At March 31, 2026, 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:** |  |  |  |  |
|  5 Year U.S. Treasury Notes | 34 | 06/30/26 | $3678109 | $(66200) |
|  FTSE/JSE Top 40 Index | 12 | 06/18/26 | 758001 | (11137) |
|  IFSC NIFTY 50 Index | 30 | 04/28/26 | 1348890 | (32542) |
|  Mini-MDAX Index | 16 | 06/19/26 | 524479 | (20164) |
|  MSCI EAFE Index | 25 | 06/19/26 | 3626375 | 28138 |
|  S&P 500 E-Mini Index | 188 | 06/18/26 | 61765050 | (1412461) |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $(1514366) |

---

**SWAP CONTRACTS** — At March 31, 2026, the Fund had the following swap contracts:

**CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced**<br> **Obligation/Index** | **Financing Rate**<br> **Received/(Paid) by**<br> **the Fund** | **Credit**<br> **Spread at**<br> **March 31,**<br> **2026** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Protection Purchased:** | **Protection Purchased:** |  |  |  |  |  |  |
|  CDX.NA.HY Index 45 | (5.000)% | 3.856% | 06/20/31 | $5230 | $242078 | $(249340) | $491418 |
|  | (5.000) | 3.648 | 12/20/30 |  |  | (205) | 205 |
|  **TOTAL** |  |  |  |  | $242078 | $(249545) | $491623 |

---

------

GOLDMAN SACHS MODERATE ALLOCATION FUND

*March 31, 2026 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Reference**<br> **Obligation/Index** | **Counterparty** | **Termination<br>Date<sup>#</sup>** | **Notional<br>Amount<br>(000s)** | **Unrealized<br>Appreciation/<br>(Depreciation)\*** |
|  BAES0510 Index<br> 12M EURO+0.000%<sup>(a)</sup> | BofA Securities LLC | 03/17/27 | 10637 | $1421 |
|  BAUS0510 Index<br> 12M EURO+0.000%<sup>(a)</sup> | BofA Securities LLC | 03/17/27 | $12131 | 213 |
|  SXDR Index<br> 12M EURO+0.340%<sup>(b)</sup> | JPMorgan Securities, Inc. | 08/04/26 | &nbsp;&nbsp;&nbsp;&nbsp;1335 | 103 |
|  **TOTAL** |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;1737 |

---

(a) Payments made monthly.

(b) Payments made quarterly.

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

\* There are no upfront payments on the swap contracts March 31, 2026. Therefore the unrealized gain (loss) on the swap contracts is equal to their market value.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **A basket (BAUS0510) of Swaption** |  |  | | |
| <br> **Caption** | **Security Type** | **Shares** | **Value** | **Weight** |
|  ATMF Straddle, 01/28/26 | Swaption |  | $— | 0.0% |
|  ATMF Straddle, 03/04/26 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 03/11/26 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 12/24/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 03/18/26 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 12/17/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 11/05/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 09/17/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 10/29/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 03/25/26 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 11/12/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 01/14/26 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 12/03/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 12/10/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 11/26/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 10/22/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 11/19/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 09/24/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 10/15/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 10/01/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 10/08/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 09/10/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 01/21/26 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 08/27/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 09/03/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 08/20/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 08/13/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 08/06/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 07/30/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 07/23/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 07/09/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 07/16/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 07/02/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 02/04/26 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 06/11/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 06/25/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 06/18/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 05/28/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 06/04/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 05/21/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 04/02/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 05/14/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 04/30/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 04/23/25 | Swaption |  |  | 0.0 |

---

------

GOLDMAN SACHS MODERATE ALLOCATION FUND

*March 31, 2026 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **A basket (BAUS0510) of Swaption (continued)** |  |  | | |
| <br> **Caption** | **Security Type** | **Shares** | **Value** | **Weight** |
|  ATMF Straddle, 01/07/26 | Swaption |  | $— | 0.0% |
|  ATMF Straddle, 04/16/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 02/11/26 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 02/18/26 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 02/25/26 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 12/31/25 | Swaption |  |  | 0.0 |

---

**PURCHASED AND WRITTEN OPTIONS CONTRACTS** — At March 31, 2026, the Fund had the following purchased and written options:

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  XLV Index | BofA Securities LLC | $135.000 | 06/18/2026 | 8073 | $108985500 | $118891 | $88226 | $30665 |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  XLV Index | BofA Securities LLC | 146.000 | 06/18/2026 | (8073) | (117865800) | (53789) | (43756) | (10033) |
|  **Puts** |  |  |  |  |  |  |  |  |
|  IGV Index | UBS AG | 78.490 | 04/17/2026 | (9937) | (77995513) | (16359) | (24078) | 7719 |
|  **Total written option contracts** | **Total written option contracts** | **Total written option contracts** | **Total written option contracts** | (18010) | $(195861313) | $(70148) | $(67834) | $(2314) |
|  **TOTAL** | **TOTAL** | **TOTAL** | **TOTAL** | (9937) | $(86875813) | $48743 | $20392 | $28351 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  Call CHF 2,446,000 | MS & Co. Int. PLC | CHF 14.016 | 03/17/2027 | 2446000 | CHF 2,446,000 | $36326 | $52825 | $(16499) |
|  Call CHF 2,805,000 | MS & Co. Int. PLC | 13.176 | 03/17/2027 | 2805000 | 2805000 | 37277 | 50840 | (13563) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.209 | 06/17/2026 | 1921000 | 1921000 | 478 | 36252 | (35774) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.297 | 09/16/2026 | 2691000 | 2691000 | 6593 | 46084 | (39491) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.658 | 12/16/2026 | 2626000 | 2626000 | 11829 | 42195 | (30366) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.248 | 06/17/2026 | 2182000 | 2182000 | 901 | 40803 | (39902) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.045 | 09/16/2026 | 3088000 | 3088000 | 14347 | 46284 | (31937) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 12.920 | 12/16/2026 | 2994000 | 2994000 | 34444 | 46788 | (12344) |
|  Call EUR/Put GBP | MS & Co. Int. PLC | 0.886 | 06/11/2026 | 1000000 | 1000000 | 5985 | 14894 | (8909) |
|  Call JPY 228,945,000 | MS & Co. Int. PLC | 10.678 | 03/17/2027 | 228945000 | 228945000 | 23413 | 21715 | 1698 |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.883 | 06/17/2026 | 167485000 | 167485000 | 1208 | 17114 | (15906) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.589 | 09/16/2026 | 247647000 | 247647000 | 10628 | 22528 | (11900) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.715 | 12/16/2026 | 253495000 | 253495000 | 17025 | 21668 | (4643) |
|  Call USD 1,532,000 | MS & Co. Int. PLC | 1642.100 | 03/17/2027 | 1532000 | 1532000 | 24348 | 20146 | 4202 |
|  Call USD 2,542,000 | MS & Co. Int. PLC | 1050.690 | 03/17/2027 | 2542000 | 2542000 | 44960 | 47736 | (2776) |
|  Call USD 3,157,000 | MS & Co. Int. PLC | 10.227 | 03/17/2027 | 3157000 | 3157000 | 47927 | 48012 | (85) |
|  Call USD 6,103,000 | MS & Co. Int. PLC | 1.431 | 03/17/2027 | 6103000 | 6103000 | 46285 | 49666 | (3381) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.425 | 06/17/2026 | 6042000 | 6042000 | 11498 | 39998 | (28500) |

---

------

GOLDMAN SACHS MODERATE ALLOCATION FUND

*March 31, 2026 (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 CAD | MS & Co. Int. PLC | $1.429 | 09/16/2026 | 8647000 | $8647000 | $34553 | $56413 | $(21860) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.431 | 12/16/2026 | 8126000 | 8126000 | 47098 | 50552 | (3454) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1093.270 | 06/17/2026 | 1987000 | 1987000 | 3227 | 34292 | (31065) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1092.440 | 09/16/2026 | 2742000 | 2742000 | 15120 | 47352 | (32232) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1040.580 | 12/16/2026 | 3400000 | 3400000 | 49868 | 49548 | 320 |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1493.850 | 06/17/2026 | 1382000 | 1382000 | 31908 | 17911 | 13997 |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1581.730 | 12/16/2026 | 2013000 | 2013000 | 37442 | 20372 | 17070 |
|  Call USD/Put MXN | MS & Co. Int. PLC | 22.541 | 06/17/2026 | 1094000 | 1094000 | 823 | 16553 | (15730) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 21.614 | 09/15/2026 | 1473000 | 1473000 | 6765 | 21667 | (14902) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 10.537 | 06/17/2026 | 1276000 | 1276000 | 2090 | 19178 | (17088) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 10.074 | 09/16/2026 | 1782000 | 1782000 | 17898 | 22975 | (5077) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 10.040 | 12/16/2026 | 1828000 | 1828000 | 27356 | 21013 | 6343 |
|  |  |  |  | 974451000 |  | $649620 | $1043374 | $(393754) |
|  **Puts** |  |  |  |  |  |  |  |  |
|  Put AUD 5,383,000 | MS & Co. Int. PLC | 97.950 | 03/17/2027 | 5383000 | 5383000 | 77077 | 62191 | 14886 |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 81.740 | 06/17/2026 | 4629000 | 4629000 | 342 | 51453 | (51111) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 86.090 | 09/16/2026 | 6660000 | 6660000 | 8859 | 67287 | (58428) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 90.000 | 12/16/2026 | 6149000 | 6149000 | 25773 | 64246 | (38473) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.597 | 06/17/2026 | 1927000 | 1927000 | 961 | 17762 | (16801) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.613 | 09/16/2026 | 2723000 | 2723000 | 7911 | 23099 | (15188) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.607 | 12/16/2026 | 2455000 | 2455000 | 11139 | 21030 | (9891) |
|  Put CAD 3,253,000 | MS & Co. Int. PLC | 104.900 | 03/17/2027 | 3253000 | 3253000 | 32682 | 35432 | (2750) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 94.010 | 06/17/2026 | 2336000 | 2336000 | 107 | 25872 | (25765) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 95.680 | 09/16/2026 | 3454000 | 3454000 | 2642 | 33531 | (30889) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 102.300 | 12/16/2026 | 3429000 | 3429000 | 16274 | 30886 | (14612) |
|  Put NZD 2,599,000 | MS & Co. Int. PLC | 0.540 | 03/17/2027 | 2599000 | 2599000 | 24464 | 21352 | 3112 |
|  Put NZD 3,215,000 | MS & Co. Int. PLC | 82.370 | 03/17/2027 | 3215000 | 3215000 | 33462 | 31378 | 2084 |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 75.890 | 06/17/2026 | 2417000 | 2417000 | 632 | 24507 | (23875) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 77.260 | 09/16/2026 | 3551000 | 3551000 | 6424 | 30931 | (24507) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 79.800 | 12/16/2026 | 3540000 | 3540000 | 18001 | 31941 | (13940) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.554 | 06/17/2026 | 1047000 | 1047000 | 4289 | 9041 | (4752) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.550 | 09/16/2026 | 1505000 | 1505000 | 10231 | 11162 | (931) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.537 | 12/16/2026 | 2790000 | 2790000 | 18760 | 21016 | (2256) |
|  |  |  |  | 63062000 |  | $300030 | $614117 | $(314087) |
|  **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** |  | 1037513000 |  | $949650 | $1657491 | $(707841) |
|  **Written option contracts** | **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  Call EUR/Put GBP | MS & Co. Int. PLC | EUR 0.908 | 06/11/2026 | (1000000) | EUR (1000000) | (1572) | (5904) | 4332 |
|  **TOTAL** | **TOTAL** |  |  | 1036513000 |  | $948078 | $1651587 | $(703509) |

---

**EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  S&P 500 Index | $6770.000 | 04/01/2026 | (5) | $(3385000) | $(62) | $(10370) | $10308 |

---

------

GOLDMAN SACHS MODERATE ALLOCATION FUND

*March 31, 2026 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS (continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** |  |  |  |
|  **Calls (continued)** | **Calls (continued)** | **Calls (continued)** | **Calls (continued)** | **Calls (continued)** |  |  |  |
|  S&P 500 Index | $7125.000 | 04/01/2026 | (3) | $(2137500) | $(8) | $(4957) | $4949 |
|  S&P 500 Index | 6695.000 | 04/02/2026 | (5) | (3347500) | (650) | (3234) | 2584 |
|  S&P 500 Index | 6625.000 | 04/06/2026 | (5) | (3312500) | (11675) | (5654) | (6021) |
|  S&P 500 Index | 7100.000 | 04/08/2026 | (3) | (2130000) | (38) | (3666) | 3628 |
|  S&P 500 Index | 7000.000 | 04/15/2026 | (4) | (2800000) | (390) | (6075) | 5685 |
|  S&P 500 Index | 6900.000 | 04/22/2026 | (4) | (2760000) | (2940) | (10420) | 7480 |
|  |  |  | (29) |  | $(15763) | $(44376) | $28613 |
|  **Puts** |  |  |  |  |  |  |  |
|  S&P 500 Index | 6260.000 | 04/01/2026 | (10) | (6260000) | (375) | (13145) | 12770 |
|  S&P 500 Index | 6375.000 | 04/01/2026 | (7) | (4462500) | (1540) | (21993) | 20453 |
|  S&P 500 Index | 6210.000 | 04/02/2026 | (10) | (6210000) | (1350) | (22850) | 21500 |
|  S&P 500 Index | 6050.000 | 04/06/2026 | (10) | (6050000) | (2375) | (13350) | 10975 |
|  S&P 500 Index | 6275.000 | 04/15/2026 | (7) | (4392500) | (29085) | (31733) | 2648 |
|  S&P 500 Index | 6025.000 | 04/22/2026 | (7) | (4217500) | (18585) | (22890) | 4305 |
|  |  |  | (51) |  | $(53310) | $(125961) | $72651 |
|  **Total written option contracts** |  |  | (80) |  | $(69073) | $(170337) | $101264 |

---

**EXCHANGE TRADED OPTIONS ON FUTURES** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  3 Month SOFR | $96.250 | 06/12/2026 | 92 | $230000 | $30475 | $130807 | $(100332) |
|  3 Month SOFR | 96.500 | 06/12/2026 | 144 | 360000 | 16200 | 149682 | (133482) |
|  3 Month SOFR | 96.625 | 06/12/2026 | 80 | 200000 | 6500 | 126186 | (119686) |
|  3 Month SOFR | 96.750 | 06/12/2026 | 35 | 87500 | 2406 | 54331 | (51925) |
|  3 Month SOFR | 97.000 | 06/12/2026 | 80 | 200000 | 4000 | 53157 | (49157) |
|  3 Month SOFR | 97.125 | 06/12/2026 | 68 | 170000 | 2975 | 34983 | (32008) |
|  3 Month SOFR | 97.250 | 06/12/2026 | 66 | 165000 | 2475 | 31479 | (29004) |
|  3 Month SOFR | 96.375 | 09/11/2026 | 92 | 230000 | 39675 | 132463 | (92788) |
|  3 Month SOFR | 96.500 | 09/11/2026 | 284 | 710000 | 97625 | 317944 | (220319) |
|  3 Month SOFR | 96.625 | 09/11/2026 | 76 | 190000 | 21375 | 126526 | (105151) |
|  3 Month SOFR | 97.000 | 09/11/2026 | 112 | 280000 | 18900 | 87020 | (68120) |
|  3 Month SOFR | 97.250 | 09/11/2026 | 51 | 127500 | 6694 | 33250 | (26556) |
|  3 Month SOFR | 96.000 | 12/11/2026 | 162 | 405000 | 214651 | 326343 | (111692) |
|  3 Month SOFR | 96.375 | 12/11/2026 | 88 | 220000 | 65450 | 136604 | (71154) |
|  3 Month SOFR | 96.500 | 12/11/2026 | 359 | 897500 | 222131 | 451266 | (229135) |
|  3 Month SOFR | 96.000 | 03/12/2027 | 157 | 392500 | 247275 | 330008 | (82733) |
|  3 Month SOFR | 96.250 | 03/12/2027 | 58 | 145000 | 68150 | 116114 | (47964) |
|  3 Month SOFR | 96.500 | 03/12/2027 | 288 | 720000 | 248400 | 376414 | (128014) |
|  3 Month SOFR | 97.250 | 03/12/2027 | 399 | 997500 | 139650 | 192482 | (52832) |
|  3 Month SOFR | 96.000 | 06/11/2027 | 140 | 350000 | 255500 | 301274 | (45774) |
|  3 Month SOFR | 96.250 | 06/11/2027 | 58 | 145000 | 82288 | 119014 | (36726) |
|  3 Month SOFR | 96.500 | 06/11/2027 | 342 | 855000 | 369787 | 498920 | (129133) |
|  3 Month SOFR | 96.250 | 09/10/2027 | 58 | 145000 | 96425 | 117564 | (21139) |
|  3 Month SOFR | 96.500 | 09/10/2027 | 226 | 565000 | 296625 | 359243 | (62618) |
|  3 Month SOFR | 97.000 | 09/10/2027 | 74 | 185000 | 58737 | 56570 | 2167 |

---

------

GOLDMAN SACHS MODERATE ALLOCATION FUND

*March 31, 2026 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**EXCHANGE TRADED OPTIONS ON FUTURES (continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts (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)** |  |
|  3 Month SOFR | $96.375 | 12/10/2027 | 86 | $215000 | $141900 | $144047 | $(2147) |
|  3 Month SOFR | 96.500 | 12/10/2027 | 279 | 697500 | 411525 | 456497 | (44972) |
|  3 Month SOFR | 96.250 | 03/10/2028 | 81 | 202500 | 154406 | 158818 | (4412) |
|  3 Month SOFR | 96.375 | 03/10/2028 | 246 | 615000 | 422813 | 455557 | (32744) |
|  3 Month SOFR | 96.250 | 06/16/2028 | 80 | 200000 | 154500 | 162157 | (7657) |
|  **TOTAL** |  |  | 4361 | $10902500 | $3899513 | $6036720 | $(2137207) |

---

**Currency Abbreviations:**

---

| | |
|:---|:---|
| AUD | —Australian Dollar |
| CAD | —Canadian Dollar |
| CHF | —Swiss Franc |
| DKK | —Denmark Krone |
| EUR | —Euro |
| GBP | —British Pound |
| HKD | —Hong Kong Dollar |
| ILS | —Israeli Shekel |
| JPY | —Japanese Yen |
| MXN | —Mexican Peso |
| NOK | —Norwegian Krone |
| NZD | —New Zealand Dollar |
| SEK | —Swedish Krona |
| SGD | —Singapore Dollar |
| USD | —U.S. Dollar |

---

**Investment Abbreviations:**

---

| | |
|:---|:---|
| ETF | —Exchange Traded Fund |
| MSCI | —Morgan Stanley Capital International |
| SPDR | —Standard and Poor's Depository Receipt |

---

**Abbreviations:**

---

| | |
|:---|:---|
| BofA Securities LLC | —Bank of America Securities LLC |
| CDX.NA.HY Ind 45 | —CDX North America High Yield Index 45 |
| MS & Co. Int. PLC | —Morgan Stanley & Co. International PLC |
| SOFR | —Secured Overnight Financing Rate |

---

------

GOLDMAN SACHS GROWTH ALLOCATION FUND

## Schedule of Investments
*March 31, 2026 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Underlying Funds – 92.2%** | **Underlying Funds – 92.2%** |  |
| **Dynamic<sup>(a)</sup> – 0.9%** | **Dynamic<sup>(a)</sup> – 0.9%** |  |
| 1053803 | Goldman Sachs Managed Futures Strategy Fund — Class R6 | $9916286 |
| **Equity<sup>(a)</sup> – 43.9%** | **Equity<sup>(a)</sup> – 43.9%** |  |
| 5458296 | Goldman Sachs Large Cap Value Insights Fund — Class R6 | 135256581 |
| 4119040 | Goldman Sachs Large Cap Growth Insights Fund — Class R6 | 133827613 |
| 5878633 | Goldman Sachs International Equity Insights Fund — Class R6 | 109048642 |
| 5168841 | Goldman Sachs Emerging Markets Equity Insights Fund — Class R6 | 60630503 |
| 822788 | Goldman Sachs Small Cap Equity Insights Fund — Class R6 | 24543777 |
| 1241650 | Goldman Sachs Global Infrastructure Fund — Class R6 | 17755596 |
| 980055 | Goldman Sachs International Small Cap Insights Fund — Class R6 | 16366914 |
|  |  | 497429626 |
| **Exchange Traded Funds – 43.2%** | **Exchange Traded Funds – 43.2%** |  |
| 2005663 | Goldman Sachs MarketBeta U.S. Equity ETF<sup>(a)</sup> | 179687348 |
| 1239326 | Goldman Sachs MarketBeta International Equity ETF<sup>(a)</sup> | 86616494 |
| 1185916 | Goldman Sachs Access Investment |  |
|  | Grade Corporate Bond ETF<sup>(a)</sup> | 54314953 |
| 1150861 | Goldman Sachs Access U.S. Aggregate Bond ETF<sup>(a)</sup> | 47553577 |
| 348173 | Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF<sup>(a)</sup> | 43566887 |
| 655788 | Goldman Sachs MarketBeta Emerging Markets Equity ETF<sup>(a)</sup> | 38357040 |
| 529974 | Goldman Sachs ActiveBeta International Equity ETF<sup>(a)</sup> | 22857779 |
| 330964 | Goldman Sachs ActiveBeta Emerging Markets Equity ETF<sup>(a)</sup> | 14297645 |
| 18033 | State Street Health Care Select Sector SPDR ETF | 2643818 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Underlying Funds – (continued)** | **Underlying Funds – (continued)** |  |
| **Exchange Traded Funds – (continued)** | **Exchange Traded Funds – (continued)** |  |
| 2712 | iShares MSCI Mexico ETF | $204024 |
|  |  | 490099565 |
| **Fixed Income<sup>(a)</sup> – 4.2%** | **Fixed Income<sup>(a)</sup> – 4.2%** |  |
| 3988834 | Goldman Sachs Emerging Markets Debt Fund — Class R6 | 40247334 |
| 1133160 | Goldman Sachs High Yield Fund — Class R6 | 6334366 |
| 138212 | Goldman Sachs High Yield Floating Rate Fund — Class R6 | 1159601 |
|  |  | 47741301 |
| **TOTAL UNDERLYING FUNDS – 92.2%<br>(Cost $843,868,947)** | **TOTAL UNDERLYING FUNDS – 92.2%<br>(Cost $843,868,947)** | $1045186778 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(a)</sup> – 3.3%** | **Investment Company<sup>(a)</sup> – 3.3%** |  |
| Goldman Sachs Financial Square Government Fund — Institutional<br>Shares | Goldman Sachs Financial Square Government Fund — Institutional<br>Shares | Goldman Sachs Financial Square Government Fund — Institutional<br>Shares |
| 37069355 | 3.553% | $37069355 |
| **(Cost $37,069,355)** | **(Cost $37,069,355)** |  |
| **TOTAL INVESTMENTS – 95.5%<br>(Cost $880,938,302)** | **TOTAL INVESTMENTS – 95.5%<br>(Cost $880,938,302)** | $1082256133 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 4.5%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 4.5%** | 51544400 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $1133800533 |

---

---

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

---

**ADDITIONAL INVESTMENT INFORMATION** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At March 31, 2026, the Fund had the following forward foreign currency exchange contracts:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  MS & Co. Int. PLC | AUD | 670000 | USD | 461301 | 06/17/26 | $436 |
|  | CHF | 650000 | USD | 818622 | 06/17/26 | 1239 |
|  | DKK | 640000 | USD | 99267 | 06/17/26 | 154 |
|  | EUR | 2600000 | USD | 3011577 | 06/17/26 | 4333 |
|  | GBP | 930000 | USD | 1229701 | 06/17/26 | 956 |
|  | JPY | 285000000 | USD | 1804406 | 06/17/26 | 3139 |
|  | NOK | 50000 | USD | 5149 | 06/17/26 | 11 |

---

------

GOLDMAN SACHS GROWTH ALLOCATION FUND

## Schedule of Investments (continued)
*March 31, 2026 (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** |
|  MS & Co. Int. PLC (continued) | NZD | 20000 | USD | 11507 | 06/17/26 | $18 |
|  | SEK | 3075000 | USD | 325470 | 06/17/26 | 632 |
|  | SGD | 80000 | USD | 62502 | 06/17/26 | 60 |
|  | USD | 3470614 | AUD | 4910000 | 06/17/26 | 86843 |
|  | USD | 5004702 | CHF | 3860000 | 06/17/26 | 135993 |
|  | USD | 809618 | DKK | 5170000 | 06/17/26 | 6479 |
|  | USD | 18074575 | EUR | 15450000 | 06/17/26 | 153105 |
|  | USD | 7769585 | GBP | 5810000 | 06/17/26 | 81289 |
|  | USD | 978576 | HKD | 7620000 | 06/17/26 | 2837 |
|  | USD | 378779 | ILS | 1160000 | 06/17/26 | 8988 |
|  | USD | 12310621 | JPY | 1915000000 | 06/17/26 | 165187 |
|  | USD | 895730 | MXN | 15875000 | 06/17/26 | 15967 |
|  | USD | 326844 | NOK | 3150000 | 06/17/26 | 1742 |
|  | USD | 89289 | NZD | 150000 | 06/17/26 | 2855 |
|  | USD | 1769209 | SEK | 16125000 | 06/17/26 | 59163 |
|  | USD | 734865 | SGD | 930000 | 06/17/26 | 7573 |
|  **TOTAL** |  |  |  |  |  | $738999 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  MS & Co. Int. PLC<br> HKD | 1040000 | USD | 133198 | 06/17/26 | $(26) |

---

**FUTURES CONTRACTS** — At March 31, 2026, 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:** |  |  |  |  |
|  5 Year U.S. Treasury Notes | 37 | 06/30/26 | $4002648 | $(72041) |
|  FTSE/JSE Top 40 Index | 13 | 06/18/26 | 821167 | (12066) |
|  IFSC NIFTY 50 Index | 28 | 04/28/26 | 1258964 | (30372) |
|  Mini-MDAX Index | 16 | 06/19/26 | 524479 | (19727) |
|  MSCI EAFE Index | 27 | 06/19/26 | 3916485 | 30391 |
|  S&P 500 E-Mini Index | 177 | 06/18/26 | 58151138 | (1278134) |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $(1381949) |

---

**SWAP CONTRACTS** — At March 31, 2026, the Fund had the following swap contracts:

**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>March 31,<br>2026<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:** |  |  |  |  |  |  |  |
|  | (5.000)% | 3.856% | 06/20/31 | $5530 | $255963 | $(269366) | $525329 |

---

------

GOLDMAN SACHS GROWTH ALLOCATION FUND

*March 31, 2026 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS (continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced**<br> **Obligation/Index** | **Financing Rate<br>Received/(Paid) by<br>the Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>March 31,<br>2026<sup>(b)</sup>** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  CDX.NA.HY Index 45 | (5.000)% | 3.648% | 12/20/30 | $— | $— | $(214) | $214 |
|  **TOTAL** |  |  |  |  | $255963 | $(269580) | $525543 |

---

(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** | **Counterparty** | **Termination<br>Date<sup>#</sup>** | **Notional<br>Amount<br>(000s)** | **Unrealized<br>Appreciation/<br>(Depreciation)\*** |
|  BAES0510 Index | 12MEURO+0.000%(a) | BofA Securities LLC | 03/17/27 | EUR 11,322 | $1512 |
|  BAUS0510 Index | 0.000%(a) | BofA Securities LLC | 03/17/27 | $12914 | 167 |
|  SXDR Index | 12MEURO+0.340%(b) | JPMorgan Securities, Inc. | 08/04/26 | EUR 1,412 | 109 |
|  SXDR Index | 12MEURO+0.017%(b) | JPMorgan Securities, Inc. | 08/04/26 | EUR 910 | 61 |
|  **TOTAL** |  |  |  |  | $1849 |

---

(a) Payments made monthly.

(b) Payments made quarterly.

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

\* There are no upfront payments on the swap contracts March 31, 2026. Therefore the unrealized gain (loss) on the swap contracts is equal to their market value.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **A basket (BAUS0510) of Swaption** |  | | | |
| **Caption** | **Security Type** | **Shares** | **Value** | **Weight** |
|  ATMF Straddle, 01/28/26 | Swaption |  | $— | 0.0% |
|  ATMF Straddle, 03/04/26 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 03/11/26 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 12/24/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 03/18/26 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 12/17/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 11/05/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 09/17/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 10/29/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 03/25/26 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 11/12/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 01/14/26 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 12/03/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 12/10/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 11/26/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 10/22/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 11/19/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 09/24/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 10/15/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 10/01/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 10/08/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 09/10/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 01/21/26 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 08/27/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 09/03/25 | Swaption |  |  | 0.0 |

---

------

GOLDMAN SACHS GROWTH ALLOCATION FUND

*March 31, 2026 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **A basket (BAUS0510) of Swaption (continued)** | **A basket (BAUS0510) of Swaption (continued)** | | | |
| **Caption** | **Security Type** | **Shares** | **Value** | **Weight** |
|  ATMF Straddle, 08/20/25 | Swaption |  | $— | 0.0% |
|  ATMF Straddle, 08/13/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 08/06/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 07/30/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 07/23/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 07/09/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 07/16/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 07/02/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 02/04/26 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 06/11/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 06/25/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 06/18/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 05/28/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 06/04/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 05/21/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 04/02/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 05/14/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 04/30/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 04/23/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 01/07/26 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 04/16/25 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 02/11/26 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 02/18/26 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 02/25/26 | Swaption |  |  | 0.0 |
|  ATMF Straddle, 12/31/25 | Swaption |  |  | 0.0 |

---

**PURCHASED AND WRITTEN OPTIONS CONTRACTS** — At March 31, 2026, the Fund had the following purchased and written options:

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid**<br> **(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  XLV Index | BofA Securities LLC | $135.000 | 06/18/2026 | 8292 | $111942000 | $122116 | $90620 | $31496 |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  XLV Index | BofA Securities LLC | 146.000 | 06/18/2026 | (8292) | (121063200) | (55248) | (44943) | (10305) |
|  **Puts** |  |  |  |  |  |  |  |  |
|  UBS AG (London) | MS & Co. Int. PLC | 78.490 | 04/17/2026 | (10538) | (82712762) | (17349) | (25534) | 8185 |
|  **Total written option contracts** | **Total written option contracts** |  |  | (18830) | $(203775962) | $(72597) | $(70477) | $(2120) |
|  **TOTAL** |  |  |  | (10538) | $(91833962) | $49519 | $20143 | $29376 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of**<br> **Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid**<br> **(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/**<br> **(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  Call CHF/Put NOK | MS & Co. Int. PLC | CHF14.209 | 06/17/2026 | 1732000 | CHF1,732,000 | $431 | $32685 | $(32254) |

---

------

GOLDMAN SACHS GROWTH ALLOCATION FUND

*March 31, 2026 (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)** |  |  |  |  |  |  |
|  **Calls (continued)** | **Calls (continued)** |  |  |  |  |  |  |  |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.297 | 09/16/2026 | 2986000 | 2986000 | $7316 | $51136 | $(43820) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | JPY 10.715 | 12/16/2026 | 275642000 | JPY 275,642,000 | 18513 | 23561 | (5048) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.658 | 12/16/2026 | 2855000 | 2855000 | 12861 | 45875 | (33014) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.016 | 03/17/2027 | 2755000 | 2755000 | 40915 | 59499 | (18584) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.248 | 06/17/2026 | 1967000 | 1967000 | 812 | 36783 | (35971) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.045 | 09/16/2026 | 3426000 | 3426000 | 15917 | 51350 | (35433) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 12.920 | 12/16/2026 | 3256000 | 3256000 | 37459 | 50883 | (13424) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.176 | 03/17/2027 | 3160000 | 3160000 | 41994 | 57274 | (15280) |
|  Call EUR/Put GBP | MS & Co. Int. PLC | 0.886 | 06/11/2026 | 1050000 | 1050000 | 6284 | 15639 | (9355) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.883 | 06/17/2026 | 150977000 | 150977000 | 1089 | 15427 | (14338) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.589 | 09/16/2026 | 274790000 | 274790000 | 11793 | 24998 | (13205) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.678 | 03/17/2027 | 257914000 | 257914000 | 26376 | 24463 | 1913 |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.425 | 06/17/2026 | 5446000 | 5446000 | 10364 | 36053 | (25689) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.429 | 09/16/2026 | 9594000 | 9594000 | 38338 | 62591 | (24253) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.431 | 12/16/2026 | 8836000 | 8836000 | 51213 | 54969 | (3756) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.431 | 03/17/2027 | 6875000 | 6875000 | 52140 | 55949 | (3809) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1093.270 | 06/17/2026 | 1791000 | 1791000 | 2909 | 30909 | (28000) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1092.440 | 09/16/2026 | 3042000 | 3042000 | 16774 | 52532 | (35758) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1040.580 | 12/16/2026 | 3697000 | 3697000 | 54224 | 53876 | 348 |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1050.690 | 03/17/2027 | 2863000 | 2863000 | 50638 | 53764 | (3126) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1493.850 | 06/17/2026 | 1245000 | 1245000 | 28745 | 16135 | 12610 |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1581.730 | 12/16/2026 | 2189000 | 2189000 | 40715 | 22153 | 18562 |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1642.100 | 03/17/2027 | 1726000 | 1726000 | 27431 | 22697 | 4734 |
|  Call USD/Put MXN | MS & Co. Int. PLC | 22.541 | 06/17/2026 | 987000 | 987000 | 743 | 14934 | (14191) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 21.614 | 09/15/2026 | 1634000 | 1634000 | 7505 | 24035 | (16530) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 10.537 | 06/17/2026 | 1150000 | 1150000 | 1884 | 17285 | (15401) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 10.074 | 09/16/2026 | 1977000 | 1977000 | 19857 | 25489 | (5632) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 10.040 | 12/16/2026 | 1987000 | 1987000 | 29735 | 22841 | 6894 |
|  Call USD/Put SEK | MS & Co. Int. PLC | 10.227 | 03/17/2027 | 3556000 | 3556000 | 53984 | 54080 | (96) |
|  |  |  |  | 1041105000 |  | $708959 | $1109865 | $(400906) |
|  **Puts** |  |  |  |  |  |  |  |  |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 81.740 | 06/17/2026 | 4173000 | 4173000 | 309 | 46385 | (46076) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 86.090 | 09/16/2026 | 7390000 | 7390000 | 9830 | 74662 | (64832) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 90.000 | 12/16/2026 | 6687000 | 6687000 | 28028 | 69868 | (41840) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 97.950 | 03/17/2027 | 6065000 | 6065000 | 86842 | 70070 | 16772 |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.597 | 06/17/2026 | 1737000 | 1737000 | 867 | 16011 | (15144) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.613 | 09/16/2026 | 3022000 | 3022000 | 8780 | 25636 | (16856) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.607 | 12/16/2026 | 2670000 | 2670000 | 12114 | 22871 | (10757) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 94.010 | 06/17/2026 | 2106000 | 2106000 | 97 | 23325 | (23228) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 95.680 | 09/16/2026 | 3833000 | 3833000 | 2932 | 37210 | (34278) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 102.300 | 12/16/2026 | 3729000 | 3729000 | 17697 | 33588 | (15891) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 104.900 | 03/17/2027 | 3665000 | 3665000 | 36821 | 39920 | (3099) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 75.890 | 06/17/2026 | 2178000 | 2178000 | 569 | 22083 | (21514) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 77.260 | 09/16/2026 | 3941000 | 3941000 | 7129 | 34328 | (27199) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 79.800 | 12/16/2026 | 3849000 | 3849000 | 19572 | 34729 | (15157) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 82.370 | 03/17/2027 | 3622000 | 3622000 | 37698 | 35350 | 2348 |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.554 | 06/17/2026 | 944000 | 944000 | 3867 | 8152 | (4285) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.550 | 09/16/2026 | 1669000 | 1669000 | 11346 | 12378 | (1032) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.537 | 12/16/2026 | 3033000 | 3033000 | 20394 | 22846 | (2452) |

---

------

GOLDMAN SACHS GROWTH ALLOCATION FUND

*March 31, 2026 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts (continued)** | **Purchased option contracts (continued)** | **Purchased option contracts (continued)** |  |  |  |  |  |  |
|  **Puts (continued)** | **Puts (continued)** |  |  |  |  |  |  |  |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.540 | 03/17/2027 | 2928000 | 2928000 | $27561 | $24055 | $3506 |
|  |  |  |  | 67241000 |  | $332453 | $653467 | $(321014) |
|  **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** |  | 1108346000 |  | $1041412 | $1763332 | $(721920) |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  Call EUR/Put GBP | MS & Co. Int. PLC | EUR 0.908 | 06/11/2026 | (1050000) | EUR (1050000) | (1651) | (6199) | 4548 |
|  **TOTAL** | **TOTAL** | **TOTAL** |  | 1107296000 |  | $1039761 | $1757133 | $(717372) |

---

**EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  S&P 500 Index | $6770.000 | 04/01/2026 | (7) | $(4739000) | $(88) | $(14518) | $14430 |
|  S&P 500 Index | 7125.000 | 04/01/2026 | (5) | (3562500) | (12) | (8261) | 8249 |
|  S&P 500 Index | 6695.000 | 04/02/2026 | (7) | (4686500) | (910) | (4528) | 3618 |
|  S&P 500 Index | 6625.000 | 04/06/2026 | (7) | (4637500) | (16345) | (7915) | (8430) |
|  S&P 500 Index | 7100.000 | 04/08/2026 | (5) | (3550000) | (62) | (6109) | 6047 |
|  S&P 500 Index | 7000.000 | 04/15/2026 | (5) | (3500000) | (488) | (7595) | 7107 |
|  S&P 500 Index | 6900.000 | 04/22/2026 | (5) | (3450000) | (3675) | (13024) | 9349 |
|  |  |  | (41) |  | $(21580) | $(61950) | $40370 |
|  **Puts** |  |  |  |  |  |  |  |
|  S&P 500 Index | 6260.000 | 04/01/2026 | (14) | (8764000) | (525) | (18404) | 17879 |
|  S&P 500 Index | 6375.000 | 04/01/2026 | (10) | (6375000) | (2200) | (31419) | 29219 |
|  S&P 500 Index | 6210.000 | 04/02/2026 | (15) | (9315000) | (2025) | (34275) | 32250 |
|  S&P 500 Index | 6050.000 | 04/06/2026 | (15) | (9075000) | (3562) | (20025) | 16463 |
|  S&P 500 Index | 6275.000 | 04/15/2026 | (11) | (6902500) | (45705) | (49867) | 4162 |
|  S&P 500 Index | 6025.000 | 04/22/2026 | (11) | (6627500) | (29205) | (35970) | 6765 |
|  |  |  | (76) |  | $(83222) | $(189960) | $106738 |
|  **Total written option contracts** |  |  | (117) |  | $(104802) | $(251910) | $147108 |

---

**EXCHANGE TRADED OPTIONS ON FUTURES** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  3 Month SOFR | $96.250 | 06/12/2026 | 126 | $315000 | $41737 | $179149 | $(137412) |
|  3 Month SOFR | 96.500 | 06/12/2026 | 168 | 420000 | 18900 | 174629 | (155729) |
|  3 Month SOFR | 96.625 | 06/12/2026 | 109 | 272500 | 8856 | 171928 | (163072) |
|  3 Month SOFR | 96.750 | 06/12/2026 | 60 | 150000 | 4125 | 93139 | (89014) |
|  3 Month SOFR | 97.000 | 06/12/2026 | 86 | 215000 | 4300 | 57144 | (52844) |

---

------

GOLDMAN SACHS GROWTH ALLOCATION FUND

*March 31, 2026 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**EXCHANGE TRADED OPTIONS ON FUTURES (continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts (continued)** | **Purchased option contracts (continued)** | **Purchased option contracts (continued)** |  |  |  |  |  |
|  **Calls (continued)** |  |  |  |  |  |  |  |
|  3 Month SOFR | $97.125 | 06/12/2026 | 97 | $242500 | $4244 | $49903 | $(45659) |
|  3 Month SOFR | 97.250 | 06/12/2026 | 73 | 182500 | 2738 | 34818 | (32080) |
|  3 Month SOFR | 96.375 | 09/11/2026 | 126 | 315000 | 54337 | 181417 | (127080) |
|  3 Month SOFR | 96.500 | 09/11/2026 | 368 | 920000 | 126500 | 411934 | (285434) |
|  3 Month SOFR | 96.625 | 09/11/2026 | 105 | 262500 | 29531 | 174806 | (145275) |
|  3 Month SOFR | 97.000 | 09/11/2026 | 121 | 302500 | 20419 | 94012 | (73593) |
|  3 Month SOFR | 97.250 | 09/11/2026 | 57 | 142500 | 7481 | 37161 | (29680) |
|  3 Month SOFR | 96.000 | 12/11/2026 | 173 | 432500 | 229225 | 348502 | (119277) |
|  3 Month SOFR | 96.375 | 12/11/2026 | 119 | 297500 | 88506 | 184726 | (96220) |
|  3 Month SOFR | 96.500 | 12/11/2026 | 450 | 1125000 | 278437 | 573157 | (294720) |
|  3 Month SOFR | 96.000 | 03/12/2027 | 168 | 420000 | 264600 | 353129 | (88529) |
|  3 Month SOFR | 96.250 | 03/12/2027 | 65 | 162500 | 76375 | 130127 | (53752) |
|  3 Month SOFR | 96.500 | 03/12/2027 | 370 | 925000 | 319125 | 484063 | (164938) |
|  3 Month SOFR | 97.250 | 03/12/2027 | 475 | 1187500 | 166250 | 229119 | (62869) |
|  3 Month SOFR | 96.000 | 06/11/2027 | 149 | 372500 | 271925 | 320642 | (48717) |
|  3 Month SOFR | 96.250 | 06/11/2027 | 65 | 162500 | 92218 | 133377 | (41159) |
|  3 Month SOFR | 96.500 | 06/11/2027 | 438 | 1095000 | 473588 | 636096 | (162508) |
|  3 Month SOFR | 96.250 | 09/10/2027 | 66 | 165000 | 109725 | 133779 | (24054) |
|  3 Month SOFR | 96.500 | 09/10/2027 | 268 | 670000 | 351750 | 424650 | (72900) |
|  3 Month SOFR | 97.000 | 09/10/2027 | 119 | 297500 | 94456 | 90970 | 3486 |
|  3 Month SOFR | 96.375 | 12/10/2027 | 138 | 345000 | 227700 | 231144 | (3444) |
|  3 Month SOFR | 96.500 | 12/10/2027 | 332 | 830000 | 489700 | 541701 | (52001) |
|  3 Month SOFR | 96.250 | 03/10/2028 | 131 | 327500 | 249719 | 256853 | (7134) |
|  3 Month SOFR | 96.375 | 03/10/2028 | 292 | 730000 | 501875 | 539222 | (37347) |
|  3 Month SOFR | 96.250 | 06/16/2028 | 128 | 320000 | 247200 | 259451 | (12251) |
|  **TOTAL** |  |  | 5442 | $13605000 | $4855542 | $7530748 | $(2675206) |

---

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| AUD | —Australian Dollar |
| CAD | —Canadian Dollar |
| CHF | —Swiss Franc |
| DKK | —Denmark Krone |
| EUR | —Euro |
| GBP | —British Pound |
| HKD | —Hong Kong Dollar |
| ILS | —Israeli Shekel |
| JPY | —Japanese Yen |
| MXN | —Mexican Peso |
| NOK | —Norwegian Krone |
| NZD | —New Zealand Dollar |
| SEK | —Swedish Krona |
| SGD | —Singapore Dollar |
| USD | —U.S. Dollar |
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ETF | —Exchange Traded Fund |
| MSCI | —Morgan Stanley Capital International |
| SPDR | —Standard and Poor's Depository Receipt |

---

------

GOLDMAN SACHS GROWTH ALLOCATION FUND

*March 31, 2026 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

---

| | |
|:---|:---|
| **Abbreviations:** |  |
| BofA Securities LLC | —Bank of America Securities LLC |
| MS & Co. Int. PLC | —Morgan Stanley & Co. International PLC |
| SOFR | —Secured Overnight Financing Rate |

---

------

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

*March 31, 2026 (Unaudited)* 

**NOTES TO THE SCHEDULE OF INVESTMENTS** 

**Investment Valuation** — The valuation policy of the Funds and Underlying Funds is to value investments at fair value.

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

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

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

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

The Board of Trustees ("Trustees") has approved Valuation Procedures that govern the valuation of the fund investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds' investments that do not have readily available market quotations, the Trustees have designated GSAM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the "Valuation Designee"). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds' investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

**Underlying Funds (including Money Market Funds)** — Underlying Funds include 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 Funds' shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund's accounting policies and investment holdings, please see the Underlying Fund's financial statements at SEC.gov.

**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

------

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

*March 31, 2026 (Unaudited)* 

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

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.

&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.

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GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

*March 31, 2026 (Unaudited)* 

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

A *credit default swap* is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. A Fund's investment in credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If a Fund buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the counterparty. Upon the occurrence of a specified credit event, a Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. A Fund may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.

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

**Fair Value Hierarchy** — The following is a summary of the Funds' investments and derivatives classified in the fair value hierarchy as of March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
| **CONSERVATIVE ALLOCATION FUND**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Underlying Funds | $567430617 | $&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;— |
|  Investment Company | 25814834 |  |  |
| **Total** | $593245451 | $&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;— |

---

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GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

*March 31, 2026 (Unaudited)* 

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

---

| | | | |
|:---|:---|:---|:---|
| **CONSERVATIVE ALLOCATION FUND (continued)**<br>**Derivative Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $441483 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Futures Contracts<sup>(a)</sup> | 15763 |  |  |
|  Credit Default Swap Contracts<sup>(a)</sup> |  | 287261 |  |
|  Total Return Swap Contracts<sup>(a)</sup> |  | 992 |  |
|  Purchased Option Contracts | 2136844 | 629104 |  |
| **Total** | $2152607 | $1358840 | $— |
| **Liabilities** |  |  |  |
|  Futures Contracts<sup>(a)</sup> | $(919099) | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Written Option Contracts | (39708) | (41380) |  |
| **Total** | $(958807) | $(41380) | $— |
| **DYNAMIC GLOBAL EQUITY FUND** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Underlying Funds | $395095733 | $— | $— |
|  Investment Company | 14612570 |  |  |
| **Total** | $409708303 | $— | $— |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $211905 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Futures Contracts<sup>(a)</sup> | 15639 |  |  |
|  Total Return Swap Contracts<sup>(a)</sup> |  | 637 |  |
|  Purchased Option Contracts | 2239773 | 458495 |  |
| **Total** | $2255412 | $671037 | $— |
| **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $(60) | $— |
|  Futures Contracts<sup>(a)</sup> | (1086324) |  |  |
|  Written Option Contracts | (39708) |  |  |
| **Total** | $(1126032) | $(60) | $— |

---

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GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

*March 31, 2026 (Unaudited)* 

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

---

| | | | |
|:---|:---|:---|:---|
| **MODERATE ALLOCATION FUND**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Underlying Funds | $990192352 | $&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;— |
|  Investment Company | 27517067 |  |  |
| **Total** | $1017709419 | $— | $— |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $690242 | $— |
|  Futures Contracts<sup>(a)</sup> | 28138 |  |  |
|  Credit Default Swap Contracts<sup>(a)</sup> |  | 491623 |  |
|  Total Return Swap Contracts<sup>(a)</sup> |  | 1737 |  |
|  Purchased Option Contracts | 3899513 | 1068541 |  |
| **Total** | $3927651 | $2252143 | $— |
| **Liabilities** |  |  |  |
|  Futures Contracts<sup>(a)</sup> | $(1542504) | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Written Option Contracts | (69073) | (71720) |  |
| **Total** | $(1611577) | $(71720) | $— |
| **GROWTH ALLOCATION FUND** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Underlying Funds | $1045186778 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— |
|  Investment Company | 37069355 |  |  |
| **Total** | $1082256133 | $— | $— |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
| **Forward Foreign Currency Exchange Contracts<sup>(a)</sup>** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $738999 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Futures Contracts<sup>(a)</sup> | 30391 |  |  |
|  Credit Default Swap Contracts<sup>(a)</sup> |  | 525543 |  |
|  Total Return Swap Contracts<sup>(a)</sup> |  | 1849 |  |
|  Purchased Option Contracts | 4855542 | 1163528 |  |
| **Total** | $4885933 | $2429919 | $— |

---

------

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

*March 31, 2026 (Unaudited)* 

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

---

| | | | |
|:---|:---|:---|:---|
| **GROWTH ALLOCATION FUND (continued)**<br>**Derivative Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $(26) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Futures Contracts<sup>(a)</sup> | (1412340) |  |  |
|  Written Option Contracts | (104802) | (74248) |  |
| **Total** | $(1517142) | $(74274) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

(a) Amount shown represents unrealized gain (loss) at period end.

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

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

**Asset Allocation Risk** — The Funds' allocations to the various asset classes may cause the Funds to underperform other funds with a similar investment objective.

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

**Expenses Risk** — By investing in the Underlying Funds indirectly through the Fund, the investor will incur not only a proportionate share of the expenses of the Underlying Funds held by the Fund (including operating costs and investment management fees), but also the expenses of the Fund.

**Investments in the Underlying Funds Risk** — The investments of a Fund may be concentrated in one or more Underlying Funds (including ETFs and other registered investment companies) subject to statutory limitations prescribed by the Act or exemptive relief or regulations thereunder. The Funds' investment performance is directly related to the investment performance of the Underlying Funds it holds. The Funds are subject to the risk factors associated with the investments of the Underlying Funds and will be affected by the investment policies and practices of the Underlying Funds in direct proportion to the amount of assets allocated to each. If a Fund has a relative concentration of its fund in a single Underlying Fund, it may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments. A strategy used by the Underlying Funds may fail to produce the intended results.

**Large Shareholder Transactions Risk** — A Fund or an Underlying 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 or an Underlying Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund or an Underlying Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund or an Underlying Fund to sell fund securities at times when it would not otherwise do so, which

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GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

*March 31, 2026 (Unaudited)* 

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

may negatively impact a Fund's or an Underlying 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 or an Underlying Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's or the Underlying Fund's expense ratio. Similarly, large Fund or Underlying Fund share purchases may adversely affect a Fund's or an Underlying Fund's performance to the extent that the Fund or the Underlying Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

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

**Temporary Investments Risk** — Although the Funds normally seek to remain substantially invested in the Underlying Funds, the Funds may invest a portion of their assets in high-quality, short-term debt obligations to maintain liquidity, to meet shareholder redemptions and for other short-term cash needs. For temporary defensive purposes during abnormal market or economic conditions, the Funds may invest without limitation in short-term obligations. When the Funds' assets are invested in such investments, the Funds may not be achieving their investment objective.

## 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:** 312-655-4600

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

- **a. Name of Series:** Goldman Sachs Conservative Allocation Fund

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

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

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $618123474.27

**Total Liabilities:** $2300685.70

**Net Assets:** $615822788.57

**Cash Not Reported:** $17820731.54

**Currency Risk Metrics (dv01):**

- 

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

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

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

- **3-Month:** 0.55000000 | **1-Year:** 81.73000000 | **5-Year:** 1085.36000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000025447 | 1.58%                | 1.56%                | -4.12%               |
| Class ID C000025448 | 1.55%                | 1.53%                | -4.18%               |
| Class ID C000025449 | 1.50%                | 1.56%                | -4.21%               |
| Class ID C000025451 | 1.42%                | 1.55%                | -4.30%               |
| Class ID C000058959 | 1.51%                | 1.56%                | -4.21%               |
| Class ID C000058960 | 1.51%                | 1.64%                | -4.24%               |
| Class ID C000161531 | 1.58%                | 1.55%                | -4.12%               |
| Class ID C000201783 | 1.50%                | 1.63%                | -4.19%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $213962.00               | $8929154.76                                |
| Month 2  | $885364.98               | $7545444.67                                |
| Month 3  | $-182267.31              | $-25524319.55                              |

**Designated Index Information**

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

- **Index Identifier:** CUN6PWV3CF

### Schedule of Portfolio Investments

| Name                                                     | Title                                                                                              | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD NOK                                                                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $995.62       | 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      | $34947.44     | 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      | $8789.74      | 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      | $98336.26     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD NZD                                                                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $1903.54      | 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      | $4641.64      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD DKK                                                                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $5150.97      | 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      | $95133.24     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD ILS                                                                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $5578.77      | 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      | $83850.56     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD GBP                                                                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $48409.39     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD AUD                                                                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $51999.58     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD HKD                                                                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $1746.15      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Financial Square Government Fund           | Goldman Sachs Financial Square Government Fund                                                     | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | EC               | RF                | US        |  25751507 | NS      | $25751507.00  | 4.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs ActiveBeta International Equity ETF        | Goldman Sachs ActiveBeta International Equity ETF                                                  | CUSIP: 381430107<br>LEI: 549300XBH2SEXT65RC75 | Long             | EC               | RF                | US        |    141235 | NS      | $6091465.55   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs MarketBeta US Equity ETF                   | Goldman Sachs MarketBeta US Equity ETF                                                             | CUSIP: 381430123<br>LEI: 549300EMEG7T4I7JWK22 | Long             | EC               | RF                | US        |    398053 | NS      | $35661568.27  | 5.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs MarketBeta Emerging Markets Equity ETF     | Goldman Sachs MarketBeta Emerging Markets Equity ETF                                               | CUSIP: 381430164<br>LEI: 549300W8N8I3WPW90678 | Long             | EC               | RF                | US        |    183333 | NS      | $10723147.17  | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs MarketBeta International Equity ETF        | Goldman Sachs MarketBeta International Equity ETF                                                  | CUSIP: 381430180<br>LEI: 549300PSCHS4CU0WAP45 | Long             | EC               | RF                | US        |    336503 | NS      | $23518194.67  | 3.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs ActiveBeta Emerging Markets Equity ETF     | Goldman Sachs ActiveBeta Emerging Markets Equity ETF                                               | CUSIP: 381430206<br>LEI: 549300PZDHNP7HDURN13 | Long             | EC               | RF                | US        |     49119 | NS      | $2121940.80   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Access Investment Grade Corporate Bond Etf | Goldman Sachs Access Investment Grade Corporate Bond Etf                                           | CUSIP: 381430479<br>LEI: 549300KGVZT18SX98G95 | Long             | EC               | RF                | US        |   1431090 | NS      | $65543922.00  | 10.64%            |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF       | Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF                                                 | CUSIP: 381430503<br>LEI: 549300HE2W614QP0GH20 | Long             | EC               | RF                | US        |     69535 | NS      | $8700914.55   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs High Yield Floating Rate Fund              | Goldman Sachs High Yield Floating Rate Fund                                                        | CUSIP: 38145L166<br>LEI: 20OHG0KU8S4HBIU77D72 | Long             | EC               | RF                | US        |     78010 | NS      | $654500.20    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International Small Cap Insights Fund      | Goldman Sachs International Small Cap Insights Fund                                                | CUSIP: 38147X234<br>LEI: 549300VMLASEOM8ZWE07 | Long             | EC               | RF                | US        |    373581 | NS      | $6238806.34   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International Equity Insights Fund         | Goldman Sachs International Equity Insights Fund                                                   | CUSIP: 38147X242<br>LEI: RP210Q47MZG236IVQP58 | Long             | EC               | RF                | US        |   1585310 | NS      | $29407508.77  | 4.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Emerging Markets Equity Insights Fund      | Goldman Sachs Emerging Markets Equity Insights Fund                                                | CUSIP: 38147X259<br>LEI: 549300UHNMO4HOGWYU58 | Long             | EC               | RF                | US        |   1033654 | NS      | $12124759.58  | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Small Cap Equity Insights Fund             | Goldman Sachs Small Cap Equity Insights Fund                                                       | CUSIP: 38147X499<br>LEI: UBB2S4ORVV98300HEK13 | Long             | EC               | RF                | US        |    306308 | NS      | $9137181.03   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Large Cap Value Insights Fund              | Goldman Sachs Large Cap Value Insights Fund                                                        | CUSIP: 38147X515<br>LEI: 549300KBU32INALWSS44 | Long             | EC               | RF                | US        |   1587510 | NS      | $39338493.79  | 6.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Large Cap Growth Insights Fund             | Goldman Sachs Large Cap Growth Insights Fund                                                       | CUSIP: 38147X523<br>LEI: IYI7KZ6TLM47WE4G7I95 | Long             | EC               | RF                | US        |   1169645 | NS      | $38001773.85  | 6.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Global Core Fixed Income                   | Goldman Sachs Global Core Fixed Income                                                             | CUSIP: 38147X549<br>LEI: S7AVHSYYPK5PCOCQSV77 | Long             | EC               | RF                | US        |  20400239 | NS      | $230930710.68 | 37.50%            |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Inflation Protected Securities Fund        | Goldman Sachs Inflation Protected Securities Fund                                                  | CUSIP: 38147X580<br>LEI: 4OEORIROX7OTX3PIXA40 | Long             | EC               | RF                | US        |   1937162 | NS      | $18538641.04  | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Global Infrastructure Fund                 | Goldman Sachs Global Infrastructure Fund                                                           | CUSIP: 38148U775<br>LEI: 54930073G57DO7G34278 | Long             | EC               | RF                | US        |    721795 | NS      | $10321666.17  | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs High Yield Fund                            | Goldman Sachs High Yield Fund                                                                      | CUSIP: 38148U874<br>LEI: VJJ3YDJ4UOKOJN1I8J86 | Long             | EC               | RF                | US        |    569373 | NS      | $3182792.97   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Emerging Markets Debt Fund                 | Goldman Sachs Emerging Markets Debt Fund                                                           | CUSIP: 38148U882<br>LEI: XC6LIVZDLLKYZ7FKO621 | Long             | EC               | RF                | US        |   1165553 | NS      | $11760426.54  | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Managed Futures Strategy Fund              | Goldman Sachs Managed Futures Strategy Fund                                                        | CUSIP: 38150C879<br>LEI: 3J24L49YUVS4LPAV0F85 | Long             | EC               | RF                | US        |    626306 | NS      | $5893539.58   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Mexico ETF                                  | iShares MSCI Mexico ETF                                                                            | CUSIP: 464286822<br>LEI: 549300SQ92O6OZ19G545 | Long             | EC               | RF                | US        |      2526 | NS      | $190030.98    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Health Care Select Sector SPDR ETF          | State Street Health Care Select Sector SPDR ETF                                                    | CUSIP: 81369Y209<br>LEI: 549300EJNY3KKJHPOY44 | Long             | EC               | RF                | US        |     10039 | NS      | $1471817.79   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange, Inc.                          | Long: BX003335  CDS USD R V 03MEVENT 1 CCPCDX / Short: BX003335  CDS USD P F  5.00000 2 CCPCDX     | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |   2880900 | OU      | $-151891.13   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                   | Long: ES131153  TRS EUR R E .SXDR INDEX / Short: ES131153  TRS EUR P V 00MESTR ESTRON +34 BPS      | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | DE        |    793389 | OU      | $-47782.16    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                       | Long: ES132910  TRS EUR R E .BAES0510 INDEX / Short: ES132910  TRS EUR P V 00MESTR ESTRON +0BPS    | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DE               |  | DE        |   6039033 | OU      | $39819.56     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                       | Long: ES132928  TRS USD R E .BAUS0510 INDEX / Short: ES132928  TRS USD P F   .00000 INDEX TRS FIN  | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DE               |  | US        |   6929925 | OU      | $-2572.11     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                   | Long: ES133073  TRS EUR R E .SXDR INDEX / Short: ES133073  TRS EUR P V 00MESTR ESTRON INDEX +17BPS | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | DE        |    496926 | OU      | $8465.15      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT JUN26C 96.75                                                                      | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        33 | NC      | $2268.75      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT JUN26C 96.62                                                                      | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        59 | NC      | $4793.75      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT SEP26C 96.62                                                                      | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        56 | NC      | $15750.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT SEP26C 96.37                                                                      | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        46 | NC      | $19837.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT JUN26C 96.25                                                                      | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        46 | NC      | $15237.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT DEC26C 96.37                                                                      | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        44 | NC      | $32725.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT JUN26C 97                                                                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        36 | NC      | $1800.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT SEP26C 96.5                                                                       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        84 | NC      | $28875.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT MAR27C 96.5                                                                       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        80 | NC      | $69000.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT DEC26C 96.5                                                                       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       142 | NC      | $87862.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT JUN27C 96.5                                                                       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       193 | NC      | $208681.25    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT JUN26C 97.12                                                                      | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        41 | NC      | $1793.75      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | S+P500 EMINI FUT JUN26                                                                             | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |       100 | NC      | $-748967.20   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures U.S., Inc.                                   | MSCI EAFE JUN26                                                                                    | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DE               |  | US        |        14 | NC      | $15763.30     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| South African Futures Exchange                           | FTSE/JSE TOP 40 JUN26                                                                              | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | ZA        |         7 | NC      | $-6496.55     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT JUN27C 96                                                                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        63 | NC      | $114975.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT DEC26C 96                                                                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        73 | NC      | $96725.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT SEP26C 97                                                                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        51 | NC      | $8606.25      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT MAR27C 96                                                                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        71 | NC      | $111825.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT MAR27C 96.25                                                                      | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        48 | NC      | $56400.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT SEP27C 96.25                                                                      | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        49 | NC      | $81462.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT JUN27C 96.25                                                                      | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        48 | NC      | $68100.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT JUN26C 97.25                                                                      | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        54 | NC      | $2025.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT SEP26C 97.25                                                                      | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        42 | NC      | $5512.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT SEP27C 97                                                                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        61 | NC      | $48418.75     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT SEP27C 96.5                                                                       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       121 | NC      | $158812.50    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT DEC27C 96.5                                                                       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       150 | NC      | $221250.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT MAR28C 96.37                                                                      | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       132 | NC      | $226875.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT MAR27C 97.25                                                                      | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       214 | NC      | $74900.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                   | US 5YR NOTE (CBT) JUN26                                                                            | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        59 | NC      | $-113954.78   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                        | MINI MDAX FUT JUN26                                                                                | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |         9 | NC      | $-11315.10    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX                                                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -4 | NC      | $-880.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX                                                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -2 | NC      | $-5.00        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX                                                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -2 | NC      | $-25.00       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX                                                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -4 | NC      | $-8880.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT MAR28C 96.25                                                                      | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        67 | NC      | $127718.75    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT JUN28C 96.25                                                                      | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        66 | NC      | $127462.50    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT DEC27C 96.37                                                                      | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        71 | NC      | $117150.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| National Stock Exchange Of India                         | IFSC NIFTY 50 FUT APR26                                                                            | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | IN        |        35 | NC      | $-37965.02    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX                                                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -4 | NC      | $-16620.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX                                                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -2 | NC      | $-195.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX APR26 6025 PUT                                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -4 | NC      | $-10620.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX APR26 6260 PUT                                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -6 | NC      | $-225.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX APR26 6900 CALL                                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -2 | NC      | $-1470.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX APR26 6770 CALL                                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -3 | NC      | $-37.50       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX APR26 6210 PUT                                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -6 | NC      | $-810.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX APR26 6695 CALL                                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -3 | NC      | $-390.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX                                                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -6 | NC      | $-1425.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX                                                                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -3 | NC      | $-7005.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America NA                                       | IOP015817 EQO XLV.P USD                                                                            | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DE               |  | US        |      4693 | NC      | $69113.64     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                       | IOP015818 EQO XLV.P USD                                                                            | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DE               |  | US        |     -4693 | NC      | $-31268.56    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004356 CALL USD PUT CAD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   3237000 | OU      | $6160.01      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004401 PUT CAD CALL JPY                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |   1252000 | OU      | $57.60        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004406 CALL USD PUT CLP                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   1064000 | OU      | $1727.94      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004369 CALL USD PUT MXN                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    586000 | OU      | $441.26       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004530 CALL JPY PUT KRW                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |  89736000 | OU      | $647.41       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004465 PUT NZD CALL JPY                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |   1295000 | OU      | $338.60       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004435 CALL CHF PUT SEK                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |   1169000 | OU      | $482.45       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004503 CALL USD PUT KRW                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    740000 | OU      | $17085.12     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004534 PUT NZD CALL USD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |    561000 | OU      | $2297.92      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004445 CALL CHF PUT NOK                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |   1029000 | OU      | $256.09       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004521 PUT AUD CALL USD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |   1032000 | OU      | $514.80       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004422 CALL USD PUT SEK                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    684000 | OU      | $1120.39      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004481 PUT AUD CALL JPY                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |   2480000 | OU      | $183.09       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004699 CALL USD PUT CAD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   4720000 | OU      | $18861.12     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004680 PUT CAD CALL JPY                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |   1885000 | OU      | $1441.77      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004659 CALL CHF PUT SEK                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |   1685000 | OU      | $7828.64      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004719 CALL USD PUTSEK                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    972000 | OU      | $9762.77      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004759 CALL USD PUT CLP                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   1496000 | OU      | $8248.94      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004736 CALL USD PUT MXN                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    804000 | OU      | $3692.77      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004675 CALL CHF PUT NOK                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |   1469000 | OU      | $3599.01      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004788 PUT AUD CALL JPY                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |   3635000 | OU      | $4835.36      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004828 CALL JPY PUT KRW                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        | 135170000 | OU      | $5800.97      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004806 PUT AUD CALL USD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |   1486000 | OU      | $4317.40      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004853 PUT NZD CALL USD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |    821000 | OU      | $5581.25      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004859 PUT NZD CALL JPY                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |   1938000 | OU      | $3505.84      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004951 CALL EUR PUT GBP                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | DE        |    570000 | OU      | $3411.45      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004960 CALL EUR PUT GBP                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | DE        |   -570000 | OU      | $-896.02      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO005063 CALL CHF PUT SEK                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |   1772000 | OU      | $20385.98     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO005099 CALL USD PUT CAD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   4810000 | OU      | $27878.76     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO005015 PUT NZD CALL JPY                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |   2095000 | OU      | $10653.24     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004978 PUT AUD CALL USD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |   1453000 | OU      | $6592.43      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO005023 PUT AUD CALL JPY                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |   3640000 | OU      | $15256.87     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004990 CALL USD PUT KRW                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   1192000 | OU      | $22171.20     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO005057 CALL USD PUT SEK                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   1082000 | OU      | $16192.13     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO005037 CALL CHF PUT NOK                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |   1554000 | OU      | $7000.39      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004964 PUT NZD CALL USD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |   1651000 | OU      | $11101.29     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO005004 CALL JPY PUT KRW                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        | 150047000 | OU      | $10077.51     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO005086 PUT CAD CALL JPY                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |   2030000 | OU      | $9634.15      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO005078 CALL USD PUT CLP                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   2012000 | OU      | $29510.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                   | IOP016526 EQO IGV.Z USD                                                                            | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DE               |  | US        |     -5598 | NC      | $-9216.02     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO005157 PUT AUD CALL JPY                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |   3286000 | OU      | $47050.71     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO005222 CALL CHF PUT SEK                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |   1712000 | OU      | $22751.01     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO005188 CALL JPY PUT KRW                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        | 139725000 | OU      | $14289.01     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO005264 CALL USD PUT CAD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   3725000 | OU      | $28250.40     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO005195 PUT NZD CALL JPY                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |   1962000 | OU      | $20420.61     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO005294 CALL USD PUT SEK                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   1926000 | OU      | $29238.61     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO005241 CALL CHF PUT NOK                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |   1493000 | OU      | $22172.81     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO005215 PUT NZD CALL USD                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |   1586000 | OU      | $14928.65     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO005175 CALL USD PUT KRW                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    935000 | OU      | $14859.96     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO005252 PUT CAD CALL JPY                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |   1985000 | OU      | $19942.75     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO005276 CALL USD PUT CLP                                                                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   1551000 | OU      | $27432.54     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-04

**Name of Applicant:** GOLDMAN SACHS TRUST

**Signature:** Allison Fracchiolla

**Name of Signer:** Allison Fracchiolla

**Title:** Vice President