# EDGAR Filing Document

**Accession Number:** 0000822977
**File Stem:** 0001752724-25-192170
**Filing Date:** 2025-8
**Character Count:** 1262285
**Document Hash:** 43900257f26d37f293b1717e2c3bea80
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-192170.hdr.sgml**: 20250819

**ACCESSION NUMBER**: 0001752724-25-192170

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250819

**DATE AS OF CHANGE**: 20250819

**PERIOD START**: 20260331

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05349
- **FILM NUMBER:** 251230052

**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 Emerging Markets Debt Fund (Series ID: S000009301)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025381 | Institutional   | GSDIX           |
| C000025382 | Class A         | GSDAX           |
| C000037783 | Class C         | GSCDX           |
| C000090759 | Investor Shares | GSIRX           |
| C000161284 | Class R6 Shares | GSIUX           |
| C000202032 | Class P Shares  | GAIPX           |

## Nport-Ex

GOLDMAN SACHS EMERGING MARKETS CREDIT FUND

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | |
| **Corporate Obligations – 93.5%** | **Corporate Obligations – 93.5%** | **Corporate Obligations – 93.5%** | **Value** |
| **Angola<sup>(a)(b)</sup> – 0.8%** | **Angola<sup>(a)(b)</sup> – 0.8%** | **Angola<sup>(a)(b)</sup> – 0.8%** |  |
| Azule Energy Finance PLC (NR/B2) | Azule Energy Finance PLC (NR/B2) | Azule Energy Finance PLC (NR/B2) | Azule Energy Finance PLC (NR/B2) |
| 200000 | 8.125% | 01/23/30 | $197000 |
| **Argentina<sup>(a)</sup> – 2.2%** | **Argentina<sup>(a)</sup> – 2.2%** | **Argentina<sup>(a)</sup> – 2.2%** | **Argentina<sup>(a)</sup> – 2.2%** |
| Pluspetrol SA (NR/B3) | Pluspetrol SA (NR/B3) | Pluspetrol SA (NR/B3) | Pluspetrol SA (NR/B3) |
| 110000 | 8.500 <sup>(b)</sup> | 05/30/32 | 110921 |
| Tecpetrol SA (NR/B3) | Tecpetrol SA (NR/B3) | Tecpetrol SA (NR/B3) | Tecpetrol SA (NR/B3) |
| 30000 | 7.625 <sup>(b)</sup> | 01/22/33 | 30405 |
| Telecom Argentina SA (NR/NR) | Telecom Argentina SA (NR/NR) | Telecom Argentina SA (NR/NR) | Telecom Argentina SA (NR/NR) |
| 90000 | 9.250 <sup>(b)</sup> | 05/28/33 | 91586 |
| Vista Energy Argentina SAU (NR/Caa1) | Vista Energy Argentina SAU (NR/Caa1) | Vista Energy Argentina SAU (NR/Caa1) | Vista Energy Argentina SAU (NR/Caa1) |
| 30000 | 7.625 | 12/10/35 | 29034 |
| YPF SA (NR/NR) | YPF SA (NR/NR) | YPF SA (NR/NR) | YPF SA (NR/NR) |
| 90000 | 8.250 <sup>(b)</sup> | 01/17/34 | 90522 |
| 10000 | 8.250 | 01/17/34 | 10058 |
| YPF SA (NR/Caa1) | YPF SA (NR/Caa1) | YPF SA (NR/Caa1) | YPF SA (NR/Caa1) |
| 190000 | 9.500 <sup>(b)</sup> | 01/17/31 | 199025 |
|  |  |  | 561551 |
| **Brazil – 6.2%** | **Brazil – 6.2%** | **Brazil – 6.2%** | **Brazil – 6.2%** |
| Acu Petroleo Luxembourg SARL (BB/Ba1) | Acu Petroleo Luxembourg SARL (BB/Ba1) | Acu Petroleo Luxembourg SARL (BB/Ba1) | Acu Petroleo Luxembourg SARL (BB/Ba1) |
| 230661 | 7.500 <sup>(a)</sup> | 07/13/35 | 230661 |
| Braskem Netherlands Finance BV (BB/NR) | Braskem Netherlands Finance BV (BB/NR) | Braskem Netherlands Finance BV (BB/NR) | Braskem Netherlands Finance BV (BB/NR) |
| 200000 | 4.500 <sup>(a)</sup> | 01/10/28 | 171740 |
| Guara Norte SARL (NR/Baa3) | Guara Norte SARL (NR/Baa3) | Guara Norte SARL (NR/Baa3) | Guara Norte SARL (NR/Baa3) |
| 153658 | 5.198 | 06/15/34 | 144947 |
| Petrobras Global Finance BV (BB/Ba1) | Petrobras Global Finance BV (BB/Ba1) | Petrobras Global Finance BV (BB/Ba1) | Petrobras Global Finance BV (BB/Ba1) |
| 130000 | 6.000 <sup>(a)</sup> | 01/13/35 | 125856 |
| Raizen Fuels Finance SA (BBB/NR) | Raizen Fuels Finance SA (BBB/NR) | Raizen Fuels Finance SA (BBB/NR) | Raizen Fuels Finance SA (BBB/NR) |
| 200000 | 6.950 <sup>(a)(b)</sup> | 03/05/54 | 185300 |
| Samarco Mineracao SA (NR/B2) (PIK 5.000%, Cash 4.000%) | Samarco Mineracao SA (NR/B2) (PIK 5.000%, Cash 4.000%) | Samarco Mineracao SA (NR/B2) (PIK 5.000%, Cash 4.000%) | Samarco Mineracao SA (NR/B2) (PIK 5.000%, Cash 4.000%) |
| 270193 | 9.500 <sup>(a)(c)</sup> | 06/30/31 | 264958 |
| Sitios Latinoamerica SAB de CV (NR/Baa3) | Sitios Latinoamerica SAB de CV (NR/Baa3) | Sitios Latinoamerica SAB de CV (NR/Baa3) | Sitios Latinoamerica SAB de CV (NR/Baa3) |
| 260000 | 5.375 <sup>(a)</sup> | 04/04/32 | 254540 |
| Suzano Austria GmbH (BBB-/NR)<sup>(a)</sup>  | Suzano Austria GmbH (BBB-/NR)<sup>(a)</sup>  | Suzano Austria GmbH (BBB-/NR)<sup>(a)</sup>  | Suzano Austria GmbH (BBB-/NR)<sup>(a)</sup>  |
| 10000 | 3.750 | 01/15/31 | 9329 |
| 20000 | 3.125 | 01/15/32 | 17550 |
| Vale Overseas Ltd. (BBB-/Baa2) | Vale Overseas Ltd. (BBB-/Baa2) | Vale Overseas Ltd. (BBB-/Baa2) | Vale Overseas Ltd. (BBB-/Baa2) |
| 230000 | 6.400 <sup>(a)</sup> | 06/28/54 | 224827 |
|  |  |  | 1629708 |
| **Canada<sup>(a)(b)</sup> – 0.8%** | **Canada<sup>(a)(b)</sup> – 0.8%** | **Canada<sup>(a)(b)</sup> – 0.8%** | **Canada<sup>(a)(b)</sup> – 0.8%** |
| St. Mary's Cement, Inc. (BBB/Baa3) | St. Mary's Cement, Inc. (BBB/Baa3) | St. Mary's Cement, Inc. (BBB/Baa3) | St. Mary's Cement, Inc. (BBB/Baa3) |
| 200000 | 5.750 | 04/02/34 | 202100 |
| **Chile<sup>(a)</sup> – 3.9%** | **Chile<sup>(a)</sup> – 3.9%** | **Chile<sup>(a)</sup> – 3.9%** | **Chile<sup>(a)</sup> – 3.9%** |
| AES Andes SA (BBB-/Baa3) | AES Andes SA (BBB-/Baa3) | AES Andes SA (BBB-/Baa3) | AES Andes SA (BBB-/Baa3) |
| 200000 | 6.300 | 03/15/29 | 204691 |
| ATP Tower Holdings/Andean Telecom Partners Chile SpA/Andean Tower Partners C (BB-/Ba3) | ATP Tower Holdings/Andean Telecom Partners Chile SpA/Andean Tower Partners C (BB-/Ba3) | ATP Tower Holdings/Andean Telecom Partners Chile SpA/Andean Tower Partners C (BB-/Ba3) | ATP Tower Holdings/Andean Telecom Partners Chile SpA/Andean Tower Partners C (BB-/Ba3) |
| 200000 | 7.875 <sup>(b)</sup> | 02/03/30 | 202000 |
| Banco del Estado de Chile (BBB-/Baa3) (5 yr. CMT + 3.228%) | Banco del Estado de Chile (BBB-/Baa3) (5 yr. CMT + 3.228%) | Banco del Estado de Chile (BBB-/Baa3) (5 yr. CMT + 3.228%) | Banco del Estado de Chile (BBB-/Baa3) (5 yr. CMT + 3.228%) |
| 200000 | 7.950 <sup>(b)(d)</sup> | 05/02/29 | 208812 |
| Interchile SA (NR/Baa1) | Interchile SA (NR/Baa1) | Interchile SA (NR/Baa1) | Interchile SA (NR/Baa1) |
| 250000 | 4.500 | 06/30/56 | 197703 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Chile<sup>(a)</sup> – (continued)** | **Chile<sup>(a)</sup> – (continued)** | **Chile<sup>(a)</sup> – (continued)** | **Chile<sup>(a)</sup> – (continued)** |
| Latam Airlines Group SA (BBB-/Ba2) | Latam Airlines Group SA (BBB-/Ba2) | Latam Airlines Group SA (BBB-/Ba2) | Latam Airlines Group SA (BBB-/Ba2) |
| 200000 | 7.875 %<sup>(b)</sup> | 04/15/30 | $203106 |
|  |  |  | 1016312 |
| **China<sup>(a)(c)</sup> – 0.1%** | **China<sup>(a)(c)</sup> – 0.1%** | **China<sup>(a)(c)</sup> – 0.1%** | **China<sup>(a)(c)</sup> – 0.1%** |
| Huachen Energy Co. Ltd. (NR/WR) | Huachen Energy Co. Ltd. (NR/WR) | Huachen Energy Co. Ltd. (NR/WR) | Huachen Energy Co. Ltd. (NR/WR) |
| 24641 | 4.650 | 12/29/26 | 15878 |
| **Colombia – 5.8%** | **Colombia – 5.8%** | **Colombia – 5.8%** | **Colombia – 5.8%** |
| Banco Davivienda SA (NR/B2) (10 yr. CMT + 5.097%) | Banco Davivienda SA (NR/B2) (10 yr. CMT + 5.097%) | Banco Davivienda SA (NR/B2) (10 yr. CMT + 5.097%) | Banco Davivienda SA (NR/B2) (10 yr. CMT + 5.097%) |
| 200000 | 6.650 <sup>(a)(d)</sup> | 04/22/31 | 177200 |
| Banco de Bogota SA (NR/Ba2) | Banco de Bogota SA (NR/Ba2) | Banco de Bogota SA (NR/Ba2) | Banco de Bogota SA (NR/Ba2) |
| 200000 | 6.250 | 05/12/26 | 200600 |
| Bancolombia SA (NR/Ba3) (5 yr. CMT + 4.320%) | Bancolombia SA (NR/Ba3) (5 yr. CMT + 4.320%) | Bancolombia SA (NR/Ba3) (5 yr. CMT + 4.320%) | Bancolombia SA (NR/Ba3) (5 yr. CMT + 4.320%) |
| 200000 | 8.625 <sup>(a)(d)</sup> | 12/24/34 | 210042 |
| Ecopetrol SA (BB/Ba1)<sup>(a)</sup>  | Ecopetrol SA (BB/Ba1)<sup>(a)</sup>  | Ecopetrol SA (BB/Ba1)<sup>(a)</sup>  | Ecopetrol SA (BB/Ba1)<sup>(a)</sup>  |
| 200000 | 8.625 | 01/19/29 | 211276 |
| 170000 | 4.625 | 11/02/31 | 143055 |
| 50000 | 7.750 | 02/01/32 | 49062 |
| EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA (BBB-/Ba3) | EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA (BBB-/Ba3) | EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA (BBB-/Ba3) | EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA (BBB-/Ba3) |
| 200000 | 5.375 <sup>(a)</sup> | 12/30/30 | 178656 |
| Grupo Nutresa SA (NR/Baa3) | Grupo Nutresa SA (NR/Baa3) | Grupo Nutresa SA (NR/Baa3) | Grupo Nutresa SA (NR/Baa3) |
| 330000 | 8.000 <sup>(a)(b)</sup> | 05/12/30 | 345840 |
|  |  |  | 1515731 |
| **Dominican Republic<sup>(a)(b)</sup> – 1.0%** | **Dominican Republic<sup>(a)(b)</sup> – 1.0%** | **Dominican Republic<sup>(a)(b)</sup> – 1.0%** | **Dominican Republic<sup>(a)(b)</sup> – 1.0%** |
| Aeropuertos Dominicanos Siglo XXI SA (NR/Ba2) | Aeropuertos Dominicanos Siglo XXI SA (NR/Ba2) | Aeropuertos Dominicanos Siglo XXI SA (NR/Ba2) | Aeropuertos Dominicanos Siglo XXI SA (NR/Ba2) |
| 260000 | 7.000 | 06/30/34 | 269667 |
| **Ghana<sup>(a)(b)</sup> – 0.7%** | **Ghana<sup>(a)(b)</sup> – 0.7%** | **Ghana<sup>(a)(b)</sup> – 0.7%** | **Ghana<sup>(a)(b)</sup> – 0.7%** |
| Kosmos Energy Ltd. (CCC/Caa1u) | Kosmos Energy Ltd. (CCC/Caa1u) | Kosmos Energy Ltd. (CCC/Caa1u) | Kosmos Energy Ltd. (CCC/Caa1u) |
| 260000 | 8.750 | 10/01/31 | 192400 |
| **Guatemala<sup>(a)</sup> – 2.3%** | **Guatemala<sup>(a)</sup> – 2.3%** | **Guatemala<sup>(a)</sup> – 2.3%** | **Guatemala<sup>(a)</sup> – 2.3%** |
| Banco Industrial SA (NR/B1) (5 yr. CMT + 4.442%) | Banco Industrial SA (NR/B1) (5 yr. CMT + 4.442%) | Banco Industrial SA (NR/B1) (5 yr. CMT + 4.442%) | Banco Industrial SA (NR/B1) (5 yr. CMT + 4.442%) |
| 200000 | 4.875 <sup>(d)</sup> | 01/29/31 | 198438 |
| Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL (NR/Ba2) | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL (NR/Ba2) | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL (NR/Ba2) | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL (NR/Ba2) |
| 200000 | 5.250 | 04/27/29 | 193760 |
| Energuate Trust (NR/Ba2) | Energuate Trust (NR/Ba2) | Energuate Trust (NR/Ba2) | Energuate Trust (NR/Ba2) |
| 220000 | 5.875 | 05/03/27 | 218900 |
|  |  |  | 611098 |
| **Hong Kong<sup>(a)</sup> – 1.0%** | **Hong Kong<sup>(a)</sup> – 1.0%** | **Hong Kong<sup>(a)</sup> – 1.0%** | **Hong Kong<sup>(a)</sup> – 1.0%** |
| Melco Resorts Finance Ltd. (BB-/Ba3) | Melco Resorts Finance Ltd. (BB-/Ba3) | Melco Resorts Finance Ltd. (BB-/Ba3) | Melco Resorts Finance Ltd. (BB-/Ba3) |
| 260000 | 5.625 | 07/17/27 | 259350 |
| **Hungary<sup>(a)(d)</sup> – 0.8%** | **Hungary<sup>(a)(d)</sup> – 0.8%** | **Hungary<sup>(a)(d)</sup> – 0.8%** | **Hungary<sup>(a)(d)</sup> – 0.8%** |
| OTP Bank Nyrt (BB/Ba2) (5 yr. CMT + 5.060%) | OTP Bank Nyrt (BB/Ba2) (5 yr. CMT + 5.060%) | OTP Bank Nyrt (BB/Ba2) (5 yr. CMT + 5.060%) | OTP Bank Nyrt (BB/Ba2) (5 yr. CMT + 5.060%) |
| 200000 | 8.750 | 05/15/33 | 213800 |
| **India – 5.0%** | **India – 5.0%** | **India – 5.0%** | **India – 5.0%** |
| Adani Ports & Special Economic Zone Ltd. (BBB-/Baa3) | Adani Ports & Special Economic Zone Ltd. (BBB-/Baa3) | Adani Ports & Special Economic Zone Ltd. (BBB-/Baa3) | Adani Ports & Special Economic Zone Ltd. (BBB-/Baa3) |
| 200000 | 4.200 <sup>(a)</sup> | 08/04/27 | 193000 |
| CA Magnum Holdings (NR/B1) | CA Magnum Holdings (NR/B1) | CA Magnum Holdings (NR/B1) | CA Magnum Holdings (NR/B1) |
| 200000 | 5.375 <sup>(a)</sup> | 10/31/26 | 198245 |

---

------

GOLDMAN SACHS EMERGING MARKETS CREDIT FUND

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **India – (continued)** | **India – (continued)** | **India – (continued)** | **India – (continued)** |
| IRB Infrastructure Developers Ltd. (NR/Ba2) | IRB Infrastructure Developers Ltd. (NR/Ba2) | IRB Infrastructure Developers Ltd. (NR/Ba2) | IRB Infrastructure Developers Ltd. (NR/Ba2) |
| 200000 | 7.110 %<sup>(a)(b)</sup> | 03/11/32 | $200562 |
| JSW Hydro Energy Ltd. (NR/Ba1) | JSW Hydro Energy Ltd. (NR/Ba1) | JSW Hydro Energy Ltd. (NR/Ba1) | JSW Hydro Energy Ltd. (NR/Ba1) |
| 142000 | 4.125 <sup>(a)</sup> | 05/18/31 | 129930 |
| JSW Infrastructure Ltd. (NR/Ba1) | JSW Infrastructure Ltd. (NR/Ba1) | JSW Infrastructure Ltd. (NR/Ba1) | JSW Infrastructure Ltd. (NR/Ba1) |
| 200000 | 4.950 <sup>(a)</sup> | 01/21/29 | 195000 |
| UPL Corp. Ltd. (BB/Ba2) | UPL Corp. Ltd. (BB/Ba2) | UPL Corp. Ltd. (BB/Ba2) | UPL Corp. Ltd. (BB/Ba2) |
| 200000 | 4.625 | 06/16/30 | 180900 |
| Vedanta Resources Finance II PLC (B/NR) | Vedanta Resources Finance II PLC (B/NR) | Vedanta Resources Finance II PLC (B/NR) | Vedanta Resources Finance II PLC (B/NR) |
| 200000 | 11.250 <sup>(a)(b)</sup> | 12/03/31 | 209500 |
|  |  |  | 1307137 |
| **Israel<sup>(a)</sup> – 0.8%** | **Israel<sup>(a)</sup> – 0.8%** | **Israel<sup>(a)</sup> – 0.8%** | **Israel<sup>(a)</sup> – 0.8%** |
| Teva Pharmaceutical Finance Netherlands III BV (BB/Ba1) | Teva Pharmaceutical Finance Netherlands III BV (BB/Ba1) | Teva Pharmaceutical Finance Netherlands III BV (BB/Ba1) | Teva Pharmaceutical Finance Netherlands III BV (BB/Ba1) |
| 200000 | 6.000 | 12/01/32 | 204018 |
| **Ivory Coast<sup>(a)(b)</sup> – 0.8%** | **Ivory Coast<sup>(a)(b)</sup> – 0.8%** | **Ivory Coast<sup>(a)(b)</sup> – 0.8%** | **Ivory Coast<sup>(a)(b)</sup> – 0.8%** |
| Endeavour Mining PLC (BB-/NR) | Endeavour Mining PLC (BB-/NR) | Endeavour Mining PLC (BB-/NR) | Endeavour Mining PLC (BB-/NR) |
| 200000 | 7.000 | 05/28/30 | 200298 |
| **Jamaica<sup>(a)(b)</sup> – 0.8%** | **Jamaica<sup>(a)(b)</sup> – 0.8%** | **Jamaica<sup>(a)(b)</sup> – 0.8%** | **Jamaica<sup>(a)(b)</sup> – 0.8%** |
| Kingston Airport Revenue Finance Ltd. (BB/Ba3) | Kingston Airport Revenue Finance Ltd. (BB/Ba3) | Kingston Airport Revenue Finance Ltd. (BB/Ba3) | Kingston Airport Revenue Finance Ltd. (BB/Ba3) |
| 200000 | 6.750 | 12/15/36 | 201750 |
| **Jordan – 1.0%** | **Jordan – 1.0%** | **Jordan – 1.0%** | **Jordan – 1.0%** |
| Hikma Finance USA LLC (BBB/WR) | Hikma Finance USA LLC (BBB/WR) | Hikma Finance USA LLC (BBB/WR) | Hikma Finance USA LLC (BBB/WR) |
| 250000 | 3.250 | 07/09/25 | 249775 |
| **Luxembourg – 1.9%** | **Luxembourg – 1.9%** | **Luxembourg – 1.9%** | **Luxembourg – 1.9%** |
| MHP Lux SA (CCC/NR) | MHP Lux SA (CCC/NR) | MHP Lux SA (CCC/NR) | MHP Lux SA (CCC/NR) |
| 200000 | 6.950 | 04/03/26 | 186000 |
| Rede D'or Finance SARL (BB+/NR) | Rede D'or Finance SARL (BB+/NR) | Rede D'or Finance SARL (BB+/NR) | Rede D'or Finance SARL (BB+/NR) |
| 320000 | 4.500 <sup>(a)</sup> | 01/22/30 | 302900 |
|  |  |  | 488900 |
| **Macau<sup>(a)</sup> – 1.0%** | **Macau<sup>(a)</sup> – 1.0%** | **Macau<sup>(a)</sup> – 1.0%** | **Macau<sup>(a)</sup> – 1.0%** |
| Wynn Macau Ltd. (BB-/B1) | Wynn Macau Ltd. (BB-/B1) | Wynn Macau Ltd. (BB-/B1) | Wynn Macau Ltd. (BB-/B1) |
| 270000 | 5.500 | 10/01/27 | 267975 |
| **Madagascar<sup>(a)(b)</sup> – 0.8%** | **Madagascar<sup>(a)(b)</sup> – 0.8%** | **Madagascar<sup>(a)(b)</sup> – 0.8%** | **Madagascar<sup>(a)(b)</sup> – 0.8%** |
| Axian Telecom Holding & Management PLC (B+/NR) | Axian Telecom Holding & Management PLC (B+/NR) | Axian Telecom Holding & Management PLC (B+/NR) | Axian Telecom Holding & Management PLC (B+/NR) |
| 200000 | 7.250 | 07/11/30 | 199300 |
| **Malaysia<sup>(a)</sup> – 0.7%** | **Malaysia<sup>(a)</sup> – 0.7%** | **Malaysia<sup>(a)</sup> – 0.7%** | **Malaysia<sup>(a)</sup> – 0.7%** |
| GENM Capital Labuan Ltd. (BBB-/NR) | GENM Capital Labuan Ltd. (BBB-/NR) | GENM Capital Labuan Ltd. (BBB-/NR) | GENM Capital Labuan Ltd. (BBB-/NR) |
| 200000 | 3.882 | 04/19/31 | 179500 |
| **Mauritius<sup>(a)</sup> – 0.9%** | **Mauritius<sup>(a)</sup> – 0.9%** | **Mauritius<sup>(a)</sup> – 0.9%** | **Mauritius<sup>(a)</sup> – 0.9%** |
| Axian Telecom (B+/NR) | Axian Telecom (B+/NR) | Axian Telecom (B+/NR) | Axian Telecom (B+/NR) |
| 240000 | 7.375 | 02/16/27 | 242400 |
| **Mexico – 8.2%** | **Mexico – 8.2%** | **Mexico – 8.2%** | **Mexico – 8.2%** |
| Banco Mercantil del Norte SA (BB-/Ba2) (10 yr. CMT + 4.299%) | Banco Mercantil del Norte SA (BB-/Ba2) (10 yr. CMT + 4.299%) | Banco Mercantil del Norte SA (BB-/Ba2) (10 yr. CMT + 4.299%) | Banco Mercantil del Norte SA (BB-/Ba2) (10 yr. CMT + 4.299%) |
| 300000 | 8.750 <sup>(a)(b)(d)</sup> | 05/20/35 | 303150 |
| BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico (BB/NR) (5 yr. CMT + 2.650%) | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico (BB/NR) (5 yr. CMT + 2.650%) | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico (BB/NR) (5 yr. CMT + 2.650%) | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico (BB/NR) (5 yr. CMT + 2.650%) |
| 200000 | 5.125 <sup>(a)(d)</sup> | 01/18/33 | 192376 |
| Becle SAB de CV (BBB-/NR) | Becle SAB de CV (BBB-/NR) | Becle SAB de CV (BBB-/NR) | Becle SAB de CV (BBB-/NR) |
| 250000 | 2.500 <sup>(a)</sup> | 10/14/31 | 207422 |

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Mexico – (continued)** | **Mexico – (continued)** | **Mexico – (continued)** | **Mexico – (continued)** |
| Cemex SAB de CV (BBB-/NR) | Cemex SAB de CV (BBB-/NR) | Cemex SAB de CV (BBB-/NR) | Cemex SAB de CV (BBB-/NR) |
| 200000 | 3.875 %<sup>(a)</sup> | 07/11/31 | $183858 |
| CIBANCO SA Institucion de Banca Multiple Trust CIB/3332 (NR/Ba1) | CIBANCO SA Institucion de Banca Multiple Trust CIB/3332 (NR/Ba1) | CIBANCO SA Institucion de Banca Multiple Trust CIB/3332 (NR/Ba1) | CIBANCO SA Institucion de Banca Multiple Trust CIB/3332 (NR/Ba1) |
| 200000 | 4.375 <sup>(a)</sup> | 07/22/31 | 155900 |
| FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple (BBB/Baa3) | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple (BBB/Baa3) | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple (BBB/Baa3) | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple (BBB/Baa3) |
| 198850 | 7.250 <sup>(a)</sup> | 01/31/41 | 201042 |
| Mexico City Airport Trust (BBB/Baa3)<sup>(a)</sup>  | Mexico City Airport Trust (BBB/Baa3)<sup>(a)</sup>  | Mexico City Airport Trust (BBB/Baa3)<sup>(a)</sup>  | Mexico City Airport Trust (BBB/Baa3)<sup>(a)</sup>  |
| 330000 | 4.250 | 10/31/26 | 327525 |
| 200000 | 5.500 | 07/31/47 | 164835 |
| Orbia Advance Corp. SAB de CV (NR/Baa3) | Orbia Advance Corp. SAB de CV (NR/Baa3) | Orbia Advance Corp. SAB de CV (NR/Baa3) | Orbia Advance Corp. SAB de CV (NR/Baa3) |
| 200000 | 6.800 <sup>(a)(b)</sup> | 05/13/30 | 204900 |
| Petroleos Mexicanos (BBB/B3) | Petroleos Mexicanos (BBB/B3) | Petroleos Mexicanos (BBB/B3) | Petroleos Mexicanos (BBB/B3) |
| 20000 | 6.500 | 03/13/27 | 19860 |
| 20000 | 5.350 | 02/12/28 | 19217 |
| 30000 | 6.500 | 01/23/29 | 29367 |
| 20000 | 8.750 <sup>(a)</sup> | 06/02/29 | 20672 |
| 50000 | 6.840 <sup>(a)</sup> | 01/23/30 | 48245 |
| 20000 | 6.375 | 01/23/45 | 14048 |
| 40000 | 6.750 | 09/21/47 | 28976 |
| 10000 | 6.950 <sup>(a)</sup> | 01/28/60 | 7189 |
|  |  |  | 2128582 |
| **Moldova<sup>(a)(b)</sup> – 0.8%** | **Moldova<sup>(a)(b)</sup> – 0.8%** | **Moldova<sup>(a)(b)</sup> – 0.8%** | **Moldova<sup>(a)(b)</sup> – 0.8%** |
| Aragvi Finance International DAC (B/NR) | Aragvi Finance International DAC (B/NR) | Aragvi Finance International DAC (B/NR) | Aragvi Finance International DAC (B/NR) |
| 200000 | 11.125 | 11/20/29 | 201438 |
| **Morocco<sup>(a)</sup> – 3.0%** | **Morocco<sup>(a)</sup> – 3.0%** | **Morocco<sup>(a)</sup> – 3.0%** | **Morocco<sup>(a)</sup> – 3.0%** |
| OCP SA (BB+/Baa3) | OCP SA (BB+/Baa3) | OCP SA (BB+/Baa3) | OCP SA (BB+/Baa3) |
| 200000 | 7.500 | 05/02/54 | 199294 |
| OCP SA (BB+/NR) | OCP SA (BB+/NR) | OCP SA (BB+/NR) | OCP SA (BB+/NR) |
| 200000 | 3.750 | 06/23/31 | 179400 |
| 260000 | 5.125 | 06/23/51 | 197275 |
| Vivo Energy Investments BV (BB+/Ba1) | Vivo Energy Investments BV (BB+/Ba1) | Vivo Energy Investments BV (BB+/Ba1) | Vivo Energy Investments BV (BB+/Ba1) |
| 210000 | 5.125 | 09/24/27 | 205538 |
|  |  |  | 781507 |
| **Netherlands – 2.4%** | **Netherlands – 2.4%** | **Netherlands – 2.4%** | **Netherlands – 2.4%** |
| Minejesa Capital BV (NR/Baa3) | Minejesa Capital BV (NR/Baa3) | Minejesa Capital BV (NR/Baa3) | Minejesa Capital BV (NR/Baa3) |
| 157880 | 4.625 | 08/10/30 | 154328 |
| MV24 Capital BV (BB+/NR) | MV24 Capital BV (BB+/NR) | MV24 Capital BV (BB+/NR) | MV24 Capital BV (BB+/NR) |
| 292928 | 6.748 | 06/01/34 | 283703 |
| Prosus NV (BBB/Baa2) | Prosus NV (BBB/Baa2) | Prosus NV (BBB/Baa2) | Prosus NV (BBB/Baa2) |
| 200000 | 3.680 <sup>(a)</sup> | 01/21/30 | 187850 |
|  |  |  | 625881 |
| **Nigeria – 3.5%** | **Nigeria – 3.5%** | **Nigeria – 3.5%** | **Nigeria – 3.5%** |
| Access Bank PLC (NR/B3) | Access Bank PLC (NR/B3) | Access Bank PLC (NR/B3) | Access Bank PLC (NR/B3) |
| 370000 | 6.125 | 09/21/26 | 360750 |
| IHS Holding Ltd. (B+/NR) | IHS Holding Ltd. (B+/NR) | IHS Holding Ltd. (B+/NR) | IHS Holding Ltd. (B+/NR) |
| 220000 | 7.875 <sup>(a)</sup> | 05/29/30 | 220482 |
| SEPLAT Energy PLC (B/NR) | SEPLAT Energy PLC (B/NR) | SEPLAT Energy PLC (B/NR) | SEPLAT Energy PLC (B/NR) |
| 330000 | 9.125 <sup>(a)(b)</sup> | 03/21/30 | 327215 |
|  |  |  | 908447 |

---

------

GOLDMAN SACHS EMERGING MARKETS CREDIT FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Norway<sup>(a)</sup> – 1.5%** | **Norway<sup>(a)</sup> – 1.5%** | **Norway<sup>(a)</sup> – 1.5%** | **Norway<sup>(a)</sup> – 1.5%** |
| DNO ASA (NR/NR) | DNO ASA (NR/NR) | DNO ASA (NR/NR) | DNO ASA (NR/NR) |
| 200000 | 8.500% | 03/27/30 | $199241 |
| DNO ASA (NR/NR) | DNO ASA (NR/NR) | DNO ASA (NR/NR) | DNO ASA (NR/NR) |
| 200000 | 9.250 | 06/04/29 | 204600 |
|  |  |  | 403841 |
| **Panama<sup>(a)</sup> – 3.1%** | **Panama<sup>(a)</sup> – 3.1%** | **Panama<sup>(a)</sup> – 3.1%** | **Panama<sup>(a)</sup> – 3.1%** |
| Aeropuerto Internacional de Tocumen SA (BBB-/Baa3) | Aeropuerto Internacional de Tocumen SA (BBB-/Baa3) | Aeropuerto Internacional de Tocumen SA (BBB-/Baa3) | Aeropuerto Internacional de Tocumen SA (BBB-/Baa3) |
| 200000 | 4.000 | 08/11/41 | 150750 |
| 200000 | 5.125 | 08/11/61 | 141100 |
| AES Panama Generation Holdings SRL (NR/Baa3) | AES Panama Generation Holdings SRL (NR/Baa3) | AES Panama Generation Holdings SRL (NR/Baa3) | AES Panama Generation Holdings SRL (NR/Baa3) |
| 376335 | 4.375 | 05/31/30 | 342465 |
| Telecomunicaciones Digitales SA (NR/Ba2) | Telecomunicaciones Digitales SA (NR/Ba2) | Telecomunicaciones Digitales SA (NR/Ba2) | Telecomunicaciones Digitales SA (NR/Ba2) |
| 200000 | 4.500 | 01/30/30 | 185700 |
|  |  |  | 820015 |
| **Paraguay<sup>(a)</sup> – 1.9%** | **Paraguay<sup>(a)</sup> – 1.9%** | **Paraguay<sup>(a)</sup> – 1.9%** | **Paraguay<sup>(a)</sup> – 1.9%** |
| Banco Continental SAECA (NR/Baa3) | Banco Continental SAECA (NR/Baa3) | Banco Continental SAECA (NR/Baa3) | Banco Continental SAECA (NR/Baa3) |
| 300000 | 2.750 | 12/10/25 | 296153 |
| Telefonica Celular del Paraguay SA (NR/Ba2) | Telefonica Celular del Paraguay SA (NR/Ba2) | Telefonica Celular del Paraguay SA (NR/Ba2) | Telefonica Celular del Paraguay SA (NR/Ba2) |
| 200000 | 5.875 | 04/15/27 | 199688 |
|  |  |  | 495841 |
| **Peru<sup>(a)</sup> – 3.5%** | **Peru<sup>(a)</sup> – 3.5%** | **Peru<sup>(a)</sup> – 3.5%** | **Peru<sup>(a)</sup> – 3.5%** |
| Hunt Oil Co. of Peru LLC Sucursal Del Peru (NR/Ba1) | Hunt Oil Co. of Peru LLC Sucursal Del Peru (NR/Ba1) | Hunt Oil Co. of Peru LLC Sucursal Del Peru (NR/Ba1) | Hunt Oil Co. of Peru LLC Sucursal Del Peru (NR/Ba1) |
| 210000 | 7.750 <sup>(b)</sup> | 11/05/38 | 220185 |
| InRetail Consumer (BB+/Baa3) | InRetail Consumer (BB+/Baa3) | InRetail Consumer (BB+/Baa3) | InRetail Consumer (BB+/Baa3) |
| 200000 | 3.250 | 03/22/28 | 189700 |
| Niagara Energy SAC (BBB-/Baa3) | Niagara Energy SAC (BBB-/Baa3) | Niagara Energy SAC (BBB-/Baa3) | Niagara Energy SAC (BBB-/Baa3) |
| 200000 | 5.746 | 10/03/34 | 197625 |
| SAN Miguel Industrias Pet SA/NG PET R&P Latin America SA (NR/Ba2) | SAN Miguel Industrias Pet SA/NG PET R&P Latin America SA (NR/Ba2) | SAN Miguel Industrias Pet SA/NG PET R&P Latin America SA (NR/Ba2) | SAN Miguel Industrias Pet SA/NG PET R&P Latin America SA (NR/Ba2) |
| 320000 | 3.750 | 08/02/28 | 298701 |
|  |  |  | 906211 |
| **Philippines<sup>(a)(d)</sup> – 0.9%** | **Philippines<sup>(a)(d)</sup> – 0.9%** | **Philippines<sup>(a)(d)</sup> – 0.9%** | **Philippines<sup>(a)(d)</sup> – 0.9%** |
| San Miguel Global Power Holdings Corp. (NR/NR) (1 yr. CMT + 6.404%) | San Miguel Global Power Holdings Corp. (NR/NR) (1 yr. CMT + 6.404%) | San Miguel Global Power Holdings Corp. (NR/NR) (1 yr. CMT + 6.404%) | San Miguel Global Power Holdings Corp. (NR/NR) (1 yr. CMT + 6.404%) |
| 250000 | 8.125 | 12/02/29 | 245625 |
| **Romania<sup>(a)(d)</sup> – 2.4%** | **Romania<sup>(a)(d)</sup> – 2.4%** | **Romania<sup>(a)(d)</sup> – 2.4%** | **Romania<sup>(a)(d)</sup> – 2.4%** |
| Banca Comerciala Romana SA (NR/Baa2) (3 mo. EUR EURIBOR + 4.539%) | Banca Comerciala Romana SA (NR/Baa2) (3 mo. EUR EURIBOR + 4.539%) | Banca Comerciala Romana SA (NR/Baa2) (3 mo. EUR EURIBOR + 4.539%) | Banca Comerciala Romana SA (NR/Baa2) (3 mo. EUR EURIBOR + 4.539%) |
| 200000 | 7.625 | 05/19/27 | 243836 |
| Banca Transilvania SA (NR/Ba1) (1 yr. EURIBOR ICE Swap + 5.580%) | Banca Transilvania SA (NR/Ba1) (1 yr. EURIBOR ICE Swap + 5.580%) | Banca Transilvania SA (NR/Ba1) (1 yr. EURIBOR ICE Swap + 5.580%) | Banca Transilvania SA (NR/Ba1) (1 yr. EURIBOR ICE Swap + 5.580%) |
| 320000 | 8.875 | 04/27/27 | 391079 |
|  |  |  | 634915 |
| **Saudi Arabia – 1.9%** | **Saudi Arabia – 1.9%** | **Saudi Arabia – 1.9%** | **Saudi Arabia – 1.9%** |
| EIG Pearl Holdings SARL (NR/Aa3) | EIG Pearl Holdings SARL (NR/Aa3) | EIG Pearl Holdings SARL (NR/Aa3) | EIG Pearl Holdings SARL (NR/Aa3) |
| 198529 | 3.545 | 08/31/36 | 176628 |
| Saudi Arabian Oil Co. (NR/Aa3)<sup>(a)</sup> | Saudi Arabian Oil Co. (NR/Aa3)<sup>(a)</sup> | Saudi Arabian Oil Co. (NR/Aa3)<sup>(a)</sup> | Saudi Arabian Oil Co. (NR/Aa3)<sup>(a)</sup> |
| 200000 | 3.250 | 11/24/50 | 126938 |
| 200000 | 5.750 <sup>(b)</sup> | 07/17/54 | 186260 |
|  |  |  | 489826 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Singapore – 1.5%** | **Singapore – 1.5%** | **Singapore – 1.5%** | **Singapore – 1.5%** |
| Continuum Energy Aura Pte. Ltd. (BB-/NR) | Continuum Energy Aura Pte. Ltd. (BB-/NR) | Continuum Energy Aura Pte. Ltd. (BB-/NR) | Continuum Energy Aura Pte. Ltd. (BB-/NR) |
| 200000 | 9.500 %<sup>(a)</sup> | 02/24/27 | $205750 |
| LLPL Capital Pte. Ltd. (NR/Baa3) | LLPL Capital Pte. Ltd. (NR/Baa3) | LLPL Capital Pte. Ltd. (NR/Baa3) | LLPL Capital Pte. Ltd. (NR/Baa3) |
| 181800 | 6.875 | 02/04/39 | 184982 |
|  |  |  | 390732 |
| **South Africa – 4.0%** | **South Africa – 4.0%** | **South Africa – 4.0%** | **South Africa – 4.0%** |
| Absa Group Ltd. (NR/B2) (5 yr. CMT + 5.411%) | Absa Group Ltd. (NR/B2) (5 yr. CMT + 5.411%) | Absa Group Ltd. (NR/B2) (5 yr. CMT + 5.411%) | Absa Group Ltd. (NR/B2) (5 yr. CMT + 5.411%) |
| 240000 | 6.375 <sup>(a)(d)</sup> | 05/27/26 | 238200 |
| Anglo American Capital PLC (BBB/Baa2) | Anglo American Capital PLC (BBB/Baa2) | Anglo American Capital PLC (BBB/Baa2) | Anglo American Capital PLC (BBB/Baa2) |
| 200000 | 6.000 <sup>(a)(b)</sup> | 04/05/54 | 196968 |
| Bidvest Group U.K. PLC (NR/Ba2) | Bidvest Group U.K. PLC (NR/Ba2) | Bidvest Group U.K. PLC (NR/Ba2) | Bidvest Group U.K. PLC (NR/Ba2) |
| 200000 | 3.625 <sup>(a)</sup> | 09/23/26 | 196000 |
| Eskom Holdings SOC Ltd. (BB-/Ba2) | Eskom Holdings SOC Ltd. (BB-/Ba2) | Eskom Holdings SOC Ltd. (BB-/Ba2) | Eskom Holdings SOC Ltd. (BB-/Ba2) |
| 200000 | 4.314 | 07/23/27 | 194650 |
| Transnet SOC Ltd. (BB-/Ba3) | Transnet SOC Ltd. (BB-/Ba3) | Transnet SOC Ltd. (BB-/Ba3) | Transnet SOC Ltd. (BB-/Ba3) |
| 200000 | 8.250 | 02/06/28 | 206938 |
|  |  |  | 1032756 |
| **Turkey – 6.4%** | **Turkey – 6.4%** | **Turkey – 6.4%** | **Turkey – 6.4%** |
| Akbank TAS (NR/B1) | Akbank TAS (NR/B1) | Akbank TAS (NR/B1) | Akbank TAS (NR/B1) |
| 210000 | 7.498 <sup>(b)</sup> | 01/20/30 | 212888 |
| Anadolu Efes Biracilik Ve Malt Sanayii AS (BB+/NR) | Anadolu Efes Biracilik Ve Malt Sanayii AS (BB+/NR) | Anadolu Efes Biracilik Ve Malt Sanayii AS (BB+/NR) | Anadolu Efes Biracilik Ve Malt Sanayii AS (BB+/NR) |
| 320000 | 3.375 <sup>(a)</sup> | 06/29/28 | 287501 |
| Limak Cimento Sanayi ve Ticaret AS (NR/B2) | Limak Cimento Sanayi ve Ticaret AS (NR/B2) | Limak Cimento Sanayi ve Ticaret AS (NR/B2) | Limak Cimento Sanayi ve Ticaret AS (NR/B2) |
| 200000 | 9.750 <sup>(a)</sup> | 07/25/29 | 200250 |
| Limak Iskenderun Uluslararasi Liman Isletmeciligi AS (NR/B3) | Limak Iskenderun Uluslararasi Liman Isletmeciligi AS (NR/B3) | Limak Iskenderun Uluslararasi Liman Isletmeciligi AS (NR/B3) | Limak Iskenderun Uluslararasi Liman Isletmeciligi AS (NR/B3) |
| 263590 | 9.500 <sup>(a)</sup> | 07/10/36 | 260625 |
| Mersin Uluslararasi Liman Isletmeciligi AS (BB/NR) | Mersin Uluslararasi Liman Isletmeciligi AS (BB/NR) | Mersin Uluslararasi Liman Isletmeciligi AS (BB/NR) | Mersin Uluslararasi Liman Isletmeciligi AS (BB/NR) |
| 200000 | 8.250 <sup>(a)(b)</sup> | 11/15/28 | 207750 |
| Turkiye Garanti Bankasi AS (NR/B2) (5 yr. CMT + 4.090%) | Turkiye Garanti Bankasi AS (NR/B2) (5 yr. CMT + 4.090%) | Turkiye Garanti Bankasi AS (NR/B2) (5 yr. CMT + 4.090%) | Turkiye Garanti Bankasi AS (NR/B2) (5 yr. CMT + 4.090%) |
| 200000 | 8.375 <sup>(a)(b)(d)</sup> | 02/28/34 | 203020 |
| Yapi ve Kredi Bankasi AS (NR/NR) | Yapi ve Kredi Bankasi AS (NR/NR) | Yapi ve Kredi Bankasi AS (NR/NR) | Yapi ve Kredi Bankasi AS (NR/NR) |
| 310000 | 7.250 <sup>(b)</sup> | 03/03/30 | 309457 |
|  |  |  | 1681491 |
| **United Arab Emirates – 3.0%** | **United Arab Emirates – 3.0%** | **United Arab Emirates – 3.0%** | **United Arab Emirates – 3.0%** |
| Adnoc Murban Rsc Ltd. (AA/Aa2) | Adnoc Murban Rsc Ltd. (AA/Aa2) | Adnoc Murban Rsc Ltd. (AA/Aa2) | Adnoc Murban Rsc Ltd. (AA/Aa2) |
| 200000 | 5.125 <sup>(a)(b)</sup> | 09/11/54 | 181125 |
| DP World Crescent Ltd. (NR/Baa2) | DP World Crescent Ltd. (NR/Baa2) | DP World Crescent Ltd. (NR/Baa2) | DP World Crescent Ltd. (NR/Baa2) |
| 200000 | 5.500 <sup>(b)</sup> | 05/08/35 | 201250 |
| NBK Tier 1 Financing 2 Ltd. (NR/Baa3) (6 yr. CMT + 2.832%) | NBK Tier 1 Financing 2 Ltd. (NR/Baa3) (6 yr. CMT + 2.832%) | NBK Tier 1 Financing 2 Ltd. (NR/Baa3) (6 yr. CMT + 2.832%) | NBK Tier 1 Financing 2 Ltd. (NR/Baa3) (6 yr. CMT + 2.832%) |
| 400000 | 4.500 <sup>(a)(d)</sup> | 08/27/25 | 398000 |
|  |  |  | 780375 |
| **United States<sup>(a)</sup> – 1.6%** | **United States<sup>(a)</sup> – 1.6%** | **United States<sup>(a)</sup> – 1.6%** | **United States<sup>(a)</sup> – 1.6%** |
| GCC SAB de CV (BBB-/NR) | GCC SAB de CV (BBB-/NR) | GCC SAB de CV (BBB-/NR) | GCC SAB de CV (BBB-/NR) |
| 200000 | 3.614 | 04/20/32 | 175186 |
| Las Vegas Sands Corp. (BB+/Baa3) | Las Vegas Sands Corp. (BB+/Baa3) | Las Vegas Sands Corp. (BB+/Baa3) | Las Vegas Sands Corp. (BB+/Baa3) |
| 40000 | 5.625 | 06/15/28 | 40770 |
| 200000 | 3.900 | 08/08/29 | 190278 |
| 10000 | 6.000 | 06/14/30 | 10308 |
|  |  |  | 416542 |

---

------

GOLDMAN SACHS EMERGING MARKETS CREDIT FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Uzbekistan – 2.3%** | **Uzbekistan – 2.3%** | **Uzbekistan – 2.3%** | **Uzbekistan – 2.3%** |
| Ipoteka-Bank ATIB (BB-/NR) | Ipoteka-Bank ATIB (BB-/NR) | Ipoteka-Bank ATIB (BB-/NR) | Ipoteka-Bank ATIB (BB-/NR) |
| 200000 | 5.500% | 11/19/25 | $199000 |
| Navoi Mining & Metallurgical Combinat (BB-/NR) | Navoi Mining & Metallurgical Combinat (BB-/NR) | Navoi Mining & Metallurgical Combinat (BB-/NR) | Navoi Mining & Metallurgical Combinat (BB-/NR) |
| 200000 | 6.950 <sup>(b)</sup> | 10/17/31 | 204502 |
| Uzbek Industrial & Construction Bank ATB (BB-/NR) | Uzbek Industrial & Construction Bank ATB (BB-/NR) | Uzbek Industrial & Construction Bank ATB (BB-/NR) | Uzbek Industrial & Construction Bank ATB (BB-/NR) |
| 200000 | 8.950 <sup>(b)</sup> | 07/24/29 | 209250 |
|  |  |  | 612752 |
| **Vietnam<sup>(a)</sup> – 0.7%** | **Vietnam<sup>(a)</sup> – 0.7%** | **Vietnam<sup>(a)</sup> – 0.7%** | **Vietnam<sup>(a)</sup> – 0.7%** |
| Mong Duong Finance Holdings BV (NR/Ba2) | Mong Duong Finance Holdings BV (NR/Ba2) | Mong Duong Finance Holdings BV (NR/Ba2) | Mong Duong Finance Holdings BV (NR/Ba2) |
| 182952 | 5.125 | 05/07/29 | 178447 |
| **Zambia<sup>(a)(b)</sup> – 1.6%** | **Zambia<sup>(a)(b)</sup> – 1.6%** | **Zambia<sup>(a)(b)</sup> – 1.6%** | **Zambia<sup>(a)(b)</sup> – 1.6%** |
| First Quantum Minerals Ltd. (B/NR) | First Quantum Minerals Ltd. (B/NR) | First Quantum Minerals Ltd. (B/NR) | First Quantum Minerals Ltd. (B/NR) |
| 204000 | 8.000 | 03/01/33 | 209163 |
| First Quantum Minerals Ltd. (B/NR) | First Quantum Minerals Ltd. (B/NR) | First Quantum Minerals Ltd. (B/NR) | First Quantum Minerals Ltd. (B/NR) |
| 200000 | 9.375 | 03/01/29 | 211930 |
|  |  |  | 421093 |
| **TOTAL CORPORATE OBLIGATIONS<br>(Cost $23,589,376)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $23,589,376)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $23,589,376)** | $24381965 |
| **Sovereign Debt Obligations – 4.2%** | **Sovereign Debt Obligations – 4.2%** | **Sovereign Debt Obligations – 4.2%** | **Sovereign Debt Obligations – 4.2%** |
| **El Salvador<sup>(a)</sup> – 0.5%** | **El Salvador<sup>(a)</sup> – 0.5%** | **El Salvador<sup>(a)</sup> – 0.5%** | **El Salvador<sup>(a)</sup> – 0.5%** |
| El Salvador Government International Bonds (B-/B3u) | El Salvador Government International Bonds (B-/B3u) | El Salvador Government International Bonds (B-/B3u) | El Salvador Government International Bonds (B-/B3u) |
| 150000 | 7.125% | 01/20/50 | $125437 |
| **Ivory Coast<sup>(b)</sup> – 0.7%** | **Ivory Coast<sup>(b)</sup> – 0.7%** | **Ivory Coast<sup>(b)</sup> – 0.7%** | **Ivory Coast<sup>(b)</sup> – 0.7%** |
| Ivory Coast Government International Bonds (BB/Ba2) | Ivory Coast Government International Bonds (BB/Ba2) | Ivory Coast Government International Bonds (BB/Ba2) | Ivory Coast Government International Bonds (BB/Ba2) |
| 200000 | 8.075 | 04/01/36 | 192550 |
| **Oman – 0.8%** | **Oman – 0.8%** | **Oman – 0.8%** | **Oman – 0.8%** |
| Oman Government International Bonds (BBB-/Ba1) | Oman Government International Bonds (BBB-/Ba1) | Oman Government International Bonds (BBB-/Ba1) | Oman Government International Bonds (BBB-/Ba1) |
| 200000 | 6.500 | 03/08/47 | 202400 |
| **Paraguay<sup>(a)</sup> – 0.6%** | **Paraguay<sup>(a)</sup> – 0.6%** | **Paraguay<sup>(a)</sup> – 0.6%** | **Paraguay<sup>(a)</sup> – 0.6%** |
| Paraguay Government International Bonds (BB+/Baa3) | Paraguay Government International Bonds (BB+/Baa3) | Paraguay Government International Bonds (BB+/Baa3) | Paraguay Government International Bonds (BB+/Baa3) |
| 200000 | 5.400 | 03/30/50 | 171100 |
| **Uzbekistan – 1.6%** | **Uzbekistan – 1.6%** | **Uzbekistan – 1.6%** | **Uzbekistan – 1.6%** |
| National Bank of Uzbekistan (BB-/NR) | National Bank of Uzbekistan (BB-/NR) | National Bank of Uzbekistan (BB-/NR) | National Bank of Uzbekistan (BB-/NR) |
| 200000 | 4.850 | 10/21/25 | 198888 |
| Republic of Uzbekistan International Bonds (BB-/NR) | Republic of Uzbekistan International Bonds (BB-/NR) | Republic of Uzbekistan International Bonds (BB-/NR) | Republic of Uzbekistan International Bonds (BB-/NR) |
| 200000 | 7.850 <sup>(b)</sup> | 10/12/28 | 213040 |
|  |  |  | 411928 |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $1,086,358)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $1,086,358)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $1,086,358)** | $1103415 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **U.S. Treasury Obligations – 0.2%** | **U.S. Treasury Obligations – 0.2%** | **U.S. Treasury Obligations – 0.2%** | **U.S. Treasury Obligations – 0.2%** | **U.S. Treasury Obligations – 0.2%** |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  $ | 30000 | 4.750% | 02/15/45 | $29845 |
|  | 30000 | 5.000 | 05/15/45 | 30821 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $59,267)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $59,267)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $59,267)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $59,267)** | $60666 |
| **Shares** | **Shares** | **Dividend**<br> **Rate** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(e)</sup> – 0.7%** | **Investment Company<sup>(e)</sup> – 0.7%** | **Investment Company<sup>(e)</sup> – 0.7%** | **Investment Company<sup>(e)</sup> – 0.7%** | **Investment Company<sup>(e)</sup> – 0.7%** |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
|  | 173417 | 4.231% | 4.231% | $173417 |
|  **(Cost $173,417)** | **(Cost $173,417)** | **(Cost $173,417)** | **(Cost $173,417)** | **(Cost $173,417)** |
| **TOTAL INVESTMENTS – 98.6%<br>(Cost $24,908,418)** | **TOTAL INVESTMENTS – 98.6%<br>(Cost $24,908,418)** | **TOTAL INVESTMENTS – 98.6%<br>(Cost $24,908,418)** | **TOTAL INVESTMENTS – 98.6%<br>(Cost $24,908,418)** | $25719463 |
| **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 1.4%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 1.4%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 1.4%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 1.4%** | 362992 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $26082455 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates. |
| (b) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (c) | Pay-in-kind securities. |
| (d) | Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2025. |
| (e) | Represents an affiliated issuer. |

---

------

GOLDMAN SACHS EMERGING MARKETS CREDIT FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION** 

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  JPMorgan Securities, Inc. | USD | 646796 | EUR | 549217 | 09/23/25 | $(3783) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  2 Year U.S. Treasury Notes | 8 | 09/30/25 | $1664187 | $6168 |
|  20 Year U.S. Treasury Bonds | 1 | 09/19/25 | 115469 | 2717 |
|  **Total** |  |  |  | $8885 |
|  **Short position contracts:** |  |  |  |  |
|  10 Year U.S. Treasury Notes | (2) | 09/19/25 | (224250) | (369) |
|  5 Year U.S. Treasury Notes | (2) | 09/30/25 | (218000) | (76) |
|  Ultra 10-Year U.S. Treasury Notes | (3) | 09/19/25 | (342797) | (6116) |
|  Ultra Long U.S. Treasury Bonds | (2) | 09/19/25 | (238250) | (6317) |
|  **Total** |  |  |  | $(12878) |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $(3993) |

---

**SWAP CONTRACTS** — At June 30, 2025, the Fund had the following swap contracts:

**CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made**<br> **by the Fund** | **Termination**<br> **Date** | **Notional**<br> **Amount**<br> **(000s)<sup>(a)</sup>**  | **Notional**<br> **Amount**<br> **(000s)<sup>(a)</sup>**  | **Market**<br> **Value** | **Upfront**<br> **Premium**<br> **(Received)**<br> **Paid** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
|  6M EURO<sup>(b)</sup> <br> 1.750%<sup>(c)</sup> | 09/17/27 | EUR | 160 | $(912) | $(862) | $(50) |
|  2.000%<sup>(c)</sup> <br> 6M EURO<sup>(b)</sup> | 09/17/30 |  | 100 | 1585 | 1449 | 136 |
| 2.000<sup>(c)</sup> <br> 6M EURO<sup>(b)</sup> | 09/17/32 |  | 100 | 3335 | 3003 | 332 |
|  6M EURO<sup>(b)</sup> <br> 2.000<sup>(c)</sup> | 09/17/35 |  | 140 | (9048) | (8172) | (876) |
| 2.250<sup>(c)</sup> <br> 6M EURO<sup>(b)</sup> | 09/17/40 |  | 110 | 8686 | 7486 | 1200 |
|  **TOTAL** |  |  |  | $3646 | $2904 | $742 |

---

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2025.

(b) Payments made semi-annually.

(c) Payments made annually.

------

GOLDMAN SACHS EMERGING MARKETS CREDIT FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| EUR | — Euro |
| RUB | — U.S. Dollar |
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| CMT | — Constant Maturity Treasury Indexes |
| EURIBOR | — Euro Interbank Offered Rate |
| ICE | — Inter-Continental Exchange |
| LLC | — Limited Liability Company |
| NR | — Not Rated |
| PIK | — Payment in kind |
| PLC | — Public Limited Company |
| WR | — Withdrawn Rating |
| **Abbreviation:** | **Abbreviation:** |
| EURO | — Euro Offered Rate |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Sovereign Debt Obligations – 68.0%** | **Sovereign Debt Obligations – 68.0%** | **Sovereign Debt Obligations – 68.0%** | **Sovereign Debt Obligations – 68.0%** |
| **Angola – 1.1%** | **Angola – 1.1%** | **Angola – 1.1%** | **Angola – 1.1%** |
| Angola Government International Bonds (B-/B3) | Angola Government International Bonds (B-/B3) | Angola Government International Bonds (B-/B3) | Angola Government International Bonds (B-/B3) |
| 900000 | 8.000% | 11/26/29 | $814500 |
| 450000 | 8.750 <sup>(a)</sup> | 04/14/32 | 396788 |
| 1050000 | 9.125 | 11/26/49 | 813750 |
| Angola Government International Bonds (NR/B3) | Angola Government International Bonds (NR/B3) | Angola Government International Bonds (NR/B3) | Angola Government International Bonds (NR/B3) |
| 320000 | 8.250 | 05/09/28 | 302160 |
| 880000 | 8.250 <sup>(a)</sup> | 05/09/28 | 830940 |
| 1130000 | 9.375 | 05/08/48 | 895525 |
|  |  |  | 4053663 |
| **Argentina<sup>(b)</sup> – 2.5%** | **Argentina<sup>(b)</sup> – 2.5%** | **Argentina<sup>(b)</sup> – 2.5%** | **Argentina<sup>(b)</sup> – 2.5%** |
| Argentina Republic Government International Bonds (CCC/NR) | Argentina Republic Government International Bonds (CCC/NR) | Argentina Republic Government International Bonds (CCC/NR) | Argentina Republic Government International Bonds (CCC/NR) |
| 908822 | 4.125 <sup>(c)</sup> | 07/09/46 | 593915 |
| Argentina Republic Government International Bonds (CCC/NR) | Argentina Republic Government International Bonds (CCC/NR) | Argentina Republic Government International Bonds (CCC/NR) | Argentina Republic Government International Bonds (CCC/NR) |
| 108079 | 0.500 | 07/09/29 | 104587 |
| 44413 | 1.000 | 07/09/29 | 37046 |
| 928116 | 0.750 <sup>(c)</sup> | 07/09/30 | 735625 |
| 2415877 | 4.125 <sup>(c)</sup> | 07/09/35 | 1621053 |
| 4350000 | 5.000 <sup>(c)</sup> | 01/09/38 | 3090675 |
| 5094455 | 3.500 <sup>(c)</sup> | 07/09/41 | 3161109 |
|  |  |  | 9344010 |
| **Azerbaijan – 0.6%** | **Azerbaijan – 0.6%** | **Azerbaijan – 0.6%** | **Azerbaijan – 0.6%** |
| Republic of Azerbaijan International Bonds (NR/Ba1u) | Republic of Azerbaijan International Bonds (NR/Ba1u) | Republic of Azerbaijan International Bonds (NR/Ba1u) | Republic of Azerbaijan International Bonds (NR/Ba1u) |
| 2580000 | 3.500 | 09/01/32 | 2317163 |
| **Bahamas<sup>(a)</sup> – 0.2%** | **Bahamas<sup>(a)</sup> – 0.2%** | **Bahamas<sup>(a)</sup> – 0.2%** | **Bahamas<sup>(a)</sup> – 0.2%** |
| Bahamas Government International Bonds (NR/B1) | Bahamas Government International Bonds (NR/B1) | Bahamas Government International Bonds (NR/B1) | Bahamas Government International Bonds (NR/B1) |
| 800000 | 8.250 | 06/24/36 | 814400 |
| **Bahrain – 1.3%** | **Bahrain – 1.3%** | **Bahrain – 1.3%** | **Bahrain – 1.3%** |
| Bahrain Government International Bonds (B+/B2u) | Bahrain Government International Bonds (B+/B2u) | Bahrain Government International Bonds (B+/B2u) | Bahrain Government International Bonds (B+/B2u) |
| 630000 | 7.375 <sup>(a)</sup> | 05/14/30 | 654255 |
| 560000 | 5.625 <sup>(a)</sup> | 09/30/31 | 531473 |
| 450000 | 5.625 | 09/30/31 | 427077 |
| 230000 | 5.450 | 09/16/32 | 213325 |
| 820000 | 5.450 <sup>(a)</sup> | 09/16/32 | 760550 |
| Bahrain Government International Bonds (B+/NR) | Bahrain Government International Bonds (B+/NR) | Bahrain Government International Bonds (B+/NR) | Bahrain Government International Bonds (B+/NR) |
| 1110000 | 6.750 | 09/20/29 | 1128737 |
| 1230000 | 5.250 | 01/25/33 | 1120075 |
|  |  |  | 4835492 |
| **Benin – 0.4%** | **Benin – 0.4%** | **Benin – 0.4%** | **Benin – 0.4%** |
| Benin Government International Bonds (BB-/B1) | Benin Government International Bonds (BB-/B1) | Benin Government International Bonds (BB-/B1) | Benin Government International Bonds (BB-/B1) |
| 350000 | 7.960 <sup>(a)</sup> | 02/13/38 | 329875 |
| 400000 | 7.960 | 02/13/38 | 377000 |
| Benin Government International Bonds (BB-/B1u) | Benin Government International Bonds (BB-/B1u) | Benin Government International Bonds (BB-/B1u) | Benin Government International Bonds (BB-/B1u) |
| 430000 | 8.375 <sup>(a)</sup> | 01/23/41 | 412370 |
| Benin Government International Bonds (BB-/NR) | Benin Government International Bonds (BB-/NR) | Benin Government International Bonds (BB-/NR) | Benin Government International Bonds (BB-/NR) |
| 530000 | 4.875 <sup>(a)</sup> | 01/19/32 | 555446 |
|  |  |  | 1674691 |
| **Bermuda<sup>(b)</sup> – 0.1%** | **Bermuda<sup>(b)</sup> – 0.1%** | **Bermuda<sup>(b)</sup> – 0.1%** | **Bermuda<sup>(b)</sup> – 0.1%** |
| Bermuda Government International Bonds (A+/A2) | Bermuda Government International Bonds (A+/A2) | Bermuda Government International Bonds (A+/A2) | Bermuda Government International Bonds (A+/A2) |
| 580000 | 3.375 | 08/20/50 | 382220 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | |
| **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Value** |
| **Brazil – 2.2%** |  |  |  |
| Brazil Government International Bonds (BB/Ba1) | Brazil Government International Bonds (BB/Ba1) | Brazil Government International Bonds (BB/Ba1) |  |
| 1290000 | 6.000% | 10/20/33 | $1279035 |
| 1040000 | 6.125 | 03/15/34 | 1031940 |
| 1660000 | 6.625 | 03/15/35 | 1675770 |
| 1518000 | 5.625 | 01/07/41 | 1351020 |
| 2510000 | 4.750 <sup>(b)</sup> | 01/14/50 | 1761769 |
| 1350000 | 7.125 | 05/13/54 | 1289925 |
|  |  |  | 8389459 |
| **Chile<sup>(b)</sup> – 1.0%** |  |  |  |
| Chile Government International Bonds (A/A2) | Chile Government International Bonds (A/A2) | Chile Government International Bonds (A/A2) |  |
| 390000 | 3.500 | 01/25/50 | 277875 |
| 890000 | 4.000 | 01/31/52 | 687080 |
| 280000 | 5.330 | 01/05/54 | 263200 |
| 904000 | 3.100 | 01/22/61 | 548276 |
| 3200000 | 3.250 | 09/21/71 | 1948800 |
|  |  |  | 3725231 |
| **Colombia<sup>(b)</sup> – 2.6%** |  |  |  |
| Colombia Government International Bonds (BB/Baa3) | Colombia Government International Bonds (BB/Baa3) | Colombia Government International Bonds (BB/Baa3) | Colombia Government International Bonds (BB/Baa3) |
| 570000 | 4.500 | 03/15/29 | 540360 |
| 2290000 | 3.000 | 01/30/30 | 1976270 |
| 2810000 | 3.125 | 04/15/31 | 2310523 |
| 1300000 | 3.250 | 04/22/32 | 1029925 |
| 580000 | 7.500 | 02/02/34 | 577245 |
| 720000 | 5.625 | 02/26/44 | 530820 |
| 1380000 | 5.000 | 06/15/45 | 930120 |
| 1230000 | 4.125 | 05/15/51 | 701973 |
| 2320000 | 3.875 | 02/15/61 | 1219392 |
|  |  |  | 9816628 |
| **Costa Rica – 1.3%** |  |  |  |
| Costa Rica Government International Bonds (BB-/Ba3) | Costa Rica Government International Bonds (BB-/Ba3) | Costa Rica Government International Bonds (BB-/Ba3) | Costa Rica Government International Bonds (BB-/Ba3) |
| 660000 | 6.125 | 02/19/31 | 679140 |
| 2343000 | 6.550 <sup>(a)(b)</sup> | 04/03/34 | 2434377 |
| 470000 | 5.625 | 04/30/43 | 420298 |
| 930000 | 7.000 | 04/04/44 | 950692 |
| 460000 | 7.300 <sup>(a)(b)</sup> | 11/13/54 | 476261 |
|  |  |  | 4960768 |
| **Dominican Republic – 3.1%** | **Dominican Republic – 3.1%** |  |  |
| Dominican Republic International Bonds (BB/Ba3) | Dominican Republic International Bonds (BB/Ba3) | Dominican Republic International Bonds (BB/Ba3) | Dominican Republic International Bonds (BB/Ba3) |
| 940000 | 5.500 <sup>(a)(b)</sup> | 02/22/29 | 935770 |
| 610000 | 5.500 <sup>(b)</sup> | 02/22/29 | 607255 |
| 2040000 | 4.500 <sup>(a)</sup> | 01/30/30 | 1938000 |
| 150000 | 7.050 <sup>(b)</sup> | 02/03/31 | 157230 |
| 2020000 | 7.050 <sup>(a)(b)</sup> | 02/03/31 | 2117364 |
| 940000 | 4.875 | 09/23/32 | 867150 |
| 150000 | 6.600 <sup>(a)(b)</sup> | 06/01/36 | 151275 |
| 980000 | 6.600 <sup>(b)</sup> | 06/01/36 | 988330 |
| 2419000 | 6.950 <sup>(a)(b)</sup> | 03/15/37 | 2467682 |
| 199000 | 6.850 | 01/27/45 | 197209 |
| 360000 | 6.400 <sup>(a)</sup> | 06/05/49 | 338715 |
| 840000 | 5.875 | 01/30/60 | 706335 |
|  |  |  | 11472315 |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** |
| **Ecuador – 1.5%** | **Ecuador – 1.5%** | **Ecuador – 1.5%** | **Ecuador – 1.5%** |
| Ecuador Government International Bonds (B-/NR) | Ecuador Government International Bonds (B-/NR) | Ecuador Government International Bonds (B-/NR) | Ecuador Government International Bonds (B-/NR) |
| 1462360 | 0.000 %<sup>(a)(d)</sup> | 07/31/30 | $1061673 |
| 589000 | 0.000 <sup>(d)</sup> | 07/31/30 | 427614 |
| 1282817 | 6.900 <sup>(c)</sup> | 07/31/30 | 1112202 |
| 1992467 | 5.500 <sup>(a)(c)</sup> | 07/31/35 | 1447527 |
| 2310000 | 5.000 <sup>(c)</sup> | 07/31/40 | 1451258 |
|  |  |  | 5500274 |
| **Egypt – 2.6%** | **Egypt – 2.6%** | **Egypt – 2.6%** | **Egypt – 2.6%** |
| Egypt Government International Bonds (B-/NR)<sup>(a)</sup>  | Egypt Government International Bonds (B-/NR)<sup>(a)</sup>  | Egypt Government International Bonds (B-/NR)<sup>(a)</sup>  | Egypt Government International Bonds (B-/NR)<sup>(a)</sup>  |
| 1090000 | 8.625 | 02/04/30 | 1101445 |
| 270000 | 9.450 | 02/04/33 | 272092 |
| Egypt Government International Bonds (B-/Caa1) | Egypt Government International Bonds (B-/Caa1) | Egypt Government International Bonds (B-/Caa1) | Egypt Government International Bonds (B-/Caa1) |
| 1100000 | 7.300 | 09/30/33 | 975150 |
| 200000 | 8.750 | 09/30/51 | 163350 |
| 820000 | 7.500 | 02/16/61 | 595935 |
| Egypt Government International Bonds (B-/Caa1u) | Egypt Government International Bonds (B-/Caa1u) | Egypt Government International Bonds (B-/Caa1u) | Egypt Government International Bonds (B-/Caa1u) |
| 1240000 | 7.625 | 05/29/32 | 1147620 |
| 700000 | 7.625 <sup>(a)</sup> | 05/29/32 | 647850 |
| 1800000 | 8.700 | 03/01/49 | 1470600 |
| 1870000 | 8.875 <sup>(a)</sup> | 05/29/50 | 1555840 |
| 1850000 | 8.875 | 05/29/50 | 1539200 |
| Egypt Government International Bonds (NR/Caa1) | Egypt Government International Bonds (NR/Caa1) | Egypt Government International Bonds (NR/Caa1) | Egypt Government International Bonds (NR/Caa1) |
| 210000 | 8.500 | 01/31/47 | 170258 |
|  |  |  | 9639340 |
| **El Salvador – 1.2%** | **El Salvador – 1.2%** | **El Salvador – 1.2%** | **El Salvador – 1.2%** |
| El Salvador Government International Bonds (B-/B3) | El Salvador Government International Bonds (B-/B3) | El Salvador Government International Bonds (B-/B3) | El Salvador Government International Bonds (B-/B3) |
| 470000 | 9.650 <sup>(a)(b)</sup> | 11/21/54 | 486450 |
| El Salvador Government International Bonds (B-/B3u) | El Salvador Government International Bonds (B-/B3u) | El Salvador Government International Bonds (B-/B3u) | El Salvador Government International Bonds (B-/B3u) |
| 380000 | 8.625 | 02/28/29 | 396293 |
| 630000 | 8.250 | 04/10/32 | 638190 |
| 610000 | 7.650 | 06/15/35 | 592157 |
| 810000 | 7.625 | 02/01/41 | 746820 |
| 830000 | 7.125 <sup>(b)</sup> | 01/20/50 | 694087 |
| 650000 | 9.500 <sup>(a)(b)</sup> | 07/15/52 | 667550 |
| El Salvador Government International Bonds (B-/NR) | El Salvador Government International Bonds (B-/NR) | El Salvador Government International Bonds (B-/NR) | El Salvador Government International Bonds (B-/NR) |
| 240000 | 9.250 <sup>(b)</sup> | 04/17/30 | 254626 |
|  |  |  | 4476173 |
| **Ghana<sup>(a)</sup> – 1.1%** | **Ghana<sup>(a)</sup> – 1.1%** | **Ghana<sup>(a)</sup> – 1.1%** | **Ghana<sup>(a)</sup> – 1.1%** |
| Ghana Government International Bonds (CCC+/Caa2) | Ghana Government International Bonds (CCC+/Caa2) | Ghana Government International Bonds (CCC+/Caa2) | Ghana Government International Bonds (CCC+/Caa2) |
| 225672 | 0.000 <sup>(d)</sup> | 07/03/26 | 218363 |
| 1925526 | 5.000 <sup>(c)</sup> | 07/03/29 | 1797960 |
| 379494 | 0.000 <sup>(d)</sup> | 01/03/30 | 315550 |
| 2532244 | 5.000 <sup>(c)</sup> | 07/03/35 | 1958311 |
|  |  |  | 4290184 |
| **Guatemala – 1.7%** | **Guatemala – 1.7%** | **Guatemala – 1.7%** | **Guatemala – 1.7%** |
| Guatemala Government Bonds (BB+/Ba1) | Guatemala Government Bonds (BB+/Ba1) | Guatemala Government Bonds (BB+/Ba1) | Guatemala Government Bonds (BB+/Ba1) |
| 1030000 | 4.375 <sup>(a)</sup> | 06/05/27 | 1013005 |
| 416000 | 5.250 <sup>(a)(b)</sup> | 08/10/29 | 412672 |
| 470000 | 5.250 <sup>(b)</sup> | 08/10/29 | 466240 |
| 920000 | 4.900 <sup>(b)</sup> | 06/01/30 | 899760 |
| 220000 | 6.050 <sup>(a)(b)</sup> | 08/06/31 | 223520 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** |
|  **Guatemala – (continued)** | **Guatemala – (continued)** | **Guatemala – (continued)** | **Guatemala – (continued)** | **Guatemala – (continued)** |
|  Guatemala Government Bonds (BB+/Ba1) – (continued) | Guatemala Government Bonds (BB+/Ba1) – (continued) | Guatemala Government Bonds (BB+/Ba1) – (continued) | Guatemala Government Bonds (BB+/Ba1) – (continued) | Guatemala Government Bonds (BB+/Ba1) – (continued) |
|  $ | 430000 | 7.050 %<sup>(b)</sup> | 10/04/32 | $456875 |
|  | 350000 | 7.050 <sup>(a)(b)</sup> | 10/04/32 | 371875 |
|  | 200000 | 6.550 <sup>(a)(b)</sup> | 02/06/37 | 201400 |
|  | 1090000 | 6.125 <sup>(a)(b)</sup> | 06/01/50 | 986723 |
|  | 381000 | 6.125 <sup>(b)</sup> | 06/01/50 | 344900 |
|  Guatemala Government Bonds (BB+/NR) | Guatemala Government Bonds (BB+/NR) | Guatemala Government Bonds (BB+/NR) | Guatemala Government Bonds (BB+/NR) | Guatemala Government Bonds (BB+/NR) |
|  | 1120000 | 4.650 <sup>(b)</sup> | 10/07/41 | 889476 |
|  |  |  |  | 6266446 |
|  **Hungary – 2.8%** | **Hungary – 2.8%** | **Hungary – 2.8%** | **Hungary – 2.8%** | **Hungary – 2.8%** |
|  Hungary Government International Bonds (BBB-/Baa2) | Hungary Government International Bonds (BBB-/Baa2) | Hungary Government International Bonds (BBB-/Baa2) | Hungary Government International Bonds (BBB-/Baa2) | Hungary Government International Bonds (BBB-/Baa2) |
|  | 210000 | 5.250 | 06/16/29 | 211575 |
|  | 440000 | 5.250 <sup>(a)</sup> | 06/16/29 | 443300 |
|  | 200000 | 5.375 <sup>(a)</sup> | 09/26/30 | 201350 |
|  | 1770000 | 2.125 | 09/22/31 | 1467799 |
|  | 1360000 | 6.250 <sup>(a)</sup> | 09/22/32 | 1413407 |
|  | 630000 | 5.500 <sup>(a)</sup> | 06/16/34 | 617243 |
|  | 1450000 | 5.500 <sup>(a)</sup> | 03/26/36 | 1394567 |
|  | 1310000 | 5.500 | 03/26/36 | 1259919 |
|  | 180000 | 7.625 | 03/29/41 | 202352 |
|  | 1960000 | 3.125 | 09/21/51 | 1156890 |
|  | 580000 | 6.750 <sup>(a)</sup> | 09/25/52 | 590283 |
|  | 200000 | 6.750 | 09/25/52 | 203546 |
|  | 490000 | 6.750 <sup>(a)</sup> | 09/23/55 | 493920 |
|  Magyar Export-Import Bank Zrt (BBB-/NR) | Magyar Export-Import Bank Zrt (BBB-/NR) | Magyar Export-Import Bank Zrt (BBB-/NR) | Magyar Export-Import Bank Zrt (BBB-/NR) | Magyar Export-Import Bank Zrt (BBB-/NR) |
|  | 790000 | 6.125 <sup>(a)(b)(e)</sup> | 12/04/27 | 805310 |
|  |  |  |  | 10461461 |
|  **Indonesia – 0.8%** | **Indonesia – 0.8%** | **Indonesia – 0.8%** | **Indonesia – 0.8%** | **Indonesia – 0.8%** |
|  Indonesia Government International Bonds (BBB/Baa2) | Indonesia Government International Bonds (BBB/Baa2) | Indonesia Government International Bonds (BBB/Baa2) | Indonesia Government International Bonds (BBB/Baa2) | Indonesia Government International Bonds (BBB/Baa2) |
|  | 926000 | 6.625 | 02/17/37 | 1032837 |
|  | 450000 | 4.625 | 04/15/43 | 404663 |
|  | 1260000 | 3.200 <sup>(b)</sup> | 09/23/61 | 795690 |
|  | 1490000 | 3.350 | 03/12/71 | 935109 |
|  |  |  |  | 3168299 |
|  **Iraq<sup>(b)</sup> – 0.3%** | **Iraq<sup>(b)</sup> – 0.3%** | **Iraq<sup>(b)</sup> – 0.3%** | **Iraq<sup>(b)</sup> – 0.3%** | **Iraq<sup>(b)</sup> – 0.3%** |
|  Iraq International Bonds (NR/NR) | Iraq International Bonds (NR/NR) | Iraq International Bonds (NR/NR) | Iraq International Bonds (NR/NR) | Iraq International Bonds (NR/NR) |
|  | 1016250 | 5.800 | 01/15/28 | 1001006 |
|  **Israel – 0.1%** | **Israel – 0.1%** | **Israel – 0.1%** | **Israel – 0.1%** | **Israel – 0.1%** |
|  State of Israel (A/Baa1) | State of Israel (A/Baa1) | State of Israel (A/Baa1) | State of Israel (A/Baa1) | State of Israel (A/Baa1) |
|  | 200000 | 3.375 | 01/15/50 | 130000 |
|  | 670000 | 3.800 | 05/13/60 | 434830 |
|  |  |  |  | 564830 |
|  **Ivory Coast – 1.4%** | **Ivory Coast – 1.4%** | **Ivory Coast – 1.4%** | **Ivory Coast – 1.4%** | **Ivory Coast – 1.4%** |
|  Ivory Coast Government International Bonds (BB/Ba2) | Ivory Coast Government International Bonds (BB/Ba2) | Ivory Coast Government International Bonds (BB/Ba2) | Ivory Coast Government International Bonds (BB/Ba2) | Ivory Coast Government International Bonds (BB/Ba2) |
|  | 362000 | 6.375 | 03/03/28 | 361323 |
|  EUR | 420000 | 5.250 | 03/22/30 | 473249 |
|  $ | 290000 | 7.625 | 01/30/33 | 286013 |
|  | 2220000 | 6.125 | 06/15/33 | 2018824 |
|  | 370000 | 8.075 <sup>(a)</sup> | 04/01/36 | 356217 |
|  | 680000 | 8.250 <sup>(a)</sup> | 01/30/37 | 652378 |
|  | 890000 | 8.250 | 01/30/37 | 853848 |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

*June 30, 2025 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** |
|  **Ivory Coast – (continued)** | **Ivory Coast – (continued)** | **Ivory Coast – (continued)** | **Ivory Coast – (continued)** | **Ivory Coast – (continued)** |
|  Ivory Coast Government International Bonds (BB/NR) | Ivory Coast Government International Bonds (BB/NR) | Ivory Coast Government International Bonds (BB/NR) | Ivory Coast Government International Bonds (BB/NR) | Ivory Coast Government International Bonds (BB/NR) |
|  $ | 114467 | 5.750 %<sup>(b)(c)</sup> | 12/31/32 | $108794 |
|  |  |  |  | 5110646 |
|  **Jamaica – 0.3%** | **Jamaica – 0.3%** | **Jamaica – 0.3%** | **Jamaica – 0.3%** | **Jamaica – 0.3%** |
|  Jamaica Government International Bonds (BB-/B1) | Jamaica Government International Bonds (BB-/B1) | Jamaica Government International Bonds (BB-/B1) | Jamaica Government International Bonds (BB-/B1) | Jamaica Government International Bonds (BB-/B1) |
|  | 1060000 | 7.875 | 07/28/45 | 1239326 |
|  **Jordan – 0.6%** | **Jordan – 0.6%** | **Jordan – 0.6%** | **Jordan – 0.6%** | **Jordan – 0.6%** |
|  Jordan Government International Bonds (BB-/Ba3) | Jordan Government International Bonds (BB-/Ba3) | Jordan Government International Bonds (BB-/Ba3) | Jordan Government International Bonds (BB-/Ba3) | Jordan Government International Bonds (BB-/Ba3) |
|  | 1045000 | 5.750 | 01/31/27 | 1036149 |
|  | 330000 | 7.750 | 01/15/28 | 340098 |
|  | 480000 | 7.500 <sup>(a)</sup> | 01/13/29 | 489825 |
|  | 300000 | 5.850 <sup>(a)</sup> | 07/07/30 | 287250 |
|  |  |  |  | 2153322 |
|  **Kazakhstan<sup>(a)</sup> – 0.6%** | **Kazakhstan<sup>(a)</sup> – 0.6%** | **Kazakhstan<sup>(a)</sup> – 0.6%** | **Kazakhstan<sup>(a)</sup> – 0.6%** | **Kazakhstan<sup>(a)</sup> – 0.6%** |
|  Kazakhstan Government International Bonds (BBB-/Baa1) | Kazakhstan Government International Bonds (BBB-/Baa1) | Kazakhstan Government International Bonds (BBB-/Baa1) | Kazakhstan Government International Bonds (BBB-/Baa1) | Kazakhstan Government International Bonds (BBB-/Baa1) |
|  | 1510000 | 4.714 | 04/09/35 | 1459075 |
|  Kazakhstan Government International Bonds (NR/Baa1) | Kazakhstan Government International Bonds (NR/Baa1) | Kazakhstan Government International Bonds (NR/Baa1) | Kazakhstan Government International Bonds (NR/Baa1) | Kazakhstan Government International Bonds (NR/Baa1) |
|  | 740000 | 5.000 | 07/01/32 | 740740 |
|  |  |  |  | 2199815 |
|  **Kenya – 0.9%** | **Kenya – 0.9%** | **Kenya – 0.9%** | **Kenya – 0.9%** | **Kenya – 0.9%** |
|  Republic of Kenya Government International Bonds (B-/Caa1u) | Republic of Kenya Government International Bonds (B-/Caa1u) | Republic of Kenya Government International Bonds (B-/Caa1u) | Republic of Kenya Government International Bonds (B-/Caa1u) | Republic of Kenya Government International Bonds (B-/Caa1u) |
|  | 550000 | 9.750 <sup>(a)</sup> | 02/16/31 | 557733 |
|  | 980000 | 8.000 | 05/22/32 | 910131 |
|  | 200000 | 8.000 <sup>(a)</sup> | 05/22/32 | 185741 |
|  | 510000 | 6.300 | 01/23/34 | 411667 |
|  | 653000 | 9.500 <sup>(a)</sup> | 03/05/36 | 612677 |
|  | 1020000 | 8.250 | 02/28/48 | 822967 |
|  |  |  |  | 3500916 |
|  **Lebanon<sup>(f)</sup> – 0.2%** | **Lebanon<sup>(f)</sup> – 0.2%** | **Lebanon<sup>(f)</sup> – 0.2%** | **Lebanon<sup>(f)</sup> – 0.2%** | **Lebanon<sup>(f)</sup> – 0.2%** |
|  Lebanon Government International Bonds (D/NR) | Lebanon Government International Bonds (D/NR) | Lebanon Government International Bonds (D/NR) | Lebanon Government International Bonds (D/NR) | Lebanon Government International Bonds (D/NR) |
|  | 245000 | 6.850 | 03/23/27 | 46305 |
|  | 173000 | 6.650 | 11/03/28 | 32697 |
|  | 585000 | 6.850 | 05/25/29 | 110565 |
|  Lebanon Government International Bonds (NR/NR) | Lebanon Government International Bonds (NR/NR) | Lebanon Government International Bonds (NR/NR) | Lebanon Government International Bonds (NR/NR) | Lebanon Government International Bonds (NR/NR) |
|  | 665000 | 7.000 | 03/20/28 | 125619 |
|  Lebanon Government International Bonds (NR/NR) | Lebanon Government International Bonds (NR/NR) | Lebanon Government International Bonds (NR/NR) | Lebanon Government International Bonds (NR/NR) | Lebanon Government International Bonds (NR/NR) |
|  | 270000 | 6.750 | 11/29/27 | 51030 |
|  | 1083000 | 7.150 | 11/20/31 | 204687 |
|  |  |  |  | 570903 |
|  **Mexico – 2.5%** | **Mexico – 2.5%** | **Mexico – 2.5%** | **Mexico – 2.5%** | **Mexico – 2.5%** |
|  Mexico Bonos (NR/NR) | Mexico Bonos (NR/NR) | Mexico Bonos (NR/NR) | Mexico Bonos (NR/NR) | Mexico Bonos (NR/NR) |
|  MXN | 60000000 | 8.500 | 03/01/29 | 3191516 |
|  Mexico Government International Bonds (BBB/Baa2)<sup>(b)</sup>  | Mexico Government International Bonds (BBB/Baa2)<sup>(b)</sup>  | Mexico Government International Bonds (BBB/Baa2)<sup>(b)</sup>  | Mexico Government International Bonds (BBB/Baa2)<sup>(b)</sup>  | Mexico Government International Bonds (BBB/Baa2)<sup>(b)</sup>  |
|  $ | 610000 | 6.350 | 02/09/35 | 623725 |
|  | 950000 | 6.000 | 05/07/36 | 937175 |
|  | 1240000 | 4.280 | 08/14/41 | 953870 |
|  EUR | 1110000 | 2.125 | 10/25/51 | 692334 |
|  $ | 1250000 | 6.338 | 05/04/53 | 1149375 |
|  | 2125000 | 3.771 | 05/24/61 | 1251625 |
|  | 760000 | 3.750 | 04/19/71 | 431680 |
|  |  |  |  | 9231300 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** |
|  **Mongolia – 0.7%** | **Mongolia – 0.7%** | **Mongolia – 0.7%** | **Mongolia – 0.7%** | **Mongolia – 0.7%** |
|  Mongolia Government International Bonds (B+/B2u) | Mongolia Government International Bonds (B+/B2u) | Mongolia Government International Bonds (B+/B2u) | Mongolia Government International Bonds (B+/B2u) | Mongolia Government International Bonds (B+/B2u) |
|  $ | 700000 | 3.500% | 07/07/27 | $654369 |
|  | 460000 | 3.500 <sup>(a)</sup> | 07/07/27 | 430014 |
|  | 720000 | 8.650 <sup>(a)</sup> | 01/19/28 | 753300 |
|  | 400000 | 8.650 | 01/19/28 | 418500 |
|  | 200000 | 7.875 <sup>(a)</sup> | 06/05/29 | 207500 |
|  |  |  |  | 2463683 |
|  **Morocco – 0.9%** | **Morocco – 0.9%** | **Morocco – 0.9%** | **Morocco – 0.9%** | **Morocco – 0.9%** |
|  Morocco Government International Bonds (BB+/Ba1u) | Morocco Government International Bonds (BB+/Ba1u) | Morocco Government International Bonds (BB+/Ba1u) | Morocco Government International Bonds (BB+/Ba1u) | Morocco Government International Bonds (BB+/Ba1u) |
|  | 420000 | 2.375 <sup>(a)</sup> | 12/15/27 | 395325 |
|  | 270000 | 2.375 | 12/15/27 | 254138 |
|  | 670000 | 5.950 <sup>(a)</sup> | 03/08/28 | 686415 |
|  EUR | 100000 | 1.500 <sup>(a)</sup> | 11/27/31 | 101267 |
|  $ | 490000 | 3.000 <sup>(a)</sup> | 12/15/32 | 414785 |
|  | 280000 | 6.500 | 09/08/33 | 294613 |
|  | 1230000 | 4.000 | 12/15/50 | 834862 |
|  Morocco Government International Bonds (BB+/NR) | Morocco Government International Bonds (BB+/NR) | Morocco Government International Bonds (BB+/NR) | Morocco Government International Bonds (BB+/NR) | Morocco Government International Bonds (BB+/NR) |
|  | 510000 | 5.500 | 12/11/42 | 455972 |
|  |  |  |  | 3437377 |
|  **Nigeria – 2.5%** | **Nigeria – 2.5%** | **Nigeria – 2.5%** | **Nigeria – 2.5%** | **Nigeria – 2.5%** |
|  Nigeria Government International Bonds (B-/B3) | Nigeria Government International Bonds (B-/B3) | Nigeria Government International Bonds (B-/B3) | Nigeria Government International Bonds (B-/B3) | Nigeria Government International Bonds (B-/B3) |
|  | 1815000 | 6.500 | 11/28/27 | 1796850 |
|  | 1320000 | 6.125 | 09/28/28 | 1256482 |
|  | 1070000 | 8.375 | 03/24/29 | 1076687 |
|  | 1518000 | 7.143 | 02/23/30 | 1442571 |
|  | 310000 | 9.625 <sup>(a)</sup> | 06/09/31 | 323854 |
|  | 1320000 | 7.875 | 02/16/32 | 1249380 |
|  | 310000 | 10.375 <sup>(a)</sup> | 12/09/34 | 325810 |
|  | 690000 | 7.696 <sup>(a)</sup> | 02/23/38 | 595470 |
|  | 520000 | 7.625 | 11/28/47 | 415350 |
|  | 1215000 | 8.250 | 09/28/51 | 1006141 |
|  |  |  |  | 9488595 |
|  **Oman – 2.4%** | **Oman – 2.4%** | **Oman – 2.4%** | **Oman – 2.4%** | **Oman – 2.4%** |
|  Oman Government International Bonds (BBB-/Ba1) | Oman Government International Bonds (BBB-/Ba1) | Oman Government International Bonds (BBB-/Ba1) | Oman Government International Bonds (BBB-/Ba1) | Oman Government International Bonds (BBB-/Ba1) |
|  | 1500000 | 6.500 | 03/08/47 | 1518000 |
|  Oman Government International Bonds (NR/Ba1) | Oman Government International Bonds (NR/Ba1) | Oman Government International Bonds (NR/Ba1) | Oman Government International Bonds (NR/Ba1) | Oman Government International Bonds (NR/Ba1) |
|  | 740000 | 6.750 <sup>(a)</sup> | 10/28/27 | 771717 |
|  | 1840000 | 5.625 | 01/17/28 | 1882320 |
|  | 1580000 | 6.000 | 08/01/29 | 1653470 |
|  | 520000 | 6.250 | 01/25/31 | 551314 |
|  | 680000 | 7.375 <sup>(a)</sup> | 10/28/32 | 768808 |
|  | 1420000 | 6.750 <sup>(a)</sup> | 01/17/48 | 1463310 |
|  | 250000 | 6.750 | 01/17/48 | 257625 |
|  |  |  |  | 8866564 |
|  **Pakistan – 1.2%** | **Pakistan – 1.2%** | **Pakistan – 1.2%** | **Pakistan – 1.2%** | **Pakistan – 1.2%** |
|  Pakistan Government International Bonds (CCC+/Caa2) | Pakistan Government International Bonds (CCC+/Caa2) | Pakistan Government International Bonds (CCC+/Caa2) | Pakistan Government International Bonds (CCC+/Caa2) | Pakistan Government International Bonds (CCC+/Caa2) |
|  | 1170000 | 6.875 | 12/05/27 | 1105650 |
|  | 500000 | 7.875 | 03/31/36 | 408750 |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

*June 30, 2025 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** |
|  **Pakistan – (continued)** | **Pakistan – (continued)** | **Pakistan – (continued)** | **Pakistan – (continued)** | **Pakistan – (continued)** |
|  Pakistan Government International Bonds (NR/Caa2) | Pakistan Government International Bonds (NR/Caa2) | Pakistan Government International Bonds (NR/Caa2) | Pakistan Government International Bonds (NR/Caa2) | Pakistan Government International Bonds (NR/Caa2) |
|  $ | 320000 | 8.250% | 09/30/25 | $319245 |
|  | 1210000 | 7.375 | 04/08/31 | 1077202 |
|  | 1480000 | 8.875 | 04/08/51 | 1210908 |
|  Pakistan Water & Power Development Authority (CCC+/NR) | Pakistan Water & Power Development Authority (CCC+/NR) | Pakistan Water & Power Development Authority (CCC+/NR) | Pakistan Water & Power Development Authority (CCC+/NR) | Pakistan Water & Power Development Authority (CCC+/NR) |
|  | 590000 | 7.500 | 06/04/31 | 472000 |
|  |  |  |  | 4593755 |
|  **Panama – 1.6%** | **Panama – 1.6%** | **Panama – 1.6%** | **Panama – 1.6%** | **Panama – 1.6%** |
|  Panama Government International Bonds (BBB-/Baa3)<sup>(b)</sup>  | Panama Government International Bonds (BBB-/Baa3)<sup>(b)</sup>  | Panama Government International Bonds (BBB-/Baa3)<sup>(b)</sup>  | Panama Government International Bonds (BBB-/Baa3)<sup>(b)</sup>  | Panama Government International Bonds (BBB-/Baa3)<sup>(b)</sup>  |
|  | 470000 | 6.875 | 01/31/36 | 468590 |
|  | 1510000 | 4.500 | 04/16/50 | 1016320 |
|  | 1530000 | 4.500 | 04/01/56 | 994022 |
|  | 3101000 | 3.870 | 07/23/60 | 1767570 |
|  | 570000 | 4.500 | 01/19/63 | 365869 |
|  Panama Notas del Tesoro (BBB-/Baa3) | Panama Notas del Tesoro (BBB-/Baa3) | Panama Notas del Tesoro (BBB-/Baa3) | Panama Notas del Tesoro (BBB-/Baa3) | Panama Notas del Tesoro (BBB-/Baa3) |
|  | 1460000 | 3.750 | 04/17/26 | 1446670 |
|  |  |  |  | 6059041 |
|  **Paraguay – 1.3%** | **Paraguay – 1.3%** | **Paraguay – 1.3%** | **Paraguay – 1.3%** | **Paraguay – 1.3%** |
|  Paraguay Government International Bonds (BB+/Baa3) | Paraguay Government International Bonds (BB+/Baa3) | Paraguay Government International Bonds (BB+/Baa3) | Paraguay Government International Bonds (BB+/Baa3) | Paraguay Government International Bonds (BB+/Baa3) |
|  | 605000 | 4.700 <sup>(a)</sup> | 03/27/27 | 603487 |
|  | 340000 | 4.950 <sup>(a)(b)</sup> | 04/28/31 | 337790 |
|  | 2509000 | 2.739 <sup>(a)(b)</sup> | 01/29/33 | 2137066 |
|  | 1390000 | 5.400 <sup>(b)</sup> | 03/30/50 | 1189145 |
|  | 480000 | 6.650 <sup>(a)(b)</sup> | 03/04/55 | 480000 |
|  |  |  |  | 4747488 |
|  **Peru – 1.9%** | **Peru – 1.9%** | **Peru – 1.9%** | **Peru – 1.9%** | **Peru – 1.9%** |
|  Peru Government Bonds (BBB/Baa1) | Peru Government Bonds (BBB/Baa1) | Peru Government Bonds (BBB/Baa1) | Peru Government Bonds (BBB/Baa1) | Peru Government Bonds (BBB/Baa1) |
|  PEN | 3040000 | 6.150 | 08/12/32 | 885910 |
|  | 2770000 | 5.400 | 08/12/34 | 737887 |
|  Peru Government International Bonds (BBB-/Baa1) | Peru Government International Bonds (BBB-/Baa1) | Peru Government International Bonds (BBB-/Baa1) | Peru Government International Bonds (BBB-/Baa1) | Peru Government International Bonds (BBB-/Baa1) |
|  EUR | 580000 | 1.250 <sup>(b)</sup> | 03/11/33 | 568350 |
|  $ | 840000 | 5.375 <sup>(b)</sup> | 02/08/35 | 838572 |
|  | 190000 | 6.550 | 03/14/37 | 205956 |
|  | 550000 | 5.625 | 11/18/50 | 523534 |
|  | 1580000 | 2.780 <sup>(b)</sup> | 12/01/60 | 848460 |
|  | 200000 | 3.600 <sup>(b)</sup> | 01/15/72 | 123176 |
|  | 2390000 | 3.230 <sup>(b)</sup> | 07/28/21<sup>(g)</sup> | 1283430 |
|  Peru Government International Bonds (NR/Baa1) | Peru Government International Bonds (NR/Baa1) | Peru Government International Bonds (NR/Baa1) | Peru Government International Bonds (NR/Baa1) | Peru Government International Bonds (NR/Baa1) |
|  | 1100000 | 5.500 <sup>(b)</sup> | 03/30/36 | 1102200 |
|  |  |  |  | 7117475 |
|  **Poland – 1.4%** | **Poland – 1.4%** | **Poland – 1.4%** | **Poland – 1.4%** | **Poland – 1.4%** |
|  Bank Gospodarstwa Krajowego (NR/A2) | Bank Gospodarstwa Krajowego (NR/A2) | Bank Gospodarstwa Krajowego (NR/A2) | Bank Gospodarstwa Krajowego (NR/A2) | Bank Gospodarstwa Krajowego (NR/A2) |
|  | 1380000 | 6.250 <sup>(a)(e)</sup> | 10/31/28 | 1450863 |
|  Republic of Poland Government International Bonds (A-/A2)<sup>(b)</sup>  | Republic of Poland Government International Bonds (A-/A2)<sup>(b)</sup>  | Republic of Poland Government International Bonds (A-/A2)<sup>(b)</sup>  | Republic of Poland Government International Bonds (A-/A2)<sup>(b)</sup>  | Republic of Poland Government International Bonds (A-/A2)<sup>(b)</sup>  |
|  | 1260000 | 5.375 | 02/12/35 | 1283940 |
|  | 690000 | 5.500 | 04/04/53 | 641873 |
|  | 1840000 | 5.500 | 03/18/54 | 1702000 |
|  |  |  |  | 5078676 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** |
|  **Romania – 2.3%** | **Romania – 2.3%** | **Romania – 2.3%** | **Romania – 2.3%** | **Romania – 2.3%** |
|  Romania Government International Bonds (BBB-/Baa3) | Romania Government International Bonds (BBB-/Baa3) | Romania Government International Bonds (BBB-/Baa3) | Romania Government International Bonds (BBB-/Baa3) | Romania Government International Bonds (BBB-/Baa3) |
|  $ | 1420000 | 6.625 %<sup>(a)</sup> | 02/17/28 | $1464091 |
|  | 450000 | 6.625 | 02/17/28 | 463972 |
|  EUR | 380000 | 6.625 | 09/27/29 | 481585 |
|  | 250000 | 3.624 | 05/26/30 | 279672 |
|  $ | 560000 | 3.000 | 02/14/31 | 478520 |
|  | 1050000 | 3.000 <sup>(a)</sup> | 02/14/31 | 897225 |
|  EUR | 260000 | 5.375 | 03/22/31 | 307546 |
|  $ | 20000 | 3.625 <sup>(a)</sup> | 03/27/32 | 17144 |
|  | 1240000 | 6.375 | 01/30/34 | 1213960 |
|  | 1080000 | 5.750 | 03/24/35 | 999410 |
|  EUR | 140000 | 3.375 | 01/28/50 | 99443 |
|  $ | 1340000 | 4.000 | 02/14/51 | 839808 |
|  | 740000 | 7.625 <sup>(a)</sup> | 01/17/53 | 749946 |
|  | 460000 | 7.625 | 01/17/53 | 466182 |
|  |  |  |  | 8758504 |
|  **Rwanda – 0.2%** | **Rwanda – 0.2%** | **Rwanda – 0.2%** | **Rwanda – 0.2%** | **Rwanda – 0.2%** |
|  Rwanda International Government Bonds (B+/B2) | Rwanda International Government Bonds (B+/B2) | Rwanda International Government Bonds (B+/B2) | Rwanda International Government Bonds (B+/B2) | Rwanda International Government Bonds (B+/B2) |
|  | 810000 | 5.500 | 08/09/31 | 688500 |
|  **Saudi Arabia – 1.3%** | **Saudi Arabia – 1.3%** | **Saudi Arabia – 1.3%** | **Saudi Arabia – 1.3%** | **Saudi Arabia – 1.3%** |
|  Saudi Government International Bonds (NR/Aa3) | Saudi Government International Bonds (NR/Aa3) | Saudi Government International Bonds (NR/Aa3) | Saudi Government International Bonds (NR/Aa3) | Saudi Government International Bonds (NR/Aa3) |
|  | 810000 | 4.500 | 10/26/46 | 665723 |
|  | 1160000 | 4.625 | 10/04/47 | 964609 |
|  | 1270000 | 3.250 | 11/17/51 | 809625 |
|  | 1360000 | 5.000 <sup>(a)</sup> | 01/18/53 | 1154640 |
|  | 1060000 | 5.750 | 01/16/54 | 1009279 |
|  | 200000 | 3.750 | 01/21/55 | 136000 |
|  |  |  |  | 4739876 |
|  **Senegal – 0.4%** | **Senegal – 0.4%** | **Senegal – 0.4%** | **Senegal – 0.4%** | **Senegal – 0.4%** |
|  Senegal Government International Bonds (B/B3) | Senegal Government International Bonds (B/B3) | Senegal Government International Bonds (B/B3) | Senegal Government International Bonds (B/B3) | Senegal Government International Bonds (B/B3) |
|  EUR | 230000 | 4.750 | 03/13/28 | 214034 |
|  $ | 1180000 | 7.750 | 06/10/31 | 866934 |
|  | 400000 | 6.250 | 05/23/33 | 260400 |
|  | 200000 | 6.750 | 03/13/48 | 119750 |
|  |  |  |  | 1461118 |
|  **Serbia – 1.0%** | **Serbia – 1.0%** | **Serbia – 1.0%** | **Serbia – 1.0%** | **Serbia – 1.0%** |
|  Serbia International Bonds (BBB-/Ba2) | Serbia International Bonds (BBB-/Ba2) | Serbia International Bonds (BBB-/Ba2) | Serbia International Bonds (BBB-/Ba2) | Serbia International Bonds (BBB-/Ba2) |
|  | 1920000 | 2.125 | 12/01/30 | 1618620 |
|  EUR | 240000 | 1.650 | 03/03/33 | 231733 |
|  $ | 680000 | 6.500 <sup>(a)</sup> | 09/26/33 | 714513 |
|  | 460000 | 6.500 | 09/26/33 | 483347 |
|  | 480000 | 6.000 <sup>(a)</sup> | 06/12/34 | 483780 |
|  EUR | 290000 | 2.050 | 09/23/36 | 258555 |
|  |  |  |  | 3790548 |
|  **South Africa – 2.6%** | **South Africa – 2.6%** | **South Africa – 2.6%** | **South Africa – 2.6%** | **South Africa – 2.6%** |
|  Republic of South Africa Government Bonds (BB/Ba2) | Republic of South Africa Government Bonds (BB/Ba2) | Republic of South Africa Government Bonds (BB/Ba2) | Republic of South Africa Government Bonds (BB/Ba2) | Republic of South Africa Government Bonds (BB/Ba2) |
|  ZAR | 8230000 | 8.500 | 01/31/37 | 404337 |
|  | 4910000 | 9.000 | 01/31/40 | 239618 |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** |
| **South Africa – (continued)** | **South Africa – (continued)** | **South Africa – (continued)** | **South Africa – (continued)** |
| Republic of South Africa Government International Bonds (BB-/Ba2) | Republic of South Africa Government International Bonds (BB-/Ba2) | Republic of South Africa Government International Bonds (BB-/Ba2) | Republic of South Africa Government International Bonds (BB-/Ba2) |
| 2220000 | 4.850% | 09/30/29 | $2135018 |
| 290000 | 5.875 | 06/22/30 | 288840 |
| 1290000 | 5.875 | 04/20/32 | 1258801 |
| 590000 | 7.100 <sup>(a)</sup> | 11/19/36 | 583953 |
| 530000 | 6.250 | 03/08/41 | 460570 |
| 1140000 | 5.375 | 07/24/44 | 863550 |
| 430000 | 5.000 | 10/12/46 | 300463 |
| 1130000 | 5.750 | 09/30/49 | 848630 |
| 900000 | 7.300 | 04/20/52 | 810900 |
| 390000 | 7.950 <sup>(a)</sup> | 11/19/54 | 371670 |
| 200000 | 7.950 | 11/19/54 | 190600 |
| Republic of South Africa Government International Bonds (NR/Ba2) | Republic of South Africa Government International Bonds (NR/Ba2) | Republic of South Africa Government International Bonds (NR/Ba2) | Republic of South Africa Government International Bonds (NR/Ba2) |
| 1340000 | 5.650 | 09/27/47 | 1007680 |
|  |  |  | 9764630 |
| **Sri Lanka – 1.3%** | **Sri Lanka – 1.3%** | **Sri Lanka – 1.3%** | **Sri Lanka – 1.3%** |
| Sri Lanka Government International Bonds (CCC+/Caa1)<sup>(a)</sup>  | Sri Lanka Government International Bonds (CCC+/Caa1)<sup>(a)</sup>  | Sri Lanka Government International Bonds (CCC+/Caa1)<sup>(a)</sup>  | Sri Lanka Government International Bonds (CCC+/Caa1)<sup>(a)</sup>  |
| 631576 | 4.000 | 04/15/28 | 591787 |
| 861204 | 3.600 <sup>(c)</sup> | 06/15/35 | 587449 |
| Sri Lanka Government International Bonds (NR/Caa1)<sup>(c)</sup>  | Sri Lanka Government International Bonds (NR/Caa1)<sup>(c)</sup>  | Sri Lanka Government International Bonds (NR/Caa1)<sup>(c)</sup>  | Sri Lanka Government International Bonds (NR/Caa1)<sup>(c)</sup>  |
| 750232 | 3.100 <sup>(a)</sup> | 01/15/30 | 668085 |
| 120000 | 3.100 | 01/15/30 | 106861 |
| 1635421 | 3.350 <sup>(a)</sup> | 03/15/33 | 1320602 |
| 747693 | 3.600 <sup>(a)</sup> | 05/15/36 | 607501 |
| 1295891 | 3.600 <sup>(a)</sup> | 02/15/38 | 1055665 |
|  |  |  | 4937950 |
| **Trinidad and Tobago<sup>(a)(b)</sup> – 0.6%** | **Trinidad and Tobago<sup>(a)(b)</sup> – 0.6%** | **Trinidad and Tobago<sup>(a)(b)</sup> – 0.6%** | **Trinidad and Tobago<sup>(a)(b)</sup> – 0.6%** |
| Trinidad & Tobago Government International Bonds (BBB-/Ba2) | Trinidad & Tobago Government International Bonds (BBB-/Ba2) | Trinidad & Tobago Government International Bonds (BBB-/Ba2) | Trinidad & Tobago Government International Bonds (BBB-/Ba2) |
| 1560000 | 4.500 | 06/26/30 | 1463483 |
| 900000 | 6.400 | 06/26/34 | 883800 |
|  |  |  | 2347283 |
| **Turkey – 4.0%** | **Turkey – 4.0%** | **Turkey – 4.0%** | **Turkey – 4.0%** |
| Republic of Turkiye (NR/B1) | Republic of Turkiye (NR/B1) | Republic of Turkiye (NR/B1) | Republic of Turkiye (NR/B1) |
| 290000 | 6.500 | 01/03/35 | 273688 |
| Turkiye Government International Bonds (NR/B1) | Turkiye Government International Bonds (NR/B1) | Turkiye Government International Bonds (NR/B1) | Turkiye Government International Bonds (NR/B1) |
| 780000 | 5.250 | 03/13/30 | 742365 |
| 2200000 | 5.950 | 01/15/31 | 2115300 |
| 1280000 | 5.875 | 06/26/31 | 1217920 |
| 1100000 | 7.125 | 02/12/32 | 1100066 |
| 1530000 | 7.125 | 07/17/32 | 1528133 |
| 2550000 | 6.500 | 09/20/33 | 2442262 |
| 1902000 | 7.625 | 05/15/34 | 1949550 |
| 1750000 | 6.000 | 01/14/41 | 1442875 |
| 980000 | 4.875 | 04/16/43 | 690655 |
| 2000000 | 5.750 | 05/11/47 | 1499500 |
|  |  |  | 15002314 |
| **Ukraine – 1.4%** | **Ukraine – 1.4%** | **Ukraine – 1.4%** | **Ukraine – 1.4%** |
| Ukraine Government International Bonds (CCC+/NR) | Ukraine Government International Bonds (CCC+/NR) | Ukraine Government International Bonds (CCC+/NR) | Ukraine Government International Bonds (CCC+/NR) |
| 150000 | 1.750 <sup>(c)</sup> | 02/01/35 | 76200 |
| Ukraine Government International Bonds (CCC+/NR)<sup>(c)</sup>  | Ukraine Government International Bonds (CCC+/NR)<sup>(c)</sup>  | Ukraine Government International Bonds (CCC+/NR)<sup>(c)</sup>  | Ukraine Government International Bonds (CCC+/NR)<sup>(c)</sup>  |
| 223742 | 0.000 <sup>(a)</sup> | 02/01/30 | 107002 |
| 1456099 | 0.000 <sup>(a)</sup> | 02/01/34 | 557686 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** |
|  **Ukraine – (continued)** | **Ukraine – (continued)** | **Ukraine – (continued)** | **Ukraine – (continued)** | **Ukraine – (continued)** |
|  Ukraine Government International Bonds (CCC+/NR)<sup>(c)</sup> – (continued) | Ukraine Government International Bonds (CCC+/NR)<sup>(c)</sup> – (continued) | Ukraine Government International Bonds (CCC+/NR)<sup>(c)</sup> – (continued) | Ukraine Government International Bonds (CCC+/NR)<sup>(c)</sup> – (continued) | Ukraine Government International Bonds (CCC+/NR)<sup>(c)</sup> – (continued) |
|  $ | 1697309 | 1.750 %<sup>(a)</sup> | 02/01/34 | $874114 |
|  | 400000 | 1.750 | 02/01/34 | 206000 |
|  | 576562 | 0.000 <sup>(a)</sup> | 02/01/35 | 270173 |
|  | 2588223 | 1.750 <sup>(a)</sup> | 02/01/35 | 1314817 |
|  | 232801 | 0.000 <sup>(a)</sup> | 02/01/36 | 108835 |
|  | 1800485 | 1.750 <sup>(a)</sup> | 02/01/36 | 893491 |
|  | 420000 | 1.750 | 02/01/36 | 208425 |
|  Ukraine Government International Bonds (D/NR) | Ukraine Government International Bonds (D/NR) | Ukraine Government International Bonds (D/NR) | Ukraine Government International Bonds (D/NR) | Ukraine Government International Bonds (D/NR) |
|  | 648000 | 7.750 <sup>(b)(h)</sup> | 08/01/41 | 463320 |
|  |  |  |  | 5080063 |
|  **United Arab Emirates – 0.5%** | **United Arab Emirates – 0.5%** | **United Arab Emirates – 0.5%** | **United Arab Emirates – 0.5%** | **United Arab Emirates – 0.5%** |
|  Abu Dhabi Government International Bonds (AA/NR) | Abu Dhabi Government International Bonds (AA/NR) | Abu Dhabi Government International Bonds (AA/NR) | Abu Dhabi Government International Bonds (AA/NR) | Abu Dhabi Government International Bonds (AA/NR) |
|  | 360000 | 5.500 <sup>(a)</sup> | 04/30/54 | 357300 |
|  Emirate of Dubai Government International Bonds (NR/NR) | Emirate of Dubai Government International Bonds (NR/NR) | Emirate of Dubai Government International Bonds (NR/NR) | Emirate of Dubai Government International Bonds (NR/NR) | Emirate of Dubai Government International Bonds (NR/NR) |
|  | 1890000 | 3.900 | 09/09/50 | 1334283 |
|  |  |  |  | 1691583 |
|  **Uruguay – 1.0%** | **Uruguay – 1.0%** | **Uruguay – 1.0%** | **Uruguay – 1.0%** | **Uruguay – 1.0%** |
|  Oriental Republic of Uruguay (BBB+/Baa1) | Oriental Republic of Uruguay (BBB+/Baa1) | Oriental Republic of Uruguay (BBB+/Baa1) | Oriental Republic of Uruguay (BBB+/Baa1) | Oriental Republic of Uruguay (BBB+/Baa1) |
|  | 520000 | 5.250 <sup>(b)</sup> | 09/10/60 | 471120 |
|  Uruguay Government International Bonds (BBB+/Baa1) | Uruguay Government International Bonds (BBB+/Baa1) | Uruguay Government International Bonds (BBB+/Baa1) | Uruguay Government International Bonds (BBB+/Baa1) | Uruguay Government International Bonds (BBB+/Baa1) |
|  | 1925920 | 5.750 <sup>(b)</sup> | 10/28/34 | 2033772 |
|  | 1410000 | 4.975 | 04/20/55 | 1249260 |
|  |  |  |  | 3754152 |
|  **Uzbekistan – 1.5%** | **Uzbekistan – 1.5%** | **Uzbekistan – 1.5%** | **Uzbekistan – 1.5%** | **Uzbekistan – 1.5%** |
|  National Bank of Uzbekistan (BB-/NR) | National Bank of Uzbekistan (BB-/NR) | National Bank of Uzbekistan (BB-/NR) | National Bank of Uzbekistan (BB-/NR) | National Bank of Uzbekistan (BB-/NR) |
|  | 1560000 | 4.850 | 10/21/25 | 1551326 |
|  Republic of Uzbekistan International Bonds (BB-/Ba3) | Republic of Uzbekistan International Bonds (BB-/Ba3) | Republic of Uzbekistan International Bonds (BB-/Ba3) | Republic of Uzbekistan International Bonds (BB-/Ba3) | Republic of Uzbekistan International Bonds (BB-/Ba3) |
|  EUR | 310000 | 5.375 <sup>(a)</sup> | 05/29/27 | 374068 |
|  Republic of Uzbekistan International Bonds (BB-/NR) | Republic of Uzbekistan International Bonds (BB-/NR) | Republic of Uzbekistan International Bonds (BB-/NR) | Republic of Uzbekistan International Bonds (BB-/NR) | Republic of Uzbekistan International Bonds (BB-/NR) |
|  $ | 550000 | 7.850 <sup>(a)</sup> | 10/12/28 | 585860 |
|  | 1120000 | 5.375 | 02/20/29 | 1098720 |
|  | 200000 | 3.700 <sup>(a)</sup> | 11/25/30 | 177750 |
|  | 1000000 | 3.700 | 11/25/30 | 888750 |
|  Republic of Uzbekistan International Bonds (NR/Ba3) | Republic of Uzbekistan International Bonds (NR/Ba3) | Republic of Uzbekistan International Bonds (NR/Ba3) | Republic of Uzbekistan International Bonds (NR/Ba3) | Republic of Uzbekistan International Bonds (NR/Ba3) |
|  UZS | 9450000000 | 15.500 <sup>(a)</sup> | 02/25/28 | 757647 |
|  |  |  |  | 5434121 |
|  **Venezuela<sup>(f)</sup> – 0.4%** | **Venezuela<sup>(f)</sup> – 0.4%** | **Venezuela<sup>(f)</sup> – 0.4%** | **Venezuela<sup>(f)</sup> – 0.4%** | **Venezuela<sup>(f)</sup> – 0.4%** |
|  Venezuela Government International Bonds (NR/Cu) | Venezuela Government International Bonds (NR/Cu) | Venezuela Government International Bonds (NR/Cu) | Venezuela Government International Bonds (NR/Cu) | Venezuela Government International Bonds (NR/Cu) |
|  $ | 176000 | 11.750 | 10/21/26 | 35200 |
|  | 3721000 | 9.250 | 05/07/28 | 656757 |
|  | 1920000 | 11.950 | 08/05/31 | 361920 |
|  Venezuela Government International Bonds (NR/WR) | Venezuela Government International Bonds (NR/WR) | Venezuela Government International Bonds (NR/WR) | Venezuela Government International Bonds (NR/WR) | Venezuela Government International Bonds (NR/WR) |
|  | 2310000 | 7.650 | 04/21/25 | 370755 |
|  |  |  |  | 1424632 |
|  **Vietnam<sup>(b)(e)</sup> – 0.1%** | **Vietnam<sup>(b)(e)</sup> – 0.1%** | **Vietnam<sup>(b)(e)</sup> – 0.1%** | **Vietnam<sup>(b)(e)</sup> – 0.1%** | **Vietnam<sup>(b)(e)</sup> – 0.1%** |
|  Viet Nam Debt & Asset Trading Corp. (NR/NR) | Viet Nam Debt & Asset Trading Corp. (NR/NR) | Viet Nam Debt & Asset Trading Corp. (NR/NR) | Viet Nam Debt & Asset Trading Corp. (NR/NR) | Viet Nam Debt & Asset Trading Corp. (NR/NR) |
|  | 280000 | 1.000 | 10/10/25 | 273582 |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** |
| **Zambia – 0.5%** | **Zambia – 0.5%** | **Zambia – 0.5%** | **Zambia – 0.5%** |
| Zambia Government International Bonds (CCC+/Caa2u) | Zambia Government International Bonds (CCC+/Caa2u) | Zambia Government International Bonds (CCC+/Caa2u) | Zambia Government International Bonds (CCC+/Caa2u) |
| 461147 | 5.750 %<sup>(c)</sup> | 06/30/33 | $423102 |
| 2167926 | 0.500 | 12/31/53 | 1468770 |
|  |  |  | 1891872 |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $251,175,107)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $251,175,107)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $251,175,107)** | $254053663 |
| **Corporate Obligations – 24.6%** | **Corporate Obligations – 24.6%** | **Corporate Obligations – 24.6%** | **Corporate Obligations – 24.6%** |
| **Angola<sup>(a)(b)</sup> – 0.2%** | **Angola<sup>(a)(b)</sup> – 0.2%** | **Angola<sup>(a)(b)</sup> – 0.2%** | **Angola<sup>(a)(b)</sup> – 0.2%** |
| Azule Energy Finance PLC (NR/B2) | Azule Energy Finance PLC (NR/B2) | Azule Energy Finance PLC (NR/B2) | Azule Energy Finance PLC (NR/B2) |
| 930000 | 8.125% | 01/23/30 | $916050 |
| **Argentina<sup>(a)(b)</sup> – 0.1%** | **Argentina<sup>(a)(b)</sup> – 0.1%** | **Argentina<sup>(a)(b)</sup> – 0.1%** | **Argentina<sup>(a)(b)</sup> – 0.1%** |
| YPF SA (NR/NR) | YPF SA (NR/NR) | YPF SA (NR/NR) | YPF SA (NR/NR) |
| 520000 | 8.250 | 01/17/34 | 523016 |
| **Australia<sup>(b)</sup> – 0.3%** | **Australia<sup>(b)</sup> – 0.3%** | **Australia<sup>(b)</sup> – 0.3%** | **Australia<sup>(b)</sup> – 0.3%** |
| Santos Finance Ltd. (BBB-/Baa3) | Santos Finance Ltd. (BBB-/Baa3) | Santos Finance Ltd. (BBB-/Baa3) | Santos Finance Ltd. (BBB-/Baa3) |
| 363000 | 6.875 | 09/19/33 | 396356 |
| Santos Finance Ltd. (BBB-/NR) | Santos Finance Ltd. (BBB-/NR) | Santos Finance Ltd. (BBB-/NR) | Santos Finance Ltd. (BBB-/NR) |
| 680000 | 5.250 | 03/13/29 | 686154 |
|  |  |  | 1082510 |
| **Bermuda<sup>(a)(b)</sup> – 0.3%** | **Bermuda<sup>(a)(b)</sup> – 0.3%** | **Bermuda<sup>(a)(b)</sup> – 0.3%** | **Bermuda<sup>(a)(b)</sup> – 0.3%** |
| Tengizchevroil Finance Co. International Ltd. (BBB-/Baa2) | Tengizchevroil Finance Co. International Ltd. (BBB-/Baa2) | Tengizchevroil Finance Co. International Ltd. (BBB-/Baa2) | Tengizchevroil Finance Co. International Ltd. (BBB-/Baa2) |
| 1280000 | 2.625 | 08/15/25 | 1270464 |
| **Brazil – 1.8%** | **Brazil – 1.8%** | **Brazil – 1.8%** | **Brazil – 1.8%** |
| Banco Bradesco SA (NR/Ba1) | Banco Bradesco SA (NR/Ba1) | Banco Bradesco SA (NR/Ba1) | Banco Bradesco SA (NR/Ba1) |
| 490000 | 6.500 <sup>(a)</sup> | 01/22/30 | 507885 |
| Banco do Brasil SA (B-/NR) (10 yr. CMT + 4.398%) | Banco do Brasil SA (B-/NR) (10 yr. CMT + 4.398%) | Banco do Brasil SA (B-/NR) (10 yr. CMT + 4.398%) | Banco do Brasil SA (B-/NR) (10 yr. CMT + 4.398%) |
| 310000 | 8.748 <sup>(b)(h)</sup> | 10/15/25 | 312278 |
| Brazil Minas SPE via State of Minas Gerais (BB/NR) | Brazil Minas SPE via State of Minas Gerais (BB/NR) | Brazil Minas SPE via State of Minas Gerais (BB/NR) | Brazil Minas SPE via State of Minas Gerais (BB/NR) |
| 1050000 | 5.333 <sup>(a)(e)</sup> | 02/15/28 | 1040434 |
| BRF SA (NR/Ba2) | BRF SA (NR/Ba2) | BRF SA (NR/Ba2) | BRF SA (NR/Ba2) |
| 860000 | 4.875 <sup>(b)</sup> | 01/24/30 | 819795 |
| Itau Unibanco Holding SA (NR/Ba3) (5 yr. CMT + 3.446%) | Itau Unibanco Holding SA (NR/Ba3) (5 yr. CMT + 3.446%) | Itau Unibanco Holding SA (NR/Ba3) (5 yr. CMT + 3.446%) | Itau Unibanco Holding SA (NR/Ba3) (5 yr. CMT + 3.446%) |
| 200000 | 3.875 <sup>(b)(h)</sup> | 04/15/31 | 197750 |
| Raizen Fuels Finance SA (BBB/NR)<sup>(a)(b)</sup>  | Raizen Fuels Finance SA (BBB/NR)<sup>(a)(b)</sup>  | Raizen Fuels Finance SA (BBB/NR)<sup>(a)(b)</sup>  | Raizen Fuels Finance SA (BBB/NR)<sup>(a)(b)</sup>  |
| 300000 | 6.700 | 02/25/37 | 293813 |
| 200000 | 6.950 | 03/05/54 | 185300 |
| Raizen Fuels Finance SA (BBB/NR)<sup>(b)</sup>  | Raizen Fuels Finance SA (BBB/NR)<sup>(b)</sup>  | Raizen Fuels Finance SA (BBB/NR)<sup>(b)</sup>  | Raizen Fuels Finance SA (BBB/NR)<sup>(b)</sup>  |
| 500000 | 5.700 <sup>(a)</sup> | 01/17/35 | 468125 |
| 200000 | 5.700 | 01/17/35 | 187250 |
| Rede D'or Finance SARL (BB+/NR) | Rede D'or Finance SARL (BB+/NR) | Rede D'or Finance SARL (BB+/NR) | Rede D'or Finance SARL (BB+/NR) |
| 330000 | 4.950 <sup>(b)</sup> | 01/17/28 | 325669 |
| Samarco Mineracao SA (NR/B2) (PIK 5.000%, Cash 4.000%) | Samarco Mineracao SA (NR/B2) (PIK 5.000%, Cash 4.000%) | Samarco Mineracao SA (NR/B2) (PIK 5.000%, Cash 4.000%) | Samarco Mineracao SA (NR/B2) (PIK 5.000%, Cash 4.000%) |
| 971518 | 9.500 <sup>(b)(i)</sup> | 06/30/31 | 952695 |
| Sitios Latinoamerica SAB de CV (NR/Baa3) | Sitios Latinoamerica SAB de CV (NR/Baa3) | Sitios Latinoamerica SAB de CV (NR/Baa3) | Sitios Latinoamerica SAB de CV (NR/Baa3) |
| 390000 | 5.375 <sup>(b)</sup> | 04/04/32 | 381810 |
| Vale Overseas Ltd. (BBB-/Baa2)<sup>(b)</sup>  | Vale Overseas Ltd. (BBB-/Baa2)<sup>(b)</sup>  | Vale Overseas Ltd. (BBB-/Baa2)<sup>(b)</sup>  | Vale Overseas Ltd. (BBB-/Baa2)<sup>(b)</sup>  |
| 710000 | 6.125 | 06/12/33 | 741467 |
| 150000 | 6.400 | 06/28/54 | 146627 |
|  |  |  | 6560898 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Chile – 1.4%** | **Chile – 1.4%** | **Chile – 1.4%** | **Chile – 1.4%** |
| Banco del Estado de Chile (BBB-/Baa3)<sup>(b)(h)</sup>  | Banco del Estado de Chile (BBB-/Baa3)<sup>(b)(h)</sup>  | Banco del Estado de Chile (BBB-/Baa3)<sup>(b)(h)</sup>  | Banco del Estado de Chile (BBB-/Baa3)<sup>(b)(h)</sup>  |
| (5 yr. CMT + 3.228%) | (5 yr. CMT + 3.228%) | (5 yr. CMT + 3.228%) | (5 yr. CMT + 3.228%) |
| 600000 | 7.950 %<sup>(a)</sup> | 05/02/29 | $626436 |
| (5 yr. CMT + 3.228%) | (5 yr. CMT + 3.228%) | (5 yr. CMT + 3.228%) | (5 yr. CMT + 3.228%) |
| 910000 | 7.950 | 05/02/29 | 950095 |
| Corp. Nacional del Cobre de Chile (BBB+/Baa2) | Corp. Nacional del Cobre de Chile (BBB+/Baa2) | Corp. Nacional del Cobre de Chile (BBB+/Baa2) | Corp. Nacional del Cobre de Chile (BBB+/Baa2) |
| 480000 | 6.330 <sup>(a)(b)</sup> | 01/13/35 | 495883 |
| Empresa de los Ferrocarriles del Estado (A/NR) | Empresa de los Ferrocarriles del Estado (A/NR) | Empresa de los Ferrocarriles del Estado (A/NR) | Empresa de los Ferrocarriles del Estado (A/NR) |
| 600000 | 3.068 <sup>(a)(b)</sup> | 08/18/50 | 355050 |
| GNL Quintero SA (BBB+/Baa2) | GNL Quintero SA (BBB+/Baa2) | GNL Quintero SA (BBB+/Baa2) | GNL Quintero SA (BBB+/Baa2) |
| 561376 | 4.634 | 07/31/29 | 555762 |
| Inversiones CMPC SA (BBB/Baa3)<sup>(b)</sup>  | Inversiones CMPC SA (BBB/Baa3)<sup>(b)</sup>  | Inversiones CMPC SA (BBB/Baa3)<sup>(b)</sup>  | Inversiones CMPC SA (BBB/Baa3)<sup>(b)</sup>  |
| 200000 | 3.850 | 01/13/30 | 189750 |
| 540000 | 6.125 <sup>(a)</sup> | 06/23/33 | 554008 |
| Inversiones CMPC SA (BBB/NR) | Inversiones CMPC SA (BBB/NR) | Inversiones CMPC SA (BBB/NR) | Inversiones CMPC SA (BBB/NR) |
| 200000 | 6.125 <sup>(a)(b)</sup> | 02/26/34 | 204625 |
| Latam Airlines Group SA (BBB-/Ba2)<sup>(b)</sup>  | Latam Airlines Group SA (BBB-/Ba2)<sup>(b)</sup>  | Latam Airlines Group SA (BBB-/Ba2)<sup>(b)</sup>  | Latam Airlines Group SA (BBB-/Ba2)<sup>(b)</sup>  |
| 980000 | 7.875 <sup>(a)</sup> | 04/15/30 | 995219 |
| 130000 | 7.875 | 04/15/30 | 132019 |
|  |  |  | 5058847 |
| **China – 0.0%** | **China – 0.0%** | **China – 0.0%** | **China – 0.0%** |
| China Aoyuan Group Ltd. (NR/NR) | China Aoyuan Group Ltd. (NR/NR) | China Aoyuan Group Ltd. (NR/NR) | China Aoyuan Group Ltd. (NR/NR) |
| 8063 | 0.000 <sup>(b)(d)</sup> | 09/30/28 | 133 |
| 35892 | 5.500 <sup>(i)</sup> | 09/30/31 | 431 |
| 90223 | 0.000 <sup>(c)</sup> | 12/31/99 | 677 |
| Easy Tactic Ltd. (NR/NR) | Easy Tactic Ltd. (NR/NR) | Easy Tactic Ltd. (NR/NR) | Easy Tactic Ltd. (NR/NR) |
| 441613 | 6.500 <sup>(b)(f)</sup> | 07/11/28 | 10488 |
| Fantasia Holdings Group Co. Ltd. (NR/NR) | Fantasia Holdings Group Co. Ltd. (NR/NR) | Fantasia Holdings Group Co. Ltd. (NR/NR) | Fantasia Holdings Group Co. Ltd. (NR/NR) |
| 340000 | 10.875 <sup>(b)(f)</sup> | 03/02/24 | 9350 |
| Fantasia Holdings Group Co. Ltd. (NR/WR) | Fantasia Holdings Group Co. Ltd. (NR/WR) | Fantasia Holdings Group Co. Ltd. (NR/WR) | Fantasia Holdings Group Co. Ltd. (NR/WR) |
| 200000 | 11.875 <sup>(b)(f)</sup> | 06/01/23 | 5500 |
| Redsun Properties Group Ltd. (NR/WR) | Redsun Properties Group Ltd. (NR/WR) | Redsun Properties Group Ltd. (NR/WR) | Redsun Properties Group Ltd. (NR/WR) |
| 220000 | 9.700 <sup>(b)(f)</sup> | 04/16/23 | 3300 |
| Yuzhou Group Holdings Co. Ltd. (NR/WR) (-1X 5 yr. CMT + 8.527%) | Yuzhou Group Holdings Co. Ltd. (NR/WR) (-1X 5 yr. CMT + 8.527%) | Yuzhou Group Holdings Co. Ltd. (NR/WR) (-1X 5 yr. CMT + 8.527%) | Yuzhou Group Holdings Co. Ltd. (NR/WR) (-1X 5 yr. CMT + 8.527%) |
| 2020000 | 5.375 <sup>(b)(f)(h)</sup> | 09/29/25 | 30300 |
|  |  |  | 60179 |
| **Colombia – 1.1%** | **Colombia – 1.1%** | **Colombia – 1.1%** | **Colombia – 1.1%** |
| Banco Davivienda SA (NR/NR) (5 yr. CMT + 4.588%) | Banco Davivienda SA (NR/NR) (5 yr. CMT + 4.588%) | Banco Davivienda SA (NR/NR) (5 yr. CMT + 4.588%) | Banco Davivienda SA (NR/NR) (5 yr. CMT + 4.588%) |
| 400000 | 8.125 <sup>(a)(b)(h)</sup> | 07/02/35 | 402320 |
| Banco de Bogota SA (NR/Ba2) | Banco de Bogota SA (NR/Ba2) | Banco de Bogota SA (NR/Ba2) | Banco de Bogota SA (NR/Ba2) |
| 350000 | 6.250 <sup>(a)</sup> | 05/12/26 | 351050 |
| 660000 | 6.250 | 05/12/26 | 661980 |
| Bancolombia SA (NR/Ba3) (5 yr. CMT + 4.320%) | Bancolombia SA (NR/Ba3) (5 yr. CMT + 4.320%) | Bancolombia SA (NR/Ba3) (5 yr. CMT + 4.320%) | Bancolombia SA (NR/Ba3) (5 yr. CMT + 4.320%) |
| 550000 | 8.625 <sup>(b)(h)</sup> | 12/24/34 | 577615 |
| Ecopetrol SA (BB/Ba1)<sup>(b)</sup>  | Ecopetrol SA (BB/Ba1)<sup>(b)</sup>  | Ecopetrol SA (BB/Ba1)<sup>(b)</sup>  | Ecopetrol SA (BB/Ba1)<sup>(b)</sup>  |
| 110000 | 8.625 | 01/19/29 | 116202 |
| 210000 | 6.875 | 04/29/30 | 207480 |
| 20000 | 4.625 | 11/02/31 | 16830 |
| 15000 | 7.750 | 02/01/32 | 14719 |
| Grupo Nutresa SA (NR/Baa3)<sup>(a)(b)</sup>  | Grupo Nutresa SA (NR/Baa3)<sup>(a)(b)</sup>  | Grupo Nutresa SA (NR/Baa3)<sup>(a)(b)</sup>  | Grupo Nutresa SA (NR/Baa3)<sup>(a)(b)</sup>  |
| 1454000 | 8.000 | 05/12/30 | 1523792 |
| 320000 | 9.000% | 05/12/35 | 346136 |
|  |  |  | 4218124 |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Czech Republic<sup>(a)(b)</sup> – 0.2%** | **Czech Republic<sup>(a)(b)</sup> – 0.2%** | **Czech Republic<sup>(a)(b)</sup> – 0.2%** | **Czech Republic<sup>(a)(b)</sup> – 0.2%** |
| Czechoslovak Group AS (BB+/Ba1) | Czechoslovak Group AS (BB+/Ba1) | Czechoslovak Group AS (BB+/Ba1) | Czechoslovak Group AS (BB+/Ba1) |
| 720000 | 6.500% | 01/10/31 | $725850 |
| **Ghana<sup>(a)(b)</sup> – 0.2%** | **Ghana<sup>(a)(b)</sup> – 0.2%** | **Ghana<sup>(a)(b)</sup> – 0.2%** | **Ghana<sup>(a)(b)</sup> – 0.2%** |
| Kosmos Energy Ltd. (CCC/Caa1u) | Kosmos Energy Ltd. (CCC/Caa1u) | Kosmos Energy Ltd. (CCC/Caa1u) | Kosmos Energy Ltd. (CCC/Caa1u) |
| 730000 | 7.750 | 05/01/27 | 644181 |
| 310000 | 8.750 | 10/01/31 | 229400 |
|  |  |  | 873581 |
| **Guatemala<sup>(b)</sup> – 0.3%** | **Guatemala<sup>(b)</sup> – 0.3%** | **Guatemala<sup>(b)</sup> – 0.3%** | **Guatemala<sup>(b)</sup> – 0.3%** |
| Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL (NR/Ba2) | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL (NR/Ba2) | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL (NR/Ba2) | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL (NR/Ba2) |
| 1000000 | 5.250 | 04/27/29 | 968800 |
| **Hong Kong<sup>(i)</sup> – 0.0%** | **Hong Kong<sup>(i)</sup> – 0.0%** | **Hong Kong<sup>(i)</sup> – 0.0%** | **Hong Kong<sup>(i)</sup> – 0.0%** |
| Add Hero Holdings Ltd. (NR/NR) | Add Hero Holdings Ltd. (NR/NR) | Add Hero Holdings Ltd. (NR/NR) | Add Hero Holdings Ltd. (NR/NR) |
| (PIK 8.500%, Cash 7.500%) | (PIK 8.500%, Cash 7.500%) | (PIK 8.500%, Cash 7.500%) | (PIK 8.500%, Cash 7.500%) |
| 61328 | 8.500 | 09/30/29 | 920 |
| (PIK 9.000%, Cash 8.000%) | (PIK 9.000%, Cash 8.000%) | (PIK 9.000%, Cash 8.000%) | (PIK 9.000%, Cash 8.000%) |
| 49828 | 9.000 | 09/30/30 | 747 |
| (PIK 9.800%, Cash 8.800%) | (PIK 9.800%, Cash 8.800%) | (PIK 9.800%, Cash 8.800%) | (PIK 9.800%, Cash 8.800%) |
| 65523 | 9.800 | 09/30/31 | 1442 |
|  |  |  | 3109 |
| **India – 0.7%** | **India – 0.7%** | **India – 0.7%** | **India – 0.7%** |
| Adani Electricity Mumbai Ltd. (BBB-/Baa3) | Adani Electricity Mumbai Ltd. (BBB-/Baa3) | Adani Electricity Mumbai Ltd. (BBB-/Baa3) | Adani Electricity Mumbai Ltd. (BBB-/Baa3) |
| 262000 | 3.949 | 02/12/30 | 233835 |
| Adani Ports & Special Economic Zone Ltd. (BBB-/Baa3) | Adani Ports & Special Economic Zone Ltd. (BBB-/Baa3) | Adani Ports & Special Economic Zone Ltd. (BBB-/Baa3) | Adani Ports & Special Economic Zone Ltd. (BBB-/Baa3) |
| 270000 | 4.375 | 07/03/29 | 252788 |
| CA Magnum Holdings (NR/B1) | CA Magnum Holdings (NR/B1) | CA Magnum Holdings (NR/B1) | CA Magnum Holdings (NR/B1) |
| 830000 | 5.375 <sup>(b)</sup> | 10/31/26 | 822717 |
| JSW Hydro Energy Ltd. (NR/Ba1) | JSW Hydro Energy Ltd. (NR/Ba1) | JSW Hydro Energy Ltd. (NR/Ba1) | JSW Hydro Energy Ltd. (NR/Ba1) |
| 631900 | 4.125 <sup>(b)</sup> | 05/18/31 | 578188 |
| Reliance Industries Ltd. (BBB+/Baa2) | Reliance Industries Ltd. (BBB+/Baa2) | Reliance Industries Ltd. (BBB+/Baa2) | Reliance Industries Ltd. (BBB+/Baa2) |
| 770000 | 2.875 <sup>(a)</sup> | 01/12/32 | 682258 |
|  |  |  | 2569786 |
| **Indonesia – 0.7%** | **Indonesia – 0.7%** | **Indonesia – 0.7%** | **Indonesia – 0.7%** |
| Bank Negara Indonesia Persero Tbk. PT (NR/Ba3) (5 yr. CMT + 3.466%) | Bank Negara Indonesia Persero Tbk. PT (NR/Ba3) (5 yr. CMT + 3.466%) | Bank Negara Indonesia Persero Tbk. PT (NR/Ba3) (5 yr. CMT + 3.466%) | Bank Negara Indonesia Persero Tbk. PT (NR/Ba3) (5 yr. CMT + 3.466%) |
| 278000 | 4.300 <sup>(b)(h)</sup> | 03/24/27 | 266185 |
| Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT (NR/Baa2) | Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT (NR/Baa2) | Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT (NR/Baa2) | Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT (NR/Baa2) |
| 560000 | 5.800 <sup>(a)(b)</sup> | 05/15/50 | 522480 |
| Pertamina Persero PT (BBB/Baa2) | Pertamina Persero PT (BBB/Baa2) | Pertamina Persero PT (BBB/Baa2) | Pertamina Persero PT (BBB/Baa2) |
| 330000 | 6.500 | 05/27/41 | 343489 |
| 920000 | 6.000 | 05/03/42 | 904949 |
| Pertamina Persero PT (NR/Baa2) | Pertamina Persero PT (NR/Baa2) | Pertamina Persero PT (NR/Baa2) | Pertamina Persero PT (NR/Baa2) |
| 620000 | 4.150 <sup>(b)</sup> | 02/25/60 | 432791 |
|  |  |  | 2469894 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Jamaica<sup>(b)</sup> – 0.4%** | **Jamaica<sup>(b)</sup> – 0.4%** | **Jamaica<sup>(b)</sup> – 0.4%** | **Jamaica<sup>(b)</sup> – 0.4%** |
| Kingston Airport Revenue Finance Ltd. (BB/Ba3) | Kingston Airport Revenue Finance Ltd. (BB/Ba3) | Kingston Airport Revenue Finance Ltd. (BB/Ba3) | Kingston Airport Revenue Finance Ltd. (BB/Ba3) |
| 1020000 | 6.750 %<sup>(a)</sup> | 12/15/36 | $1028925 |
| 400000 | 6.750 | 12/15/36 | 403500 |
|  |  |  | 1432425 |
| **Kazakhstan<sup>(a)(b)</sup> – 0.4%** | **Kazakhstan<sup>(a)(b)</sup> – 0.4%** | **Kazakhstan<sup>(a)(b)</sup> – 0.4%** | **Kazakhstan<sup>(a)(b)</sup> – 0.4%** |
| KazMunayGas National Co. JSC (NR/Baa1) | KazMunayGas National Co. JSC (NR/Baa1) | KazMunayGas National Co. JSC (NR/Baa1) | KazMunayGas National Co. JSC (NR/Baa1) |
| 1840000 | 3.500 | 04/14/33 | 1588159 |
| **Kuwait<sup>(b)(h)</sup> – 0.1%** | **Kuwait<sup>(b)(h)</sup> – 0.1%** | **Kuwait<sup>(b)(h)</sup> – 0.1%** | **Kuwait<sup>(b)(h)</sup> – 0.1%** |
| NBK Tier 1 Ltd. (NR/Baa3) (6 yr. CMT + 2.875%) | NBK Tier 1 Ltd. (NR/Baa3) (6 yr. CMT + 2.875%) | NBK Tier 1 Ltd. (NR/Baa3) (6 yr. CMT + 2.875%) | NBK Tier 1 Ltd. (NR/Baa3) (6 yr. CMT + 2.875%) |
| 220000 | 3.625 | 08/24/26 | 212025 |
| **Luxembourg<sup>(b)</sup> – 0.1%** | **Luxembourg<sup>(b)</sup> – 0.1%** | **Luxembourg<sup>(b)</sup> – 0.1%** | **Luxembourg<sup>(b)</sup> – 0.1%** |
| Rede D'or Finance SARL (BB+/NR) | Rede D'or Finance SARL (BB+/NR) | Rede D'or Finance SARL (BB+/NR) | Rede D'or Finance SARL (BB+/NR) |
| 256000 | 4.500 <sup>(a)</sup> | 01/22/30 | 242320 |
| 302000 | 4.500 | 01/22/30 | 285862 |
|  |  |  | 528182 |
| **Malaysia<sup>(b)</sup> – 0.8%** | **Malaysia<sup>(b)</sup> – 0.8%** | **Malaysia<sup>(b)</sup> – 0.8%** | **Malaysia<sup>(b)</sup> – 0.8%** |
| Petronas Capital Ltd. (A-/A2) | Petronas Capital Ltd. (A-/A2) | Petronas Capital Ltd. (A-/A2) | Petronas Capital Ltd. (A-/A2) |
| 920000 | 3.500 | 04/21/30 | 883899 |
| 1130000 | 5.340 <sup>(a)</sup> | 04/03/35 | 1156566 |
| 1020000 | 4.550 <sup>(a)</sup> | 04/21/50 | 864226 |
|  |  |  | 2904691 |
| **Mexico – 4.3%** | **Mexico – 4.3%** | **Mexico – 4.3%** | **Mexico – 4.3%** |
| Banco Mercantil del Norte SA (BB-/Ba2)<sup>(a)(b)(h)</sup>  | Banco Mercantil del Norte SA (BB-/Ba2)<sup>(a)(b)(h)</sup>  | Banco Mercantil del Norte SA (BB-/Ba2)<sup>(a)(b)(h)</sup>  | Banco Mercantil del Norte SA (BB-/Ba2)<sup>(a)(b)(h)</sup>  |
| (10 yr. CMT + 4.299%) | (10 yr. CMT + 4.299%) | (10 yr. CMT + 4.299%) | (10 yr. CMT + 4.299%) |
| 1100000 | 8.750 | 05/20/35 | 1111550 |
| (5 yr. CMT + 4.643%) | (5 yr. CMT + 4.643%) | (5 yr. CMT + 4.643%) | (5 yr. CMT + 4.643%) |
| 790000 | 5.875 | 01/24/27 | 771237 |
| BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico (BB/NR) (5 yr. CMT + 2.650%) | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico (BB/NR) (5 yr. CMT + 2.650%) | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico (BB/NR) (5 yr. CMT + 2.650%) | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico (BB/NR) (5 yr. CMT + 2.650%) |
| 550000 | 5.125 <sup>(a)(b)(h)</sup> | 01/18/33 | 529034 |
| Bimbo Bakeries USA, Inc. (BBB+/Baa1)<sup>(a)(b)</sup>  | Bimbo Bakeries USA, Inc. (BBB+/Baa1)<sup>(a)(b)</sup>  | Bimbo Bakeries USA, Inc. (BBB+/Baa1)<sup>(a)(b)</sup>  | Bimbo Bakeries USA, Inc. (BBB+/Baa1)<sup>(a)(b)</sup>  |
| 1060000 | 6.050 | 01/15/29 | 1105527 |
| 340000 | 6.400 | 01/15/34 | 363494 |
| 340000 | 5.375 | 01/09/36 | 335920 |
| Cemex SAB de CV (BBB-/NR) | Cemex SAB de CV (BBB-/NR) | Cemex SAB de CV (BBB-/NR) | Cemex SAB de CV (BBB-/NR) |
| 400000 | 5.450 <sup>(b)</sup> | 11/19/29 | 401200 |
| Cemex SAB de CV (NR/NR) (5 yr. CMT + 3.520%) | Cemex SAB de CV (NR/NR) (5 yr. CMT + 3.520%) | Cemex SAB de CV (NR/NR) (5 yr. CMT + 3.520%) | Cemex SAB de CV (NR/NR) (5 yr. CMT + 3.520%) |
| 880000 | 7.200 <sup>(a)(b)(h)</sup> | 06/10/30 | 890120 |
| FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple (BBB/Baa3)<sup>(b)</sup>  | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple (BBB/Baa3)<sup>(b)</sup>  | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple (BBB/Baa3)<sup>(b)</sup>  | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple (BBB/Baa3)<sup>(b)</sup>  |
| 248563 | 7.250 <sup>(a)</sup> | 01/31/41 | 251303 |
| 715860 | 7.250 | 01/31/41 | 723753 |
| Mexico City Airport Trust (BBB/Baa3)<sup>(b)</sup>  | Mexico City Airport Trust (BBB/Baa3)<sup>(b)</sup>  | Mexico City Airport Trust (BBB/Baa3)<sup>(b)</sup>  | Mexico City Airport Trust (BBB/Baa3)<sup>(b)</sup>  |
| 620000 | 4.250 <sup>(a)</sup> | 10/31/26 | 615350 |
| 1310000 | 3.875 <sup>(a)</sup> | 04/30/28 | 1270045 |
| 280000 | 5.500 <sup>(a)</sup> | 10/31/46 | 231245 |
| 522000 | 5.500 | 10/31/46 | 431107 |
| 1109000 | 5.500 | 07/31/47 | 914010 |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Mexico – (continued)** | **Mexico – (continued)** | **Mexico – (continued)** | **Mexico – (continued)** |
| Petroleos Mexicanos (BBB/B3) | Petroleos Mexicanos (BBB/B3) | Petroleos Mexicanos (BBB/B3) | Petroleos Mexicanos (BBB/B3) |
| 514000 | 6.490 %<sup>(b)</sup> | 01/23/27 | $510402 |
| 180000 | 6.500 | 03/13/27 | 178740 |
| 240000 | 5.350 | 02/12/28 | 230604 |
| 360000 | 6.500 | 01/23/29 | 352400 |
| 320000 | 8.750 <sup>(b)</sup> | 06/02/29 | 330746 |
| 330000 | 6.840 <sup>(b)</sup> | 01/23/30 | 318417 |
| 654000 | 5.950 <sup>(b)</sup> | 01/28/31 | 589646 |
| 170000 | 6.700 <sup>(b)</sup> | 02/16/32 | 157828 |
| 240000 | 6.375 | 01/23/45 | 168571 |
| 370000 | 5.625 | 01/23/46 | 244200 |
| 1550000 | 6.750 | 09/21/47 | 1122820 |
| 1210000 | 6.350 | 02/12/48 | 842039 |
| 1673000 | 6.950 <sup>(b)</sup> | 01/28/60 | 1202720 |
|  |  |  | 16194028 |
| **Morocco<sup>(b)</sup> – 0.9%** | **Morocco<sup>(b)</sup> – 0.9%** | **Morocco<sup>(b)</sup> – 0.9%** | **Morocco<sup>(b)</sup> – 0.9%** |
| OCP SA (BB+/Baa3) | OCP SA (BB+/Baa3) | OCP SA (BB+/Baa3) | OCP SA (BB+/Baa3) |
| 1190000 | 6.750 <sup>(a)</sup> | 05/02/34 | 1231103 |
| 1320000 | 7.500 | 05/02/54 | 1315340 |
| OCP SA (BB+/NR) | OCP SA (BB+/NR) | OCP SA (BB+/NR) | OCP SA (BB+/NR) |
| 1150000 | 5.125 | 06/23/51 | 872562 |
|  |  |  | 3419005 |
| **Netherlands – 0.6%** | **Netherlands – 0.6%** | **Netherlands – 0.6%** | **Netherlands – 0.6%** |
| Minejesa Capital BV (NR/Baa3) | Minejesa Capital BV (NR/Baa3) | Minejesa Capital BV (NR/Baa3) | Minejesa Capital BV (NR/Baa3) |
| 292078 | 4.625 | 08/10/30 | 285506 |
| MV24 Capital BV (BB+/NR) | MV24 Capital BV (BB+/NR) | MV24 Capital BV (BB+/NR) | MV24 Capital BV (BB+/NR) |
| 739643 | 6.748 <sup>(a)</sup> | 06/01/34 | 716352 |
| NE Property BV (BBB/NR)<sup>(b)</sup>  | NE Property BV (BBB/NR)<sup>(b)</sup>  | NE Property BV (BBB/NR)<sup>(b)</sup>  | NE Property BV (BBB/NR)<sup>(b)</sup>  |
| 530000 | 1.875 | 10/09/26 | 616223 |
| 450000 | 3.375 | 07/14/27 | 533624 |
|  |  |  | 2151705 |
| **Nigeria<sup>(a)(b)</sup> – 0.2%** | **Nigeria<sup>(a)(b)</sup> – 0.2%** | **Nigeria<sup>(a)(b)</sup> – 0.2%** | **Nigeria<sup>(a)(b)</sup> – 0.2%** |
| IHS Holding Ltd. (B+/NR) | IHS Holding Ltd. (B+/NR) | IHS Holding Ltd. (B+/NR) | IHS Holding Ltd. (B+/NR) |
| 400000 | 6.250 | 11/29/28 | 389750 |
| 360000 | 8.250 | 11/29/31 | 363377 |
|  |  |  | 753127 |
| **Norway<sup>(b)</sup> – 0.3%** | **Norway<sup>(b)</sup> – 0.3%** | **Norway<sup>(b)</sup> – 0.3%** | **Norway<sup>(b)</sup> – 0.3%** |
| DNO ASA (NR/NR) | DNO ASA (NR/NR) | DNO ASA (NR/NR) | DNO ASA (NR/NR) |
| 1000000 | 8.500 | 03/27/30 | 996205 |
| **Panama<sup>(a)</sup> – 1.2%** | **Panama<sup>(a)</sup> – 1.2%** | **Panama<sup>(a)</sup> – 1.2%** | **Panama<sup>(a)</sup> – 1.2%** |
| Aeropuerto Internacional de Tocumen SA (BBB-/Baa3)<sup>(b)</sup>  | Aeropuerto Internacional de Tocumen SA (BBB-/Baa3)<sup>(b)</sup>  | Aeropuerto Internacional de Tocumen SA (BBB-/Baa3)<sup>(b)</sup>  | Aeropuerto Internacional de Tocumen SA (BBB-/Baa3)<sup>(b)</sup>  |
| 940000 | 4.000 | 08/11/41 | 708525 |
| 2130000 | 5.125 | 08/11/61 | 1502715 |
| Autoridad del Canal de Panama (BBB+/A3) | Autoridad del Canal de Panama (BBB+/A3) | Autoridad del Canal de Panama (BBB+/A3) | Autoridad del Canal de Panama (BBB+/A3) |
| 380000 | 4.950 | 07/29/35 | 357265 |
| Banco Latinoamericano de Comercio Exterior SA (BBB/Baa2) | Banco Latinoamericano de Comercio Exterior SA (BBB/Baa2) | Banco Latinoamericano de Comercio Exterior SA (BBB/Baa2) | Banco Latinoamericano de Comercio Exterior SA (BBB/Baa2) |
| 1970000 | 2.375 <sup>(b)</sup> | 09/14/25 | 1957648 |
|  |  |  | 4526153 |
| **Peru<sup>(a)</sup> – 0.4%** | **Peru<sup>(a)</sup> – 0.4%** | **Peru<sup>(a)</sup> – 0.4%** | **Peru<sup>(a)</sup> – 0.4%** |
| Atlantica Transmision Sur SA (BBB-/NR) | Atlantica Transmision Sur SA (BBB-/NR) | Atlantica Transmision Sur SA (BBB-/NR) | Atlantica Transmision Sur SA (BBB-/NR) |
| 690382 | 6.875 | 04/30/43 | 724763 |
| Kallpa Generacion SA (NR/Baa3) | Kallpa Generacion SA (NR/Baa3) | Kallpa Generacion SA (NR/Baa3) | Kallpa Generacion SA (NR/Baa3) |
| 310000 | 5.875 <sup>(b)</sup> | 01/30/32 | 316563 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Peru<sup>(a)</sup> – (continued)** | **Peru<sup>(a)</sup> – (continued)** | **Peru<sup>(a)</sup> – (continued)** | **Peru<sup>(a)</sup> – (continued)** |
| Niagara Energy SAC (BBB-/Baa3) | Niagara Energy SAC (BBB-/Baa3) | Niagara Energy SAC (BBB-/Baa3) | Niagara Energy SAC (BBB-/Baa3) |
| 610000 | 5.746 %<sup>(b)</sup> | 10/03/34 | $602756 |
|  |  |  | 1644082 |
| **Qatar<sup>(a)(b)</sup> – 0.0%** | **Qatar<sup>(a)(b)</sup> – 0.0%** | **Qatar<sup>(a)(b)</sup> – 0.0%** | **Qatar<sup>(a)(b)</sup> – 0.0%** |
| QatarEnergy (AA/Aa2) | QatarEnergy (AA/Aa2) | QatarEnergy (AA/Aa2) | QatarEnergy (AA/Aa2) |
| 207000 | 3.300 | 07/12/51 | 139751 |
| **Saudi Arabia – 0.5%** | **Saudi Arabia – 0.5%** | **Saudi Arabia – 0.5%** | **Saudi Arabia – 0.5%** |
| EIG Pearl Holdings SARL (NR/Aa3) | EIG Pearl Holdings SARL (NR/Aa3) | EIG Pearl Holdings SARL (NR/Aa3) | EIG Pearl Holdings SARL (NR/Aa3) |
| 943010 | 3.545 | 08/31/36 | 838985 |
| Saudi Arabian Oil Co. (NR/Aa3) | Saudi Arabian Oil Co. (NR/Aa3) | Saudi Arabian Oil Co. (NR/Aa3) | Saudi Arabian Oil Co. (NR/Aa3) |
| 1030000 | 5.750 <sup>(a)(b)</sup> | 07/17/54 | 959239 |
|  |  |  | 1798224 |
| **Serbia<sup>(b)</sup> – 0.2%** | **Serbia<sup>(b)</sup> – 0.2%** | **Serbia<sup>(b)</sup> – 0.2%** | **Serbia<sup>(b)</sup> – 0.2%** |
| Telecommunications Co. Telekom Srbija AD Belgrade (BB-/NR) | Telecommunications Co. Telekom Srbija AD Belgrade (BB-/NR) | Telecommunications Co. Telekom Srbija AD Belgrade (BB-/NR) | Telecommunications Co. Telekom Srbija AD Belgrade (BB-/NR) |
| 200000 | 7.000 | 10/28/29 | 199575 |
| Telecommunications Co. Telekom Srbija AD Belgrade (BB-/NR) | Telecommunications Co. Telekom Srbija AD Belgrade (BB-/NR) | Telecommunications Co. Telekom Srbija AD Belgrade (BB-/NR) | Telecommunications Co. Telekom Srbija AD Belgrade (BB-/NR) |
| 420000 | 7.000 <sup>(a)</sup> | 10/28/29 | 419107 |
|  |  |  | 618682 |
| **South Africa – 1.7%** | **South Africa – 1.7%** | **South Africa – 1.7%** | **South Africa – 1.7%** |
| Eskom Holdings SOC Ltd. (BB-/Ba2)<sup>(e)</sup>  | Eskom Holdings SOC Ltd. (BB-/Ba2)<sup>(e)</sup>  | Eskom Holdings SOC Ltd. (BB-/Ba2)<sup>(e)</sup>  | Eskom Holdings SOC Ltd. (BB-/Ba2)<sup>(e)</sup>  |
| 1920000 | 4.314 | 07/23/27 | 1868640 |
| 520000 | 6.350 | 08/10/28 | 525850 |
| Sasol Financing USA LLC (BB+/Ba1) | Sasol Financing USA LLC (BB+/Ba1) | Sasol Financing USA LLC (BB+/Ba1) | Sasol Financing USA LLC (BB+/Ba1) |
| 1110000 | 4.375 <sup>(b)</sup> | 09/18/26 | 1087800 |
| Transnet SOC Ltd. (BB-/Ba3) | Transnet SOC Ltd. (BB-/Ba3) | Transnet SOC Ltd. (BB-/Ba3) | Transnet SOC Ltd. (BB-/Ba3) |
| 1260000 | 8.250 <sup>(a)</sup> | 02/06/28 | 1303709 |
| 650000 | 8.250 | 02/06/28 | 672549 |
| Windfall Mining Group, Inc./Groupe Minier Windfall, Inc. (BBB-/Baa3) | Windfall Mining Group, Inc./Groupe Minier Windfall, Inc. (BBB-/Baa3) | Windfall Mining Group, Inc./Groupe Minier Windfall, Inc. (BBB-/Baa3) | Windfall Mining Group, Inc./Groupe Minier Windfall, Inc. (BBB-/Baa3) |
| 920000 | 5.854 <sup>(a)(b)</sup> | 05/13/32 | 936946 |
|  |  |  | 6395494 |
| **Turkey<sup>(a)</sup> – 0.9%** | **Turkey<sup>(a)</sup> – 0.9%** | **Turkey<sup>(a)</sup> – 0.9%** | **Turkey<sup>(a)</sup> – 0.9%** |
| Akbank TAS (NR/B1) | Akbank TAS (NR/B1) | Akbank TAS (NR/B1) | Akbank TAS (NR/B1) |
| 1230000 | 7.498 | 01/20/30 | 1246912 |
| Turkiye Garanti Bankasi AS (NR/B2) (5 yr. CMT + 4.090%) | Turkiye Garanti Bankasi AS (NR/B2) (5 yr. CMT + 4.090%) | Turkiye Garanti Bankasi AS (NR/B2) (5 yr. CMT + 4.090%) | Turkiye Garanti Bankasi AS (NR/B2) (5 yr. CMT + 4.090%) |
| 950000 | 8.375 <sup>(b)(h)</sup> | 02/28/34 | 964345 |
| Yapi ve Kredi Bankasi AS (NR/NR) | Yapi ve Kredi Bankasi AS (NR/NR) | Yapi ve Kredi Bankasi AS (NR/NR) | Yapi ve Kredi Bankasi AS (NR/NR) |
| 630000 | 7.250 | 03/03/30 | 628898 |
| Yapi ve Kredi Bankasi AS (NR/B3) (5 yr. CMT + 5.278%) | Yapi ve Kredi Bankasi AS (NR/B3) (5 yr. CMT + 5.278%) | Yapi ve Kredi Bankasi AS (NR/B3) (5 yr. CMT + 5.278%) | Yapi ve Kredi Bankasi AS (NR/B3) (5 yr. CMT + 5.278%) |
| 370000 | 9.250 <sup>(b)(h)</sup> | 01/17/34 | 384064 |
|  |  |  | 3224219 |
| **United Arab Emirates – 2.8%** | **United Arab Emirates – 2.8%** | **United Arab Emirates – 2.8%** | **United Arab Emirates – 2.8%** |
| Abu Dhabi Crude Oil Pipeline LLC (AA/NR) | Abu Dhabi Crude Oil Pipeline LLC (AA/NR) | Abu Dhabi Crude Oil Pipeline LLC (AA/NR) | Abu Dhabi Crude Oil Pipeline LLC (AA/NR) |
| 2280000 | 4.600 <sup>(a)</sup> | 11/02/47 | 2037750 |
| Adnoc Murban Rsc Ltd. (AA/Aa2) | Adnoc Murban Rsc Ltd. (AA/Aa2) | Adnoc Murban Rsc Ltd. (AA/Aa2) | Adnoc Murban Rsc Ltd. (AA/Aa2) |
| 760000 | 5.125 <sup>(a)(b)</sup> | 09/11/54 | 688275 |
| DP World Crescent Ltd. (NR/Baa2) | DP World Crescent Ltd. (NR/Baa2) | DP World Crescent Ltd. (NR/Baa2) | DP World Crescent Ltd. (NR/Baa2) |
| 1510000 | 5.500 <sup>(a)</sup> | 05/08/35 | 1519437 |
| DP World Ltd. (NR/Baa2) | DP World Ltd. (NR/Baa2) | DP World Ltd. (NR/Baa2) | DP World Ltd. (NR/Baa2) |
| 2401000 | 5.625 | 09/25/48 | 2238182 |
| 730000 | 4.700 <sup>(b)</sup> | 09/30/49 | 598828 |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **United Arab Emirates – (continued)** | **United Arab Emirates – (continued)** | **United Arab Emirates – (continued)** | **United Arab Emirates – (continued)** |
| Galaxy Pipeline Assets Bidco Ltd. (NR/Aa2) | Galaxy Pipeline Assets Bidco Ltd. (NR/Aa2) | Galaxy Pipeline Assets Bidco Ltd. (NR/Aa2) | Galaxy Pipeline Assets Bidco Ltd. (NR/Aa2) |
| 375947 | 2.160 %<sup>(a)</sup> | 03/31/34 | $332570 |
| 580000 | 2.625 | 03/31/36 | 491550 |
| 2010000 | 3.250 | 09/30/40 | 1559881 |
| NBK Tier 1 Financing 2 Ltd. (NR/Baa3) (6 yr. CMT + 2.832%) | NBK Tier 1 Financing 2 Ltd. (NR/Baa3) (6 yr. CMT + 2.832%) | NBK Tier 1 Financing 2 Ltd. (NR/Baa3) (6 yr. CMT + 2.832%) | NBK Tier 1 Financing 2 Ltd. (NR/Baa3) (6 yr. CMT + 2.832%) |
| 1140000 | 4.500 <sup>(a)(b)(h)</sup> | 08/27/25 | 1134300 |
|  |  |  | 10600773 |
| **Uzbekistan<sup>(a)</sup> – 0.4%** | **Uzbekistan<sup>(a)</sup> – 0.4%** | **Uzbekistan<sup>(a)</sup> – 0.4%** | **Uzbekistan<sup>(a)</sup> – 0.4%** |
| Navoi Mining & Metallurgical Combinat (BB-/NR) | Navoi Mining & Metallurgical Combinat (BB-/NR) | Navoi Mining & Metallurgical Combinat (BB-/NR) | Navoi Mining & Metallurgical Combinat (BB-/NR) |
| 200000 | 6.750 | 05/14/30 | 203100 |
| Navoi Mining & Metallurgical Combinat (BB-/NR) | Navoi Mining & Metallurgical Combinat (BB-/NR) | Navoi Mining & Metallurgical Combinat (BB-/NR) | Navoi Mining & Metallurgical Combinat (BB-/NR) |
| 520000 | 6.700 | 10/17/28 | 531539 |
| 610000 | 6.950 | 10/17/31 | 623731 |
|  |  |  | 1358370 |
| **Venezuela<sup>(f)</sup> – 0.9%** | **Venezuela<sup>(f)</sup> – 0.9%** | **Venezuela<sup>(f)</sup> – 0.9%** | **Venezuela<sup>(f)</sup> – 0.9%** |
| Petroleos de Venezuela SA (NR/NR) | Petroleos de Venezuela SA (NR/NR) | Petroleos de Venezuela SA (NR/NR) | Petroleos de Venezuela SA (NR/NR) |
| 13100000 | 6.000 | 05/16/24 | 1644050 |
| 77934 | 6.000 | 11/15/26 | 9859 |
| 2570000 | 5.375 | 04/12/27 | 322535 |
| 9920000 | 5.375 | 04/12/27 | 1244960 |
| 2180000 | 5.500 | 04/12/37 | 268140 |
|  |  |  | 3489544 |
| **Zambia<sup>(a)(b)</sup> – 0.2%** | **Zambia<sup>(a)(b)</sup> – 0.2%** | **Zambia<sup>(a)(b)</sup> – 0.2%** | **Zambia<sup>(a)(b)</sup> – 0.2%** |
| First Quantum Minerals Ltd. (B/NR) | First Quantum Minerals Ltd. (B/NR) | First Quantum Minerals Ltd. (B/NR) | First Quantum Minerals Ltd. (B/NR) |
| 600000 | 8.625 | 06/01/31 | 621312 |
| **TOTAL CORPORATE OBLIGATIONS<br>(Cost $100,246,773)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $100,246,773)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $100,246,773)** | $91897264 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks<sup>(a)</sup> – 0.0%** | **Common Stocks<sup>(a)</sup> – 0.0%** | **Common Stocks<sup>(a)</sup> – 0.0%** |
| **China – 0.0%** | **China – 0.0%** | **China – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224816 | Sunac Services Holdings Ltd. Real Estate Management & Development | $49621 |
| **(Cost $386,761)** | **(Cost $386,761)** | **(Cost $386,761)** |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(j)</sup> – 4.5%** | **Investment Company<sup>(j)</sup> – 4.5%** | **Investment Company<sup>(j)</sup> – 4.5%** |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16743810 | 4.231% | $16743810 |
| **(Cost $16,743,810)** | **(Cost $16,743,810)** | **(Cost $16,743,810)** |
| **TOTAL INVESTMENTS – 97.1%<br>(Cost $368,552,451)** | **TOTAL INVESTMENTS – 97.1%<br>(Cost $368,552,451)** | $362744358 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES – 2.9%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 2.9%** | 10877556 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $373621914 |

---

---

| | |
|:---|:---|
| 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) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (b) | Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates. |
| (c) | Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on June 30, 2025. |
| (d) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (e) | Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $5,964,679, which represents approximately 1.6% of the Fund's net assets as of June 30, 2025. |
| (f) | Security is currently in default and/or non-income producing. |
| (g) | Actual maturity date is July 28, 2121. |
| (h) | Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2025. |
| (i) | Pay-in-kind securities. |
| (j) | Represents an affiliated issuer. |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION** 

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement**<br> **Date** | **Unrealized**<br> **Gain** |
|  JPMorgan Securities, Inc. | AUD | 1362814 | NZD | 1470411 | 07/11/25 | $488 |
|  | AUD | 455830 | USD | 296434 | 07/11/25 | 3625 |
|  | AUD | 1889874 | USD | 1223694 | 07/24/25 | 20733 |
|  | AUD | 1963244 | USD | 1278072 | 08/07/25 | 15042 |
|  | AUD | 4871657 | USD | 3164140 | 09/17/25 | 47361 |
|  | AUD | 1128474 | USD | 732405 | 12/17/25 | 12912 |
|  | BRL | 8366513 | USD | 1457923 | 07/02/25 | 81227 |
|  | BRL | 8366513 | USD | 1499359 | 08/04/25 | 27152 |
|  | BRL | 412000 | USD | 71699 | 09/17/25 | 2659 |
|  | CAD | 635181 | USD | 465218 | 07/11/25 | 1503 |
|  | CAD | 4666410 | USD | 3427044 | 09/17/25 | 13274 |
|  | CHF | 597874 | EUR | 638753 | 07/11/25 | 1609 |
|  | CHF | 2262340 | USD | 2786231 | 09/17/25 | 93243 |
|  | CLP | &nbsp;&nbsp;&nbsp;&nbsp;125343600 | USD | 134000 | 07/28/25 | 545 |
|  | CLP | 136174843 | USD | 143393 | 09/17/25 | 2751 |
|  | CNH | 7784695 | USD | 1085368 | 07/07/25 | 2771 |
|  | CNH | 8022437 | USD | 1118097 | 07/09/25 | 3461 |
|  | CNH | 14091162 | USD | 1936208 | 07/10/25 | 33937 |
|  | CNH | 6372059 | USD | 890346 | 07/11/25 | 633 |
|  | CNH | 15252731 | USD | 2098829 | 07/14/25 | 34429 |
|  | CNH | 3425481 | USD | 478185 | 07/23/25 | 1264 |
|  | CNH | 8078627 | USD | 1128773 | 08/06/25 | 3140 |
|  | CNH | 44501366 | USD | 6234287 | 09/17/25 | 21774 |
|  | CNH | 587672 | USD | 81311 | 09/18/25 | 1312 |
|  | CNH | 2213009 | USD | 310149 | 09/22/25 | 1095 |
|  | COP | 188661197 | USD | 45159 | 09/17/25 | 521 |
|  | CZK | 97300919 | USD | 4499324 | 09/17/25 | 147407 |
|  | CZK | 3202822 | USD | 148010 | 12/17/25 | 5387 |
|  | EUR | 2781364 | GBP | 2373469 | 07/11/25 | 20690 |
|  | EUR | 653796 | PLN | 2772144 | 07/11/25 | 1823 |
|  | EUR | 1183371 | SEK | 13107083 | 07/11/25 | 8591 |
|  | EUR | 1045268 | USD | 1192860 | 07/07/25 | 38981 |
|  | EUR | 2679678 | USD | 3077712 | 07/16/25 | 82392 |
|  | EUR | 788082 | USD | 901172 | 07/22/25 | 28619 |
|  | EUR | 910529 | USD | 1043547 | 07/23/25 | 30788 |
|  | EUR | 2252542 | USD | 2616108 | 07/28/25 | 42665 |
|  | EUR | 1021727 | USD | 1200019 | 08/04/25 | 6460 |
|  | EUR | 217034 | USD | 254689 | 08/11/25 | 1704 |
|  | EUR | 1045743 | USD | 1178866 | 08/19/25 | 57157 |
|  | EUR | 1047145 | USD | 1193312 | 08/20/25 | 44447 |
|  | EUR | 4435049 | USD | 5095576 | 09/17/25 | 155947 |
|  | EUR | 557973 | USD | 635519 | 09/18/25 | 25217 |
|  | EUR | 634763 | USD | 699064 | 09/19/25 | 52653 |
|  | EUR | 543953 | USD | 635940 | 12/17/25 | 11839 |
|  | GBP | 905307 | USD | 1216732 | 07/21/25 | 26062 |
|  | GBP | 2301559 | USD | 3113913 | 09/17/25 | 46913 |
|  | GBP | 174319 | USD | 235486 | 12/17/25 | 4005 |
|  | HUF | 531293632 | USD | 1497326 | 09/17/25 | 62235 |
|  | ILS | 4814356 | USD | 1363708 | 09/17/25 | 67044 |
|  | ILS | 671677 | USD | 183091 | 09/18/25 | 16525 |
|  | INR | 61350243 | USD | 712536 | 07/03/25 | 2943 |
|  | INR | 69645964 | USD | 808113 | 07/07/25 | 4275 |
|  | INR | 62333372 | USD | 719676 | 07/09/25 | 7340 |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement**<br> **Date** | **Unrealized**<br> **Gain** |
|  JPMorgan Securities, Inc. (continued) | INR | 31373373 | USD | 364892 | 07/28/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 |
|  | INR | 17408033 | USD | 202137 | 08/14/25 | 551 |
|  | INR | 105460819 | USD | 1223986 | 09/17/25 | 2005 |
|  | JPY | 81648722 | USD | 569377 | 08/05/25 | 12 |
|  | JPY | 104916698 | USD | 730742 | 09/17/25 | 4285 |
|  | JPY | 52829164 | USD | 371666 | 12/17/25 | 2136 |
|  | KRW | 396086686 | USD | 291096 | 07/02/25 | 2206 |
|  | KRW | 201589303 | USD | 147000 | 07/07/25 | 2044 |
|  | KRW | 111856833 | USD | 82054 | 07/09/25 | 658 |
|  | KRW | 197472025 | USD | 145946 | 07/11/25 | 96 |
|  | KRW | 210064942 | USD | 155246 | 07/16/25 | 163 |
|  | KRW | 180313528 | USD | 132691 | 07/28/25 | 821 |
|  | KRW | 883302004 | USD | 646449 | 09/10/25 | 9273 |
|  | KRW | 2962576094 | USD | 2191764 | 09/17/25 | 8469 |
|  | KRW | 120759710 | USD | 87432 | 09/18/25 | 2259 |
|  | KRW | 188046272 | USD | 140301 | 12/17/25 | 111 |
|  | MXN | 8526974 | USD | 439535 | 07/17/25 | 14030 |
|  | MXN | 14686744 | USD | 769728 | 08/12/25 | 9335 |
|  | MXN | 22480123 | USD | 1167964 | 09/17/25 | 20121 |
|  | NOK | 6914409 | USD | 684371 | 09/17/25 | 1954 |
|  | NZD | 620828 | AUD | 575000 | 07/11/25 | 56 |
|  | NZD | 3174301 | USD | 1912063 | 07/07/25 | 23241 |
|  | NZD | 710934 | USD | 428351 | 07/11/25 | 5154 |
|  | NZD | 2780753 | USD | 1671179 | 07/14/25 | 24622 |
|  | NZD | 1392132 | USD | 837368 | 07/17/25 | 11696 |
|  | NZD | 3644186 | USD | 2191500 | 07/28/25 | 31989 |
|  | NZD | 2986536 | USD | 1781446 | 07/30/25 | 40914 |
|  | NZD | 2064432 | USD | 1236595 | 08/04/25 | 23275 |
|  | NZD | 4956966 | USD | 2967520 | 08/06/25 | 57794 |
|  | NZD | 5403328 | USD | 3261941 | 09/17/25 | 40345 |
|  | PLN | 3440768 | EUR | 807974 | 07/11/25 | 1878 |
|  | PLN | 7467475 | USD | 2006687 | 09/17/25 | 61262 |
|  | SEK | 12785464 | USD | 1343819 | 09/17/25 | 14569 |
|  | SGD | 973235 | USD | 761759 | 07/11/25 | 4309 |
|  | SGD | 3508623 | USD | 2750839 | 09/17/25 | 24399 |
|  | TRY | 145603488 | USD | 3356308 | 09/17/25 | 54032 |
|  | TWD | 7833700 | USD | 266000 | 07/25/25 | 4764 |
|  | TWD | 11247036 | USD | 384612 | 09/17/25 | 9095 |
|  | TWD | 2476179 | USD | 85883 | 12/17/25 | 2336 |
|  | USD | 151609 | CAD | 204312 | 12/17/25 | 333 |
|  | USD | 514378 | CNH | 3657041 | 09/17/25 | 266 |
|  | USD | 53178 | GBP | 38637 | 12/17/25 | 95 |
|  | USD | 355073 | INR | 30373572 | 07/09/25 | 816 |
|  | USD | 261179 | INR | 22369590 | 08/01/25 | 564 |
|  | USD | 104993 | INR | 9024583 | 09/17/25 | 81 |
|  | USD | 298946 | INR | 25803823 | 12/17/25 | 440 |
|  | USD | 70647 | JPY | 10079483 | 09/17/25 | 32 |
|  | USD | 95446 | JPY | 13479141 | 09/18/25 | 1003 |
|  | USD | 243384 | JPY | 34312032 | 12/17/25 | 603 |
|  | USD | 93357 | KRW | 125955658 | 07/09/25 | 219 |
|  | USD | 155431 | KRW | 210064942 | 07/16/25 | 22 |
|  | USD | 277295 | KRW | 370956161 | 12/17/25 | 307 |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement**<br> **Date** | **Unrealized**<br> **Gain** |
|  JPMorgan Securities, Inc. (continued) | USD | 266109 | SEK | 2497837 | 09/17/25 | $727 |
|  | USD | 146004 | TWD | &nbsp;&nbsp;&nbsp;&nbsp;4198265 | 07/25/25 | 895 |
|  | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5124865 | USD | 286912 | 09/17/25 | 913 |
|  **TOTAL** |  |  |  |  |  | $1952820 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement**<br> **Date** | **Unrealized**<br> **Loss** |
|  JPMorgan Securities, Inc. | AUD | 1109358 | NZD | 1198608 | 07/11/25 | $(617) |
|  | CAD | 844408 | USD | 625120 | 09/17/25 | (2578) |
|  | EUR | 530279 | CHF | 496426 | 07/11/25 | (1441) |
|  | EUR | 326627 | SEK | 3642550 | 07/11/25 | (253) |
|  | GBP | 1072245 | EUR | 1256291 | 07/11/25 | (9080) |
|  | GBP | 187659 | EUR | 219948 | 09/17/25 | (2720) |
|  | GBP | 38649 | USD | 53178 | 09/17/25 | (99) |
|  | INR | 32714084 | USD | 381683 | 07/03/25 | (165) |
|  | INR | 62014403 | USD | 724073 | 07/14/25 | (961) |
|  | INR | 24878543 | USD | 290493 | 07/16/25 | (429) |
|  | INR | 63835189 | USD | 744000 | 07/31/25 | (259) |
|  | INR | 4065933 | USD | 47666 | 08/14/25 | (325) |
|  | INR | 173915729 | USD | 2025943 | 09/17/25 | (4157) |
|  | JPY | 174527469 | USD | 1244480 | 08/05/25 | (27386) |
|  | JPY | 278762568 | USD | 1958101 | 09/17/25 | (5146) |
|  | JPY | 16257308 | USD | 115424 | 09/18/25 | (1516) |
|  | JPY | 9982392 | USD | 70647 | 12/17/25 | (15) |
|  | KRW | 335865499 | USD | 248887 | 07/09/25 | (532) |
|  | KRW | 99863740 | USD | 74000 | 07/16/25 | (119) |
|  | KRW | 1572290561 | USD | 1168014 | 09/17/25 | (313) |
|  | NOK | 8534279 | USD | 852914 | 09/17/25 | (5801) |
|  | NZD | 1610288 | AUD | 1494732 | 07/11/25 | (2033) |
|  | PLN | 1952924 | EUR | 460184 | 07/11/25 | (809) |
|  | RON | 10140530 | EUR | 1991698 | 09/17/25 | (18576) |
|  | SEK | 3471550 | EUR | 313815 | 07/11/25 | (2732) |
|  | SEK | 220652 | EUR | 20109 | 07/14/25 | (365) |
|  | TWD | 4198265 | USD | 145238 | 07/07/25 | (988) |
|  | TWD | 3134927 | USD | 109766 | 07/31/25 | (1231) |
|  | TWD | 3373440 | USD | 117973 | 08/01/25 | (1151) |
|  | USD | 828660 | AUD | 1269302 | 07/11/25 | (6883) |
|  | USD | 1173101 | AUD | 1818251 | 07/24/25 | (24164) |
|  | USD | 4096388 | AUD | 6296805 | 09/17/25 | (54598) |
|  | USD | 1562528 | BRL | 8661988 | 07/02/25 | (30979) |
|  | USD | 131912 | BRL | 741709 | 09/17/25 | (1951) |
|  | USD | 1189341 | CAD | 1628403 | 07/11/25 | (7181) |
|  | USD | 1969080 | CAD | 2706584 | 09/17/25 | (26354) |
|  | USD | 149910 | CAD | 204071 | 12/17/25 | (1187) |
|  | USD | 2989509 | CHF | 2443550 | 09/17/25 | (120606) |
|  | USD | 455670 | CHF | 364520 | 12/17/25 | (13579) |
|  | USD | 170484 | CLP | 159587197 | 09/17/25 | (787) |
|  | USD | 1085281 | CNH | 7782225 | 07/07/25 | (2514) |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement**<br> **Date** | **Unrealized**<br> **Loss** |
|  JPMorgan Securities, Inc. (continued) | USD | 1185568 | CNH | 8502417 | 07/09/25 | $(3092) |
|  | USD | 1230539 | CNH | 8929370 | 07/10/25 | (17913) |
|  | USD | 1087192 | CNH | 7784346 | 07/11/25 | (1261) |
|  | USD | 2321216 | CNH | 16965144 | 07/14/25 | (51542) |
|  | USD | 443071 | CNH | 3225997 | 07/23/25 | (8458) |
|  | USD | 4026379 | CNH | 28748126 | 09/17/25 | (15074) |
|  | USD | 82282 | CNH | 587982 | 09/18/25 | (385) |
|  | USD | 443071 | CNH | 3212262 | 09/22/25 | (8712) |
|  | USD | 714858 | CNH | 5058527 | 12/17/25 | (985) |
|  | USD | 31264 | COP | 130310610 | 09/17/25 | (288) |
|  | USD | 1754285 | CZK | 37871366 | 09/17/25 | (54312) |
|  | USD | 532794 | CZK | 11494088 | 12/17/25 | (17708) |
|  | USD | 4139997 | EUR | 3560653 | 07/07/25 | (56206) |
|  | USD | 1280243 | EUR | 1094231 | 07/11/25 | (9685) |
|  | USD | 1342360 | EUR | 1157192 | 07/16/25 | (22300) |
|  | USD | 407077 | EUR | 350687 | 07/22/25 | (6668) |
|  | USD | 324800 | EUR | 277133 | 07/23/25 | (2190) |
|  | USD | 461626 | EUR | 393208 | 07/28/25 | (2495) |
|  | USD | 678675 | EUR | 591747 | 08/19/25 | (20745) |
|  | USD | &nbsp;&nbsp;&nbsp;&nbsp;12950801 | EUR | 11268931 | 09/17/25 | (392692) |
|  | USD | 886905 | EUR | 799882 | 09/19/25 | (60355) |
|  | USD | 526385 | EUR | 446462 | 12/17/25 | (5295) |
|  | USD | 1198012 | GBP | 880429 | 07/21/25 | (10629) |
|  | USD | 3315617 | GBP | 2479952 | 09/17/25 | (90207) |
|  | USD | 35951 | GBP | 26369 | 12/17/25 | (276) |
|  | USD | 775494 | HUF | 272665855 | 09/17/25 | (24891) |
|  | USD | 1042850 | ILS | 3629009 | 09/17/25 | (35637) |
|  | USD | 191251 | ILS | 671613 | 09/18/25 | (8346) |
|  | USD | 455591 | ILS | 1616816 | 12/17/25 | (25784) |
|  | USD | 1090819 | INR | 93996319 | 07/03/25 | (5384) |
|  | USD | 808818 | INR | 69513863 | 07/07/25 | (2028) |
|  | USD | 370000 | INR | 31787440 | 07/09/25 | (748) |
|  | USD | 79036 | INR | 6779581 | 07/11/25 | (29) |
|  | USD | 922228 | INR | 79552171 | 07/16/25 | (5287) |
|  | USD | 148000 | INR | 12832399 | 07/25/25 | (1547) |
|  | USD | 1942609 | INR | 168705184 | 09/17/25 | (18604) |
|  | USD | 1691550 | JPY | 254118284 | 08/05/25 | (80582) |
|  | USD | 1454775 | JPY | 209855818 | 09/17/25 | (15432) |
|  | USD | 230651 | JPY | 33180943 | 09/18/25 | (1834) |
|  | USD | 108228 | JPY | 15345047 | 12/17/25 | (349) |
|  | USD | 290673 | KRW | 396086686 | 07/02/25 | (2629) |
|  | USD | 144152 | KRW | 197126395 | 07/07/25 | (1593) |
|  | USD | 236484 | KRW | 322143116 | 07/09/25 | (1725) |
|  | USD | 145778 | KRW | 198221955 | 07/11/25 | (817) |
|  | USD | 281071 | KRW | 382917554 | 07/14/25 | (2177) |
|  | USD | 786563 | KRW | 1072384263 | 09/10/25 | (9525) |
|  | USD | 1125696 | KRW | 1559244566 | 09/17/25 | (32317) |
|  | USD | 401479 | KRW | 566847059 | 09/18/25 | (19530) |
|  | USD | 359077 | KRW | 483308745 | 12/17/25 | (1805) |
|  | USD | 460645 | MXN | 8800963 | 07/17/25 | (7494) |
|  | USD | 4756953 | MXN | 91771832 | 09/17/25 | (93225) |
|  | USD | 696668 | NOK | 7037774 | 09/17/25 | (1902) |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement**<br> **Date** | **Unrealized**<br> **Loss** |
|  JPMorgan Securities, Inc. (continued) | USD | 229105 | NOK | 2312273 | 12/17/25 | $(496) |
|  | USD | 888555 | NZD | 1470144 | 07/07/25 | (7761) |
|  | USD | 1294177 | NZD | 2135425 | 07/11/25 | (7937) |
|  | USD | 1747260 | NZD | 2918911 | 07/14/25 | (32794) |
|  | USD | 1514436 | NZD | 2567711 | 07/17/25 | (51615) |
|  | USD | 2929669 | NZD | 4939587 | 07/28/25 | (84206) |
|  | USD | 1821948 | NZD | 3087001 | 08/04/25 | (61969) |
|  | USD | 4386354 | NZD | 7235636 | 09/17/25 | (35763) |
|  | USD | 175371 | NZD | 287530 | 12/17/25 | (832) |
|  | USD | 127007 | PEN | 459754 | 09/23/25 | (2465) |
|  | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2634245 | PLN | 9811099 | 09/17/25 | (82719) |
|  | USD | 1069621 | SEK | 10246051 | 09/17/25 | (18966) |
|  | USD | 850953 | SGD | 1082831 | 07/11/25 | (1381) |
|  | USD | 277158 | SGD | 354287 | 09/17/25 | (3076) |
|  | USD | 1243831 | THB | 40339801 | 09/17/25 | (4451) |
|  | USD | 3344920 | TRY | 144128886 | 09/17/25 | (30882) |
|  | USD | 141000 | TWD | 4198265 | 07/07/25 | (3251) |
|  | USD | 281978 | TWD | 8258445 | 07/28/25 | (3750) |
|  | USD | 708921 | TWD | 20682271 | 09/17/25 | (15071) |
|  | USD | 137534 | ZAR | 2474231 | 07/18/25 | (2019) |
|  | USD | 933185 | ZAR | 16650887 | 09/17/25 | (1972) |
|  **TOTAL** |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(2096650) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **Contracts** | **Expiration**<br> **Date** | **Notional**<br> **Amount** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  10 Year U.S. Treasury Notes | 38 | 09/19/25 | $4260750 | $25729 |
|  2 Year U.S. Treasury Notes | 118 | 09/30/25 | 24546766 | 93246 |
|  20 Year U.S. Treasury Bonds | 80 | 09/19/25 | 9237500 | 226993 |
|  5 Year U.S. Treasury Notes | 77 | 09/30/25 | 8393000 | 69790 |
|  Ultra 10-Year U.S. Treasury Notes | 5 | 09/19/25 | 571328 | 16232 |
|  **Total** |  |  |  | $431990 |
|  **Short position contracts:** |  |  |  |  |
|  Ultra Long U.S. Treasury Bonds | (43) | 09/19/25 | (5122375) | (69113) |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $362877 |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**SWAP CONTRACTS** — At June 30, 2025, the Fund had the following swap contracts:

**CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made**<br> **by the Fund** | **Termination**<br> **Date** | **Notional**<br> **Amount**<br> **(000s)** | **Market**<br> **Value** | **Upfront**<br> **Premium**<br> **(Received)**<br> **Paid** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
|  1M BID Average<sup>(a)</sup> <br> 13.750%<sup>(a)</sup> | 01/04/27 | 59240 | $(35784) | $(69617) | $33833 |
|  13.750%<sup>(b)</sup> <br> 1M BID Average<sup>(b)</sup> | 01/04/27 | 67690 | 40888 | 39357 | 1531 |
|  Mexico Interbank TIIE 28 Days<sup>(c)</sup><br> 8.250%<sup>(c)</sup> | 09/15/27 | 28250 <sup>(d)</sup> | 22725 | 19081 | 3644 |
|  1M CNRR<sup>(e)</sup> <br> 1.500<sup>(e)</sup> | 09/17/27 | 117500 <sup>(d)</sup> | 14432 | (9806) | 24238 |
|  12M THOR<sup>(e)</sup> <br> 1.750<sup>(e)</sup> | 09/17/27 | 30900 <sup>(d)</sup> | 10816 | 2315 | 8501 |
| 8.250<sup>(e)</sup> <br> 12M CPIBR<sup>(e)</sup> | 09/17/27 | 13960350 <sup>(d)</sup> | 3809 | (22989) | 26798 |
| 3.750<sup>(a)</sup> <br> 12M SOFR<sup>(a)</sup> | 09/17/27 | $1400 <sup>(d)</sup> | (10776) | (3346) | (7430) |
|  6M PRIBOR<sup>(f)</sup> <br> 3.500<sup>(a)</sup> | 09/17/27 | 11690 <sup>(d)</sup> | (271) | 3281 | (3552) |
| 7.500<sup>(e)</sup> <br> 3M JIBAR<sup>(e)</sup> | 09/17/27 | 63190 <sup>(d)</sup> | (37042) | (52413) | 15371 |
| 2.500<sup>(e)</sup> <br> 3M KWCDC<sup>(e)</sup> | 09/17/27 | 1682690 <sup>(d)</sup> | (3091) | (1312) | (1779) |
|  6M WIBOR<sup>(f)</sup> <br> 4.750<sup>(a)</sup> | 09/17/27 | 12310 <sup>(d)</sup> | 38116 | 13939 | 24177 |
|  12M CLICP<sup>(f)</sup> <br> 5.500<sup>(f)</sup> | 09/17/27 | 408090 <sup>(d)</sup> | 9767 | 9103 | 664 |
|  12M MIBOR<sup>(f)</sup> <br> 6.000<sup>(f)</sup> | 09/17/27 | 659580 <sup>(d)</sup> | 66094 | 20267 | 45827 |
|  6M BUBOR<sup>(f)</sup> <br> 6.250<sup>(a)</sup> | 09/17/27 | 1129360 <sup>(d)</sup> | 15989 | 32120 | (16131) |
| 1.750<sup>(a)</sup> <br> 6M EURO<sup>(f)</sup> | 09/17/27 | 3520 <sup>(d)</sup> | 20073 | 18957 | 1116 |
| 4.250<sup>(a)</sup> <br> 6M WIBOR<sup>(f)</sup> | 09/17/27 | 21160 <sup>(d)</sup> | (10947) | (4403) | (6544) |
|  1M BID Average<sup>(a)</sup> <br> 13.250<sup>(a)</sup> | 01/02/29 | 22620 | 18077 | (11521) | 29598 |
|  1M BID Average<sup>(a)</sup> <br> 13.250<sup>(a)</sup> | 01/02/30 | 11180 | 10976 | (41448) | 52424 |
| 13.250<sup>(b)</sup> <br> 1M BID Average<sup>(b)</sup> | 01/02/30 | 11180 | (10976) | 11564 | (22540) |
|  Mexico Interbank TIIE 28 Days<sup>(c)</sup> <br> 8.500<sup>(c)</sup> | 09/11/30 | 40970 <sup>(d)</sup> | 73032 | 67667 | 5365 |
| 2.000<sup>(e)</sup> <br> 12M THOR<sup>(e)</sup> | 09/17/30 | 112700 <sup>(d)</sup> | (121461) | (36814) | (84647) |
| 1.500<sup>(e)</sup> <br> 1M CNRR<sup>(e)</sup> | 09/17/30 | 40880 <sup>(d)</sup> | (7071) | 26490 | (33561) |
| 2.000<sup>(a)</sup> <br> 6M EURO<sup>(f)</sup> | 09/17/30 | 630 <sup>(d)</sup> | 9987 | 9132 | 855 |
|  3M JIBAR<sup>(e)</sup> <br> 8.000<sup>(e)</sup> | 09/17/30 | 38580 <sup>(d)</sup> | 56402 | 33361 | 23041 |
|  12M CPIBR<sup>(e)</sup> <br> 8.750<sup>(e)</sup> | 09/17/30 | 4727380 <sup>(d)</sup> | 1715 | 23868 | (22153) |
| 2.000<sup>(a)</sup> <br> 6M EURO<sup>(f)</sup> | 09/17/32 | 780 <sup>(d)</sup> | 26013 | 23423 | 2590 |
| 3.750<sup>(a)</sup> <br> 6M PRIBOR<sup>(f)</sup> | 03/19/35 | 20050 | 7671 | (73) | 7744 |
|  Mexico Interbank TIIE 28 Days<sup>(c)</sup> <br> 8.750<sup>(c)</sup> | 09/05/35 | 20650 <sup>(d)</sup> | 48471 | 17198 | 31273 |
| 3.750<sup>(a)</sup> <br> 12M SOFR<sup>(a)</sup> | 09/17/35 | $1690 <sup>(d)</sup> | (10160) | 12268 | (22428) |
|  6M EURO<sup>(f)</sup> <br> 2.000<sup>(a)</sup> | 09/17/35 | 1760 <sup>(d)</sup> | (113744) | (102737) | (11007) |
|  12M CLICP<sup>(f)</sup> <br> 5.750<sup>(f)</sup> | 09/17/35 | 1375040 <sup>(d)</sup> | 72937 | 78198 | (5261) |
|  6M BUBOR<sup>(f)</sup> <br> 6.750<sup>(a)</sup> | 09/17/35 | 99370 <sup>(d)</sup> | 3794 | 2289 | 1505 |
|  12M CPIBR<sup>(e)</sup> <br> 9.250<sup>(e)</sup> | 09/17/35 | 792920 <sup>(d)</sup> | (752) | 6463 | (7215) |
|  3M JIBAR<sup>(e)</sup> <br> 9.250<sup>(e)</sup> | 09/17/35 | 23050 <sup>(d)</sup> | 69676 | 13948 | 55728 |
| 2.250<sup>(a)</sup> <br> 6M EURO<sup>(f)</sup> | 09/17/40 | 1500 <sup>(d)</sup> | 118438 | 102076 | 16362 |
|  **TOTAL** |  |  | $397823 | $229886 | $167937 |

---

(a) Payments made annually.

(b) Payments made at maturity.

(c) Payments made at monthly.

(d) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2025.

(e) Payments made quarterly.

(f) Payments made semi-annually.

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced**<br> **Obligation/Index** | **Financing Rate<br>Received/(Paid) by<br>the Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>June 30,<br>2025<sup>(b)</sup>** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Protection Purchased:** |  |  |  |  |  |  |  |
| People's Republic of China, 7.5%, 10/28/2027 | (1.000)% | 0.507% | 06/20/30 | $2000 | $(45393) | $(45477) | $84 |
| Republic of Colombia, 10.375%, 1/28/2033 | (1.000) | 2.188 | 06/20/30 | 1680 | 86906 | 83590 | 3316 |
| **TOTAL** |  |  |  |  | $41513 | $38113 | $3400 |

---

(a) Payments made quarterly.

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

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise**<br> **Price** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid**<br> **(Received)**<br> **by Fund** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** | **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 USD/Put CNY | Barclays Bank PLC | $7.190 | 08/04/2025 | 2947000 | $2947000 | $5914 | $14617 | $(8703) |
|  Call USD/Put CNY | BNP Paribas SA (London) | 7.217 | 07/07/2025 | 2151000 | 2151000 | 436 | 13686 | (13250) |
|  Call USD/Put MXN | BofA Securities LLC | 18.950 | 08/08/2025 | 1492000 | 1492000 | 16498 | 19545 | (3047) |
|  Call USD/Put CNY | Citibank NA | 7.320 | 07/08/2025 | 3106000 | 3106000 | 28 | 30574 | (30546) |
|  Call USD/Put CNY | Citibank NA | 7.540 | 07/10/2025 | 3082000 | 3082000 |  | 22020 | (22020) |
|  Call USD/Put CNY | Citibank NA | 7.208 | 07/21/2025 | 774000 | 774000 | 686 | 13160 | (12474) |
|  Call EUR/Put USD | Deutsche Bank AG | 1.142 | 09/17/2025 | 1421000 | 1421000 | 65470 | 19306 | 46164 |
|  Call USD/Put CNY | Deutsche Bank AG | 7.480 | 07/10/2025 | 1446000 | 1446000 |  | 564 | (564) |
|  Call USD/Put INR | HSBC Bank PLC | 85.300 | 08/12/2025 | 721000 | 721000 | 7972 | 8035 | (63) |
|  Call USD/Put CNY | JPMorgan Securities, Inc. | 7.540 | 07/08/2025 | 3091000 | 3091000 |  | 21776 | (21776) |
|  Call USD/Put CNY | JPMorgan Securities, Inc. | 7.290 | 07/10/2025 | 3110000 | 3110000 | 168 | 34107 | (33939) |
|  Call USD/Put TWD | Standard Chartered Bank | 29.450 | 07/31/2025 | 2985000 | 2985000 | 11412 | 14513 | (3101) |
|  |  |  |  | 26326000 | $26326000 | $108584 | $211903 | $(103319) |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise**<br> **Price** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid**<br> **(Received)**<br> **by Fund** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
|  **Purchased option contracts – (continued)** | **Purchased option contracts – (continued)** | **Purchased option contracts – (continued)** | **Purchased option contracts – (continued)** | **Purchased option contracts – (continued)** | **Purchased option contracts – (continued)** | **Purchased option contracts – (continued)** | **Purchased option contracts – (continued)** | **Purchased option contracts – (continued)** |
|  **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** |
|  Put USD/Call CNY | Barclays Bank PLC | $7.070 | 07/10/2025 | 1541000 | $1541000 | $621 | $6827 | $(6206) |
|  Put AUD/Call USD | BNP Paribas SA (London) | 0.637 | 07/22/2025 | 4569000 | 4569000 | 4234 | 31247 | (27013) |
|  Put AUD/Call USD | BNP Paribas SA (London) | 0.648 | 08/05/2025 | 4604000 | 4604000 | 18484 | 34479 | (15995) |
|  Put EUR/Call USD | BNP Paribas SA (London) | 1.167 | 07/31/2025 | 2562000 | 2562000 | 15696 | 22938 | (7242) |
|  Put EUR/Call USD | BNP Paribas SA (London) | 1.165 | 08/07/2025 | 1281000 | 1281000 | 8129 | 12456 | (4327) |
|  Put EUR/Call USD | BNP Paribas SA (London) | 1.118 | 08/15/2025 | 2589000 | 2589000 | 1875 | 32259 | (30384) |
|  Put EUR/Call USD | BNP Paribas SA (London) | 1.137 | 08/18/2025 | 1296000 | 1296000 | 2638 | 15442 | (12804) |
|  Put EUR/Call USD | BNP Paribas SA (London) | 1.156 | 08/18/2025 | 1284000 | 1284000 | 6398 | 13924 | (7526) |
|  Put USD/Call CAD | BNP Paribas SA (London) | 1.362 | 08/06/2025 | 1432000 | 1432000 | 12274 | 14399 | (2125) |
|  Put EUR/Call USD | BofA Securities LLC | 1.150 | 07/14/2025 | 2587000 | 2587000 | 1599 | 19300 | (17701) |
|  Put NZD/Call USD | BofA Securities LLC | 0.598 | 07/03/2025 | 4928000 | 4928000 | 820 | 26084 | (25264) |
|  Put NZD/Call USD | BofA Securities LLC | 0.601 | 07/24/2025 | 4917000 | 4917000 | 13703 | 29378 | (15675) |
|  Put USD/Call JPY | BofA Securities LLC | 144.100 | 08/01/2025 | 3118000 | 3118000 | 46047 | 36116 | 9931 |
|  Put EUR/Call USD | Citibank NA | 1.148 | 07/24/2025 | 2587000 | 2587000 | 3909 | 21816 | (17907) |
|  Put NZD/Call USD | Citibank NA | 0.592 | 07/10/2025 | 4868000 | 4868000 | 1745 | 28102 | (26357) |
|  Put NZD/Call USD | Citibank NA | 0.589 | 07/24/2025 | 2434000 | 2434000 | 2180 | 20879 | (18699) |
|  Put NZD/Call USD | Citibank NA | 0.601 | 07/28/2025 | 4980000 | 4980000 | 15157 | 29758 | (14601) |
|  Put NZD/Call USD | Citibank NA | 0.605 | 08/04/2025 | 7419000 | 7419000 | 37340 | 49051 | (11711) |
|  Put USD/Call CNY | Citibank NA | 7.070 | 07/10/2025 | 1541000 | 1541000 | 621 | 3298 | (2677) |
|  Put USD/Call JPY | Citibank NA | 137.750 | 08/01/2025 | 1823000 | 1823000 | 4669 | 33343 | (28674) |
|  Put EUR/Call USD | Deutsche Bank AG | 1.134 | 07/03/2025 | 2567000 | 2567000 | 3 | 19214 | (19211) |
|  Put EUR/Call USD | Deutsche Bank AG | 1.128 | 07/14/2025 | 2582000 | 2582000 | 137 | 24602 | (24465) |
|  Put EUR/Call USD | Deutsche Bank AG | 1.135 | 07/18/2025 | 1934000 | 1934000 | 634 | 16512 | (15878) |
|  Put AUD/Call USD | HSBC Bank PLC | 0.645 | 07/22/2025 | 4582000 | 4582000 | 8960 | 28828 | (19868) |
|  Put EUR/Call USD | HSBC Bank PLC | 1.168 | 07/24/2025 | 1921000 | 1921000 | 10436 | 16378 | (5942) |
|  Put USD/Call CNY | HSBC Bank PLC | 7.085 | 07/08/2025 | 3091000 | 3091000 | 1094 | 10029 | (8935) |
|  Put USD/Call INR | HSBC Bank PLC | 85.300 | 08/12/2025 | 721000 | 721000 | 3129 | 8036 | (4907) |
|  Put EUR/Call USD | JPMorgan Securities, Inc. | 1.063 | 09/17/2025 | 1421000 | 1421000 | 203 | 13194 | (12991) |
|  Put NZD/Call USD | JPMorgan Securities, Inc. | 0.603 | 07/24/2025 | 2454000 | 2454000 | 8195 | 15962 | (7767) |
|  Put EUR/Call USD | Standard Chartered Bank | 1.111 | 07/14/2025 | 2533000 | 2533000 | 12 | 21154 | (21142) |
|  Put EUR/Call USD | Standard Chartered Bank | 1.151 | 07/24/2025 | 1940000 | 1940000 | 3590 | 15785 | (12195) |
|  Put NZD/Call USD | Standard Chartered Bank | 0.603 | 07/10/2025 | 4907000 | 4907000 | 7986 | 24140 | (16154) |
|  Put NZD/Call USD | Standard Chartered Bank | 0.588 | 07/28/2025 | 3710000 | 3710000 | 3517 | 25297 | (21780) |
|  Put NZD/Call USD | UBS AG (London) | 0.597 | 07/31/2025 | 4907000 | 4907000 | 11827 | 35669 | (23842) |
|  |  |  |  | 101630000 | $101630000 | $257862 | $755896 | $(498034) |
|  **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** |  | 127956000 | $127956000 | $366446 | $967799 | $(601353) |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise**<br> **Price** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid**<br> **(Received)**<br> **by Fund** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
|  **Written option contracts**<br> **Calls** | **Written option contracts**<br> **Calls** | **Written option contracts**<br> **Calls** | **Written option contracts**<br> **Calls** | **Written option contracts**<br> **Calls** | **Written option contracts**<br> **Calls** | **Written option contracts**<br> **Calls** | **Written option contracts**<br> **Calls** | **Written option contracts**<br> **Calls** |
|  Call EUR/Put PLN | Barclays Bank PLC | $4.260 | 07/03/2025 | (648000) | $(648000) | $(684) | $(4709) | $4025 |
|  Call USD/Put CNY | Barclays Bank PLC | 7.217 | 07/07/2025 | (2151000) | (2151000) | (437) | (3786) | 3349 |
|  Call USD/Put CNY | Barclays Bank PLC | 7.480 | 07/10/2025 | (1446000) | (1446000) |  | (6869) | 6869 |
|  Call EUR/Put GBP | BNP Paribas SA (London) | 0.843 | 07/09/2025 | (648000) | (648000) | (14362) | (3631) | (10731) |
|  Call USD/Put CNY | BNP Paribas SA (London) | 7.290 | 07/10/2025 | (1555000) | (1555000) | (84) | (26808) | 26724 |
|  Call USD/Put INR | BNP Paribas SA (London) | 85.300 | 08/12/2025 | (721000) | (721000) | (7972) | (8277) | 305 |
|  Call AUD/Put NZD | BofA Securities LLC | 1.078 | 07/10/2025 | (1133000) | (1133000) | (3166) | (3833) | 667 |
|  Call AUD/Put NZD | BofA Securities LLC | 1.079 | 07/24/2025 | (1144000) | (1144000) | (3713) | (3683) | (30) |
|  Call EUR/Put CHF | BofA Securities LLC | 0.939 | 07/09/2025 | (645000) | (645000) | (1229) | (4893) | 3664 |
|  Call EUR/Put PLN | BofA Securities LLC | 4.241 | 07/30/2025 | (637000) | (637000) | (5628) | (4196) | (1432) |
|  Call EUR/Put SEK | BofA Securities LLC | 11.130 | 07/31/2025 | (637000) | (637000) | (5888) | (5313) | (575) |
|  Call USD/Put CAD | BofA Securities LLC | 1.364 | 07/30/2025 | (746000) | (746000) | (3989) | (5041) | 1052 |
|  Call USD/Put CNY | BofA Securities LLC | 7.208 | 07/21/2025 | (774000) | (774000) | (686) | (14887) | 14201 |
|  Call USD/Put CNY | BofA Securities LLC | 7.160 | 07/24/2025 | (740000) | (740000) | (2078) | (3273) | 1195 |
|  Call USD/Put INR | BofA Securities LLC | 85.800 | 07/29/2025 | (744000) | (744000) | (4490) | (4847) | 357 |
|  Call USD/Put JPY | BofA Securities LLC | 158.500 | 08/01/2025 | (3118000) | (3118000) | (41) | (32833) | 32792 |
|  Call USD/Put SGD | BofA Securities LLC | 1.270 | 07/29/2025 | (744000) | (744000) | (4005) | (4960) | 955 |
|  Call AUD/Put NZD | Citibank NA | 1.076 | 07/03/2025 | (1139000) | (1139000) | (2821) | (3563) | 742 |
|  Call AUD/Put NZD | Citibank NA | 1.075 | 07/17/2025 | (1134000) | (1134000) | (4736) | (3806) | (930) |
|  Call EUR/Put GBP | Citibank NA | 0.842 | 07/01/2025 | (642000) | (642000) | (14297) | (4313) | (9984) |
|  Call EUR/Put GBP | Citibank NA | 0.856 | 07/17/2025 | (643000) | (643000) | (4862) | (3902) | (960) |
|  Call USD/Put CNY | Citibank NA | 7.540 | 07/08/2025 | (3091000) | (3091000) |  | (11720) | 11720 |
|  Call USD/Put CNY | Citibank NA | 7.150 | 07/31/2025 | (746000) | (746000) | (2820) | (3411) | 591 |
|  Call EUR/Put SEK | Deutsche Bank AG | 10.970 | 07/10/2025 | (648000) | (648000) | (12183) | (5128) | (7055) |
|  Call USD/Put CNY | Deutsche Bank AG | 7.320 | 07/08/2025 | (3106023) | (3106023) | (28) | (14257) | 14229 |
|  Call USD/Put CNY | Deutsche Bank AG | 7.170 | 07/08/2025 | (738000) | (738000) | (895) | (3434) | 2539 |
|  Call AUD/Put NZD | JPMorgan Securities, Inc. | 1.078 | 07/07/2025 | (1135000) | (1135000) | (2139) | (3183) | 1044 |
|  Call AUD/Put NZD | JPMorgan Securities, Inc. | 1.077 | 07/31/2025 | (1143000) | (1143000) | (4698) | (3878) | (820) |
|  Call EUR/Put CHF | JPMorgan Securities, Inc. | 0.933 | 07/01/2025 | (640000) | (640000) | (1645) | (4918) | 3273 |
|  Call EUR/Put SEK | JPMorgan Securities, Inc. | 10.935 | 07/03/2025 | (647000) | (647000) | (14322) | (5317) | (9005) |
|  Call EUR/Put SEK | JPMorgan Securities, Inc. | 11.100 | 07/22/2025 | (645000) | (645000) | (6147) | (5436) | (711) |
|  Call EUR/Put USD | JPMorgan Securities, Inc. | 1.142 | 09/17/2025 | (1421000) | (1421000) | (65470) | (11873) | (53597) |
|  Call USD/Put CNY | JPMorgan Securities, Inc. | 7.540 | 07/10/2025 | (3082000) | (3082000) |  | (11447) | 11447 |
|  Call USD/Put CNY | JPMorgan Securities, Inc. | 7.290 | 07/10/2025 | (1555000) | (1555000) | (84) | (28410) | 28326 |
|  Call USD/Put SGD | JPMorgan Securities, Inc. | 1.272 | 08/04/2025 | (746000) | (746000) | (4055) | (4909) | 854 |
|  Call AUD/Put NZD | MS & Co. Int. PLC | 1.078 | 07/15/2025 | (1139000) | (1139000) | (3473) | (3937) | 464 |
|  Call EUR/Put GBP | MS & Co. Int. PLC | 0.854 | 07/29/2025 | (640000) | (640000) | (6869) | (3881) | (2988) |
|  Call USD/Put SGD | MS & Co. Int. PLC | 1.285 | 07/21/2025 | (741000) | (741000) | (882) | (4585) | 3703 |
|  Call USD/Put CAD | Royal Bank of Canada (UK) | 1.361 | 07/15/2025 | (1487000) | (1487000) | (7145) | (10248) | 3103 |
|  Call USD/Put CAD | Royal Bank of Canada (UK) | 1.367 | 07/22/2025 | (739000) | (739000) | (2721) | (4957) | 2236 |
|  Call EUR/Put USD | Standard Chartered Bank | 1.188 | 07/14/2025 | (2533000) | (2533000) | (10661) | (21991) | 11330 |
|  Call USD/Put TWD | Standard Chartered Bank | 28.850 | 07/31/2025 | (1492000) | (1492000) | (18229) | (20671) | 2442 |
|  Call AUD/Put NZD | UBS AG (London) | 1.082 | 07/22/2025 | (1146000) | (1146000) | (2433) | (3856) | 1423 |
|  Call EUR/Put PLN | UBS AG (London) | 4.280 | 07/07/2025 | (647000) | (647000) | (444) | (5125) | 4681 |
|  |  |  |  | (51696023) | $(51696023) | $(252511) | $(353995) | $101484 |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise**<br> **Price** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid**<br> **(Received)**<br> **by Fund** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
|  **Written option contracts – (continued)** | **Written option contracts – (continued)** | **Written option contracts – (continued)** | **Written option contracts – (continued)** | **Written option contracts – (continued)** |  |  |  |  |
|  **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** |
|  Put EUR/Call PLN | Barclays Bank PLC | $4.260 | 07/03/2025 | (648000) | $(648000) | $(2973) | $(4709) | $1736 |
|  Put USD/Call JPY | Barclays Bank PLC | 137.750 | 08/01/2025 | (1823000) | (1823000) | (4669) | (30973) | 26304 |
|  Put AUD/Call USD | BNP Paribas SA (London) | 0.645 | 07/22/2025 | (4582000) | (4582000) | (8959) | (49925) | 40966 |
|  Put AUD/Call USD | BNP Paribas SA (London) | 0.637 | 07/22/2025 | (4569000) | (4569000) | (4234) | (11673) | 7439 |
|  Put EUR/Call GBP | BNP Paribas SA (London) | 0.843 | 07/09/2025 | (648000) | (648000) | (15) | (3631) | 3616 |
|  Put EUR/Call USD | BNP Paribas SA (London) | 1.150 | 07/14/2025 | (2587000) | (2587000) | (1600) | (15005) | 13405 |
|  Put EUR/Call USD | BNP Paribas SA (London) | 1.148 | 07/24/2025 | (2587000) | (2587000) | (3910) | (6844) | 2934 |
|  Put EUR/Call USD | BNP Paribas SA (London) | 1.137 | 08/18/2025 | (1296000) | (1296000) | (2638) | (6531) | 3893 |
|  Put USD/Call CAD | BNP Paribas SA (London) | 1.332 | 08/06/2025 | (2148000) | (2148000) | (3480) | (8634) | 5154 |
|  Put USD/Call INR | BNP Paribas SA (London) | 85.300 | 08/12/2025 | (721000) | (721000) | (3128) | (8277) | 5149 |
|  Put AUD/Call NZD | BofA Securities LLC | 1.078 | 07/10/2025 | (1133000) | (1133000) | (1812) | (3830) | 2018 |
|  Put AUD/Call NZD | BofA Securities LLC | 1.079 | 07/24/2025 | (1144000) | (1144000) | (3187) | (3683) | 496 |
|  Put EUR/Call CHF | BofA Securities LLC | 0.939 | 07/09/2025 | (645000) | (645000) | (4825) | (4893) | 68 |
|  Put EUR/Call PLN | BofA Securities LLC | 4.241 | 07/30/2025 | (637000) | (637000) | (2834) | (4197) | 1363 |
|  Put EUR/Call SEK | BofA Securities LLC | 11.130 | 07/31/2025 | (637000) | (637000) | (4887) | (5313) | 426 |
|  Put EUR/Call USD | BofA Securities LLC | 1.134 | 07/03/2025 | (2567000) | (2567000) | (3) | (4690) | 4687 |
|  Put EUR/Call USD | BofA Securities LLC | 1.063 | 09/17/2025 | (1421000) | (1421000) | (203) | (10191) | 9988 |
|  Put NZD/Call USD | BofA Securities LLC | 0.598 | 07/03/2025 | (4928000) | (4928000) | (820) | (14076) | 13256 |
|  Put USD/Call CAD | BofA Securities LLC | 1.364 | 07/30/2025 | (746000) | (746000) | (6259) | (5041) | (1218) |
|  Put USD/Call CNY | BofA Securities LLC | 7.160 | 07/24/2025 | (740000) | (740000) | (3713) | (3273) | (440) |
|  Put USD/Call INR | BofA Securities LLC | 85.800 | 07/29/2025 | (744000) | (744000) | (4281) | (4847) | 566 |
|  Put USD/Call SGD | BofA Securities LLC | 1.270 | 07/29/2025 | (744000) | (744000) | (4713) | (4960) | 247 |
|  Put AUD/Call NZD | Citibank NA | 1.076 | 07/03/2025 | (1139000) | (1139000) | (368) | (3563) | 3195 |
|  Put AUD/Call NZD | Citibank NA | 1.075 | 07/17/2025 | (1134000) | (1134000) | (1732) | (3806) | 2074 |
|  Put EUR/Call GBP | Citibank NA | 0.842 | 07/01/2025 | (642000) | (642000) |  | (4313) | 4313 |
|  Put EUR/Call GBP | Citibank NA | 0.856 | 07/17/2025 | (643000) | (643000) | (1623) | (3902) | 2279 |
|  Put EUR/Call USD | Citibank NA | 1.128 | 07/14/2025 | (2582000) | (2582000) | (137) | (4911) | 4774 |
|  Put NZD/Call USD | Citibank NA | 0.601 | 07/24/2025 | (7375500) | (7375500) | (20554) | (87322) | 66768 |
|  Put NZD/Call USD | Citibank NA | 0.588 | 07/28/2025 | (3710000) | (3710000) | (3517) | (8430) | 4913 |
|  Put USD/Call CNY | Citibank NA | 7.070 | 07/10/2025 | (3082000) | (3082000) | (1242) | (20973) | 19731 |
|  Put USD/Call CNY | Citibank NA | 7.150 | 07/31/2025 | (746000) | (746000) | (3818) | (3411) | (407) |
|  Put USD/Call JPY | Citibank NA | 144.100 | 08/01/2025 | (1948439) | (1948439) | (28775) | (79403) | 50628 |
|  Put EUR/Call SEK | Deutsche Bank AG | 10.970 | 07/10/2025 | (648000) | (648000) | (234) | (5128) | 4894 |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise**<br> **Price** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid**<br> **(Received)**<br> **by Fund** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
|  **Written option contracts – (continued)** | **Written option contracts – (continued)** | **Written option contracts – (continued)** | **Written option contracts – (continued)** | **Written option contracts – (continued)** |  |  |  |  |
|  **Puts – (continued)** | **Puts – (continued)** | **Puts – (continued)** | **Puts – (continued)** | **Puts – (continued)** | **Puts – (continued)** | **Puts – (continued)** | **Puts – (continued)** | **Puts – (continued)** |
|  Put EUR/Call USD | Deutsche Bank AG | $1.111 | 07/14/2025 | (2533000) | $(2533000) | $(12) | $(10706) | $10694 |
|  Put EUR/Call USD | Deutsche Bank AG | 1.118 | 08/15/2025 | (2589000) | (2589000) | (1876) | (14701) | 12825 |
|  Put USD/Call CNY | Deutsche Bank AG | 7.170 | 07/08/2025 | (738000) | (738000) | (2534) | (3434) | 900 |
|  Put EUR/Call USD | HSBC Bank PLC | 1.151 | 07/24/2025 | (1940000) | (1940000) | (3590) | (6403) | 2813 |
|  Put AUD/Call NZD | JPMorgan Securities, Inc. | 1.078 | 07/07/2025 | (1135000) | (1135000) | (1088) | (3183) | 2095 |
|  Put AUD/Call NZD | JPMorgan Securities, Inc. | 1.077 | 07/31/2025 | (1143000) | (1143000) | (3196) | (3878) | 682 |
|  Put EUR/Call CHF | JPMorgan Securities, Inc. | 0.933 | 07/01/2025 | (640000) | (640000) | (420) | (4918) | 4498 |
|  Put EUR/Call SEK | JPMorgan Securities, Inc. | 10.935 | 07/03/2025 | (647000) | (647000) | (2) | (5317) | 5315 |
|  Put EUR/Call SEK | JPMorgan Securities, Inc. | 11.100 | 07/22/2025 | (645000) | (645000) | (3101) | (5436) | 2335 |
|  Put NZD/Call USD | JPMorgan Securities, Inc. | 0.589 | 07/24/2025 | (2434000) | (2434000) | (2179) | (6050) | 3871 |
|  Put USD/Call CNY | JPMorgan Securities, Inc. | 7.085 | 07/08/2025 | (3091000) | (3091000) | (1094) | (21214) | 20120 |
|  Put USD/Call SGD | JPMorgan Securities, Inc. | 1.272 | 08/04/2025 | (746000) | (746000) | (5969) | (4909) | (1060) |
|  Put AUD/Call NZD | MS & Co. Int. PLC | 1.078 | 07/15/2025 | (1139000) | (1139000) | (2141) | (3937) | 1796 |
|  Put EUR/Call GBP | MS & Co. Int. PLC | 0.854 | 07/29/2025 | (640000) | (640000) | (1877) | (3881) | 2004 |
|  Put USD/Call SGD | MS & Co. Int. PLC | 1.285 | 07/21/2025 | (741000) | (741000) | (9883) | (4585) | (5298) |
|  Put USD/Call CAD | Royal Bank of Canada (UK) | 1.361 | 07/15/2025 | (1487000) | (1487000) | (7292) | (10248) | 2956 |
|  Put USD/Call CAD | Royal Bank of Canada (UK) | 1.367 | 07/22/2025 | (739000) | (739000) | (6301) | (4957) | (1344) |
|  Put EUR/Call USD | Standard Chartered Bank | 1.135 | 07/18/2025 | (1934000) | (1934000) | (633) | (5810) | 5177 |
|  Put NZD/Call USD | Standard Chartered Bank | 0.592 | 07/10/2025 | (4868000) | (4868000) | (1745) | (9749) | 8004 |
|  Put NZD/Call USD | Standard Chartered Bank | 0.597 | 07/31/2025 | (4907000) | (4907000) | (11827) | (57017) | 45190 |
|  Put AUD/Call NZD | UBS AG (London) | 1.082 | 07/22/2025 | (1146000) | (1146000) | (4311) | (3856) | (455) |
|  Put EUR/Call PLN | UBS AG (London) | 4.280 | 07/07/2025 | (647000) | (647000) | (6178) | (5125) | (1053) |
|  Put NZD/Call USD | UBS AG (London) | 0.603 | 07/10/2025 | (4907000) | (4907000) | (7986) | (39315) | 31329 |
|  Put USD/Call JPY | UBS AG (London) | 144.100 | 08/01/2025 | (1169561) | (1169561) | (17272) | (35262) | 17990 |
|  |  |  |  | (103950500) | $(103950500) | $(237650) | $(714249) | $476599 |
|  **Total written option contracts** | **Total written option contracts** | **Total written option contracts** |  | (155646523) | $(155646523) | $(490161) | $(1068244) | $578083 |
|  **TOTAL** |  |  |  | (27690523) | $(27690523) | $(123715) | $(100445) | $(23270) |

---

------

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| AUD | — Australian Dollar |
| BRL | — Brazil Real |
| CAD | — Canadian Dollar |
| CHF | — Swiss Franc |
| CLP | — Chilean Peso |
| CNH | — Chinese Yuan Renminbi Offshore |
| CNY | — Chinese Yuan Renminbi |
| COP | — Colombia Peso |
| CZK | — Czech Republic Koruna |
| EUR | — Euro |
| GBP | — British Pound |
| HUF | — Hungarian Forint |
| ILS | — Israeli Shekel |
| INR | — Indian Rupee |
| JPY | — Japanese Yen |
| KRW | — South Korean Won |
| MXN | — Mexican Peso |
| NOK | — Norwegian Krone |
| NZD | — New Zealand Dollar |
| PEN | — Peru Nuevo Sol |
| PLN | — Polish Zloty |
| RON | — Romania New Leu |
| SEK | — Swedish Krona |
| SGD | — Singapore Dollar |
| THB | — Thailand Baht |
| TRY | — Turkish Lira |
| TWD | — Taiwan Dollar |
| USD | — U.S. Dollar |
| UZS | — Uzbekistan Som |
| ZAR | — South African Rand |
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| CMT | — Constant Maturity Treasury Indexes |
| LLC | — Limited Liability Company |
| NR | — Not Rated |
| PIK | — Payment in kind |
| PLC | — Public Limited Company |
| WR | — Withdrawn Rating |
| **Abbreviations:** | **Abbreviations:** |
| 1M BID Avg | — 1 Month Brazilian Interbank Deposit Average |
| BofA Securities LLC | — Bank of America Securities LLC |
| BUBOR | — Budapest Interbank Offered Rate |
| CLICP | — Sinacofi Chile Interbank Rate |
| CNRR | — China Fixing Repo Rate |
| EURO | — Euro Offered Rate |
| JIBAR | — Johannesburg Interbank Agreed Rate |
| KWCDC | — South Korean Won Certificate of Deposit |
| MIBOR | — Mumbai Interbank Offered Rate |
| MS & Co. Int. PLC | — Morgan Stanley & Co. International PLC |
| PRIBOR | — Prague Interbank Offered Rate |
| SOFR | — Secured Overnight Financing Rate |
| TIIE | — La Tasa de Interbank Equilibrium Interest Rate |
| WIBOR | — Warsaw Interbank Offered Rate |

---

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

------

GOLDMAN SACHS HIGH YIELD FUND

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – 88.8%** | **Corporate Obligations – 88.8%** | **Corporate Obligations – 88.8%** | **Corporate Obligations – 88.8%** |
| **Advertising<sup>(a)(b)</sup> – 0.4%** | **Advertising<sup>(a)(b)</sup> – 0.4%** | **Advertising<sup>(a)(b)</sup> – 0.4%** | **Advertising<sup>(a)(b)</sup> – 0.4%** |
| Clear Channel Outdoor Holdings, Inc. (B/B2) | Clear Channel Outdoor Holdings, Inc. (B/B2) | Clear Channel Outdoor Holdings, Inc. (B/B2) | Clear Channel Outdoor Holdings, Inc. (B/B2) |
| 3325000 | 7.875% | 04/01/30 | $3431732 |
| Clear Channel Outdoor Holdings, Inc. (CCC/Caa3) | Clear Channel Outdoor Holdings, Inc. (CCC/Caa3) | Clear Channel Outdoor Holdings, Inc. (CCC/Caa3) | Clear Channel Outdoor Holdings, Inc. (CCC/Caa3) |
| 1455000 | 7.750 | 04/15/28 | 1376896 |
| Outfront Media Capital LLC/Outfront Media Capital Corp. (B/B2) | Outfront Media Capital LLC/Outfront Media Capital Corp. (B/B2) | Outfront Media Capital LLC/Outfront Media Capital Corp. (B/B2) | Outfront Media Capital LLC/Outfront Media Capital Corp. (B/B2) |
| 2539000 | 4.250 | 01/15/29 | 2431702 |
|  |  |  | 7240330 |
| **Aerospace & Defense – 1.8%** | **Aerospace & Defense – 1.8%** | **Aerospace & Defense – 1.8%** | **Aerospace & Defense – 1.8%** |
| Bombardier, Inc. <sup>(a)(b)</sup> (BB-/B1) | Bombardier, Inc. <sup>(a)(b)</sup> (BB-/B1) | Bombardier, Inc. <sup>(a)(b)</sup> (BB-/B1) | Bombardier, Inc. <sup>(a)(b)</sup> (BB-/B1) |
| 2865000 | 7.000 | 06/01/32 | 2984757 |
| 3165000 | 6.750 | 06/15/33 | 3278465 |
| Moog, Inc. <sup>(a)(b)</sup> (BB/Ba3) | Moog, Inc. <sup>(a)(b)</sup> (BB/Ba3) | Moog, Inc. <sup>(a)(b)</sup> (BB/Ba3) | Moog, Inc. <sup>(a)(b)</sup> (BB/Ba3) |
| 3037000 | 4.250 | 12/15/27 | 2965084 |
| Spirit AeroSystems, Inc. <sup>(a)</sup> (CCC+/Caa1) | Spirit AeroSystems, Inc. <sup>(a)</sup> (CCC+/Caa1) | Spirit AeroSystems, Inc. <sup>(a)</sup> (CCC+/Caa1) | Spirit AeroSystems, Inc. <sup>(a)</sup> (CCC+/Caa1) |
| 5310000 | 4.600 | 06/15/28 | 5208473 |
| TransDigm, Inc. <sup>(a)</sup> (B/B3) | TransDigm, Inc. <sup>(a)</sup> (B/B3) | TransDigm, Inc. <sup>(a)</sup> (B/B3) | TransDigm, Inc. <sup>(a)</sup> (B/B3) |
| 3570000 | 4.625 | 01/15/29 | 3502027 |
| 8868000 | 4.875 | 05/01/29 | 8705272 |
| TransDigm, Inc. <sup>(a)(b)</sup> (BB-/Ba3) | TransDigm, Inc. <sup>(a)(b)</sup> (BB-/Ba3) | TransDigm, Inc. <sup>(a)(b)</sup> (BB-/Ba3) | TransDigm, Inc. <sup>(a)(b)</sup> (BB-/Ba3) |
| 2584000 | 6.750 | 08/15/28 | 2639117 |
| 1645000 | 6.375 | 03/01/29 | 1691570 |
| 5250000 | 6.875 | 12/15/30 | 5447295 |
|  |  |  | 36422060 |
| **Airlines – 1.0%** | **Airlines – 1.0%** | **Airlines – 1.0%** | **Airlines – 1.0%** |
| American Airlines, Inc. <sup>(a)(b)</sup> (BB-/Ba2) | American Airlines, Inc. <sup>(a)(b)</sup> (BB-/Ba2) | American Airlines, Inc. <sup>(a)(b)</sup> (BB-/Ba2) | American Airlines, Inc. <sup>(a)(b)</sup> (BB-/Ba2) |
| 6629000 | 7.250 | 02/15/28 | 6766949 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd. <sup>(b)</sup> (NR/Ba1) | American Airlines, Inc./AAdvantage Loyalty IP Ltd. <sup>(b)</sup> (NR/Ba1) | American Airlines, Inc./AAdvantage Loyalty IP Ltd. <sup>(b)</sup> (NR/Ba1) | American Airlines, Inc./AAdvantage Loyalty IP Ltd. <sup>(b)</sup> (NR/Ba1) |
| 790000 | 5.500 | 04/20/26 | 789818 |
| OneSky Flight LLC <sup>(a)(b)</sup> (B/B3) | OneSky Flight LLC <sup>(a)(b)</sup> (B/B3) | OneSky Flight LLC <sup>(a)(b)</sup> (B/B3) | OneSky Flight LLC <sup>(a)(b)</sup> (B/B3) |
| 2305000 | 8.875 | 12/15/29 | 2399275 |
| VistaJet Malta Finance PLC/Vista Management Holding, Inc.<sup>(a)(b)(c)</sup> (B/B3) | VistaJet Malta Finance PLC/Vista Management Holding, Inc.<sup>(a)(b)(c)</sup> (B/B3) | VistaJet Malta Finance PLC/Vista Management Holding, Inc.<sup>(a)(b)(c)</sup> (B/B3) | VistaJet Malta Finance PLC/Vista Management Holding, Inc.<sup>(a)(b)(c)</sup> (B/B3) |
| 3115000 | 7.875 | 05/01/27 | 3135123 |
| 3482000 | 9.500 | 06/01/28 | 3576432 |
| 3035000 | 6.375 | 02/01/30 | 2839758 |
|  |  |  | 19507355 |
| **Apparel<sup>(a)(b)</sup> – 0.5%** | **Apparel<sup>(a)(b)</sup> – 0.5%** | **Apparel<sup>(a)(b)</sup> – 0.5%** | **Apparel<sup>(a)(b)</sup> – 0.5%** |
| Beach Acquisition Bidco LLC<sup>(d)</sup> (B+/Caa1) (PIK 10.750%, Cash 10.000%) | Beach Acquisition Bidco LLC<sup>(d)</sup> (B+/Caa1) (PIK 10.750%, Cash 10.000%) | Beach Acquisition Bidco LLC<sup>(d)</sup> (B+/Caa1) (PIK 10.750%, Cash 10.000%) | Beach Acquisition Bidco LLC<sup>(d)</sup> (B+/Caa1) (PIK 10.750%, Cash 10.000%) |
| 3595000 | 10.000 | 07/15/33 | 3739160 |
| Beach Acquisition Bidco LLC (NR/Ba3) | Beach Acquisition Bidco LLC (NR/Ba3) | Beach Acquisition Bidco LLC (NR/Ba3) | Beach Acquisition Bidco LLC (NR/Ba3) |
| 1094000 | 5.250 | 07/15/32 | 1298704 |
| Champ Acquisition Corp. (B/B2) | Champ Acquisition Corp. (B/B2) | Champ Acquisition Corp. (B/B2) | Champ Acquisition Corp. (B/B2) |
| 4240000 | 8.375 | 12/01/31 | 4520942 |
|  |  |  | 9558806 |
| **Automotive – 2.0%** | **Automotive – 2.0%** | **Automotive – 2.0%** | **Automotive – 2.0%** |
| Allison Transmission, Inc. <sup>(a)(b)</sup> (NR/Ba2) | Allison Transmission, Inc. <sup>(a)(b)</sup> (NR/Ba2) | Allison Transmission, Inc. <sup>(a)(b)</sup> (NR/Ba2) | Allison Transmission, Inc. <sup>(a)(b)</sup> (NR/Ba2) |
| 3128000 | 3.750 | 01/30/31 | 2868720 |
| Clarios Global LP/Clarios U.S. Finance Co. <sup>(a)(b)</sup> (B/Caa1) | Clarios Global LP/Clarios U.S. Finance Co. <sup>(a)(b)</sup> (B/Caa1) | Clarios Global LP/Clarios U.S. Finance Co. <sup>(a)(b)</sup> (B/Caa1) | Clarios Global LP/Clarios U.S. Finance Co. <sup>(a)(b)</sup> (B/Caa1) |
| 4111000 | 8.500 | 05/15/27 | 4136283 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
|  **Automotive – (continued)** | **Automotive – (continued)** | **Automotive – (continued)** | **Automotive – (continued)** | **Automotive – (continued)** |
|  Clarios Global LP/Clarios U.S. Finance Co.<sup>(a)(b)</sup> (BB-/B1) | Clarios Global LP/Clarios U.S. Finance Co.<sup>(a)(b)</sup> (BB-/B1) | Clarios Global LP/Clarios U.S. Finance Co.<sup>(a)(b)</sup> (BB-/B1) | Clarios Global LP/Clarios U.S. Finance Co.<sup>(a)(b)</sup> (BB-/B1) | Clarios Global LP/Clarios U.S. Finance Co.<sup>(a)(b)</sup> (BB-/B1) |
|  $ | 5010000 | 6.750% | 05/15/28 | $5143015 |
|  | 2915000 | 6.750 | 02/15/30 | 3031134 |
|  Dana, Inc. <sup>(a)</sup> (BB-/B1) | Dana, Inc. <sup>(a)</sup> (BB-/B1) | Dana, Inc. <sup>(a)</sup> (BB-/B1) | Dana, Inc. <sup>(a)</sup> (BB-/B1) | Dana, Inc. <sup>(a)</sup> (BB-/B1) |
|  | 4853000 | 5.375 | 11/15/27 | 4856300 |
|  | 2260000 | 5.625 | 06/15/28 | 2265650 |
|  Dealer Tire LLC/DT Issuer LLC <sup>(a)(b)</sup> (CCC/Caa1) | Dealer Tire LLC/DT Issuer LLC <sup>(a)(b)</sup> (CCC/Caa1) | Dealer Tire LLC/DT Issuer LLC <sup>(a)(b)</sup> (CCC/Caa1) | Dealer Tire LLC/DT Issuer LLC <sup>(a)(b)</sup> (CCC/Caa1) | Dealer Tire LLC/DT Issuer LLC <sup>(a)(b)</sup> (CCC/Caa1) |
|  | 4986000 | 8.000 | 02/01/28 | 4803662 |
|  Grupo Antolin-Irausa SA<sup>(a)</sup> (B-/B3) | Grupo Antolin-Irausa SA<sup>(a)</sup> (B-/B3) | Grupo Antolin-Irausa SA<sup>(a)</sup> (B-/B3) | Grupo Antolin-Irausa SA<sup>(a)</sup> (B-/B3) | Grupo Antolin-Irausa SA<sup>(a)</sup> (B-/B3) |
|  EUR | 2391000 | 10.375 | 01/30/30 | 1987787 |
|  IHO Verwaltungs GmbH<sup>(a)(b)(d)</sup> (BB-/Ba2) | IHO Verwaltungs GmbH<sup>(a)(b)(d)</sup> (BB-/Ba2) | IHO Verwaltungs GmbH<sup>(a)(b)(d)</sup> (BB-/Ba2) | IHO Verwaltungs GmbH<sup>(a)(b)(d)</sup> (BB-/Ba2) | IHO Verwaltungs GmbH<sup>(a)(b)(d)</sup> (BB-/Ba2) |
|  (PIK 7.125%, Cash 6.375%) | (PIK 7.125%, Cash 6.375%) | (PIK 7.125%, Cash 6.375%) | (PIK 7.125%, Cash 6.375%) | (PIK 7.125%, Cash 6.375%) |
|  $ | 2985000 | 6.375 | 05/15/29 | 2987567 |
|  (PIK 9.500%, Cash 8.750%) | (PIK 9.500%, Cash 8.750%) | (PIK 9.500%, Cash 8.750%) | (PIK 9.500%, Cash 8.750%) | (PIK 9.500%, Cash 8.750%) |
|  EUR | 970000 | 8.750 | 05/15/28 | 1195801 |
|  ZF Europe Finance BV <sup>(a)</sup> (BB-/Ba2) | ZF Europe Finance BV <sup>(a)</sup> (BB-/Ba2) | ZF Europe Finance BV <sup>(a)</sup> (BB-/Ba2) | ZF Europe Finance BV <sup>(a)</sup> (BB-/Ba2) | ZF Europe Finance BV <sup>(a)</sup> (BB-/Ba2) |
|  | 2800000 | 4.750 | 01/31/29 | 3103829 |
|  ZF North America Capital, Inc.<sup>(a)(b)</sup> (BB-/Ba2) | ZF North America Capital, Inc.<sup>(a)(b)</sup> (BB-/Ba2) | ZF North America Capital, Inc.<sup>(a)(b)</sup> (BB-/Ba2) | ZF North America Capital, Inc.<sup>(a)(b)</sup> (BB-/Ba2) | ZF North America Capital, Inc.<sup>(a)(b)</sup> (BB-/Ba2) |
|  $ | 2085000 | 6.875 | 04/14/28 | 2089587 |
|  | 1825000 | 6.750 | 04/23/30 | 1757347 |
|  |  |  |  | 40226682 |
|  **Banks – 2.7%** | **Banks – 2.7%** | **Banks – 2.7%** | **Banks – 2.7%** | **Banks – 2.7%** |
|  Bank of New York Mellon Corp. <sup>(a)(e)</sup> (BBB/Baa1) (5 yr. CMT + 4.358%) | Bank of New York Mellon Corp. <sup>(a)(e)</sup> (BBB/Baa1) (5 yr. CMT + 4.358%) | Bank of New York Mellon Corp. <sup>(a)(e)</sup> (BBB/Baa1) (5 yr. CMT + 4.358%) | Bank of New York Mellon Corp. <sup>(a)(e)</sup> (BBB/Baa1) (5 yr. CMT + 4.358%) | Bank of New York Mellon Corp. <sup>(a)(e)</sup> (BBB/Baa1) (5 yr. CMT + 4.358%) |
|  | 4960000 | 4.700 | 09/20/25 | 4949882 |
|  Barclays PLC<sup>(a)(e)</sup> (BB-/Ba1) | Barclays PLC<sup>(a)(e)</sup> (BB-/Ba1) | Barclays PLC<sup>(a)(e)</sup> (BB-/Ba1) | Barclays PLC<sup>(a)(e)</sup> (BB-/Ba1) | Barclays PLC<sup>(a)(e)</sup> (BB-/Ba1) |
|  (5 yr. CMT + 5.431%) | (5 yr. CMT + 5.431%) | (5 yr. CMT + 5.431%) | (5 yr. CMT + 5.431%) | (5 yr. CMT + 5.431%) |
|  | 6325000 | 8.000 | 03/15/29 | 6636506 |
|  (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 3.686%) | (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 3.686%) | (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 3.686%) | (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 3.686%) | (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 3.686%) |
|  | 1470000 | 7.625 | 03/15/35 | 1478820 |
|  Citigroup, Inc. <sup>(a)(e)</sup> (BB+/Ba1) (5 yr. CMT + 3.417%) | Citigroup, Inc. <sup>(a)(e)</sup> (BB+/Ba1) (5 yr. CMT + 3.417%) | Citigroup, Inc. <sup>(a)(e)</sup> (BB+/Ba1) (5 yr. CMT + 3.417%) | Citigroup, Inc. <sup>(a)(e)</sup> (BB+/Ba1) (5 yr. CMT + 3.417%) | Citigroup, Inc. <sup>(a)(e)</sup> (BB+/Ba1) (5 yr. CMT + 3.417%) |
|  | 2565000 | 3.875 | 02/18/26 | 2531578 |
|  Comerica, Inc. <sup>(a)(e)</sup> (BB/Ba1) (5 yr. CMT + 5.291%) | Comerica, Inc. <sup>(a)(e)</sup> (BB/Ba1) (5 yr. CMT + 5.291%) | Comerica, Inc. <sup>(a)(e)</sup> (BB/Ba1) (5 yr. CMT + 5.291%) | Comerica, Inc. <sup>(a)(e)</sup> (BB/Ba1) (5 yr. CMT + 5.291%) | Comerica, Inc. <sup>(a)(e)</sup> (BB/Ba1) (5 yr. CMT + 5.291%) |
|  | 1550000 | 5.625 | 07/01/25 | 1550000 |
|  Commerzbank AG<sup>(a)(e)</sup> (BB/Ba2) (1 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 4.322%) | Commerzbank AG<sup>(a)(e)</sup> (BB/Ba2) (1 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 4.322%) | Commerzbank AG<sup>(a)(e)</sup> (BB/Ba2) (1 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 4.322%) | Commerzbank AG<sup>(a)(e)</sup> (BB/Ba2) (1 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 4.322%) | Commerzbank AG<sup>(a)(e)</sup> (BB/Ba2) (1 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 4.322%) |
|  | 4000000 | 7.500 | 10/09/30 | 4068640 |
|  JPMorgan Chase & Co. <sup>(a)(e)</sup> (BBB/Baa2) (5 yr. CMT + 2.152%) | JPMorgan Chase & Co. <sup>(a)(e)</sup> (BBB/Baa2) (5 yr. CMT + 2.152%) | JPMorgan Chase & Co. <sup>(a)(e)</sup> (BBB/Baa2) (5 yr. CMT + 2.152%) | JPMorgan Chase & Co. <sup>(a)(e)</sup> (BBB/Baa2) (5 yr. CMT + 2.152%) | JPMorgan Chase & Co. <sup>(a)(e)</sup> (BBB/Baa2) (5 yr. CMT + 2.152%) |
|  | 5040000 | 6.500 | 04/01/30 | 5200070 |
|  NatWest Group PLC<sup>(a)(e)</sup> (NR/Baa3) (5 yr. U.K. Government Bond + 3.294%) | NatWest Group PLC<sup>(a)(e)</sup> (NR/Baa3) (5 yr. U.K. Government Bond + 3.294%) | NatWest Group PLC<sup>(a)(e)</sup> (NR/Baa3) (5 yr. U.K. Government Bond + 3.294%) | NatWest Group PLC<sup>(a)(e)</sup> (NR/Baa3) (5 yr. U.K. Government Bond + 3.294%) | NatWest Group PLC<sup>(a)(e)</sup> (NR/Baa3) (5 yr. U.K. Government Bond + 3.294%) |
|  GBP | 1628000 | 7.500 | 02/28/32 | 2218629 |
|  PNC Financial Services Group, Inc.<sup>(a)(e)</sup> (BBB-/Baa2) (5 yr. CMT + 3.238%) | PNC Financial Services Group, Inc.<sup>(a)(e)</sup> (BBB-/Baa2) (5 yr. CMT + 3.238%) | PNC Financial Services Group, Inc.<sup>(a)(e)</sup> (BBB-/Baa2) (5 yr. CMT + 3.238%) | PNC Financial Services Group, Inc.<sup>(a)(e)</sup> (BBB-/Baa2) (5 yr. CMT + 3.238%) | PNC Financial Services Group, Inc.<sup>(a)(e)</sup> (BBB-/Baa2) (5 yr. CMT + 3.238%) |
|  $ | 4462000 | 6.200 | 09/15/27 | 4546778 |
|  Toronto-Dominion Bank <sup>(a)(e)</sup> (BBB-/Baa2) (5 yr. CMT + 4.075%) | Toronto-Dominion Bank <sup>(a)(e)</sup> (BBB-/Baa2) (5 yr. CMT + 4.075%) | Toronto-Dominion Bank <sup>(a)(e)</sup> (BBB-/Baa2) (5 yr. CMT + 4.075%) | Toronto-Dominion Bank <sup>(a)(e)</sup> (BBB-/Baa2) (5 yr. CMT + 4.075%) | Toronto-Dominion Bank <sup>(a)(e)</sup> (BBB-/Baa2) (5 yr. CMT + 4.075%) |
|  | 1475000 | 8.125 | 10/31/82 | 1545151 |
|  U.S. Bancorp <sup>(a)(e)</sup> (BBB/Baa2) (5 yr. CMT + 2.541%) | U.S. Bancorp <sup>(a)(e)</sup> (BBB/Baa2) (5 yr. CMT + 2.541%) | U.S. Bancorp <sup>(a)(e)</sup> (BBB/Baa2) (5 yr. CMT + 2.541%) | U.S. Bancorp <sup>(a)(e)</sup> (BBB/Baa2) (5 yr. CMT + 2.541%) | U.S. Bancorp <sup>(a)(e)</sup> (BBB/Baa2) (5 yr. CMT + 2.541%) |
|  | 4540000 | 3.700 | 01/15/27 | 4363485 |
|  UBS Group AG <sup>(a)(b)(e)</sup> (BB/Baa3) (5 yr. CMT + 4.745%) | UBS Group AG <sup>(a)(b)(e)</sup> (BB/Baa3) (5 yr. CMT + 4.745%) | UBS Group AG <sup>(a)(b)(e)</sup> (BB/Baa3) (5 yr. CMT + 4.745%) | UBS Group AG <sup>(a)(b)(e)</sup> (BB/Baa3) (5 yr. CMT + 4.745%) | UBS Group AG <sup>(a)(b)(e)</sup> (BB/Baa3) (5 yr. CMT + 4.745%) |
|  | 3534000 | 9.250 | 11/13/28 | 3852201 |
|  UBS Group AG <sup>(a)(b)(e)</sup> (BB/NR) (5 yr. CMT + 3.098%) | UBS Group AG <sup>(a)(b)(e)</sup> (BB/NR) (5 yr. CMT + 3.098%) | UBS Group AG <sup>(a)(b)(e)</sup> (BB/NR) (5 yr. CMT + 3.098%) | UBS Group AG <sup>(a)(b)(e)</sup> (BB/NR) (5 yr. CMT + 3.098%) | UBS Group AG <sup>(a)(b)(e)</sup> (BB/NR) (5 yr. CMT + 3.098%) |
|  | 3220000 | 3.875 | 06/02/26 | 3143686 |

---

------

GOLDMAN SACHS HIGH YIELD FUND

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
|  **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |
|  UniCredit SpA<sup>(a)(b)(e)</sup> (BBB-/Ba1) (5 yr. CMT + 4.750%) | UniCredit SpA<sup>(a)(b)(e)</sup> (BBB-/Ba1) (5 yr. CMT + 4.750%) | UniCredit SpA<sup>(a)(b)(e)</sup> (BBB-/Ba1) (5 yr. CMT + 4.750%) | UniCredit SpA<sup>(a)(b)(e)</sup> (BBB-/Ba1) (5 yr. CMT + 4.750%) | UniCredit SpA<sup>(a)(b)(e)</sup> (BBB-/Ba1) (5 yr. CMT + 4.750%) |
|  $ | 3415000 | 5.459% | 06/30/35 | $3392973 |
|  Walker & Dunlop, Inc. <sup>(a)(b)</sup> (BB/Ba2) | Walker & Dunlop, Inc. <sup>(a)(b)</sup> (BB/Ba2) | Walker & Dunlop, Inc. <sup>(a)(b)</sup> (BB/Ba2) | Walker & Dunlop, Inc. <sup>(a)(b)</sup> (BB/Ba2) | Walker & Dunlop, Inc. <sup>(a)(b)</sup> (BB/Ba2) |
|  | 1690000 | 6.625 | 04/01/33 | 1741393 |
|  Wells Fargo & Co.<sup>(a)(e)</sup> (BB+/Baa2) | Wells Fargo & Co.<sup>(a)(e)</sup> (BB+/Baa2) | Wells Fargo & Co.<sup>(a)(e)</sup> (BB+/Baa2) | Wells Fargo & Co.<sup>(a)(e)</sup> (BB+/Baa2) | Wells Fargo & Co.<sup>(a)(e)</sup> (BB+/Baa2) |
|  (5 yr. CMT + 2.767%) | (5 yr. CMT + 2.767%) | (5 yr. CMT + 2.767%) | (5 yr. CMT + 2.767%) | (5 yr. CMT + 2.767%) |
|  | 2525000 | 6.850 | 09/15/29 | 2648271 |
|  (5 yr. CMT + 3.606%) | (5 yr. CMT + 3.606%) | (5 yr. CMT + 3.606%) | (5 yr. CMT + 3.606%) | (5 yr. CMT + 3.606%) |
|  | 2040000 | 7.625 | 09/15/28 | 2193469 |
|  |  |  |  | 56061532 |
|  **Beverages<sup>(a)</sup> – 0.2%** | **Beverages<sup>(a)</sup> – 0.2%** | **Beverages<sup>(a)</sup> – 0.2%** | **Beverages<sup>(a)</sup> – 0.2%** | **Beverages<sup>(a)</sup> – 0.2%** |
|  Marston's Issuer PLC<sup>(e)</sup> (BB+/NR) (Sterling Overnight Index | Marston's Issuer PLC<sup>(e)</sup> (BB+/NR) (Sterling Overnight Index | Marston's Issuer PLC<sup>(e)</sup> (BB+/NR) (Sterling Overnight Index | Marston's Issuer PLC<sup>(e)</sup> (BB+/NR) (Sterling Overnight Index | Marston's Issuer PLC<sup>(e)</sup> (BB+/NR) (Sterling Overnight Index |
|  Average + 1.569%) | Average + 1.569%) | Average + 1.569%) | Average + 1.569%) | Average + 1.569%) |
|  GBP | 80000 | 5.177 | 07/15/32 | 106008 |
|  Primo Water Holdings, Inc./Triton Water Holdings, Inc.<sup>(b)</sup> (BB/Ba3) | Primo Water Holdings, Inc./Triton Water Holdings, Inc.<sup>(b)</sup> (BB/Ba3) | Primo Water Holdings, Inc./Triton Water Holdings, Inc.<sup>(b)</sup> (BB/Ba3) | Primo Water Holdings, Inc./Triton Water Holdings, Inc.<sup>(b)</sup> (BB/Ba3) | Primo Water Holdings, Inc./Triton Water Holdings, Inc.<sup>(b)</sup> (BB/Ba3) |
|  $ | 3300000 | 4.375 | 04/30/29 | 3200439 |
|  |  |  |  | 3306447 |
|  **Building Materials – 2.2%** | **Building Materials – 2.2%** | **Building Materials – 2.2%** | **Building Materials – 2.2%** | **Building Materials – 2.2%** |
|  Builders FirstSource, Inc. <sup>(a)(b)</sup> (BB-/Ba2) | Builders FirstSource, Inc. <sup>(a)(b)</sup> (BB-/Ba2) | Builders FirstSource, Inc. <sup>(a)(b)</sup> (BB-/Ba2) | Builders FirstSource, Inc. <sup>(a)(b)</sup> (BB-/Ba2) | Builders FirstSource, Inc. <sup>(a)(b)</sup> (BB-/Ba2) |
|  | 5180000 | 5.000 | 03/01/30 | 5084740 |
|  | 2220000 | 6.750 | 05/15/35 | 2285890 |
|  EMRLD Borrower LP/Emerald Co-Issuer, Inc. <sup>(a)(b)</sup> (BB-/B2) | EMRLD Borrower LP/Emerald Co-Issuer, Inc. <sup>(a)(b)</sup> (BB-/B2) | EMRLD Borrower LP/Emerald Co-Issuer, Inc. <sup>(a)(b)</sup> (BB-/B2) | EMRLD Borrower LP/Emerald Co-Issuer, Inc. <sup>(a)(b)</sup> (BB-/B2) | EMRLD Borrower LP/Emerald Co-Issuer, Inc. <sup>(a)(b)</sup> (BB-/B2) |
|  | 4030000 | 6.625 | 12/15/30 | 4123899 |
|  James Hardie International Finance DAC <sup>(a)(b)</sup> (BB/Ba1) | James Hardie International Finance DAC <sup>(a)(b)</sup> (BB/Ba1) | James Hardie International Finance DAC <sup>(a)(b)</sup> (BB/Ba1) | James Hardie International Finance DAC <sup>(a)(b)</sup> (BB/Ba1) | James Hardie International Finance DAC <sup>(a)(b)</sup> (BB/Ba1) |
|  | 5125000 | 5.000 | 01/15/28 | 5101476 |
|  JELD-WEN, Inc. <sup>(a)(b)</sup> (B+/B2) | JELD-WEN, Inc. <sup>(a)(b)</sup> (B+/B2) | JELD-WEN, Inc. <sup>(a)(b)</sup> (B+/B2) | JELD-WEN, Inc. <sup>(a)(b)</sup> (B+/B2) | JELD-WEN, Inc. <sup>(a)(b)</sup> (B+/B2) |
|  | 2201000 | 4.875 | 12/15/27 | 2048449 |
|  Masterbrand, Inc. <sup>(a)(b)</sup> (BB/Ba3) | Masterbrand, Inc. <sup>(a)(b)</sup> (BB/Ba3) | Masterbrand, Inc. <sup>(a)(b)</sup> (BB/Ba3) | Masterbrand, Inc. <sup>(a)(b)</sup> (BB/Ba3) | Masterbrand, Inc. <sup>(a)(b)</sup> (BB/Ba3) |
|  | 1900000 | 7.000 | 07/15/32 | 1941496 |
|  Quikrete Holdings, Inc. <sup>(a)(b)</sup> (B+/B2) | Quikrete Holdings, Inc. <sup>(a)(b)</sup> (B+/B2) | Quikrete Holdings, Inc. <sup>(a)(b)</sup> (B+/B2) | Quikrete Holdings, Inc. <sup>(a)(b)</sup> (B+/B2) | Quikrete Holdings, Inc. <sup>(a)(b)</sup> (B+/B2) |
|  | 2820000 | 6.750 | 03/01/33 | 2908914 |
|  Quikrete Holdings, Inc. <sup>(a)(b)</sup> (BB/Ba3) | Quikrete Holdings, Inc. <sup>(a)(b)</sup> (BB/Ba3) | Quikrete Holdings, Inc. <sup>(a)(b)</sup> (BB/Ba3) | Quikrete Holdings, Inc. <sup>(a)(b)</sup> (BB/Ba3) | Quikrete Holdings, Inc. <sup>(a)(b)</sup> (BB/Ba3) |
|  | 2595000 | 6.375 | 03/01/32 | 2670073 |
|  Smyrna Ready Mix Concrete LLC <sup>(a)(b)</sup> (BB-/Ba3) | Smyrna Ready Mix Concrete LLC <sup>(a)(b)</sup> (BB-/Ba3) | Smyrna Ready Mix Concrete LLC <sup>(a)(b)</sup> (BB-/Ba3) | Smyrna Ready Mix Concrete LLC <sup>(a)(b)</sup> (BB-/Ba3) | Smyrna Ready Mix Concrete LLC <sup>(a)(b)</sup> (BB-/Ba3) |
|  | 6780000 | 6.000 | 11/01/28 | 6764406 |
|  | 3000000 | 8.875 | 11/15/31 | 3147330 |
|  Standard Building Solutions, Inc. <sup>(a)(b)</sup> (BB/Ba3) | Standard Building Solutions, Inc. <sup>(a)(b)</sup> (BB/Ba3) | Standard Building Solutions, Inc. <sup>(a)(b)</sup> (BB/Ba3) | Standard Building Solutions, Inc. <sup>(a)(b)</sup> (BB/Ba3) | Standard Building Solutions, Inc. <sup>(a)(b)</sup> (BB/Ba3) |
|  | 5145000 | 6.500 | 08/15/32 | 5267091 |
|  Standard Industries, Inc. <sup>(a)(b)</sup> (BB/Ba3) | Standard Industries, Inc. <sup>(a)(b)</sup> (BB/Ba3) | Standard Industries, Inc. <sup>(a)(b)</sup> (BB/Ba3) | Standard Industries, Inc. <sup>(a)(b)</sup> (BB/Ba3) | Standard Industries, Inc. <sup>(a)(b)</sup> (BB/Ba3) |
|  | 1880000 | 5.000 | 02/15/27 | 1874322 |
|  | 1230000 | 4.750 | 01/15/28 | 1217073 |
|  |  |  |  | 44435159 |
|  **Capital Goods<sup>(a)(b)</sup> – 0.1%** | **Capital Goods<sup>(a)(b)</sup> – 0.1%** | **Capital Goods<sup>(a)(b)</sup> – 0.1%** | **Capital Goods<sup>(a)(b)</sup> – 0.1%** | **Capital Goods<sup>(a)(b)</sup> – 0.1%** |
|  Cirsa Finance International SARL (B+/B2) | Cirsa Finance International SARL (B+/B2) | Cirsa Finance International SARL (B+/B2) | Cirsa Finance International SARL (B+/B2) | Cirsa Finance International SARL (B+/B2) |
|  EUR | 1836000 | 10.375 | 11/30/27 | 2273838 |
|  **Chemicals – 3.3%** | **Chemicals – 3.3%** | **Chemicals – 3.3%** | **Chemicals – 3.3%** | **Chemicals – 3.3%** |
|  Ashland, Inc.<sup>(a)(b)</sup> (BB+/Ba1) | Ashland, Inc.<sup>(a)(b)</sup> (BB+/Ba1) | Ashland, Inc.<sup>(a)(b)</sup> (BB+/Ba1) | Ashland, Inc.<sup>(a)(b)</sup> (BB+/Ba1) | Ashland, Inc.<sup>(a)(b)</sup> (BB+/Ba1) |
|  $ | 2340000 | 3.375 | 09/01/31 | 2078107 |
|  Avient Corp. <sup>(a)(b)</sup> (BB-/Ba3) | Avient Corp. <sup>(a)(b)</sup> (BB-/Ba3) | Avient Corp. <sup>(a)(b)</sup> (BB-/Ba3) | Avient Corp. <sup>(a)(b)</sup> (BB-/Ba3) | Avient Corp. <sup>(a)(b)</sup> (BB-/Ba3) |
|  | 2660000 | 7.125 | 08/01/30 | 2742540 |
|  | 950000 | 6.250 | 11/01/31 | 957514 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Chemicals – (continued)** | **Chemicals – (continued)** | **Chemicals – (continued)** | **Chemicals – (continued)** |
| Axalta Coating Systems LLC<sup>(a)(b)</sup> (BB/Ba3) | Axalta Coating Systems LLC<sup>(a)(b)</sup> (BB/Ba3) | Axalta Coating Systems LLC<sup>(a)(b)</sup> (BB/Ba3) | Axalta Coating Systems LLC<sup>(a)(b)</sup> (BB/Ba3) |
| 2760000 | 3.375% | 02/15/29 | $2610794 |
| Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV<sup>(a)(b)</sup> (BB/Ba3) | Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV<sup>(a)(b)</sup> (BB/Ba3) | Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV<sup>(a)(b)</sup> (BB/Ba3) | Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV<sup>(a)(b)</sup> (BB/Ba3) |
| 3205000 | 4.750 | 06/15/27 | 3184135 |
| Celanese U.S. Holdings LLC<sup>(a)</sup> (BB+/Ba1) | Celanese U.S. Holdings LLC<sup>(a)</sup> (BB+/Ba1) | Celanese U.S. Holdings LLC<sup>(a)</sup> (BB+/Ba1) | Celanese U.S. Holdings LLC<sup>(a)</sup> (BB+/Ba1) |
| 1905000 | 6.415 <sup>(f)</sup> | 07/15/27 | 1972742 |
| 960000 | 6.500 | 04/15/30 | 982157 |
| 2953000 | 7.050 | 11/15/30 | 3107412 |
| 1360000 | 6.750 <sup>(c)</sup> | 04/15/33 | 1373967 |
| Chemours Co.<sup>(a)(b)</sup> (BB-/B1) | Chemours Co.<sup>(a)(b)</sup> (BB-/B1) | Chemours Co.<sup>(a)(b)</sup> (BB-/B1) | Chemours Co.<sup>(a)(b)</sup> (BB-/B1) |
| 2911000 | 5.750 | 11/15/28 | 2727607 |
| Illuminate Buyer LLC/Illuminate Holdings IV, Inc.<sup>(a)(b)</sup> (B-/Caa1) | Illuminate Buyer LLC/Illuminate Holdings IV, Inc.<sup>(a)(b)</sup> (B-/Caa1) | Illuminate Buyer LLC/Illuminate Holdings IV, Inc.<sup>(a)(b)</sup> (B-/Caa1) | Illuminate Buyer LLC/Illuminate Holdings IV, Inc.<sup>(a)(b)</sup> (B-/Caa1) |
| 2975000 | 9.000 | 07/01/28 | 2988030 |
| Ingevity Corp.<sup>(a)(b)</sup> (NR/Ba3) | Ingevity Corp.<sup>(a)(b)</sup> (NR/Ba3) | Ingevity Corp.<sup>(a)(b)</sup> (NR/Ba3) | Ingevity Corp.<sup>(a)(b)</sup> (NR/Ba3) |
| 2946000 | 3.875 | 11/01/28 | 2807273 |
| Methanex U.S. Operations, Inc.<sup>(a)(b)</sup> (BB/Ba2) | Methanex U.S. Operations, Inc.<sup>(a)(b)</sup> (BB/Ba2) | Methanex U.S. Operations, Inc.<sup>(a)(b)</sup> (BB/Ba2) | Methanex U.S. Operations, Inc.<sup>(a)(b)</sup> (BB/Ba2) |
| 1940000 | 6.250 | 03/15/32 | 1933443 |
| Minerals Technologies, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Minerals Technologies, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Minerals Technologies, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Minerals Technologies, Inc.<sup>(a)(b)</sup> (BB-/Ba3) |
| 3421000 | 5.000 | 07/01/28 | 3366469 |
| Olympus Water U.S. Holding Corp.<sup>(a)(b)</sup> (B-/B3) | Olympus Water U.S. Holding Corp.<sup>(a)(b)</sup> (B-/B3) | Olympus Water U.S. Holding Corp.<sup>(a)(b)</sup> (B-/B3) | Olympus Water U.S. Holding Corp.<sup>(a)(b)</sup> (B-/B3) |
| 750000 | 3.875 | 10/01/28 | 866200 |
| 6830000 | 4.250 | 10/01/28 | 6500248 |
| 4045000 | 9.750 | 11/15/28 | 4259183 |
| Olympus Water U.S. Holding Corp.<sup>(a)(b)(c)</sup> (CCC+/Caa2) | Olympus Water U.S. Holding Corp.<sup>(a)(b)(c)</sup> (CCC+/Caa2) | Olympus Water U.S. Holding Corp.<sup>(a)(b)(c)</sup> (CCC+/Caa2) | Olympus Water U.S. Holding Corp.<sup>(a)(b)(c)</sup> (CCC+/Caa2) |
| 658000 | 6.250 | 10/01/29 | 628179 |
| SCIL IV LLC/SCIL USA Holdings LLC<sup>(a)(b)</sup> (BB-/B1) | SCIL IV LLC/SCIL USA Holdings LLC<sup>(a)(b)</sup> (BB-/B1) | SCIL IV LLC/SCIL USA Holdings LLC<sup>(a)(b)</sup> (BB-/B1) | SCIL IV LLC/SCIL USA Holdings LLC<sup>(a)(b)</sup> (BB-/B1) |
| 2834000 | 5.375 | 11/01/26 | 2815664 |
| SNF Group SACA<sup>(a)(b)</sup> (BB+/Ba1) | SNF Group SACA<sup>(a)(b)</sup> (BB+/Ba1) | SNF Group SACA<sup>(a)(b)</sup> (BB+/Ba1) | SNF Group SACA<sup>(a)(b)</sup> (BB+/Ba1) |
| 2760000 | 3.125 | 03/15/27 | 2676455 |
| 3870000 | 3.375 | 03/15/30 | 3568450 |
| Tronox, Inc.<sup>(a)(b)</sup> (BB-/B2) | Tronox, Inc.<sup>(a)(b)</sup> (BB-/B2) | Tronox, Inc.<sup>(a)(b)</sup> (BB-/B2) | Tronox, Inc.<sup>(a)(b)</sup> (BB-/B2) |
| 1501000 | 4.625 | 03/15/29 | 1294733 |
| Valvoline, Inc.<sup>(a)(b)</sup> (B+/Ba3) | Valvoline, Inc.<sup>(a)(b)</sup> (B+/Ba3) | Valvoline, Inc.<sup>(a)(b)</sup> (B+/Ba3) | Valvoline, Inc.<sup>(a)(b)</sup> (B+/Ba3) |
| 1946000 | 3.625 | 06/15/31 | 1761169 |
| WR Grace Holdings LLC<sup>(a)(b)</sup> (B-/B2) | WR Grace Holdings LLC<sup>(a)(b)</sup> (B-/B2) | WR Grace Holdings LLC<sup>(a)(b)</sup> (B-/B2) | WR Grace Holdings LLC<sup>(a)(b)</sup> (B-/B2) |
| 2893000 | 4.875 | 06/15/27 | 2870753 |
| 2610000 | 7.375 | 03/01/31 | 2673136 |
| WR Grace Holdings LLC<sup>(a)(b)</sup> (CCC/Caa2) | WR Grace Holdings LLC<sup>(a)(b)</sup> (CCC/Caa2) | WR Grace Holdings LLC<sup>(a)(b)</sup> (CCC/Caa2) | WR Grace Holdings LLC<sup>(a)(b)</sup> (CCC/Caa2) |
| 5345000 | 5.625 | 08/15/29 | 4838722 |
|  |  |  | 67585082 |
| **Commercial Services – 3.9%** | **Commercial Services – 3.9%** | **Commercial Services – 3.9%** | **Commercial Services – 3.9%** |
| ADT Security Corp.<sup>(a)(b)</sup> (BB/Ba2) | ADT Security Corp.<sup>(a)(b)</sup> (BB/Ba2) | ADT Security Corp.<sup>(a)(b)</sup> (BB/Ba2) | ADT Security Corp.<sup>(a)(b)</sup> (BB/Ba2) |
| 4551000 | 4.125 | 08/01/29 | 4391624 |
| Allied Universal Holdco LLC<sup>(a)(b)</sup> (B/B3) | Allied Universal Holdco LLC<sup>(a)(b)</sup> (B/B3) | Allied Universal Holdco LLC<sup>(a)(b)</sup> (B/B3) | Allied Universal Holdco LLC<sup>(a)(b)</sup> (B/B3) |
| 2976000 | 7.875 | 02/15/31 | 3111110 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>(a)(b)</sup> (B/B3) | Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>(a)(b)</sup> (B/B3) | Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>(a)(b)</sup> (B/B3) | Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>(a)(b)</sup> (B/B3) |
| 1030000 | 6.875 | 06/15/30 | 1043864 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>(a)(b)(c)</sup> (CCC+/Caa2) | Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>(a)(b)(c)</sup> (CCC+/Caa2) | Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>(a)(b)(c)</sup> (CCC+/Caa2) | Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>(a)(b)(c)</sup> (CCC+/Caa2) |
| 3387000 | 6.000 | 06/01/29 | 3294535 |

---

------

GOLDMAN SACHS HIGH YIELD FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Commercial Services – (continued)** | **Commercial Services – (continued)** | **Commercial Services – (continued)** | **Commercial Services – (continued)** |
| Allied Universal Holdco LLC/Allied Universal Finance | Allied Universal Holdco LLC/Allied Universal Finance | Allied Universal Holdco LLC/Allied Universal Finance | Allied Universal Holdco LLC/Allied Universal Finance |
| Corp./Atlas Luxco 4 SARL (B/B3) | Corp./Atlas Luxco 4 SARL (B/B3) | Corp./Atlas Luxco 4 SARL (B/B3) | Corp./Atlas Luxco 4 SARL (B/B3) |
| 6853000 | 4.625 %<sup>(a)(b)</sup> | 06/01/28 | $6646201 |
| APi Group DE, Inc. <sup>(a)(b)</sup> (B+/B1) | APi Group DE, Inc. <sup>(a)(b)</sup> (B+/B1) | APi Group DE, Inc. <sup>(a)(b)</sup> (B+/B1) | APi Group DE, Inc. <sup>(a)(b)</sup> (B+/B1) |
| 6373000 | 4.125 | 07/15/29 | 6077611 |
| 2384000 | 4.750 | 10/15/29 | 2343210 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc.<sup>(a)(b)</sup> (B+/B1) | Avis Budget Car Rental LLC/Avis Budget Finance, Inc.<sup>(a)(b)</sup> (B+/B1) | Avis Budget Car Rental LLC/Avis Budget Finance, Inc.<sup>(a)(b)</sup> (B+/B1) | Avis Budget Car Rental LLC/Avis Budget Finance, Inc.<sup>(a)(b)</sup> (B+/B1) |
| 1360000 | 8.250 | 01/15/30 | 1419758 |
| 595000 | 8.375 | 06/15/32 | 622519 |
| Avis Budget Finance PLC<sup>(a)</sup> (B+/B1) | Avis Budget Finance PLC<sup>(a)</sup> (B+/B1) | Avis Budget Finance PLC<sup>(a)</sup> (B+/B1) | Avis Budget Finance PLC<sup>(a)</sup> (B+/B1) |
| 1800000 | 7.250 | 07/31/30 | 2152731 |
| Belron U.K. Finance PLC<sup>(a)(b)</sup> (BB-/Ba3) | Belron U.K. Finance PLC<sup>(a)(b)</sup> (BB-/Ba3) | Belron U.K. Finance PLC<sup>(a)(b)</sup> (BB-/Ba3) | Belron U.K. Finance PLC<sup>(a)(b)</sup> (BB-/Ba3) |
| 5016000 | 5.750 | 10/15/29 | 5052216 |
| Brink's Co. <sup>(a)(b)</sup> (BB/Ba3) | Brink's Co. <sup>(a)(b)</sup> (BB/Ba3) | Brink's Co. <sup>(a)(b)</sup> (BB/Ba3) | Brink's Co. <sup>(a)(b)</sup> (BB/Ba3) |
| 2045000 | 4.625 | 10/15/27 | 2033078 |
| Garda World Security Corp. <sup>(a)(b)</sup> (B/B1) | Garda World Security Corp. <sup>(a)(b)</sup> (B/B1) | Garda World Security Corp. <sup>(a)(b)</sup> (B/B1) | Garda World Security Corp. <sup>(a)(b)</sup> (B/B1) |
| 2397000 | 7.750 | 02/15/28 | 2479744 |
| Garda World Security Corp. <sup>(a)(b)</sup> (CCC+/Caa2) | Garda World Security Corp. <sup>(a)(b)</sup> (CCC+/Caa2) | Garda World Security Corp. <sup>(a)(b)</sup> (CCC+/Caa2) | Garda World Security Corp. <sup>(a)(b)</sup> (CCC+/Caa2) |
| 1620000 | 8.250 | 08/01/32 | 1664809 |
| 2140000 | 8.375 | 11/15/32 | 2198593 |
| Herc Holdings, Inc. <sup>(a)(b)</sup> (BB-/Ba3) | Herc Holdings, Inc. <sup>(a)(b)</sup> (BB-/Ba3) | Herc Holdings, Inc. <sup>(a)(b)</sup> (BB-/Ba3) | Herc Holdings, Inc. <sup>(a)(b)</sup> (BB-/Ba3) |
| 2445000 | 7.000 | 06/15/30 | 2559915 |
| Hertz Corp. <sup>(a)(b)</sup> (B/Ba3) | Hertz Corp. <sup>(a)(b)</sup> (B/Ba3) | Hertz Corp. <sup>(a)(b)</sup> (B/Ba3) | Hertz Corp. <sup>(a)(b)</sup> (B/Ba3) |
| 3380000 | 12.625 | 07/15/29 | 3534838 |
| Mavis Tire Express Services Topco Corp. <sup>(a)(b)</sup> (CCC/Caa2) | Mavis Tire Express Services Topco Corp. <sup>(a)(b)</sup> (CCC/Caa2) | Mavis Tire Express Services Topco Corp. <sup>(a)(b)</sup> (CCC/Caa2) | Mavis Tire Express Services Topco Corp. <sup>(a)(b)</sup> (CCC/Caa2) |
| 6155000 | 6.500 | 05/15/29 | 6050365 |
| Paysafe Finance PLC/Paysafe Holdings U.S. Corp. <sup>(a)(b)</sup> (B/B2) | Paysafe Finance PLC/Paysafe Holdings U.S. Corp. <sup>(a)(b)</sup> (B/B2) | Paysafe Finance PLC/Paysafe Holdings U.S. Corp. <sup>(a)(b)</sup> (B/B2) | Paysafe Finance PLC/Paysafe Holdings U.S. Corp. <sup>(a)(b)</sup> (B/B2) |
| 3400000 | 4.000 | 06/15/29 | 3128680 |
| Prime Security Services Borrower LLC/Prime Finance, Inc.<sup>(a)(b)</sup> (B/B2) | Prime Security Services Borrower LLC/Prime Finance, Inc.<sup>(a)(b)</sup> (B/B2) | Prime Security Services Borrower LLC/Prime Finance, Inc.<sup>(a)(b)</sup> (B/B2) | Prime Security Services Borrower LLC/Prime Finance, Inc.<sup>(a)(b)</sup> (B/B2) |
| 2953000 | 6.250 | 01/15/28 | 2959762 |
| Prime Security Services Borrower LLC/Prime Finance, Inc.<sup>(a)(b)</sup> (BB/Ba2) | Prime Security Services Borrower LLC/Prime Finance, Inc.<sup>(a)(b)</sup> (BB/Ba2) | Prime Security Services Borrower LLC/Prime Finance, Inc.<sup>(a)(b)</sup> (BB/Ba2) | Prime Security Services Borrower LLC/Prime Finance, Inc.<sup>(a)(b)</sup> (BB/Ba2) |
| 4553000 | 3.375 | 08/31/27 | 4404572 |
| PROG Holdings, Inc. <sup>(a)(b)</sup> (BB-/B1) | PROG Holdings, Inc. <sup>(a)(b)</sup> (BB-/B1) | PROG Holdings, Inc. <sup>(a)(b)</sup> (BB-/B1) | PROG Holdings, Inc. <sup>(a)(b)</sup> (BB-/B1) |
| 2723000 | 6.000 | 11/15/29 | 2614488 |
| TriNet Group, Inc. <sup>(a)(b)</sup> (BB/Ba2) | TriNet Group, Inc. <sup>(a)(b)</sup> (BB/Ba2) | TriNet Group, Inc. <sup>(a)(b)</sup> (BB/Ba2) | TriNet Group, Inc. <sup>(a)(b)</sup> (BB/Ba2) |
| 3191000 | 3.500 | 03/01/29 | 2996030 |
| 1225000 | 7.125 | 08/15/31 | 1275813 |
| Verisure Midholding AB (B-/B3) | Verisure Midholding AB (B-/B3) | Verisure Midholding AB (B-/B3) | Verisure Midholding AB (B-/B3) |
| 1375000 | 5.250% | 02/15/29 | 1627570 |
| Veritiv Operating Co.<sup>(a)(b)</sup> (B+/B2) | Veritiv Operating Co.<sup>(a)(b)</sup> (B+/B2) | Veritiv Operating Co.<sup>(a)(b)</sup> (B+/B2) | Veritiv Operating Co.<sup>(a)(b)</sup> (B+/B2) |
| 160000 | 10.500 | 11/30/30 | 173294 |
| VT Topco, Inc. <sup>(a)(b)</sup> (B/B2) | VT Topco, Inc. <sup>(a)(b)</sup> (B/B2) | VT Topco, Inc. <sup>(a)(b)</sup> (B/B2) | VT Topco, Inc. <sup>(a)(b)</sup> (B/B2) |
| 2295000 | 8.500 | 08/15/30 | 2437497 |
| Williams Scotsman, Inc. <sup>(a)(b)</sup> (BB-/B2) | Williams Scotsman, Inc. <sup>(a)(b)</sup> (BB-/B2) | Williams Scotsman, Inc. <sup>(a)(b)</sup> (BB-/B2) | Williams Scotsman, Inc. <sup>(a)(b)</sup> (BB-/B2) |
| 870000 | 6.625 | 04/15/30 | 903530 |
|  |  |  | 79197957 |
| **Computers – 1.8%** | **Computers – 1.8%** | **Computers – 1.8%** | **Computers – 1.8%** |
| Ahead DB Holdings LLC <sup>(a)(b)</sup> (CCC+/Caa1) | Ahead DB Holdings LLC <sup>(a)(b)</sup> (CCC+/Caa1) | Ahead DB Holdings LLC <sup>(a)(b)</sup> (CCC+/Caa1) | Ahead DB Holdings LLC <sup>(a)(b)</sup> (CCC+/Caa1) |
| 10009000 | 6.625 | 05/01/28 | 10034623 |
| CACI International, Inc. <sup>(a)(b)</sup> (BB-/Ba2) | CACI International, Inc. <sup>(a)(b)</sup> (BB-/Ba2) | CACI International, Inc. <sup>(a)(b)</sup> (BB-/Ba2) | CACI International, Inc. <sup>(a)(b)</sup> (BB-/Ba2) |
| 1485000 | 6.375 | 06/15/33 | 1534020 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Computers – (continued)** | **Computers – (continued)** | **Computers – (continued)** | **Computers – (continued)** |
| Diebold Nixdorf, Inc.<sup>(a)(b)</sup> (B/B2) | Diebold Nixdorf, Inc.<sup>(a)(b)</sup> (B/B2) | Diebold Nixdorf, Inc.<sup>(a)(b)</sup> (B/B2) | Diebold Nixdorf, Inc.<sup>(a)(b)</sup> (B/B2) |
| 3690000 | 7.750% | 03/31/30 | $3926566 |
| McAfee Corp.<sup>(a)(b)</sup> (CCC+/Caa1) | McAfee Corp.<sup>(a)(b)</sup> (CCC+/Caa1) | McAfee Corp.<sup>(a)(b)</sup> (CCC+/Caa1) | McAfee Corp.<sup>(a)(b)</sup> (CCC+/Caa1) |
| 12142000 | 7.375 | 02/15/30 | 11462169 |
| Seagate HDD Cayman<sup>(a)</sup> (BB/Ba3) | Seagate HDD Cayman<sup>(a)</sup> (BB/Ba3) | Seagate HDD Cayman<sup>(a)</sup> (BB/Ba3) | Seagate HDD Cayman<sup>(a)</sup> (BB/Ba3) |
| 1270000 | 8.250 | 12/15/29 | 1356576 |
| 2559000 | 9.625 | 12/01/32 | 2897556 |
| Virtusa Corp.<sup>(a)(b)</sup> (B-/Caa1) | Virtusa Corp.<sup>(a)(b)</sup> (B-/Caa1) | Virtusa Corp.<sup>(a)(b)</sup> (B-/Caa1) | Virtusa Corp.<sup>(a)(b)</sup> (B-/Caa1) |
| 5058000 | 7.125 | 12/15/28 | 4819060 |
|  |  |  | 36030570 |
| **Cosmetics & Personal Care<sup>(a)</sup> – 0.0%** | **Cosmetics & Personal Care<sup>(a)</sup> – 0.0%** | **Cosmetics & Personal Care<sup>(a)</sup> – 0.0%** | **Cosmetics & Personal Care<sup>(a)</sup> – 0.0%** |
| Perrigo Finance Unlimited Co. (B+/Ba3) | Perrigo Finance Unlimited Co. (B+/Ba3) | Perrigo Finance Unlimited Co. (B+/Ba3) | Perrigo Finance Unlimited Co. (B+/Ba3) |
| 510000 | 6.125 | 09/30/32 | 514896 |
| **Distribution & Wholesale<sup>(a)(b)(c)</sup> – 0.5%** | **Distribution & Wholesale<sup>(a)(b)(c)</sup> – 0.5%** | **Distribution & Wholesale<sup>(a)(b)(c)</sup> – 0.5%** | **Distribution & Wholesale<sup>(a)(b)(c)</sup> – 0.5%** |
| American Builders & Contractors Supply Co., Inc. (BB-/Ba3) | American Builders & Contractors Supply Co., Inc. (BB-/Ba3) | American Builders & Contractors Supply Co., Inc. (BB-/Ba3) | American Builders & Contractors Supply Co., Inc. (BB-/Ba3) |
| 10439000 | 3.875 | 11/15/29 | 9890117 |
| **Diversified Financial Services – 5.3%** | **Diversified Financial Services – 5.3%** | **Diversified Financial Services – 5.3%** | **Diversified Financial Services – 5.3%** |
| AG Issuer LLC<sup>(a)(b)</sup> (B/B1) | AG Issuer LLC<sup>(a)(b)</sup> (B/B1) | AG Issuer LLC<sup>(a)(b)</sup> (B/B1) | AG Issuer LLC<sup>(a)(b)</sup> (B/B1) |
| 2964000 | 6.250 | 03/01/28 | 2971291 |
| Ally Financial, Inc.<sup>(a)(e)</sup> (BB-/Ba2) (5 yr. CMT + 3.868%) | Ally Financial, Inc.<sup>(a)(e)</sup> (BB-/Ba2) (5 yr. CMT + 3.868%) | Ally Financial, Inc.<sup>(a)(e)</sup> (BB-/Ba2) (5 yr. CMT + 3.868%) | Ally Financial, Inc.<sup>(a)(e)</sup> (BB-/Ba2) (5 yr. CMT + 3.868%) |
| 6075000 | 4.700 | 05/15/26 | 5857029 |
| Ally Financial, Inc.<sup>(a)</sup> (BB+/Baa3) | Ally Financial, Inc.<sup>(a)</sup> (BB+/Baa3) | Ally Financial, Inc.<sup>(a)</sup> (BB+/Baa3) | Ally Financial, Inc.<sup>(a)</sup> (BB+/Baa3) |
| 2606000 | 5.750 | 11/20/25 | 2610821 |
| American Express Co.<sup>(a)(e)</sup> (BBB-/Baa2) (5 yr. CMT + 2.854%) | American Express Co.<sup>(a)(e)</sup> (BBB-/Baa2) (5 yr. CMT + 2.854%) | American Express Co.<sup>(a)(e)</sup> (BBB-/Baa2) (5 yr. CMT + 2.854%) | American Express Co.<sup>(a)(e)</sup> (BBB-/Baa2) (5 yr. CMT + 2.854%) |
| 4265000 | 3.550 | 09/15/26 | 4169165 |
| Capital One Financial Corp.<sup>(a)(e)</sup> (BB/Baa3) (5 yr. CMT + 3.157%) | Capital One Financial Corp.<sup>(a)(e)</sup> (BB/Baa3) (5 yr. CMT + 3.157%) | Capital One Financial Corp.<sup>(a)(e)</sup> (BB/Baa3) (5 yr. CMT + 3.157%) | Capital One Financial Corp.<sup>(a)(e)</sup> (BB/Baa3) (5 yr. CMT + 3.157%) |
| 2085000 | 3.950 | 09/01/26 | 2033980 |
| Charles Schwab Corp.<sup>(a)(e)</sup> (BBB-/Baa2) (3 mo. USD LIBOR + 2.575%) | Charles Schwab Corp.<sup>(a)(e)</sup> (BBB-/Baa2) (3 mo. USD LIBOR + 2.575%) | Charles Schwab Corp.<sup>(a)(e)</sup> (BBB-/Baa2) (3 mo. USD LIBOR + 2.575%) | Charles Schwab Corp.<sup>(a)(e)</sup> (BBB-/Baa2) (3 mo. USD LIBOR + 2.575%) |
| 3305000 | 5.000 | 12/01/27 | 3234141 |
| Credit Acceptance Corp.<sup>(a)(b)</sup> (BB/Ba3) | Credit Acceptance Corp.<sup>(a)(b)</sup> (BB/Ba3) | Credit Acceptance Corp.<sup>(a)(b)</sup> (BB/Ba3) | Credit Acceptance Corp.<sup>(a)(b)</sup> (BB/Ba3) |
| 6665000 | 6.625 | 03/15/30 | 6759177 |
| Freedom Mortgage Holdings LLC<sup>(a)(b)</sup> (B/B2) | Freedom Mortgage Holdings LLC<sup>(a)(b)</sup> (B/B2) | Freedom Mortgage Holdings LLC<sup>(a)(b)</sup> (B/B2) | Freedom Mortgage Holdings LLC<sup>(a)(b)</sup> (B/B2) |
| 2922000 | 9.250 | 02/01/29 | 3034351 |
| 1470000 | 8.375 | 04/01/32 | 1483480 |
| Jane Street Group/JSG Finance, Inc.<sup>(a)(b)</sup> (BB/Ba1) | Jane Street Group/JSG Finance, Inc.<sup>(a)(b)</sup> (BB/Ba1) | Jane Street Group/JSG Finance, Inc.<sup>(a)(b)</sup> (BB/Ba1) | Jane Street Group/JSG Finance, Inc.<sup>(a)(b)</sup> (BB/Ba1) |
| 4156000 | 7.125 | 04/30/31 | 4368912 |
| 2885000 | 6.125 | 11/01/32 | 2910503 |
| Jefferies Finance LLC/JFIN Co-Issuer Corp.<sup>(a)(b)</sup> (B+/B2) | Jefferies Finance LLC/JFIN Co-Issuer Corp.<sup>(a)(b)</sup> (B+/B2) | Jefferies Finance LLC/JFIN Co-Issuer Corp.<sup>(a)(b)</sup> (B+/B2) | Jefferies Finance LLC/JFIN Co-Issuer Corp.<sup>(a)(b)</sup> (B+/B2) |
| 3928000 | 5.000 | 08/15/28 | 3798455 |
| Midcap Financial Issuer Trust<sup>(a)(b)</sup> (B+/B1) | Midcap Financial Issuer Trust<sup>(a)(b)</sup> (B+/B1) | Midcap Financial Issuer Trust<sup>(a)(b)</sup> (B+/B1) | Midcap Financial Issuer Trust<sup>(a)(b)</sup> (B+/B1) |
| 5087000 | 6.500 | 05/01/28 | 5040352 |
| 3281000 | 5.625 | 01/15/30 | 3040798 |
| Navient Corp.<sup>(a)</sup> (BB-/Ba3) | Navient Corp.<sup>(a)</sup> (BB-/Ba3) | Navient Corp.<sup>(a)</sup> (BB-/Ba3) | Navient Corp.<sup>(a)</sup> (BB-/Ba3) |
| 2815000 | 5.000 | 03/15/27 | 2799630 |
| 4060000 | 5.500 | 03/15/29 | 3977298 |
| OneMain Finance Corp.<sup>(a)</sup> (BB/Ba2) | OneMain Finance Corp.<sup>(a)</sup> (BB/Ba2) | OneMain Finance Corp.<sup>(a)</sup> (BB/Ba2) | OneMain Finance Corp.<sup>(a)</sup> (BB/Ba2) |
| 1458000 | 3.500 | 01/15/27 | 1427061 |
| 1985000 | 6.625 | 05/15/29 | 2041334 |
| 3380000 | 7.875 | 03/15/30 | 3590473 |
| 2254000 | 4.000 | 09/15/30 | 2079450 |
| 6315000 | 7.500 | 05/15/31 | 6598480 |
| 1630000 | 7.125 | 09/15/32 | 1687343 |

---

------

GOLDMAN SACHS HIGH YIELD FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Diversified Financial Services – (continued)** | **Diversified Financial Services – (continued)** | **Diversified Financial Services – (continued)** | **Diversified Financial Services – (continued)** |
| Osaic Holdings, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa1) | Osaic Holdings, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa1) | Osaic Holdings, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa1) | Osaic Holdings, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa1) |
| 976000 | 10.750% | 08/01/27 | $980168 |
| PennyMac Financial Services, Inc.<sup>(a)(b)</sup> (B+/Ba3) | PennyMac Financial Services, Inc.<sup>(a)(b)</sup> (B+/Ba3) | PennyMac Financial Services, Inc.<sup>(a)(b)</sup> (B+/Ba3) | PennyMac Financial Services, Inc.<sup>(a)(b)</sup> (B+/Ba3) |
| 2695000 | 6.875 | 05/15/32 | 2758252 |
| Rocket Cos., Inc.<sup>(a)(b)</sup> (BB/Ba1) | Rocket Cos., Inc.<sup>(a)(b)</sup> (BB/Ba1) | Rocket Cos., Inc.<sup>(a)(b)</sup> (BB/Ba1) | Rocket Cos., Inc.<sup>(a)(b)</sup> (BB/Ba1) |
| 5115000 | 6.125 | 08/01/30 | 5212543 |
| 4385000 | 6.375 | 08/01/33 | 4487609 |
| SLM Corp.<sup>(a)</sup> (BB+/Ba1) | SLM Corp.<sup>(a)</sup> (BB+/Ba1) | SLM Corp.<sup>(a)</sup> (BB+/Ba1) | SLM Corp.<sup>(a)</sup> (BB+/Ba1) |
| 1555000 | 6.500 | 01/31/30 | 1629438 |
| Stonex Escrow Issuer LLC<sup>(a)(b)</sup> (BB-/Ba3) | Stonex Escrow Issuer LLC<sup>(a)(b)</sup> (BB-/Ba3) | Stonex Escrow Issuer LLC<sup>(a)(b)</sup> (BB-/Ba3) | Stonex Escrow Issuer LLC<sup>(a)(b)</sup> (BB-/Ba3) |
| 1625000 | 6.875 | 07/15/32 | 1642046 |
| StoneX Group, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | StoneX Group, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | StoneX Group, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | StoneX Group, Inc.<sup>(a)(b)</sup> (BB-/Ba3) |
| 2805000 | 7.875 | 03/01/31 | 2940790 |
| United Wholesale Mortgage LLC<sup>(a)(b)</sup> (NR/Ba3) | United Wholesale Mortgage LLC<sup>(a)(b)</sup> (NR/Ba3) | United Wholesale Mortgage LLC<sup>(a)(b)</sup> (NR/Ba3) | United Wholesale Mortgage LLC<sup>(a)(b)</sup> (NR/Ba3) |
| 3641000 | 5.500 | 04/15/29 | 3538178 |
| UWM Holdings LLC<sup>(a)(b)</sup> (NR/Ba3) | UWM Holdings LLC<sup>(a)(b)</sup> (NR/Ba3) | UWM Holdings LLC<sup>(a)(b)</sup> (NR/Ba3) | UWM Holdings LLC<sup>(a)(b)</sup> (NR/Ba3) |
| 3300000 | 6.625 | 02/01/30 | 3304356 |
| VFH Parent LLC/Valor Co-Issuer, Inc.<sup>(a)(b)</sup> (B+/B1) | VFH Parent LLC/Valor Co-Issuer, Inc.<sup>(a)(b)</sup> (B+/B1) | VFH Parent LLC/Valor Co-Issuer, Inc.<sup>(a)(b)</sup> (B+/B1) | VFH Parent LLC/Valor Co-Issuer, Inc.<sup>(a)(b)</sup> (B+/B1) |
| 4875000 | 7.500 | 06/15/31 | 5115289 |
|  |  |  | 107122193 |
| **Electrical – 1.6%** | **Electrical – 1.6%** | **Electrical – 1.6%** | **Electrical – 1.6%** |
| California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<sup>(a)(b)</sup> (BB-/NR) | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<sup>(a)(b)</sup> (BB-/NR) | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<sup>(a)(b)</sup> (BB-/NR) | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<sup>(a)(b)</sup> (BB-/NR) |
| 2985000 | 6.375 | 02/15/32 | 2984522 |
| Duke Energy Corp. (BBB/Baa2) | Duke Energy Corp. (BBB/Baa2) | Duke Energy Corp. (BBB/Baa2) | Duke Energy Corp. (BBB/Baa2) |
| 2045000 | 4.125 | 04/15/26 | 2163610 |
| Lightning Power LLC<sup>(a)(b)</sup> (BB/Ba3) | Lightning Power LLC<sup>(a)(b)</sup> (BB/Ba3) | Lightning Power LLC<sup>(a)(b)</sup> (BB/Ba3) | Lightning Power LLC<sup>(a)(b)</sup> (BB/Ba3) |
| 4778000 | 7.250 | 08/15/32 | 5028702 |
| NRG Energy, Inc.<sup>(a)(b)</sup> (BB/Ba2) | NRG Energy, Inc.<sup>(a)(b)</sup> (BB/Ba2) | NRG Energy, Inc.<sup>(a)(b)</sup> (BB/Ba2) | NRG Energy, Inc.<sup>(a)(b)</sup> (BB/Ba2) |
| 10145000 | 5.750 | 07/15/29 | 10157884 |
| Pike Corp.<sup>(a)(b)</sup> (B/B3) | Pike Corp.<sup>(a)(b)</sup> (B/B3) | Pike Corp.<sup>(a)(b)</sup> (B/B3) | Pike Corp.<sup>(a)(b)</sup> (B/B3) |
| 3342000 | 5.500 | 09/01/28 | 3337555 |
| 4418000 | 8.625 | 01/31/31 | 4808507 |
| XPLR Infrastructure Operating Partners LP<sup>(a)(b)(c)</sup> (BB/Ba1) | XPLR Infrastructure Operating Partners LP<sup>(a)(b)(c)</sup> (BB/Ba1) | XPLR Infrastructure Operating Partners LP<sup>(a)(b)(c)</sup> (BB/Ba1) | XPLR Infrastructure Operating Partners LP<sup>(a)(b)(c)</sup> (BB/Ba1) |
| 3709000 | 7.250 | 01/15/29 | 3802541 |
|  |  |  | 32283321 |
| **Electrical Components & Equipment<sup>(a)(b)</sup> – 0.0%** | **Electrical Components & Equipment<sup>(a)(b)</sup> – 0.0%** | **Electrical Components & Equipment<sup>(a)(b)</sup> – 0.0%** | **Electrical Components & Equipment<sup>(a)(b)</sup> – 0.0%** |
| WESCO Distribution, Inc. (BB/Ba3) | WESCO Distribution, Inc. (BB/Ba3) | WESCO Distribution, Inc. (BB/Ba3) | WESCO Distribution, Inc. (BB/Ba3) |
| 665000 | 6.375 | 03/15/33 | 687171 |
| **Electronics – 0.9%** | **Electronics – 0.9%** | **Electronics – 0.9%** | **Electronics – 0.9%** |
| Atkore, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Atkore, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Atkore, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Atkore, Inc.<sup>(a)(b)</sup> (BB+/Ba2) |
| 5470000 | 4.250 | 06/01/31 | 5056140 |
| Coherent Corp.<sup>(a)(b)</sup> (B+/B1) | Coherent Corp.<sup>(a)(b)</sup> (B+/B1) | Coherent Corp.<sup>(a)(b)</sup> (B+/B1) | Coherent Corp.<sup>(a)(b)</sup> (B+/B1) |
| 2689000 | 5.000 | 12/15/29 | 2641889 |
| Imola Merger Corp.<sup>(a)(b)</sup> (BB/Ba3) | Imola Merger Corp.<sup>(a)(b)</sup> (BB/Ba3) | Imola Merger Corp.<sup>(a)(b)</sup> (BB/Ba3) | Imola Merger Corp.<sup>(a)(b)</sup> (BB/Ba3) |
| 4151000 | 4.750 | 05/15/29 | 4012564 |
| Sensata Technologies BV<sup>(a)(b)</sup> (BB+/Ba2) | Sensata Technologies BV<sup>(a)(b)</sup> (BB+/Ba2) | Sensata Technologies BV<sup>(a)(b)</sup> (BB+/Ba2) | Sensata Technologies BV<sup>(a)(b)</sup> (BB+/Ba2) |
| 1135000 | 4.000 | 04/15/29 | 1079101 |
| 3139000 | 5.875 | 09/01/30 | 3142515 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Electronics – (continued)** | **Electronics – (continued)** | **Electronics – (continued)** | **Electronics – (continued)** |
| Sensata Technologies, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Sensata Technologies, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Sensata Technologies, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Sensata Technologies, Inc.<sup>(a)(b)</sup> (BB+/Ba2) |
| 3389000 | 4.375% | 02/15/30 | $3233479 |
|  |  |  | 19165688 |
| **Engineering & Construction – 0.8%** | **Engineering & Construction – 0.8%** | **Engineering & Construction – 0.8%** | **Engineering & Construction – 0.8%** |
| Dycom Industries, Inc. <sup>(a)(b)</sup> (BB+/Ba3) | Dycom Industries, Inc. <sup>(a)(b)</sup> (BB+/Ba3) | Dycom Industries, Inc. <sup>(a)(b)</sup> (BB+/Ba3) | Dycom Industries, Inc. <sup>(a)(b)</sup> (BB+/Ba3) |
| 4674000 | 4.500 | 04/15/29 | 4549718 |
| Global Infrastructure Solutions, Inc. <sup>(a)(b)</sup> (BB/B1) | Global Infrastructure Solutions, Inc. <sup>(a)(b)</sup> (BB/B1) | Global Infrastructure Solutions, Inc. <sup>(a)(b)</sup> (BB/B1) | Global Infrastructure Solutions, Inc. <sup>(a)(b)</sup> (BB/B1) |
| 5893000 | 5.625 | 06/01/29 | 5853399 |
| 5021000 | 7.500 | 04/15/32 | 5112784 |
| Kier Group PLC<sup>(a)</sup> (BB/NR) | Kier Group PLC<sup>(a)</sup> (BB/NR) | Kier Group PLC<sup>(a)</sup> (BB/NR) | Kier Group PLC<sup>(a)</sup> (BB/NR) |
| 1045000 | 9.000 | 02/15/29 | 1522923 |
|  |  |  | 17038824 |
| **Entertainment – 3.3%** | **Entertainment – 3.3%** | **Entertainment – 3.3%** | **Entertainment – 3.3%** |
| AMC Entertainment Holdings, Inc.<sup>(a)(b)</sup> (CCC+/Caa3) | AMC Entertainment Holdings, Inc.<sup>(a)(b)</sup> (CCC+/Caa3) | AMC Entertainment Holdings, Inc.<sup>(a)(b)</sup> (CCC+/Caa3) | AMC Entertainment Holdings, Inc.<sup>(a)(b)</sup> (CCC+/Caa3) |
| 5365000 | 7.500 | 02/15/29 | 4228156 |
| Banijay Entertainment SAS <sup>(a)(b)</sup> (B+/B2) | Banijay Entertainment SAS <sup>(a)(b)</sup> (B+/B2) | Banijay Entertainment SAS <sup>(a)(b)</sup> (B+/B2) | Banijay Entertainment SAS <sup>(a)(b)</sup> (B+/B2) |
| 2610000 | 8.125 | 05/01/29 | 2707692 |
| Boyne USA, Inc. <sup>(a)(b)</sup> (B/B1) | Boyne USA, Inc. <sup>(a)(b)</sup> (B/B1) | Boyne USA, Inc. <sup>(a)(b)</sup> (B/B1) | Boyne USA, Inc. <sup>(a)(b)</sup> (B/B1) |
| 3628000 | 4.750 | 05/15/29 | 3519922 |
| Caesars Entertainment, Inc. <sup>(a)(b)</sup> (B-/B3) | Caesars Entertainment, Inc. <sup>(a)(b)</sup> (B-/B3) | Caesars Entertainment, Inc. <sup>(a)(b)</sup> (B-/B3) | Caesars Entertainment, Inc. <sup>(a)(b)</sup> (B-/B3) |
| 7221000 | 4.625 | 10/15/29 | 6892228 |
| 7450000 | 6.000 <sup>(c)</sup> | 10/15/32 | 7301819 |
| Cinemark USA, Inc. <sup>(a)(b)</sup> (BB-/B2) | Cinemark USA, Inc. <sup>(a)(b)</sup> (BB-/B2) | Cinemark USA, Inc. <sup>(a)(b)</sup> (BB-/B2) | Cinemark USA, Inc. <sup>(a)(b)</sup> (BB-/B2) |
| 4200000 | 5.250 | 07/15/28 | 4182402 |
| CPUK Finance Ltd.<sup>(a)</sup> (B/NR) | CPUK Finance Ltd.<sup>(a)</sup> (B/NR) | CPUK Finance Ltd.<sup>(a)</sup> (B/NR) | CPUK Finance Ltd.<sup>(a)</sup> (B/NR) |
| 900000 | 7.875 | 08/28/29 | 1282169 |
| International Game Technology PLC<sup>(a)(b)</sup> (BB+/Ba1) | International Game Technology PLC<sup>(a)(b)</sup> (BB+/Ba1) | International Game Technology PLC<sup>(a)(b)</sup> (BB+/Ba1) | International Game Technology PLC<sup>(a)(b)</sup> (BB+/Ba1) |
| 3131000 | 5.250 | 01/15/29 | 3103197 |
| Light & Wonder International, Inc. <sup>(a)(b)</sup> (B+/B2) | Light & Wonder International, Inc. <sup>(a)(b)</sup> (B+/B2) | Light & Wonder International, Inc. <sup>(a)(b)</sup> (B+/B2) | Light & Wonder International, Inc. <sup>(a)(b)</sup> (B+/B2) |
| 1500000 | 7.500 | 09/01/31 | 1569465 |
| Live Nation Entertainment, Inc. <sup>(a)(b)</sup> (BB/Ba1) | Live Nation Entertainment, Inc. <sup>(a)(b)</sup> (BB/Ba1) | Live Nation Entertainment, Inc. <sup>(a)(b)</sup> (BB/Ba1) | Live Nation Entertainment, Inc. <sup>(a)(b)</sup> (BB/Ba1) |
| 3116000 | 3.750 | 01/15/28 | 3026228 |
| Merlin Entertainments Group U.S. Holdings, Inc. <sup>(a)(b)</sup> (B/B2) | Merlin Entertainments Group U.S. Holdings, Inc. <sup>(a)(b)</sup> (B/B2) | Merlin Entertainments Group U.S. Holdings, Inc. <sup>(a)(b)</sup> (B/B2) | Merlin Entertainments Group U.S. Holdings, Inc. <sup>(a)(b)</sup> (B/B2) |
| 297000 | 7.375 | 02/15/31 | 265212 |
| Penn Entertainment, Inc. <sup>(a)(b)</sup> (B-/B3) | Penn Entertainment, Inc. <sup>(a)(b)</sup> (B-/B3) | Penn Entertainment, Inc. <sup>(a)(b)</sup> (B-/B3) | Penn Entertainment, Inc. <sup>(a)(b)</sup> (B-/B3) |
| 2900000 | 5.625 | 01/15/27 | 2891097 |
| 1580000 | 4.125 <sup>(c)</sup> | 07/01/29 | 1464360 |
| Pinewood Finco PLC<sup>(a)(b)</sup> (BB+/NR) | Pinewood Finco PLC<sup>(a)(b)</sup> (BB+/NR) | Pinewood Finco PLC<sup>(a)(b)</sup> (BB+/NR) | Pinewood Finco PLC<sup>(a)(b)</sup> (BB+/NR) |
| 2988000 | 6.000 | 03/27/30 | 4052219 |
| Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.<sup>(a)(b)</sup> (CCC/Caa1) | Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.<sup>(a)(b)</sup> (CCC/Caa1) | Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.<sup>(a)(b)</sup> (CCC/Caa1) | Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.<sup>(a)(b)</sup> (CCC/Caa1) |
| 4764000 | 5.625 | 09/01/29 | 2716433 |
| Resorts World Las Vegas LLC/RWLV Capital, Inc. (BB+/NR) | Resorts World Las Vegas LLC/RWLV Capital, Inc. (BB+/NR) | Resorts World Las Vegas LLC/RWLV Capital, Inc. (BB+/NR) | Resorts World Las Vegas LLC/RWLV Capital, Inc. (BB+/NR) |
| 7100000 | 8.450 %<sup>(a)(b)</sup> | 07/27/30 | 7023320 |
| Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. <sup>(a)(b)</sup> (B+/B1) | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. <sup>(a)(b)</sup> (B+/B1) | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. <sup>(a)(b)</sup> (B+/B1) | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. <sup>(a)(b)</sup> (B+/B1) |
| 4542000 | 6.625 | 02/01/33 | 4551357 |
| SeaWorld Parks & Entertainment, Inc. <sup>(a)(b)</sup> (B+/B2) | SeaWorld Parks & Entertainment, Inc. <sup>(a)(b)</sup> (B+/B2) | SeaWorld Parks & Entertainment, Inc. <sup>(a)(b)</sup> (B+/B2) | SeaWorld Parks & Entertainment, Inc. <sup>(a)(b)</sup> (B+/B2) |
| 5450000 | 5.250 | 08/15/29 | 5329936 |
| Vail Resorts, Inc. <sup>(a)(b)</sup> (BB-/Ba3) | Vail Resorts, Inc. <sup>(a)(b)</sup> (BB-/Ba3) | Vail Resorts, Inc. <sup>(a)(b)</sup> (BB-/Ba3) | Vail Resorts, Inc. <sup>(a)(b)</sup> (BB-/Ba3) |
| 2190000 | 5.625 | 07/15/30 | 2190000 |
|  |  |  | 68297212 |

---

------

GOLDMAN SACHS HIGH YIELD FUND

*June 30, 2025 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
|  **Environmental – 1.2%** | **Environmental – 1.2%** | **Environmental – 1.2%** | **Environmental – 1.2%** | **Environmental – 1.2%** |
|  GFL Environmental, Inc.<sup>(a)(b)</sup> (BB/Ba3) | GFL Environmental, Inc.<sup>(a)(b)</sup> (BB/Ba3) | GFL Environmental, Inc.<sup>(a)(b)</sup> (BB/Ba3) | GFL Environmental, Inc.<sup>(a)(b)</sup> (BB/Ba3) | GFL Environmental, Inc.<sup>(a)(b)</sup> (BB/Ba3) |
|  $ | 2216000 | 4.000% | 08/01/28 | $2148767 |
|  | 3235000 | 4.375 | 08/15/29 | 3134715 |
|  Luna 2 5SARL<sup>(a)(b)</sup> (BB-/Ba3) | Luna 2 5SARL<sup>(a)(b)</sup> (BB-/Ba3) | Luna 2 5SARL<sup>(a)(b)</sup> (BB-/Ba3) | Luna 2 5SARL<sup>(a)(b)</sup> (BB-/Ba3) | Luna 2 5SARL<sup>(a)(b)</sup> (BB-/Ba3) |
|  EUR | 1408000 | 5.500 | 07/01/32 | 1690631 |
|  Madison IAQ LLC<sup>(a)(b)</sup> (CCC+/Caa1) | Madison IAQ LLC<sup>(a)(b)</sup> (CCC+/Caa1) | Madison IAQ LLC<sup>(a)(b)</sup> (CCC+/Caa1) | Madison IAQ LLC<sup>(a)(b)</sup> (CCC+/Caa1) | Madison IAQ LLC<sup>(a)(b)</sup> (CCC+/Caa1) |
|  $ | 12369000 | 5.875 | 06/30/29 | 12154398 |
|  Waste Pro USA, Inc. <sup>(a)(b)</sup> (B-/B3) | Waste Pro USA, Inc. <sup>(a)(b)</sup> (B-/B3) | Waste Pro USA, Inc. <sup>(a)(b)</sup> (B-/B3) | Waste Pro USA, Inc. <sup>(a)(b)</sup> (B-/B3) | Waste Pro USA, Inc. <sup>(a)(b)</sup> (B-/B3) |
|  | 4975000 | 7.000 | 02/01/33 | 5174149 |
|  |  |  |  | 24302660 |
|  **Food & Drug Retailing – 2.9%** | **Food & Drug Retailing – 2.9%** | **Food & Drug Retailing – 2.9%** | **Food & Drug Retailing – 2.9%** | **Food & Drug Retailing – 2.9%** |
|  Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons<br>LLC <sup>(a)(b)</sup> (BB+/Ba2) | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons<br>LLC <sup>(a)(b)</sup> (BB+/Ba2) | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons<br>LLC <sup>(a)(b)</sup> (BB+/Ba2) | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons<br>LLC <sup>(a)(b)</sup> (BB+/Ba2) | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons<br>LLC <sup>(a)(b)</sup> (BB+/Ba2) |
|  | 272000 | 4.625 | 01/15/27 | 270115 |
|  | 3744000 | 3.500 | 03/15/29 | 3549462 |
|  | 5275000 | 4.875 | 02/15/30 | 5189914 |
|  | 2225000 | 6.250 | 03/15/33 | 2296511 |
|  Bellis Acquisition Co. PLC<sup>(a)(b)</sup> (B+/B1) | Bellis Acquisition Co. PLC<sup>(a)(b)</sup> (B+/B1) | Bellis Acquisition Co. PLC<sup>(a)(b)</sup> (B+/B1) | Bellis Acquisition Co. PLC<sup>(a)(b)</sup> (B+/B1) | Bellis Acquisition Co. PLC<sup>(a)(b)</sup> (B+/B1) |
|  GBP | 2450000 | 8.125 | 05/14/30 | 3165517 |
|  Boparan Finance PLC <sup>(a)(b)</sup> (B/B3) | Boparan Finance PLC <sup>(a)(b)</sup> (B/B3) | Boparan Finance PLC <sup>(a)(b)</sup> (B/B3) | Boparan Finance PLC <sup>(a)(b)</sup> (B/B3) | Boparan Finance PLC <sup>(a)(b)</sup> (B/B3) |
|  | 2318000 | 9.375 | 11/07/29 | 3295488 |
|  Chobani Holdco II LLC <sup>(a)(b)(d)</sup> (CCC+/Caa1) (PIK 9.500%, Cash 8.750%) | Chobani Holdco II LLC <sup>(a)(b)(d)</sup> (CCC+/Caa1) (PIK 9.500%, Cash 8.750%) | Chobani Holdco II LLC <sup>(a)(b)(d)</sup> (CCC+/Caa1) (PIK 9.500%, Cash 8.750%) | Chobani Holdco II LLC <sup>(a)(b)(d)</sup> (CCC+/Caa1) (PIK 9.500%, Cash 8.750%) | Chobani Holdco II LLC <sup>(a)(b)(d)</sup> (CCC+/Caa1) (PIK 9.500%, Cash 8.750%) |
|  $ | 3039076 | 8.750 | 10/01/29 | 3258801 |
|  Fiesta Purchaser, Inc. <sup>(a)(b)(c)</sup> (CCC+/Caa2) | Fiesta Purchaser, Inc. <sup>(a)(b)(c)</sup> (CCC+/Caa2) | Fiesta Purchaser, Inc. <sup>(a)(b)(c)</sup> (CCC+/Caa2) | Fiesta Purchaser, Inc. <sup>(a)(b)(c)</sup> (CCC+/Caa2) | Fiesta Purchaser, Inc. <sup>(a)(b)(c)</sup> (CCC+/Caa2) |
|  | 3844000 | 9.625 | 09/15/32 | 4066029 |
|  Flora Food Management BV<sup>(a)</sup> (B/B2) | Flora Food Management BV<sup>(a)</sup> (B/B2) | Flora Food Management BV<sup>(a)</sup> (B/B2) | Flora Food Management BV<sup>(a)</sup> (B/B2) | Flora Food Management BV<sup>(a)</sup> (B/B2) |
|  EUR | 2492000 | 6.875 | 07/02/29 | 2988291 |
|  Iceland Bondco PLC<sup>(a)(b)</sup> (B/B2) | Iceland Bondco PLC<sup>(a)(b)</sup> (B/B2) | Iceland Bondco PLC<sup>(a)(b)</sup> (B/B2) | Iceland Bondco PLC<sup>(a)(b)</sup> (B/B2) | Iceland Bondco PLC<sup>(a)(b)</sup> (B/B2) |
|  GBP | 1105000 | 10.875 | 12/15/27 | 1608164 |
|  New Albertsons LP (BB+/WR) | New Albertsons LP (BB+/WR) | New Albertsons LP (BB+/WR) | New Albertsons LP (BB+/WR) | New Albertsons LP (BB+/WR) |
|  $ | 3100000 | 7.450 | 08/01/29 | 3295641 |
|  Performance Food Group, Inc. <sup>(a)(b)</sup> (BB/B1) | Performance Food Group, Inc. <sup>(a)(b)</sup> (BB/B1) | Performance Food Group, Inc. <sup>(a)(b)</sup> (BB/B1) | Performance Food Group, Inc. <sup>(a)(b)</sup> (BB/B1) | Performance Food Group, Inc. <sup>(a)(b)</sup> (BB/B1) |
|  | 6255000 | 4.250 | 08/01/29 | 6033886 |
|  Post Holdings, Inc. <sup>(a)(b)</sup> (B+/B2) | Post Holdings, Inc. <sup>(a)(b)</sup> (B+/B2) | Post Holdings, Inc. <sup>(a)(b)</sup> (B+/B2) | Post Holdings, Inc. <sup>(a)(b)</sup> (B+/B2) | Post Holdings, Inc. <sup>(a)(b)</sup> (B+/B2) |
|  | 5848000 | 5.500 | 12/15/29 | 5824783 |
|  | 3980000 | 4.625 | 04/15/30 | 3828243 |
|  | 3832000 | 6.375 | 03/01/33 | 3868021 |
|  Post Holdings, Inc. <sup>(a)(b)</sup> (BB/Ba1) | Post Holdings, Inc. <sup>(a)(b)</sup> (BB/Ba1) | Post Holdings, Inc. <sup>(a)(b)</sup> (BB/Ba1) | Post Holdings, Inc. <sup>(a)(b)</sup> (BB/Ba1) | Post Holdings, Inc. <sup>(a)(b)</sup> (BB/Ba1) |
|  | 885000 | 6.250 | 02/15/32 | 910382 |
|  Sigma Holdco BV <sup>(a)(b)</sup> (CCC+/Caa1) | Sigma Holdco BV <sup>(a)(b)</sup> (CCC+/Caa1) | Sigma Holdco BV <sup>(a)(b)</sup> (CCC+/Caa1) | Sigma Holdco BV <sup>(a)(b)</sup> (CCC+/Caa1) | Sigma Holdco BV <sup>(a)(b)</sup> (CCC+/Caa1) |
|  | 2142000 | 7.875 | 05/15/26 | 2140008 |
|  United Natural Foods, Inc. <sup>(a)(b)</sup> (CCC+/Caa2) | United Natural Foods, Inc. <sup>(a)(b)</sup> (CCC+/Caa2) | United Natural Foods, Inc. <sup>(a)(b)</sup> (CCC+/Caa2) | United Natural Foods, Inc. <sup>(a)(b)</sup> (CCC+/Caa2) | United Natural Foods, Inc. <sup>(a)(b)</sup> (CCC+/Caa2) |
|  | 3760000 | 6.750 | 10/15/28 | 3714166 |
|  |  |  |  | 59303422 |
|  **Gaming<sup>(a)</sup> – 0.3%** | **Gaming<sup>(a)</sup> – 0.3%** | **Gaming<sup>(a)</sup> – 0.3%** | **Gaming<sup>(a)</sup> – 0.3%** | **Gaming<sup>(a)</sup> – 0.3%** |
|  MGM Resorts International (BB-/B1) | MGM Resorts International (BB-/B1) | MGM Resorts International (BB-/B1) | MGM Resorts International (BB-/B1) | MGM Resorts International (BB-/B1) |
|  | 5355000 | 5.500 | 04/15/27 | 5377116 |
|  **Gas<sup>(a)</sup> – 0.2%** | **Gas<sup>(a)</sup> – 0.2%** | **Gas<sup>(a)</sup> – 0.2%** | **Gas<sup>(a)</sup> – 0.2%** | **Gas<sup>(a)</sup> – 0.2%** |
|  AmeriGas Partners LP/AmeriGas Finance Corp. (NR/B2) | AmeriGas Partners LP/AmeriGas Finance Corp. (NR/B2) | AmeriGas Partners LP/AmeriGas Finance Corp. (NR/B2) | AmeriGas Partners LP/AmeriGas Finance Corp. (NR/B2) | AmeriGas Partners LP/AmeriGas Finance Corp. (NR/B2) |
|  | 3536000 | 5.750 | 05/20/27 | 3508455 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Healthcare Providers & Services – 3.2%** | **Healthcare Providers & Services – 3.2%** | **Healthcare Providers & Services – 3.2%** | **Healthcare Providers & Services – 3.2%** |
| CHS/Community Health Systems, Inc.<sup>(a)(b)</sup> (B-/Caa1) | CHS/Community Health Systems, Inc.<sup>(a)(b)</sup> (B-/Caa1) | CHS/Community Health Systems, Inc.<sup>(a)(b)</sup> (B-/Caa1) | CHS/Community Health Systems, Inc.<sup>(a)(b)</sup> (B-/Caa1) |
| 4919000 | 5.625% | 03/15/27 | $4840837 |
| CHS/Community Health Systems, Inc.<sup>(a)(b)(c)</sup> (CCC-/Caa3) | CHS/Community Health Systems, Inc.<sup>(a)(b)(c)</sup> (CCC-/Caa3) | CHS/Community Health Systems, Inc.<sup>(a)(b)(c)</sup> (CCC-/Caa3) | CHS/Community Health Systems, Inc.<sup>(a)(b)(c)</sup> (CCC-/Caa3) |
| 5824000 | 6.875 | 04/15/29 | 4643126 |
| DaVita, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | DaVita, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | DaVita, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | DaVita, Inc.<sup>(a)(b)</sup> (BB-/Ba3) |
| 3372000 | 3.750 | 02/15/31 | 3066598 |
| 1780000 | 6.875 | 09/01/32 | 1845807 |
| 2970000 | 6.750 | 07/15/33 | 3066436 |
| HAH Group Holding Co. LLC<sup>(a)(b)</sup> (B-/B3) | HAH Group Holding Co. LLC<sup>(a)(b)</sup> (B-/B3) | HAH Group Holding Co. LLC<sup>(a)(b)</sup> (B-/B3) | HAH Group Holding Co. LLC<sup>(a)(b)</sup> (B-/B3) |
| 2322000 | 9.750 | 10/01/31 | 2301102 |
| Insulet Corp.<sup>(a)(b)</sup> (B+/B2) | Insulet Corp.<sup>(a)(b)</sup> (B+/B2) | Insulet Corp.<sup>(a)(b)</sup> (B+/B2) | Insulet Corp.<sup>(a)(b)</sup> (B+/B2) |
| 705000 | 6.500 | 04/01/33 | 735174 |
| LifePoint Health, Inc.<sup>(a)(b)</sup> (B/B2) | LifePoint Health, Inc.<sup>(a)(b)</sup> (B/B2) | LifePoint Health, Inc.<sup>(a)(b)</sup> (B/B2) | LifePoint Health, Inc.<sup>(a)(b)</sup> (B/B2) |
| 2530000 | 11.000 | 10/15/30 | 2795903 |
| LifePoint Health, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa1) | LifePoint Health, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa1) | LifePoint Health, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa1) | LifePoint Health, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa1) |
| 3455000 | 5.375 | 01/15/29 | 3223135 |
| Medline Borrower LP<sup>(a)(b)</sup> (B/B3) | Medline Borrower LP<sup>(a)(b)</sup> (B/B3) | Medline Borrower LP<sup>(a)(b)</sup> (B/B3) | Medline Borrower LP<sup>(a)(b)</sup> (B/B3) |
| 3648000 | 5.250 | 10/01/29 | 3619910 |
| Medline Borrower LP<sup>(a)(b)</sup> (BB-/Ba3) | Medline Borrower LP<sup>(a)(b)</sup> (BB-/Ba3) | Medline Borrower LP<sup>(a)(b)</sup> (BB-/Ba3) | Medline Borrower LP<sup>(a)(b)</sup> (BB-/Ba3) |
| 5341000 | 3.875 | 04/01/29 | 5128108 |
| Molina Healthcare, Inc.<sup>(a)(b)</sup> (BB/Ba2) | Molina Healthcare, Inc.<sup>(a)(b)</sup> (BB/Ba2) | Molina Healthcare, Inc.<sup>(a)(b)</sup> (BB/Ba2) | Molina Healthcare, Inc.<sup>(a)(b)</sup> (BB/Ba2) |
| 2610000 | 6.250 | 01/15/33 | 2656614 |
| MPH Acquisition Holdings LLC<sup>(a)(b)</sup> (B-/Caa1) | MPH Acquisition Holdings LLC<sup>(a)(b)</sup> (B-/Caa1) | MPH Acquisition Holdings LLC<sup>(a)(b)</sup> (B-/Caa1) | MPH Acquisition Holdings LLC<sup>(a)(b)</sup> (B-/Caa1) |
| 435554 | 5.750 | 12/31/30 | 359389 |
| (PIK 5.000%, Cash 6.500%) | (PIK 5.000%, Cash 6.500%) | (PIK 5.000%, Cash 6.500%) | (PIK 5.000%, Cash 6.500%) |
| 666612 | 11.500 <sup>(d)</sup> | 12/31/30 | 659446 |
| MPH Acquisition Holdings LLC<sup>(a)(b)(d)</sup> (CCC/Caa3) | MPH Acquisition Holdings LLC<sup>(a)(b)(d)</sup> (CCC/Caa3) | MPH Acquisition Holdings LLC<sup>(a)(b)(d)</sup> (CCC/Caa3) | MPH Acquisition Holdings LLC<sup>(a)(b)(d)</sup> (CCC/Caa3) |
| (PIK 0.750%, Cash 6.000%) | (PIK 0.750%, Cash 6.000%) | (PIK 0.750%, Cash 6.000%) | (PIK 0.750%, Cash 6.000%) |
| 3735832 | 6.750 | 03/31/31 | 2781962 |
| Prime Healthcare Services, Inc.<sup>(a)(b)</sup> (B-/B3) | Prime Healthcare Services, Inc.<sup>(a)(b)</sup> (B-/B3) | Prime Healthcare Services, Inc.<sup>(a)(b)</sup> (B-/B3) | Prime Healthcare Services, Inc.<sup>(a)(b)</sup> (B-/B3) |
| 2545000 | 9.375 | 09/01/29 | 2525836 |
| Select Medical Corp.<sup>(a)(b)(c)</sup> (B/B1) | Select Medical Corp.<sup>(a)(b)(c)</sup> (B/B1) | Select Medical Corp.<sup>(a)(b)(c)</sup> (B/B1) | Select Medical Corp.<sup>(a)(b)(c)</sup> (B/B1) |
| 3620000 | 6.250 | 12/01/32 | 3641865 |
| Team Health Holdings, Inc.<sup>(a)(b)(d)</sup> (NR/NR) (PIK 4.500%, Cash 9.000%) | Team Health Holdings, Inc.<sup>(a)(b)(d)</sup> (NR/NR) (PIK 4.500%, Cash 9.000%) | Team Health Holdings, Inc.<sup>(a)(b)(d)</sup> (NR/NR) (PIK 4.500%, Cash 9.000%) | Team Health Holdings, Inc.<sup>(a)(b)(d)</sup> (NR/NR) (PIK 4.500%, Cash 9.000%) |
| 4579317 | 13.500 | 06/30/28 | 4968376 |
| Tenet Healthcare Corp.<sup>(a)</sup> (B/Ba3) | Tenet Healthcare Corp.<sup>(a)</sup> (B/Ba3) | Tenet Healthcare Corp.<sup>(a)</sup> (B/Ba3) | Tenet Healthcare Corp.<sup>(a)</sup> (B/Ba3) |
| 850000 | 6.250 | 02/01/27 | 849864 |
| Tenet Healthcare Corp.<sup>(a)</sup> (BB/Ba3) | Tenet Healthcare Corp.<sup>(a)</sup> (BB/Ba3) | Tenet Healthcare Corp.<sup>(a)</sup> (BB/Ba3) | Tenet Healthcare Corp.<sup>(a)</sup> (BB/Ba3) |
| 4097000 | 4.625 | 06/15/28 | 4043862 |
| 3270000 | 4.250 | 06/01/29 | 3173796 |
| 1592000 | 6.125 | 06/15/30 | 1619637 |
| 2465000 | 6.750 | 05/15/31 | 2550733 |
|  |  |  | 65097516 |
| **Home Builders – 0.5%** | **Home Builders – 0.5%** | **Home Builders – 0.5%** | **Home Builders – 0.5%** |
| Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC<sup>(a)(b)</sup> (B+/B1) | Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC<sup>(a)(b)</sup> (B+/B1) | Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC<sup>(a)(b)</sup> (B+/B1) | Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC<sup>(a)(b)</sup> (B+/B1) |
| 1645000 | 5.000 | 06/15/29 | 1499105 |
| 1031000 | 4.875 | 02/15/30 | 927127 |
| LGI Homes, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | LGI Homes, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | LGI Homes, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | LGI Homes, Inc.<sup>(a)(b)</sup> (BB-/Ba3) |
| 2141000 | 4.000 | 07/15/29 | 1914332 |
| 3195000 | 7.000 <sup>(c)</sup> | 11/15/32 | 3041704 |

---

------

GOLDMAN SACHS HIGH YIELD FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Home Builders – (continued)** | **Home Builders – (continued)** | **Home Builders – (continued)** | **Home Builders – (continued)** |
| New Home Co., Inc.<sup>(a)(b)</sup> (B+/B2) | New Home Co., Inc.<sup>(a)(b)</sup> (B+/B2) | New Home Co., Inc.<sup>(a)(b)</sup> (B+/B2) | New Home Co., Inc.<sup>(a)(b)</sup> (B+/B2) |
| 2090000 | 8.500% | 11/01/30 | $2128916 |
|  |  |  | 9511184 |
| **Household Products – 0.3%** | **Household Products – 0.3%** | **Household Products – 0.3%** | **Household Products – 0.3%** |
| Central Garden & Pet Co.<sup>(a)</sup> (BB/B1) | Central Garden & Pet Co.<sup>(a)</sup> (BB/B1) | Central Garden & Pet Co.<sup>(a)</sup> (BB/B1) | Central Garden & Pet Co.<sup>(a)</sup> (BB/B1) |
| 2307000 | 4.125 | 10/15/30 | 2173840 |
| 1000000 | 4.125 <sup>(b)</sup> | 04/30/31 | 930300 |
| Kronos Acquisition Holdings, Inc.<sup>(a)(b)</sup> (CCC+/B2) | Kronos Acquisition Holdings, Inc.<sup>(a)(b)</sup> (CCC+/B2) | Kronos Acquisition Holdings, Inc.<sup>(a)(b)</sup> (CCC+/B2) | Kronos Acquisition Holdings, Inc.<sup>(a)(b)</sup> (CCC+/B2) |
| 2911000 | 8.250 | 06/30/31 | 2643537 |
|  |  |  | 5747677 |
| **Housewares – 0.2%** | **Housewares – 0.2%** | **Housewares – 0.2%** | **Housewares – 0.2%** |
| Newell Brands, Inc.<sup>(a)</sup> (B+/B1) | Newell Brands, Inc.<sup>(a)</sup> (B+/B1) | Newell Brands, Inc.<sup>(a)</sup> (B+/B1) | Newell Brands, Inc.<sup>(a)</sup> (B+/B1) |
| 1310000 | 8.500 <sup>(b)</sup> | 06/01/28 | 1379508 |
| 730000 | 6.625 | 09/15/29 | 723014 |
| 1080000 | 6.375 | 05/15/30 | 1050268 |
| 1745000 | 7.000 <sup>(f)</sup> | 04/01/46 | 1485798 |
|  |  |  | 4638588 |
| **Insurance – 3.2%** | **Insurance – 3.2%** | **Insurance – 3.2%** | **Insurance – 3.2%** |
| Acrisure LLC/Acrisure Finance, Inc.<sup>(a)(b)</sup> (B/B2) | Acrisure LLC/Acrisure Finance, Inc.<sup>(a)(b)</sup> (B/B2) | Acrisure LLC/Acrisure Finance, Inc.<sup>(a)(b)</sup> (B/B2) | Acrisure LLC/Acrisure Finance, Inc.<sup>(a)(b)</sup> (B/B2) |
| 7413000 | 4.250 | 02/15/29 | 7125746 |
| Acrisure LLC/Acrisure Finance, Inc.<sup>(a)(b)</sup> (CCC+/Caa2) | Acrisure LLC/Acrisure Finance, Inc.<sup>(a)(b)</sup> (CCC+/Caa2) | Acrisure LLC/Acrisure Finance, Inc.<sup>(a)(b)</sup> (CCC+/Caa2) | Acrisure LLC/Acrisure Finance, Inc.<sup>(a)(b)</sup> (CCC+/Caa2) |
| 4440000 | 8.250 | 02/01/29 | 4592869 |
| 1060000 | 8.500 | 06/15/29 | 1105591 |
| 1140000 | 6.000 | 08/01/29 | 1111420 |
| Acrisure LLC/Acrisure Finance, Inc.<sup>(a)(b)</sup> (NR/NR) | Acrisure LLC/Acrisure Finance, Inc.<sup>(a)(b)</sup> (NR/NR) | Acrisure LLC/Acrisure Finance, Inc.<sup>(a)(b)</sup> (NR/NR) | Acrisure LLC/Acrisure Finance, Inc.<sup>(a)(b)</sup> (NR/NR) |
| 1650000 | 6.750 | 07/01/32 | 1673248 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>(a)(b)</sup> (B/B2) | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>(a)(b)</sup> (B/B2) | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>(a)(b)</sup> (B/B2) | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>(a)(b)</sup> (B/B2) |
| 2355000 | 6.750 | 04/15/28 | 2393481 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>(a)(b)</sup> (CCC+/Caa2) | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>(a)(b)</sup> (CCC+/Caa2) | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>(a)(b)</sup> (CCC+/Caa2) | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>(a)(b)</sup> (CCC+/Caa2) |
| 2884000 | 6.750 | 10/15/27 | 2888845 |
| 2560000 | 7.375 | 10/01/32 | 2641459 |
| APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC<sup>(a)(b)</sup> (BB+/NR) | APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC<sup>(a)(b)</sup> (BB+/NR) | APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC<sup>(a)(b)</sup> (BB+/NR) | APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC<sup>(a)(b)</sup> (BB+/NR) |
| 5010000 | 7.875 | 11/01/29 | 5125280 |
| Ardonagh Finco Ltd.<sup>(a)(b)</sup> (B-/B3) | Ardonagh Finco Ltd.<sup>(a)(b)</sup> (B-/B3) | Ardonagh Finco Ltd.<sup>(a)(b)</sup> (B-/B3) | Ardonagh Finco Ltd.<sup>(a)(b)</sup> (B-/B3) |
| 845000 | 7.750 | 02/15/31 | 883093 |
| Ardonagh Group Finance Ltd.<sup>(a)(b)</sup> (CCC/Caa2) | Ardonagh Group Finance Ltd.<sup>(a)(b)</sup> (CCC/Caa2) | Ardonagh Group Finance Ltd.<sup>(a)(b)</sup> (CCC/Caa2) | Ardonagh Group Finance Ltd.<sup>(a)(b)</sup> (CCC/Caa2) |
| 11896000 | 8.875 | 02/15/32 | 12518042 |
| BroadStreet Partners, Inc.<sup>(a)(b)</sup> (CCC+/Caa2) | BroadStreet Partners, Inc.<sup>(a)(b)</sup> (CCC+/Caa2) | BroadStreet Partners, Inc.<sup>(a)(b)</sup> (CCC+/Caa2) | BroadStreet Partners, Inc.<sup>(a)(b)</sup> (CCC+/Caa2) |
| 3094000 | 5.875 | 04/15/29 | 3058141 |
| Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC<sup>(a)(b)</sup> (CCC+/Caa1) | Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC<sup>(a)(b)</sup> (CCC+/Caa1) | Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC<sup>(a)(b)</sup> (CCC+/Caa1) | Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC<sup>(a)(b)</sup> (CCC+/Caa1) |
| 4925000 | 8.125 | 02/15/32 | 5123330 |
| HUB International Ltd.<sup>(a)(b)</sup> (B/Caa1) | HUB International Ltd.<sup>(a)(b)</sup> (B/Caa1) | HUB International Ltd.<sup>(a)(b)</sup> (B/Caa1) | HUB International Ltd.<sup>(a)(b)</sup> (B/Caa1) |
| 3793000 | 7.375 | 01/31/32 | 3967895 |
| Panther Escrow Issuer LLC<sup>(a)(b)</sup> (B/B2) | Panther Escrow Issuer LLC<sup>(a)(b)</sup> (B/B2) | Panther Escrow Issuer LLC<sup>(a)(b)</sup> (B/B2) | Panther Escrow Issuer LLC<sup>(a)(b)</sup> (B/B2) |
| 4400000 | 7.125 | 06/01/31 | 4572172 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Insurance – (continued)** | **Insurance – (continued)** | **Insurance – (continued)** | **Insurance – (continued)** |
| USI, Inc.<sup>(a)(b)</sup> (CCC+/Caa1) | USI, Inc.<sup>(a)(b)</sup> (CCC+/Caa1) | USI, Inc.<sup>(a)(b)</sup> (CCC+/Caa1) | USI, Inc.<sup>(a)(b)</sup> (CCC+/Caa1) |
| 6603000 | 7.500% | 01/15/32 | $6968410 |
|  |  |  | 65749022 |
| **Internet – 1.5%** | **Internet – 1.5%** | **Internet – 1.5%** | **Internet – 1.5%** |
| ANGI Group LLC <sup>(a)(b)</sup> (B/B2) | ANGI Group LLC <sup>(a)(b)</sup> (B/B2) | ANGI Group LLC <sup>(a)(b)</sup> (B/B2) | ANGI Group LLC <sup>(a)(b)</sup> (B/B2) |
| 5665000 | 3.875 | 08/15/28 | 5290090 |
| Gen Digital, Inc. <sup>(a)(b)</sup> (BB-/B1) | Gen Digital, Inc. <sup>(a)(b)</sup> (BB-/B1) | Gen Digital, Inc. <sup>(a)(b)</sup> (BB-/B1) | Gen Digital, Inc. <sup>(a)(b)</sup> (BB-/B1) |
| 8215000 | 6.250 | 04/01/33 | 8445102 |
| ION Trading Technologies SARL <sup>(a)(b)</sup> (B/B3) | ION Trading Technologies SARL <sup>(a)(b)</sup> (B/B3) | ION Trading Technologies SARL <sup>(a)(b)</sup> (B/B3) | ION Trading Technologies SARL <sup>(a)(b)</sup> (B/B3) |
| 4444000 | 9.500 | 05/30/29 | 4590963 |
| Match Group Holdings II LLC <sup>(a)(b)</sup> (BB/Ba2) | Match Group Holdings II LLC <sup>(a)(b)</sup> (BB/Ba2) | Match Group Holdings II LLC <sup>(a)(b)</sup> (BB/Ba2) | Match Group Holdings II LLC <sup>(a)(b)</sup> (BB/Ba2) |
| 2774000 | 5.000 | 12/15/27 | 2756357 |
| 2033000 | 4.625 | 06/01/28 | 1982846 |
| 3749000 | 5.625 | 02/15/29 | 3720508 |
| 1004000 | 3.625 | 10/01/31 | 896803 |
| Rakuten Group, Inc. <sup>(a)(b)(e)</sup> (B/NR) (5 yr. CMT + 4.250%) | Rakuten Group, Inc. <sup>(a)(b)(e)</sup> (B/NR) (5 yr. CMT + 4.250%) | Rakuten Group, Inc. <sup>(a)(b)(e)</sup> (B/NR) (5 yr. CMT + 4.250%) | Rakuten Group, Inc. <sup>(a)(b)(e)</sup> (B/NR) (5 yr. CMT + 4.250%) |
| 1780000 | 8.125 | 12/15/29 | 1739737 |
| Snap, Inc. <sup>(a)(b)</sup> (B+/B1) | Snap, Inc. <sup>(a)(b)</sup> (B+/B1) | Snap, Inc. <sup>(a)(b)</sup> (B+/B1) | Snap, Inc. <sup>(a)(b)</sup> (B+/B1) |
| 1175000 | 6.875 | 03/01/33 | 1205033 |
|  |  |  | 30627439 |
| **Investment Companies<sup>(a)(b)</sup> – 0.3%** | **Investment Companies<sup>(a)(b)</sup> – 0.3%** | **Investment Companies<sup>(a)(b)</sup> – 0.3%** | **Investment Companies<sup>(a)(b)</sup> – 0.3%** |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. (BB-/B1) | Icahn Enterprises LP/Icahn Enterprises Finance Corp. (BB-/B1) | Icahn Enterprises LP/Icahn Enterprises Finance Corp. (BB-/B1) | Icahn Enterprises LP/Icahn Enterprises Finance Corp. (BB-/B1) |
| 5595000 | 10.000 | 11/15/29 | 5538379 |
| **Iron/Steel – 0.6%** | **Iron/Steel – 0.6%** | **Iron/Steel – 0.6%** | **Iron/Steel – 0.6%** |
| Cleveland-Cliffs, Inc. <sup>(a)(b)</sup> (BB-/Ba3) | Cleveland-Cliffs, Inc. <sup>(a)(b)</sup> (BB-/Ba3) | Cleveland-Cliffs, Inc. <sup>(a)(b)</sup> (BB-/Ba3) | Cleveland-Cliffs, Inc. <sup>(a)(b)</sup> (BB-/Ba3) |
| 2425000 | 6.750 | 04/15/30 | 2338864 |
| 3050000 | 7.000 <sup>(c)</sup> | 03/15/32 | 2877218 |
| Cleveland-Cliffs, Inc. <sup>(a)(b)</sup> (NR/Ba3) | Cleveland-Cliffs, Inc. <sup>(a)(b)</sup> (NR/Ba3) | Cleveland-Cliffs, Inc. <sup>(a)(b)</sup> (NR/Ba3) | Cleveland-Cliffs, Inc. <sup>(a)(b)</sup> (NR/Ba3) |
| 1475000 | 6.875 | 11/01/29 | 1452447 |
| 1145000 | 7.500 | 09/15/31 | 1104387 |
| Mineral Resources Ltd. <sup>(a)(b)</sup> (NR/Ba3) | Mineral Resources Ltd. <sup>(a)(b)</sup> (NR/Ba3) | Mineral Resources Ltd. <sup>(a)(b)</sup> (NR/Ba3) | Mineral Resources Ltd. <sup>(a)(b)</sup> (NR/Ba3) |
| 4921000 | 8.000 | 11/01/27 | 4931088 |
|  |  |  | 12704004 |
| **Leisure Time – 2.2%** | **Leisure Time – 2.2%** | **Leisure Time – 2.2%** | **Leisure Time – 2.2%** |
| Carnival Corp. <sup>(a)(b)</sup> (BB+/Ba3) | Carnival Corp. <sup>(a)(b)</sup> (BB+/Ba3) | Carnival Corp. <sup>(a)(b)</sup> (BB+/Ba3) | Carnival Corp. <sup>(a)(b)</sup> (BB+/Ba3) |
| 6593000 | 5.750 | 03/01/27 | 6646140 |
| 3670000 | 5.750 | 03/15/30 | 3734078 |
| 2065000 | 6.125 | 02/15/33 | 2110884 |
| Deuce Finco PLC<sup>(a)</sup> (NR/B2) | Deuce Finco PLC<sup>(a)</sup> (NR/B2) | Deuce Finco PLC<sup>(a)</sup> (NR/B2) | Deuce Finco PLC<sup>(a)</sup> (NR/B2) |
| 2000000 | 5.500 | 06/15/27 | 2725588 |
| MajorDrive Holdings IV LLC<sup>(a)(b)(c)</sup> (CCC/Caa2) | MajorDrive Holdings IV LLC<sup>(a)(b)(c)</sup> (CCC/Caa2) | MajorDrive Holdings IV LLC<sup>(a)(b)(c)</sup> (CCC/Caa2) | MajorDrive Holdings IV LLC<sup>(a)(b)(c)</sup> (CCC/Caa2) |
| 11557000 | 6.375 | 06/01/29 | 9138698 |
| NCL Corp. Ltd. <sup>(a)(b)</sup> (B+/B3) | NCL Corp. Ltd. <sup>(a)(b)</sup> (B+/B3) | NCL Corp. Ltd. <sup>(a)(b)</sup> (B+/B3) | NCL Corp. Ltd. <sup>(a)(b)</sup> (B+/B3) |
| 825000 | 5.875 | 03/15/26 | 826172 |
| 310000 | 7.750 | 02/15/29 | 329651 |
| 3305000 | 6.750 | 02/01/32 | 3376223 |
| Pinnacle Bidco PLC<sup>(a)(b)</sup> (NR/B3) | Pinnacle Bidco PLC<sup>(a)(b)</sup> (NR/B3) | Pinnacle Bidco PLC<sup>(a)(b)</sup> (NR/B3) | Pinnacle Bidco PLC<sup>(a)(b)</sup> (NR/B3) |
| 2783000 | 10.000 | 10/11/28 | 4039051 |
| Royal Caribbean Cruises Ltd.<sup>(a)(b)</sup> (BBB-/Baa3) | Royal Caribbean Cruises Ltd.<sup>(a)(b)</sup> (BBB-/Baa3) | Royal Caribbean Cruises Ltd.<sup>(a)(b)</sup> (BBB-/Baa3) | Royal Caribbean Cruises Ltd.<sup>(a)(b)</sup> (BBB-/Baa3) |
| 4553000 | 5.375 | 07/15/27 | 4581092 |
| 1175000 | 5.625 | 09/30/31 | 1182261 |
| 850000 | 6.250 | 03/15/32 | 873732 |

---

------

GOLDMAN SACHS HIGH YIELD FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Leisure Time – (continued)** | **Leisure Time – (continued)** | **Leisure Time – (continued)** | **Leisure Time – (continued)** |
| Viking Cruises Ltd.<sup>(a)(b)</sup> (BB-/B1) | Viking Cruises Ltd.<sup>(a)(b)</sup> (BB-/B1) | Viking Cruises Ltd.<sup>(a)(b)</sup> (BB-/B1) | Viking Cruises Ltd.<sup>(a)(b)</sup> (BB-/B1) |
| 2985000 | 5.875% | 09/15/27 | $2983388 |
| 2925000 | 7.000 | 02/15/29 | 2949921 |
|  |  |  | 45496879 |
| **Lodging – 2.2%** | **Lodging – 2.2%** | **Lodging – 2.2%** | **Lodging – 2.2%** |
| Genting New York LLC/GENNY Capital, Inc.<sup>(a)(b)</sup> (BB+/NR) | Genting New York LLC/GENNY Capital, Inc.<sup>(a)(b)</sup> (BB+/NR) | Genting New York LLC/GENNY Capital, Inc.<sup>(a)(b)</sup> (BB+/NR) | Genting New York LLC/GENNY Capital, Inc.<sup>(a)(b)</sup> (BB+/NR) |
| 5040000 | 7.250 | 10/01/29 | 5230815 |
| Hilton Domestic Operating Co., Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Hilton Domestic Operating Co., Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Hilton Domestic Operating Co., Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Hilton Domestic Operating Co., Inc.<sup>(a)(b)</sup> (BB+/Ba2) |
| 1365000 | 5.875 | 04/01/29 | 1394238 |
| 1460000 | 4.000 | 05/01/31 | 1372517 |
| 2295000 | 3.625 | 02/15/32 | 2077778 |
| Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>(a)(b)</sup> (B/B2) | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>(a)(b)</sup> (B/B2) | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>(a)(b)</sup> (B/B2) | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>(a)(b)</sup> (B/B2) |
| 6370000 | 5.000 | 06/01/29 | 6123927 |
| 2913000 | 4.875 | 07/01/31 | 2683951 |
| Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>(a)(b)</sup> (BB/Ba2) | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>(a)(b)</sup> (BB/Ba2) | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>(a)(b)</sup> (BB/Ba2) | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>(a)(b)</sup> (BB/Ba2) |
| 2800000 | 6.625 | 01/15/32 | 2844828 |
| Marriott Ownership Resorts, Inc.<sup>(a)</sup> (B/B2) | Marriott Ownership Resorts, Inc.<sup>(a)</sup> (B/B2) | Marriott Ownership Resorts, Inc.<sup>(a)</sup> (B/B2) | Marriott Ownership Resorts, Inc.<sup>(a)</sup> (B/B2) |
| 2864000 | 4.750 <sup>(c)</sup> | 01/15/28 | 2799073 |
| 2585000 | 4.500 <sup>(b)</sup> | 06/15/29 | 2482841 |
| Melco Resorts Finance Ltd.<sup>(a)(b)</sup> (BB-/Ba3) | Melco Resorts Finance Ltd.<sup>(a)(b)</sup> (BB-/Ba3) | Melco Resorts Finance Ltd.<sup>(a)(b)</sup> (BB-/Ba3) | Melco Resorts Finance Ltd.<sup>(a)(b)</sup> (BB-/Ba3) |
| 2190000 | 7.625 | 04/17/32 | 2216280 |
| MGM Resorts International<sup>(a)</sup> (BB-/B1) | MGM Resorts International<sup>(a)</sup> (BB-/B1) | MGM Resorts International<sup>(a)</sup> (BB-/B1) | MGM Resorts International<sup>(a)</sup> (BB-/B1) |
| 4046000 | 4.750 | 10/15/28 | 3995992 |
| 2870000 | 6.125 | 09/15/29 | 2919134 |
| 1215000 | 6.500 <sup>(c)</sup> | 04/15/32 | 1234574 |
| Travel & Leisure Co.<sup>(a)</sup> (BB-/Ba3) | Travel & Leisure Co.<sup>(a)</sup> (BB-/Ba3) | Travel & Leisure Co.<sup>(a)</sup> (BB-/Ba3) | Travel & Leisure Co.<sup>(a)</sup> (BB-/Ba3) |
| 2397000 | 6.000 | 04/01/27 | 2418357 |
| 2610000 | 4.500 <sup>(b)</sup> | 12/01/29 | 2512699 |
| 3287000 | 4.625 <sup>(b)</sup> | 03/01/30 | 3149636 |
|  |  |  | 45456640 |
| **Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.4%** | **Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.4%** | **Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.4%** | **Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.4%** |
| Terex Corp. (BB-/Ba3) | Terex Corp. (BB-/Ba3) | Terex Corp. (BB-/Ba3) | Terex Corp. (BB-/Ba3) |
| 2945000 | 6.250 | 10/15/32 | 2951391 |
| Vertiv Group Corp. (BB+/Ba2) | Vertiv Group Corp. (BB+/Ba2) | Vertiv Group Corp. (BB+/Ba2) | Vertiv Group Corp. (BB+/Ba2) |
| 5321000 | 4.125 | 11/15/28 | 5186272 |
|  |  |  | 8137663 |
| **Machinery-Diversified<sup>(a)(b)</sup> – 1.0%** | **Machinery-Diversified<sup>(a)(b)</sup> – 1.0%** | **Machinery-Diversified<sup>(a)(b)</sup> – 1.0%** | **Machinery-Diversified<sup>(a)(b)</sup> – 1.0%** |
| Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC (B-/B3) | Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC (B-/B3) | Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC (B-/B3) | Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC (B-/B3) |
| 6729000 | 9.000 | 02/15/29 | 7034295 |
| Mueller Water Products, Inc. (BB/Ba1) | Mueller Water Products, Inc. (BB/Ba1) | Mueller Water Products, Inc. (BB/Ba1) | Mueller Water Products, Inc. (BB/Ba1) |
| 3183000 | 4.000 | 06/15/29 | 3062301 |
| SPX FLOW, Inc. (B-/Caa1) | SPX FLOW, Inc. (B-/Caa1) | SPX FLOW, Inc. (B-/Caa1) | SPX FLOW, Inc. (B-/Caa1) |
| 2905000 | 8.750 | 04/01/30 | 3013240 |
| TK Elevator Holdco GmbH (CCC+/Caa1) | TK Elevator Holdco GmbH (CCC+/Caa1) | TK Elevator Holdco GmbH (CCC+/Caa1) | TK Elevator Holdco GmbH (CCC+/Caa1) |
| 6723000 | 7.625 | 07/15/28 | 6728647 |
|  |  |  | 19838483 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Media – 6.3%** | **Media – 6.3%** | **Media – 6.3%** | **Media – 6.3%** |
| Altice Financing SA<sup>(a)(b)(c)</sup> (CCC+/Caa2) | Altice Financing SA<sup>(a)(b)(c)</sup> (CCC+/Caa2) | Altice Financing SA<sup>(a)(b)(c)</sup> (CCC+/Caa2) | Altice Financing SA<sup>(a)(b)(c)</sup> (CCC+/Caa2) |
| 3698000 | 5.000% | 01/15/28 | $2783965 |
| AMC Networks, Inc.<sup>(a)(b)</sup> (BB-/B2) | AMC Networks, Inc.<sup>(a)(b)</sup> (BB-/B2) | AMC Networks, Inc.<sup>(a)(b)</sup> (BB-/B2) | AMC Networks, Inc.<sup>(a)(b)</sup> (BB-/B2) |
| 1995000 | 10.250 | 01/15/29 | 2069194 |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(a)</sup> (BB-/B1) | CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(a)</sup> (BB-/B1) | CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(a)</sup> (BB-/B1) | CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(a)</sup> (BB-/B1) |
| 5976000 | 5.125 <sup>(b)</sup> | 05/01/27 | 5955562 |
| 3167000 | 5.000 <sup>(b)</sup> | 02/01/28 | 3138085 |
| 5386000 | 4.750 <sup>(b)</sup> | 03/01/30 | 5220434 |
| 6131000 | 4.500 <sup>(b)</sup> | 08/15/30 | 5843517 |
| 15352000 | 4.250 <sup>(b)</sup> | 02/01/31 | 14326026 |
| 5770000 | 4.750 <sup>(b)</sup> | 02/01/32 | 5469556 |
| 2804000 | 4.500 | 05/01/32 | 2609599 |
| CSC Holdings LLC<sup>(a)(b)</sup> (CCC-/Ca) | CSC Holdings LLC<sup>(a)(b)</sup> (CCC-/Ca) | CSC Holdings LLC<sup>(a)(b)</sup> (CCC-/Ca) | CSC Holdings LLC<sup>(a)(b)</sup> (CCC-/Ca) |
| 13180000 | 5.750 | 01/15/30 | 6524100 |
| CSC Holdings LLC<sup>(a)(b)</sup> (CCC+/Caa1) | CSC Holdings LLC<sup>(a)(b)</sup> (CCC+/Caa1) | CSC Holdings LLC<sup>(a)(b)</sup> (CCC+/Caa1) | CSC Holdings LLC<sup>(a)(b)</sup> (CCC+/Caa1) |
| 2340000 | 5.500 | 04/15/27 | 2233694 |
| 3070000 | 3.375 <sup>(c)</sup> | 02/15/31 | 2122936 |
| 6382000 | 4.500 | 11/15/31 | 4492162 |
| Cumulus Media New Holdings, Inc.<sup>(a)(b)</sup> (CCC+/Caa3) | Cumulus Media New Holdings, Inc.<sup>(a)(b)</sup> (CCC+/Caa3) | Cumulus Media New Holdings, Inc.<sup>(a)(b)</sup> (CCC+/Caa3) | Cumulus Media New Holdings, Inc.<sup>(a)(b)</sup> (CCC+/Caa3) |
| 1655000 | 8.000 | 07/01/29 | 468266 |
| Directv Financing LLC<sup>(a)(b)</sup> (BB-/B1) | Directv Financing LLC<sup>(a)(b)</sup> (BB-/B1) | Directv Financing LLC<sup>(a)(b)</sup> (BB-/B1) | Directv Financing LLC<sup>(a)(b)</sup> (BB-/B1) |
| 2140000 | 8.875 | 02/01/30 | 2107023 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>(a)(b)</sup> (BB-/B1) | Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>(a)(b)</sup> (BB-/B1) | Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>(a)(b)</sup> (BB-/B1) | Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>(a)(b)</sup> (BB-/B1) |
| 7246000 | 5.875 | 08/15/27 | 7221219 |
| DISH DBS Corp. (CCC-/Caa3) | DISH DBS Corp. (CCC-/Caa3) | DISH DBS Corp. (CCC-/Caa3) | DISH DBS Corp. (CCC-/Caa3) |
| 7124000 | 5.125 | 06/01/29 | 4747719 |
| DISH DBS Corp.<sup>(a)(b)</sup> (CCC+/Caa1) | DISH DBS Corp.<sup>(a)(b)</sup> (CCC+/Caa1) | DISH DBS Corp.<sup>(a)(b)</sup> (CCC+/Caa1) | DISH DBS Corp.<sup>(a)(b)</sup> (CCC+/Caa1) |
| 5216000 | 5.250 | 12/01/26 | 4734824 |
| 709000 | 5.750 | 12/01/28 | 614349 |
| DISH Network Corp.<sup>(a)(b)</sup> (B/Caa1) | DISH Network Corp.<sup>(a)(b)</sup> (B/Caa1) | DISH Network Corp.<sup>(a)(b)</sup> (B/Caa1) | DISH Network Corp.<sup>(a)(b)</sup> (B/Caa1) |
| 4760000 | 11.750 | 11/15/27 | 4900896 |
| Gray Media, Inc.<sup>(a)(b)</sup> (B/Ba3) | Gray Media, Inc.<sup>(a)(b)</sup> (B/Ba3) | Gray Media, Inc.<sup>(a)(b)</sup> (B/Ba3) | Gray Media, Inc.<sup>(a)(b)</sup> (B/Ba3) |
| 3080000 | 10.500 | 07/15/29 | 3309614 |
| iHeartCommunications, Inc.<sup>(a)(b)</sup> (CCC-/Caa3) | iHeartCommunications, Inc.<sup>(a)(b)</sup> (CCC-/Caa3) | iHeartCommunications, Inc.<sup>(a)(b)</sup> (CCC-/Caa3) | iHeartCommunications, Inc.<sup>(a)(b)</sup> (CCC-/Caa3) |
| 4446000 | 10.875 | 05/01/30 | 2178762 |
| iHeartCommunications, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa1) | iHeartCommunications, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa1) | iHeartCommunications, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa1) | iHeartCommunications, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa1) |
| 1115500 | 9.125 | 05/01/29 | 919228 |
| 1444200 | 7.000 | 01/15/31 | 1069271 |
| McGraw-Hill Education, Inc.<sup>(a)(b)</sup> (CCC+/Caa1) | McGraw-Hill Education, Inc.<sup>(a)(b)</sup> (CCC+/Caa1) | McGraw-Hill Education, Inc.<sup>(a)(b)</sup> (CCC+/Caa1) | McGraw-Hill Education, Inc.<sup>(a)(b)</sup> (CCC+/Caa1) |
| 5043000 | 8.000 | 08/01/29 | 5130496 |
| Nexstar Media, Inc.<sup>(a)(b)</sup> (BB+/B2) | Nexstar Media, Inc.<sup>(a)(b)</sup> (BB+/B2) | Nexstar Media, Inc.<sup>(a)(b)</sup> (BB+/B2) | Nexstar Media, Inc.<sup>(a)(b)</sup> (BB+/B2) |
| 2744000 | 5.625 | 07/15/27 | 2737222 |
| Sirius XM Radio LLC<sup>(a)(b)</sup> (BB+/Ba3) | Sirius XM Radio LLC<sup>(a)(b)</sup> (BB+/Ba3) | Sirius XM Radio LLC<sup>(a)(b)</sup> (BB+/Ba3) | Sirius XM Radio LLC<sup>(a)(b)</sup> (BB+/Ba3) |
| 4676000 | 3.125 | 09/01/26 | 4589962 |
| 7384000 | 5.000 | 08/01/27 | 7321014 |
| 3210000 | 4.000 | 07/15/28 | 3082788 |
| Sunrise HoldCo IV BV<sup>(a)(b)</sup> (B/B3) | Sunrise HoldCo IV BV<sup>(a)(b)</sup> (B/B3) | Sunrise HoldCo IV BV<sup>(a)(b)</sup> (B/B3) | Sunrise HoldCo IV BV<sup>(a)(b)</sup> (B/B3) |
| 3025000 | 5.500 | 01/15/28 | 2997442 |
| Virgin Media Secured Finance PLC<sup>(a)(b)</sup> (B+/Ba3) | Virgin Media Secured Finance PLC<sup>(a)(b)</sup> (B+/Ba3) | Virgin Media Secured Finance PLC<sup>(a)(b)</sup> (B+/Ba3) | Virgin Media Secured Finance PLC<sup>(a)(b)</sup> (B+/Ba3) |
| 2150000 | 5.500 | 05/15/29 | 2114503 |
| Virgin Media Vendor Financing Notes IV DAC<sup>(a)(b)</sup> (B-/B2) | Virgin Media Vendor Financing Notes IV DAC<sup>(a)(b)</sup> (B-/B2) | Virgin Media Vendor Financing Notes IV DAC<sup>(a)(b)</sup> (B-/B2) | Virgin Media Vendor Financing Notes IV DAC<sup>(a)(b)</sup> (B-/B2) |
| 1850000 | 5.000 | 07/15/28 | 1810669 |
| VZ Secured Financing BV<sup>(a)(b)</sup> (B+/B1) | VZ Secured Financing BV<sup>(a)(b)</sup> (B+/B1) | VZ Secured Financing BV<sup>(a)(b)</sup> (B+/B1) | VZ Secured Financing BV<sup>(a)(b)</sup> (B+/B1) |
| 2320000 | 5.000 | 01/15/32 | 2060415 |

---

------

GOLDMAN SACHS HIGH YIELD FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Media – (continued)** | **Media – (continued)** | **Media – (continued)** | **Media – (continued)** |
| Ziggo BV<sup>(a)(b)</sup> (B+/B1) | Ziggo BV<sup>(a)(b)</sup> (B+/B1) | Ziggo BV<sup>(a)(b)</sup> (B+/B1) | Ziggo BV<sup>(a)(b)</sup> (B+/B1) |
| 2492000 | 4.875% | 01/15/30 | $2327528 |
|  |  |  | 129232040 |
| **Metal Fabricate & Hardware<sup>(a)(b)</sup> – 0.2%** | **Metal Fabricate & Hardware<sup>(a)(b)</sup> – 0.2%** | **Metal Fabricate & Hardware<sup>(a)(b)</sup> – 0.2%** | **Metal Fabricate & Hardware<sup>(a)(b)</sup> – 0.2%** |
| Roller Bearing Co. of America, Inc. (B+/Ba3) | Roller Bearing Co. of America, Inc. (B+/Ba3) | Roller Bearing Co. of America, Inc. (B+/Ba3) | Roller Bearing Co. of America, Inc. (B+/Ba3) |
| 4824000 | 4.375 | 10/15/29 | 4671272 |
| **Mining – 0.4%** | **Mining – 0.4%** | **Mining – 0.4%** | **Mining – 0.4%** |
| Alcoa Nederland Holding BV<sup>(a)(b)</sup> (BB/Ba1) | Alcoa Nederland Holding BV<sup>(a)(b)</sup> (BB/Ba1) | Alcoa Nederland Holding BV<sup>(a)(b)</sup> (BB/Ba1) | Alcoa Nederland Holding BV<sup>(a)(b)</sup> (BB/Ba1) |
| 1220000 | 7.125 | 03/15/31 | 1279316 |
| FMG Resources August 2006 Pty. Ltd.<sup>(a)(b)</sup> (BB+/Ba1) | FMG Resources August 2006 Pty. Ltd.<sup>(a)(b)</sup> (BB+/Ba1) | FMG Resources August 2006 Pty. Ltd.<sup>(a)(b)</sup> (BB+/Ba1) | FMG Resources August 2006 Pty. Ltd.<sup>(a)(b)</sup> (BB+/Ba1) |
| 2785000 | 5.875 | 04/15/30 | 2814744 |
| Novelis Corp.<sup>(a)(b)</sup> (BB/B1) | Novelis Corp.<sup>(a)(b)</sup> (BB/B1) | Novelis Corp.<sup>(a)(b)</sup> (BB/B1) | Novelis Corp.<sup>(a)(b)</sup> (BB/B1) |
| 4432000 | 4.750 | 01/30/30 | 4248471 |
| 750000 | 6.875 | 01/30/30 | 775485 |
|  |  |  | 9118016 |
| **Miscellaneous Manufacturing – 0.5%** | **Miscellaneous Manufacturing – 0.5%** | **Miscellaneous Manufacturing – 0.5%** | **Miscellaneous Manufacturing – 0.5%** |
| Amsted Industries, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Amsted Industries, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Amsted Industries, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Amsted Industries, Inc.<sup>(a)(b)</sup> (BB/Ba3) |
| 1951000 | 4.625 | 05/15/30 | 1876179 |
| 615000 | 6.375 | 03/15/33 | 624803 |
| Axon Enterprise, Inc.<sup>(a)(b)</sup> (BB+/Ba3) | Axon Enterprise, Inc.<sup>(a)(b)</sup> (BB+/Ba3) | Axon Enterprise, Inc.<sup>(a)(b)</sup> (BB+/Ba3) | Axon Enterprise, Inc.<sup>(a)(b)</sup> (BB+/Ba3) |
| 1480000 | 6.125 | 03/15/30 | 1522550 |
| 1530000 | 6.250 | 03/15/33 | 1580551 |
| Hillenbrand, Inc.<sup>(a)(c)</sup> (BB+/Ba1) | Hillenbrand, Inc.<sup>(a)(c)</sup> (BB+/Ba1) | Hillenbrand, Inc.<sup>(a)(c)</sup> (BB+/Ba1) | Hillenbrand, Inc.<sup>(a)(c)</sup> (BB+/Ba1) |
| 4364000 | 3.750 | 03/01/31 | 3911934 |
|  |  |  | 9516017 |
| **Office & Business Equipment<sup>(a)(b)</sup> – 0.0%** | **Office & Business Equipment<sup>(a)(b)</sup> – 0.0%** | **Office & Business Equipment<sup>(a)(b)</sup> – 0.0%** | **Office & Business Equipment<sup>(a)(b)</sup> – 0.0%** |
| Xerox Holdings Corp. (B+/B3) | Xerox Holdings Corp. (B+/B3) | Xerox Holdings Corp. (B+/B3) | Xerox Holdings Corp. (B+/B3) |
| 712000 | 5.000 | 08/15/25 | 708953 |
| **Oil Field Services – 4.5%** | **Oil Field Services – 4.5%** | **Oil Field Services – 4.5%** | **Oil Field Services – 4.5%** |
| Archrock Partners LP/Archrock Partners Finance Corp.<sup>(a)(b)</sup> (BB-/B1) | Archrock Partners LP/Archrock Partners Finance Corp.<sup>(a)(b)</sup> (BB-/B1) | Archrock Partners LP/Archrock Partners Finance Corp.<sup>(a)(b)</sup> (BB-/B1) | Archrock Partners LP/Archrock Partners Finance Corp.<sup>(a)(b)</sup> (BB-/B1) |
| 2599000 | 6.250 | 04/01/28 | 2610150 |
| 5040000 | 6.625 | 09/01/32 | 5137474 |
| Aris Water Holdings LLC<sup>(a)(b)</sup> (B+/B2) | Aris Water Holdings LLC<sup>(a)(b)</sup> (B+/B2) | Aris Water Holdings LLC<sup>(a)(b)</sup> (B+/B2) | Aris Water Holdings LLC<sup>(a)(b)</sup> (B+/B2) |
| 2350000 | 7.250 | 04/01/30 | 2422403 |
| Chord Energy Corp.<sup>(a)(b)</sup> (BB/Ba2) | Chord Energy Corp.<sup>(a)(b)</sup> (BB/Ba2) | Chord Energy Corp.<sup>(a)(b)</sup> (BB/Ba2) | Chord Energy Corp.<sup>(a)(b)</sup> (BB/Ba2) |
| 2965000 | 6.750 | 03/15/33 | 3033432 |
| Civitas Resources, Inc.<sup>(a)(b)</sup> (BB-/B1) | Civitas Resources, Inc.<sup>(a)(b)</sup> (BB-/B1) | Civitas Resources, Inc.<sup>(a)(b)</sup> (BB-/B1) | Civitas Resources, Inc.<sup>(a)(b)</sup> (BB-/B1) |
| 6281000 | 5.000 | 10/15/26 | 6200478 |
| 2496000 | 8.375 | 07/01/28 | 2558774 |
| 1440000 | 9.625 | 06/15/33 | 1475885 |
| CNX Resources Corp.<sup>(a)(b)</sup> (BB/B1) | CNX Resources Corp.<sup>(a)(b)</sup> (BB/B1) | CNX Resources Corp.<sup>(a)(b)</sup> (BB/B1) | CNX Resources Corp.<sup>(a)(b)</sup> (BB/B1) |
| 2915000 | 7.375 | 01/15/31 | 3038392 |
| 1900000 | 7.250 | 03/01/32 | 1969616 |
| Crescent Energy Finance LLC<sup>(a)(b)</sup> (BB-/B1) | Crescent Energy Finance LLC<sup>(a)(b)</sup> (BB-/B1) | Crescent Energy Finance LLC<sup>(a)(b)</sup> (BB-/B1) | Crescent Energy Finance LLC<sup>(a)(b)</sup> (BB-/B1) |
| 2847000 | 9.250 | 02/15/28 | 2967200 |
| 2485000 | 7.625 | 04/01/32 | 2427224 |
| 2515000 | 7.375 | 01/15/33 | 2406830 |
| Diamond Foreign Asset Co./Diamond Finance LLC<sup>(a)(b)</sup> (BB+/WR) | Diamond Foreign Asset Co./Diamond Finance LLC<sup>(a)(b)</sup> (BB+/WR) | Diamond Foreign Asset Co./Diamond Finance LLC<sup>(a)(b)</sup> (BB+/WR) | Diamond Foreign Asset Co./Diamond Finance LLC<sup>(a)(b)</sup> (BB+/WR) |
| 1452000 | 8.500 | 10/01/30 | 1511183 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Oil Field Services – (continued)** | **Oil Field Services – (continued)** | **Oil Field Services – (continued)** | **Oil Field Services – (continued)** |
| Matador Resources Co.<sup>(a)(b)</sup> (BB-/B1) | Matador Resources Co.<sup>(a)(b)</sup> (BB-/B1) | Matador Resources Co.<sup>(a)(b)</sup> (BB-/B1) | Matador Resources Co.<sup>(a)(b)</sup> (BB-/B1) |
| 3288000 | 6.875% | 04/15/28 | $3353990 |
| 1045000 | 6.500 | 04/15/32 | 1044948 |
| 1164000 | 6.250 | 04/15/33 | 1157295 |
| Noble Finance II LLC<sup>(a)(b)</sup> (BB-/B1) | Noble Finance II LLC<sup>(a)(b)</sup> (BB-/B1) | Noble Finance II LLC<sup>(a)(b)</sup> (BB-/B1) | Noble Finance II LLC<sup>(a)(b)</sup> (BB-/B1) |
| 6927000 | 8.000 | 04/15/30 | 7054457 |
| Permian Resources Operating LLC<sup>(a)(b)</sup> (BB+/Ba2) | Permian Resources Operating LLC<sup>(a)(b)</sup> (BB+/Ba2) | Permian Resources Operating LLC<sup>(a)(b)</sup> (BB+/Ba2) | Permian Resources Operating LLC<sup>(a)(b)</sup> (BB+/Ba2) |
| 1337000 | 5.875 | 07/01/29 | 1341893 |
| 2190000 | 9.875 | 07/15/31 | 2402693 |
| 1252000 | 7.000 | 01/15/32 | 1297761 |
| Range Resources Corp.<sup>(a)(b)</sup> (BB+/Ba2) | Range Resources Corp.<sup>(a)(b)</sup> (BB+/Ba2) | Range Resources Corp.<sup>(a)(b)</sup> (BB+/Ba2) | Range Resources Corp.<sup>(a)(b)</sup> (BB+/Ba2) |
| 2660000 | 4.750 | 02/15/30 | 2586079 |
| Sitio Royalties Operating Partnership LP/Sitio Finance Corp.<sup>(a)(b)</sup> (B/B3) | Sitio Royalties Operating Partnership LP/Sitio Finance Corp.<sup>(a)(b)</sup> (B/B3) | Sitio Royalties Operating Partnership LP/Sitio Finance Corp.<sup>(a)(b)</sup> (B/B3) | Sitio Royalties Operating Partnership LP/Sitio Finance Corp.<sup>(a)(b)</sup> (B/B3) |
| 3163000 | 7.875 | 11/01/28 | 3311186 |
| SM Energy Co.<sup>(a)</sup> (BB-/B1) | SM Energy Co.<sup>(a)</sup> (BB-/B1) | SM Energy Co.<sup>(a)</sup> (BB-/B1) | SM Energy Co.<sup>(a)</sup> (BB-/B1) |
| 875000 | 6.500 | 07/15/28 | 882359 |
| 2165000 | 6.750 <sup>(b)</sup> | 08/01/29 | 2157617 |
| 2440000 | 7.000 <sup>(b)</sup> | 08/01/32 | 2407109 |
| Sunoco LP<sup>(a)(b)</sup> (BB+/Ba1) | Sunoco LP<sup>(a)(b)</sup> (BB+/Ba1) | Sunoco LP<sup>(a)(b)</sup> (BB+/Ba1) | Sunoco LP<sup>(a)(b)</sup> (BB+/Ba1) |
| 1915000 | 7.000 | 05/01/29 | 1994396 |
| 1465000 | 7.250 | 05/01/32 | 1538587 |
| 990000 | 6.250 | 07/01/33 | 1006345 |
| Sunoco LP/Sunoco Finance Corp.<sup>(a)</sup> (BB+/Ba1) | Sunoco LP/Sunoco Finance Corp.<sup>(a)</sup> (BB+/Ba1) | Sunoco LP/Sunoco Finance Corp.<sup>(a)</sup> (BB+/Ba1) | Sunoco LP/Sunoco Finance Corp.<sup>(a)</sup> (BB+/Ba1) |
| 2925000 | 7.000 <sup>(b)</sup> | 09/15/28 | 3014476 |
| 4425000 | 4.500 | 04/30/30 | 4254018 |
| Tidewater, Inc.<sup>(a)(b)</sup> (BB-/B3) | Tidewater, Inc.<sup>(a)(b)</sup> (BB-/B3) | Tidewater, Inc.<sup>(a)(b)</sup> (BB-/B3) | Tidewater, Inc.<sup>(a)(b)</sup> (BB-/B3) |
| 1645000 | 9.125 | 07/15/30 | 1692294 |
| Transocean Poseidon Ltd.<sup>(a)(b)</sup> (B/B1) | Transocean Poseidon Ltd.<sup>(a)(b)</sup> (B/B1) | Transocean Poseidon Ltd.<sup>(a)(b)</sup> (B/B1) | Transocean Poseidon Ltd.<sup>(a)(b)</sup> (B/B1) |
| 1630125 | 6.875 | 02/01/27 | 1632847 |
| Transocean Titan Financing Ltd.<sup>(a)(b)</sup> (B/B1) | Transocean Titan Financing Ltd.<sup>(a)(b)</sup> (B/B1) | Transocean Titan Financing Ltd.<sup>(a)(b)</sup> (B/B1) | Transocean Titan Financing Ltd.<sup>(a)(b)</sup> (B/B1) |
| 375477 | 8.375 | 02/01/28 | 384060 |
| Transocean, Inc.<sup>(a)(b)</sup> (B/B1) | Transocean, Inc.<sup>(a)(b)</sup> (B/B1) | Transocean, Inc.<sup>(a)(b)</sup> (B/B1) | Transocean, Inc.<sup>(a)(b)</sup> (B/B1) |
| 3599200 | 8.750 | 02/15/30 | 3709875 |
| USA Compression Partners LP/USA Compression Finance Corp.<sup>(a)(b)</sup> (B+/B1) | USA Compression Partners LP/USA Compression Finance Corp.<sup>(a)(b)</sup> (B+/B1) | USA Compression Partners LP/USA Compression Finance Corp.<sup>(a)(b)</sup> (B+/B1) | USA Compression Partners LP/USA Compression Finance Corp.<sup>(a)(b)</sup> (B+/B1) |
| 1550000 | 7.125 | 03/15/29 | 1588812 |
| Wildfire Intermediate Holdings LLC<sup>(a)(b)</sup> (B+/B3) | Wildfire Intermediate Holdings LLC<sup>(a)(b)</sup> (B+/B3) | Wildfire Intermediate Holdings LLC<sup>(a)(b)</sup> (B+/B3) | Wildfire Intermediate Holdings LLC<sup>(a)(b)</sup> (B+/B3) |
| 5055000 | 7.500 | 10/15/29 | 5018351 |
|  |  |  | 92590489 |
| **Packaging – 2.0%** | **Packaging – 2.0%** | **Packaging – 2.0%** | **Packaging – 2.0%** |
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal |
| Packaging Finance PLC<sup>(a)(b)</sup> (B/B2) | Packaging Finance PLC<sup>(a)(b)</sup> (B/B2) | Packaging Finance PLC<sup>(a)(b)</sup> (B/B2) | Packaging Finance PLC<sup>(a)(b)</sup> (B/B2) |
| 2990000 | 6.000 | 06/15/27 | 2998252 |
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal |
| Packaging Finance PLC<sup>(a)</sup> (CCC/Caa2) | Packaging Finance PLC<sup>(a)</sup> (CCC/Caa2) | Packaging Finance PLC<sup>(a)</sup> (CCC/Caa2) | Packaging Finance PLC<sup>(a)</sup> (CCC/Caa2) |
| 3315000 | 3.000 | 09/01/29 | 3498523 |
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (C/Caa3) | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (C/Caa3) | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (C/Caa3) | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (C/Caa3) |
| 5387000 | 5.250 %<sup>(a)(b)(c)</sup> | 08/15/27 | 2382162 |
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.<sup>(a)(b)(c)</sup> (CC/Caa1) | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.<sup>(a)(b)(c)</sup> (CC/Caa1) | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.<sup>(a)(b)(c)</sup> (CC/Caa1) | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.<sup>(a)(b)(c)</sup> (CC/Caa1) |
| 2179000 | 4.125 | 08/15/26 | 2045950 |

---

------

GOLDMAN SACHS HIGH YIELD FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Packaging – (continued)** | **Packaging – (continued)** | **Packaging – (continued)** | **Packaging – (continued)** |
| Ball Corp.<sup>(a)</sup> (BB+/Ba1) | Ball Corp.<sup>(a)</sup> (BB+/Ba1) | Ball Corp.<sup>(a)</sup> (BB+/Ba1) | Ball Corp.<sup>(a)</sup> (BB+/Ba1) |
| 3841000 | 6.000% | 06/15/29 | $3943862 |
| 2925000 | 2.875 | 08/15/30 | 2636771 |
| Clydesdale Acquisition Holdings, Inc.<sup>(a)(b)</sup> (B+/B2) | Clydesdale Acquisition Holdings, Inc.<sup>(a)(b)</sup> (B+/B2) | Clydesdale Acquisition Holdings, Inc.<sup>(a)(b)</sup> (B+/B2) | Clydesdale Acquisition Holdings, Inc.<sup>(a)(b)</sup> (B+/B2) |
| 2305000 | 6.750 | 04/15/32 | 2362325 |
| Efesto Bidco SpA Efesto U.S. LLC<sup>(a)(b)</sup> (B-/B3) | Efesto Bidco SpA Efesto U.S. LLC<sup>(a)(b)</sup> (B-/B3) | Efesto Bidco SpA Efesto U.S. LLC<sup>(a)(b)</sup> (B-/B3) | Efesto Bidco SpA Efesto U.S. LLC<sup>(a)(b)</sup> (B-/B3) |
| 4206000 | 7.500 | 02/15/32 | 4270814 |
| LABL, Inc.<sup>(a)(b)</sup> (B-/B3) | LABL, Inc.<sup>(a)(b)</sup> (B-/B3) | LABL, Inc.<sup>(a)(b)</sup> (B-/B3) | LABL, Inc.<sup>(a)(b)</sup> (B-/B3) |
| 2375000 | 5.875 | 11/01/28 | 2078030 |
| LABL, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa3) | LABL, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa3) | LABL, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa3) | LABL, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa3) |
| 2035000 | 10.500 | 07/15/27 | 1947963 |
| Mauser Packaging Solutions Holding Co.<sup>(a)(b)</sup> (B/B2) | Mauser Packaging Solutions Holding Co.<sup>(a)(b)</sup> (B/B2) | Mauser Packaging Solutions Holding Co.<sup>(a)(b)</sup> (B/B2) | Mauser Packaging Solutions Holding Co.<sup>(a)(b)</sup> (B/B2) |
| 5841000 | 7.875 | 04/15/27 | 5941115 |
| Sealed Air Corp.<sup>(a)(b)</sup> (BB+/Ba2) | Sealed Air Corp.<sup>(a)(b)</sup> (BB+/Ba2) | Sealed Air Corp.<sup>(a)(b)</sup> (BB+/Ba2) | Sealed Air Corp.<sup>(a)(b)</sup> (BB+/Ba2) |
| 1160000 | 6.500 | 07/15/32 | 1202433 |
| Sealed Air Corp./Sealed Air Corp. U.S.<sup>(a)(b)</sup> (BB+/Ba2) | Sealed Air Corp./Sealed Air Corp. U.S.<sup>(a)(b)</sup> (BB+/Ba2) | Sealed Air Corp./Sealed Air Corp. U.S.<sup>(a)(b)</sup> (BB+/Ba2) | Sealed Air Corp./Sealed Air Corp. U.S.<sup>(a)(b)</sup> (BB+/Ba2) |
| 2265000 | 7.250 | 02/15/31 | 2382735 |
| TriMas Corp.<sup>(a)(b)</sup> (BB-/Ba3) | TriMas Corp.<sup>(a)(b)</sup> (BB-/Ba3) | TriMas Corp.<sup>(a)(b)</sup> (BB-/Ba3) | TriMas Corp.<sup>(a)(b)</sup> (BB-/Ba3) |
| 2865000 | 4.125 | 04/15/29 | 2722237 |
|  |  |  | 40413172 |
| **Pharmaceuticals – 2.5%** | **Pharmaceuticals – 2.5%** | **Pharmaceuticals – 2.5%** | **Pharmaceuticals – 2.5%** |
| 1261229 BC Ltd.<sup>(a)(b)</sup> (B/Caa1) | 1261229 BC Ltd.<sup>(a)(b)</sup> (B/Caa1) | 1261229 BC Ltd.<sup>(a)(b)</sup> (B/Caa1) | 1261229 BC Ltd.<sup>(a)(b)</sup> (B/Caa1) |
| 3055000 | 10.000 | 04/15/32 | 3082373 |
| AdaptHealth LLC<sup>(a)(b)</sup> (B+/B1) | AdaptHealth LLC<sup>(a)(b)</sup> (B+/B1) | AdaptHealth LLC<sup>(a)(b)</sup> (B+/B1) | AdaptHealth LLC<sup>(a)(b)</sup> (B+/B1) |
| 3109000 | 6.125 | 08/01/28 | 3110896 |
| Bausch Health Americas, Inc.<sup>(a)(b)</sup> (CCC+/Ca) | Bausch Health Americas, Inc.<sup>(a)(b)</sup> (CCC+/Ca) | Bausch Health Americas, Inc.<sup>(a)(b)</sup> (CCC+/Ca) | Bausch Health Americas, Inc.<sup>(a)(b)</sup> (CCC+/Ca) |
| 1223000 | 8.500 | 01/31/27 | 1167060 |
| Bausch Health Cos., Inc.<sup>(b)</sup> (B-/Caa1) | Bausch Health Cos., Inc.<sup>(b)</sup> (B-/Caa1) | Bausch Health Cos., Inc.<sup>(b)</sup> (B-/Caa1) | Bausch Health Cos., Inc.<sup>(b)</sup> (B-/Caa1) |
| 1766000 | 4.875 <sup>(a)</sup> | 06/01/28 | 1484252 |
| 2823000 | 11.000 | 09/30/28 | 2798525 |
| Bausch Health Cos., Inc.<sup>(a)(b)</sup> (CCC+/Ca) | Bausch Health Cos., Inc.<sup>(a)(b)</sup> (CCC+/Ca) | Bausch Health Cos., Inc.<sup>(a)(b)</sup> (CCC+/Ca) | Bausch Health Cos., Inc.<sup>(a)(b)</sup> (CCC+/Ca) |
| 2135000 | 5.000 | 01/30/28 | 1728859 |
| 1693000 | 6.250 <sup>(c)</sup> | 02/15/29 | 1197171 |
| Grifols SA<sup>(a)(b)</sup> (B-/Caa1) | Grifols SA<sup>(a)(b)</sup> (B-/Caa1) | Grifols SA<sup>(a)(b)</sup> (B-/Caa1) | Grifols SA<sup>(a)(b)</sup> (B-/Caa1) |
| 4618000 | 4.750 | 10/15/28 | 4431110 |
| Jazz Securities DAC<sup>(a)(b)</sup> (BB/Ba1) | Jazz Securities DAC<sup>(a)(b)</sup> (BB/Ba1) | Jazz Securities DAC<sup>(a)(b)</sup> (BB/Ba1) | Jazz Securities DAC<sup>(a)(b)</sup> (BB/Ba1) |
| 4361000 | 4.375 | 01/15/29 | 4212246 |
| Opal Bidco SAS<sup>(a)(b)</sup> (B+/B1) | Opal Bidco SAS<sup>(a)(b)</sup> (B+/B1) | Opal Bidco SAS<sup>(a)(b)</sup> (B+/B1) | Opal Bidco SAS<sup>(a)(b)</sup> (B+/B1) |
| 5895000 | 6.500 | 03/31/32 | 6008656 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV<sup>(a)(b)</sup> (BB/Ba1) | Organon & Co./Organon Foreign Debt Co-Issuer BV<sup>(a)(b)</sup> (BB/Ba1) | Organon & Co./Organon Foreign Debt Co-Issuer BV<sup>(a)(b)</sup> (BB/Ba1) | Organon & Co./Organon Foreign Debt Co-Issuer BV<sup>(a)(b)</sup> (BB/Ba1) |
| 6990000 | 4.125 | 04/30/28 | 6718718 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV<sup>(a)(b)</sup> (BB-/B1) | Organon & Co./Organon Foreign Debt Co-Issuer BV<sup>(a)(b)</sup> (BB-/B1) | Organon & Co./Organon Foreign Debt Co-Issuer BV<sup>(a)(b)</sup> (BB-/B1) | Organon & Co./Organon Foreign Debt Co-Issuer BV<sup>(a)(b)</sup> (BB-/B1) |
| 5380000 | 5.125 | 04/30/31 | 4670701 |
| Perrigo Finance Unlimited Co.<sup>(a)</sup> (B+/Ba3) | Perrigo Finance Unlimited Co.<sup>(a)</sup> (B+/Ba3) | Perrigo Finance Unlimited Co.<sup>(a)</sup> (B+/Ba3) | Perrigo Finance Unlimited Co.<sup>(a)</sup> (B+/Ba3) |
| 6986000 | 4.900 | 06/15/30 | 6864304 |
| Prestige Brands, Inc.<sup>(a)(b)</sup> (BB/B1) | Prestige Brands, Inc.<sup>(a)(b)</sup> (BB/B1) | Prestige Brands, Inc.<sup>(a)(b)</sup> (BB/B1) | Prestige Brands, Inc.<sup>(a)(b)</sup> (BB/B1) |
| 2014000 | 3.750 | 04/01/31 | 1855418 |
| Teva Pharmaceutical Finance Netherlands III BV (BB/Ba1) | Teva Pharmaceutical Finance Netherlands III BV (BB/Ba1) | Teva Pharmaceutical Finance Netherlands III BV (BB/Ba1) | Teva Pharmaceutical Finance Netherlands III BV (BB/Ba1) |
| 786000 | 3.150 | 10/01/26 | 770767 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Pharmaceuticals – (continued)** | **Pharmaceuticals – (continued)** | **Pharmaceuticals – (continued)** | **Pharmaceuticals – (continued)** |
| Teva Pharmaceutical Finance Netherlands IV BV<sup>(a)</sup> (BB/Ba1) | Teva Pharmaceutical Finance Netherlands IV BV<sup>(a)</sup> (BB/Ba1) | Teva Pharmaceutical Finance Netherlands IV BV<sup>(a)</sup> (BB/Ba1) | Teva Pharmaceutical Finance Netherlands IV BV<sup>(a)</sup> (BB/Ba1) |
| 1930000 | 5.750% | 12/01/30 | $1958081 |
|  |  |  | 52059137 |
| **Pipelines – 4.9%** | **Pipelines – 4.9%** | **Pipelines – 4.9%** | **Pipelines – 4.9%** |
| Antero Midstream Partners LP/Antero Midstream Finance Corp. <sup>(a)(b)</sup> (BB+/Ba3) | Antero Midstream Partners LP/Antero Midstream Finance Corp. <sup>(a)(b)</sup> (BB+/Ba3) | Antero Midstream Partners LP/Antero Midstream Finance Corp. <sup>(a)(b)</sup> (BB+/Ba3) | Antero Midstream Partners LP/Antero Midstream Finance Corp. <sup>(a)(b)</sup> (BB+/Ba3) |
| 3939000 | 6.625 | 02/01/32 | 4068790 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp.<sup>(a)(b)</sup> (B+/B2) | Blue Racer Midstream LLC/Blue Racer Finance Corp.<sup>(a)(b)</sup> (B+/B2) | Blue Racer Midstream LLC/Blue Racer Finance Corp.<sup>(a)(b)</sup> (B+/B2) | Blue Racer Midstream LLC/Blue Racer Finance Corp.<sup>(a)(b)</sup> (B+/B2) |
| 1260000 | 7.000 | 07/15/29 | 1315566 |
| 1270000 | 7.250 | 07/15/32 | 1345895 |
| CNX Midstream Partners LP <sup>(a)(b)</sup> (BB/B1) | CNX Midstream Partners LP <sup>(a)(b)</sup> (BB/B1) | CNX Midstream Partners LP <sup>(a)(b)</sup> (BB/B1) | CNX Midstream Partners LP <sup>(a)(b)</sup> (BB/B1) |
| 3461000 | 4.750 | 04/15/30 | 3275283 |
| Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>(a)(b)</sup> (BB-/B2) | Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>(a)(b)</sup> (BB-/B2) | Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>(a)(b)</sup> (BB-/B2) | Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>(a)(b)</sup> (BB-/B2) |
| 5620000 | 7.375 | 06/30/33 | 5595103 |
| Excelerate Energy LP <sup>(a)(b)</sup> (BB+/NR) | Excelerate Energy LP <sup>(a)(b)</sup> (BB+/NR) | Excelerate Energy LP <sup>(a)(b)</sup> (BB+/NR) | Excelerate Energy LP <sup>(a)(b)</sup> (BB+/NR) |
| 2725000 | 8.000 | 05/15/30 | 2871769 |
| Genesis Energy LP/Genesis Energy Finance Corp. <sup>(a)</sup> (B/B3) | Genesis Energy LP/Genesis Energy Finance Corp. <sup>(a)</sup> (B/B3) | Genesis Energy LP/Genesis Energy Finance Corp. <sup>(a)</sup> (B/B3) | Genesis Energy LP/Genesis Energy Finance Corp. <sup>(a)</sup> (B/B3) |
| 1470000 | 8.875 | 04/15/30 | 1559993 |
| 3837000 | 8.000 | 05/15/33 | 4016495 |
| Global Partners LP/GLP Finance Corp. <sup>(a)</sup> (B+/B1) | Global Partners LP/GLP Finance Corp. <sup>(a)</sup> (B+/B1) | Global Partners LP/GLP Finance Corp. <sup>(a)</sup> (B+/B1) | Global Partners LP/GLP Finance Corp. <sup>(a)</sup> (B+/B1) |
| 1383000 | 6.875 | 01/15/29 | 1407493 |
| 1410000 | 8.250 <sup>(b)</sup> | 01/15/32 | 1483517 |
| Hess Midstream Operations LP <sup>(a)(b)</sup> (BB+/Ba2) | Hess Midstream Operations LP <sup>(a)(b)</sup> (BB+/Ba2) | Hess Midstream Operations LP <sup>(a)(b)</sup> (BB+/Ba2) | Hess Midstream Operations LP <sup>(a)(b)</sup> (BB+/Ba2) |
| 2740000 | 5.875 | 03/01/28 | 2780662 |
| 1125000 | 6.500 | 06/01/29 | 1156230 |
| 807000 | 5.500 | 10/15/30 | 810276 |
| Howard Midstream Energy Partners LLC <sup>(a)(b)</sup> (B+/B1) | Howard Midstream Energy Partners LLC <sup>(a)(b)</sup> (B+/B1) | Howard Midstream Energy Partners LLC <sup>(a)(b)</sup> (B+/B1) | Howard Midstream Energy Partners LLC <sup>(a)(b)</sup> (B+/B1) |
| 4965000 | 7.375 | 07/15/32 | 5221840 |
| Kinetik Holdings LP <sup>(a)(b)</sup> (BB+/Ba1) | Kinetik Holdings LP <sup>(a)(b)</sup> (BB+/Ba1) | Kinetik Holdings LP <sup>(a)(b)</sup> (BB+/Ba1) | Kinetik Holdings LP <sup>(a)(b)</sup> (BB+/Ba1) |
| 4555000 | 6.625 | 12/15/28 | 4658626 |
| 4315000 | 5.875 | 06/15/30 | 4353145 |
| NFE Financing LLC <sup>(a)(b)</sup> (B-/B3)\* | NFE Financing LLC <sup>(a)(b)</sup> (B-/B3)\* | NFE Financing LLC <sup>(a)(b)</sup> (B-/B3)\* | NFE Financing LLC <sup>(a)(b)</sup> (B-/B3)\* |
| 1996000 | 12.000 | 11/15/29 | 893589 |
| NGL Energy Operating LLC/NGL Energy Finance Corp.<sup>(a)(b)</sup> (B+/B2) | NGL Energy Operating LLC/NGL Energy Finance Corp.<sup>(a)(b)</sup> (B+/B2) | NGL Energy Operating LLC/NGL Energy Finance Corp.<sup>(a)(b)</sup> (B+/B2) | NGL Energy Operating LLC/NGL Energy Finance Corp.<sup>(a)(b)</sup> (B+/B2) |
| 4696000 | 8.125 | 02/15/29 | 4742819 |
| NuStar Logistics LP <sup>(a)</sup> (NR/Ba1) | NuStar Logistics LP <sup>(a)</sup> (NR/Ba1) | NuStar Logistics LP <sup>(a)</sup> (NR/Ba1) | NuStar Logistics LP <sup>(a)</sup> (NR/Ba1) |
| 4206000 | 5.625 | 04/28/27 | 4242214 |
| Prairie Acquiror LP <sup>(a)(b)</sup> (B-/B3) | Prairie Acquiror LP <sup>(a)(b)</sup> (B-/B3) | Prairie Acquiror LP <sup>(a)(b)</sup> (B-/B3) | Prairie Acquiror LP <sup>(a)(b)</sup> (B-/B3) |
| 2731000 | 9.000 | 08/01/29 | 2846385 |
| Rockies Express Pipeline LLC <sup>(a)(b)</sup> (BB/Ba2) | Rockies Express Pipeline LLC <sup>(a)(b)</sup> (BB/Ba2) | Rockies Express Pipeline LLC <sup>(a)(b)</sup> (BB/Ba2) | Rockies Express Pipeline LLC <sup>(a)(b)</sup> (BB/Ba2) |
| 2695000 | 6.750 | 03/15/33 | 2814415 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<sup>(a)(b)</sup> (B+/B1) | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<sup>(a)(b)</sup> (B+/B1) | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<sup>(a)(b)</sup> (B+/B1) | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<sup>(a)(b)</sup> (B+/B1) |
| 2915000 | 7.375 | 02/15/29 | 2995250 |
| 3675000 | 6.000 | 09/01/31 | 3584558 |
| TransMontaigne Partners LLC <sup>(a)(b)</sup> (CCC+/Caa1) | TransMontaigne Partners LLC <sup>(a)(b)</sup> (CCC+/Caa1) | TransMontaigne Partners LLC <sup>(a)(b)</sup> (CCC+/Caa1) | TransMontaigne Partners LLC <sup>(a)(b)</sup> (CCC+/Caa1) |
| 6550000 | 8.500 | 06/15/30 | 6815799 |
| Venture Global Calcasieu Pass LLC <sup>(a)(b)</sup> (BBB-/Ba1) | Venture Global Calcasieu Pass LLC <sup>(a)(b)</sup> (BBB-/Ba1) | Venture Global Calcasieu Pass LLC <sup>(a)(b)</sup> (BBB-/Ba1) | Venture Global Calcasieu Pass LLC <sup>(a)(b)</sup> (BBB-/Ba1) |
| 2815000 | 4.125 | 08/15/31 | 2607450 |

---

------

GOLDMAN SACHS HIGH YIELD FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Pipelines – (continued)** | **Pipelines – (continued)** | **Pipelines – (continued)** | **Pipelines – (continued)** |
| Venture Global LNG, Inc. <sup>(a)</sup> (BB/B1) | Venture Global LNG, Inc. <sup>(a)</sup> (BB/B1) | Venture Global LNG, Inc. <sup>(a)</sup> (BB/B1) | Venture Global LNG, Inc. <sup>(a)</sup> (BB/B1) |
| 874000 | 8.125 %<sup>(b)</sup> | 06/01/28 | $902650 |
| 6995000 | 9.500 <sup>(b)</sup> | 02/01/29 | 7622382 |
| 4930000 | 7.000 <sup>(b)</sup> | 01/15/30 | 4989209 |
| 3453000 | 9.875 <sup>(b)</sup> | 02/01/32 | 3728964 |
| 2140000 | 6.500 | 01/15/34 | 2140000 |
| 2140000 | 6.750 | 01/15/36 | 2140000 |
|  |  |  | 98986367 |
| **Real Estate – 0.8%** | **Real Estate – 0.8%** | **Real Estate – 0.8%** | **Real Estate – 0.8%** |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp.<sup>(a)(b)(c)</sup> (CCC+/Caa2) | Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp.<sup>(a)(b)(c)</sup> (CCC+/Caa2) | Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp.<sup>(a)(b)(c)</sup> (CCC+/Caa2) | Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp.<sup>(a)(b)(c)</sup> (CCC+/Caa2) |
| 5544000 | 5.750 | 01/15/29 | 4867244 |
| Cushman & Wakefield U.S. Borrower LLC<sup>(a)(b)</sup> (BB-/Ba3) | Cushman & Wakefield U.S. Borrower LLC<sup>(a)(b)</sup> (BB-/Ba3) | Cushman & Wakefield U.S. Borrower LLC<sup>(a)(b)</sup> (BB-/Ba3) | Cushman & Wakefield U.S. Borrower LLC<sup>(a)(b)</sup> (BB-/Ba3) |
| 2303000 | 6.750 | 05/15/28 | 2322506 |
| 1120000 | 8.875 | 09/01/31 | 1202611 |
| Kennedy-Wilson, Inc.<sup>(a)</sup> (B/B2) | Kennedy-Wilson, Inc.<sup>(a)</sup> (B/B2) | Kennedy-Wilson, Inc.<sup>(a)</sup> (B/B2) | Kennedy-Wilson, Inc.<sup>(a)</sup> (B/B2) |
| 2735000 | 4.750 <sup>(c)</sup> | 03/01/29 | 2564637 |
| 3501000 | 4.750 <sup>(c)</sup> | 02/01/30 | 3203555 |
| 1514000 | 5.000 | 03/01/31 | 1364129 |
|  |  |  | 15524682 |
| **Real Estate Investment Trust – 2.5%** | **Real Estate Investment Trust – 2.5%** | **Real Estate Investment Trust – 2.5%** | **Real Estate Investment Trust – 2.5%** |
| Iron Mountain, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Iron Mountain, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Iron Mountain, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Iron Mountain, Inc.<sup>(a)(b)</sup> (BB-/Ba3) |
| 2425000 | 7.000 | 02/15/29 | 2508347 |
| 3112000 | 4.875 | 09/15/29 | 3054397 |
| 7045000 | 5.625 | 07/15/32 | 6986245 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<sup>(a)(b)</sup> (BB/Baa3) | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<sup>(a)(b)</sup> (BB/Baa3) | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<sup>(a)(b)</sup> (BB/Baa3) | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<sup>(a)(b)</sup> (BB/Baa3) |
| 5216000 | 5.250 | 10/01/25 | 5215948 |
| 2000000 | 7.000 | 07/15/31 | 2090320 |
| MPT Operating Partnership LP/MPT Finance Corp.<sup>(a)(b)</sup> (B-/B2) | MPT Operating Partnership LP/MPT Finance Corp.<sup>(a)(b)</sup> (B-/B2) | MPT Operating Partnership LP/MPT Finance Corp.<sup>(a)(b)</sup> (B-/B2) | MPT Operating Partnership LP/MPT Finance Corp.<sup>(a)(b)</sup> (B-/B2) |
| 170000 | 8.500 | 02/15/32 | 178014 |
| MPT Operating Partnership LP/MPT Finance Corp.<sup>(a)</sup> (CCC+/Caa1) | MPT Operating Partnership LP/MPT Finance Corp.<sup>(a)</sup> (CCC+/Caa1) | MPT Operating Partnership LP/MPT Finance Corp.<sup>(a)</sup> (CCC+/Caa1) | MPT Operating Partnership LP/MPT Finance Corp.<sup>(a)</sup> (CCC+/Caa1) |
| 3090000 | 3.500 | 03/15/31 | 2189358 |
| RHP Hotel Properties LP/RHP Finance Corp.<sup>(a)(b)</sup> (BB/Ba3) | RHP Hotel Properties LP/RHP Finance Corp.<sup>(a)(b)</sup> (BB/Ba3) | RHP Hotel Properties LP/RHP Finance Corp.<sup>(a)(b)</sup> (BB/Ba3) | RHP Hotel Properties LP/RHP Finance Corp.<sup>(a)(b)</sup> (BB/Ba3) |
| 645000 | 6.500 | 06/15/33 | 664066 |
| SBA Communications Corp.<sup>(a)</sup> (BB+/Ba3) | SBA Communications Corp.<sup>(a)</sup> (BB+/Ba3) | SBA Communications Corp.<sup>(a)</sup> (BB+/Ba3) | SBA Communications Corp.<sup>(a)</sup> (BB+/Ba3) |
| 5127000 | 3.125 | 02/01/29 | 4842503 |
| Service Properties Trust<sup>(a)</sup> (BB-/B3) | Service Properties Trust<sup>(a)</sup> (BB-/B3) | Service Properties Trust<sup>(a)</sup> (BB-/B3) | Service Properties Trust<sup>(a)</sup> (BB-/B3) |
| 4840000 | 8.375 | 06/15/29 | 5049088 |
| Starwood Property Trust, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Starwood Property Trust, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Starwood Property Trust, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Starwood Property Trust, Inc.<sup>(a)(b)</sup> (BB-/Ba3) |
| 6478000 | 7.250 | 04/01/29 | 6819973 |
| 1480000 | 6.500 | 07/01/30 | 1529225 |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC<sup>(a)(b)</sup> (B/B2) | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC<sup>(a)(b)</sup> (B/B2) | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC<sup>(a)(b)</sup> (B/B2) | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC<sup>(a)(b)</sup> (B/B2) |
| 1718000 | 10.500 | 02/15/28 | 1820290 |
| 3280000 | 4.750 | 04/15/28 | 3212661 |
| XHR LP<sup>(a)(b)</sup> (BB-/B1) | XHR LP<sup>(a)(b)</sup> (BB-/B1) | XHR LP<sup>(a)(b)</sup> (BB-/B1) | XHR LP<sup>(a)(b)</sup> (BB-/B1) |
| 5028000 | 6.625 | 05/15/30 | 5131174 |
|  |  |  | 51291609 |
| **Retailing – 4.9%** | **Retailing – 4.9%** | **Retailing – 4.9%** | **Retailing – 4.9%** |
| 1011778 BC ULC/New Red Finance, Inc.<sup>(a)(b)</sup> (B+/B2) | 1011778 BC ULC/New Red Finance, Inc.<sup>(a)(b)</sup> (B+/B2) | 1011778 BC ULC/New Red Finance, Inc.<sup>(a)(b)</sup> (B+/B2) | 1011778 BC ULC/New Red Finance, Inc.<sup>(a)(b)</sup> (B+/B2) |
| 2755000 | 4.375 | 01/15/28 | 2703564 |
| 4166000 | 4.000 | 10/15/30 | 3885003 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Retailing – (continued)** | **Retailing – (continued)** | **Retailing – (continued)** | **Retailing – (continued)** |
| 1011778 BC ULC/New Red Finance, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | 1011778 BC ULC/New Red Finance, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | 1011778 BC ULC/New Red Finance, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | 1011778 BC ULC/New Red Finance, Inc.<sup>(a)(b)</sup> (BB+/Ba2) |
| 2540000 | 6.125% | 06/15/29 | $2609545 |
| Arko Corp.<sup>(a)(b)</sup> (CCC+/B3) | Arko Corp.<sup>(a)(b)</sup> (CCC+/B3) | Arko Corp.<sup>(a)(b)</sup> (CCC+/B3) | Arko Corp.<sup>(a)(b)</sup> (CCC+/B3) |
| 5621000 | 5.125 | 11/15/29 | 4741595 |
| Asbury Automotive Group, Inc.<sup>(a)</sup> (BB/B1) | Asbury Automotive Group, Inc.<sup>(a)</sup> (BB/B1) | Asbury Automotive Group, Inc.<sup>(a)</sup> (BB/B1) | Asbury Automotive Group, Inc.<sup>(a)</sup> (BB/B1) |
| 573000 | 4.500 | 03/01/28 | 566565 |
| 8931000 | 4.625 <sup>(b)</sup> | 11/15/29 | 8623416 |
| 185000 | 4.750 | 03/01/30 | 178997 |
| 1014000 | 5.000 <sup>(b)</sup> | 02/15/32 | 965784 |
| Carvana Co.<sup>(a)(b)(d)</sup> (Bu/B3u) (PIK 12.000%, Cash 9.000%) | Carvana Co.<sup>(a)(b)(d)</sup> (Bu/B3u) (PIK 12.000%, Cash 9.000%) | Carvana Co.<sup>(a)(b)(d)</sup> (Bu/B3u) (PIK 12.000%, Cash 9.000%) | Carvana Co.<sup>(a)(b)(d)</sup> (Bu/B3u) (PIK 12.000%, Cash 9.000%) |
| 276704 | 9.000 | 12/01/28 | 283945 |
| (PIK 13.000%, Cash 11.000%) | (PIK 13.000%, Cash 11.000%) | (PIK 13.000%, Cash 11.000%) | (PIK 13.000%, Cash 11.000%) |
| 487325 | 9.000 | 06/01/30 | 512481 |
| (PIK 14.000%, Cash 9.000%) | (PIK 14.000%, Cash 9.000%) | (PIK 14.000%, Cash 9.000%) | (PIK 14.000%, Cash 9.000%) |
| 622355 | 9.000 | 06/01/31 | 736924 |
| Cheesecake Factory, Inc.<sup>(c)</sup> (NR/NR) | Cheesecake Factory, Inc.<sup>(c)</sup> (NR/NR) | Cheesecake Factory, Inc.<sup>(c)</sup> (NR/NR) | Cheesecake Factory, Inc.<sup>(c)</sup> (NR/NR) |
| 1728000 | 0.375 | 06/15/26 | 1769472 |
| Cougar JV Subsidiary LLC<sup>(a)(b)</sup> (B+/B2) | Cougar JV Subsidiary LLC<sup>(a)(b)</sup> (B+/B2) | Cougar JV Subsidiary LLC<sup>(a)(b)</sup> (B+/B2) | Cougar JV Subsidiary LLC<sup>(a)(b)</sup> (B+/B2) |
| 3773000 | 8.000 | 05/15/32 | 4023301 |
| eG Global Finance PLC<sup>(a)(b)</sup> (B-/B3) | eG Global Finance PLC<sup>(a)(b)</sup> (B-/B3) | eG Global Finance PLC<sup>(a)(b)</sup> (B-/B3) | eG Global Finance PLC<sup>(a)(b)</sup> (B-/B3) |
| 6977000 | 12.000 | 11/30/28 | 7703236 |
| Foundation Building Materials, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa2) | Foundation Building Materials, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa2) | Foundation Building Materials, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa2) | Foundation Building Materials, Inc.<sup>(a)(b)(c)</sup> (CCC+/Caa2) |
| 3269000 | 6.000 | 03/01/29 | 3001236 |
| Group 1 Automotive, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Group 1 Automotive, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Group 1 Automotive, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Group 1 Automotive, Inc.<sup>(a)(b)</sup> (BB+/Ba2) |
| 2208000 | 4.000 | 08/15/28 | 2133855 |
| 630000 | 6.375 | 01/15/30 | 648383 |
| GYP Holdings III Corp.<sup>(a)(b)</sup> (B/Ba2) | GYP Holdings III Corp.<sup>(a)(b)</sup> (B/Ba2) | GYP Holdings III Corp.<sup>(a)(b)</sup> (B/Ba2) | GYP Holdings III Corp.<sup>(a)(b)</sup> (B/Ba2) |
| 3038000 | 4.625 | 05/01/29 | 3045079 |
| Ken Garff Automotive LLC<sup>(a)(b)</sup> (BB-/B1) | Ken Garff Automotive LLC<sup>(a)(b)</sup> (BB-/B1) | Ken Garff Automotive LLC<sup>(a)(b)</sup> (BB-/B1) | Ken Garff Automotive LLC<sup>(a)(b)</sup> (BB-/B1) |
| 4637000 | 4.875 | 09/15/28 | 4582794 |
| LCM Investments Holdings II LLC<sup>(a)(b)</sup> (BB-/B2) | LCM Investments Holdings II LLC<sup>(a)(b)</sup> (BB-/B2) | LCM Investments Holdings II LLC<sup>(a)(b)</sup> (BB-/B2) | LCM Investments Holdings II LLC<sup>(a)(b)</sup> (BB-/B2) |
| 8252000 | 4.875 | 05/01/29 | 8023585 |
| Lithia Motors, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Lithia Motors, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Lithia Motors, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Lithia Motors, Inc.<sup>(a)(b)</sup> (BB+/Ba2) |
| 1258000 | 3.875 | 06/01/29 | 1200598 |
| 853000 | 4.375 | 01/15/31 | 810725 |
| Macy's Retail Holdings LLC<sup>(a)(b)</sup> (BB+/Ba2) | Macy's Retail Holdings LLC<sup>(a)(b)</sup> (BB+/Ba2) | Macy's Retail Holdings LLC<sup>(a)(b)</sup> (BB+/Ba2) | Macy's Retail Holdings LLC<sup>(a)(b)</sup> (BB+/Ba2) |
| 1715000 | 5.875 | 04/01/29 | 1697027 |
| Maryland Bidco Ltd.<sup>(a)(d)</sup> (NR/NR) (PIK 10.000%, Cash 10.000%) | Maryland Bidco Ltd.<sup>(a)(d)</sup> (NR/NR) (PIK 10.000%, Cash 10.000%) | Maryland Bidco Ltd.<sup>(a)(d)</sup> (NR/NR) (PIK 10.000%, Cash 10.000%) | Maryland Bidco Ltd.<sup>(a)(d)</sup> (NR/NR) (PIK 10.000%, Cash 10.000%) |
| 1071000 | 10.000 | 01/26/28 | 1105536 |
| Murphy Oil USA, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Murphy Oil USA, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Murphy Oil USA, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Murphy Oil USA, Inc.<sup>(a)(b)</sup> (BB+/Ba2) |
| 3341000 | 3.750 | 02/15/31 | 3081170 |
| Nordstrom, Inc.<sup>(a)</sup> (BB+/Ba2) | Nordstrom, Inc.<sup>(a)</sup> (BB+/Ba2) | Nordstrom, Inc.<sup>(a)</sup> (BB+/Ba2) | Nordstrom, Inc.<sup>(a)</sup> (BB+/Ba2) |
| 1795000 | 4.375 | 04/01/30 | 1654487 |
| Penske Automotive Group, Inc.<sup>(a)</sup> (BB-/Ba3) | Penske Automotive Group, Inc.<sup>(a)</sup> (BB-/Ba3) | Penske Automotive Group, Inc.<sup>(a)</sup> (BB-/Ba3) | Penske Automotive Group, Inc.<sup>(a)</sup> (BB-/Ba3) |
| 1707000 | 3.500 | 09/01/25 | 1701111 |
| 3469000 | 3.750 | 06/15/29 | 3293954 |
| Punch Finance PLC<sup>(a)(b)</sup> (NR/B3) | Punch Finance PLC<sup>(a)(b)</sup> (NR/B3) | Punch Finance PLC<sup>(a)(b)</sup> (NR/B3) | Punch Finance PLC<sup>(a)(b)</sup> (NR/B3) |
| 940000 | 7.875 | 12/30/30 | 1311800 |
| QXO Building Products, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | QXO Building Products, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | QXO Building Products, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | QXO Building Products, Inc.<sup>(a)(b)</sup> (BB-/Ba3) |
| 2205000 | 6.750 | 04/30/32 | 2276508 |
| Sonic Automotive, Inc.<sup>(a)(b)</sup> (BB-/B1) | Sonic Automotive, Inc.<sup>(a)(b)</sup> (BB-/B1) | Sonic Automotive, Inc.<sup>(a)(b)</sup> (BB-/B1) | Sonic Automotive, Inc.<sup>(a)(b)</sup> (BB-/B1) |
| 3208000 | 4.625 | 11/15/29 | 3110573 |

---

------

GOLDMAN SACHS HIGH YIELD FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Retailing – (continued)** | **Retailing – (continued)** | **Retailing – (continued)** | **Retailing – (continued)** |
| Staples, Inc.<sup>(a)(b)</sup> (B-/B3) | Staples, Inc.<sup>(a)(b)</sup> (B-/B3) | Staples, Inc.<sup>(a)(b)</sup> (B-/B3) | Staples, Inc.<sup>(a)(b)</sup> (B-/B3) |
| 1705000 | 10.750% | 09/01/29 | $1619392 |
| Staples, Inc. <sup>(a)(b)</sup> (CCC/Caa2) | Staples, Inc. <sup>(a)(b)</sup> (CCC/Caa2) | Staples, Inc. <sup>(a)(b)</sup> (CCC/Caa2) | Staples, Inc. <sup>(a)(b)</sup> (CCC/Caa2) |
| 690000 | 12.750 | 01/15/30 | 466212 |
| Stonegate Pub Co. Financing PLC<sup>(a)(b)(e)</sup> (NR/B3) (3 mo. EUR EURIBOR + 6.625%) | Stonegate Pub Co. Financing PLC<sup>(a)(b)(e)</sup> (NR/B3) (3 mo. EUR EURIBOR + 6.625%) | Stonegate Pub Co. Financing PLC<sup>(a)(b)(e)</sup> (NR/B3) (3 mo. EUR EURIBOR + 6.625%) | Stonegate Pub Co. Financing PLC<sup>(a)(b)(e)</sup> (NR/B3) (3 mo. EUR EURIBOR + 6.625%) |
| 604000 | 8.768 | 07/31/29 | 724623 |
| Suburban Propane Partners LP/Suburban Energy Finance Corp.<sup>(a)(b)</sup> (BB-/B1) | Suburban Propane Partners LP/Suburban Energy Finance Corp.<sup>(a)(b)</sup> (BB-/B1) | Suburban Propane Partners LP/Suburban Energy Finance Corp.<sup>(a)(b)</sup> (BB-/B1) | Suburban Propane Partners LP/Suburban Energy Finance Corp.<sup>(a)(b)</sup> (BB-/B1) |
| 3272000 | 5.000 | 06/01/31 | 3094985 |
| Walgreens Boots Alliance, Inc. <sup>(a)</sup> (BB-/B1) | Walgreens Boots Alliance, Inc. <sup>(a)</sup> (BB-/B1) | Walgreens Boots Alliance, Inc. <sup>(a)</sup> (BB-/B1) | Walgreens Boots Alliance, Inc. <sup>(a)</sup> (BB-/B1) |
| 2900000 | 3.450 | 06/01/26 | 2834808 |
| 2095000 | 8.125 <sup>(c)</sup> | 08/15/29 | 2222188 |
| White Cap Buyer LLC <sup>(a)(b)</sup> (CCC+/Caa1) | White Cap Buyer LLC <sup>(a)(b)</sup> (CCC+/Caa1) | White Cap Buyer LLC <sup>(a)(b)</sup> (CCC+/Caa1) | White Cap Buyer LLC <sup>(a)(b)</sup> (CCC+/Caa1) |
| 3044000 | 6.875 | 10/15/28 | 3038734 |
| Yum! Brands, Inc. <sup>(a)</sup> (BB/Ba3) | Yum! Brands, Inc. <sup>(a)</sup> (BB/Ba3) | Yum! Brands, Inc. <sup>(a)</sup> (BB/Ba3) | Yum! Brands, Inc. <sup>(a)</sup> (BB/Ba3) |
| 4248000 | 3.625 | 03/15/31 | 3927956 |
|  |  |  | 99911147 |
| **Semiconductors<sup>(a)(b)</sup> – 0.2%** | **Semiconductors<sup>(a)(b)</sup> – 0.2%** | **Semiconductors<sup>(a)(b)</sup> – 0.2%** | **Semiconductors<sup>(a)(b)</sup> – 0.2%** |
| Amkor Technology, Inc. (BB/Ba3) | Amkor Technology, Inc. (BB/Ba3) | Amkor Technology, Inc. (BB/Ba3) | Amkor Technology, Inc. (BB/Ba3) |
| 4563000 | 6.625 | 09/15/27 | 4574909 |
| **Software – 2.7%** | **Software – 2.7%** | **Software – 2.7%** | **Software – 2.7%** |
| AthenaHealth Group, Inc. <sup>(a)(b)</sup> (CCC/Caa2) | AthenaHealth Group, Inc. <sup>(a)(b)</sup> (CCC/Caa2) | AthenaHealth Group, Inc. <sup>(a)(b)</sup> (CCC/Caa2) | AthenaHealth Group, Inc. <sup>(a)(b)</sup> (CCC/Caa2) |
| 5574000 | 6.500 | 02/15/30 | 5484203 |
| Castle U.S. Holding Corp. <sup>(a)(b)</sup> (NR/Ca) | Castle U.S. Holding Corp. <sup>(a)(b)</sup> (NR/Ca) | Castle U.S. Holding Corp. <sup>(a)(b)</sup> (NR/Ca) | Castle U.S. Holding Corp. <sup>(a)(b)</sup> (NR/Ca) |
| 2900000 | 9.500 | 02/15/28 | 1289514 |
| Clarivate Science Holdings Corp. <sup>(a)(b)</sup> (B/Caa1) | Clarivate Science Holdings Corp. <sup>(a)(b)</sup> (B/Caa1) | Clarivate Science Holdings Corp. <sup>(a)(b)</sup> (B/Caa1) | Clarivate Science Holdings Corp. <sup>(a)(b)</sup> (B/Caa1) |
| 5391000 | 4.875 | 07/01/29 | 5081449 |
| Cloud Software Group, Inc. <sup>(a)(b)</sup> (B/B2) | Cloud Software Group, Inc. <sup>(a)(b)</sup> (B/B2) | Cloud Software Group, Inc. <sup>(a)(b)</sup> (B/B2) | Cloud Software Group, Inc. <sup>(a)(b)</sup> (B/B2) |
| 5041000 | 6.500 | 03/31/29 | 5086823 |
| 2940000 | 8.250 | 06/30/32 | 3129894 |
| Cloud Software Group, Inc. <sup>(a)(b)</sup> (B-/Caa2) | Cloud Software Group, Inc. <sup>(a)(b)</sup> (B-/Caa2) | Cloud Software Group, Inc. <sup>(a)(b)</sup> (B-/Caa2) | Cloud Software Group, Inc. <sup>(a)(b)</sup> (B-/Caa2) |
| 8914000 | 9.000 | 09/30/29 | 9241857 |
| CoreWeave, Inc. <sup>(a)(b)</sup> (B/B1) | CoreWeave, Inc. <sup>(a)(b)</sup> (B/B1) | CoreWeave, Inc. <sup>(a)(b)</sup> (B/B1) | CoreWeave, Inc. <sup>(a)(b)</sup> (B/B1) |
| 5000000 | 9.250 | 06/01/30 | 5111900 |
| Elastic NV <sup>(a)(b)</sup> (BB-/Ba3) | Elastic NV <sup>(a)(b)</sup> (BB-/Ba3) | Elastic NV <sup>(a)(b)</sup> (BB-/Ba3) | Elastic NV <sup>(a)(b)</sup> (BB-/Ba3) |
| 3315000 | 4.125 | 07/15/29 | 3168179 |
| Open Text Corp. <sup>(a)(b)</sup> (BB/Ba3) | Open Text Corp. <sup>(a)(b)</sup> (BB/Ba3) | Open Text Corp. <sup>(a)(b)</sup> (BB/Ba3) | Open Text Corp. <sup>(a)(b)</sup> (BB/Ba3) |
| 2995000 | 3.875 | 12/01/29 | 2821949 |
| ROBLOX Corp. <sup>(a)(b)</sup> (BB+/Ba1) | ROBLOX Corp. <sup>(a)(b)</sup> (BB+/Ba1) | ROBLOX Corp. <sup>(a)(b)</sup> (BB+/Ba1) | ROBLOX Corp. <sup>(a)(b)</sup> (BB+/Ba1) |
| 2611000 | 3.875 | 05/01/30 | 2467160 |
| TeamSystem SpA<sup>(a)(b)</sup> (B-/B2) | TeamSystem SpA<sup>(a)(b)</sup> (B-/B2) | TeamSystem SpA<sup>(a)(b)</sup> (B-/B2) | TeamSystem SpA<sup>(a)(b)</sup> (B-/B2) |
| 1075000 | 3.500 | 02/15/28 | 1253634 |
| Twilio, Inc.<sup>(a)</sup> (BB+/Ba2) | Twilio, Inc.<sup>(a)</sup> (BB+/Ba2) | Twilio, Inc.<sup>(a)</sup> (BB+/Ba2) | Twilio, Inc.<sup>(a)</sup> (BB+/Ba2) |
| 6714000 | 3.875 | 03/15/31 | 6282760 |
| ZoomInfo Technologies LLC/ZoomInfo Finance Corp.<sup>(a)(b)</sup> (B+/B1) | ZoomInfo Technologies LLC/ZoomInfo Finance Corp.<sup>(a)(b)</sup> (B+/B1) | ZoomInfo Technologies LLC/ZoomInfo Finance Corp.<sup>(a)(b)</sup> (B+/B1) | ZoomInfo Technologies LLC/ZoomInfo Finance Corp.<sup>(a)(b)</sup> (B+/B1) |
| 4350000 | 3.875 | 02/01/29 | 4092784 |
|  |  |  | 54512106 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Telecommunication Services – 3.5%** | **Telecommunication Services – 3.5%** | **Telecommunication Services – 3.5%** | **Telecommunication Services – 3.5%** |
| Altice France SA <sup>(a)(b)(c)</sup> (D/Caa2) | Altice France SA <sup>(a)(b)(c)</sup> (D/Caa2) | Altice France SA <sup>(a)(b)(c)</sup> (D/Caa2) | Altice France SA <sup>(a)(b)(c)</sup> (D/Caa2) |
| 2023000 | 8.125% | 02/01/27 | $1820862 |
| 2730000 | 5.125 | 07/15/29 | 2254161 |
| CommScope LLC<sup>(a)(b)</sup> (B-/B3) | CommScope LLC<sup>(a)(b)</sup> (B-/B3) | CommScope LLC<sup>(a)(b)</sup> (B-/B3) | CommScope LLC<sup>(a)(b)</sup> (B-/B3) |
| 1659000 | 4.750 | 09/01/29 | 1619549 |
| 3842000 | 9.500 <sup>(c)</sup> | 12/15/31 | 4020730 |
| CommScope LLC<sup>(a)(b)(c)</sup> (CCC/Caa3) | CommScope LLC<sup>(a)(b)(c)</sup> (CCC/Caa3) | CommScope LLC<sup>(a)(b)(c)</sup> (CCC/Caa3) | CommScope LLC<sup>(a)(b)(c)</sup> (CCC/Caa3) |
| 2025000 | 8.250 | 03/01/27 | 2016799 |
| EchoStar Corp.<sup>(a)</sup> (B/Caa1) | EchoStar Corp.<sup>(a)</sup> (B/Caa1) | EchoStar Corp.<sup>(a)</sup> (B/Caa1) | EchoStar Corp.<sup>(a)</sup> (B/Caa1) |
| 8060000 | 10.750 | 11/30/29 | 8286405 |
| (PIK 6.750%, Cash 6.750%) | (PIK 6.750%, Cash 6.750%) | (PIK 6.750%, Cash 6.750%) | (PIK 6.750%, Cash 6.750%) |
| 3521039 | 6.750 <sup>(d)</sup> | 11/30/30 | 3220765 |
| Fibercop SpA<sup>(a)(b)</sup> (BB+/Ba1) | Fibercop SpA<sup>(a)(b)</sup> (BB+/Ba1) | Fibercop SpA<sup>(a)(b)</sup> (BB+/Ba1) | Fibercop SpA<sup>(a)(b)</sup> (BB+/Ba1) |
| 1916000 | 6.000 | 09/30/34 | 1801193 |
| 2806000 | 7.200 | 07/18/36 | 2738600 |
| Frontier Communications Holdings LLC<sup>(a)(b)</sup> (B/B2) | Frontier Communications Holdings LLC<sup>(a)(b)</sup> (B/B2) | Frontier Communications Holdings LLC<sup>(a)(b)</sup> (B/B2) | Frontier Communications Holdings LLC<sup>(a)(b)</sup> (B/B2) |
| 6489000 | 5.875 | 10/15/27 | 6491531 |
| Frontier Communications Holdings LLC<sup>(a)(b)</sup> (CCC+/Caa1) | Frontier Communications Holdings LLC<sup>(a)(b)</sup> (CCC+/Caa1) | Frontier Communications Holdings LLC<sup>(a)(b)</sup> (CCC+/Caa1) | Frontier Communications Holdings LLC<sup>(a)(b)</sup> (CCC+/Caa1) |
| 4745000 | 6.000 | 01/15/30 | 4809200 |
| Hughes Satellite Systems Corp.<sup>(c)</sup> (CCC+/Caa3) | Hughes Satellite Systems Corp.<sup>(c)</sup> (CCC+/Caa3) | Hughes Satellite Systems Corp.<sup>(c)</sup> (CCC+/Caa3) | Hughes Satellite Systems Corp.<sup>(c)</sup> (CCC+/Caa3) |
| 1870000 | 6.625 | 08/01/26 | 1340977 |
| Iliad Holding SASU<sup>(a)(b)</sup> (B+/B2) | Iliad Holding SASU<sup>(a)(b)</sup> (B+/B2) | Iliad Holding SASU<sup>(a)(b)</sup> (B+/B2) | Iliad Holding SASU<sup>(a)(b)</sup> (B+/B2) |
| 2775000 | 7.000 | 04/15/32 | 2841683 |
| Level 3 Financing, Inc.<sup>(a)(b)</sup> (B-/B3) | Level 3 Financing, Inc.<sup>(a)(b)</sup> (B-/B3) | Level 3 Financing, Inc.<sup>(a)(b)</sup> (B-/B3) | Level 3 Financing, Inc.<sup>(a)(b)</sup> (B-/B3) |
| 2814000 | 4.500 | 04/01/30 | 2547008 |
| 1124000 | 3.875 | 10/15/30 | 977520 |
| Level 3 Financing, Inc.<sup>(a)(b)</sup> (B+/B1) | Level 3 Financing, Inc.<sup>(a)(b)</sup> (B+/B1) | Level 3 Financing, Inc.<sup>(a)(b)</sup> (B+/B1) | Level 3 Financing, Inc.<sup>(a)(b)</sup> (B+/B1) |
| 900000 | 10.750 <sup>(c)</sup> | 12/15/30 | 1020150 |
| 3325000 | 6.875 | 06/30/33 | 3383021 |
| Nokia of America Corp.<sup>(c)</sup> (NR/WR) | Nokia of America Corp.<sup>(c)</sup> (NR/WR) | Nokia of America Corp.<sup>(c)</sup> (NR/WR) | Nokia of America Corp.<sup>(c)</sup> (NR/WR) |
| 5200000 | 6.450 | 03/15/29 | 5099900 |
| Sable International Finance Ltd.<sup>(a)(b)</sup> (BB-/Ba3) | Sable International Finance Ltd.<sup>(a)(b)</sup> (BB-/Ba3) | Sable International Finance Ltd.<sup>(a)(b)</sup> (BB-/Ba3) | Sable International Finance Ltd.<sup>(a)(b)</sup> (BB-/Ba3) |
| 1795000 | 7.125 | 10/15/32 | 1800048 |
| Vodafone Group PLC<sup>(a)(e)</sup> (BB+/Ba1) (5 yr. USD Swap + 4.873%) | Vodafone Group PLC<sup>(a)(e)</sup> (BB+/Ba1) (5 yr. USD Swap + 4.873%) | Vodafone Group PLC<sup>(a)(e)</sup> (BB+/Ba1) (5 yr. USD Swap + 4.873%) | Vodafone Group PLC<sup>(a)(e)</sup> (BB+/Ba1) (5 yr. USD Swap + 4.873%) |
| 4717000 | 7.000 | 04/04/79 | 4959595 |
| Windstream Services LLC/Windstream Escrow Finance Corp.<sup>(a)(b)</sup> (B-/B3) | Windstream Services LLC/Windstream Escrow Finance Corp.<sup>(a)(b)</sup> (B-/B3) | Windstream Services LLC/Windstream Escrow Finance Corp.<sup>(a)(b)</sup> (B-/B3) | Windstream Services LLC/Windstream Escrow Finance Corp.<sup>(a)(b)</sup> (B-/B3) |
| 1380000 | 8.250 | 10/01/31 | 1445329 |
| Zayo Group Holdings, Inc.<sup>(a)(b)(c)</sup> (B-/B3) | Zayo Group Holdings, Inc.<sup>(a)(b)(c)</sup> (B-/B3) | Zayo Group Holdings, Inc.<sup>(a)(b)(c)</sup> (B-/B3) | Zayo Group Holdings, Inc.<sup>(a)(b)(c)</sup> (B-/B3) |
| 3415000 | 4.000 | 03/01/27 | 3202587 |
| Zayo Group Holdings, Inc.<sup>(a)(b)(c)</sup> (CCC/Caa2) | Zayo Group Holdings, Inc.<sup>(a)(b)(c)</sup> (CCC/Caa2) | Zayo Group Holdings, Inc.<sup>(a)(b)(c)</sup> (CCC/Caa2) | Zayo Group Holdings, Inc.<sup>(a)(b)(c)</sup> (CCC/Caa2) |
| 3525000 | 6.125 | 03/01/28 | 3042886 |
|  |  |  | 70740499 |
| **Transportation<sup>(a)(b)</sup> – 0.4%** | **Transportation<sup>(a)(b)</sup> – 0.4%** | **Transportation<sup>(a)(b)</sup> – 0.4%** | **Transportation<sup>(a)(b)</sup> – 0.4%** |
| Beacon Mobility Corp. (B/B1) | Beacon Mobility Corp. (B/B1) | Beacon Mobility Corp. (B/B1) | Beacon Mobility Corp. (B/B1) |
| 2050000 | 7.250 | 08/01/30 | 2092127 |
| Rand Parent LLC<sup>(c)</sup> (BB-/Ba1) | Rand Parent LLC<sup>(c)</sup> (BB-/Ba1) | Rand Parent LLC<sup>(c)</sup> (BB-/Ba1) | Rand Parent LLC<sup>(c)</sup> (BB-/Ba1) |
| 6277000 | 8.500 | 02/15/30 | 6297526 |
|  |  |  | 8389653 |
| **TOTAL CORPORATE OBLIGATIONS<br>(Cost $1,803,526,698)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $1,803,526,698)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $1,803,526,698)** | $1810120435 |

---

------

GOLDMAN SACHS HIGH YIELD FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans<sup>(g)</sup> – 4.3%** | **Bank Loans<sup>(g)</sup> – 4.3%** | **Bank Loans<sup>(g)</sup> – 4.3%** | **Bank Loans<sup>(g)</sup> – 4.3%** |
| **Aerospace & Defense – 0.2%** | **Aerospace & Defense – 0.2%** | **Aerospace & Defense – 0.2%** | **Aerospace & Defense – 0.2%** |
| Kaman Corp. (B/B2) (3 mo. USD Term SOFR + 2.750%) | Kaman Corp. (B/B2) (3 mo. USD Term SOFR + 2.750%) | Kaman Corp. (B/B2) (3 mo. USD Term SOFR + 2.750%) | Kaman Corp. (B/B2) (3 mo. USD Term SOFR + 2.750%) |
| 3655172 | 7.083% | 02/26/32 | $3649469 |
| **Automotive – 0.2%** | **Automotive – 0.2%** | **Automotive – 0.2%** | **Automotive – 0.2%** |
| First Brands Group LLC (B+/B1) (3 mo. USD Term SOFR + 5.000%) | First Brands Group LLC (B+/B1) (3 mo. USD Term SOFR + 5.000%) | First Brands Group LLC (B+/B1) (3 mo. USD Term SOFR + 5.000%) | First Brands Group LLC (B+/B1) (3 mo. USD Term SOFR + 5.000%) |
| 3397931 | 9.541 | 03/30/27 | 3199017 |
| **Banks – 0.1%** | **Banks – 0.1%** | **Banks – 0.1%** | **Banks – 0.1%** |
| Nouryon Finance BV (B+/B2) (3 mo. USD Term SOFR + 3.250%) | Nouryon Finance BV (B+/B2) (3 mo. USD Term SOFR + 3.250%) | Nouryon Finance BV (B+/B2) (3 mo. USD Term SOFR + 3.250%) | Nouryon Finance BV (B+/B2) (3 mo. USD Term SOFR + 3.250%) |
| 2878921 | 7.510 | 04/03/28 | 2889717 |
| **Building & Construction – 0.6%** | **Building & Construction – 0.6%** | **Building & Construction – 0.6%** | **Building & Construction – 0.6%** |
| AAL Delaware Holdco, Inc. (B/B2) (1 mo. USD Term SOFR + 2.750%) | AAL Delaware Holdco, Inc. (B/B2) (1 mo. USD Term SOFR + 2.750%) | AAL Delaware Holdco, Inc. (B/B2) (1 mo. USD Term SOFR + 2.750%) | AAL Delaware Holdco, Inc. (B/B2) (1 mo. USD Term SOFR + 2.750%) |
| 4912937 | 7.077 | 07/30/31 | 4909891 |
| Construction Partners, Inc. (B+/B1) (1 mo. USD Term SOFR + 2.500%) | Construction Partners, Inc. (B+/B1) (1 mo. USD Term SOFR + 2.500%) | Construction Partners, Inc. (B+/B1) (1 mo. USD Term SOFR + 2.500%) | Construction Partners, Inc. (B+/B1) (1 mo. USD Term SOFR + 2.500%) |
| 646750 | 6.827 | 11/03/31 | 648367 |
| KKR Apple Bidco LLC (B/B2) (1 mo. USD Term SOFR + 2.500%) | KKR Apple Bidco LLC (B/B2) (1 mo. USD Term SOFR + 2.500%) | KKR Apple Bidco LLC (B/B2) (1 mo. USD Term SOFR + 2.500%) | KKR Apple Bidco LLC (B/B2) (1 mo. USD Term SOFR + 2.500%) |
| 2943651 | 6.827 | 09/23/31 | 2936056 |
| TRC Cos. LLC (B/B3) (1 mo. USD Term SOFR + 3.000%) | TRC Cos. LLC (B/B3) (1 mo. USD Term SOFR + 3.000%) | TRC Cos. LLC (B/B3) (1 mo. USD Term SOFR + 3.000%) | TRC Cos. LLC (B/B3) (1 mo. USD Term SOFR + 3.000%) |
| 2856131 | 7.327 | 12/08/28 | 2846848 |
|  |  |  | 11341162 |
| **Capital Goods - Others – 0.3%** | **Capital Goods - Others – 0.3%** | **Capital Goods - Others – 0.3%** | **Capital Goods - Others – 0.3%** |
| LSF12 Crown U.S. Commercial Bidco LLC (B-/B1) (1 mo. USD Term SOFR + 4.250%) | LSF12 Crown U.S. Commercial Bidco LLC (B-/B1) (1 mo. USD Term SOFR + 4.250%) | LSF12 Crown U.S. Commercial Bidco LLC (B-/B1) (1 mo. USD Term SOFR + 4.250%) | LSF12 Crown U.S. Commercial Bidco LLC (B-/B1) (1 mo. USD Term SOFR + 4.250%) |
| 3200000 | 8.574 | 12/02/31 | 3214016 |
| Titan Acquisition Ltd. (B-/B3) ((3 mo. USD TermSOFR + 4.500%) – (6 mo. USD TermSOFR + 4.500%)) | Titan Acquisition Ltd. (B-/B3) ((3 mo. USD TermSOFR + 4.500%) – (6 mo. USD TermSOFR + 4.500%)) | Titan Acquisition Ltd. (B-/B3) ((3 mo. USD TermSOFR + 4.500%) – (6 mo. USD TermSOFR + 4.500%)) | Titan Acquisition Ltd. (B-/B3) ((3 mo. USD TermSOFR + 4.500%) – (6 mo. USD TermSOFR + 4.500%)) |
| 2920500 | 8.666–8.796 | 02/15/29 | 2926224 |
|  |  |  | 6140240 |
| **Commercial Services – 0.7%** | **Commercial Services – 0.7%** | **Commercial Services – 0.7%** | **Commercial Services – 0.7%** |
| Ankura Consulting Group LLC (B-/B3) (3 mo. USD Term SOFR + 3.500%) | Ankura Consulting Group LLC (B-/B3) (3 mo. USD Term SOFR + 3.500%) | Ankura Consulting Group LLC (B-/B3) (3 mo. USD Term SOFR + 3.500%) | Ankura Consulting Group LLC (B-/B3) (3 mo. USD Term SOFR + 3.500%) |
| 5074500 | 7.802 | 12/29/31 | 5065620 |
| Fugue Finance BV (B/B2) (3 mo. USD Term SOFR + 3.250%) | Fugue Finance BV (B/B2) (3 mo. USD Term SOFR + 3.250%) | Fugue Finance BV (B/B2) (3 mo. USD Term SOFR + 3.250%) | Fugue Finance BV (B/B2) (3 mo. USD Term SOFR + 3.250%) |
| 623437 | 7.583 | 01/09/32 | 626817 |
| Groundworks LLC (B/B3) (1 mo. USD Term SOFR + 3.000%) | Groundworks LLC (B/B3) (1 mo. USD Term SOFR + 3.000%) | Groundworks LLC (B/B3) (1 mo. USD Term SOFR + 3.000%) | Groundworks LLC (B/B3) (1 mo. USD Term SOFR + 3.000%) |
| 4045458 | 7.321 | 03/14/31 | 4044991 |
| Wand NewCo 3, Inc. (B/B3) (1 mo. USD Term SOFR + 2.500%) | Wand NewCo 3, Inc. (B/B3) (1 mo. USD Term SOFR + 2.500%) | Wand NewCo 3, Inc. (B/B3) (1 mo. USD Term SOFR + 2.500%) | Wand NewCo 3, Inc. (B/B3) (1 mo. USD Term SOFR + 2.500%) |
| 4692076 | 6.827 | 01/30/31 | 4668052 |
|  |  |  | 14405480 |
| **Consumer Cyclical Services – 0.2%** | **Consumer Cyclical Services – 0.2%** | **Consumer Cyclical Services – 0.2%** | **Consumer Cyclical Services – 0.2%** |
| Pre-Paid Legal Services, Inc. (B-/B3) (1 mo. USD Term SOFR + 3.250%) | Pre-Paid Legal Services, Inc. (B-/B3) (1 mo. USD Term SOFR + 3.250%) | Pre-Paid Legal Services, Inc. (B-/B3) (1 mo. USD Term SOFR + 3.250%) | Pre-Paid Legal Services, Inc. (B-/B3) (1 mo. USD Term SOFR + 3.250%) |
| 3947749 | 7.577 | 12/15/28 | 3921852 |
| **Diversified Financial Services – 0.2%** | **Diversified Financial Services – 0.2%** | **Diversified Financial Services – 0.2%** | **Diversified Financial Services – 0.2%** |
| FNZ Group Services Ltd. (B-/B3) (3 mo. USD Term SOFR + 5.000%) | FNZ Group Services Ltd. (B-/B3) (3 mo. USD Term SOFR + 5.000%) | FNZ Group Services Ltd. (B-/B3) (3 mo. USD Term SOFR + 5.000%) | FNZ Group Services Ltd. (B-/B3) (3 mo. USD Term SOFR + 5.000%) |
| 1970063 | 9.260 | 11/05/31 | 1612989 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans<sup>(g)</sup> – (continued)** | **Bank Loans<sup>(g)</sup> – (continued)** | **Bank Loans<sup>(g)</sup> – (continued)** | **Bank Loans<sup>(g)</sup> – (continued)** |
| **Diversified Financial Services – (continued)** | **Diversified Financial Services – (continued)** | **Diversified Financial Services – (continued)** | **Diversified Financial Services – (continued)** |
| NEXUS Buyer LLC (B/B1) (1 mo. USD Term SOFR + 3.500%) | NEXUS Buyer LLC (B/B1) (1 mo. USD Term SOFR + 3.500%) | NEXUS Buyer LLC (B/B1) (1 mo. USD Term SOFR + 3.500%) | NEXUS Buyer LLC (B/B1) (1 mo. USD Term SOFR + 3.500%) |
| 2823697 | 7.827% | 07/31/31 | $2831434 |
|  |  |  | 4444423 |
| **Entertainment – 0.2%** | **Entertainment – 0.2%** | **Entertainment – 0.2%** | **Entertainment – 0.2%** |
| Crown Finance U.S., Inc. (B/B3) (1 mo. USD Term SOFR + 5.250%) | Crown Finance U.S., Inc. (B/B3) (1 mo. USD Term SOFR + 5.250%) | Crown Finance U.S., Inc. (B/B3) (1 mo. USD Term SOFR + 5.250%) | Crown Finance U.S., Inc. (B/B3) (1 mo. USD Term SOFR + 5.250%) |
| 4975000 | 9.566 | 12/02/31 | 4968781 |
| **Food & Beverages<sup>(h)</sup> – 0.2%** | **Food & Beverages<sup>(h)</sup> – 0.2%** | **Food & Beverages<sup>(h)</sup> – 0.2%** | **Food & Beverages<sup>(h)</sup> – 0.2%** |
| Sazerac Co., Inc. (NR/NR) | Sazerac Co., Inc. (NR/NR) | Sazerac Co., Inc. (NR/NR) | Sazerac Co., Inc. (NR/NR) |
| 3250000 | 0.000 | 06/26/32 | 3245937 |
| **Home Construction – 0.2%** | **Home Construction – 0.2%** | **Home Construction – 0.2%** | **Home Construction – 0.2%** |
| Tecta America Corp. (B/B2) (1 mo. USD Term SOFR + 3.000%) | Tecta America Corp. (B/B2) (1 mo. USD Term SOFR + 3.000%) | Tecta America Corp. (B/B2) (1 mo. USD Term SOFR + 3.000%) | Tecta America Corp. (B/B2) (1 mo. USD Term SOFR + 3.000%) |
| 5025000 | 7.327 | 02/18/32 | 5029723 |
| **Internet – 0.2%** | **Internet – 0.2%** | **Internet – 0.2%** | **Internet – 0.2%** |
| Plano HoldCo, Inc. (B+/B2) (3 mo. USD Term SOFR + 3.500%) | Plano HoldCo, Inc. (B+/B2) (3 mo. USD Term SOFR + 3.500%) | Plano HoldCo, Inc. (B+/B2) (3 mo. USD Term SOFR + 3.500%) | Plano HoldCo, Inc. (B+/B2) (3 mo. USD Term SOFR + 3.500%) |
| 3466313 | 7.796 | 10/02/31 | 3284331 |
| **Machinery – 0.1%** | **Machinery – 0.1%** | **Machinery – 0.1%** | **Machinery – 0.1%** |
| Project Castle, Inc. (CCC+/Caa2) (6 mo. USD Term SOFR + 5.500%) | Project Castle, Inc. (CCC+/Caa2) (6 mo. USD Term SOFR + 5.500%) | Project Castle, Inc. (CCC+/Caa2) (6 mo. USD Term SOFR + 5.500%) | Project Castle, Inc. (CCC+/Caa2) (6 mo. USD Term SOFR + 5.500%) |
| 1769816 | 9.716 | 06/01/29 | 1390562 |
| **Media - Cable – 0.1%** | **Media - Cable – 0.1%** | **Media - Cable – 0.1%** | **Media - Cable – 0.1%** |
| iHeartCommunications, Inc. (CCC+/Caa1) (1 mo. USD Term SOFR + 5.775%) | iHeartCommunications, Inc. (CCC+/Caa1) (1 mo. USD Term SOFR + 5.775%) | iHeartCommunications, Inc. (CCC+/Caa1) (1 mo. USD Term SOFR + 5.775%) | iHeartCommunications, Inc. (CCC+/Caa1) (1 mo. USD Term SOFR + 5.775%) |
| 1933155 | 10.216 | 05/01/29 | 1570689 |
| **Media - Non Cable – 0.0%** | **Media - Non Cable – 0.0%** | **Media - Non Cable – 0.0%** | **Media - Non Cable – 0.0%** |
| Diamond Sports Group LLC (NR/NR) (Fixed + 15.000%) | Diamond Sports Group LLC (NR/NR) (Fixed + 15.000%) | Diamond Sports Group LLC (NR/NR) (Fixed + 15.000%) | Diamond Sports Group LLC (NR/NR) (Fixed + 15.000%) |
| 226667 | 15.000 | 01/02/28 | 204850 |
| **Restaurants – 0.2%** | **Restaurants – 0.2%** | **Restaurants – 0.2%** | **Restaurants – 0.2%** |
| SeaWorld Parks & Entertainment, Inc. (BB+/Ba2) (1 mo. USD Term SOFR + 2.000%) | SeaWorld Parks & Entertainment, Inc. (BB+/Ba2) (1 mo. USD Term SOFR + 2.000%) | SeaWorld Parks & Entertainment, Inc. (BB+/Ba2) (1 mo. USD Term SOFR + 2.000%) | SeaWorld Parks & Entertainment, Inc. (BB+/Ba2) (1 mo. USD Term SOFR + 2.000%) |
| 3793213 | 6.327 | 12/04/31 | 3783730 |
| **Retailers – 0.1%** | **Retailers – 0.1%** | **Retailers – 0.1%** | **Retailers – 0.1%** |
| Harbor Freight Tools USA, Inc. (BB-/B2) | Harbor Freight Tools USA, Inc. (BB-/B2) | Harbor Freight Tools USA, Inc. (BB-/B2) | Harbor Freight Tools USA, Inc. (BB-/B2) |
| 2122550 | 0.000 | 06/11/31 | 2074793 |
| Restoration Hardware, Inc. (B/B3) (1 mo. USD Term SOFR + 2.500%) | Restoration Hardware, Inc. (B/B3) (1 mo. USD Term SOFR + 2.500%) | Restoration Hardware, Inc. (B/B3) (1 mo. USD Term SOFR + 2.500%) | Restoration Hardware, Inc. (B/B3) (1 mo. USD Term SOFR + 2.500%) |
| 2587 | 6.941 | 10/20/28 | 2510 |
|  |  |  | 2077303 |
| **Technology – 0.5%** | **Technology – 0.5%** | **Technology – 0.5%** | **Technology – 0.5%** |
| Clover Holdings 2 LLC (B/B2) (Fixed + 7.750%) | Clover Holdings 2 LLC (B/B2) (Fixed + 7.750%) | Clover Holdings 2 LLC (B/B2) (Fixed + 7.750%) | Clover Holdings 2 LLC (B/B2) (Fixed + 7.750%) |
| 5425000 | 7.750 | 12/09/31 | 5465688 |
| Pitney Bowes, Inc. (BB/Ba2) (1 mo. USD Term SOFR + 3.750%) | Pitney Bowes, Inc. (BB/Ba2) (1 mo. USD Term SOFR + 3.750%) | Pitney Bowes, Inc. (BB/Ba2) (1 mo. USD Term SOFR + 3.750%) | Pitney Bowes, Inc. (BB/Ba2) (1 mo. USD Term SOFR + 3.750%) |
| 5087250 | 8.077 | 03/19/32 | 5072395 |
|  |  |  | 10538083 |
| **Technology - Software – 0.0%** | **Technology - Software – 0.0%** | **Technology - Software – 0.0%** | **Technology - Software – 0.0%** |
| Physician Partners LLC (B/NR) (3 mo. USD Term SOFR + 6.000%) | Physician Partners LLC (B/NR) (3 mo. USD Term SOFR + 6.000%) | Physician Partners LLC (B/NR) (3 mo. USD Term SOFR + 6.000%) | Physician Partners LLC (B/NR) (3 mo. USD Term SOFR + 6.000%) |
| 349480 | 10.296 | 12/31/29 | 302884 |

---

------

GOLDMAN SACHS HIGH YIELD FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Bank Loans<sup>(g)</sup> – (continued)** | **Bank Loans<sup>(g)</sup> – (continued)** | **Bank Loans<sup>(g)</sup> – (continued)** | **Bank Loans<sup>(g)</sup> – (continued)** |
| **Technology - Software – (continued)** | **Technology - Software – (continued)** | **Technology - Software – (continued)** | **Technology - Software – (continued)** |
| Physician Partners LLC (CCC-/C) (3 mo. USD Term SOFR + 4.000%) | Physician Partners LLC (CCC-/C) (3 mo. USD Term SOFR + 4.000%) | Physician Partners LLC (CCC-/C) (3 mo. USD Term SOFR + 4.000%) | Physician Partners LLC (CCC-/C) (3 mo. USD Term SOFR + 4.000%) |
| 1205987 | 8.446% | 12/31/29 | $596964 |
| (3 mo. USD Term SOFR + 5.500%) | (3 mo. USD Term SOFR + 5.500%) | (3 mo. USD Term SOFR + 5.500%) | (3 mo. USD Term SOFR + 5.500%) |
| 748854 | 9.946 | 12/31/30 | 152264 |
|  |  |  | 1052112 |
| **TOTAL BANK LOANS<br>(Cost $89,522,372)** | **TOTAL BANK LOANS<br>(Cost $89,522,372)** | **TOTAL BANK LOANS<br>(Cost $89,522,372)** | $87137461 |
| **Shares** | **Description** | **Description** | **Value** |
| **Common Stocks – 0.6%** | **Common Stocks – 0.6%** | **Common Stocks – 0.6%** | **Common Stocks – 0.6%** |
| **Automobile Components – 0.0%** | **Automobile Components – 0.0%** | **Automobile Components – 0.0%** | **Automobile Components – 0.0%** |
| 1229 | Lear Corp. | Lear Corp. | $116730 |
| **Chemicals – 0.0%** | **Chemicals – 0.0%** | **Chemicals – 0.0%** | **Chemicals – 0.0%** |
| 411 | LyondellBasell Industries NV Class A | LyondellBasell Industries NV Class A | 23781 |
| **Commercial Services & Supplies<sup>(i)(j)</sup> – 0.0%** | **Commercial Services & Supplies<sup>(i)(j)</sup> – 0.0%** | **Commercial Services & Supplies<sup>(i)(j)</sup> – 0.0%** | **Commercial Services & Supplies<sup>(i)(j)</sup> – 0.0%** |
| 7179000 | Reorganized ISA SA | Reorganized ISA SA |  |
| **Communications Equipment<sup>(i)</sup> – 0.5%** | **Communications Equipment<sup>(i)</sup> – 0.5%** | **Communications Equipment<sup>(i)</sup> – 0.5%** | **Communications Equipment<sup>(i)</sup> – 0.5%** |
| 229679 | Intelsat SA | Intelsat SA | 9818777 |
| **Diversified Telecommunication Services<sup>(i)</sup> – 0.0%** | **Diversified Telecommunication Services<sup>(i)</sup> – 0.0%** | **Diversified Telecommunication Services<sup>(i)</sup> – 0.0%** | **Diversified Telecommunication Services<sup>(i)</sup> – 0.0%** |
| 4500 | Holdco | Holdco | 30885 |
| **Energy Equipment & Services – 0.1%** | **Energy Equipment & Services – 0.1%** | **Energy Equipment & Services – 0.1%** | **Energy Equipment & Services – 0.1%** |
| 33272 | Noble Corp. PLC | Noble Corp. PLC | 883372 |
| **IT Services\* – 0.0%** | **IT Services\* – 0.0%** | **IT Services\* – 0.0%** | **IT Services\* – 0.0%** |
| 11631 | DSG TopCo, Inc. | DSG TopCo, Inc. | 159926 |
| **Oil, Gas & Consumable Fuels<sup>(i)</sup> – 0.0%** | **Oil, Gas & Consumable Fuels<sup>(i)</sup> – 0.0%** | **Oil, Gas & Consumable Fuels<sup>(i)</sup> – 0.0%** | **Oil, Gas & Consumable Fuels<sup>(i)</sup> – 0.0%** |
| 18791 | Valaris Ltd. | Valaris Ltd. | 791289 |
| **TOTAL COMMON STOCKS<br>(Cost $20,819,971)** | **TOTAL COMMON STOCKS<br>(Cost $20,819,971)** | **TOTAL COMMON STOCKS<br>(Cost $20,819,971)** | $11824760 |
| **Shares** | **Dividend<br>Rate** | **Dividend<br>Rate** | **Value** |
| **Preferred Stocks – 0.1%** | **Preferred Stocks – 0.1%** | **Preferred Stocks – 0.1%** | **Preferred Stocks – 0.1%** |
| **Aerospace/Defense – 0.1%** | **Aerospace/Defense – 0.1%** | **Aerospace/Defense – 0.1%** | **Aerospace/Defense – 0.1%** |
| Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. |
| 15000 | 6.000% | 6.000% | $1020000 |
| **(Cost $750,000)** | **(Cost $750,000)** |  |  |

---

---

| | | |
|:---|:---|:---|
| **Units** | **Expiration**<br> **Date** | **Value** |
| **Rights – 0.0%** | **Rights – 0.0%** | **Rights – 0.0%** |
| **Media – 0.0%** | **Media – 0.0%** | **Media – 0.0%** |
| Cineworld Group PLC (NR/NR) | Cineworld Group PLC (NR/NR) | Cineworld Group PLC (NR/NR) |
| 42700 | 12/31/99 | $994312 |
| **(Cost $1,085,007)** | **(Cost $1,085,007)** | **(Cost $1,085,007)** |
| **Warrants<sup>(i)</sup> – 0.0%** | **Warrants<sup>(i)</sup> – 0.0%** | **Warrants<sup>(i)</sup> – 0.0%** |
| Intelsat SA (NR/NR)<sup>(j)</sup>  | Intelsat SA (NR/NR)<sup>(j)</sup>  | Intelsat SA (NR/NR)<sup>(j)</sup>  |
| 6089 | 02/17/27 | $19789 |
| Noble Corp. PLC (NR/NR) | Noble Corp. PLC (NR/NR) | Noble Corp. PLC (NR/NR) |
| 4596 | 02/04/28 | 55405 |
| **(Cost $11,490)** | **(Cost $11,490)** | **(Cost $11,490)** |
| **TOTAL WARRANTS<br>(Cost $3,316,784)** | **TOTAL WARRANTS<br>(Cost $3,316,784)** | $75194 |
| **Shares** | **Description** | **Value** |
| **Exchange Traded Funds – 1.0%** | **Exchange Traded Funds – 1.0%** | **Exchange Traded Funds – 1.0%** |
| 370775 | Eldridge BBB-B CLO ETF (NR/NR) | $9914524 |
| 205167 | Janus Henderson B-BBB CLO ETF (NR/NR) | 9891101 |
| **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $19,711,388)** | **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $19,711,388)** | $19805625 |
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Investment Company<sup>(k)</sup> – 2.0%** | **Investment Company<sup>(k)</sup> – 2.0%** | **Investment Company<sup>(k)</sup> – 2.0%** |
| 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 |
| 41173606 | 4.231% | $41173606 |
| **(Cost $41,173,606)** | **(Cost $41,173,606)** |  |
| **TOTAL INVESTMENTS BEFORE SHORT-TERM<br>INVESTMENT** | **TOTAL INVESTMENTS BEFORE SHORT-TERM<br>INVESTMENT** |  |
| **(Cost $1,979,905,826)** | **(Cost $1,979,905,826)** | $1972151393 |
| **Securities Lending Reinvestment Vehicle<sup>(k)</sup> – 3.4%** | **Securities Lending Reinvestment Vehicle<sup>(k)</sup> – 3.4%** | **Securities Lending Reinvestment Vehicle<sup>(k)</sup> – 3.4%** |
| 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 |
| 69687981 | 4.231% | $69687981 |
| **(Cost $69,687,981)** | **(Cost $69,687,981)** |  |

---

------

GOLDMAN SACHS HIGH YIELD FUND

*June 30, 2025 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Short-term Investments<sup>(b)(l)</sup> – 0.4%** | **Short-term Investments<sup>(b)(l)</sup> – 0.4%** | **Short-term Investments<sup>(b)(l)</sup> – 0.4%** | **Short-term Investments<sup>(b)(l)</sup> – 0.4%** | **Short-term Investments<sup>(b)(l)</sup> – 0.4%** |
|  **Commercial Paper – 0.4%** | **Commercial Paper – 0.4%** | **Commercial Paper – 0.4%** | **Commercial Paper – 0.4%** | **Commercial Paper – 0.4%** |
|  Reckitt Benckiser Treasury Services PLC | Reckitt Benckiser Treasury Services PLC | Reckitt Benckiser Treasury Services PLC | Reckitt Benckiser Treasury Services PLC | Reckitt Benckiser Treasury Services PLC |
|  $ | 8129000 | 0.000% | 07/01/25 | $8128002 |
| **(Cost $8,129,000)** | **(Cost $8,129,000)** | **(Cost $8,129,000)** | **(Cost $8,129,000)** | **(Cost $8,129,000)** |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $8,129,000)** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $8,129,000)** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $8,129,000)** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $8,129,000)** | $8128002 |
| **TOTAL INVESTMENTS – 100.6%<br>(Cost $2,057,722,807)** | **TOTAL INVESTMENTS – 100.6%<br>(Cost $2,057,722,807)** | **TOTAL INVESTMENTS – 100.6%<br>(Cost $2,057,722,807)** | **TOTAL INVESTMENTS – 100.6%<br>(Cost $2,057,722,807)** | $2049967376 |
| **LIABILITIES IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS – (0.6)%** | **LIABILITIES IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS – (0.6)%** | **LIABILITIES IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS – (0.6)%** | **LIABILITIES IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS – (0.6)%** | $(11355928) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $2038611448 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| \* | Non-income producing security. |
| (a) | Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates. |
| (b) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (c) | All or a portion of security is on loan. |
| (d) | Pay-in-kind securities. |

---

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

(e) Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2025.

(f) Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on June 30, 2025.

(g) Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on June 30, 2025. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the Secured Overnight Financing Rate ("SOFR"), and secondarily the prime rate offered by one or more major United States banks (the "Prime Rate") and the certificate of deposit ("CD") rate or other base lending rates used by commercial lenders.

(h) This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.

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

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

(k) Represents an affiliated issuer.

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

------

GOLDMAN SACHS HIGH YIELD FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION** 

**UNFUNDED LOAN COMMITMENTS** — At June 30, 2025, the Fund had unfunded loan commitments which could be extended at the option of the borrowers, pursuant to the following loan agreements:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower** | **Principal<br>Amount** | **Current<br>Value** | **Unrealized<br>Gain (Loss)** |
|  Groundworks LLC (B/B3), due 03/14/31 | $613679 | $610651 | $(458) |
|  Kaman Corp. (NR/NR), due 02/26/32 | 344828 | 344290 | (1685) |
|  **TOTAL** |  |  | $(2143) |

---

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency**<br>**Sold** | **Currency**<br>**Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  JPMorgan Securities, Inc. | GBP | 2214974 | USD | 2988769 | 08/28/25 | $52732 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency**<br>**Sold** | **Currency**<br>**Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  MS & Co. Int. PLC | USD | 31420890 | EUR | 26680555 | 09/23/25 | $(183764) |
|  State Street Bank and Trust | USD | 28745455 | GBP | 21229101 | 08/28/25 | (405368) |
|  UBS AG (London) | USD | 1269240 | GBP | 940000 | 08/28/25 | (21525) |
|  **TOTAL** |  |  |  |  |  | $(610657) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration**<br> **Date** | **Notional**<br> **Amount** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  10 Year U.S. Treasury Notes | 497 | 09/19/25 | $55726125 | $974721 |
|  2 Year U.S. Treasury Notes | 366 | 09/30/25 | 76136578 | 247458 |
|  20 Year U.S. Treasury Bonds | 106 | 09/19/25 | 12239688 | 438997 |
|  Ultra 10-Year U.S. Treasury Notes | 196 | 09/19/25 | 22396062 | 526569 |
|  **Total** | **Total** | **Total** | **Total** | $2187745 |
|  **Short position contracts:** |  |  |  |  |
|  5 Year German Euro-Bobl | (77) | 09/08/25 | (10673835) | 38872 |
|  **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | $2226617 |

---

**SWAP CONTRACTS** — At June 30, 2025, 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>June 30,<br>2025<sup>(b)</sup>** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** |
| CDX.NA.HY Index 39 | 5.000% | 2.236% | 12/20/27 | $90783 | $5902990 | $3983463 | $1919527 |
| CDX.NA.HY Index 44 | 5.000 | 3.186 | 06/20/30 | 145825 | 11174246 | 8196917 | 2977329 |
|  **TOTAL** |  |  |  |  | $17077236 | $12180380 | $4896856 |

---

(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 HIGH YIELD FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| EUR | — Euro |
| GBP | — British Pound |
| USD | — U.S. Dollar |
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| CLO | — Collateralized Loan Obligation |
| CMT | — Constant Maturity Treasury Indexes |
| ETF | — Exchange Traded Fund |
| EURIBOR | — Euro Interbank Offered Rate |
| ICE | — Inter-Continental Exchange |
| LIBOR | — London Interbank Offered Rate |
| LLC | — Limited Liability Company |
| LP | — Limited Partnership |
| NR | — Not Rated |
| PIK | — Payment in kind |
| PLC | — Public Limited Company |
| SOFR | — Secured Overnight Financing Rate |
| SPX | — S&P 500 Index |
| USD | — U.S. Dollar |
| **Abbreviations:** | **Abbreviations:** |
| CDX.NA.HY Ind 39 | — CDX North America High Yield Index 39 |
| CDX.NA.HY Ind 44 | — CDX North America High Yield Index 44 |
| MS & Co. Int. PLC | — Morgan Stanley & Co. International PLC |

---

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

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Bank Loans<sup>(a)</sup> – 85.7%** | **Bank Loans<sup>(a)</sup> – 85.7%** | **Bank Loans<sup>(a)</sup> – 85.7%** | **Bank Loans<sup>(a)</sup> – 85.7%** |
| **Advertising – 0.1%** | **Advertising – 0.1%** | **Advertising – 0.1%** | **Advertising – 0.1%** |
| CMG Media Corp. (B/B3) (3 mo. USD Term SOFR + 3.500%) | CMG Media Corp. (B/B3) (3 mo. USD Term SOFR + 3.500%) | CMG Media Corp. (B/B3) (3 mo. USD Term SOFR + 3.500%) | CMG Media Corp. (B/B3) (3 mo. USD Term SOFR + 3.500%) |
| 947608 | 7.896% | 06/18/29 | $915759 |
| **Aerospace & Defense – 4.2%** | **Aerospace & Defense – 4.2%** | **Aerospace & Defense – 4.2%** | **Aerospace & Defense – 4.2%** |
| Air Comm Corp. LLC (B/B2) (3 mo. USD Term SOFR + 3.000%) | Air Comm Corp. LLC (B/B2) (3 mo. USD Term SOFR + 3.000%) | Air Comm Corp. LLC (B/B2) (3 mo. USD Term SOFR + 3.000%) | Air Comm Corp. LLC (B/B2) (3 mo. USD Term SOFR + 3.000%) |
| 9498159 | 7.300 | 12/11/31 | 9533777 |
| Bleriot U.S. Bidco, Inc. (B/B2)(3 mo. USD Term SOFR + 2.750%) | Bleriot U.S. Bidco, Inc. (B/B2)(3 mo. USD Term SOFR + 2.750%) | Bleriot U.S. Bidco, Inc. (B/B2)(3 mo. USD Term SOFR + 2.750%) | Bleriot U.S. Bidco, Inc. (B/B2)(3 mo. USD Term SOFR + 2.750%) |
| 8596357 | 7.046 | 10/31/30 | 8612518 |
| Brown Group Holding LLC (B+/B2) (1 mo. USD Term SOFR + 2.500%) | Brown Group Holding LLC (B+/B2) (1 mo. USD Term SOFR + 2.500%) | Brown Group Holding LLC (B+/B2) (1 mo. USD Term SOFR + 2.500%) | Brown Group Holding LLC (B+/B2) (1 mo. USD Term SOFR + 2.500%) |
| 10846854 | 6.827 | 07/01/31 | 10854447 |
| Dynasty Acquisition Co., Inc. (BB-/Ba3) (1 mo. USD Term<br> SOFR + 2.000%) | Dynasty Acquisition Co., Inc. (BB-/Ba3) (1 mo. USD Term<br> SOFR + 2.000%) | Dynasty Acquisition Co., Inc. (BB-/Ba3) (1 mo. USD Term<br> SOFR + 2.000%) | Dynasty Acquisition Co., Inc. (BB-/Ba3) (1 mo. USD Term<br> SOFR + 2.000%) |
| 5373000 | 6.327 | 10/31/31 | 5373752 |
| Kaman Corp. (B/B2)(3 mo. USD Term SOFR + 2.750%) | Kaman Corp. (B/B2)(3 mo. USD Term SOFR + 2.750%) | Kaman Corp. (B/B2)(3 mo. USD Term SOFR + 2.750%) | Kaman Corp. (B/B2)(3 mo. USD Term SOFR + 2.750%) |
| 10714224 | 7.083 | 02/26/32 | 10697510 |
| Propulsion (BC) Finco SARL <sup>(b)</sup> (NR/B2) | Propulsion (BC) Finco SARL <sup>(b)</sup> (NR/B2) | Propulsion (BC) Finco SARL <sup>(b)</sup> (NR/B2) | Propulsion (BC) Finco SARL <sup>(b)</sup> (NR/B2) |
| 10448867 | 0.000 | 09/14/29 | 10466839 |
| Spirit Aerosystems, Inc. (BB-/Ba2) (3 mo. USD Term SOFR + 4.250%) | Spirit Aerosystems, Inc. (BB-/Ba2) (3 mo. USD Term SOFR + 4.250%) | Spirit Aerosystems, Inc. (BB-/Ba2) (3 mo. USD Term SOFR + 4.250%) | Spirit Aerosystems, Inc. (BB-/Ba2) (3 mo. USD Term SOFR + 4.250%) |
| 4897892 | 8.780 | 01/15/27 | 4897891 |
| TransDigm, Inc. (BB-/Ba3) (3 mo. USD Term SOFR + 2.500%) | TransDigm, Inc. (BB-/Ba3) (3 mo. USD Term SOFR + 2.500%) | TransDigm, Inc. (BB-/Ba3) (3 mo. USD Term SOFR + 2.500%) | TransDigm, Inc. (BB-/Ba3) (3 mo. USD Term SOFR + 2.500%) |
| 13165217 | 6.796 | 02/28/31 | 13187598 |
| 1783981 | 6.796 | 01/19/32 | 1786372 |
|  |  |  | 75410704 |
| **Airlines – 0.2%** | **Airlines – 0.2%** | **Airlines – 0.2%** | **Airlines – 0.2%** |
| Vista Management Holding, Inc. (BB-/Ba3) (3 mo. USD Term SOFR + 0.000%) | Vista Management Holding, Inc. (BB-/Ba3) (3 mo. USD Term SOFR + 0.000%) | Vista Management Holding, Inc. (BB-/Ba3) (3 mo. USD Term SOFR + 0.000%) | Vista Management Holding, Inc. (BB-/Ba3) (3 mo. USD Term SOFR + 0.000%) |
| 3550000 | 8.048 | 04/01/31 | 3555929 |
| **Apparel<sup>(b)</sup> – 0.1%** | **Apparel<sup>(b)</sup> – 0.1%** | **Apparel<sup>(b)</sup> – 0.1%** | **Apparel<sup>(b)</sup> – 0.1%** |
| Beach Acquisition Bidco LLC (NR/NR) | Beach Acquisition Bidco LLC (NR/NR) | Beach Acquisition Bidco LLC (NR/NR) | Beach Acquisition Bidco LLC (NR/NR) |
| 1825000 | 0.000 | 06/25/32 | 1836406 |
| **Auto Parts & Related – 0.2%** | **Auto Parts & Related – 0.2%** | **Auto Parts & Related – 0.2%** | **Auto Parts & Related – 0.2%** |
| Clarios Global LP (BB-/B1) (1 mo. USD Term SOFR + 2.750%) | Clarios Global LP (BB-/B1) (1 mo. USD Term SOFR + 2.750%) | Clarios Global LP (BB-/B1) (1 mo. USD Term SOFR + 2.750%) | Clarios Global LP (BB-/B1) (1 mo. USD Term SOFR + 2.750%) |
| 3325000 | 7.077 | 01/28/32 | 3327095 |
| **Automotive – 1.4%** | **Automotive – 1.4%** | **Automotive – 1.4%** | **Automotive – 1.4%** |
| Autokiniton U.S. Holdings, Inc. (B/B2)(1 mo. USD Term SOFR + 4.000%) | Autokiniton U.S. Holdings, Inc. (B/B2)(1 mo. USD Term SOFR + 4.000%) | Autokiniton U.S. Holdings, Inc. (B/B2)(1 mo. USD Term SOFR + 4.000%) | Autokiniton U.S. Holdings, Inc. (B/B2)(1 mo. USD Term SOFR + 4.000%) |
| 3084345 | 8.441 | 04/06/28 | 2967757 |
| Clarios Global LP (BB-/B1) (1 mo. EUR EURIBOR + 3.000%) | Clarios Global LP (BB-/B1) (1 mo. EUR EURIBOR + 3.000%) | Clarios Global LP (BB-/B1) (1 mo. EUR EURIBOR + 3.000%) | Clarios Global LP (BB-/B1) (1 mo. EUR EURIBOR + 3.000%) |
| 4125000 | 4.929 | 07/16/31 | 4836792 |
| First Brands Group LLC (B-/Caa1) (3 mo. USD Term SOFR + 8.500%) | First Brands Group LLC (B-/Caa1) (3 mo. USD Term SOFR + 8.500%) | First Brands Group LLC (B-/Caa1) (3 mo. USD Term SOFR + 8.500%) | First Brands Group LLC (B-/Caa1) (3 mo. USD Term SOFR + 8.500%) |
| 5050000 | 13.041 | 03/30/28 | 4519750 |
| First Brands Group LLC (B+/B1) (3 mo. USD Term SOFR + 5.000%) | First Brands Group LLC (B+/B1) (3 mo. USD Term SOFR + 5.000%) | First Brands Group LLC (B+/B1) (3 mo. USD Term SOFR + 5.000%) | First Brands Group LLC (B+/B1) (3 mo. USD Term SOFR + 5.000%) |
| 10073751 | 9.541 | 03/30/27 | 9495780 |
| Holley Purchaser, Inc. (B/B2) (1 mo. USD Term SOFR + 3.750%) | Holley Purchaser, Inc. (B/B2) (1 mo. USD Term SOFR + 3.750%) | Holley Purchaser, Inc. (B/B2) (1 mo. USD Term SOFR + 3.750%) | Holley Purchaser, Inc. (B/B2) (1 mo. USD Term SOFR + 3.750%) |
| 2872464 | 8.191 | 11/17/28 | 2655248 |
|  |  |  | 24475327 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** |
| **Automotive - Distributors – 0.6%** | **Automotive - Distributors – 0.6%** | **Automotive - Distributors – 0.6%** | **Automotive - Distributors – 0.6%** |
| DexKo Global, Inc. (B-/B2)(1 mo. USD Term SOFR + 3.750%) | DexKo Global, Inc. (B-/B2)(1 mo. USD Term SOFR + 3.750%) | DexKo Global, Inc. (B-/B2)(1 mo. USD Term SOFR + 3.750%) | DexKo Global, Inc. (B-/B2)(1 mo. USD Term SOFR + 3.750%) |
| 2010534 | 8.191% | 10/04/28 | $1919135 |
| RealTruck Group, Inc. (B-/B2) (1 mo. USD Term SOFR + 3.500%) | RealTruck Group, Inc. (B-/B2) (1 mo. USD Term SOFR + 3.500%) | RealTruck Group, Inc. (B-/B2) (1 mo. USD Term SOFR + 3.500%) | RealTruck Group, Inc. (B-/B2) (1 mo. USD Term SOFR + 3.500%) |
| 2939152 | 8.191 | 01/31/28 | 2619519 |
| SRAM LLC (BB-/B1)(1 mo. USD Term SOFR + 2.250%) | SRAM LLC (BB-/B1)(1 mo. USD Term SOFR + 2.250%) | SRAM LLC (BB-/B1)(1 mo. USD Term SOFR + 2.250%) | SRAM LLC (BB-/B1)(1 mo. USD Term SOFR + 2.250%) |
| 6883005 | 6.577 | 02/27/32 | 6779761 |
|  |  |  | 11318415 |
| **Automotive - Parts – 0.8%** | **Automotive - Parts – 0.8%** | **Automotive - Parts – 0.8%** | **Automotive - Parts – 0.8%** |
| Adient U.S. LLC (BBB-/Ba2) (1 mo. USD Term SOFR + 2.250%) | Adient U.S. LLC (BBB-/Ba2) (1 mo. USD Term SOFR + 2.250%) | Adient U.S. LLC (BBB-/Ba2) (1 mo. USD Term SOFR + 2.250%) | Adient U.S. LLC (BBB-/Ba2) (1 mo. USD Term SOFR + 2.250%) |
| 1854837 | 6.577 | 01/31/31 | 1857452 |
| Clarios Global LP (BB-/B1) (1 mo. USD Term SOFR + 2.500%) | Clarios Global LP (BB-/B1) (1 mo. USD Term SOFR + 2.500%) | Clarios Global LP (BB-/B1) (1 mo. USD Term SOFR + 2.500%) | Clarios Global LP (BB-/B1) (1 mo. USD Term SOFR + 2.500%) |
| 5309942 | 6.827 | 05/06/30 | 5290030 |
| Mavis Tire Express Services Corp. (B-/B2)(3 mo. USD Term SOFR + 3.000%) | Mavis Tire Express Services Corp. (B-/B2)(3 mo. USD Term SOFR + 3.000%) | Mavis Tire Express Services Corp. (B-/B2)(3 mo. USD Term SOFR + 3.000%) | Mavis Tire Express Services Corp. (B-/B2)(3 mo. USD Term SOFR + 3.000%) |
| 6620039 | 7.333 | 05/04/28 | 6612691 |
|  |  |  | 13760173 |
| **Banks – 0.5%** | **Banks – 0.5%** | **Banks – 0.5%** | **Banks – 0.5%** |
| Nouryon Finance BV (B+/B2)(3 mo. USD Term SOFR + 3.250%) | Nouryon Finance BV (B+/B2)(3 mo. USD Term SOFR + 3.250%) | Nouryon Finance BV (B+/B2)(3 mo. USD Term SOFR + 3.250%) | Nouryon Finance BV (B+/B2)(3 mo. USD Term SOFR + 3.250%) |
| 9454274 | 7.510 | 04/03/28 | 9489727 |
| **Building & Construction – 3.4%** | **Building & Construction – 3.4%** | **Building & Construction – 3.4%** | **Building & Construction – 3.4%** |
| AAL Delaware Holdco, Inc. (B/B2)(1 mo. USD Term SOFR + 2.750%) | AAL Delaware Holdco, Inc. (B/B2)(1 mo. USD Term SOFR + 2.750%) | AAL Delaware Holdco, Inc. (B/B2)(1 mo. USD Term SOFR + 2.750%) | AAL Delaware Holdco, Inc. (B/B2)(1 mo. USD Term SOFR + 2.750%) |
| 10744881 | 7.077 | 07/30/31 | 10738219 |
| Brown Group Holding LLC (B+/B2) ((1 mo. USD Term SOFR + 2.500%) – (3 mo. USD Term SOFR + 2.500%)) | Brown Group Holding LLC (B+/B2) ((1 mo. USD Term SOFR + 2.500%) – (3 mo. USD Term SOFR + 2.500%)) | Brown Group Holding LLC (B+/B2) ((1 mo. USD Term SOFR + 2.500%) – (3 mo. USD Term SOFR + 2.500%)) | Brown Group Holding LLC (B+/B2) ((1 mo. USD Term SOFR + 2.500%) – (3 mo. USD Term SOFR + 2.500%)) |
| 2600000 | 6.780–6.833 | 07/01/31 | 2602652 |
| Construction Partners, Inc. (B+/B1)(1 mo. USD Term SOFR + 2.500%) | Construction Partners, Inc. (B+/B1)(1 mo. USD Term SOFR + 2.500%) | Construction Partners, Inc. (B+/B1)(1 mo. USD Term SOFR + 2.500%) | Construction Partners, Inc. (B+/B1)(1 mo. USD Term SOFR + 2.500%) |
| 3731250 | 6.827 | 11/03/31 | 3740578 |
| Cube Industrials Buyer, Inc. (B/B3) (3 mo. USD Term SOFR + 3.250%) | Cube Industrials Buyer, Inc. (B/B3) (3 mo. USD Term SOFR + 3.250%) | Cube Industrials Buyer, Inc. (B/B3) (3 mo. USD Term SOFR + 3.250%) | Cube Industrials Buyer, Inc. (B/B3) (3 mo. USD Term SOFR + 3.250%) |
| 8079750 | 7.522 | 10/17/31 | 8112554 |
| DG Investment Intermediate Holdings 2, Inc. (B-/B2) (1 mo. USD Term SOFR + 3.500%) | DG Investment Intermediate Holdings 2, Inc. (B-/B2) (1 mo. USD Term SOFR + 3.500%) | DG Investment Intermediate Holdings 2, Inc. (B-/B2) (1 mo. USD Term SOFR + 3.500%) | DG Investment Intermediate Holdings 2, Inc. (B-/B2) (1 mo. USD Term SOFR + 3.500%) |
| 11583911 | 7.941 | 03/31/28 | 11572211 |
| DG Investment Intermediate Holdings 2, Inc. (CCC/Caa2) (1 mo. USD Term SOFR + 6.750%) | DG Investment Intermediate Holdings 2, Inc. (CCC/Caa2) (1 mo. USD Term SOFR + 6.750%) | DG Investment Intermediate Holdings 2, Inc. (CCC/Caa2) (1 mo. USD Term SOFR + 6.750%) | DG Investment Intermediate Holdings 2, Inc. (CCC/Caa2) (1 mo. USD Term SOFR + 6.750%) |
| 600000 | 11.191 | 03/30/29 | 594936 |
| KKR Apple Bidco LLC (B/B2) (1 mo. USD Term SOFR + 2.500%) | KKR Apple Bidco LLC (B/B2) (1 mo. USD Term SOFR + 2.500%) | KKR Apple Bidco LLC (B/B2) (1 mo. USD Term SOFR + 2.500%) | KKR Apple Bidco LLC (B/B2) (1 mo. USD Term SOFR + 2.500%) |
| 10591171 | 6.827 | 09/23/31 | 10563846 |
| TRC Cos. LLC (B/B3) (1 mo. USD Term SOFR + 3.000%) | TRC Cos. LLC (B/B3) (1 mo. USD Term SOFR + 3.000%) | TRC Cos. LLC (B/B3) (1 mo. USD Term SOFR + 3.000%) | TRC Cos. LLC (B/B3) (1 mo. USD Term SOFR + 3.000%) |
| 12259339 | 7.327 | 12/08/28 | 12219497 |
|  |  |  | 60144493 |
| **Building Materials – 3.4%** | **Building Materials – 3.4%** | **Building Materials – 3.4%** | **Building Materials – 3.4%** |
| Associated Materials, Inc. (B/B3) (1 mo. USD Term SOFR + 6.000%) | Associated Materials, Inc. (B/B3) (1 mo. USD Term SOFR + 6.000%) | Associated Materials, Inc. (B/B3) (1 mo. USD Term SOFR + 6.000%) | Associated Materials, Inc. (B/B3) (1 mo. USD Term SOFR + 6.000%) |
| 7142015 | 10.327 | 03/08/29 | 6454596 |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** |
| **Building Materials – (continued)** | **Building Materials – (continued)** | **Building Materials – (continued)** | **Building Materials – (continued)** |
| Chamberlain Group, Inc. (B/B3) (1 mo. USD Term SOFR + 3.250%) | Chamberlain Group, Inc. (B/B3) (1 mo. USD Term SOFR + 3.250%) | Chamberlain Group, Inc. (B/B3) (1 mo. USD Term SOFR + 3.250%) | Chamberlain Group, Inc. (B/B3) (1 mo. USD Term SOFR + 3.250%) |
| 11684982 | 7.677% | 11/03/28 | $11696901 |
| Cornerstone Building Brands, Inc. (B/B3)(1 mo. USD Term SOFR + 3.250%) | Cornerstone Building Brands, Inc. (B/B3)(1 mo. USD Term SOFR + 3.250%) | Cornerstone Building Brands, Inc. (B/B3)(1 mo. USD Term SOFR + 3.250%) | Cornerstone Building Brands, Inc. (B/B3)(1 mo. USD Term SOFR + 3.250%) |
| 1959567 | 7.662 | 04/12/28 | 1744015 |
| CP Atlas Buyer, Inc. (CCC+/B2) (1 mo. USD Term SOFR + 3.500%) | CP Atlas Buyer, Inc. (CCC+/B2) (1 mo. USD Term SOFR + 3.500%) | CP Atlas Buyer, Inc. (CCC+/B2) (1 mo. USD Term SOFR + 3.500%) | CP Atlas Buyer, Inc. (CCC+/B2) (1 mo. USD Term SOFR + 3.500%) |
| 2305337 | 8.177 | 11/23/27 | 2294778 |
| Icebox Holdco III, Inc. (B-/B2) (3 mo. USD Term SOFR + 3.500%) | Icebox Holdco III, Inc. (B-/B2) (3 mo. USD Term SOFR + 3.500%) | Icebox Holdco III, Inc. (B-/B2) (3 mo. USD Term SOFR + 3.500%) | Icebox Holdco III, Inc. (B-/B2) (3 mo. USD Term SOFR + 3.500%) |
| 7312913 | 8.057 | 12/22/28 | 7328928 |
| Icebox Holdco III, Inc. (CCC/Caa2) (3 mo. USD Term SOFR + 6.750%) | Icebox Holdco III, Inc. (CCC/Caa2) (3 mo. USD Term SOFR + 6.750%) | Icebox Holdco III, Inc. (CCC/Caa2) (3 mo. USD Term SOFR + 6.750%) | Icebox Holdco III, Inc. (CCC/Caa2) (3 mo. USD Term SOFR + 6.750%) |
| 1525000 | 11.307 | 12/21/29 | 1523734 |
| LBM Acquisition LLC (B-/B3) (1 mo. USD Term SOFR + 3.750%) | LBM Acquisition LLC (B-/B3) (1 mo. USD Term SOFR + 3.750%) | LBM Acquisition LLC (B-/B3) (1 mo. USD Term SOFR + 3.750%) | LBM Acquisition LLC (B-/B3) (1 mo. USD Term SOFR + 3.750%) |
| 2858400 | 8.177 | 12/17/27 | 2814495 |
| 1188000 | 8.162 | 06/06/31 | 1106325 |
| MI Windows & Doors LLC (BB-/B1) (1 mo. USD Term SOFR + 3.000%) | MI Windows & Doors LLC (BB-/B1) (1 mo. USD Term SOFR + 3.000%) | MI Windows & Doors LLC (BB-/B1) (1 mo. USD Term SOFR + 3.000%) | MI Windows & Doors LLC (BB-/B1) (1 mo. USD Term SOFR + 3.000%) |
| 1771028 | 7.327 | 03/28/31 | 1773135 |
| Oscar AcquisitionCo LLC (B-/B2) (3 mo. USD Term SOFR + 4.250%) | Oscar AcquisitionCo LLC (B-/B2) (3 mo. USD Term SOFR + 4.250%) | Oscar AcquisitionCo LLC (B-/B2) (3 mo. USD Term SOFR + 4.250%) | Oscar AcquisitionCo LLC (B-/B2) (3 mo. USD Term SOFR + 4.250%) |
| 1922578 | 8.546 | 04/29/29 | 1765965 |
| Quikrete Holdings, Inc. (BB/Ba3) (1 mo. USD Term SOFR + 2.250%) | Quikrete Holdings, Inc. (BB/Ba3) (1 mo. USD Term SOFR + 2.250%) | Quikrete Holdings, Inc. (BB/Ba3) (1 mo. USD Term SOFR + 2.250%) | Quikrete Holdings, Inc. (BB/Ba3) (1 mo. USD Term SOFR + 2.250%) |
| 8969469 | 6.577 | 04/14/31 | 8949557 |
| 4613438 | 6.577 | 02/10/32 | 4605364 |
| Vector WP Holdco, Inc. (B/B3) (1 mo. USD Term SOFR + 5.000%) | Vector WP Holdco, Inc. (B/B3) (1 mo. USD Term SOFR + 5.000%) | Vector WP Holdco, Inc. (B/B3) (1 mo. USD Term SOFR + 5.000%) | Vector WP Holdco, Inc. (B/B3) (1 mo. USD Term SOFR + 5.000%) |
| 8767794 | 9.441 | 10/12/28 | 8685640 |
|  |  |  | 60743433 |
| **Capital Goods - Others – 2.6%** | **Capital Goods - Others – 2.6%** | **Capital Goods - Others – 2.6%** | **Capital Goods - Others – 2.6%** |
| AI Aqua Merger Sub, Inc. (B/B3) (1 mo. USD Term SOFR + 3.000%) | AI Aqua Merger Sub, Inc. (B/B3) (1 mo. USD Term SOFR + 3.000%) | AI Aqua Merger Sub, Inc. (B/B3) (1 mo. USD Term SOFR + 3.000%) | AI Aqua Merger Sub, Inc. (B/B3) (1 mo. USD Term SOFR + 3.000%) |
| 11714554 | 7.324 | 07/31/28 | 11690305 |
| Engineered Machinery Holdings, Inc. (B-/B1) (3 mo. EUR EURIBOR + 3.750%) | Engineered Machinery Holdings, Inc. (B-/B1) (3 mo. EUR EURIBOR + 3.750%) | Engineered Machinery Holdings, Inc. (B-/B1) (3 mo. EUR EURIBOR + 3.750%) | Engineered Machinery Holdings, Inc. (B-/B1) (3 mo. EUR EURIBOR + 3.750%) |
| 3290805 | 5.730 | 05/21/28 | 3876406 |
| (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) |
| 5844688 | 8.057 | 05/19/28 | 5877068 |
| Engineered Machinery Holdings, Inc. (CCC+/Caa1) (3 mo. USD Term SOFR + 6.000%) | Engineered Machinery Holdings, Inc. (CCC+/Caa1) (3 mo. USD Term SOFR + 6.000%) | Engineered Machinery Holdings, Inc. (CCC+/Caa1) (3 mo. USD Term SOFR + 6.000%) | Engineered Machinery Holdings, Inc. (CCC+/Caa1) (3 mo. USD Term SOFR + 6.000%) |
| 500000 | 10.557 | 05/21/29 | 500625 |
| (3 mo. USD Term SOFR + 6.500%) | (3 mo. USD Term SOFR + 6.500%) | (3 mo. USD Term SOFR + 6.500%) | (3 mo. USD Term SOFR + 6.500%) |
| 2000000 | 11.057 | 05/21/29 | 2005000 |
| LSF12 Crown U.S. Commercial Bidco LLC (B-/B1) (1 mo. USD Term SOFR + 4.250%) | LSF12 Crown U.S. Commercial Bidco LLC (B-/B1) (1 mo. USD Term SOFR + 4.250%) | LSF12 Crown U.S. Commercial Bidco LLC (B-/B1) (1 mo. USD Term SOFR + 4.250%) | LSF12 Crown U.S. Commercial Bidco LLC (B-/B1) (1 mo. USD Term SOFR + 4.250%) |
| 7428948 | 8.574 | 12/02/31 | 7461487 |
| Nvent Electric PLC (B/B2) (1 mo. USD Term SOFR + 3.500%) | Nvent Electric PLC (B/B2) (1 mo. USD Term SOFR + 3.500%) | Nvent Electric PLC (B/B2) (1 mo. USD Term SOFR + 3.500%) | Nvent Electric PLC (B/B2) (1 mo. USD Term SOFR + 3.500%) |
| 7650000 | 7.827 | 01/30/32 | 7691769 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** |
| **Capital Goods - Others – (continued)** | **Capital Goods - Others – (continued)** | **Capital Goods - Others – (continued)** | **Capital Goods - Others – (continued)** |
| Team Health Holdings, Inc. (B-/Caa2) (3 mo. USD Term SOFR + 5.250%) | Team Health Holdings, Inc. (B-/Caa2) (3 mo. USD Term SOFR + 5.250%) | Team Health Holdings, Inc. (B-/Caa2) (3 mo. USD Term SOFR + 5.250%) | Team Health Holdings, Inc. (B-/Caa2) (3 mo. USD Term SOFR + 5.250%) |
| 2852327 | 9.530% | 03/02/27 | $2834044 |
| Titan Acquisition Ltd. (B-/B3)((3 mo. USD Term SOFR + 4.500%) – (6 mo. USD Term SOFR + 4.500%)) | Titan Acquisition Ltd. (B-/B3)((3 mo. USD Term SOFR + 4.500%) – (6 mo. USD Term SOFR + 4.500%)) | Titan Acquisition Ltd. (B-/B3)((3 mo. USD Term SOFR + 4.500%) – (6 mo. USD Term SOFR + 4.500%)) | Titan Acquisition Ltd. (B-/B3)((3 mo. USD Term SOFR + 4.500%) – (6 mo. USD Term SOFR + 4.500%)) |
| 4536642 | 8.666–8.796 | 02/15/29 | 4545533 |
|  |  |  | 46482237 |
| **Chemicals – 3.6%** | **Chemicals – 3.6%** | **Chemicals – 3.6%** | **Chemicals – 3.6%** |
| Albaugh LLC (BB/Ba3) (1 mo. USD Term SOFR + 3.750%) | Albaugh LLC (BB/Ba3) (1 mo. USD Term SOFR + 3.750%) | Albaugh LLC (BB/Ba3) (1 mo. USD Term SOFR + 3.750%) | Albaugh LLC (BB/Ba3) (1 mo. USD Term SOFR + 3.750%) |
| 2316711 | 8.077 | 04/06/29 | 2299336 |
| Berlin Packaging LLC (B-/B2) ((1 mo. USD Term SOFR + 3.500%) – (3 mo. USD Term SOFR + 3.500%)) | Berlin Packaging LLC (B-/B2) ((1 mo. USD Term SOFR + 3.500%) – (3 mo. USD Term SOFR + 3.500%)) | Berlin Packaging LLC (B-/B2) ((1 mo. USD Term SOFR + 3.500%) – (3 mo. USD Term SOFR + 3.500%)) | Berlin Packaging LLC (B-/B2) ((1 mo. USD Term SOFR + 3.500%) – (3 mo. USD Term SOFR + 3.500%)) |
| 4488722 | 7.824–7.824 | 06/07/31 | 4503355 |
| Chemours Co. (BB+/Ba1) (1 mo. USD Term SOFR + 3.000%) | Chemours Co. (BB+/Ba1) (1 mo. USD Term SOFR + 3.000%) | Chemours Co. (BB+/Ba1) (1 mo. USD Term SOFR + 3.000%) | Chemours Co. (BB+/Ba1) (1 mo. USD Term SOFR + 3.000%) |
| 2733295 | 7.327 | 08/18/28 | 2723045 |
| Consolidated Energy Finance SA (B/B1)(3 mo. USD Term SOFR + 4.500%) | Consolidated Energy Finance SA (B/B1)(3 mo. USD Term SOFR + 4.500%) | Consolidated Energy Finance SA (B/B1)(3 mo. USD Term SOFR + 4.500%) | Consolidated Energy Finance SA (B/B1)(3 mo. USD Term SOFR + 4.500%) |
| 3742799 | 8.833 | 11/15/30 | 3527588 |
| Discovery Purchaser Corp. (B-/B3) (3 mo. USD Term SOFR + 3.750%) | Discovery Purchaser Corp. (B-/B3) (3 mo. USD Term SOFR + 3.750%) | Discovery Purchaser Corp. (B-/B3) (3 mo. USD Term SOFR + 3.750%) | Discovery Purchaser Corp. (B-/B3) (3 mo. USD Term SOFR + 3.750%) |
| 4955767 | 8.022 | 10/04/29 | 4944914 |
| ECO Services Operations Corp. (BB/B1) (3 mo. USD Term SOFR + 2.000%) | ECO Services Operations Corp. (BB/B1) (3 mo. USD Term SOFR + 2.000%) | ECO Services Operations Corp. (BB/B1) (3 mo. USD Term SOFR + 2.000%) | ECO Services Operations Corp. (BB/B1) (3 mo. USD Term SOFR + 2.000%) |
| 5051886 | 6.280 | 06/12/31 | 5013087 |
| Fortis 333, Inc. (B/B2)(3 mo. USD Term SOFR + 3.500%) | Fortis 333, Inc. (B/B2)(3 mo. USD Term SOFR + 3.500%) | Fortis 333, Inc. (B/B2)(3 mo. USD Term SOFR + 3.500%) | Fortis 333, Inc. (B/B2)(3 mo. USD Term SOFR + 3.500%) |
| 2500000 | 7.796 | 03/29/32 | 2496100 |
| INEOS Quattro Holdings U.K. Ltd. (BB-/B1) (1 mo. USD Term SOFR + 4.250%) | INEOS Quattro Holdings U.K. Ltd. (BB-/B1) (1 mo. USD Term SOFR + 4.250%) | INEOS Quattro Holdings U.K. Ltd. (BB-/B1) (1 mo. USD Term SOFR + 4.250%) | INEOS Quattro Holdings U.K. Ltd. (BB-/B1) (1 mo. USD Term SOFR + 4.250%) |
| 2498661 | 8.577 | 10/07/31 | 2273781 |
| INEOS U.S. Finance LLC (BB-/Ba3) (1 mo. USD Term SOFR + 3.000%) | INEOS U.S. Finance LLC (BB-/Ba3) (1 mo. USD Term SOFR + 3.000%) | INEOS U.S. Finance LLC (BB-/Ba3) (1 mo. USD Term SOFR + 3.000%) | INEOS U.S. Finance LLC (BB-/Ba3) (1 mo. USD Term SOFR + 3.000%) |
| 3979950 | 7.327 | 02/07/31 | 3788912 |
| Innophos, Inc. (B+/B1)(1 mo. USD Term SOFR + 4.250%) | Innophos, Inc. (B+/B1)(1 mo. USD Term SOFR + 4.250%) | Innophos, Inc. (B+/B1)(1 mo. USD Term SOFR + 4.250%) | Innophos, Inc. (B+/B1)(1 mo. USD Term SOFR + 4.250%) |
| 2827618 | 8.691 | 03/16/29 | 2837345 |
| Momentive Performance Materials, Inc. (BB-/Ba3) (1 mo. USD Term SOFR + 4.500%) | Momentive Performance Materials, Inc. (BB-/Ba3) (1 mo. USD Term SOFR + 4.500%) | Momentive Performance Materials, Inc. (BB-/Ba3) (1 mo. USD Term SOFR + 4.500%) | Momentive Performance Materials, Inc. (BB-/Ba3) (1 mo. USD Term SOFR + 4.500%) |
| 6069312 | 8.327 | 03/29/28 | 6081936 |
| Nobian Finance BV<sup>(b)</sup> (B/B2) | Nobian Finance BV<sup>(b)</sup> (B/B2) | Nobian Finance BV<sup>(b)</sup> (B/B2) | Nobian Finance BV<sup>(b)</sup> (B/B2) |
| 1600000 | 0.000 | 07/31/30 | 1868569 |
| Trident TPI Holdings, Inc. (B-/B3) (3 mo. USD Term SOFR + 3.750%) | Trident TPI Holdings, Inc. (B-/B3) (3 mo. USD Term SOFR + 3.750%) | Trident TPI Holdings, Inc. (B-/B3) (3 mo. USD Term SOFR + 3.750%) | Trident TPI Holdings, Inc. (B-/B3) (3 mo. USD Term SOFR + 3.750%) |
| 2699541 | 8.046 | 09/15/28 | 2648601 |
| Windsor Holdings III LLC (B+/B2) (1 mo. USD Term SOFR + 2.750%) | Windsor Holdings III LLC (B+/B2) (1 mo. USD Term SOFR + 2.750%) | Windsor Holdings III LLC (B+/B2) (1 mo. USD Term SOFR + 2.750%) | Windsor Holdings III LLC (B+/B2) (1 mo. USD Term SOFR + 2.750%) |
| 10344757 | 7.072 | 08/01/30 | 10342171 |
| WR Grace & Co-Conn. (B-/B2) (3 mo. USD Term SOFR + 3.250%) | WR Grace & Co-Conn. (B-/B2) (3 mo. USD Term SOFR + 3.250%) | WR Grace & Co-Conn. (B-/B2) (3 mo. USD Term SOFR + 3.250%) | WR Grace & Co-Conn. (B-/B2) (3 mo. USD Term SOFR + 3.250%) |
| 8374514 | 7.546 | 09/22/28 | 8378032 |
|  |  |  | 63726772 |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** |
| **Commercial Services – 6.4%** | **Commercial Services – 6.4%** | **Commercial Services – 6.4%** | **Commercial Services – 6.4%** |
| Allied Universal Holdco LLC (B/B3) (1 mo. EUR EURIBOR + 3.750%) | Allied Universal Holdco LLC (B/B3) (1 mo. EUR EURIBOR + 3.750%) | Allied Universal Holdco LLC (B/B3) (1 mo. EUR EURIBOR + 3.750%) | Allied Universal Holdco LLC (B/B3) (1 mo. EUR EURIBOR + 3.750%) |
| 649688 | 5.679% | 05/12/28 | $764665 |
| (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) |
| 3872928 | 8.177 | 05/12/28 | 3890046 |
| Ankura Consulting Group LLC (B-/B3)(3 mo. USD Term SOFR + 3.500%) | Ankura Consulting Group LLC (B-/B3)(3 mo. USD Term SOFR + 3.500%) | Ankura Consulting Group LLC (B-/B3)(3 mo. USD Term SOFR + 3.500%) | Ankura Consulting Group LLC (B-/B3)(3 mo. USD Term SOFR + 3.500%) |
| 11962727 | 7.802 | 12/29/31 | 11941792 |
| Anticimex International AB (B/B3)(3 mo. USD Term SOFR + 3.400%) | Anticimex International AB (B/B3)(3 mo. USD Term SOFR + 3.400%) | Anticimex International AB (B/B3)(3 mo. USD Term SOFR + 3.400%) | Anticimex International AB (B/B3)(3 mo. USD Term SOFR + 3.400%) |
| 6320750 | 7.660 | 11/16/28 | 6330231 |
| Belron Finance 2019 LLC (BB-/Ba3)(3 mo. USD Term SOFR + 2.750%) | Belron Finance 2019 LLC (BB-/Ba3)(3 mo. USD Term SOFR + 2.750%) | Belron Finance 2019 LLC (BB-/Ba3)(3 mo. USD Term SOFR + 2.750%) | Belron Finance 2019 LLC (BB-/Ba3)(3 mo. USD Term SOFR + 2.750%) |
| 14231446 | 7.049 | 10/16/31 | 14280972 |
| Berkeley Research Group LLC (B/B2)(3 mo. USD Term SOFR + 3.250%) | Berkeley Research Group LLC (B/B2)(3 mo. USD Term SOFR + 3.250%) | Berkeley Research Group LLC (B/B2)(3 mo. USD Term SOFR + 3.250%) | Berkeley Research Group LLC (B/B2)(3 mo. USD Term SOFR + 3.250%) |
| 3650000 | 7.571 | 05/01/32 | 3660111 |
| Cinemark USA, Inc. (BB+/Ba1)((1 mo. USD Term SOFR +<br>2.750%) – (3 mo. USD Term SOFR + 2.750%)) | Cinemark USA, Inc. (BB+/Ba1)((1 mo. USD Term SOFR +<br>2.750%) – (3 mo. USD Term SOFR + 2.750%)) | Cinemark USA, Inc. (BB+/Ba1)((1 mo. USD Term SOFR +<br>2.750%) – (3 mo. USD Term SOFR + 2.750%)) | Cinemark USA, Inc. (BB+/Ba1)((1 mo. USD Term SOFR +<br>2.750%) – (3 mo. USD Term SOFR + 2.750%)) |
| 8069014 | 7.077–7.077 | 05/24/30 | 8091688 |
| Element Materials Technology Group U.S. Holdings, Inc.<sup>(b)</sup> (B/B3) | Element Materials Technology Group U.S. Holdings, Inc.<sup>(b)</sup> (B/B3) | Element Materials Technology Group U.S. Holdings, Inc.<sup>(b)</sup> (B/B3) | Element Materials Technology Group U.S. Holdings, Inc.<sup>(b)</sup> (B/B3) |
| 9303169 | 0.000 | 07/06/29 | 9310890 |
| Fleet Midco I Ltd. (B+/B2)(6 mo. USD Term SOFR + 2.750%) | Fleet Midco I Ltd. (B+/B2)(6 mo. USD Term SOFR + 2.750%) | Fleet Midco I Ltd. (B+/B2)(6 mo. USD Term SOFR + 2.750%) | Fleet Midco I Ltd. (B+/B2)(6 mo. USD Term SOFR + 2.750%) |
| 2670772 | 7.055 | 02/21/31 | 2674111 |
| Fugue Finance BV<sup>(b)</sup> (B/B2) | Fugue Finance BV<sup>(b)</sup> (B/B2) | Fugue Finance BV<sup>(b)</sup> (B/B2) | Fugue Finance BV<sup>(b)</sup> (B/B2) |
| 8931125 | 0.000 | 01/09/32 | 8979532 |
| Fugue Finance BV<sup>(b)</sup> (NR/B2) | Fugue Finance BV<sup>(b)</sup> (NR/B2) | Fugue Finance BV<sup>(b)</sup> (NR/B2) | Fugue Finance BV<sup>(b)</sup> (NR/B2) |
| 550000 | 0.000 | 01/09/32 | 552981 |
| Garda World Security Corp. (B/B1)(1 mo. USD Term SOFR + 3.000%) | Garda World Security Corp. (B/B1)(1 mo. USD Term SOFR + 3.000%) | Garda World Security Corp. (B/B1)(1 mo. USD Term SOFR + 3.000%) | Garda World Security Corp. (B/B1)(1 mo. USD Term SOFR + 3.000%) |
| 9481513 | 7.314 | 02/01/29 | 9486728 |
| Grant Thornton Advisors LLC<sup>(b)</sup> (B/B2) | Grant Thornton Advisors LLC<sup>(b)</sup> (B/B2) | Grant Thornton Advisors LLC<sup>(b)</sup> (B/B2) | Grant Thornton Advisors LLC<sup>(b)</sup> (B/B2) |
| 2750000 | 0.000 | 06/02/31 | 2752750 |
| Groundworks LLC (B/B3) (1 mo. USD Term SOFR + 3.000%) | Groundworks LLC (B/B3) (1 mo. USD Term SOFR + 3.000%) | Groundworks LLC (B/B3) (1 mo. USD Term SOFR + 3.000%) | Groundworks LLC (B/B3) (1 mo. USD Term SOFR + 3.000%) |
| 6599083 | 7.321 | 03/14/31 | 6601052 |
| Holding Socotec (B/B2) (3 mo. USD Term SOFR + 3.750%) | Holding Socotec (B/B2) (3 mo. USD Term SOFR + 3.750%) | Holding Socotec (B/B2) (3 mo. USD Term SOFR + 3.750%) | Holding Socotec (B/B2) (3 mo. USD Term SOFR + 3.750%) |
| 8365500 | 8.040 | 06/30/28 | 8372443 |
| Holding Socotec SAS<sup>(b)</sup> (B/B2) | Holding Socotec SAS<sup>(b)</sup> (B/B2) | Holding Socotec SAS<sup>(b)</sup> (B/B2) | Holding Socotec SAS<sup>(b)</sup> (B/B2) |
| 1025000 | 0.000 | 06/02/28 | 1206651 |
| Prime Security Services Borrower LLC<sup>(b)</sup> (NR/NR) | Prime Security Services Borrower LLC<sup>(b)</sup> (NR/NR) | Prime Security Services Borrower LLC<sup>(b)</sup> (NR/NR) | Prime Security Services Borrower LLC<sup>(b)</sup> (NR/NR) |
| 1700000 | 0.000 | 03/07/32 | 1688491 |
| Prime Security Services Borrower LLC<sup>(b)</sup> (BB/Ba2) | Prime Security Services Borrower LLC<sup>(b)</sup> (BB/Ba2) | Prime Security Services Borrower LLC<sup>(b)</sup> (BB/Ba2) | Prime Security Services Borrower LLC<sup>(b)</sup> (BB/Ba2) |
| 1695750 | 0.000 | 03/07/32 | 1679505 |
| Vaco Holdings LLC (B-/B3) (3 mo. USD Term SOFR + 5.000%) | Vaco Holdings LLC (B-/B3) (3 mo. USD Term SOFR + 5.000%) | Vaco Holdings LLC (B-/B3) (3 mo. USD Term SOFR + 5.000%) | Vaco Holdings LLC (B-/B3) (3 mo. USD Term SOFR + 5.000%) |
| 970051 | 9.446 | 01/21/29 | 887111 |
| Vestis Corp. (BB-/B2) (3 mo. USD Term SOFR + 2.250%) | Vestis Corp. (BB-/B2) (3 mo. USD Term SOFR + 2.250%) | Vestis Corp. (BB-/B2) (3 mo. USD Term SOFR + 2.250%) | Vestis Corp. (BB-/B2) (3 mo. USD Term SOFR + 2.250%) |
| 1800000 | 6.580 | 02/22/31 | 1721250 |
| Wand NewCo 3, Inc. (B/B3) (1 mo. USD Term SOFR + 2.500%) | Wand NewCo 3, Inc. (B/B3) (1 mo. USD Term SOFR + 2.500%) | Wand NewCo 3, Inc. (B/B3) (1 mo. USD Term SOFR + 2.500%) | Wand NewCo 3, Inc. (B/B3) (1 mo. USD Term SOFR + 2.500%) |
| 2609799 | 6.827 | 01/30/31 | 2596437 |
| WCG Intermediate Corp. (B-/B3) (1 mo. USD Term SOFR + | WCG Intermediate Corp. (B-/B3) (1 mo. USD Term SOFR + | WCG Intermediate Corp. (B-/B3) (1 mo. USD Term SOFR + | WCG Intermediate Corp. (B-/B3) (1 mo. USD Term SOFR + |
| 3.000%) | 3.000%) | 3.000%) | 3.000%) |
| 6800000 | 7.327 | 02/25/32 | 6717040 |
|  |  |  | 114186477 |
| **Consumer Cyclical Services – 3.7%** | **Consumer Cyclical Services – 3.7%** | **Consumer Cyclical Services – 3.7%** | **Consumer Cyclical Services – 3.7%** |
| Asurion LLC (B/B3) (1 mo. USD Term SOFR + 5.250%) | Asurion LLC (B/B3) (1 mo. USD Term SOFR + 5.250%) | Asurion LLC (B/B3) (1 mo. USD Term SOFR + 5.250%) | Asurion LLC (B/B3) (1 mo. USD Term SOFR + 5.250%) |
| 4675000 | 9.691 | 01/20/29 | 4328021 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** |
| **Consumer Cyclical Services – (continued)** | **Consumer Cyclical Services – (continued)** | **Consumer Cyclical Services – (continued)** | **Consumer Cyclical Services – (continued)** |
| Asurion LLC (BB-/Ba3)(1 mo. USD Term SOFR + 3.250%) | Asurion LLC (BB-/Ba3)(1 mo. USD Term SOFR + 3.250%) | Asurion LLC (BB-/Ba3)(1 mo. USD Term SOFR + 3.250%) | Asurion LLC (BB-/Ba3)(1 mo. USD Term SOFR + 3.250%) |
| 3352398 | 8.577% | 09/19/30 | $3265436 |
| Avis Budget Car Rental LLC (BB/Ba1) (1 mo. USD Term SOFR + 1.750%) | Avis Budget Car Rental LLC (BB/Ba1) (1 mo. USD Term SOFR + 1.750%) | Avis Budget Car Rental LLC (BB/Ba1) (1 mo. USD Term SOFR + 1.750%) | Avis Budget Car Rental LLC (BB/Ba1) (1 mo. USD Term SOFR + 1.750%) |
| 2194195 | 6.191 | 08/06/27 | 2172253 |
| Core & Main LP (BB-/Ba3) (6 mo. USD Term SOFR + 2.000%) | Core & Main LP (BB-/Ba3) (6 mo. USD Term SOFR + 2.000%) | Core & Main LP (BB-/Ba3) (6 mo. USD Term SOFR + 2.000%) | Core & Main LP (BB-/Ba3) (6 mo. USD Term SOFR + 2.000%) |
| 855034 | 6.270 | 07/27/28 | 854504 |
| First Advantage Holdings LLC (B+/B1)(1 mo. USD Term SOFR + 3.250%) | First Advantage Holdings LLC (B+/B1)(1 mo. USD Term SOFR + 3.250%) | First Advantage Holdings LLC (B+/B1)(1 mo. USD Term SOFR + 3.250%) | First Advantage Holdings LLC (B+/B1)(1 mo. USD Term SOFR + 3.250%) |
| 1787612 | 7.577 | 10/31/31 | 1787058 |
| Fluid-Flow Products, Inc. (B-/B3) (3 mo. USD Term SOFR + 3.250%) | Fluid-Flow Products, Inc. (B-/B3) (3 mo. USD Term SOFR + 3.250%) | Fluid-Flow Products, Inc. (B-/B3) (3 mo. USD Term SOFR + 3.250%) | Fluid-Flow Products, Inc. (B-/B3) (3 mo. USD Term SOFR + 3.250%) |
| 11539844 | 7.546 | 03/31/28 | 11538805 |
| GSM Holdings, Inc. (B/B3) (3 mo. USD Term SOFR + 5.000%) | GSM Holdings, Inc. (B/B3) (3 mo. USD Term SOFR + 5.000%) | GSM Holdings, Inc. (B/B3) (3 mo. USD Term SOFR + 5.000%) | GSM Holdings, Inc. (B/B3) (3 mo. USD Term SOFR + 5.000%) |
| 1977973 | 9.296 | 09/30/31 | 1908744 |
| Hertz Corp. (B/Ba3) (3 mo. USD Term SOFR + 3.500%) | Hertz Corp. (B/Ba3) (3 mo. USD Term SOFR + 3.500%) | Hertz Corp. (B/Ba3) (3 mo. USD Term SOFR + 3.500%) | Hertz Corp. (B/Ba3) (3 mo. USD Term SOFR + 3.500%) |
| 3264646 | 8.041 | 06/30/28 | 2705576 |
| IRB Holding Corp. (B+/B2) (1 mo. USD Term SOFR + 2.500%) | IRB Holding Corp. (B+/B2) (1 mo. USD Term SOFR + 2.500%) | IRB Holding Corp. (B+/B2) (1 mo. USD Term SOFR + 2.500%) | IRB Holding Corp. (B+/B2) (1 mo. USD Term SOFR + 2.500%) |
| 5739670 | 6.827 | 12/15/27 | 5729855 |
| Pre-Paid Legal Services, Inc. (B-/B3) (1 mo. USD Term SOFR + 3.750%) | Pre-Paid Legal Services, Inc. (B-/B3) (1 mo. USD Term SOFR + 3.750%) | Pre-Paid Legal Services, Inc. (B-/B3) (1 mo. USD Term SOFR + 3.750%) | Pre-Paid Legal Services, Inc. (B-/B3) (1 mo. USD Term SOFR + 3.750%) |
| 8006520 | 7.577 | 12/15/28 | 7953997 |
| Sabre GLBL, Inc. (B-/B3) (1 mo. USD Term SOFR + 3.500%) | Sabre GLBL, Inc. (B-/B3) (1 mo. USD Term SOFR + 3.500%) | Sabre GLBL, Inc. (B-/B3) (1 mo. USD Term SOFR + 3.500%) | Sabre GLBL, Inc. (B-/B3) (1 mo. USD Term SOFR + 3.500%) |
| 1997030 | 7.941 | 12/17/27 | 1958507 |
| Spin Holdco, Inc. (CCC+/Caa1) (3 mo. USD Term SOFR + 4.000%) | Spin Holdco, Inc. (CCC+/Caa1) (3 mo. USD Term SOFR + 4.000%) | Spin Holdco, Inc. (CCC+/Caa1) (3 mo. USD Term SOFR + 4.000%) | Spin Holdco, Inc. (CCC+/Caa1) (3 mo. USD Term SOFR + 4.000%) |
| 2645698 | 8.577 | 03/04/28 | 2314986 |
| Thevelia (U.S.) LLC (B+/B2) (3 mo. USD Term SOFR + 3.000%) | Thevelia (U.S.) LLC (B+/B2) (3 mo. USD Term SOFR + 3.000%) | Thevelia (U.S.) LLC (B+/B2) (3 mo. USD Term SOFR + 3.000%) | Thevelia (U.S.) LLC (B+/B2) (3 mo. USD Term SOFR + 3.000%) |
| 7362830 | 7.296 | 06/18/29 | 7364377 |
| Verisure Holding AB<sup>(b)</sup> (B+/B1) | Verisure Holding AB<sup>(b)</sup> (B+/B1) | Verisure Holding AB<sup>(b)</sup> (B+/B1) | Verisure Holding AB<sup>(b)</sup> (B+/B1) |
| 3290000 | 0.000 | 03/27/28 | 3865769 |
| Veritiv Corp. (B+/B2) (3 mo. USD Term SOFR + 4.000%) | Veritiv Corp. (B+/B2) (3 mo. USD Term SOFR + 4.000%) | Veritiv Corp. (B+/B2) (3 mo. USD Term SOFR + 4.000%) | Veritiv Corp. (B+/B2) (3 mo. USD Term SOFR + 4.000%) |
| 5186515 | 8.296 | 11/30/30 | 5200778 |
| Whatabrands LLC (B/B2) (1 mo. USD Term SOFR + 2.500%) | Whatabrands LLC (B/B2) (1 mo. USD Term SOFR + 2.500%) | Whatabrands LLC (B/B2) (1 mo. USD Term SOFR + 2.500%) | Whatabrands LLC (B/B2) (1 mo. USD Term SOFR + 2.500%) |
| 3541103 | 6.827 | 08/03/28 | 3541280 |
|  |  |  | 66489946 |
| **Consumer Products – 1.2%** | **Consumer Products – 1.2%** | **Consumer Products – 1.2%** | **Consumer Products – 1.2%** |
| 19th Holdings Golf LLC (B/B1) (1 mo. USD Term SOFR + 3.250%) | 19th Holdings Golf LLC (B/B1) (1 mo. USD Term SOFR + 3.250%) | 19th Holdings Golf LLC (B/B1) (1 mo. USD Term SOFR + 3.250%) | 19th Holdings Golf LLC (B/B1) (1 mo. USD Term SOFR + 3.250%) |
| 1546015 | 7.663 | 02/07/29 | 1520893 |
| Albion Financing 3 SARL (BB-/B1) (3 mo. USD Term SOFR + 3.000%) | Albion Financing 3 SARL (BB-/B1) (3 mo. USD Term SOFR + 3.000%) | Albion Financing 3 SARL (BB-/B1) (3 mo. USD Term SOFR + 3.000%) | Albion Financing 3 SARL (BB-/B1) (3 mo. USD Term SOFR + 3.000%) |
| 7963514 | 7.321 | 08/16/29 | 7968530 |
| Kronos Acquisition Holdings, Inc. (CCC+/B2)(3 mo. USD Term SOFR + 4.000%) | Kronos Acquisition Holdings, Inc. (CCC+/B2)(3 mo. USD Term SOFR + 4.000%) | Kronos Acquisition Holdings, Inc. (CCC+/B2)(3 mo. USD Term SOFR + 4.000%) | Kronos Acquisition Holdings, Inc. (CCC+/B2)(3 mo. USD Term SOFR + 4.000%) |
| 5135356 | 8.296 | 07/08/31 | 4582021 |
| MajorDrive Holdings IV LLC (B-/B2) (3 mo. USD Term SOFR + 4.000%) | MajorDrive Holdings IV LLC (B-/B2) (3 mo. USD Term SOFR + 4.000%) | MajorDrive Holdings IV LLC (B-/B2) (3 mo. USD Term SOFR + 4.000%) | MajorDrive Holdings IV LLC (B-/B2) (3 mo. USD Term SOFR + 4.000%) |
| 4872380 | 8.557 | 06/01/28 | 4770888 |
| Opal Bidco SAS<sup>(b)</sup> (B+/B1) | Opal Bidco SAS<sup>(b)</sup> (B+/B1) | Opal Bidco SAS<sup>(b)</sup> (B+/B1) | Opal Bidco SAS<sup>(b)</sup> (B+/B1) |
| 1625000 | 0.000 | 04/28/32 | 1630590 |
|  |  |  | 20472922 |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** |
| **Containers & Packaging – 2.6%** | **Containers & Packaging – 2.6%** | **Containers & Packaging – 2.6%** |  |
| Charter NEX U.S., Inc. (B/B2) (1 mo. USD Term SOFR + 2.750%) | Charter NEX U.S., Inc. (B/B2) (1 mo. USD Term SOFR + 2.750%) | Charter NEX U.S., Inc. (B/B2) (1 mo. USD Term SOFR + 2.750%) | Charter NEX U.S., Inc. (B/B2) (1 mo. USD Term SOFR + 2.750%) |
| 9009505 | 7.061% | 11/29/30 | $9037705 |
| Clydesdale Acquisition Holdings, Inc. (B+/B2) (1 mo. USD Term SOFR + 3.175%) | Clydesdale Acquisition Holdings, Inc. (B+/B2) (1 mo. USD Term SOFR + 3.175%) | Clydesdale Acquisition Holdings, Inc. (B+/B2) (1 mo. USD Term SOFR + 3.175%) | Clydesdale Acquisition Holdings, Inc. (B+/B2) (1 mo. USD Term SOFR + 3.175%) |
| 3803872 | 7.502 | 04/13/29 | 3794704 |
| LABL, Inc. (B-/B3) (1 mo. USD Term SOFR + 5.000%) | LABL, Inc. (B-/B3) (1 mo. USD Term SOFR + 5.000%) | LABL, Inc. (B-/B3) (1 mo. USD Term SOFR + 5.000%) | LABL, Inc. (B-/B3) (1 mo. USD Term SOFR + 5.000%) |
| 3183705 | 9.427 | 10/30/28 | 2860304 |
| Pregis TopCo Corp. (B-/B2) (1 mo. USD Term SOFR + 4.000%) | Pregis TopCo Corp. (B-/B2) (1 mo. USD Term SOFR + 4.000%) | Pregis TopCo Corp. (B-/B2) (1 mo. USD Term SOFR + 4.000%) | Pregis TopCo Corp. (B-/B2) (1 mo. USD Term SOFR + 4.000%) |
| 8503361 | 8.327 | 02/01/29 | 8520368 |
| Proampac PG Borrower LLC (B-/B3) ((3 mo. USD Term SOFR + 4.000%) – (3 mo. USD Term SOFR + 4.000%)) | Proampac PG Borrower LLC (B-/B3) ((3 mo. USD Term SOFR + 4.000%) – (3 mo. USD Term SOFR + 4.000%)) | Proampac PG Borrower LLC (B-/B3) ((3 mo. USD Term SOFR + 4.000%) – (3 mo. USD Term SOFR + 4.000%)) | Proampac PG Borrower LLC (B-/B3) ((3 mo. USD Term SOFR + 4.000%) – (3 mo. USD Term SOFR + 4.000%)) |
| 11151293 | 8.256–8.324 | 09/15/28 | 11176384 |
| TricorBraun Holdings, Inc. (B-/B3) (1 mo. USD Term SOFR + 3.250%) | TricorBraun Holdings, Inc. (B-/B3) (1 mo. USD Term SOFR + 3.250%) | TricorBraun Holdings, Inc. (B-/B3) (1 mo. USD Term SOFR + 3.250%) | TricorBraun Holdings, Inc. (B-/B3) (1 mo. USD Term SOFR + 3.250%) |
| 11128251 | 7.691 | 03/03/28 | 11110668 |
|  |  |  | 46500133 |
| **Diversified Financial Services – 3.7%** | **Diversified Financial Services – 3.7%** | **Diversified Financial Services – 3.7%** | **Diversified Financial Services – 3.7%** |
| Advisor Group, Inc. (B/B1) (1 mo. USD Term SOFR + 3.500%) | Advisor Group, Inc. (B/B1) (1 mo. USD Term SOFR + 3.500%) | Advisor Group, Inc. (B/B1) (1 mo. USD Term SOFR + 3.500%) | Advisor Group, Inc. (B/B1) (1 mo. USD Term SOFR + 3.500%) |
| 3118559 | 7.827 | 08/17/28 | 3123362 |
| Allspring Buyer LLC (BB-/Ba3) (3 mo. USD Term SOFR + 3.000%) | Allspring Buyer LLC (BB-/Ba3) (3 mo. USD Term SOFR + 3.000%) | Allspring Buyer LLC (BB-/Ba3) (3 mo. USD Term SOFR + 3.000%) | Allspring Buyer LLC (BB-/Ba3) (3 mo. USD Term SOFR + 3.000%) |
| 5907989 | 7.296 | 11/01/30 | 5937529 |
| Colossus Acquireco LLC<sup>(b)</sup> (BB+/Ba1) | Colossus Acquireco LLC<sup>(b)</sup> (BB+/Ba1) | Colossus Acquireco LLC<sup>(b)</sup> (BB+/Ba1) | Colossus Acquireco LLC<sup>(b)</sup> (BB+/Ba1) |
| 5725000 | 0.000 | 06/11/32 | 5683494 |
| DRW Holdings LLC (BB-/Ba3) (1 mo. USD Term SOFR + 3.500%) | DRW Holdings LLC (BB-/Ba3) (1 mo. USD Term SOFR + 3.500%) | DRW Holdings LLC (BB-/Ba3) (1 mo. USD Term SOFR + 3.500%) | DRW Holdings LLC (BB-/Ba3) (1 mo. USD Term SOFR + 3.500%) |
| 9997013 | 7.827 | 06/26/31 | 10009509 |
| Edelman Financial Center LLC (B/B2) (1 mo. USD Term SOFR + 3.000%) | Edelman Financial Center LLC (B/B2) (1 mo. USD Term SOFR + 3.000%) | Edelman Financial Center LLC (B/B2) (1 mo. USD Term SOFR + 3.000%) | Edelman Financial Center LLC (B/B2) (1 mo. USD Term SOFR + 3.000%) |
| 11725079 | 7.327 | 04/07/28 | 11730003 |
| Eisner Advisory Group LLC (B-/B3) (1 mo. USD Term SOFR + 4.000%) | Eisner Advisory Group LLC (B-/B3) (1 mo. USD Term SOFR + 4.000%) | Eisner Advisory Group LLC (B-/B3) (1 mo. USD Term SOFR + 4.000%) | Eisner Advisory Group LLC (B-/B3) (1 mo. USD Term SOFR + 4.000%) |
| 5242397 | 8.327 | 02/28/31 | 5262056 |
| FNZ Group Services Ltd. (B-/B3) (3 mo. USD Term SOFR + 5.000%) | FNZ Group Services Ltd. (B-/B3) (3 mo. USD Term SOFR + 5.000%) | FNZ Group Services Ltd. (B-/B3) (3 mo. USD Term SOFR + 5.000%) | FNZ Group Services Ltd. (B-/B3) (3 mo. USD Term SOFR + 5.000%) |
| 2438887 | 9.260 | 11/05/31 | 1996839 |
| Focus Financial Partners LLC<sup>(b)</sup> (B/B2) | Focus Financial Partners LLC<sup>(b)</sup> (B/B2) | Focus Financial Partners LLC<sup>(b)</sup> (B/B2) | Focus Financial Partners LLC<sup>(b)</sup> (B/B2) |
| 3590977 | 0.000 | 09/15/31 | 3582467 |
| NEXUS Buyer LLC (B/B1) (1 mo. USD Term SOFR + 3.500%) | NEXUS Buyer LLC (B/B1) (1 mo. USD Term SOFR + 3.500%) | NEXUS Buyer LLC (B/B1) (1 mo. USD Term SOFR + 3.500%) | NEXUS Buyer LLC (B/B1) (1 mo. USD Term SOFR + 3.500%) |
| 8249773 | 7.827 | 07/31/31 | 8272377 |
| Orion U.S. Finco, Inc.<sup>(b)</sup> (NR/B2) | Orion U.S. Finco, Inc.<sup>(b)</sup> (NR/B2) | Orion U.S. Finco, Inc.<sup>(b)</sup> (NR/B2) | Orion U.S. Finco, Inc.<sup>(b)</sup> (NR/B2) |
| 3900000 | 0.000 | 05/20/32 | 3911700 |
| VFH Parent LLC (B+/B1) (1 mo. USD Term SOFR + 2.500%) | VFH Parent LLC (B+/B1) (1 mo. USD Term SOFR + 2.500%) | VFH Parent LLC (B+/B1) (1 mo. USD Term SOFR + 2.500%) | VFH Parent LLC (B+/B1) (1 mo. USD Term SOFR + 2.500%) |
| 6625000 | 6.827 | 06/21/31 | 6641562 |
|  |  |  | 66150898 |
| **Diversified Manufacturing – 2.4%** | **Diversified Manufacturing – 2.4%** | **Diversified Manufacturing – 2.4%** | **Diversified Manufacturing – 2.4%** |
| CeramTec AcquiCo GmbH<sup>(b)</sup> (B/B1) | CeramTec AcquiCo GmbH<sup>(b)</sup> (B/B1) | CeramTec AcquiCo GmbH<sup>(b)</sup> (B/B1) | CeramTec AcquiCo GmbH<sup>(b)</sup> (B/B1) |
| 5375000 | 0.000 | 03/16/29 | 6104121 |
| Chart Industries, Inc. (BB-/Ba2) (3 mo. USD Term SOFR + 2.500%) | Chart Industries, Inc. (BB-/Ba2) (3 mo. USD Term SOFR + 2.500%) | Chart Industries, Inc. (BB-/Ba2) (3 mo. USD Term SOFR + 2.500%) | Chart Industries, Inc. (BB-/Ba2) (3 mo. USD Term SOFR + 2.500%) |
| 7672537 | 6.788 | 03/15/30 | 7679750 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** |
| **Diversified Manufacturing – (continued)** | **Diversified Manufacturing – (continued)** | **Diversified Manufacturing – (continued)** |  |
| CPM Holdings, Inc. (B-/B3) (1 mo. USD Term SOFR + 4.500%) | CPM Holdings, Inc. (B-/B3) (1 mo. USD Term SOFR + 4.500%) | CPM Holdings, Inc. (B-/B3) (1 mo. USD Term SOFR + 4.500%) | CPM Holdings, Inc. (B-/B3) (1 mo. USD Term SOFR + 4.500%) |
| 6405141 | 8.824% | 09/28/28 | $6248023 |
| Pelican Products, Inc. (CCC+/B3) (3 mo. USD Term SOFR + 4.250%) | Pelican Products, Inc. (CCC+/B3) (3 mo. USD Term SOFR + 4.250%) | Pelican Products, Inc. (CCC+/B3) (3 mo. USD Term SOFR + 4.250%) | Pelican Products, Inc. (CCC+/B3) (3 mo. USD Term SOFR + 4.250%) |
| 7092750 | 8.807 | 12/29/28 | 6179558 |
| SPX Flow, Inc. (B/B1) (1 mo. USD Term SOFR + 3.000%) | SPX Flow, Inc. (B/B1) (1 mo. USD Term SOFR + 3.000%) | SPX Flow, Inc. (B/B1) (1 mo. USD Term SOFR + 3.000%) | SPX Flow, Inc. (B/B1) (1 mo. USD Term SOFR + 3.000%) |
| 8588113 | 7.327 | 04/05/29 | 8613534 |
| Victory Buyer LLC (CCC+/B3) (1 mo. USD Term SOFR + 3.750%) | Victory Buyer LLC (CCC+/B3) (1 mo. USD Term SOFR + 3.750%) | Victory Buyer LLC (CCC+/B3) (1 mo. USD Term SOFR + 3.750%) | Victory Buyer LLC (CCC+/B3) (1 mo. USD Term SOFR + 3.750%) |
| 7773023 | 8.191 | 11/19/28 | 7661946 |
|  |  |  | 42486932 |
| **Electrical – 0.4%** | **Electrical – 0.4%** | **Electrical – 0.4%** | **Electrical – 0.4%** |
| Edgewater Generation LLC (BB-/Ba3) (1 mo. USD Term SOFR + 3.000%) | Edgewater Generation LLC (BB-/Ba3) (1 mo. USD Term SOFR + 3.000%) | Edgewater Generation LLC (BB-/Ba3) (1 mo. USD Term SOFR + 3.000%) | Edgewater Generation LLC (BB-/Ba3) (1 mo. USD Term SOFR + 3.000%) |
| 3214289 | 7.327 | 08/01/30 | 3223482 |
| Waterbridge Midstream Operating LLC (B-/B2) (3 mo. USD Term SOFR + 4.750%) | Waterbridge Midstream Operating LLC (B-/B2) (3 mo. USD Term SOFR + 4.750%) | Waterbridge Midstream Operating LLC (B-/B2) (3 mo. USD Term SOFR + 4.750%) | Waterbridge Midstream Operating LLC (B-/B2) (3 mo. USD Term SOFR + 4.750%) |
| 3780952 | 9.314 | 06/27/29 | 3755960 |
|  |  |  | 6979442 |
| **Energy – 0.5%** | **Energy – 0.5%** | **Energy – 0.5%** | **Energy – 0.5%** |
| Delek U.S. Holdings, Inc. (BB/B2) (1 mo. USD Term SOFR + 3.500%) | Delek U.S. Holdings, Inc. (BB/B2) (1 mo. USD Term SOFR + 3.500%) | Delek U.S. Holdings, Inc. (BB/B2) (1 mo. USD Term SOFR + 3.500%) | Delek U.S. Holdings, Inc. (BB/B2) (1 mo. USD Term SOFR + 3.500%) |
| 2972039 | 7.927 | 11/19/29 | 2916165 |
| ITT Holdings LLC (BB-/Ba2) (1 mo. USD Term SOFR + 2.725%) | ITT Holdings LLC (BB-/Ba2) (1 mo. USD Term SOFR + 2.725%) | ITT Holdings LLC (BB-/Ba2) (1 mo. USD Term SOFR + 2.725%) | ITT Holdings LLC (BB-/Ba2) (1 mo. USD Term SOFR + 2.725%) |
| 1463882 | 7.052 | 10/11/30 | 1465346 |
| Vistra Zero Operating Co. LLC (BBB-/Ba2) (1 mo. USD Term SOFR + 2.000%) | Vistra Zero Operating Co. LLC (BBB-/Ba2) (1 mo. USD Term SOFR + 2.000%) | Vistra Zero Operating Co. LLC (BBB-/Ba2) (1 mo. USD Term SOFR + 2.000%) | Vistra Zero Operating Co. LLC (BBB-/Ba2) (1 mo. USD Term SOFR + 2.000%) |
| 4825000 | 6.327 | 04/30/31 | 4752625 |
|  |  |  | 9134136 |
| **Energy - Exploration & Production – 0.7%** | **Energy - Exploration & Production – 0.7%** | **Energy - Exploration & Production – 0.7%** | **Energy - Exploration & Production – 0.7%** |
| Kohler Energy Co. LLC (B/B1) (3 mo. USD Term SOFR + 3.750%) | Kohler Energy Co. LLC (B/B1) (3 mo. USD Term SOFR + 3.750%) | Kohler Energy Co. LLC (B/B1) (3 mo. USD Term SOFR + 3.750%) | Kohler Energy Co. LLC (B/B1) (3 mo. USD Term SOFR + 3.750%) |
| 11681844 | 8.046 | 05/01/31 | 11678223 |
| **Entertainment – 1.7%** | **Entertainment – 1.7%** | **Entertainment – 1.7%** | **Entertainment – 1.7%** |
| AMC Entertainment Holdings, Inc. <sup>(b)</sup> (B/B3) | AMC Entertainment Holdings, Inc. <sup>(b)</sup> (B/B3) | AMC Entertainment Holdings, Inc. <sup>(b)</sup> (B/B3) | AMC Entertainment Holdings, Inc. <sup>(b)</sup> (B/B3) |
| 2743125 | 0.000 | 01/04/29 | 2767128 |
| Arcis Golf LLC (B+/B2) (1 mo. USD Term SOFR + 2.750%) | Arcis Golf LLC (B+/B2) (1 mo. USD Term SOFR + 2.750%) | Arcis Golf LLC (B+/B2) (1 mo. USD Term SOFR + 2.750%) | Arcis Golf LLC (B+/B2) (1 mo. USD Term SOFR + 2.750%) |
| 10432177 | 7.077 | 11/24/28 | 10432177 |
| Crown Finance U.S., Inc. (B/B3) (1 mo. USD Term SOFR + 5.250%) | Crown Finance U.S., Inc. (B/B3) (1 mo. USD Term SOFR + 5.250%) | Crown Finance U.S., Inc. (B/B3) (1 mo. USD Term SOFR + 5.250%) | Crown Finance U.S., Inc. (B/B3) (1 mo. USD Term SOFR + 5.250%) |
| 4875500 | 9.566 | 12/02/31 | 4869406 |
| Fender Musical Instruments Corp. <sup>(b)</sup> (B-/Caa1) | Fender Musical Instruments Corp. <sup>(b)</sup> (B-/Caa1) | Fender Musical Instruments Corp. <sup>(b)</sup> (B-/Caa1) | Fender Musical Instruments Corp. <sup>(b)</sup> (B-/Caa1) |
| 2574956 | 0.000 | 12/01/28 | 2304585 |
| GBT U.S. III LLC (BB-/B1) (3 mo. USD Term SOFR + 2.500%) | GBT U.S. III LLC (BB-/B1) (3 mo. USD Term SOFR + 2.500%) | GBT U.S. III LLC (BB-/B1) (3 mo. USD Term SOFR + 2.500%) | GBT U.S. III LLC (BB-/B1) (3 mo. USD Term SOFR + 2.500%) |
| 4353125 | 6.783 | 07/28/31 | 4357043 |
| GVC Holdings (Gibraltar) Ltd. (BB-/Ba1) (6 mo. USD Term SOFR + 2.500%) | GVC Holdings (Gibraltar) Ltd. (BB-/Ba1) (6 mo. USD Term SOFR + 2.500%) | GVC Holdings (Gibraltar) Ltd. (BB-/Ba1) (6 mo. USD Term SOFR + 2.500%) | GVC Holdings (Gibraltar) Ltd. (BB-/Ba1) (6 mo. USD Term SOFR + 2.500%) |
| 1980082 | 6.666 | 03/29/27 | 1980696 |
| Playtika Holding Corp. (BB/Ba2) (1 mo. USD Term SOFR + 2.750%) | Playtika Holding Corp. (BB/Ba2) (1 mo. USD Term SOFR + 2.750%) | Playtika Holding Corp. (BB/Ba2) (1 mo. USD Term SOFR + 2.750%) | Playtika Holding Corp. (BB/Ba2) (1 mo. USD Term SOFR + 2.750%) |
| 1804144 | 7.191 | 03/13/28 | 1771110 |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** |
| **Entertainment – (continued)** | **Entertainment – (continued)** | **Entertainment – (continued)** | **Entertainment – (continued)** |
| Topgolf Callaway Brands Corp. (B/B1) (1 mo. USD Term SOFR + 3.000%) | Topgolf Callaway Brands Corp. (B/B1) (1 mo. USD Term SOFR + 3.000%) | Topgolf Callaway Brands Corp. (B/B1) (1 mo. USD Term SOFR + 3.000%) | Topgolf Callaway Brands Corp. (B/B1) (1 mo. USD Term SOFR + 3.000%) |
| 1894947 | 7.327% | 03/18/30 | $1862733 |
|  |  |  | 30344878 |
| **Environmental – 1.1%** | **Environmental – 1.1%** | **Environmental – 1.1%** | **Environmental – 1.1%** |
| Luna III SARL<sup>(b)</sup> (BB-/Ba3) | Luna III SARL<sup>(b)</sup> (BB-/Ba3) | Luna III SARL<sup>(b)</sup> (BB-/Ba3) | Luna III SARL<sup>(b)</sup> (BB-/Ba3) |
| 7625000 | 0.000 | 10/23/28 | 8978101 |
| Madison IAQ LLC (B/B1) (6 mo. USD Term SOFR + 2.750%) | Madison IAQ LLC (B/B1) (6 mo. USD Term SOFR + 2.750%) | Madison IAQ LLC (B/B1) (6 mo. USD Term SOFR + 2.750%) | Madison IAQ LLC (B/B1) (6 mo. USD Term SOFR + 2.750%) |
| 11408640 | 6.762 | 06/21/28 | 11411607 |
|  |  |  | 20389708 |
| **Food & Beverages – 1.2%** | **Food & Beverages – 1.2%** | **Food & Beverages – 1.2%** | **Food & Beverages – 1.2%** |
| Chef's Warehouse Leasing Co. LLC (BB-/B1) (1 mo. USD Term SOFR + 3.500%) | Chef's Warehouse Leasing Co. LLC (BB-/B1) (1 mo. USD Term SOFR + 3.500%) | Chef's Warehouse Leasing Co. LLC (BB-/B1) (1 mo. USD Term SOFR + 3.500%) | Chef's Warehouse Leasing Co. LLC (BB-/B1) (1 mo. USD Term SOFR + 3.500%) |
| 4879876 | 7.812 | 08/23/29 | 4888026 |
| Chobani LLC (B+/Ba3) (1 mo. USD Term SOFR + 2.500%) | Chobani LLC (B+/Ba3) (1 mo. USD Term SOFR + 2.500%) | Chobani LLC (B+/Ba3) (1 mo. USD Term SOFR + 2.500%) | Chobani LLC (B+/Ba3) (1 mo. USD Term SOFR + 2.500%) |
| 850792 | 6.827 | 10/25/27 | 852740 |
| Froneri Lux Finco SARL (BB-/Ba3) (6 mo. USD Term SOFR + 2.000%) | Froneri Lux Finco SARL (BB-/Ba3) (6 mo. USD Term SOFR + 2.000%) | Froneri Lux Finco SARL (BB-/Ba3) (6 mo. USD Term SOFR + 2.000%) | Froneri Lux Finco SARL (BB-/Ba3) (6 mo. USD Term SOFR + 2.000%) |
| 3657927 | 6.237 | 09/30/31 | 3614508 |
| Pegasus BidCo BV (B+/B1) (3 mo. USD Term SOFR + 2.250%) | Pegasus BidCo BV (B+/B1) (3 mo. USD Term SOFR + 2.250%) | Pegasus BidCo BV (B+/B1) (3 mo. USD Term SOFR + 2.250%) | Pegasus BidCo BV (B+/B1) (3 mo. USD Term SOFR + 2.250%) |
| 7086584 | 7.576 | 07/12/29 | 7122016 |
| Sazerac Co., Inc. <sup>(b)</sup> (NR/NR) | Sazerac Co., Inc. <sup>(b)</sup> (NR/NR) | Sazerac Co., Inc. <sup>(b)</sup> (NR/NR) | Sazerac Co., Inc. <sup>(b)</sup> (NR/NR) |
| 2850000 | 0.000 | 06/26/32 | 2846437 |
| Verifone Systems, Inc. (CCC+/B3) (3 mo. USD Term SOFR + 5.500%) | Verifone Systems, Inc. (CCC+/B3) (3 mo. USD Term SOFR + 5.500%) | Verifone Systems, Inc. (CCC+/B3) (3 mo. USD Term SOFR + 5.500%) | Verifone Systems, Inc. (CCC+/B3) (3 mo. USD Term SOFR + 5.500%) |
| 2175000 | 10.211 | 08/18/28 | 2029819 |
|  |  |  | 21353546 |
| **Food & Drug Retailing – 0.2%** | **Food & Drug Retailing – 0.2%** | **Food & Drug Retailing – 0.2%** | **Food & Drug Retailing – 0.2%** |
| United Natural Foods, Inc. (B+/B3) (1 mo. USD Term SOFR + 4.750%) | United Natural Foods, Inc. (B+/B3) (1 mo. USD Term SOFR + 4.750%) | United Natural Foods, Inc. (B+/B3) (1 mo. USD Term SOFR + 4.750%) | United Natural Foods, Inc. (B+/B3) (1 mo. USD Term SOFR + 4.750%) |
| 4359664 | 9.077 | 05/01/31 | 4381463 |
| **Gaming – 0.2%** | **Gaming – 0.2%** | **Gaming – 0.2%** | **Gaming – 0.2%** |
| GVC Holdings (Gibraltar) Ltd. (BB-/Ba1) (6 mo. USD Term SOFR + 2.750%) | GVC Holdings (Gibraltar) Ltd. (BB-/Ba1) (6 mo. USD Term SOFR + 2.750%) | GVC Holdings (Gibraltar) Ltd. (BB-/Ba1) (6 mo. USD Term SOFR + 2.750%) | GVC Holdings (Gibraltar) Ltd. (BB-/Ba1) (6 mo. USD Term SOFR + 2.750%) |
| 3084981 | 7.016 | 10/31/29 | 3094298 |
| **Health Care Products – 0.5%** | **Health Care Products – 0.5%** | **Health Care Products – 0.5%** | **Health Care Products – 0.5%** |
| Bausch & Lomb Corp. <sup>(b)</sup> (B/B1) | Bausch & Lomb Corp. <sup>(b)</sup> (B/B1) | Bausch & Lomb Corp. <sup>(b)</sup> (B/B1) | Bausch & Lomb Corp. <sup>(b)</sup> (B/B1) |
| 2693147 | 0.000 | 09/29/28 | 2689781 |
| Iris BidCo GmbH<sup>(b)</sup> (B-/Caa1) | Iris BidCo GmbH<sup>(b)</sup> (B-/Caa1) | Iris BidCo GmbH<sup>(b)</sup> (B-/Caa1) | Iris BidCo GmbH<sup>(b)</sup> (B-/Caa1) |
| 3625000 | 0.000 | 06/29/28 | 3965060 |
| Medline Borrower LP (BB-/Ba3) (1 mo. USD Term SOFR + 2.250%) | Medline Borrower LP (BB-/Ba3) (1 mo. USD Term SOFR + 2.250%) | Medline Borrower LP (BB-/Ba3) (1 mo. USD Term SOFR + 2.250%) | Medline Borrower LP (BB-/Ba3) (1 mo. USD Term SOFR + 2.250%) |
| 2693216 | 6.577 | 10/23/28 | 2694535 |
|  |  |  | 9349376 |
| **Health Care Services – 1.7%** | **Health Care Services – 1.7%** | **Health Care Services – 1.7%** | **Health Care Services – 1.7%** |
| Accelerated Health Systems LLC (CCC+/Caa2) (3 mo. USD Term SOFR + 4.250%) | Accelerated Health Systems LLC (CCC+/Caa2) (3 mo. USD Term SOFR + 4.250%) | Accelerated Health Systems LLC (CCC+/Caa2) (3 mo. USD Term SOFR + 4.250%) | Accelerated Health Systems LLC (CCC+/Caa2) (3 mo. USD Term SOFR + 4.250%) |
| 1034076 | 8.696 | 02/15/29 | 702655 |
| Electron BidCo, Inc. (B/B2) (1 mo. USD Term SOFR + 2.750%) | Electron BidCo, Inc. (B/B2) (1 mo. USD Term SOFR + 2.750%) | Electron BidCo, Inc. (B/B2) (1 mo. USD Term SOFR + 2.750%) | Electron BidCo, Inc. (B/B2) (1 mo. USD Term SOFR + 2.750%) |
| 4825692 | 7.077 | 11/01/28 | 4836212 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** |
| **Health Care Services – (continued)** | **Health Care Services – (continued)** | **Health Care Services – (continued)** | **Health Care Services – (continued)** |
| Help At Home, Inc. (B-/B3) (1 mo. USD Term SOFR + 5.000%) | Help At Home, Inc. (B-/B3) (1 mo. USD Term SOFR + 5.000%) | Help At Home, Inc. (B-/B3) (1 mo. USD Term SOFR + 5.000%) | Help At Home, Inc. (B-/B3) (1 mo. USD Term SOFR + 5.000%) |
| 2804959 | 9.327% | 09/24/31 | $2716294 |
| Lonza Group AG (B-/B2) (3 mo. USD Term SOFR + 3.925%) | Lonza Group AG (B-/B2) (3 mo. USD Term SOFR + 3.925%) | Lonza Group AG (B-/B2) (3 mo. USD Term SOFR + 3.925%) | Lonza Group AG (B-/B2) (3 mo. USD Term SOFR + 3.925%) |
| 4186113 | 8.321 | 07/03/28 | 3807479 |
| NAPA Management Services Corp. (CCC+/Caa1) (1 mo. USD Term SOFR + 5.250%) | NAPA Management Services Corp. (CCC+/Caa1) (1 mo. USD Term SOFR + 5.250%) | NAPA Management Services Corp. (CCC+/Caa1) (1 mo. USD Term SOFR + 5.250%) | NAPA Management Services Corp. (CCC+/Caa1) (1 mo. USD Term SOFR + 5.250%) |
| 4266601 | 9.677 | 02/23/29 | 3411147 |
| Phoenix Guarantor, Inc. (B+/B1) (1 mo. USD Term SOFR + 1.500%) | Phoenix Guarantor, Inc. (B+/B1) (1 mo. USD Term SOFR + 1.500%) | Phoenix Guarantor, Inc. (B+/B1) (1 mo. USD Term SOFR + 1.500%) | Phoenix Guarantor, Inc. (B+/B1) (1 mo. USD Term SOFR + 1.500%) |
| 4912999 | 6.827 | 02/21/31 | 4925822 |
| Summit Behavioral Healthcare LLC (B-/Caa1) (3 mo. USD Term SOFR + 4.250%) | Summit Behavioral Healthcare LLC (B-/Caa1) (3 mo. USD Term SOFR + 4.250%) | Summit Behavioral Healthcare LLC (B-/Caa1) (3 mo. USD Term SOFR + 4.250%) | Summit Behavioral Healthcare LLC (B-/Caa1) (3 mo. USD Term SOFR + 4.250%) |
| 3120574 | 8.546 | 11/24/28 | 2340431 |
| U.S. Radiology Specialists, Inc. (B-/B3) (3 mo. USD Term SOFR + 4.750%) | U.S. Radiology Specialists, Inc. (B-/B3) (3 mo. USD Term SOFR + 4.750%) | U.S. Radiology Specialists, Inc. (B-/B3) (3 mo. USD Term SOFR + 4.750%) | U.S. Radiology Specialists, Inc. (B-/B3) (3 mo. USD Term SOFR + 4.750%) |
| 7822651 | 9.046 | 12/15/27 | 7834072 |
|  |  |  | 30574112 |
| **Healthcare – 0.6%** | **Healthcare – 0.6%** | **Healthcare – 0.6%** | **Healthcare – 0.6%** |
| LifePoint Health, Inc. (B/B2) (3 mo. USD Term SOFR + 3.750%) | LifePoint Health, Inc. (B/B2) (3 mo. USD Term SOFR + 3.750%) | LifePoint Health, Inc. (B/B2) (3 mo. USD Term SOFR + 3.750%) | LifePoint Health, Inc. (B/B2) (3 mo. USD Term SOFR + 3.750%) |
| 5237230 | 8.006 | 05/19/31 | 5175849 |
| Onex TSG Intermediate Corp. (B/B2) (3 mo. USD Term SOFR + 4.750%) | Onex TSG Intermediate Corp. (B/B2) (3 mo. USD Term SOFR + 4.750%) | Onex TSG Intermediate Corp. (B/B2) (3 mo. USD Term SOFR + 4.750%) | Onex TSG Intermediate Corp. (B/B2) (3 mo. USD Term SOFR + 4.750%) |
| 5039551 | 9.344 | 02/28/28 | 5047413 |
|  |  |  | 10223262 |
| **Healthcare Providers & Services<sup>(b)</sup> – 0.3%** | **Healthcare Providers & Services<sup>(b)</sup> – 0.3%** | **Healthcare Providers & Services<sup>(b)</sup> – 0.3%** | **Healthcare Providers & Services<sup>(b)</sup> – 0.3%** |
| Mehilainen Yhtiot OYJ (NR/NR) | Mehilainen Yhtiot OYJ (NR/NR) | Mehilainen Yhtiot OYJ (NR/NR) | Mehilainen Yhtiot OYJ (NR/NR) |
| 5100000 | 0.000 | 08/05/31 | 6008930 |
| **Home Construction – 1.1%** | **Home Construction – 1.1%** | **Home Construction – 1.1%** | **Home Construction – 1.1%** |
| Foundation Building Materials Holding Co. LLC (B/B3) (1 mo. USD LIBOR + 3.250%) | Foundation Building Materials Holding Co. LLC (B/B3) (1 mo. USD LIBOR + 3.250%) | Foundation Building Materials Holding Co. LLC (B/B3) (1 mo. USD LIBOR + 3.250%) | Foundation Building Materials Holding Co. LLC (B/B3) (1 mo. USD LIBOR + 3.250%) |
| 3361066 | 3.750 | 01/31/28 | 3314851 |
| Hunter Douglas, Inc. (B/B1) (3 mo. USD Term SOFR + 3.250%) | Hunter Douglas, Inc. (B/B1) (3 mo. USD Term SOFR + 3.250%) | Hunter Douglas, Inc. (B/B1) (3 mo. USD Term SOFR + 3.250%) | Hunter Douglas, Inc. (B/B1) (3 mo. USD Term SOFR + 3.250%) |
| 6854462 | 7.546 | 01/20/32 | 6823069 |
| Tecta America Corp. <sup>(b)</sup> (B/B2) | Tecta America Corp. <sup>(b)</sup> (B/B2) | Tecta America Corp. <sup>(b)</sup> (B/B2) | Tecta America Corp. <sup>(b)</sup> (B/B2) |
| 8546764 | 0.000 | 02/18/32 | 8554798 |
|  |  |  | 18692718 |
| **Insurance – 4.5%** | **Insurance – 4.5%** | **Insurance – 4.5%** | **Insurance – 4.5%** |
| Acrisure LLC (B/B2) (1 mo. USD Term SOFR + 2.000%) | Acrisure LLC (B/B2) (1 mo. USD Term SOFR + 2.000%) | Acrisure LLC (B/B2) (1 mo. USD Term SOFR + 2.000%) | Acrisure LLC (B/B2) (1 mo. USD Term SOFR + 2.000%) |
| 11549550 | 7.327 | 11/06/30 | 11508318 |
| (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) |
| 1950000 | 7.577 | 06/04/32 | 1947562 |
| Alliant Holdings Intermediate LLC (B/B2) (1 mo. USD Term SOFR + 2.750%) | Alliant Holdings Intermediate LLC (B/B2) (1 mo. USD Term SOFR + 2.750%) | Alliant Holdings Intermediate LLC (B/B2) (1 mo. USD Term SOFR + 2.750%) | Alliant Holdings Intermediate LLC (B/B2) (1 mo. USD Term SOFR + 2.750%) |
| 12414337 | 7.072 | 09/19/31 | 12415703 |
| AmWINS Group, Inc. (B+/B1) (1 mo. USD Term SOFR + 2.250%) | AmWINS Group, Inc. (B+/B1) (1 mo. USD Term SOFR + 2.250%) | AmWINS Group, Inc. (B+/B1) (1 mo. USD Term SOFR + 2.250%) | AmWINS Group, Inc. (B+/B1) (1 mo. USD Term SOFR + 2.250%) |
| 6517250 | 6.577 | 01/30/32 | 6518423 |
| AssuredPartners, Inc. (B/B2) (1 mo. USD Term SOFR + 3.500%) | AssuredPartners, Inc. (B/B2) (1 mo. USD Term SOFR + 3.500%) | AssuredPartners, Inc. (B/B2) (1 mo. USD Term SOFR + 3.500%) | AssuredPartners, Inc. (B/B2) (1 mo. USD Term SOFR + 3.500%) |
| 7081219 | 7.827 | 02/14/31 | 7097647 |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** |
| **Insurance – (continued)** | **Insurance – (continued)** | **Insurance – (continued)** | **Insurance – (continued)** |
| Broadstreet Partners, Inc. (B/B2) (1 mo. USD Term SOFR + 3.000%) | Broadstreet Partners, Inc. (B/B2) (1 mo. USD Term SOFR + 3.000%) | Broadstreet Partners, Inc. (B/B2) (1 mo. USD Term SOFR + 3.000%) | Broadstreet Partners, Inc. (B/B2) (1 mo. USD Term SOFR + 3.000%) |
| 9132749 | 7.327% | 06/13/31 | $9141699 |
| Howden Group Holdings Ltd. (B/B2) (1 mo. USD Term SOFR + 3.000%) | Howden Group Holdings Ltd. (B/B2) (1 mo. USD Term SOFR + 3.000%) | Howden Group Holdings Ltd. (B/B2) (1 mo. USD Term SOFR + 3.000%) | Howden Group Holdings Ltd. (B/B2) (1 mo. USD Term SOFR + 3.000%) |
| 8549649 | 7.327 | 02/15/31 | 8571964 |
| (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) |
| 1228015 | 7.827 | 04/18/30 | 1233811 |
| Sedgwick Claims Management Services, Inc. (B+/B2) (1 mo. USD Term SOFR + 3.000%) | Sedgwick Claims Management Services, Inc. (B+/B2) (1 mo. USD Term SOFR + 3.000%) | Sedgwick Claims Management Services, Inc. (B+/B2) (1 mo. USD Term SOFR + 3.000%) | Sedgwick Claims Management Services, Inc. (B+/B2) (1 mo. USD Term SOFR + 3.000%) |
| 8916493 | 7.327 | 07/31/31 | 8944402 |
| Trucordia Insurance Holdings LLC (B/B2) (1 mo. USD Term SOFR + 3.250%) | Trucordia Insurance Holdings LLC (B/B2) (1 mo. USD Term SOFR + 3.250%) | Trucordia Insurance Holdings LLC (B/B2) (1 mo. USD Term SOFR + 3.250%) | Trucordia Insurance Holdings LLC (B/B2) (1 mo. USD Term SOFR + 3.250%) |
| 2500000 | 7.564 | 06/14/32 | 2503125 |
| Truist Insurance Holdings LLC (B/B2) (3 mo. USD Term SOFR + 2.750%) | Truist Insurance Holdings LLC (B/B2) (3 mo. USD Term SOFR + 2.750%) | Truist Insurance Holdings LLC (B/B2) (3 mo. USD Term SOFR + 2.750%) | Truist Insurance Holdings LLC (B/B2) (3 mo. USD Term SOFR + 2.750%) |
| 3907727 | 7.046 | 05/06/31 | 3906906 |
| USI, Inc. (B/B1) (3 mo. USD Term SOFR + 2.250%) | USI, Inc. (B/B1) (3 mo. USD Term SOFR + 2.250%) | USI, Inc. (B/B1) (3 mo. USD Term SOFR + 2.250%) | USI, Inc. (B/B1) (3 mo. USD Term SOFR + 2.250%) |
| 7110213 | 6.546 | 11/21/29 | 7095780 |
|  |  |  | 80885340 |
| **Internet – 1.2%** | **Internet – 1.2%** | **Internet – 1.2%** | **Internet – 1.2%** |
| BEP Intermediate Holdco LLC (B/B1) (1 mo. USD Term SOFR + 3.250%) | BEP Intermediate Holdco LLC (B/B1) (1 mo. USD Term SOFR + 3.250%) | BEP Intermediate Holdco LLC (B/B1) (1 mo. USD Term SOFR + 3.250%) | BEP Intermediate Holdco LLC (B/B1) (1 mo. USD Term SOFR + 3.250%) |
| 3354591 | 7.577 | 04/25/31 | 3358784 |
| CNT Holdings I Corp. (B/B2) (3 mo. USD Term SOFR + 2.500%) | CNT Holdings I Corp. (B/B2) (3 mo. USD Term SOFR + 2.500%) | CNT Holdings I Corp. (B/B2) (3 mo. USD Term SOFR + 2.500%) | CNT Holdings I Corp. (B/B2) (3 mo. USD Term SOFR + 2.500%) |
| 4506113 | 6.780 | 11/08/32 | 4515035 |
| Fortress Intermediate 3, Inc. (B/B2) | Fortress Intermediate 3, Inc. (B/B2) | Fortress Intermediate 3, Inc. (B/B2) | Fortress Intermediate 3, Inc. (B/B2) |
| 3566018 | 0.000 | 06/27/31 | 3570475 |
| Hoya Midco LLC (BB-/B2) (3 mo. USD Term SOFR + 2.250%) | Hoya Midco LLC (BB-/B2) (3 mo. USD Term SOFR + 2.250%) | Hoya Midco LLC (BB-/B2) (3 mo. USD Term SOFR + 2.250%) | Hoya Midco LLC (BB-/B2) (3 mo. USD Term SOFR + 2.250%) |
| 2817937 | 6.530 | 02/03/29 | 2438390 |
| MH Sub I LLC (B/B1) (1 mo. USD Term SOFR + 4.250%) | MH Sub I LLC (B/B1) (1 mo. USD Term SOFR + 4.250%) | MH Sub I LLC (B/B1) (1 mo. USD Term SOFR + 4.250%) | MH Sub I LLC (B/B1) (1 mo. USD Term SOFR + 4.250%) |
| 995590 | 8.577 | 12/31/31 | 862848 |
| Plano HoldCo, Inc. (B+/B2) (3 mo. USD Term SOFR + 3.500%) | Plano HoldCo, Inc. (B+/B2) (3 mo. USD Term SOFR + 3.500%) | Plano HoldCo, Inc. (B+/B2) (3 mo. USD Term SOFR + 3.500%) | Plano HoldCo, Inc. (B+/B2) (3 mo. USD Term SOFR + 3.500%) |
| 7830375 | 7.796 | 10/02/31 | 7419280 |
|  |  |  | 22164812 |
| **Lodging – 1.0%** | **Lodging – 1.0%** | **Lodging – 1.0%** | **Lodging – 1.0%** |
| Caesars Entertainment, Inc. (BB-/Ba3) (1 mo. USD Term SOFR + 2.250%) | Caesars Entertainment, Inc. (BB-/Ba3) (1 mo. USD Term SOFR + 2.250%) | Caesars Entertainment, Inc. (BB-/Ba3) (1 mo. USD Term SOFR + 2.250%) | Caesars Entertainment, Inc. (BB-/Ba3) (1 mo. USD Term SOFR + 2.250%) |
| 4373625 | 6.577 | 02/06/30 | 4364877 |
| Fertitta Entertainment LLC (B/B2) (1 mo. USD Term SOFR + 3.500%) | Fertitta Entertainment LLC (B/B2) (1 mo. USD Term SOFR + 3.500%) | Fertitta Entertainment LLC (B/B2) (1 mo. USD Term SOFR + 3.500%) | Fertitta Entertainment LLC (B/B2) (1 mo. USD Term SOFR + 3.500%) |
| 3615657 | 7.827 | 01/27/29 | 3609330 |
| Hilton Grand Vacations Borrower LLC (BB/Ba2) (1 mo. USD Term SOFR + 2.000%) | Hilton Grand Vacations Borrower LLC (BB/Ba2) (1 mo. USD Term SOFR + 2.000%) | Hilton Grand Vacations Borrower LLC (BB/Ba2) (1 mo. USD Term SOFR + 2.000%) | Hilton Grand Vacations Borrower LLC (BB/Ba2) (1 mo. USD Term SOFR + 2.000%) |
| 6865054 | 6.327 | 08/02/28 | 6857571 |
| Travel & Leisure Co. (BB-/Ba3) (1 mo. USD Term SOFR + 2.500%) | Travel & Leisure Co. (BB-/Ba3) (1 mo. USD Term SOFR + 2.500%) | Travel & Leisure Co. (BB-/Ba3) (1 mo. USD Term SOFR + 2.500%) | Travel & Leisure Co. (BB-/Ba3) (1 mo. USD Term SOFR + 2.500%) |
| 2844767 | 6.827 | 12/14/29 | 2846901 |
|  |  |  | 17678679 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** |
| **Machinery – 1.7%** | **Machinery – 1.7%** | **Machinery – 1.7%** | **Machinery – 1.7%** |
| Apex Tool Group LLC<sup>(c)</sup> (CCC-/Caa2) (1 mo. USD Term SOFR + 7.500%) | Apex Tool Group LLC<sup>(c)</sup> (CCC-/Caa2) (1 mo. USD Term SOFR + 7.500%) | Apex Tool Group LLC<sup>(c)</sup> (CCC-/Caa2) (1 mo. USD Term SOFR + 7.500%) | Apex Tool Group LLC<sup>(c)</sup> (CCC-/Caa2) (1 mo. USD Term SOFR + 7.500%) |
| 6952266 | 7.500% | 02/08/30 | $5422767 |
| Apex Tool Group LLC (CCC+/B3) (1 mo. USD Term SOFR + 4.000%) | Apex Tool Group LLC (CCC+/B3) (1 mo. USD Term SOFR + 4.000%) | Apex Tool Group LLC (CCC+/B3) (1 mo. USD Term SOFR + 4.000%) | Apex Tool Group LLC (CCC+/B3) (1 mo. USD Term SOFR + 4.000%) |
| 2937671 | 9.677 | 02/08/29 | 2526397 |
| CD&R Hydra Buyer, Inc. (B/B3) (1 mo. USD Term SOFR + 4.000%) | CD&R Hydra Buyer, Inc. (B/B3) (1 mo. USD Term SOFR + 4.000%) | CD&R Hydra Buyer, Inc. (B/B3) (1 mo. USD Term SOFR + 4.000%) | CD&R Hydra Buyer, Inc. (B/B3) (1 mo. USD Term SOFR + 4.000%) |
| 3999375 | 8.427 | 03/25/31 | 3930386 |
| Project Castle, Inc.<sup>(b)</sup> (CCC+/Caa2) | Project Castle, Inc.<sup>(b)</sup> (CCC+/Caa2) | Project Castle, Inc.<sup>(b)</sup> (CCC+/Caa2) | Project Castle, Inc.<sup>(b)</sup> (CCC+/Caa2) |
| 7065797 | 0.000 | 06/01/29 | 5551668 |
| TK Elevator Midco GmbH (B/B2) (3 mo. USD Term SOFR + 3.000%) | TK Elevator Midco GmbH (B/B2) (3 mo. USD Term SOFR + 3.000%) | TK Elevator Midco GmbH (B/B2) (3 mo. USD Term SOFR + 3.000%) | TK Elevator Midco GmbH (B/B2) (3 mo. USD Term SOFR + 3.000%) |
| 13547927 | 7.237 | 04/30/30 | 13577190 |
|  |  |  | 31008408 |
| **Machinery - Construction & Mining – 0.6%** | **Machinery - Construction & Mining – 0.6%** | **Machinery - Construction & Mining – 0.6%** | **Machinery - Construction & Mining – 0.6%** |
| Chromalloy Corp. (B-/B2) (3 mo. USD Term SOFR + 3.750%) | Chromalloy Corp. (B-/B2) (3 mo. USD Term SOFR + 3.750%) | Chromalloy Corp. (B-/B2) (3 mo. USD Term SOFR + 3.750%) | Chromalloy Corp. (B-/B2) (3 mo. USD Term SOFR + 3.750%) |
| 8746055 | 8.038 | 03/27/31 | 8752177 |
| WEC U.S. Holdings Ltd. (B+/B1) (1 mo. USD Term SOFR + 2.250%) | WEC U.S. Holdings Ltd. (B+/B1) (1 mo. USD Term SOFR + 2.250%) | WEC U.S. Holdings Ltd. (B+/B1) (1 mo. USD Term SOFR + 2.250%) | WEC U.S. Holdings Ltd. (B+/B1) (1 mo. USD Term SOFR + 2.250%) |
| 1435714 | 6.574 | 01/27/31 | 1435599 |
|  |  |  | 10187776 |
| **Media – 0.6%** | **Media – 0.6%** | **Media – 0.6%** | **Media – 0.6%** |
| Audacy Capital Corp. (B+/B2) (1 mo. USD Term SOFR + 7.000%) | Audacy Capital Corp. (B+/B2) (1 mo. USD Term SOFR + 7.000%) | Audacy Capital Corp. (B+/B2) (1 mo. USD Term SOFR + 7.000%) | Audacy Capital Corp. (B+/B2) (1 mo. USD Term SOFR + 7.000%) |
| 252835 | 11.441 | 10/02/28 | 250939 |
| Cogeco Communications Finance (USA) LP (BB/B1) (1 mo. USD Term SOFR + 3.250%) | Cogeco Communications Finance (USA) LP (BB/B1) (1 mo. USD Term SOFR + 3.250%) | Cogeco Communications Finance (USA) LP (BB/B1) (1 mo. USD Term SOFR + 3.250%) | Cogeco Communications Finance (USA) LP (BB/B1) (1 mo. USD Term SOFR + 3.250%) |
| 4066280 | 7.577 | 09/18/30 | 4053594 |
| CSC Holdings LLC<sup>(b)</sup> (CCC+/Caa1) | CSC Holdings LLC<sup>(b)</sup> (CCC+/Caa1) | CSC Holdings LLC<sup>(b)</sup> (CCC+/Caa1) | CSC Holdings LLC<sup>(b)</sup> (CCC+/Caa1) |
| 3017283 | 0.000 | 01/18/28 | 2972054 |
| DirecTV Financing LLC<sup>(b)</sup> (BB-/B1) | DirecTV Financing LLC<sup>(b)</sup> (BB-/B1) | DirecTV Financing LLC<sup>(b)</sup> (BB-/B1) | DirecTV Financing LLC<sup>(b)</sup> (BB-/B1) |
| 1308248 | 0.000 | 02/17/31 | 1244797 |
| EOC Borrower LLC (B+/B2) (1 mo. USD Term SOFR + 3.000%) | EOC Borrower LLC (B+/B2) (1 mo. USD Term SOFR + 3.000%) | EOC Borrower LLC (B+/B2) (1 mo. USD Term SOFR + 3.000%) | EOC Borrower LLC (B+/B2) (1 mo. USD Term SOFR + 3.000%) |
| 2000000 | 7.327 | 03/24/32 | 2000620 |
|  |  |  | 10522004 |
| **Media - Cable – 1.1%** | **Media - Cable – 1.1%** | **Media - Cable – 1.1%** | **Media - Cable – 1.1%** |
| Altice Financing SA (CCC+/Caa2) (3 mo. USD Term SOFR + 5.000%) | Altice Financing SA (CCC+/Caa2) (3 mo. USD Term SOFR + 5.000%) | Altice Financing SA (CCC+/Caa2) (3 mo. USD Term SOFR + 5.000%) | Altice Financing SA (CCC+/Caa2) (3 mo. USD Term SOFR + 5.000%) |
| 2219464 | 9.256 | 10/31/27 | 1777414 |
| Altice France SA (D/Caa2) (3 mo. USD Term SOFR + 5.500%) | Altice France SA (D/Caa2) (3 mo. USD Term SOFR + 5.500%) | Altice France SA (D/Caa2) (3 mo. USD Term SOFR + 5.500%) | Altice France SA (D/Caa2) (3 mo. USD Term SOFR + 5.500%) |
| 6615251 | 9.756 | 08/15/28 | 5977607 |
| CSC Holdings LLC (CCC+/Caa1) (1 mo. USD LIBOR + 1.500%) | CSC Holdings LLC (CCC+/Caa1) (1 mo. USD LIBOR + 1.500%) | CSC Holdings LLC (CCC+/Caa1) (1 mo. USD LIBOR + 1.500%) | CSC Holdings LLC (CCC+/Caa1) (1 mo. USD LIBOR + 1.500%) |
| 1620723 | 7.607 | 04/15/27 | 1577029 |
| Gray Television, Inc. (B/Ba3) (1 mo. USD Term SOFR + 3.000%) | Gray Television, Inc. (B/Ba3) (1 mo. USD Term SOFR + 3.000%) | Gray Television, Inc. (B/Ba3) (1 mo. USD Term SOFR + 3.000%) | Gray Television, Inc. (B/Ba3) (1 mo. USD Term SOFR + 3.000%) |
| 1923913 | 7.439 | 12/01/28 | 1858326 |
| iHeartCommunications, Inc. (CCC+/Caa1) (1 mo. USD Term SOFR + 5.775%) | iHeartCommunications, Inc. (CCC+/Caa1) (1 mo. USD Term SOFR + 5.775%) | iHeartCommunications, Inc. (CCC+/Caa1) (1 mo. USD Term SOFR + 5.775%) | iHeartCommunications, Inc. (CCC+/Caa1) (1 mo. USD Term SOFR + 5.775%) |
| 3338086 | 10.216 | 05/01/29 | 2712195 |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** |
| **Media - Cable – (continued)** | **Media - Cable – (continued)** | **Media - Cable – (continued)** | **Media - Cable – (continued)** |
| Virgin Media Bristol LLC (B+/Ba3) (6 mo. USD Term SOFR + 3.175%) | Virgin Media Bristol LLC (B+/Ba3) (6 mo. USD Term SOFR + 3.175%) | Virgin Media Bristol LLC (B+/Ba3) (6 mo. USD Term SOFR + 3.175%) | Virgin Media Bristol LLC (B+/Ba3) (6 mo. USD Term SOFR + 3.175%) |
| 5333080 | 7.373% | 03/31/31 | $5259163 |
|  |  |  | 19161734 |
| **Media - Non Cable – 0.6%** | **Media - Non Cable – 0.6%** | **Media - Non Cable – 0.6%** | **Media - Non Cable – 0.6%** |
| Audacy Capital Corp. (B-/Caa2) (1 mo. USD Term SOFR + 6.000%) | Audacy Capital Corp. (B-/Caa2) (1 mo. USD Term SOFR + 6.000%) | Audacy Capital Corp. (B-/Caa2) (1 mo. USD Term SOFR + 6.000%) | Audacy Capital Corp. (B-/Caa2) (1 mo. USD Term SOFR + 6.000%) |
| 2264921 | 10.441 | 10/01/29 | 1843645 |
| Diamond Sports Group LLC<sup>(d)</sup> (NR/NR) (Fixed + 15.000%) | Diamond Sports Group LLC<sup>(d)</sup> (NR/NR) (Fixed + 15.000%) | Diamond Sports Group LLC<sup>(d)</sup> (NR/NR) (Fixed + 15.000%) | Diamond Sports Group LLC<sup>(d)</sup> (NR/NR) (Fixed + 15.000%) |
| 216213 | 15.000 | 01/02/28 | 195403 |
| NEP/NCP Holdco, Inc. (CCC/Caa3) (3 mo. USD Term SOFR + 7.000%) | NEP/NCP Holdco, Inc. (CCC/Caa3) (3 mo. USD Term SOFR + 7.000%) | NEP/NCP Holdco, Inc. (CCC/Caa3) (3 mo. USD Term SOFR + 7.000%) | NEP/NCP Holdco, Inc. (CCC/Caa3) (3 mo. USD Term SOFR + 7.000%) |
| 3200000 | 11.594 | 10/19/26 | 1676800 |
| Neptune Bidco U.S., Inc. (B/B2) (3 mo. USD Term SOFR + 5.000%) | Neptune Bidco U.S., Inc. (B/B2) (3 mo. USD Term SOFR + 5.000%) | Neptune Bidco U.S., Inc. (B/B2) (3 mo. USD Term SOFR + 5.000%) | Neptune Bidco U.S., Inc. (B/B2) (3 mo. USD Term SOFR + 5.000%) |
| 6683671 | 9.330 | 04/11/29 | 6305308 |
|  |  |  | 10021156 |
| **Midstream – 2.1%** | **Midstream – 2.1%** | **Midstream – 2.1%** | **Midstream – 2.1%** |
| AL GCX Fund VIII Holdings LLC (BB/Ba3) (1 mo. USD Term SOFR + 2.000%) | AL GCX Fund VIII Holdings LLC (BB/Ba3) (1 mo. USD Term SOFR + 2.000%) | AL GCX Fund VIII Holdings LLC (BB/Ba3) (1 mo. USD Term SOFR + 2.000%) | AL GCX Fund VIII Holdings LLC (BB/Ba3) (1 mo. USD Term SOFR + 2.000%) |
| 4750000 | 6.313 | 01/30/32 | 4741118 |
| AL GCX Holdings LLC (BB/Ba3) (1 mo. USD Term SOFR + 2.000%) | AL GCX Holdings LLC (BB/Ba3) (1 mo. USD Term SOFR + 2.000%) | AL GCX Holdings LLC (BB/Ba3) (1 mo. USD Term SOFR + 2.000%) | AL GCX Holdings LLC (BB/Ba3) (1 mo. USD Term SOFR + 2.000%) |
| 8037585 | 6.313 | 05/17/29 | 8036138 |
| AL NGPL Holdings LLC (B+/Ba3) (3 mo. USD Term SOFR + 2.500%) | AL NGPL Holdings LLC (B+/Ba3) (3 mo. USD Term SOFR + 2.500%) | AL NGPL Holdings LLC (B+/Ba3) (3 mo. USD Term SOFR + 2.500%) | AL NGPL Holdings LLC (B+/Ba3) (3 mo. USD Term SOFR + 2.500%) |
| 7418894 | 6.785 | 04/13/28 | 7407765 |
| Oryx Midstream Services Permian Basin LLC (BB-/Ba3) (1 mo. USD Term SOFR + 2.250%) | Oryx Midstream Services Permian Basin LLC (BB-/Ba3) (1 mo. USD Term SOFR + 2.250%) | Oryx Midstream Services Permian Basin LLC (BB-/Ba3) (1 mo. USD Term SOFR + 2.250%) | Oryx Midstream Services Permian Basin LLC (BB-/Ba3) (1 mo. USD Term SOFR + 2.250%) |
| 11031193 | 6.572 | 10/05/28 | 11021596 |
| Whitewater Matterhorn Holdings LLC<sup>(b)</sup> (BB/Ba3) | Whitewater Matterhorn Holdings LLC<sup>(b)</sup> (BB/Ba3) | Whitewater Matterhorn Holdings LLC<sup>(b)</sup> (BB/Ba3) | Whitewater Matterhorn Holdings LLC<sup>(b)</sup> (BB/Ba3) |
| 6325000 | 0.000 | 06/16/32 | 6315766 |
|  |  |  | 37522383 |
| **Mining – 0.9%** | **Mining – 0.9%** | **Mining – 0.9%** | **Mining – 0.9%** |
| Arsenal AIC Parent LLC (B+/Ba3) (1 mo. USD Term SOFR + 2.750%) | Arsenal AIC Parent LLC (B+/Ba3) (1 mo. USD Term SOFR + 2.750%) | Arsenal AIC Parent LLC (B+/Ba3) (1 mo. USD Term SOFR + 2.750%) | Arsenal AIC Parent LLC (B+/Ba3) (1 mo. USD Term SOFR + 2.750%) |
| 8178593 | 7.077 | 08/19/30 | 8160191 |
| Crosby U.S. Acquisition Corp. (B/B2) (1 mo. USD Term SOFR + 3.500%) | Crosby U.S. Acquisition Corp. (B/B2) (1 mo. USD Term SOFR + 3.500%) | Crosby U.S. Acquisition Corp. (B/B2) (1 mo. USD Term SOFR + 3.500%) | Crosby U.S. Acquisition Corp. (B/B2) (1 mo. USD Term SOFR + 3.500%) |
| 2610382 | 7.827 | 08/16/29 | 2618214 |
| PMHC II, Inc. (B-/B3) (3 mo. USD Term SOFR + 4.250%) | PMHC II, Inc. (B-/B3) (3 mo. USD Term SOFR + 4.250%) | PMHC II, Inc. (B-/B3) (3 mo. USD Term SOFR + 4.250%) | PMHC II, Inc. (B-/B3) (3 mo. USD Term SOFR + 4.250%) |
| 5203675 | 8.642 | 04/23/29 | 4532973 |
|  |  |  | 15311378 |
| **Non Captive – 0.5%** | **Non Captive – 0.5%** | **Non Captive – 0.5%** | **Non Captive – 0.5%** |
| Asurion LLC (BB-/Ba3) (1 mo. USD Term SOFR + 4.000%) | Asurion LLC (BB-/Ba3) (1 mo. USD Term SOFR + 4.000%) | Asurion LLC (BB-/Ba3) (1 mo. USD Term SOFR + 4.000%) | Asurion LLC (BB-/Ba3) (1 mo. USD Term SOFR + 4.000%) |
| 997436 | 8.427 | 08/19/28 | 982614 |
| HUB International Ltd. (B+/B1) ((3 mo. USD Term SOFR + 2.500%) – (3 mo. USD Term SOFR + 2.500%)) | HUB International Ltd. (B+/B1) ((3 mo. USD Term SOFR + 2.500%) – (3 mo. USD Term SOFR + 2.500%)) | HUB International Ltd. (B+/B1) ((3 mo. USD Term SOFR + 2.500%) – (3 mo. USD Term SOFR + 2.500%)) | HUB International Ltd. (B+/B1) ((3 mo. USD Term SOFR + 2.500%) – (3 mo. USD Term SOFR + 2.500%)) |
| 7353897 | 6.769–6.796 | 06/20/30 | 7374267 |
|  |  |  | 8356881 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** |
| **Oil Field Services – 1.1%** | **Oil Field Services – 1.1%** | **Oil Field Services – 1.1%** | **Oil Field Services – 1.1%** |
| BANGL LLC (BB-/B2) (3 mo. USD Term SOFR + 4.500%) | BANGL LLC (BB-/B2) (3 mo. USD Term SOFR + 4.500%) | BANGL LLC (BB-/B2) (3 mo. USD Term SOFR + 4.500%) | BANGL LLC (BB-/B2) (3 mo. USD Term SOFR + 4.500%) |
| 5453011 | 8.788% | 02/01/29 | $5466644 |
| ChampionX Corp. (BBB/Ba1) (1 mo. USD Term SOFR + 2.750%) | ChampionX Corp. (BBB/Ba1) (1 mo. USD Term SOFR + 2.750%) | ChampionX Corp. (BBB/Ba1) (1 mo. USD Term SOFR + 2.750%) | ChampionX Corp. (BBB/Ba1) (1 mo. USD Term SOFR + 2.750%) |
| 1941973 | 7.177 | 06/07/29 | 1941973 |
| Illuminate Buyer LLC (B+/B1) (1 mo. USD Term SOFR + 3.000%) | Illuminate Buyer LLC (B+/B1) (1 mo. USD Term SOFR + 3.000%) | Illuminate Buyer LLC (B+/B1) (1 mo. USD Term SOFR + 3.000%) | Illuminate Buyer LLC (B+/B1) (1 mo. USD Term SOFR + 3.000%) |
| 11811862 | 7.327 | 12/31/29 | 11838675 |
| New Fortress Energy, Inc.<sup>(b)</sup> (B/B3) | New Fortress Energy, Inc.<sup>(b)</sup> (B/B3) | New Fortress Energy, Inc.<sup>(b)</sup> (B/B3) | New Fortress Energy, Inc.<sup>(b)</sup> (B/B3) |
| 897750 | 0.000 | 10/30/28 | 482792 |
|  |  |  | 19730084 |
| **Packaging – 1.2%** | **Packaging – 1.2%** | **Packaging – 1.2%** | **Packaging – 1.2%** |
| Clydesdale Acquisition Holdings, Inc. (B+/B2) (1 mo. USD Term SOFR + 3.250%) | Clydesdale Acquisition Holdings, Inc. (B+/B2) (1 mo. USD Term SOFR + 3.250%) | Clydesdale Acquisition Holdings, Inc. (B+/B2) (1 mo. USD Term SOFR + 3.250%) | Clydesdale Acquisition Holdings, Inc. (B+/B2) (1 mo. USD Term SOFR + 3.250%) |
| 4471821 | 7.577 | 04/01/32 | 4451966 |
| (CME Term SOFR + 3.250%) | (CME Term SOFR + 3.250%) | (CME Term SOFR + 3.250%) | (CME Term SOFR + 3.250%) |
| 2345 | 1.625 | 04/01/32 | 2335 |
| Klockner-Pentaplast of America, Inc. (CCC-/Caa1) (6 mo. USD Term SOFR + 4.725%) | Klockner-Pentaplast of America, Inc. (CCC-/Caa1) (6 mo. USD Term SOFR + 4.725%) | Klockner-Pentaplast of America, Inc. (CCC-/Caa1) (6 mo. USD Term SOFR + 4.725%) | Klockner-Pentaplast of America, Inc. (CCC-/Caa1) (6 mo. USD Term SOFR + 4.725%) |
| 2107654 | 9.227 | 02/12/26 | 1930232 |
| Pretium Packaging LLC (B-/B3) (3 mo. USD Term SOFR + 1.250%) | Pretium Packaging LLC (B-/B3) (3 mo. USD Term SOFR + 1.250%) | Pretium Packaging LLC (B-/B3) (3 mo. USD Term SOFR + 1.250%) | Pretium Packaging LLC (B-/B3) (3 mo. USD Term SOFR + 1.250%) |
| 713587 | 8.010 | 10/02/28 | 710275 |
| Pretium Packaging LLC (CCC/Caa3) (3 mo. USD Term SOFR + 0.701%) | Pretium Packaging LLC (CCC/Caa3) (3 mo. USD Term SOFR + 0.701%) | Pretium Packaging LLC (CCC/Caa3) (3 mo. USD Term SOFR + 0.701%) | Pretium Packaging LLC (CCC/Caa3) (3 mo. USD Term SOFR + 0.701%) |
| 2627233 | 8.158 | 10/02/28 | 1246990 |
| Pro Mach Group, Inc. (B/B2) (1 mo. USD Term SOFR + 2.750%) | Pro Mach Group, Inc. (B/B2) (1 mo. USD Term SOFR + 2.750%) | Pro Mach Group, Inc. (B/B2) (1 mo. USD Term SOFR + 2.750%) | Pro Mach Group, Inc. (B/B2) (1 mo. USD Term SOFR + 2.750%) |
| 3765563 | 7.077 | 08/31/28 | 3772002 |
| Tosca Services LLC<sup>(b)</sup> (B/B2) | Tosca Services LLC<sup>(b)</sup> (B/B2) | Tosca Services LLC<sup>(b)</sup> (B/B2) | Tosca Services LLC<sup>(b)</sup> (B/B2) |
| 1395211 | 0.000 | 11/30/28 | 1414981 |
| Tosca Services LLC<sup>(b)</sup> (CCC/Caa2) | Tosca Services LLC<sup>(b)</sup> (CCC/Caa2) | Tosca Services LLC<sup>(b)</sup> (CCC/Caa2) | Tosca Services LLC<sup>(b)</sup> (CCC/Caa2) |
| 8173407 | 0.000 | 11/30/28 | 7307026 |
|  |  |  | 20835807 |
| **Pharmaceuticals – 0.9%** | **Pharmaceuticals – 0.9%** | **Pharmaceuticals – 0.9%** | **Pharmaceuticals – 0.9%** |
| Amneal Pharmaceuticals LLC (B+/B1) (1 mo. USD Term SOFR + 5.500%) | Amneal Pharmaceuticals LLC (B+/B1) (1 mo. USD Term SOFR + 5.500%) | Amneal Pharmaceuticals LLC (B+/B1) (1 mo. USD Term SOFR + 5.500%) | Amneal Pharmaceuticals LLC (B+/B1) (1 mo. USD Term SOFR + 5.500%) |
| 3946250 | 9.827 | 05/04/28 | 4007101 |
| Bausch Health Cos., Inc. (B/Caa1) (1 mo. USD Term SOFR + 6.250%) | Bausch Health Cos., Inc. (B/Caa1) (1 mo. USD Term SOFR + 6.250%) | Bausch Health Cos., Inc. (B/Caa1) (1 mo. USD Term SOFR + 6.250%) | Bausch Health Cos., Inc. (B/Caa1) (1 mo. USD Term SOFR + 6.250%) |
| 2875000 | 10.561 | 10/08/30 | 2766728 |
| Covetrus, Inc. (B-/B2) (3 mo. USD Term SOFR + 5.000%) | Covetrus, Inc. (B-/B2) (3 mo. USD Term SOFR + 5.000%) | Covetrus, Inc. (B-/B2) (3 mo. USD Term SOFR + 5.000%) | Covetrus, Inc. (B-/B2) (3 mo. USD Term SOFR + 5.000%) |
| 7231710 | 9.296 | 10/13/29 | 6497981 |
| Gainwell Acquisition Corp. (B-/B3) (3 mo. USD Term SOFR + 4.000%) | Gainwell Acquisition Corp. (B-/B3) (3 mo. USD Term SOFR + 4.000%) | Gainwell Acquisition Corp. (B-/B3) (3 mo. USD Term SOFR + 4.000%) | Gainwell Acquisition Corp. (B-/B3) (3 mo. USD Term SOFR + 4.000%) |
| 3362118 | 8.396 | 10/01/27 | 3233517 |
|  |  |  | 16505327 |
| **Pipelines – 0.8%** | **Pipelines – 0.8%** | **Pipelines – 0.8%** | **Pipelines – 0.8%** |
| Prairie ECI Acquiror LP (B-/B3) (1 mo. USD Term SOFR + 3.250%) | Prairie ECI Acquiror LP (B-/B3) (1 mo. USD Term SOFR + 3.250%) | Prairie ECI Acquiror LP (B-/B3) (1 mo. USD Term SOFR + 3.250%) | Prairie ECI Acquiror LP (B-/B3) (1 mo. USD Term SOFR + 3.250%) |
| 5036441 | 8.577 | 08/01/29 | 5063185 |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** |
| **Pipelines – (continued)** | **Pipelines – (continued)** | **Pipelines – (continued)** | **Pipelines – (continued)** |
| Traverse Midstream Partners LLC (B+/B2) (3 mo. USD Term SOFR + 3.000%) | Traverse Midstream Partners LLC (B+/B2) (3 mo. USD Term SOFR + 3.000%) | Traverse Midstream Partners LLC (B+/B2) (3 mo. USD Term SOFR + 3.000%) | Traverse Midstream Partners LLC (B+/B2) (3 mo. USD Term SOFR + 3.000%) |
| 4052476 | 7.280% | 02/16/28 | $4057541 |
| WhiteWater DBR HoldCo LLC (BB/Ba1) (3 mo. USD Term SOFR + 2.250%) | WhiteWater DBR HoldCo LLC (BB/Ba1) (3 mo. USD Term SOFR + 2.250%) | WhiteWater DBR HoldCo LLC (BB/Ba1) (3 mo. USD Term SOFR + 2.250%) | WhiteWater DBR HoldCo LLC (BB/Ba1) (3 mo. USD Term SOFR + 2.250%) |
| 4912937 | 6.563 | 03/03/31 | 4912937 |
|  |  |  | 14033663 |
| **Real Estate – 0.2%** | **Real Estate – 0.2%** | **Real Estate – 0.2%** | **Real Estate – 0.2%** |
| Forest City Enterprises LP (CCC+/Caa1) (1 mo. USD Term SOFR + 3.500%) | Forest City Enterprises LP (CCC+/Caa1) (1 mo. USD Term SOFR + 3.500%) | Forest City Enterprises LP (CCC+/Caa1) (1 mo. USD Term SOFR + 3.500%) | Forest City Enterprises LP (CCC+/Caa1) (1 mo. USD Term SOFR + 3.500%) |
| 4348084 | 7.941 | 12/08/25 | 4206249 |
| **Restaurants<sup>(b)</sup> – 0.1%** | **Restaurants<sup>(b)</sup> – 0.1%** | **Restaurants<sup>(b)</sup> – 0.1%** | **Restaurants<sup>(b)</sup> – 0.1%** |
| Dave & Buster's, Inc. (B/B2) | Dave & Buster's, Inc. (B/B2) | Dave & Buster's, Inc. (B/B2) | Dave & Buster's, Inc. (B/B2) |
| 2000000 | 0.000 | 06/29/29 | 1933820 |
| **Retailers – 2.7%** | **Retailers – 2.7%** | **Retailers – 2.7%** | **Retailers – 2.7%** |
| BCPE Empire Holdings, Inc. (B-/B3) (1 mo. USD Term SOFR + 3.250%) | BCPE Empire Holdings, Inc. (B-/B3) (1 mo. USD Term SOFR + 3.250%) | BCPE Empire Holdings, Inc. (B-/B3) (1 mo. USD Term SOFR + 3.250%) | BCPE Empire Holdings, Inc. (B-/B3) (1 mo. USD Term SOFR + 3.250%) |
| 5267133 | 7.577 | 12/11/30 | 5231580 |
| Dealer Tire Financial LLC (B-/B1) (1 mo. USD Term SOFR + 3.000%) | Dealer Tire Financial LLC (B-/B1) (1 mo. USD Term SOFR + 3.000%) | Dealer Tire Financial LLC (B-/B1) (1 mo. USD Term SOFR + 3.000%) | Dealer Tire Financial LLC (B-/B1) (1 mo. USD Term SOFR + 3.000%) |
| 3975145 | 7.327 | 07/02/31 | 3950300 |
| Great Outdoors Group LLC <sup>(b)</sup> (BB-/B1) | Great Outdoors Group LLC <sup>(b)</sup> (BB-/B1) | Great Outdoors Group LLC <sup>(b)</sup> (BB-/B1) | Great Outdoors Group LLC <sup>(b)</sup> (BB-/B1) |
| 1845364 | 0.000 | 01/23/32 | 1840178 |
| Harbor Freight Tools USA, Inc. (BB-/B2) (1 mo. USD Term SOFR + 2.250%) | Harbor Freight Tools USA, Inc. (BB-/B2) (1 mo. USD Term SOFR + 2.250%) | Harbor Freight Tools USA, Inc. (BB-/B2) (1 mo. USD Term SOFR + 2.250%) | Harbor Freight Tools USA, Inc. (BB-/B2) (1 mo. USD Term SOFR + 2.250%) |
| 8476605 | 6.577 | 06/11/31 | 8285882 |
| Mister Car Wash Holdings, Inc. (B/B2) (1 mo. USD Term SOFR + 2.500%) | Mister Car Wash Holdings, Inc. (B/B2) (1 mo. USD Term SOFR + 2.500%) | Mister Car Wash Holdings, Inc. (B/B2) (1 mo. USD Term SOFR + 2.500%) | Mister Car Wash Holdings, Inc. (B/B2) (1 mo. USD Term SOFR + 2.500%) |
| 1354912 | 6.827 | 03/27/31 | 1356321 |
| Peer Holding III BV <sup>(b)</sup> (BB/Ba1) | Peer Holding III BV <sup>(b)</sup> (BB/Ba1) | Peer Holding III BV <sup>(b)</sup> (BB/Ba1) | Peer Holding III BV <sup>(b)</sup> (BB/Ba1) |
| 6591875 | 0.000 | 07/01/31 | 6621538 |
| Petco Health & Wellness Co., Inc. <sup>(b)</sup> (B/B3) | Petco Health & Wellness Co., Inc. <sup>(b)</sup> (B/B3) | Petco Health & Wellness Co., Inc. <sup>(b)</sup> (B/B3) | Petco Health & Wellness Co., Inc. <sup>(b)</sup> (B/B3) |
| 2075000 | 0.000 | 03/03/28 | 1906966 |
| PetSmart, Inc. (BB/B2) (1 mo. USD Term SOFR + 3.750%) | PetSmart, Inc. (BB/B2) (1 mo. USD Term SOFR + 3.750%) | PetSmart, Inc. (BB/B2) (1 mo. USD Term SOFR + 3.750%) | PetSmart, Inc. (BB/B2) (1 mo. USD Term SOFR + 3.750%) |
| 900000 | 8.177 | 02/11/28 | 888939 |
| Restoration Hardware, Inc. (B/B3) (1 mo. USD Term SOFR + 2.500%) | Restoration Hardware, Inc. (B/B3) (1 mo. USD Term SOFR + 2.500%) | Restoration Hardware, Inc. (B/B3) (1 mo. USD Term SOFR + 2.500%) | Restoration Hardware, Inc. (B/B3) (1 mo. USD Term SOFR + 2.500%) |
| 3071696 | 6.941 | 10/20/28 | 2980590 |
| Staples, Inc. (B-/B3) (3 mo. USD Term SOFR + 5.750%) | Staples, Inc. (B-/B3) (3 mo. USD Term SOFR + 5.750%) | Staples, Inc. (B-/B3) (3 mo. USD Term SOFR + 5.750%) | Staples, Inc. (B-/B3) (3 mo. USD Term SOFR + 5.750%) |
| 1895226 | 10.026 | 09/04/29 | 1744954 |
| TruGreen LP (B-/B3) (1 mo. USD Term SOFR + 4.000%) | TruGreen LP (B-/B3) (1 mo. USD Term SOFR + 4.000%) | TruGreen LP (B-/B3) (1 mo. USD Term SOFR + 4.000%) | TruGreen LP (B-/B3) (1 mo. USD Term SOFR + 4.000%) |
| 2484587 | 8.427 | 11/02/27 | 2352606 |
| TruGreen LP (CCC/Caa3) (3 mo. USD Term SOFR + 8.500%) | TruGreen LP (CCC/Caa3) (3 mo. USD Term SOFR + 8.500%) | TruGreen LP (CCC/Caa3) (3 mo. USD Term SOFR + 8.500%) | TruGreen LP (CCC/Caa3) (3 mo. USD Term SOFR + 8.500%) |
| 2200000 | 13.041 | 11/02/28 | 1724250 |
| White Cap Buyer LLC (B/B2) (1 mo. USD Term SOFR + 3.250%) | White Cap Buyer LLC (B/B2) (1 mo. USD Term SOFR + 3.250%) | White Cap Buyer LLC (B/B2) (1 mo. USD Term SOFR + 3.250%) | White Cap Buyer LLC (B/B2) (1 mo. USD Term SOFR + 3.250%) |
| 8647647 | 7.577 | 10/19/29 | 8587114 |
|  |  |  | 47471218 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** |
| **Technology – 3.1%** | **Technology – 3.1%** | **Technology – 3.1%** | **Technology – 3.1%** |
| Cloud Software Group, Inc. (B/B2) (3 mo. USD Term SOFR + 3.500%) | Cloud Software Group, Inc. (B/B2) (3 mo. USD Term SOFR + 3.500%) | Cloud Software Group, Inc. (B/B2) (3 mo. USD Term SOFR + 3.500%) | Cloud Software Group, Inc. (B/B2) (3 mo. USD Term SOFR + 3.500%) |
| 10037157 | 7.796 | 03/29/29 | $10043983 |
| (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) |
| 4860000 | 8.046% | 03/21/31 | 4867193 |
| Fortra LLC (B-/B2) (3 mo. USD Term SOFR + 4.000%) | Fortra LLC (B-/B2) (3 mo. USD Term SOFR + 4.000%) | Fortra LLC (B-/B2) (3 mo. USD Term SOFR + 4.000%) | Fortra LLC (B-/B2) (3 mo. USD Term SOFR + 4.000%) |
| 2003851 | 8.380 | 11/19/26 | 1903659 |
| Kaseya, Inc. (B/B2) (1 mo. USD Term SOFR + 3.250%) | Kaseya, Inc. (B/B2) (1 mo. USD Term SOFR + 3.250%) | Kaseya, Inc. (B/B2) (1 mo. USD Term SOFR + 3.250%) | Kaseya, Inc. (B/B2) (1 mo. USD Term SOFR + 3.250%) |
| 8004938 | 7.577 | 03/20/32 | 8032474 |
| Kaseya, Inc. (CCC+/Caa2) (1 mo. USD Term SOFR + 5.000%) | Kaseya, Inc. (CCC+/Caa2) (1 mo. USD Term SOFR + 5.000%) | Kaseya, Inc. (CCC+/Caa2) (1 mo. USD Term SOFR + 5.000%) | Kaseya, Inc. (CCC+/Caa2) (1 mo. USD Term SOFR + 5.000%) |
| 3000000 | 9.327 | 03/18/33 | 3000930 |
| McAfee LLC (B-/B1) (1 mo. USD Term SOFR + 3.000%) | McAfee LLC (B-/B1) (1 mo. USD Term SOFR + 3.000%) | McAfee LLC (B-/B1) (1 mo. USD Term SOFR + 3.000%) | McAfee LLC (B-/B1) (1 mo. USD Term SOFR + 3.000%) |
| 12109301 | 7.316 | 03/01/29 | 11743478 |
| Pitney Bowes, Inc. (BB/Ba2) (1 mo. USD Term SOFR + 3.750%) | Pitney Bowes, Inc. (BB/Ba2) (1 mo. USD Term SOFR + 3.750%) | Pitney Bowes, Inc. (BB/Ba2) (1 mo. USD Term SOFR + 3.750%) | Pitney Bowes, Inc. (BB/Ba2) (1 mo. USD Term SOFR + 3.750%) |
| 7780500 | 8.077 | 03/19/32 | 7757781 |
| Project Boost Purchaser LLC (B-/B2) (3 mo. USD Term SOFR + 3.000%) | Project Boost Purchaser LLC (B-/B2) (3 mo. USD Term SOFR + 3.000%) | Project Boost Purchaser LLC (B-/B2) (3 mo. USD Term SOFR + 3.000%) | Project Boost Purchaser LLC (B-/B2) (3 mo. USD Term SOFR + 3.000%) |
| 8563725 | 7.296 | 07/16/31 | 8574430 |
|  |  |  | 55923928 |
| **Technology - Hardware – 0.4%** | **Technology - Hardware – 0.4%** | **Technology - Hardware – 0.4%** | **Technology - Hardware – 0.4%** |
| Grinding Media, Inc. (B-/B3) (3 mo. USD Term SOFR + 3.500%) | Grinding Media, Inc. (B-/B3) (3 mo. USD Term SOFR + 3.500%) | Grinding Media, Inc. (B-/B3) (3 mo. USD Term SOFR + 3.500%) | Grinding Media, Inc. (B-/B3) (3 mo. USD Term SOFR + 3.500%) |
| 7121884 | 7.830 | 10/12/28 | 7050665 |
| **Technology - Software – 6.7%** | **Technology - Software – 6.7%** | **Technology - Software – 6.7%** | **Technology - Software – 6.7%** |
| Ahead DB Holdings LLC (B/B1) (3 mo. USD Term SOFR + 3.000%) | Ahead DB Holdings LLC (B/B1) (3 mo. USD Term SOFR + 3.000%) | Ahead DB Holdings LLC (B/B1) (3 mo. USD Term SOFR + 3.000%) | Ahead DB Holdings LLC (B/B1) (3 mo. USD Term SOFR + 3.000%) |
| 10882141 | 7.310 | 02/03/31 | 10884426 |
| Amentum Government Services Holdings LLC (BB-/Ba3) (1 mo. USD Term SOFR + 2.250%) | Amentum Government Services Holdings LLC (BB-/Ba3) (1 mo. USD Term SOFR + 2.250%) | Amentum Government Services Holdings LLC (BB-/Ba3) (1 mo. USD Term SOFR + 2.250%) | Amentum Government Services Holdings LLC (BB-/Ba3) (1 mo. USD Term SOFR + 2.250%) |
| 2738083 | 6.577 | 09/29/31 | 2731238 |
| Aspect Software, Inc. (CC/NR) (3 mo. USD Term SOFR + 7.000%) | Aspect Software, Inc. (CC/NR) (3 mo. USD Term SOFR + 7.000%) | Aspect Software, Inc. (CC/NR) (3 mo. USD Term SOFR + 7.000%) | Aspect Software, Inc. (CC/NR) (3 mo. USD Term SOFR + 7.000%) |
| 980000 | 11.544 | 05/05/28 | 5733 |
| Avalara, Inc. (B-/B2) (3 mo. USD Term SOFR + 3.250%) | Avalara, Inc. (B-/B2) (3 mo. USD Term SOFR + 3.250%) | Avalara, Inc. (B-/B2) (3 mo. USD Term SOFR + 3.250%) | Avalara, Inc. (B-/B2) (3 mo. USD Term SOFR + 3.250%) |
| 4725000 | 7.546 | 03/26/32 | 4741868 |
| Camelot U.S. Acquisition LLC (BB-/B1) (1 mo. USD Term SOFR + 2.750%) | Camelot U.S. Acquisition LLC (BB-/B1) (1 mo. USD Term SOFR + 2.750%) | Camelot U.S. Acquisition LLC (BB-/B1) (1 mo. USD Term SOFR + 2.750%) | Camelot U.S. Acquisition LLC (BB-/B1) (1 mo. USD Term SOFR + 2.750%) |
| 2806308 | 7.077 | 01/31/31 | 2773867 |
| Clearwater Analytics LLC (BB-/B1) (3 mo. USD Term SOFR + 2.250%) | Clearwater Analytics LLC (BB-/B1) (3 mo. USD Term SOFR + 2.250%) | Clearwater Analytics LLC (BB-/B1) (3 mo. USD Term SOFR + 2.250%) | Clearwater Analytics LLC (BB-/B1) (3 mo. USD Term SOFR + 2.250%) |
| 500000 | 6.529 | 04/21/32 | 499375 |
| Clover Holdings 2 LLC (B/B2) (3 mo. USD Term SOFR + 4.000%) | Clover Holdings 2 LLC (B/B2) (3 mo. USD Term SOFR + 4.000%) | Clover Holdings 2 LLC (B/B2) (3 mo. USD Term SOFR + 4.000%) | Clover Holdings 2 LLC (B/B2) (3 mo. USD Term SOFR + 4.000%) |
| 8425000 | 8.307 | 12/09/31 | 8427612 |
| ConnectWise LLC (NR/B2) (3 mo. USD Term SOFR + 3.500%) | ConnectWise LLC (NR/B2) (3 mo. USD Term SOFR + 3.500%) | ConnectWise LLC (NR/B2) (3 mo. USD Term SOFR + 3.500%) | ConnectWise LLC (NR/B2) (3 mo. USD Term SOFR + 3.500%) |
| 11352941 | 8.057 | 09/29/28 | 11400283 |
| Cotiviti Corp. (B/WR) (1 mo. USD Term SOFR + 2.750%) | Cotiviti Corp. (B/WR) (1 mo. USD Term SOFR + 2.750%) | Cotiviti Corp. (B/WR) (1 mo. USD Term SOFR + 2.750%) | Cotiviti Corp. (B/WR) (1 mo. USD Term SOFR + 2.750%) |
| 4863622 | 7.074 | 05/01/31 | 4836289 |
| Drake Software LLC (B-/B3) (3 mo. USD Term SOFR + 4.250%) | Drake Software LLC (B-/B3) (3 mo. USD Term SOFR + 4.250%) | Drake Software LLC (B-/B3) (3 mo. USD Term SOFR + 4.250%) | Drake Software LLC (B-/B3) (3 mo. USD Term SOFR + 4.250%) |
| 4114470 | 8.546 | 06/26/31 | 4093897 |
| Dun & Bradstreet Corp. (B+/B1) (1 mo. USD Term SOFR + 2.250%) | Dun & Bradstreet Corp. (B+/B1) (1 mo. USD Term SOFR + 2.250%) | Dun & Bradstreet Corp. (B+/B1) (1 mo. USD Term SOFR + 2.250%) | Dun & Bradstreet Corp. (B+/B1) (1 mo. USD Term SOFR + 2.250%) |
| 9230766 | 6.572 | 01/18/29 | 9222828 |
| Epicor Software Corp. (B-/B2) (1 mo. USD Term SOFR + 2.750%) | Epicor Software Corp. (B-/B2) (1 mo. USD Term SOFR + 2.750%) | Epicor Software Corp. (B-/B2) (1 mo. USD Term SOFR + 2.750%) | Epicor Software Corp. (B-/B2) (1 mo. USD Term SOFR + 2.750%) |
| 3770649 | 7.077 | 05/30/31 | 3778228 |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** |
| **Technology – Software – (continued)** | **Technology – Software – (continued)** | **Technology – Software – (continued)** |  |
| Genuine Financial Holdings LLC (B/B3) (1 mo. USD Term SOFR + 3.250%) | Genuine Financial Holdings LLC (B/B3) (1 mo. USD Term SOFR + 3.250%) | Genuine Financial Holdings LLC (B/B3) (1 mo. USD Term SOFR + 3.250%) | Genuine Financial Holdings LLC (B/B3) (1 mo. USD Term SOFR + 3.250%) |
| 8179398 | 7.577% | 09/27/30 | $7749980 |
| iSolved, Inc. (B/B2) (1 mo. USD Term SOFR + 3.000%) | iSolved, Inc. (B/B2) (1 mo. USD Term SOFR + 3.000%) | iSolved, Inc. (B/B2) (1 mo. USD Term SOFR + 3.000%) | iSolved, Inc. (B/B2) (1 mo. USD Term SOFR + 3.000%) |
| 4219861 | 7.327 | 10/15/30 | 4231719 |
| Javelin Buyer, Inc. (B-/B2) (3 mo. USD Term SOFR + 3.250%) | Javelin Buyer, Inc. (B-/B2) (3 mo. USD Term SOFR + 3.250%) | Javelin Buyer, Inc. (B-/B2) (3 mo. USD Term SOFR + 3.250%) | Javelin Buyer, Inc. (B-/B2) (3 mo. USD Term SOFR + 3.250%) |
| 7680750 | 7.583 | 12/05/31 | 7711934 |
| Javelin Buyer, Inc.<sup>(c)</sup> (CCC+/Caa2) (3 mo. USD Term SOFR + | Javelin Buyer, Inc.<sup>(c)</sup> (CCC+/Caa2) (3 mo. USD Term SOFR + | Javelin Buyer, Inc.<sup>(c)</sup> (CCC+/Caa2) (3 mo. USD Term SOFR + | Javelin Buyer, Inc.<sup>(c)</sup> (CCC+/Caa2) (3 mo. USD Term SOFR + |
| 5.250%) |  |  |  |
| 2275000 | 9.583 | 12/06/32 | 2246563 |
| Loyalty Ventures, Inc.<sup>(c)</sup> (NR/WR) | Loyalty Ventures, Inc.<sup>(c)</sup> (NR/WR) | Loyalty Ventures, Inc.<sup>(c)</sup> (NR/WR) | Loyalty Ventures, Inc.<sup>(c)</sup> (NR/WR) |
| 11629469 | 0.000 | 11/03/27 | 814063 |
| Mitchell International, Inc.<sup>(b)</sup> (B-/B2) | Mitchell International, Inc.<sup>(b)</sup> (B-/B2) | Mitchell International, Inc.<sup>(b)</sup> (B-/B2) | Mitchell International, Inc.<sup>(b)</sup> (B-/B2) |
| 2718153 | 0.000 | 06/17/31 | 2713804 |
| Peraton Corp. (B-/Caa1) (1 mo. USD Term SOFR + 3.750%) | Peraton Corp. (B-/Caa1) (1 mo. USD Term SOFR + 3.750%) | Peraton Corp. (B-/Caa1) (1 mo. USD Term SOFR + 3.750%) | Peraton Corp. (B-/Caa1) (1 mo. USD Term SOFR + 3.750%) |
| 2246942 | 8.177 | 02/01/28 | 1978005 |
| Physician Partners LLC (B/NR) (3 mo. USD Term SOFR + 5.000%) | Physician Partners LLC (B/NR) (3 mo. USD Term SOFR + 5.000%) | Physician Partners LLC (B/NR) (3 mo. USD Term SOFR + 5.000%) | Physician Partners LLC (B/NR) (3 mo. USD Term SOFR + 5.000%) |
| 1105920 | 10.296 | 12/31/29 | 958468 |
| Physician Partners LLC (CCC-/C) (3 mo. USD Term SOFR + 4.000%) | Physician Partners LLC (CCC-/C) (3 mo. USD Term SOFR + 4.000%) | Physician Partners LLC (CCC-/C) (3 mo. USD Term SOFR + 4.000%) | Physician Partners LLC (CCC-/C) (3 mo. USD Term SOFR + 4.000%) |
| 3816319 | 8.446 | 12/31/29 | 1889078 |
| (3 mo. USD Term SOFR + 5.500%) | (3 mo. USD Term SOFR + 5.500%) | (3 mo. USD Term SOFR + 5.500%) | (3 mo. USD Term SOFR + 5.500%) |
| 2369730 | 9.946 | 12/31/30 | 481837 |
| QXO, Inc.<sup>(b)</sup> (BB-/Ba3) | QXO, Inc.<sup>(b)</sup> (BB-/Ba3) | QXO, Inc.<sup>(b)</sup> (BB-/Ba3) | QXO, Inc.<sup>(b)</sup> (BB-/Ba3) |
| 3041111 | 0.000 | 04/30/32 | 3059236 |
| Synechron, Inc.<sup>(c)</sup> (B+/B1) (3 mo. USD Term SOFR + 3.750%) | Synechron, Inc.<sup>(c)</sup> (B+/B1) (3 mo. USD Term SOFR + 3.750%) | Synechron, Inc.<sup>(c)</sup> (B+/B1) (3 mo. USD Term SOFR + 3.750%) | Synechron, Inc.<sup>(c)</sup> (B+/B1) (3 mo. USD Term SOFR + 3.750%) |
| 7605938 | 8.030 | 10/03/31 | 7377759 |
| UKG, Inc. (B-/B2) (1 mo. USD Term SOFR + 3.000%) | UKG, Inc. (B-/B2) (1 mo. USD Term SOFR + 3.000%) | UKG, Inc. (B-/B2) (1 mo. USD Term SOFR + 3.000%) | UKG, Inc. (B-/B2) (1 mo. USD Term SOFR + 3.000%) |
| 3877872 | 7.311 | 02/10/31 | 3891522 |
| Virtusa Corp. (B+/B1) (1 mo. USD Term SOFR + 3.250%) | Virtusa Corp. (B+/B1) (1 mo. USD Term SOFR + 3.250%) | Virtusa Corp. (B+/B1) (1 mo. USD Term SOFR + 3.250%) | Virtusa Corp. (B+/B1) (1 mo. USD Term SOFR + 3.250%) |
| 9369618 | 7.577 | 02/15/29 | 9364933 |
| Zelis Payments Buyer, Inc. (B/B2) (1 mo. USD Term SOFR + 3.250%) | Zelis Payments Buyer, Inc. (B/B2) (1 mo. USD Term SOFR + 3.250%) | Zelis Payments Buyer, Inc. (B/B2) (1 mo. USD Term SOFR + 3.250%) | Zelis Payments Buyer, Inc. (B/B2) (1 mo. USD Term SOFR + 3.250%) |
| 1908455 | 7.577 | 11/26/31 | 1896260 |
|  |  |  | 119760805 |
| **Textiles – 0.7%** | **Textiles – 0.7%** | **Textiles – 0.7%** | **Textiles – 0.7%** |
| ABG Intermediate Holdings 2 LLC (B+/B1) (1 mo. USD Term SOFR + 2.250%) | ABG Intermediate Holdings 2 LLC (B+/B1) (1 mo. USD Term SOFR + 2.250%) | ABG Intermediate Holdings 2 LLC (B+/B1) (1 mo. USD Term SOFR + 2.250%) | ABG Intermediate Holdings 2 LLC (B+/B1) (1 mo. USD Term SOFR + 2.250%) |
| 4488694 | 6.577 | 12/21/28 | 4482724 |
| Champ Acquisition Corp. (B/B2) (6 mo. USD Term SOFR + 4.000%) | Champ Acquisition Corp. (B/B2) (6 mo. USD Term SOFR + 4.000%) | Champ Acquisition Corp. (B/B2) (6 mo. USD Term SOFR + 4.000%) | Champ Acquisition Corp. (B/B2) (6 mo. USD Term SOFR + 4.000%) |
| 4641250 | 8.166 | 11/25/31 | 4662507 |
| Fanatics Commerce Intermediate Holdco LLC (BB-/B2) (1 mo. USD Term SOFR + 3.250%) | Fanatics Commerce Intermediate Holdco LLC (BB-/B2) (1 mo. USD Term SOFR + 3.250%) | Fanatics Commerce Intermediate Holdco LLC (BB-/B2) (1 mo. USD Term SOFR + 3.250%) | Fanatics Commerce Intermediate Holdco LLC (BB-/B2) (1 mo. USD Term SOFR + 3.250%) |
| 3722250 | 7.691 | 11/24/28 | 3712944 |
|  |  |  | 12858175 |
| **Transportation Services – 0.9%** | **Transportation Services – 0.9%** | **Transportation Services – 0.9%** |  |
| Kenan Advantage Group, Inc. (B/B2) (1 mo. USD Term SOFR + 3.250%) | Kenan Advantage Group, Inc. (B/B2) (1 mo. USD Term SOFR + 3.250%) | Kenan Advantage Group, Inc. (B/B2) (1 mo. USD Term SOFR + 3.250%) | Kenan Advantage Group, Inc. (B/B2) (1 mo. USD Term SOFR + 3.250%) |
| 4525593 | 7.577 | 01/25/29 | 4457709 |
| MH Sub I LLC (B/B1) (1 mo. USD Term SOFR + 4.250%) | MH Sub I LLC (B/B1) (1 mo. USD Term SOFR + 4.250%) | MH Sub I LLC (B/B1) (1 mo. USD Term SOFR + 4.250%) | MH Sub I LLC (B/B1) (1 mo. USD Term SOFR + 4.250%) |
| 3613713 | 8.577 | 05/03/28 | 3386735 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** | **Bank Loans<sup>(a)</sup> – (continued)** |
| **Transportation Services – (continued)** | **Transportation Services – (continued)** | **Transportation Services – (continued)** | **Transportation Services – (continued)** |
| Third Coast Infrastructure LLC (BB+/Ba3) (1 mo. USD Term SOFR + 4.250%) | Third Coast Infrastructure LLC (BB+/Ba3) (1 mo. USD Term SOFR + 4.250%) | Third Coast Infrastructure LLC (BB+/Ba3) (1 mo. USD Term SOFR + 4.250%) | Third Coast Infrastructure LLC (BB+/Ba3) (1 mo. USD Term SOFR + 4.250%) |
| 7628437 | 8.577% | 09/25/30 | $7661850 |
|  |  |  | 15506294 |
| **Wireless Telecommunication Services – 0.8%** | **Wireless Telecommunication Services – 0.8%** | **Wireless Telecommunication Services – 0.8%** | **Wireless Telecommunication Services – 0.8%** |
| Lumen Technologies, Inc. (B+/Caa1) (1 mo. USD Term SOFR + 2.350%) | Lumen Technologies, Inc. (B+/Caa1) (1 mo. USD Term SOFR + 2.350%) | Lumen Technologies, Inc. (B+/Caa1) (1 mo. USD Term SOFR + 2.350%) | Lumen Technologies, Inc. (B+/Caa1) (1 mo. USD Term SOFR + 2.350%) |
| 1895170 | 6.791 | 04/16/29 | 1869831 |
| Voyager Digital Ltd. <sup>(b)</sup> (BB-/NR) | Voyager Digital Ltd. <sup>(b)</sup> (BB-/NR) | Voyager Digital Ltd. <sup>(b)</sup> (BB-/NR) | Voyager Digital Ltd. <sup>(b)</sup> (BB-/NR) |
| 2598068 | 0.000 | 05/11/29 | 2598068 |
| Zacapa SARL (B/B2) (3 mo. USD Term SOFR + 3.750%) | Zacapa SARL (B/B2) (3 mo. USD Term SOFR + 3.750%) | Zacapa SARL (B/B2) (3 mo. USD Term SOFR + 3.750%) | Zacapa SARL (B/B2) (3 mo. USD Term SOFR + 3.750%) |
| 4291580 | 8.046 | 03/22/29 | 4302309 |
| Zayo Group Holdings, Inc. (B-/B3) (1 mo. EUR EURIBOR + 3.250%) | Zayo Group Holdings, Inc. (B-/B3) (1 mo. EUR EURIBOR + 3.250%) | Zayo Group Holdings, Inc. (B-/B3) (1 mo. EUR EURIBOR + 3.250%) | Zayo Group Holdings, Inc. (B-/B3) (1 mo. EUR EURIBOR + 3.250%) |
| 1088512 | 5.179 | 03/09/27 | 1188894 |
| (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) |
| 4850000 | 7.441 | 03/09/27 | 4603620 |
|  |  |  | 14562722 |
| **TOTAL BANK LOANS<br>(Cost $1,560,803,931)** | **TOTAL BANK LOANS<br>(Cost $1,560,803,931)** | **TOTAL BANK LOANS<br>(Cost $1,560,803,931)** | $1526877178 |
| **Corporate Obligations – 4.9%** | **Corporate Obligations – 4.9%** | **Corporate Obligations – 4.9%** | **Corporate Obligations – 4.9%** |
| **Airlines<sup>(e)(f)(g)</sup> – 0.2%** | **Airlines<sup>(e)(f)(g)</sup> – 0.2%** |  |  |
| VistaJet Malta Finance PLC/Vista Management Holding, Inc. (B/B3) | VistaJet Malta Finance PLC/Vista Management Holding, Inc. (B/B3) | VistaJet Malta Finance PLC/Vista Management Holding, Inc. (B/B3) | VistaJet Malta Finance PLC/Vista Management Holding, Inc. (B/B3) |
| 2759000 | 7.875% | 05/01/27 | $2776823 |
| **Building Materials<sup>(e)(f)</sup> – 0.0%** | **Building Materials<sup>(e)(f)</sup> – 0.0%** | **Building Materials<sup>(e)(f)</sup> – 0.0%** | **Building Materials<sup>(e)(f)</sup> – 0.0%** |
| Masterbrand, Inc. (BB/Ba3) | Masterbrand, Inc. (BB/Ba3) | Masterbrand, Inc. (BB/Ba3) | Masterbrand, Inc. (BB/Ba3) |
| 800000 | 7.000 | 07/15/32 | 817472 |
| **Chemicals – 0.5%** | **Chemicals – 0.5%** | **Chemicals – 0.5%** | **Chemicals – 0.5%** |
| Olympus Water U.S. Holding Corp.<sup>(e) (f)</sup> (B-/B3) | Olympus Water U.S. Holding Corp.<sup>(e) (f)</sup> (B-/B3) | Olympus Water U.S. Holding Corp.<sup>(e) (f)</sup> (B-/B3) | Olympus Water U.S. Holding Corp.<sup>(e) (f)</sup> (B-/B3) |
| 4160000 | 9.750 | 11/15/28 | 4380272 |
| 4000000 | 7.250 | 06/15/31 | 4081160 |
|  |  |  | 8461432 |
| **Commercial Services<sup>(e)(f)</sup> – 0.1%** | **Commercial Services<sup>(e)(f)</sup> – 0.1%** | **Commercial Services<sup>(e)(f)</sup> – 0.1%** | **Commercial Services<sup>(e)(f)</sup> – 0.1%** |
| Verisure Midholding AB (B-/B3) | Verisure Midholding AB (B-/B3) | Verisure Midholding AB (B-/B3) | Verisure Midholding AB (B-/B3) |
| 1075000 | 5.250 | 02/15/29 | 1272464 |
| **Diversified Financial Services<sup>(e)(f)</sup> – 0.3%** | **Diversified Financial Services<sup>(e)(f)</sup> – 0.3%** | **Diversified Financial Services<sup>(e)(f)</sup> – 0.3%** | **Diversified Financial Services<sup>(e)(f)</sup> – 0.3%** |
| Jane Street Group/JSG Finance, Inc. (BB/Ba1) | Jane Street Group/JSG Finance, Inc. (BB/Ba1) | Jane Street Group/JSG Finance, Inc. (BB/Ba1) | Jane Street Group/JSG Finance, Inc. (BB/Ba1) |
| 2125000 | 6.750 | 05/01/33 | 2190216 |
| United Wholesale Mortgage LLC (NR/Ba3) | United Wholesale Mortgage LLC (NR/Ba3) | United Wholesale Mortgage LLC (NR/Ba3) | United Wholesale Mortgage LLC (NR/Ba3) |
| 3330000 | 5.500 | 04/15/29 | 3235961 |
|  |  |  | 5426177 |
| **Engineering & Construction<sup>(e)(f)</sup> – 0.4%** | **Engineering & Construction<sup>(e)(f)</sup> – 0.4%** | **Engineering & Construction<sup>(e)(f)</sup> – 0.4%** | **Engineering & Construction<sup>(e)(f)</sup> – 0.4%** |
| Global Infrastructure Solutions, Inc. (BB/B1) | Global Infrastructure Solutions, Inc. (BB/B1) | Global Infrastructure Solutions, Inc. (BB/B1) | Global Infrastructure Solutions, Inc. (BB/B1) |
| 7310000 | 7.500 | 04/15/32 | 7443627 |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Insurance<sup>(e)(f)</sup> – 0.1%** | **Insurance<sup>(e)(f)</sup> – 0.1%** | **Insurance<sup>(e)(f)</sup> – 0.1%** | **Insurance<sup>(e)(f)</sup> – 0.1%** |
| Acrisure LLC/Acrisure Finance, Inc. (NR/NR) | Acrisure LLC/Acrisure Finance, Inc. (NR/NR) | Acrisure LLC/Acrisure Finance, Inc. (NR/NR) | Acrisure LLC/Acrisure Finance, Inc. (NR/NR) |
| 420000 | 6.750% | 07/01/32 | $425918 |
| Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC (B/B2) | Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC (B/B2) | Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC (B/B2) | Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC (B/B2) |
| 1620000 | 7.250 | 02/15/31 | 1677170 |
|  |  |  | 2103088 |
| **Internet<sup>(e)(f)</sup> – 0.3%** | **Internet<sup>(e)(f)</sup> – 0.3%** | **Internet<sup>(e)(f)</sup> – 0.3%** | **Internet<sup>(e)(f)</sup> – 0.3%** |
| ANGI Group LLC (B/B2) | ANGI Group LLC (B/B2) | ANGI Group LLC (B/B2) | ANGI Group LLC (B/B2) |
| 4485000 | 3.875 | 08/15/28 | 4188183 |
| Match Group Holdings II LLC (BB/Ba2) | Match Group Holdings II LLC (BB/Ba2) | Match Group Holdings II LLC (BB/Ba2) | Match Group Holdings II LLC (BB/Ba2) |
| 665000 | 3.625 | 10/01/31 | 593998 |
|  |  |  | 4782181 |
| **Leisure Time<sup>(e)(f)</sup> – 0.1%** | **Leisure Time<sup>(e)(f)</sup> – 0.1%** | **Leisure Time<sup>(e)(f)</sup> – 0.1%** | **Leisure Time<sup>(e)(f)</sup> – 0.1%** |
| MajorDrive Holdings IV LLC (CCC/Caa2) | MajorDrive Holdings IV LLC (CCC/Caa2) | MajorDrive Holdings IV LLC (CCC/Caa2) | MajorDrive Holdings IV LLC (CCC/Caa2) |
| 2428000 | 6.375 | 06/01/29 | 1919941 |
| **Machinery-Diversified<sup>(e)(f)</sup> – 0.5%** | **Machinery-Diversified<sup>(e)(f)</sup> – 0.5%** | **Machinery-Diversified<sup>(e)(f)</sup> – 0.5%** | **Machinery-Diversified<sup>(e)(f)</sup> – 0.5%** |
| Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC (B-/B3) | Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC (B-/B3) | Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC (B-/B3) | Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC (B-/B3) |
| 7857000 | 9.000 | 02/15/29 | 8213472 |
| **Media<sup>(e)</sup> – 0.2%** | **Media<sup>(e)</sup> – 0.2%** | **Media<sup>(e)</sup> – 0.2%** | **Media<sup>(e)</sup> – 0.2%** |
| Cumulus Media New Holdings, Inc. <sup>(f)</sup> (CCC+/Caa3) | Cumulus Media New Holdings, Inc. <sup>(f)</sup> (CCC+/Caa3) | Cumulus Media New Holdings, Inc. <sup>(f)</sup> (CCC+/Caa3) | Cumulus Media New Holdings, Inc. <sup>(f)</sup> (CCC+/Caa3) |
| 3895000 | 8.000 | 07/01/29 | 1102051 |
| iHeartCommunications, Inc. (CCC-/Caa3) | iHeartCommunications, Inc. (CCC-/Caa3) | iHeartCommunications, Inc. (CCC-/Caa3) | iHeartCommunications, Inc. (CCC-/Caa3) |
| 1 | 8.375 | 05/01/27 | 1 |
| iHeartCommunications, Inc.<sup>(f)(g)</sup> (CCC+/Caa1) | iHeartCommunications, Inc.<sup>(f)(g)</sup> (CCC+/Caa1) | iHeartCommunications, Inc.<sup>(f)(g)</sup> (CCC+/Caa1) | iHeartCommunications, Inc.<sup>(f)(g)</sup> (CCC+/Caa1) |
| 2040000 | 9.125 | 05/01/29 | 1681062 |
|  |  |  | 2783114 |
| **Miscellaneous Manufacturing<sup>(e)(g)</sup> – 0.0%** | **Miscellaneous Manufacturing<sup>(e)(g)</sup> – 0.0%** | **Miscellaneous Manufacturing<sup>(e)(g)</sup> – 0.0%** | **Miscellaneous Manufacturing<sup>(e)(g)</sup> – 0.0%** |
| Hillenbrand, Inc. (BB+/Ba1) | Hillenbrand, Inc. (BB+/Ba1) | Hillenbrand, Inc. (BB+/Ba1) | Hillenbrand, Inc. (BB+/Ba1) |
| 922000 | 3.750 | 03/01/31 | 826490 |
| **Oil Field Services<sup>(e)</sup> – 0.5%** | **Oil Field Services<sup>(e)</sup> – 0.5%** | **Oil Field Services<sup>(e)</sup> – 0.5%** | **Oil Field Services<sup>(e)</sup> – 0.5%** |
| Aris Water Holdings LLC <sup>(f)</sup> (B+/B2) | Aris Water Holdings LLC <sup>(f)</sup> (B+/B2) | Aris Water Holdings LLC <sup>(f)</sup> (B+/B2) | Aris Water Holdings LLC <sup>(f)</sup> (B+/B2) |
| 1770000 | 7.250 | 04/01/30 | 1824534 |
| Kodiak Gas Services LLC <sup>(f)</sup> (BB-/B2) | Kodiak Gas Services LLC <sup>(f)</sup> (BB-/B2) | Kodiak Gas Services LLC <sup>(f)</sup> (BB-/B2) | Kodiak Gas Services LLC <sup>(f)</sup> (BB-/B2) |
| 620000 | 7.250 | 02/15/29 | 641818 |
| Noble Finance II LLC <sup>(f)</sup> (BB-/B1) | Noble Finance II LLC <sup>(f)</sup> (BB-/B1) | Noble Finance II LLC <sup>(f)</sup> (BB-/B1) | Noble Finance II LLC <sup>(f)</sup> (BB-/B1) |
| 1880000 | 8.000 | 04/15/30 | 1914592 |
| Sitio Royalties Operating Partnership LP/Sitio Finance Corp.<sup>(f)</sup> (B/B3) | Sitio Royalties Operating Partnership LP/Sitio Finance Corp.<sup>(f)</sup> (B/B3) | Sitio Royalties Operating Partnership LP/Sitio Finance Corp.<sup>(f)</sup> (B/B3) | Sitio Royalties Operating Partnership LP/Sitio Finance Corp.<sup>(f)</sup> (B/B3) |
| 1720000 | 7.875 | 11/01/28 | 1800582 |
| Sunoco LP <sup>(f)</sup> (BB+/Ba1) | Sunoco LP <sup>(f)</sup> (BB+/Ba1) | Sunoco LP <sup>(f)</sup> (BB+/Ba1) | Sunoco LP <sup>(f)</sup> (BB+/Ba1) |
| 880000 | 7.250 | 05/01/32 | 924202 |
| Sunoco LP/Sunoco Finance Corp. (BB+/Ba1) | Sunoco LP/Sunoco Finance Corp. (BB+/Ba1) | Sunoco LP/Sunoco Finance Corp. (BB+/Ba1) | Sunoco LP/Sunoco Finance Corp. (BB+/Ba1) |
| 1425000 | 4.500 | 04/30/30 | 1369938 |
|  |  |  | 8475666 |
| **Pharmaceuticals<sup>(e)(f)</sup> – 0.4%** | **Pharmaceuticals<sup>(e)(f)</sup> – 0.4%** | **Pharmaceuticals<sup>(e)(f)</sup> – 0.4%** | **Pharmaceuticals<sup>(e)(f)</sup> – 0.4%** |
| Opal Bidco SAS (B+/B1) | Opal Bidco SAS (B+/B1) | Opal Bidco SAS (B+/B1) | Opal Bidco SAS (B+/B1) |
| 7045000 | 6.500 | 03/31/32 | 7180828 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Pipelines – 0.4%** | **Pipelines – 0.4%** | **Pipelines – 0.4%** | **Pipelines – 0.4%** |
| Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>(e)(f)</sup> (BB-/B2) | Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>(e)(f)</sup> (BB-/B2) | Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>(e)(f)</sup> (BB-/B2) | Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>(e)(f)</sup> (BB-/B2) |
| 1750000 | 8.625% | 03/15/29 | $1817007 |
| 2815000 | 7.375 | 06/30/33 | 2802529 |
| ITT Holdings LLC<sup>(e)(f)</sup> (B-/B3) | ITT Holdings LLC<sup>(e)(f)</sup> (B-/B3) | ITT Holdings LLC<sup>(e)(f)</sup> (B-/B3) | ITT Holdings LLC<sup>(e)(f)</sup> (B-/B3) |
| 2305000 | 6.500 | 08/01/29 | 2192839 |
| Summit Midstream Holdings LLC<sup>(e)(f)</sup> (B+/B3) | Summit Midstream Holdings LLC<sup>(e)(f)</sup> (B+/B3) | Summit Midstream Holdings LLC<sup>(e)(f)</sup> (B+/B3) | Summit Midstream Holdings LLC<sup>(e)(f)</sup> (B+/B3) |
| 1285000 | 8.625 | 10/31/29 | 1310469 |
|  |  |  | 8122844 |
| **Real Estate<sup>(e)(f)(g)</sup> – 0.1%** | **Real Estate<sup>(e)(f)(g)</sup> – 0.1%** | **Real Estate<sup>(e)(f)(g)</sup> – 0.1%** | **Real Estate<sup>(e)(f)(g)</sup> – 0.1%** |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp. (CCC+/Caa2) | Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp. (CCC+/Caa2) | Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp. (CCC+/Caa2) | Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp. (CCC+/Caa2) |
| 2885000 | 5.250 | 04/15/30 | 2367027 |
| **Retailing<sup>(e)(f)</sup> – 0.3%** | **Retailing<sup>(e)(f)</sup> – 0.3%** | **Retailing<sup>(e)(f)</sup> – 0.3%** | **Retailing<sup>(e)(f)</sup> – 0.3%** |
| LCM Investments Holdings II LLC (BB-/B2) | LCM Investments Holdings II LLC (BB-/B2) | LCM Investments Holdings II LLC (BB-/B2) | LCM Investments Holdings II LLC (BB-/B2) |
| 2285000 | 4.875 | 05/01/29 | 2221751 |
| QXO Building Products, Inc. (BB-/Ba3) | QXO Building Products, Inc. (BB-/Ba3) | QXO Building Products, Inc. (BB-/Ba3) | QXO Building Products, Inc. (BB-/Ba3) |
| 2945000 | 6.750 | 04/30/32 | 3040506 |
|  |  |  | 5262257 |
| **Software<sup>(e)(f)</sup> – 0.4%** | **Software<sup>(e)(f)</sup> – 0.4%** | **Software<sup>(e)(f)</sup> – 0.4%** | **Software<sup>(e)(f)</sup> – 0.4%** |
| AthenaHealth Group, Inc. (CCC/Caa2) | AthenaHealth Group, Inc. (CCC/Caa2) | AthenaHealth Group, Inc. (CCC/Caa2) | AthenaHealth Group, Inc. (CCC/Caa2) |
| 4090000 | 6.500 | 02/15/30 | 4024110 |
| Castle U.S. Holding Corp. (NR/Ca) | Castle U.S. Holding Corp. (NR/Ca) | Castle U.S. Holding Corp. (NR/Ca) | Castle U.S. Holding Corp. (NR/Ca) |
| 3965000 | 9.500 | 02/15/28 | 1763077 |
| Rackspace Finance LLC (B-/Caa1) | Rackspace Finance LLC (B-/Caa1) | Rackspace Finance LLC (B-/Caa1) | Rackspace Finance LLC (B-/Caa1) |
| 2366000 | 3.500 | 05/15/28 | 954752 |
|  |  |  | 6741939 |
| **Transportation<sup>(e)(f)</sup> – 0.1%** | **Transportation<sup>(e)(f)</sup> – 0.1%** | **Transportation<sup>(e)(f)</sup> – 0.1%** | **Transportation<sup>(e)(f)</sup> – 0.1%** |
| Rand Parent LLC (BB-/Ba1) | Rand Parent LLC (BB-/Ba1) | Rand Parent LLC (BB-/Ba1) | Rand Parent LLC (BB-/Ba1) |
| 2705000 | 8.500 | 02/15/30 | 2713845 |
| **TOTAL CORPORATE OBLIGATIONS (Cost $94,286,494)** | **TOTAL CORPORATE OBLIGATIONS (Cost $94,286,494)** | **TOTAL CORPORATE OBLIGATIONS (Cost $94,286,494)** | $87690687 |
| **Asset-Backed Securities<sup>(</sup><sup>e)(f)(h)</sup> – 0.9%** | **Asset-Backed Securities<sup>(</sup><sup>e)(f)(h)</sup> – 0.9%** | **Asset-Backed Securities<sup>(</sup><sup>e)(f)(h)</sup> – 0.9%** | **Asset-Backed Securities<sup>(</sup><sup>e)(f)(h)</sup> – 0.9%** |
| **Collateralized Loan Obligations – 0.9%** | **Collateralized Loan Obligations – 0.9%** | **Collateralized Loan Obligations – 0.9%** | **Collateralized Loan Obligations – 0.9%** |
| TCW CLO AMR Ltd. Series 2019-1A, Class DR (BBB-/NR) (3 mo. USD Term SOFR + 3.932%) | TCW CLO AMR Ltd. Series 2019-1A, Class DR (BBB-/NR) (3 mo. USD Term SOFR + 3.932%) | TCW CLO AMR Ltd. Series 2019-1A, Class DR (BBB-/NR) (3 mo. USD Term SOFR + 3.932%) | TCW CLO AMR Ltd. Series 2019-1A, Class DR (BBB-/NR) (3 mo. USD Term SOFR + 3.932%) |
| 4900000 | 8.257% | 08/16/34 | $4820292 |
| THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR (BBB-/NR) (3 mo. USD Term SOFR + 3.982%) | THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR (BBB-/NR) (3 mo. USD Term SOFR + 3.982%) | THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR (BBB-/NR) (3 mo. USD Term SOFR + 3.982%) | THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR (BBB-/NR) (3 mo. USD Term SOFR + 3.982%) |
| 4000000 | 8.251 | 04/18/36 | 4008552 |
| Tralee CLO V Ltd. Series 2018-5A, Class DR (BBB-/NR) (3 mo. USD Term SOFR + 4.072%) | Tralee CLO V Ltd. Series 2018-5A, Class DR (BBB-/NR) (3 mo. USD Term SOFR + 4.072%) | Tralee CLO V Ltd. Series 2018-5A, Class DR (BBB-/NR) (3 mo. USD Term SOFR + 4.072%) | Tralee CLO V Ltd. Series 2018-5A, Class DR (BBB-/NR) (3 mo. USD Term SOFR + 4.072%) |
| 7000000 | 8.341 | 10/20/34 | 6809600 |
| **TOTAL ASSET-BACKED SECURITIES (Cost $15,706,000)** | **TOTAL ASSET-BACKED SECURITIES (Cost $15,706,000)** | **TOTAL ASSET-BACKED SECURITIES (Cost $15,706,000)** | $15638444 |

---

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

*June 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Description** | **Value** |
| **Common Stocks<sup>(d)</sup> – 0.4%** | **Common Stocks<sup>(d)</sup> – 0.4%** | **Common Stocks<sup>(d)</sup> – 0.4%** |
| **Aerospace & Defense – 0.2%** | **Aerospace & Defense – 0.2%** | **Aerospace & Defense – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204620 | Swissport Ltd. | $3856516 |
| **Health Care Providers & Services – 0.1%** | **Health Care Providers & Services – 0.1%** | **Health Care Providers & Services – 0.1%** |
| 50617 | New Trojan/Careismatic | 1341350 |
| **IT Services – 0.0%** | **IT Services – 0.0%** | **IT Services – 0.0%** |
| 11094 | DSG TopCo, Inc. | 152543 |
| **Media – 0.1%** | **Media – 0.1%** | **Media – 0.1%** |
| 77495 | Audacy Class A | 929940 |
| 8495 | Audacy Capital Corp. Class B | 110435 |
| 162749 | Bright Pattern Holdco<sup>(c)</sup> | 163 |
| 579399 | Clear Channel Outdoor Holdings, Inc. | 677897 |
|  |  | 1718435 |
| **Software<sup>(c)</sup> – 0.0%** | **Software<sup>(c)</sup> – 0.0%** | **Software<sup>(c)</sup> – 0.0%** |
| 229 | Travelport LLC |  |
| **Specialty Retail – 0.0%** | **Specialty Retail – 0.0%** | **Specialty Retail – 0.0%** |
| 9541 | Neiman Marcus Group Ltd. LLC | 954100 |
| **TOTAL COMMON STOCKS<br>(Cost $20,644,649)** | **TOTAL COMMON STOCKS<br>(Cost $20,644,649)** | $8022944 |
| **Units** | **Expiration**<br> **Date** | **Value** |
| **Rights<sup>(d)</sup> – 0.1%** | **Rights<sup>(d)</sup> – 0.1%** | **Rights<sup>(d)</sup> – 0.1%** |
| **Media – 0.1%** | **Media – 0.1%** | **Media – 0.1%** |
| Cineworld Group PLC (NR/NR) | Cineworld Group PLC (NR/NR) | Cineworld Group PLC (NR/NR) |
| 63702 | 12/31/99 | $1483359 |
| **(Cost $962,522)** | **(Cost $962,522)** | **(Cost $962,522)** |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Preferred Stocks<sup>(c)(d)</sup> – 0.0%** | **Preferred Stocks<sup>(c)(d)</sup> – 0.0%** | **Preferred Stocks<sup>(c)(d)</sup> – 0.0%** |
| **Post Secondary Education – 0.0%** | **Post Secondary Education – 0.0%** | **Post Secondary Education – 0.0%** |
| Travelport LLC | Travelport LLC | Travelport LLC |
| 163 | 0.000% | $125510 |
| **(Cost $163,000)** | **(Cost $163,000)** | **(Cost $163,000)** |

---

---

| | | |
|:---|:---|:---|
| **Units** | **Expiration**<br> **Date** | **Value** |
| **Warrants<sup>(d)</sup> – 0.0%** | **Warrants<sup>(d)</sup> – 0.0%** | **Warrants<sup>(d)</sup> – 0.0%** |
| Aspect Software, Inc. (NR/NR)<sup>(c)</sup>  | Aspect Software, Inc. (NR/NR)<sup>(c)</sup>  | Aspect Software, Inc. (NR/NR)<sup>(c)</sup>  |
| 162749 | 12/31/99 | $163 |
| New Trojan/Careismatic (NR/NR) | New Trojan/Careismatic (NR/NR) | New Trojan/Careismatic (NR/NR) |
| 5698 | 12/31/99 |  |
| Noble Corp. PLC (NR/NR) | Noble Corp. PLC (NR/NR) |  |
| 6346 | 02/04/28 | 76501 |
| **(Cost $15,865)** | **(Cost $15,865)** | **(Cost $15,865)** |
| **TOTAL WARRANTS<br>(Cost $1,115,865)** | **TOTAL WARRANTS<br>(Cost $1,115,865)** | $76664 |
| **Shares** | **Description** | **Value** |
| **Exchange Traded Funds – 4.3%** | **Exchange Traded Funds – 4.3%** |  |
| 737892 | Eldridge BBB-B CLO ETF (NR/NR) | $19731232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1366053 | SPDR Blackstone Senior Loan ETF (NR/NR) | 56814144 |
| **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $76,547,198)** | **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $76,547,198)** | $76545376 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(i)</sup> – 3.4%** | **Investment Company<sup>(i)</sup> – 3.4%** |  |
| 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 |
| 60668454 | 4.231% | $60668454 |
| **(Cost $60,668,454)** | **(Cost $60,668,454)** | **(Cost $60,668,454)** |
| **Securities Lending Reinvestment Vehicle<sup>(i)</sup> – 0.4%** | **Securities Lending Reinvestment Vehicle<sup>(i)</sup> – 0.4%** | **Securities Lending Reinvestment Vehicle<sup>(i)</sup> – 0.4%** |
| 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 |
| 6630866 | 4.231% | $6630866 |
| **(Cost $6,630,866)** | **(Cost $6,630,866)** | **(Cost $6,630,866)** |
| **TOTAL INVESTMENTS – 100.1%<br>(Cost $1,837,528,979)** | **TOTAL INVESTMENTS – 100.1%<br>(Cost $1,837,528,979)** | $1783759482 |
| **LIABILITIES IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS – (0.1)%** | **LIABILITIES IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS – (0.1)%** | $(1463789) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $1782295693 |

---

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

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

*June 30, 2025 (Unaudited)* 

(a) Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on June 30, 2025. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the Secured Overnight Financing Rate ("SOFR"), and secondarily the prime rate offered by one or more major United States banks (the "Prime Rate") and the certificate of deposit ("CD") rate or other base lending rates used by commercial lenders.

(b) This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.

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

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

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

(e) Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

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

(g) All or a portion of security is on loan.

(h) Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2025.

(i) Represents an affiliated issuer.

------

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION** 

**UNFUNDED LOAN COMMITMENTS** — At June 30, 2025, the Fund had unfunded loan commitments which could be extended at the option of the borrowers, pursuant to the following loan agreements:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower** | **Principal<br>Amount** | **Current<br>Value** | **Unrealized<br>Gain (Loss)** |
|  Air Comm Corp. LLC (NR/B2), due 12/11/31 | $903036 | $906423 | $3480 |
|  Clydesdale Acquisition Holdings, Inc. (B+/B2), due 04/01/32 | 75833 | 75497 | (337) |
|  Groundworks LLC (B/B3), due 03/14/31 | 1001053 | 993383 | (745) |
|  Kaman Corp. (NR/NR), due 02/26/32 | 1010776 | 1009199 | 4215 |
|  **TOTAL** |  |  | $6613 |

---

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  MS & Co. Int. PLC | USD | 53788246 | EUR | 45673445 | 09/23/25 | $(314578) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **Contracts** | **Expiration**<br> **Date** | **Notional**<br> **Amount** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
|  **Long position contracts:** | **Long position contracts:** | **Long position contracts:** | **Long position contracts:** | **Long position contracts:** |
|  5 Year U.S. Treasury Notes | 301 | 09/30/25 | $32809000 | $441567 |
|  **Short position contracts:** |  |  |  |  |
|  10 Year U.S. Treasury Notes | (104) | 09/19/25 | (11661000) | (227697) |
|  2 Year U.S. Treasury Notes | (138) | 09/30/25 | (28707234) | (111300) |
|  **Total** | **Total** | **Total** | **Total** | $(338997) |
|  **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | $102570 |

---

**SWAP CONTRACTS** — At June 30, 2025, 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>June 30,<br>2025<sup>(b)</sup>** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** |
| CDX.NA.HY Index 43 | 5.000% | 3.075% | 12/20/29 | $168500 | $12608464 | $11739660 | $868804 |

---

(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.

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| EUR | — Euro |
| USD | — U.S. Dollar |
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| CLO | — Collateralized Loan Obligation |
| ETF | — Exchange Traded Fund |
| EURIBOR | — Euro Interbank Offered Rate |
| LIBOR | — London Interbank Offered Rate |
| LLC | — Limited Liability Company |
| LP | — Limited Partnership |
| NR | — Not Rated |
| PLC | — Public Limited Company |
| SOFR | — Secured Overnight Financing Rate |
| USD | — U.S. Dollar |
| **Abbreviations:** | **Abbreviations:** |
| CDX.NA.HY Ind 43 | — CDX North America High Yield Index 43 |
| MS & Co. Int. PLC | — Morgan Stanley & Co. International PLC |

---

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

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – 89.8%** | **Corporate Obligations – 89.8%** | **Corporate Obligations – 89.8%** | **Corporate Obligations – 89.8%** |
| **Aerospace & Defense – 3.9%** | **Aerospace & Defense – 3.9%** | **Aerospace & Defense – 3.9%** | **Aerospace & Defense – 3.9%** |
| Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. |
| 1500000 | 2.196 %<sup>(a)</sup> | 02/04/26 | $1476855 |
| 1950000 | 3.450 <sup>(a)</sup> | 11/01/28 | 1879859 |
| 5577000 | 2.950 <sup>(a)</sup> | 02/01/30 | 5171552 |
| 431000 | 5.150 <sup>(a)</sup> | 05/01/30 | 438922 |
| 3750000 | 3.600 <sup>(a)</sup> | 05/01/34 | 3305737 |
| 1679000 | 6.528 <sup>(a)</sup> | 05/01/34 | 1825845 |
| 1375000 | 3.250 <sup>(a)</sup> | 02/01/35 | 1157613 |
| 500000 | 3.550 <sup>(a)</sup> | 03/01/38 | 401335 |
| 2827000 | 5.875 | 02/15/40 | 2820809 |
| 1306000 | 3.375 <sup>(a)</sup> | 06/15/46 | 889634 |
| 575000 | 3.625 <sup>(a)</sup> | 03/01/48 | 396399 |
| 900000 | 3.850 <sup>(a)</sup> | 11/01/48 | 645579 |
| 1551000 | 6.858 <sup>(a)</sup> | 05/01/54 | 1698702 |
| Hexcel Corp.<sup>(a)</sup>  | Hexcel Corp.<sup>(a)</sup>  | Hexcel Corp.<sup>(a)</sup>  | Hexcel Corp.<sup>(a)</sup>  |
| 796000 | 5.875 | 02/26/35 | 810033 |
| Howmet Aerospace, Inc.<sup>(a)</sup>  | Howmet Aerospace, Inc.<sup>(a)</sup>  | Howmet Aerospace, Inc.<sup>(a)</sup>  | Howmet Aerospace, Inc.<sup>(a)</sup>  |
| 802000 | 4.850 | 10/15/31 | 813509 |
| RTX Corp.<sup>(a)</sup>  | RTX Corp.<sup>(a)</sup>  | RTX Corp.<sup>(a)</sup>  | RTX Corp.<sup>(a)</sup>  |
| 1975000 | 4.125 | 11/16/28 | 1967811 |
|  |  |  | 25700194 |
| **Agriculture<sup>(a)</sup> – 1.9%** | **Agriculture<sup>(a)</sup> – 1.9%** | **Agriculture<sup>(a)</sup> – 1.9%** | **Agriculture<sup>(a)</sup> – 1.9%** |
| Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |
| 975000 | 4.800 | 02/14/29 | 986144 |
| BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. |
| 1125000 | 3.215 | 09/06/26 | 1109419 |
| 200000 | 3.557 | 08/15/27 | 196746 |
| 1350000 | 2.259 | 03/25/28 | 1277127 |
| 4055000 | 6.000 | 02/20/34 | 4273240 |
| BAT International Finance PLC | BAT International Finance PLC | BAT International Finance PLC | BAT International Finance PLC |
| 4575000 | 5.931 | 02/02/29 | 4801417 |
|  |  |  | 12644093 |
| **Airlines<sup>(a)</sup> – 0.3%** | **Airlines<sup>(a)</sup> – 0.3%** | **Airlines<sup>(a)</sup> – 0.3%** | **Airlines<sup>(a)</sup> – 0.3%** |
| Delta Air Lines, Inc. | Delta Air Lines, Inc. | Delta Air Lines, Inc. | Delta Air Lines, Inc. |
| 1670000 | 5.250 | 07/10/30 | 1682441 |
| **Automotive<sup>(a)</sup> – 4.3%** | **Automotive<sup>(a)</sup> – 4.3%** | **Automotive<sup>(a)</sup> – 4.3%** | **Automotive<sup>(a)</sup> – 4.3%** |
| Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
| 210000 | 3.375 | 11/13/25 | 208564 |
| 5725000 | 6.950 | 06/10/26 | 5803375 |
| 586000 | 5.850 | 05/17/27 | 590612 |
| General Motors Co. | General Motors Co. | General Motors Co. | General Motors Co. |
| 2925000 | 6.800 | 10/01/27 | 3046066 |
| General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
| 5315000 | 5.250 | 03/01/26 | 5323185 |
| 2575000 | 1.500 | 06/10/26 | 2499553 |
| 4750000 | 5.000 | 04/09/27 | 4779307 |
| 400000 | 2.700 | 08/20/27 | 384120 |
| 775000 | 3.850 | 01/05/28 | 758663 |
| 1705000 | 5.850 | 04/06/30 | 1761640 |
| 820000 | 5.450 | 07/15/30 | 831824 |
| 266000 | 5.750 | 02/08/31 | 273296 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Automotive<sup>(a)</sup> – (continued)** | **Automotive<sup>(a)</sup> – (continued)** | **Automotive<sup>(a)</sup> – (continued)** | **Automotive<sup>(a)</sup> – (continued)** |
| Hyundai Capital America<sup>(b)</sup>  | Hyundai Capital America<sup>(b)</sup>  | Hyundai Capital America<sup>(b)</sup>  | Hyundai Capital America<sup>(b)</sup>  |
| 1450000 | 5.600% | 03/30/28 | $1485598 |
|  |  |  | 27745803 |
| **Banks – 20.9%** | **Banks – 20.9%** | **Banks – 20.9%** | **Banks – 20.9%** |
| Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA |
| 1200000 | 5.565 | 01/17/30 | 1244784 |
| 1600000 | 6.921 | 08/08/33 | 1733376 |
| (1 yr. CMT + 1.600%) | (1 yr. CMT + 1.600%) | (1 yr. CMT + 1.600%) | (1 yr. CMT + 1.600%) |
| 400000 | 3.225 <sup>(a)(c)</sup> | 11/22/32 | 358340 |
| Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| (3 mo. USD Term SOFR + 1.252%) | (3 mo. USD Term SOFR + 1.252%) | (3 mo. USD Term SOFR + 1.252%) | (3 mo. USD Term SOFR + 1.252%) |
| 275000 | 2.496 <sup>(a)(c)</sup> | 02/13/31 | 251226 |
| (3 mo. USD Term SOFR + 1.302%) | (3 mo. USD Term SOFR + 1.302%) | (3 mo. USD Term SOFR + 1.302%) | (3 mo. USD Term SOFR + 1.302%) |
| 968000 | 3.419 <sup>(a)(c)</sup> | 12/20/28 | 946017 |
| (3 mo. USD Term SOFR + 1.332%) | (3 mo. USD Term SOFR + 1.332%) | (3 mo. USD Term SOFR + 1.332%) | (3 mo. USD Term SOFR + 1.332%) |
| 5356000 | 3.970 <sup>(a)(c)</sup> | 03/05/29 | 5295799 |
| (3 mo. USD Term SOFR + 1.572%) | (3 mo. USD Term SOFR + 1.572%) | (3 mo. USD Term SOFR + 1.572%) | (3 mo. USD Term SOFR + 1.572%) |
| 1950000 | 4.271 <sup>(a)(c)</sup> | 07/23/29 | 1944599 |
| (5 yr. CMT + 1.200%) | (5 yr. CMT + 1.200%) | (5 yr. CMT + 1.200%) | (5 yr. CMT + 1.200%) |
| 1025000 | 2.482 <sup>(a)(c)</sup> | 09/21/36 | 868800 |
| (Secured Overnight Financing Rate + 1.330%) | (Secured Overnight Financing Rate + 1.330%) | (Secured Overnight Financing Rate + 1.330%) | (Secured Overnight Financing Rate + 1.330%) |
| 675000 | 2.972 <sup>(a)(c)</sup> | 02/04/33 | 604334 |
| (Secured Overnight Financing Rate + 1.570%) | (Secured Overnight Financing Rate + 1.570%) | (Secured Overnight Financing Rate + 1.570%) | (Secured Overnight Financing Rate + 1.570%) |
| 1615000 | 5.819 <sup>(a)(c)</sup> | 09/15/29 | 1683476 |
| (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) |
| 1210000 | 5.202 <sup>(a)(c)</sup> | 04/25/29 | 1236572 |
| (Secured Overnight Financing Rate + 1.640%) | (Secured Overnight Financing Rate + 1.640%) | (Secured Overnight Financing Rate + 1.640%) | (Secured Overnight Financing Rate + 1.640%) |
| 2270000 | 5.464 <sup>(a)(c)</sup> | 05/09/36 | 2329088 |
| (Secured Overnight Financing Rate + 1.738%) | (Secured Overnight Financing Rate + 1.738%) | (Secured Overnight Financing Rate + 1.738%) | (Secured Overnight Financing Rate + 1.738%) |
| 2395000 | 5.518 <sup>(a)(c)</sup> | 10/25/35 | 2389084 |
| (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) | (Secured Overnight Financing Rate + 1.830%) |
| 3640000 | 4.571 <sup>(a)(c)</sup> | 04/27/33 | 3579794 |
| Bank of New York Mellon Corp.<sup>(a)(c)</sup> (5 yr. CMT + 4.358%) | Bank of New York Mellon Corp.<sup>(a)(c)</sup> (5 yr. CMT + 4.358%) | Bank of New York Mellon Corp.<sup>(a)(c)</sup> (5 yr. CMT + 4.358%) | Bank of New York Mellon Corp.<sup>(a)(c)</sup> (5 yr. CMT + 4.358%) |
| 2089000 | 4.700 | 09/20/25 | 2084738 |
| Barclays PLC | Barclays PLC | Barclays PLC | Barclays PLC |
| 1375000 | 5.200 | 05/12/26 | 1380321 |
| 6625000 | 4.836 <sup>(a)</sup> | 05/09/28 | 6636726 |
| (Secured Overnight Financing Rate + 1.560%) | (Secured Overnight Financing Rate + 1.560%) | (Secured Overnight Financing Rate + 1.560%) | (Secured Overnight Financing Rate + 1.560%) |
| 1135000 | 4.942 <sup>(a)(c)</sup> | 09/10/30 | 1143342 |
| (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) |
| 1235000 | 5.785 <sup>(a)(c)</sup> | 02/25/36 | 1262318 |
| BNP Paribas SA | BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
| (1 yr. CMT + 1.500%) | (1 yr. CMT + 1.500%) | (1 yr. CMT + 1.500%) | (1 yr. CMT + 1.500%) |
| 1680000 | 5.335 <sup>(a)(b)(c)</sup> | 06/12/29 | 1717968 |
| (Secured Overnight Financing Rate + 1.507%) | (Secured Overnight Financing Rate + 1.507%) | (Secured Overnight Financing Rate + 1.507%) | (Secured Overnight Financing Rate + 1.507%) |
| 370000 | 3.052 <sup>(a)(b)(c)</sup> | 01/13/31 | 343649 |
| (Secured Overnight Financing Rate + 1.920%) | (Secured Overnight Financing Rate + 1.920%) | (Secured Overnight Financing Rate + 1.920%) | (Secured Overnight Financing Rate + 1.920%) |
| 1275000 | 5.906 <sup>(a)(b)(c)</sup> | 11/19/35 | 1285748 |
| BPCE SA<sup>(b)</sup>  | BPCE SA<sup>(b)</sup>  | BPCE SA<sup>(b)</sup>  | BPCE SA<sup>(b)</sup>  |
| 1350000 | 4.625 | 09/12/28 | 1350473 |
| Capital One NA<sup>(a)</sup>  | Capital One NA<sup>(a)</sup>  | Capital One NA<sup>(a)</sup>  | Capital One NA<sup>(a)</sup>  |
| 1500000 | 4.650 | 09/13/28 | 1507560 |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| (3 mo. USD Term SOFR + 1.825%) | (3 mo. USD Term SOFR + 1.825%) | (3 mo. USD Term SOFR + 1.825%) | (3 mo. USD Term SOFR + 1.825%) |
| 1973000 | 3.887 %<sup>(a)(c)</sup> | 01/10/28 | $1955144 |
| (5 yr. CMT + 1.730%) | (5 yr. CMT + 1.730%) | (5 yr. CMT + 1.730%) | (5 yr. CMT + 1.730%) |
| 830000 | 5.411 <sup>(a)(c)</sup> | 09/19/39 | 806752 |
| (5 yr. CMT + 2.572%) | (5 yr. CMT + 2.572%) | (5 yr. CMT + 2.572%) | (5 yr. CMT + 2.572%) |
| 1480000 | 6.750 <sup>(a)(c)</sup> | 02/15/30 | 1490271 |
| (5 yr. CMT + 3.417%) | (5 yr. CMT + 3.417%) | (5 yr. CMT + 3.417%) | (5 yr. CMT + 3.417%) |
| 1568000 | 3.875 <sup>(a)(c)</sup> | 02/18/26 | 1547569 |
| (5 yr. CMT + 3.597%) | (5 yr. CMT + 3.597%) | (5 yr. CMT + 3.597%) | (5 yr. CMT + 3.597%) |
| 1900000 | 4.000 <sup>(a)(c)</sup> | 12/10/25 | 1886168 |
| (Secured Overnight Financing Rate + 1.422%) | (Secured Overnight Financing Rate + 1.422%) | (Secured Overnight Financing Rate + 1.422%) | (Secured Overnight Financing Rate + 1.422%) |
| 1025000 | 2.976 <sup>(a)(c)</sup> | 11/05/30 | 958754 |
| (Secured Overnight Financing Rate + 1.447%) | (Secured Overnight Financing Rate + 1.447%) | (Secured Overnight Financing Rate + 1.447%) | (Secured Overnight Financing Rate + 1.447%) |
| 1535000 | 5.449 <sup>(a)(c)</sup> | 06/11/35 | 1569000 |
| (Secured Overnight Financing Rate + 2.338%) | (Secured Overnight Financing Rate + 2.338%) | (Secured Overnight Financing Rate + 2.338%) | (Secured Overnight Financing Rate + 2.338%) |
| 1645000 | 6.270 <sup>(a)(c)</sup> | 11/17/33 | 1771747 |
| (Secured Overnight Financing Rate + 3.914%) | (Secured Overnight Financing Rate + 3.914%) | (Secured Overnight Financing Rate + 3.914%) | (Secured Overnight Financing Rate + 3.914%) |
| 675000 | 4.412 <sup>(a)(c)</sup> | 03/31/31 | 667636 |
| Citizens Financial Group, Inc. | Citizens Financial Group, Inc. | Citizens Financial Group, Inc. | Citizens Financial Group, Inc. |
| (Secured Overnight Financing Rate + 1.259%) | (Secured Overnight Financing Rate + 1.259%) | (Secured Overnight Financing Rate + 1.259%) | (Secured Overnight Financing Rate + 1.259%) |
| 440000 | 5.253 <sup>(a)(c)</sup> | 03/05/31 | 445848 |
| (Secured Overnight Financing Rate + 2.010%) | (Secured Overnight Financing Rate + 2.010%) | (Secured Overnight Financing Rate + 2.010%) | (Secured Overnight Financing Rate + 2.010%) |
| 3075000 | 5.841 <sup>(a)(c)</sup> | 01/23/30 | 3183671 |
| Credit Agricole SA<sup>(a)(b)(c)</sup> (5 yr. USD Swap + 6.185%) | Credit Agricole SA<sup>(a)(b)(c)</sup> (5 yr. USD Swap + 6.185%) | Credit Agricole SA<sup>(a)(b)(c)</sup> (5 yr. USD Swap + 6.185%) | Credit Agricole SA<sup>(a)(b)(c)</sup> (5 yr. USD Swap + 6.185%) |
| 1290000 | 8.125 | 12/23/25 | 1305080 |
| Fifth Third Bancorp | Fifth Third Bancorp | Fifth Third Bancorp | Fifth Third Bancorp |
| (Secured Overnight Financing Rate + 1.486%) | (Secured Overnight Financing Rate + 1.486%) | (Secured Overnight Financing Rate + 1.486%) | (Secured Overnight Financing Rate + 1.486%) |
| 782000 | 4.895 <sup>(a)(c)</sup> | 09/06/30 | 790743 |
| (Secured Overnight Financing Rate + 2.340%) | (Secured Overnight Financing Rate + 2.340%) | (Secured Overnight Financing Rate + 2.340%) | (Secured Overnight Financing Rate + 2.340%) |
| 303000 | 6.339 <sup>(a)(c)</sup> | 07/27/29 | 319059 |
| First Horizon Corp.<sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.766%) | First Horizon Corp.<sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.766%) | First Horizon Corp.<sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.766%) | First Horizon Corp.<sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.766%) |
| 580000 | 5.514 | 03/07/31 | 588364 |
| HSBC Bank USA NA | HSBC Bank USA NA | HSBC Bank USA NA | HSBC Bank USA NA |
| 800000 | 5.625 | 08/15/35 | 821152 |
| HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
| 600000 | 7.625 | 05/17/32 | 659064 |
| Huntington Bancshares, Inc. | Huntington Bancshares, Inc. | Huntington Bancshares, Inc. | Huntington Bancshares, Inc. |
| (5 yr. CMT + 1.700%) | (5 yr. CMT + 1.700%) | (5 yr. CMT + 1.700%) | (5 yr. CMT + 1.700%) |
| 185000 | 6.141 <sup>(a)(c)</sup> | 11/18/39 | 188807 |
| (Secured Overnight Financing Rate + 1.276%) | (Secured Overnight Financing Rate + 1.276%) | (Secured Overnight Financing Rate + 1.276%) | (Secured Overnight Financing Rate + 1.276%) |
| 1590000 | 5.272 <sup>(a)(c)</sup> | 01/15/31 | 1628573 |
| (Secured Overnight Financing Rate + 1.870%) | (Secured Overnight Financing Rate + 1.870%) | (Secured Overnight Financing Rate + 1.870%) | (Secured Overnight Financing Rate + 1.870%) |
| 2685000 | 5.709 <sup>(a)(c)</sup> | 02/02/35 | 2743345 |
| (Secured Overnight Financing Rate + 2.020%) | (Secured Overnight Financing Rate + 2.020%) | (Secured Overnight Financing Rate + 2.020%) | (Secured Overnight Financing Rate + 2.020%) |
| 3035000 | 6.208 <sup>(a)(c)</sup> | 08/21/29 | 3183867 |
| ING Groep NV | ING Groep NV | ING Groep NV | ING Groep NV |
| (Secured Overnight Financing Rate + 1.005%) | (Secured Overnight Financing Rate + 1.005%) | (Secured Overnight Financing Rate + 1.005%) | (Secured Overnight Financing Rate + 1.005%) |
| 1725000 | 1.726 <sup>(a)(c)</sup> | 04/01/27 | 1689603 |
| (Secured Overnight Financing Rate + 1.440%) | (Secured Overnight Financing Rate + 1.440%) | (Secured Overnight Financing Rate + 1.440%) | (Secured Overnight Financing Rate + 1.440%) |
| 1620000 | 5.335 <sup>(a)(c)</sup> | 03/19/30 | 1662444 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |
| JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
| (3 mo. USD Term SOFR + 1.622%) | (3 mo. USD Term SOFR + 1.622%) | (3 mo. USD Term SOFR + 1.622%) | (3 mo. USD Term SOFR + 1.622%) |
| 875000 | 3.882 %<sup>(a)(c)</sup> | 07/24/38 | $771890 |
| (3 mo. USD Term SOFR + 2.515%) | (3 mo. USD Term SOFR + 2.515%) | (3 mo. USD Term SOFR + 2.515%) | (3 mo. USD Term SOFR + 2.515%) |
| 3650000 | 2.956 <sup>(a)(c)</sup> | 05/13/31 | 3373951 |
| (Secured Overnight Financing Rate + 1.680%) | (Secured Overnight Financing Rate + 1.680%) | (Secured Overnight Financing Rate + 1.680%) | (Secured Overnight Financing Rate + 1.680%) |
| 1550000 | 5.572 <sup>(a)(c)</sup> | 04/22/36 | 1607893 |
| (Secured Overnight Financing Rate + 1.800%) | (Secured Overnight Financing Rate + 1.800%) | (Secured Overnight Financing Rate + 1.800%) | (Secured Overnight Financing Rate + 1.800%) |
| 7324000 | 4.586 <sup>(a)(c)</sup> | 04/26/33 | 7250174 |
| Lloyds Banking Group PLC<sup>(a)(c)</sup> (1 yr. CMT + 0.850%) | Lloyds Banking Group PLC<sup>(a)(c)</sup> (1 yr. CMT + 0.850%) | Lloyds Banking Group PLC<sup>(a)(c)</sup> (1 yr. CMT + 0.850%) | Lloyds Banking Group PLC<sup>(a)(c)</sup> (1 yr. CMT + 0.850%) |
| 350000 | 1.627 | 05/11/27 | 341341 |
| M&T Bank Corp. | M&T Bank Corp. | M&T Bank Corp. | M&T Bank Corp. |
| (Secured Overnight Financing Rate + 1.400%) | (Secured Overnight Financing Rate + 1.400%) | (Secured Overnight Financing Rate + 1.400%) | (Secured Overnight Financing Rate + 1.400%) |
| 620000 | 5.179 <sup>(a)(c)</sup> | 07/08/31 | 630410 |
| (Secured Overnight Financing Rate + 1.610%) | (Secured Overnight Financing Rate + 1.610%) | (Secured Overnight Financing Rate + 1.610%) | (Secured Overnight Financing Rate + 1.610%) |
| 1670000 | 5.385 <sup>(a)(c)</sup> | 01/16/36 | 1662134 |
| (Secured Overnight Financing Rate + 2.260%) | (Secured Overnight Financing Rate + 2.260%) | (Secured Overnight Financing Rate + 2.260%) | (Secured Overnight Financing Rate + 2.260%) |
| 3355000 | 6.082 <sup>(a)(c)</sup> | 03/13/32 | 3541303 |
| Macquarie Group Ltd.<sup>(a)(b)(c)</sup> (3 mo. USD Term SOFR + 1.634%) | Macquarie Group Ltd.<sup>(a)(b)(c)</sup> (3 mo. USD Term SOFR + 1.634%) | Macquarie Group Ltd.<sup>(a)(b)(c)</sup> (3 mo. USD Term SOFR + 1.634%) | Macquarie Group Ltd.<sup>(a)(b)(c)</sup> (3 mo. USD Term SOFR + 1.634%) |
| 1900000 | 3.763 | 11/28/28 | 1864831 |
| Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
| 2720000 | 3.971 <sup>(a)(c)</sup> | 07/22/38 | 2368494 |
| (Secured Overnight Financing Rate + 1.360%) | (Secured Overnight Financing Rate + 1.360%) | (Secured Overnight Financing Rate + 1.360%) | (Secured Overnight Financing Rate + 1.360%) |
| 725000 | 2.484 <sup>(a)(c)</sup> | 09/16/36 | 615938 |
| (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) | (Secured Overnight Financing Rate + 1.590%) |
| 1645000 | 5.164 <sup>(a)(c)</sup> | 04/20/29 | 1677341 |
| (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) | (Secured Overnight Financing Rate + 1.630%) |
| 6385000 | 5.449 <sup>(a)(c)</sup> | 07/20/29 | 6565695 |
| (Secured Overnight Financing Rate + 1.757%) | (Secured Overnight Financing Rate + 1.757%) | (Secured Overnight Financing Rate + 1.757%) | (Secured Overnight Financing Rate + 1.757%) |
| 575000 | 5.664 <sup>(a)(c)</sup> | 04/17/36 | 596057 |
| (Secured Overnight Financing Rate + 2.076%) | (Secured Overnight Financing Rate + 2.076%) | (Secured Overnight Financing Rate + 2.076%) | (Secured Overnight Financing Rate + 2.076%) |
| 1606000 | 4.889 <sup>(a)(c)</sup> | 07/20/33 | 1607879 |
| NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
| (1 yr. CMT + 1.050%) | (1 yr. CMT + 1.050%) | (1 yr. CMT + 1.050%) | (1 yr. CMT + 1.050%) |
| 380000 | 5.115 <sup>(a)(c)</sup> | 05/23/31 | 386426 |
| (5 yr. USD Swap + 5.720%) | (5 yr. USD Swap + 5.720%) | (5 yr. USD Swap + 5.720%) | (5 yr. USD Swap + 5.720%) |
| 1305000 | 8.000 <sup>(a)(c)</sup> | 08/10/25 | 1308249 |
| PNC Financial Services Group, Inc.<sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.599%) | PNC Financial Services Group, Inc.<sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.599%) | PNC Financial Services Group, Inc.<sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.599%) | PNC Financial Services Group, Inc.<sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.599%) |
| 1170000 | 5.401 | 07/23/35 | 1191142 |
| Regions Financial Corp.<sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.490%) | Regions Financial Corp.<sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.490%) | Regions Financial Corp.<sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.490%) | Regions Financial Corp.<sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.490%) |
| 1975000 | 5.722 | 06/06/30 | 2039978 |
| Santander U.K. Group Holdings PLC<sup>(a)(c)</sup> (3 mo. USD LIBOR + 1.400%) | Santander U.K. Group Holdings PLC<sup>(a)(c)</sup> (3 mo. USD LIBOR + 1.400%) | Santander U.K. Group Holdings PLC<sup>(a)(c)</sup> (3 mo. USD LIBOR + 1.400%) | Santander U.K. Group Holdings PLC<sup>(a)(c)</sup> (3 mo. USD LIBOR + 1.400%) |
| 325000 | 3.823 | 11/03/28 | 318679 |
| Shinhan Bank Co. Ltd.<sup>(b)</sup>  | Shinhan Bank Co. Ltd.<sup>(b)</sup>  | Shinhan Bank Co. Ltd.<sup>(b)</sup>  | Shinhan Bank Co. Ltd.<sup>(b)</sup>  |
| 260000 | 4.500 | 04/12/28 | 260660 |
| State Street Corp.<sup>(a)(c)</sup> (5 yr. CMT + 2.135%) | State Street Corp.<sup>(a)(c)</sup> (5 yr. CMT + 2.135%) | State Street Corp.<sup>(a)(c)</sup> (5 yr. CMT + 2.135%) | State Street Corp.<sup>(a)(c)</sup> (5 yr. CMT + 2.135%) |
| 1375000 | 6.450 | 09/15/30 | 1395776 |
| Truist Financial Corp. | Truist Financial Corp. | Truist Financial Corp. | Truist Financial Corp. |
| (5 yr. CMT + 4.605%) | (5 yr. CMT + 4.605%) | (5 yr. CMT + 4.605%) | (5 yr. CMT + 4.605%) |
| 3055000 | 4.950 <sup>(a)(c)</sup> | 09/01/25 | 3048371 |
| (Secured Overnight Financing Rate + 1.620%) | (Secured Overnight Financing Rate + 1.620%) | (Secured Overnight Financing Rate + 1.620%) | (Secured Overnight Financing Rate + 1.620%) |
| 837000 | 5.435 <sup>(a)(c)</sup> | 01/24/30 | 861976 |
| (Secured Overnight Financing Rate + 1.922%) | (Secured Overnight Financing Rate + 1.922%) | (Secured Overnight Financing Rate + 1.922%) | (Secured Overnight Financing Rate + 1.922%) |
| 2810000 | 5.711 <sup>(a)(c)</sup> | 01/24/35 | 2911666 |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |
| U.S. Bancorp<sup>(a)(c)</sup> (Secured Overnight Financing Rate + 2.020%) | U.S. Bancorp<sup>(a)(c)</sup> (Secured Overnight Financing Rate + 2.020%) | U.S. Bancorp<sup>(a)(c)</sup> (Secured Overnight Financing Rate + 2.020%) | U.S. Bancorp<sup>(a)(c)</sup> (Secured Overnight Financing Rate + 2.020%) |
| 1260000 | 5.775% | 06/12/29 | $1307716 |
| UBS Group AG | UBS Group AG | UBS Group AG | UBS Group AG |
| 3347000 | 4.282 <sup>(a)(b)</sup> | 01/09/28 | 3331403 |
| (5 yr. CMT + 4.758%) | (5 yr. CMT + 4.758%) | (5 yr. CMT + 4.758%) | (5 yr. CMT + 4.758%) |
| 405000 | 9.250 <sup>(a)(b)(c)</sup> | 11/13/33 | 467925 |
| (Secured Overnight Financing Rate + 1.760%) | (Secured Overnight Financing Rate + 1.760%) | (Secured Overnight Financing Rate + 1.760%) | (Secured Overnight Financing Rate + 1.760%) |
| 615000 | 5.580 <sup>(a)(b)(c)</sup> | 05/09/36 | 629551 |
| (Secured Overnight Financing Rate + 5.020%) | (Secured Overnight Financing Rate + 5.020%) | (Secured Overnight Financing Rate + 5.020%) | (Secured Overnight Financing Rate + 5.020%) |
| 1875000 | 9.016 <sup>(a)(b)(c)</sup> | 11/15/33 | 2317481 |
| Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| (3 mo. USD Term SOFR + 1.572%) | (3 mo. USD Term SOFR + 1.572%) | (3 mo. USD Term SOFR + 1.572%) | (3 mo. USD Term SOFR + 1.572%) |
| 498000 | 3.584 <sup>(a)(c)</sup> | 05/22/28 | 490460 |
| (Secured Overnight Financing Rate + 1.510%) | (Secured Overnight Financing Rate + 1.510%) | (Secured Overnight Financing Rate + 1.510%) | (Secured Overnight Financing Rate + 1.510%) |
| 1325000 | 3.526 <sup>(a)(c)</sup> | 03/24/28 | 1307470 |
| (Secured Overnight Financing Rate + 2.100%) | (Secured Overnight Financing Rate + 2.100%) | (Secured Overnight Financing Rate + 2.100%) | (Secured Overnight Financing Rate + 2.100%) |
| 2378000 | 4.897 <sup>(a)(c)</sup> | 07/25/33 | 2377738 |
| Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA |
| 824000 | 5.950 | 08/26/36 | 861789 |
|  |  |  | 136330580 |
| **Beverages – 1.4%** | **Beverages – 1.4%** | **Beverages – 1.4%** | **Beverages – 1.4%** |
| Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. |
| 180000 | 8.200 | 01/15/39 | 229610 |
| Bacardi Ltd. | Bacardi Ltd. | Bacardi Ltd. | Bacardi Ltd. |
| 2275000 | 4.700 <sup>(a)(b)</sup> | 05/15/28 | 2282667 |
| 700000 | 5.300 <sup>(a)(b)</sup> | 05/15/48 | 616539 |
| Bacardi Ltd./Bacardi-Martini BV<sup>(a)(b)</sup>  | Bacardi Ltd./Bacardi-Martini BV<sup>(a)(b)</sup>  | Bacardi Ltd./Bacardi-Martini BV<sup>(a)(b)</sup>  | Bacardi Ltd./Bacardi-Martini BV<sup>(a)(b)</sup>  |
| 1475000 | 5.900 | 06/15/43 | 1423493 |
| Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
| 450000 | 4.350 <sup>(a)</sup> | 05/09/27 | 450063 |
| 350000 | 4.650 <sup>(a)</sup> | 11/15/28 | 352555 |
| 455000 | 4.800 <sup>(a)</sup> | 01/15/29 | 459900 |
| 477000 | 4.800 <sup>(a)</sup> | 05/01/30 | 480544 |
| JDE Peet's NV<sup>(a)(b)</sup>  | JDE Peet's NV<sup>(a)(b)</sup>  | JDE Peet's NV<sup>(a)(b)</sup>  | JDE Peet's NV<sup>(a)(b)</sup>  |
| 1970000 | 2.250 | 09/24/31 | 1679543 |
| Pernod Ricard International Finance LLC<sup>(a)(b)</sup>  | Pernod Ricard International Finance LLC<sup>(a)(b)</sup>  | Pernod Ricard International Finance LLC<sup>(a)(b)</sup>  | Pernod Ricard International Finance LLC<sup>(a)(b)</sup>  |
| 1670000 | 1.625 | 04/01/31 | 1407443 |
|  |  |  | 9382357 |
| **Biotechnology<sup>(a)</sup> – 1.1%** | **Biotechnology<sup>(a)</sup> – 1.1%** | **Biotechnology<sup>(a)</sup> – 1.1%** | **Biotechnology<sup>(a)</sup> – 1.1%** |
| Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
| 2425000 | 4.200 | 03/01/33 | 2330934 |
| Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
| 3251000 | 1.200 | 09/02/25 | 3228016 |
| 739000 | 2.200 | 09/02/30 | 654665 |
| 761000 | 5.400 | 09/02/34 | 771000 |
|  |  |  | 6984615 |
| **Building Materials<sup>(a)</sup> – 0.1%** | **Building Materials<sup>(a)</sup> – 0.1%** | **Building Materials<sup>(a)</sup> – 0.1%** | **Building Materials<sup>(a)</sup> – 0.1%** |
| Owens Corning | Owens Corning | Owens Corning | Owens Corning |
| 422000 | 5.950 | 06/15/54 | 426178 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Chemicals<sup>(a)</sup> – 0.7%** | **Chemicals<sup>(a)</sup> – 0.7%** | **Chemicals<sup>(a)</sup> – 0.7%** | **Chemicals<sup>(a)</sup> – 0.7%** |
| Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC |
| 789000 | 6.415 %<sup>(d)</sup> | 07/15/27 | $817057 |
| 715000 | 6.850 | 11/15/28 | 751193 |
| DuPont de Nemours, Inc. | DuPont de Nemours, Inc. | DuPont de Nemours, Inc. | DuPont de Nemours, Inc. |
| 76000 | 5.319 | 11/15/38 | 78671 |
| 825000 | 5.419 | 11/15/48 | 831551 |
| Huntsman International LLC | Huntsman International LLC | Huntsman International LLC | Huntsman International LLC |
| 1050000 | 4.500 | 05/01/29 | 995578 |
| International Flavors & Fragrances, Inc.<sup>(b)</sup>  | International Flavors & Fragrances, Inc.<sup>(b)</sup>  | International Flavors & Fragrances, Inc.<sup>(b)</sup>  | International Flavors & Fragrances, Inc.<sup>(b)</sup>  |
| 190000 | 2.300 | 11/01/30 | 168042 |
| LYB International Finance BV | LYB International Finance BV | LYB International Finance BV | LYB International Finance BV |
| 725000 | 4.875 | 03/15/44 | 613234 |
| Sherwin-Williams Co. | Sherwin-Williams Co. | Sherwin-Williams Co. | Sherwin-Williams Co. |
| 475000 | 4.000 | 12/15/42 | 379478 |
|  |  |  | 4634804 |
| **Commercial Services – 1.0%** | **Commercial Services – 1.0%** | **Commercial Services – 1.0%** | **Commercial Services – 1.0%** |
| Ashtead Capital, Inc. | Ashtead Capital, Inc. | Ashtead Capital, Inc. | Ashtead Capital, Inc. |
| 925000 | 1.500 <sup>(a)(b)</sup> | 08/12/26 | 894919 |
| 525000 | 2.450 <sup>(a)(b)</sup> | 08/12/31 | 453107 |
| 456000 | 5.800 <sup>(a)(b)</sup> | 04/15/34 | 467204 |
| DP World Ltd. | DP World Ltd. | DP World Ltd. | DP World Ltd. |
| 360000 | 5.625 | 09/25/48 | 335588 |
| Global Payments, Inc.<sup>(a)</sup>  | Global Payments, Inc.<sup>(a)</sup>  | Global Payments, Inc.<sup>(a)</sup>  | Global Payments, Inc.<sup>(a)</sup>  |
| 1150000 | 4.450 | 06/01/28 | 1148792 |
| GXO Logistics, Inc. | GXO Logistics, Inc. | GXO Logistics, Inc. | GXO Logistics, Inc. |
| 2573000 | 2.650 <sup>(a)</sup> | 07/15/31 | 2239256 |
| 887000 | 6.500 <sup>(a)</sup> | 05/06/34 | 926232 |
|  |  |  | 6465098 |
| **Computers – 0.7%** | **Computers – 0.7%** | **Computers – 0.7%** | **Computers – 0.7%** |
| Dell International LLC/EMC Corp.<sup>(a)</sup>  | Dell International LLC/EMC Corp.<sup>(a)</sup>  | Dell International LLC/EMC Corp.<sup>(a)</sup>  | Dell International LLC/EMC Corp.<sup>(a)</sup>  |
| 1325000 | 4.900 | 10/01/26 | 1331161 |
| Dell, Inc. | Dell, Inc. | Dell, Inc. | Dell, Inc. |
| 2075000 | 7.100 | 04/15/28 | 2216806 |
| Hewlett Packard Enterprise Co.<sup>(a)</sup>  | Hewlett Packard Enterprise Co.<sup>(a)</sup>  | Hewlett Packard Enterprise Co.<sup>(a)</sup>  | Hewlett Packard Enterprise Co.<sup>(a)</sup>  |
| 105000 | 5.000 | 10/15/34 | 101877 |
| NetApp, Inc.<sup>(a)</sup>  | NetApp, Inc.<sup>(a)</sup>  | NetApp, Inc.<sup>(a)</sup>  | NetApp, Inc.<sup>(a)</sup>  |
| 705000 | 5.500 | 03/17/32 | 727165 |
|  |  |  | 4377009 |
| **Diversified Financial Services – 5.0%** | **Diversified Financial Services – 5.0%** | **Diversified Financial Services – 5.0%** | **Diversified Financial Services – 5.0%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
| 725000 | 6.450 <sup>(a)</sup> | 04/15/27 | 748780 |
| 4025000 | 4.625 <sup>(a)</sup> | 10/15/27 | 4041261 |
| 775000 | 3.000 <sup>(a)</sup> | 10/29/28 | 738459 |
| 920000 | 5.375 <sup>(a)</sup> | 12/15/31 | 940819 |
| Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
| 2450000 | 3.750 <sup>(a)</sup> | 06/01/26 | 2433438 |
| 325000 | 3.625 <sup>(a)</sup> | 04/01/27 | 321438 |
| Aircastle Ltd./Aircastle Ireland DAC<sup>(a)(b)</sup>  | Aircastle Ltd./Aircastle Ireland DAC<sup>(a)(b)</sup>  | Aircastle Ltd./Aircastle Ireland DAC<sup>(a)(b)</sup>  | Aircastle Ltd./Aircastle Ireland DAC<sup>(a)(b)</sup>  |
| 478000 | 5.250 | 03/15/30 | 481475 |
| Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
| 2610000 | 4.750 <sup>(a)</sup> | 06/09/27 | 2625060 |
| 1575000 | 2.200 <sup>(a)</sup> | 11/02/28 | 1453331 |
| (Secured Overnight Financing Rate + 1.960%) | (Secured Overnight Financing Rate + 1.960%) | (Secured Overnight Financing Rate + 1.960%) | (Secured Overnight Financing Rate + 1.960%) |
| 407000 | 5.737 <sup>(a)(c)</sup> | 05/15/29 | 414411 |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Diversified Financial Services – (continued)** | **Diversified Financial Services – (continued)** | **Diversified Financial Services – (continued)** | **Diversified Financial Services – (continued)** |
| Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
| 3650000 | 1.950 %<sup>(a)(b)</sup> | 01/30/26 | $3592403 |
| 655000 | 5.375 <sup>(a)(b)</sup> | 07/15/29 | 668192 |
| Avolon Holdings Funding Ltd.<sup>(a)(b)</sup>  | Avolon Holdings Funding Ltd.<sup>(a)(b)</sup>  | Avolon Holdings Funding Ltd.<sup>(a)(b)</sup>  | Avolon Holdings Funding Ltd.<sup>(a)(b)</sup>  |
| 1450000 | 3.250 | 02/15/27 | 1413576 |
| Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
| 1750000 | 4.100 <sup>(a)</sup> | 02/09/27 | 1741985 |
| (Secured Overnight Financing Rate + 1.990%) | (Secured Overnight Financing Rate + 1.990%) | (Secured Overnight Financing Rate + 1.990%) | (Secured Overnight Financing Rate + 1.990%) |
| 2125000 | 5.884 <sup>(a)(c)</sup> | 07/26/35 | 2190726 |
| (Secured Overnight Financing Rate + 2.036%) | (Secured Overnight Financing Rate + 2.036%) | (Secured Overnight Financing Rate + 2.036%) | (Secured Overnight Financing Rate + 2.036%) |
| 430000 | 6.183 <sup>(a)(c)</sup> | 01/30/36 | 437048 |
| (Secured Overnight Financing Rate + 2.600%) | (Secured Overnight Financing Rate + 2.600%) | (Secured Overnight Financing Rate + 2.600%) | (Secured Overnight Financing Rate + 2.600%) |
| 1590000 | 5.247 <sup>(a)(c)</sup> | 07/26/30 | 1625282 |
| (Secured Overnight Financing Rate + 3.070%) | (Secured Overnight Financing Rate + 3.070%) | (Secured Overnight Financing Rate + 3.070%) | (Secured Overnight Financing Rate + 3.070%) |
| 1165000 | 7.624 <sup>(a)(c)</sup> | 10/30/31 | 1316217 |
| Intercontinental Exchange, Inc.<sup>(a)</sup>  | Intercontinental Exchange, Inc.<sup>(a)</sup>  | Intercontinental Exchange, Inc.<sup>(a)</sup>  | Intercontinental Exchange, Inc.<sup>(a)</sup>  |
| 350000 | 3.625 | 09/01/28 | 343182 |
| Jefferies Financial Group, Inc.<sup>(a)</sup>  | Jefferies Financial Group, Inc.<sup>(a)</sup>  | Jefferies Financial Group, Inc.<sup>(a)</sup>  | Jefferies Financial Group, Inc.<sup>(a)</sup>  |
| 1220000 | 6.200 | 04/14/34 | 1274217 |
| Macquarie Airfinance Holdings Ltd. | Macquarie Airfinance Holdings Ltd. | Macquarie Airfinance Holdings Ltd. | Macquarie Airfinance Holdings Ltd. |
| 1267000 | 5.200 <sup>(a)(b)</sup> | 03/27/28 | 1281127 |
| 135000 | 6.400 <sup>(a)(b)</sup> | 03/26/29 | 141009 |
| Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
| 2375000 | 1.653 | 07/14/26 | 2306410 |
|  |  |  | 32529846 |
| **Electrical – 4.1%** | **Electrical – 4.1%** | **Electrical – 4.1%** | **Electrical – 4.1%** |
| American Electric Power Co., Inc.<sup>(a)</sup>  | American Electric Power Co., Inc.<sup>(a)</sup>  | American Electric Power Co., Inc.<sup>(a)</sup>  | American Electric Power Co., Inc.<sup>(a)</sup>  |
| 350000 | 2.300 | 03/01/30 | 316029 |
| Berkshire Hathaway Energy Co.<sup>(a)</sup>  | Berkshire Hathaway Energy Co.<sup>(a)</sup>  | Berkshire Hathaway Energy Co.<sup>(a)</sup>  | Berkshire Hathaway Energy Co.<sup>(a)</sup>  |
| 500000 | 2.850 | 05/15/51 | 306700 |
| CMS Energy Corp.<sup>(a)</sup>  | CMS Energy Corp.<sup>(a)</sup>  | CMS Energy Corp.<sup>(a)</sup>  | CMS Energy Corp.<sup>(a)</sup>  |
| 500000 | 4.875 | 03/01/44 | 446320 |
| Dominion Energy, Inc.<sup>(a)</sup>  | Dominion Energy, Inc.<sup>(a)</sup>  | Dominion Energy, Inc.<sup>(a)</sup>  | Dominion Energy, Inc.<sup>(a)</sup>  |
| 925000 | 3.375 | 04/01/30 | 879527 |
| DTE Energy Co.<sup>(a)</sup>  | DTE Energy Co.<sup>(a)</sup>  | DTE Energy Co.<sup>(a)</sup>  | DTE Energy Co.<sup>(a)</sup>  |
| 4736000 | 4.875 | 06/01/28 | 4806282 |
| Duke Energy Corp.<sup>(a)</sup>  | Duke Energy Corp.<sup>(a)</sup>  | Duke Energy Corp.<sup>(a)</sup>  | Duke Energy Corp.<sup>(a)</sup>  |
| 400000 | 4.800 | 12/15/45 | 346356 |
| Duquesne Light Holdings, Inc.<sup>(a)(b)</sup>  | Duquesne Light Holdings, Inc.<sup>(a)(b)</sup>  | Duquesne Light Holdings, Inc.<sup>(a)(b)</sup>  | Duquesne Light Holdings, Inc.<sup>(a)(b)</sup>  |
| 1075000 | 2.532 | 10/01/30 | 949988 |
| Emera U.S. Finance LP<sup>(a)</sup>  | Emera U.S. Finance LP<sup>(a)</sup>  | Emera U.S. Finance LP<sup>(a)</sup>  | Emera U.S. Finance LP<sup>(a)</sup>  |
| 575000 | 3.550 | 06/15/26 | 568646 |
| ITC Holdings Corp.<sup>(a)(b)</sup>  | ITC Holdings Corp.<sup>(a)(b)</sup>  | ITC Holdings Corp.<sup>(a)(b)</sup>  | ITC Holdings Corp.<sup>(a)(b)</sup>  |
| 673000 | 2.950 | 05/14/30 | 625668 |
| NextEra Energy Capital Holdings, Inc.<sup>(a)</sup>  | NextEra Energy Capital Holdings, Inc.<sup>(a)</sup>  | NextEra Energy Capital Holdings, Inc.<sup>(a)</sup>  | NextEra Energy Capital Holdings, Inc.<sup>(a)</sup>  |
| 2055000 | 1.900 | 06/15/28 | 1920870 |
| Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
| 1225000 | 2.950 <sup>(a)</sup> | 03/01/26 | 1208217 |
| 2075000 | 2.100 <sup>(a)</sup> | 08/01/27 | 1966125 |
| 480000 | 5.000 <sup>(a)</sup> | 06/04/28 | 481464 |
| 950000 | 6.400 <sup>(a)</sup> | 06/15/33 | 992370 |
| 650000 | 6.950 <sup>(a)</sup> | 03/15/34 | 698835 |
| 675000 | 5.800 <sup>(a)</sup> | 05/15/34 | 674845 |
| 1594000 | 5.700 <sup>(a)</sup> | 03/01/35 | 1581344 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Electrical – (continued)** | **Electrical – (continued)** | **Electrical – (continued)** | **Electrical – (continued)** |
| Progress Energy, Inc. | Progress Energy, Inc. | Progress Energy, Inc. | Progress Energy, Inc. |
| 1400000 | 7.000% | 10/30/31 | $1581300 |
| Public Service Electric & Gas Co.<sup>(a)</sup>  | Public Service Electric & Gas Co.<sup>(a)</sup>  | Public Service Electric & Gas Co.<sup>(a)</sup>  | Public Service Electric & Gas Co.<sup>(a)</sup>  |
| 975000 | 3.950 | 05/01/42 | 803858 |
| Sempra<sup>(a)</sup>  | Sempra<sup>(a)</sup>  | Sempra<sup>(a)</sup>  | Sempra<sup>(a)</sup>  |
| 1125000 | 3.800 | 02/01/38 | 932254 |
| Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
| 1325000 | 4.200 <sup>(a)</sup> | 03/01/29 | 1297215 |
| 275000 | 4.050 <sup>(a)</sup> | 03/15/42 | 207570 |
| Vistra Operations Co. LLC<sup>(a)(b)</sup>  | Vistra Operations Co. LLC<sup>(a)(b)</sup>  | Vistra Operations Co. LLC<sup>(a)(b)</sup>  | Vistra Operations Co. LLC<sup>(a)(b)</sup>  |
| 975000 | 4.300 | 07/15/29 | 961272 |
| Xcel Energy, Inc.<sup>(a)</sup>  | Xcel Energy, Inc.<sup>(a)</sup>  | Xcel Energy, Inc.<sup>(a)</sup>  | Xcel Energy, Inc.<sup>(a)</sup>  |
| 2380000 | 3.350 | 12/01/26 | 2345823 |
|  |  |  | 26898878 |
| **Electronics<sup>(a)</sup> – 0.4%** | **Electronics<sup>(a)</sup> – 0.4%** | **Electronics<sup>(a)</sup> – 0.4%** | **Electronics<sup>(a)</sup> – 0.4%** |
| Allegion U.S. Holding Co., Inc. | Allegion U.S. Holding Co., Inc. | Allegion U.S. Holding Co., Inc. | Allegion U.S. Holding Co., Inc. |
| 460000 | 5.600 | 05/29/34 | 472402 |
| Keysight Technologies, Inc. | Keysight Technologies, Inc. | Keysight Technologies, Inc. | Keysight Technologies, Inc. |
| 851000 | 5.350 | 07/30/30 | 877781 |
| Tyco Electronics Group SA | Tyco Electronics Group SA | Tyco Electronics Group SA | Tyco Electronics Group SA |
| 580000 | 4.500 | 02/09/31 | 579350 |
| 905000 | 5.000 | 05/09/35 | 899543 |
|  |  |  | 2829076 |
| **Engineering & Construction<sup>(a)</sup> – 0.3%** | **Engineering & Construction<sup>(a)</sup> – 0.3%** | **Engineering & Construction<sup>(a)</sup> – 0.3%** | **Engineering & Construction<sup>(a)</sup> – 0.3%** |
| MasTec, Inc. | MasTec, Inc. | MasTec, Inc. | MasTec, Inc. |
| 551000 | 5.900 | 06/15/29 | 570676 |
| Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust |
| 240000 | 3.875 <sup>(b)</sup> | 04/30/28 | 232680 |
| 800000 | 5.500 | 07/31/47 | 659340 |
| 220000 | 5.500 <sup>(b)</sup> | 07/31/47 | 181319 |
|  |  |  | 1644015 |
| **Entertainment<sup>(a)</sup> – 0.3%** | **Entertainment<sup>(a)</sup> – 0.3%** | **Entertainment<sup>(a)</sup> – 0.3%** | **Entertainment<sup>(a)</sup> – 0.3%** |
| Flutter Treasury DAC<sup>(b)</sup>  | Flutter Treasury DAC<sup>(b)</sup>  | Flutter Treasury DAC<sup>(b)</sup>  | Flutter Treasury DAC<sup>(b)</sup>  |
| 1235000 | 5.875 | 06/04/31 | 1244522 |
| Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
| 924000 | 4.279 | 03/15/32 | 779320 |
|  |  |  | 2023842 |
| **Environmental<sup>(a)</sup> – 0.1%** | **Environmental<sup>(a)</sup> – 0.1%** | **Environmental<sup>(a)</sup> – 0.1%** | **Environmental<sup>(a)</sup> – 0.1%** |
| Veralto Corp. | Veralto Corp. | Veralto Corp. | Veralto Corp. |
| 805000 | 5.450 | 09/18/33 | 830100 |
| **Food & Drug Retailing<sup>(a)</sup> – 2.2%** | **Food & Drug Retailing<sup>(a)</sup> – 2.2%** | **Food & Drug Retailing<sup>(a)</sup> – 2.2%** | **Food & Drug Retailing<sup>(a)</sup> – 2.2%** |
| Campbell's Co. | Campbell's Co. | Campbell's Co. | Campbell's Co. |
| 314000 | 5.400 | 03/21/34 | 318867 |
| Grupo Bimbo SAB de CV | Grupo Bimbo SAB de CV | Grupo Bimbo SAB de CV | Grupo Bimbo SAB de CV |
| 1070000 | 4.700 | 11/10/47 | 888100 |
| J.M. Smucker Co. | J.M. Smucker Co. | J.M. Smucker Co. | J.M. Smucker Co. |
| 1748000 | 6.200 | 11/15/33 | 1876670 |
| Kroger Co. | Kroger Co. | Kroger Co. | Kroger Co. |
| 1297000 | 5.000 | 09/15/34 | 1289841 |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Food & Drug Retailing<sup>(a)</sup> – (continued)** | **Food & Drug Retailing<sup>(a)</sup> – (continued)** | **Food & Drug Retailing<sup>(a)</sup> – (continued)** | **Food & Drug Retailing<sup>(a)</sup> – (continued)** |
| Mars, Inc. | Mars, Inc. | Mars, Inc. | Mars, Inc. |
| 375000 | 4.800 %<sup>(b)</sup> | 03/01/30 | $379898 |
| 675000 | 5.000 <sup>(b)</sup> | 03/01/32 | 684025 |
| 4750000 | 5.200 <sup>(b)</sup> | 03/01/35 | 4805907 |
| 3800000 | 5.700 <sup>(b)</sup> | 05/01/55 | 3790462 |
| Sysco Corp. | Sysco Corp. | Sysco Corp. | Sysco Corp. |
| 150000 | 6.600 | 04/01/40 | 163671 |
|  |  |  | 14197441 |
| **Food Service<sup>(a)(b)</sup> – 0.2%** | **Food Service<sup>(a)(b)</sup> – 0.2%** | **Food Service<sup>(a)(b)</sup> – 0.2%** | **Food Service<sup>(a)(b)</sup> – 0.2%** |
| Sodexo, Inc. | Sodexo, Inc. | Sodexo, Inc. | Sodexo, Inc. |
| 1567000 | 5.150 | 08/15/30 | 1592542 |
| **Hand/Machine Tools<sup>(a)</sup> – 0.3%** | **Hand/Machine Tools<sup>(a)</sup> – 0.3%** | **Hand/Machine Tools<sup>(a)</sup> – 0.3%** | **Hand/Machine Tools<sup>(a)</sup> – 0.3%** |
| Regal Rexnord Corp. | Regal Rexnord Corp. | Regal Rexnord Corp. | Regal Rexnord Corp. |
| 2054000 | 6.300 | 02/15/30 | 2152407 |
| **Healthcare Providers & Services – 4.9%** | **Healthcare Providers & Services – 4.9%** | **Healthcare Providers & Services – 4.9%** | **Healthcare Providers & Services – 4.9%** |
| Centene Corp. <sup>(a)</sup>  | Centene Corp. <sup>(a)</sup>  | Centene Corp. <sup>(a)</sup>  | Centene Corp. <sup>(a)</sup>  |
| 423000 | 4.250 | 12/15/27 | 416723 |
| CommonSpirit Health | CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |
| 150000 | 4.350 | 11/01/42 | 125481 |
| 510000 | 6.461 <sup>(a)</sup> | 11/01/52 | 540246 |
| HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
| 5750000 | 5.250 <sup>(a)</sup> | 06/15/26 | 5758223 |
| 6409000 | 3.500 <sup>(a)</sup> | 09/01/30 | 6059838 |
| 1145000 | 5.500 <sup>(a)</sup> | 06/01/33 | 1172938 |
| Humana, Inc. <sup>(a)</sup>  | Humana, Inc. <sup>(a)</sup>  | Humana, Inc. <sup>(a)</sup>  | Humana, Inc. <sup>(a)</sup>  |
| 345000 | 5.375 | 04/15/31 | 352749 |
| Icon Investments Six DAC<sup>(a)</sup>  | Icon Investments Six DAC<sup>(a)</sup>  | Icon Investments Six DAC<sup>(a)</sup>  | Icon Investments Six DAC<sup>(a)</sup>  |
| 1095000 | 5.849 | 05/08/29 | 1134978 |
| IQVIA, Inc. <sup>(a)</sup>  | IQVIA, Inc. <sup>(a)</sup>  | IQVIA, Inc. <sup>(a)</sup>  | IQVIA, Inc. <sup>(a)</sup>  |
| 1140000 | 6.250 | 02/01/29 | 1191254 |
| Novant Health, Inc.<sup>(a)</sup>  | Novant Health, Inc.<sup>(a)</sup>  | Novant Health, Inc.<sup>(a)</sup>  | Novant Health, Inc.<sup>(a)</sup>  |
| 710000 | 3.168 | 11/01/51 | 465360 |
| Revvity, Inc. | Revvity, Inc. | Revvity, Inc. | Revvity, Inc. |
| 1405000 | 1.900 <sup>(a)</sup> | 09/15/28 | 1301156 |
| 1200000 | 3.300 <sup>(a)</sup> | 09/15/29 | 1136904 |
| Solventum Corp. | Solventum Corp. | Solventum Corp. | Solventum Corp. |
| 3380000 | 5.400 <sup>(a)</sup> | 03/01/29 | 3481028 |
| 4605000 | 5.600 <sup>(a)</sup> | 03/23/34 | 4738269 |
| STERIS Irish FinCo UnLtd Co.<sup>(a)</sup>  | STERIS Irish FinCo UnLtd Co.<sup>(a)</sup>  | STERIS Irish FinCo UnLtd Co.<sup>(a)</sup>  | STERIS Irish FinCo UnLtd Co.<sup>(a)</sup>  |
| 218000 | 2.700 | 03/15/31 | 195805 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| 500000 | 3.050 <sup>(a)</sup> | 05/15/41 | 367335 |
| 1074000 | 5.625 <sup>(a)</sup> | 07/15/54 | 1041222 |
| 2625000 | 6.050 <sup>(a)</sup> | 02/15/63 | 2660858 |
|  |  |  | 32140367 |
| **Insurance – 0.7%** | **Insurance – 0.7%** | **Insurance – 0.7%** | **Insurance – 0.7%** |
| American International Group, Inc. | American International Group, Inc. | American International Group, Inc. | American International Group, Inc. |
| 420000 | 4.850 <sup>(a)</sup> | 05/07/30 | 426598 |
| 398000 | 4.500 <sup>(a)</sup> | 07/16/44 | 347358 |
| Arch Capital Finance LLC<sup>(a)</sup>  | Arch Capital Finance LLC<sup>(a)</sup>  | Arch Capital Finance LLC<sup>(a)</sup>  | Arch Capital Finance LLC<sup>(a)</sup>  |
| 400000 | 4.011 | 12/15/26 | 398228 |
| Hartford Insurance Group, Inc. | Hartford Insurance Group, Inc. | Hartford Insurance Group, Inc. | Hartford Insurance Group, Inc. |
| 200000 | 6.625 | 04/15/42 | 212604 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Insurance – (continued)** | **Insurance – (continued)** | **Insurance – (continued)** | **Insurance – (continued)** |
| MetLife, Inc.<sup>(a)(c)</sup> (5 yr. CMT + 3.576%) | MetLife, Inc.<sup>(a)(c)</sup> (5 yr. CMT + 3.576%) | MetLife, Inc.<sup>(a)(c)</sup> (5 yr. CMT + 3.576%) | MetLife, Inc.<sup>(a)(c)</sup> (5 yr. CMT + 3.576%) |
| 1535000 | 3.850% | 09/15/25 | $1529259 |
| Teachers Insurance & Annuity Association of America<sup>(b)</sup>  | Teachers Insurance & Annuity Association of America<sup>(b)</sup>  | Teachers Insurance & Annuity Association of America<sup>(b)</sup>  | Teachers Insurance & Annuity Association of America<sup>(b)</sup>  |
| 890000 | 4.900 | 09/15/44 | 800938 |
| Willis North America, Inc.<sup>(a)</sup>  | Willis North America, Inc.<sup>(a)</sup>  | Willis North America, Inc.<sup>(a)</sup>  | Willis North America, Inc.<sup>(a)</sup>  |
| 1200000 | 2.950 | 09/15/29 | 1129524 |
|  |  |  | 4844509 |
| **Internet<sup>(a)</sup> – 1.0%** | **Internet<sup>(a)</sup> – 1.0%** | **Internet<sup>(a)</sup> – 1.0%** | **Internet<sup>(a)</sup> – 1.0%** |
| Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. |
| 196000 | 2.950 | 03/15/31 | 178548 |
| 2475000 | 5.400 | 02/15/35 | 2491879 |
| Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. |
| 475000 | 4.500 <sup>(b)</sup> | 08/15/29 | 472554 |
| 3275000 | 4.800 | 09/15/34 | 3224172 |
|  |  |  | 6367153 |
| **Investment Companies<sup>(a)</sup> – 1.5%** | **Investment Companies<sup>(a)</sup> – 1.5%** | **Investment Companies<sup>(a)</sup> – 1.5%** | **Investment Companies<sup>(a)</sup> – 1.5%** |
| Apollo Debt Solutions BDC<sup>(b)</sup>  | Apollo Debt Solutions BDC<sup>(b)</sup>  | Apollo Debt Solutions BDC<sup>(b)</sup>  | Apollo Debt Solutions BDC<sup>(b)</sup>  |
| 1266000 | 6.550 | 03/15/32 | 1294789 |
| Blackstone Private Credit Fund | Blackstone Private Credit Fund | Blackstone Private Credit Fund | Blackstone Private Credit Fund |
| 2425000 | 2.625 | 12/15/26 | 2342695 |
| 125000 | 3.250 | 03/15/27 | 121523 |
| Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund |
| 3000000 | 2.125 | 02/15/27 | 2866170 |
| 745000 | 5.300 | 06/30/30 | 737997 |
| Blue Owl Credit Income Corp. | Blue Owl Credit Income Corp. | Blue Owl Credit Income Corp. | Blue Owl Credit Income Corp. |
| 1685000 | 5.800 | 03/15/30 | 1689903 |
| JAB Holdings BV<sup>(b)</sup>  | JAB Holdings BV<sup>(b)</sup>  | JAB Holdings BV<sup>(b)</sup>  | JAB Holdings BV<sup>(b)</sup>  |
| 700000 | 2.200 | 11/23/30 | 602791 |
|  |  |  | 9655868 |
| **Iron/Steel – 0.7%** | **Iron/Steel – 0.7%** | **Iron/Steel – 0.7%** | **Iron/Steel – 0.7%** |
| ArcelorMittal SA | ArcelorMittal SA | ArcelorMittal SA | ArcelorMittal SA |
| 1900000 | 4.550 | 03/11/26 | 1896447 |
| POSCO<sup>(b)</sup> | POSCO<sup>(b)</sup> | POSCO<sup>(b)</sup> | POSCO<sup>(b)</sup> |
| 240000 | 5.750 | 01/17/28 | 246317 |
| Steel Dynamics, Inc.<sup>(a)</sup>  | Steel Dynamics, Inc.<sup>(a)</sup>  | Steel Dynamics, Inc.<sup>(a)</sup>  | Steel Dynamics, Inc.<sup>(a)</sup>  |
| 1950000 | 1.650 | 10/15/27 | 1838011 |
| Vale Overseas Ltd.<sup>(a)</sup>  | Vale Overseas Ltd.<sup>(a)</sup>  | Vale Overseas Ltd.<sup>(a)</sup>  | Vale Overseas Ltd.<sup>(a)</sup>  |
| 860000 | 6.400 | 06/28/54 | 840659 |
|  |  |  | 4821434 |
| **Leisure Time<sup>(a)(b)</sup> – 0.4%** | **Leisure Time<sup>(a)(b)</sup> – 0.4%** | **Leisure Time<sup>(a)(b)</sup> – 0.4%** | **Leisure Time<sup>(a)(b)</sup> – 0.4%** |
| Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
| 850000 | 6.250 | 03/15/32 | 873732 |
| 1525000 | 6.000 | 02/01/33 | 1553670 |
|  |  |  | 2427402 |
| **Lodging<sup>(a)</sup> – 1.1%** | **Lodging<sup>(a)</sup> – 1.1%** | **Lodging<sup>(a)</sup> – 1.1%** | **Lodging<sup>(a)</sup> – 1.1%** |
| Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. |
| 1349000 | 3.700 | 01/15/31 | 1251818 |
| 712000 | 5.850 | 08/01/34 | 717853 |
| Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
| 1963000 | 5.500 | 06/30/34 | 1965277 |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Lodging<sup>(a)</sup> – (continued)** | **Lodging<sup>(a)</sup> – (continued)** | **Lodging<sup>(a)</sup> – (continued)** | **Lodging<sup>(a)</sup> – (continued)** |
| Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
| 430000 | 5.625% | 06/15/28 | $438277 |
| 160000 | 6.000 | 06/14/30 | 164935 |
| Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
| 543000 | 4.000 | 04/15/28 | 537988 |
| 1350000 | 5.550 | 10/15/28 | 1399950 |
| 675000 | 4.650 | 12/01/28 | 679752 |
| 325000 | 4.800 | 03/15/30 | 328179 |
|  |  |  | 7484029 |
| **Machinery-Diversified<sup>(a)</sup> – 0.4%** | **Machinery-Diversified<sup>(a)</sup> – 0.4%** | **Machinery-Diversified<sup>(a)</sup> – 0.4%** | **Machinery-Diversified<sup>(a)</sup> – 0.4%** |
| AGCO Corp. | AGCO Corp. | AGCO Corp. | AGCO Corp. |
| 805000 | 5.800 | 03/21/34 | 817035 |
| Nordson Corp. | Nordson Corp. | Nordson Corp. | Nordson Corp. |
| 1400000 | 5.800 | 09/15/33 | 1480780 |
|  |  |  | 2297815 |
| **Media – 2.6%** | **Media – 2.6%** | **Media – 2.6%** | **Media – 2.6%** |
| Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital |
| 2217000 | 4.908 <sup>(a)</sup> | 07/23/25 | 2216756 |
| 1050000 | 3.750 <sup>(a)</sup> | 02/15/28 | 1029609 |
| 6750000 | 4.200 <sup>(a)</sup> | 03/15/28 | 6690060 |
| 256000 | 6.650 <sup>(a)</sup> | 02/01/34 | 273940 |
| 800000 | 6.550 <sup>(a)</sup> | 06/01/34 | 853104 |
| 625000 | 6.384 <sup>(a)</sup> | 10/23/35 | 656506 |
| Comcast Corp.<sup>(a)</sup>  | Comcast Corp.<sup>(a)</sup>  | Comcast Corp.<sup>(a)</sup>  | Comcast Corp.<sup>(a)</sup>  |
| 475000 | 3.750 | 04/01/40 | 393609 |
| News Corp.<sup>(a)(b)</sup>  | News Corp.<sup>(a)(b)</sup>  | News Corp.<sup>(a)(b)</sup>  | News Corp.<sup>(a)(b)</sup>  |
| 1650000 | 3.875 | 05/15/29 | 1579496 |
| Time Warner Cable Enterprises LLC | Time Warner Cable Enterprises LLC | Time Warner Cable Enterprises LLC | Time Warner Cable Enterprises LLC |
| 700000 | 8.375 | 07/15/33 | 814359 |
| Time Warner Cable LLC<sup>(a)</sup>  | Time Warner Cable LLC<sup>(a)</sup>  | Time Warner Cable LLC<sup>(a)</sup>  | Time Warner Cable LLC<sup>(a)</sup>  |
| 675000 | 5.875 | 11/15/40 | 647845 |
| Videotron Ltd.<sup>(a)(b)</sup>  | Videotron Ltd.<sup>(a)(b)</sup>  | Videotron Ltd.<sup>(a)(b)</sup>  | Videotron Ltd.<sup>(a)(b)</sup>  |
| 1659000 | 5.700 | 01/15/35 | 1665835 |
|  |  |  | 16821119 |
| **Mining<sup>(b)</sup> – 0.5%** | **Mining<sup>(b)</sup> – 0.5%** | **Mining<sup>(b)</sup> – 0.5%** | **Mining<sup>(b)</sup> – 0.5%** |
| Glencore Finance Canada Ltd. | Glencore Finance Canada Ltd. | Glencore Finance Canada Ltd. | Glencore Finance Canada Ltd. |
| 525000 | 5.550 | 10/25/42 | 501060 |
| Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
| 1075000 | 4.000 <sup>(a)</sup> | 03/27/27 | 1066496 |
| 925000 | 2.850 <sup>(a)</sup> | 04/27/31 | 833305 |
| 725000 | 2.625 <sup>(a)</sup> | 09/23/31 | 637014 |
|  |  |  | 3037875 |
| **Miscellaneous Manufacturing – 0.2%** | **Miscellaneous Manufacturing – 0.2%** | **Miscellaneous Manufacturing – 0.2%** | **Miscellaneous Manufacturing – 0.2%** |
| General Electric Co. | General Electric Co. | General Electric Co. | General Electric Co. |
| 1294000 | 5.875 | 01/14/38 | 1380620 |
| **Oil Field Services – 2.5%** | **Oil Field Services – 2.5%** | **Oil Field Services – 2.5%** | **Oil Field Services – 2.5%** |
| Continental Resources, Inc. | Continental Resources, Inc. | Continental Resources, Inc. | Continental Resources, Inc. |
| 25000 | 4.375 <sup>(a)</sup> | 01/15/28 | 24651 |
| 925000 | 5.750 <sup>(a)(b)</sup> | 01/15/31 | 933408 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Oil Field Services – (continued)** | **Oil Field Services – (continued)** | **Oil Field Services – (continued)** | **Oil Field Services – (continued)** |
| Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. |
| 2215000 | 6.250 %<sup>(a)</sup> | 03/15/33 | $2359130 |
| 890000 | 5.400 <sup>(a)</sup> | 04/18/34 | 892234 |
| Marathon Petroleum Corp.<sup>(a)</sup>  | Marathon Petroleum Corp.<sup>(a)</sup>  | Marathon Petroleum Corp.<sup>(a)</sup>  | Marathon Petroleum Corp.<sup>(a)</sup>  |
| 2095000 | 3.800 | 04/01/28 | 2065859 |
| Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
| 2500000 | 8.875 <sup>(a)</sup> | 07/15/30 | 2862500 |
| 1030000 | 5.375 <sup>(a)</sup> | 01/01/32 | 1022553 |
| 575000 | 5.550 <sup>(a)</sup> | 10/01/34 | 564276 |
| Ovintiv, Inc. | Ovintiv, Inc. | Ovintiv, Inc. | Ovintiv, Inc. |
| 800000 | 5.375 <sup>(a)</sup> | 01/01/26 | 800904 |
| 1025000 | 8.125 | 09/15/30 | 1162924 |
| Petronas Capital Ltd. | Petronas Capital Ltd. | Petronas Capital Ltd. | Petronas Capital Ltd. |
| 370000 | 4.950 <sup>(a)(b)</sup> | 01/03/31 | 376364 |
| 350000 | 5.340 <sup>(a)(b)</sup> | 04/03/35 | 358229 |
| QatarEnergy<sup>(a)(b)</sup>  | QatarEnergy<sup>(a)(b)</sup>  | QatarEnergy<sup>(a)(b)</sup>  | QatarEnergy<sup>(a)(b)</sup>  |
| 200000 | 3.125 | 07/12/41 | 147156 |
| Raizen Fuels Finance SA | Raizen Fuels Finance SA | Raizen Fuels Finance SA | Raizen Fuels Finance SA |
| 470000 | 6.700 <sup>(a)(b)</sup> | 02/25/37 | 460306 |
| 310000 | 6.950 <sup>(a)(b)</sup> | 03/05/54 | 287215 |
| Reliance Industries Ltd.<sup>(b)</sup>  | Reliance Industries Ltd.<sup>(b)</sup>  | Reliance Industries Ltd.<sup>(b)</sup>  | Reliance Industries Ltd.<sup>(b)</sup>  |
| 890000 | 3.625 | 01/12/52 | 608653 |
| Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
| 1100000 | 3.500 | 04/16/29 | 1059371 |
| 240000 | 5.750 <sup>(a)(b)</sup> | 07/17/54 | 223512 |
| Shell International Finance BV | Shell International Finance BV | Shell International Finance BV | Shell International Finance BV |
| 225000 | 6.375 | 12/15/38 | 249930 |
|  |  |  | 16459175 |
| **Packaging<sup>(a)</sup> – 0.2%** | **Packaging<sup>(a)</sup> – 0.2%** | **Packaging<sup>(a)</sup> – 0.2%** | **Packaging<sup>(a)</sup> – 0.2%** |
| Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
| 1225000 | 1.650 | 01/15/27 | 1175118 |
| **Pharmaceuticals<sup>(a)</sup> – 2.6%** | **Pharmaceuticals<sup>(a)</sup> – 2.6%** | **Pharmaceuticals<sup>(a)</sup> – 2.6%** | **Pharmaceuticals<sup>(a)</sup> – 2.6%** |
| Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. |
| 335000 | 5.450 | 02/15/34 | 344481 |
| 2915000 | 5.350 | 11/15/34 | 2970764 |
| Cigna Group | Cigna Group | Cigna Group | Cigna Group |
| 4631000 | 4.800 | 08/15/38 | 4347675 |
| 1675000 | 4.900 | 12/15/48 | 1461906 |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| 1125000 | 4.875 | 07/20/35 | 1078335 |
| 7039000 | 4.780 | 03/25/38 | 6457931 |
|  |  |  | 16661092 |
| **Pipelines – 3.7%** | **Pipelines – 3.7%** | **Pipelines – 3.7%** | **Pipelines – 3.7%** |
| Abu Dhabi Crude Oil Pipeline LLC<sup>(b)</sup>  | Abu Dhabi Crude Oil Pipeline LLC<sup>(b)</sup>  | Abu Dhabi Crude Oil Pipeline LLC<sup>(b)</sup>  | Abu Dhabi Crude Oil Pipeline LLC<sup>(b)</sup>  |
| 490000 | 4.600 | 11/02/47 | 437938 |
| Columbia Pipelines Operating Co. LLC<sup>(a)(b)</sup>  | Columbia Pipelines Operating Co. LLC<sup>(a)(b)</sup>  | Columbia Pipelines Operating Co. LLC<sup>(a)(b)</sup>  | Columbia Pipelines Operating Co. LLC<sup>(a)(b)</sup>  |
| 1010000 | 6.036 | 11/15/33 | 1060348 |
| Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
| 1250000 | 1.600 <sup>(a)</sup> | 10/04/26 | 1207962 |
| 40000 | 6.200 <sup>(a)</sup> | 11/15/30 | 42808 |
| 939000 | 5.700 <sup>(a)</sup> | 03/08/33 | 973912 |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Pipelines – (continued)** | **Pipelines – (continued)** | **Pipelines – (continued)** | **Pipelines – (continued)** |
| Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| 3872000 | 3.900 %<sup>(a)</sup> | 07/15/26 | $3848342 |
| 300000 | 5.500 <sup>(a)</sup> | 06/01/27 | 305427 |
| 354000 | 4.950 <sup>(a)</sup> | 05/15/28 | 358878 |
| 650000 | 7.375 <sup>(a)(b)</sup> | 02/01/31 | 681304 |
| 1472000 | 6.550 <sup>(a)</sup> | 12/01/33 | 1597046 |
| 456000 | 5.150 <sup>(a)</sup> | 03/15/45 | 401969 |
| Galaxy Pipeline Assets Bidco Ltd.<sup>(b)</sup>  | Galaxy Pipeline Assets Bidco Ltd.<sup>(b)</sup>  | Galaxy Pipeline Assets Bidco Ltd.<sup>(b)</sup>  | Galaxy Pipeline Assets Bidco Ltd.<sup>(b)</sup>  |
| 200000 | 2.625 | 03/31/36 | 169500 |
| Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP |
| 1100000 | 7.750 | 03/15/32 | 1261667 |
| 650000 | 6.550 | 09/15/40 | 692426 |
| MPLX LP | MPLX LP | MPLX LP | MPLX LP |
| 950000 | 4.500 <sup>(a)</sup> | 04/15/38 | 841092 |
| 520000 | 5.500 <sup>(a)</sup> | 02/15/49 | 470387 |
| ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
| 2618000 | 5.550 <sup>(a)</sup> | 11/01/26 | 2653526 |
| 2245000 | 4.550 <sup>(a)</sup> | 07/15/28 | 2252319 |
| Sabine Pass Liquefaction LLC<sup>(a)</sup>  | Sabine Pass Liquefaction LLC<sup>(a)</sup>  | Sabine Pass Liquefaction LLC<sup>(a)</sup>  | Sabine Pass Liquefaction LLC<sup>(a)</sup>  |
| 900000 | 5.000 | 03/15/27 | 905382 |
| Valero Energy Partners LP<sup>(a)</sup>  | Valero Energy Partners LP<sup>(a)</sup>  | Valero Energy Partners LP<sup>(a)</sup>  | Valero Energy Partners LP<sup>(a)</sup>  |
| 675000 | 4.500 | 03/15/28 | 676438 |
| Western Midstream Operating LP<sup>(a)</sup>  | Western Midstream Operating LP<sup>(a)</sup>  | Western Midstream Operating LP<sup>(a)</sup>  | Western Midstream Operating LP<sup>(a)</sup>  |
| 2307000 | 5.450 | 04/01/44 | 2007736 |
| Williams Cos., Inc.<sup>(a)</sup>  | Williams Cos., Inc.<sup>(a)</sup>  | Williams Cos., Inc.<sup>(a)</sup>  | Williams Cos., Inc.<sup>(a)</sup>  |
| 1050000 | 4.650 | 08/15/32 | 1030113 |
|  |  |  | 23876520 |
| **Real Estate<sup>(a)</sup> – 0.2%** | **Real Estate<sup>(a)</sup> – 0.2%** | **Real Estate<sup>(a)</sup> – 0.2%** | **Real Estate<sup>(a)</sup> – 0.2%** |
| CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
| 450000 | 5.500 | 04/01/29 | 465107 |
| 485000 | 5.950 | 08/15/34 | 510821 |
|  |  |  | 975928 |
| **Real Estate Investment Trust<sup>(a)</sup> – 4.9%** | **Real Estate Investment Trust<sup>(a)</sup> – 4.9%** | **Real Estate Investment Trust<sup>(a)</sup> – 4.9%** | **Real Estate Investment Trust<sup>(a)</sup> – 4.9%** |
| Agree LP | Agree LP | Agree LP | Agree LP |
| 295000 | 4.800 | 10/01/32 | 291976 |
| 695000 | 5.625 | 06/15/34 | 712055 |
| 430000 | 5.600 | 06/15/35 | 437744 |
| American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
| 710000 | 4.950 | 06/15/30 | 717022 |
| 225000 | 2.375 | 07/15/31 | 195838 |
| 275000 | 5.250 | 03/15/35 | 273100 |
| Cousins Properties LP | Cousins Properties LP | Cousins Properties LP | Cousins Properties LP |
| 1350000 | 5.250 | 07/15/30 | 1374529 |
| 1782000 | 5.375 | 02/15/32 | 1800319 |
| 1863000 | 5.875 | 10/01/34 | 1917102 |
| Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
| 6225000 | 4.000 | 03/01/27 | 6185907 |
| Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP |
| 2375000 | 3.000 | 01/15/30 | 2220862 |
| GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
| 3836000 | 5.375 | 04/15/26 | 3839414 |
| 830000 | 6.750 | 12/01/33 | 887453 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Real Estate Investment Trust<sup>(a)</sup> – (continued)** | **Real Estate Investment Trust<sup>(a)</sup> – (continued)** | **Real Estate Investment Trust<sup>(a)</sup> – (continued)** | **Real Estate Investment Trust<sup>(a)</sup> – (continued)** |
| Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP |
| 875000 | 2.050% | 03/15/31 | $732760 |
| Healthpeak OP LLC | Healthpeak OP LLC | Healthpeak OP LLC | Healthpeak OP LLC |
| 381000 | 5.375 | 02/15/35 | 384894 |
| Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP |
| 1585000 | 7.650 | 02/01/34 | 1792223 |
| Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
| 860000 | 5.700 | 06/15/32 | 872659 |
| 480000 | 5.700 | 07/01/34 | 482606 |
| Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
| 600000 | 2.300 | 11/15/28 | 561660 |
| 305000 | 5.450 | 08/15/30 | 315449 |
| Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
| 670000 | 6.250 | 01/15/36 | 667146 |
| Kimco Realty OP LLC | Kimco Realty OP LLC | Kimco Realty OP LLC | Kimco Realty OP LLC |
| 2125000 | 3.800 | 04/01/27 | 2106300 |
| NNN REIT, Inc. | NNN REIT, Inc. | NNN REIT, Inc. | NNN REIT, Inc. |
| 870000 | 5.600 | 10/15/33 | 899102 |
| Phillips Edison Grocery Center Operating Partnership I LP | Phillips Edison Grocery Center Operating Partnership I LP | Phillips Edison Grocery Center Operating Partnership I LP | Phillips Edison Grocery Center Operating Partnership I LP |
| 900000 | 5.750 | 07/15/34 | 924453 |
| 425000 | 4.950 | 01/15/35 | 411672 |
| Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
| 1125000 | 4.000 | 07/15/29 | 1110488 |
| WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. |
| 50000 | 2.400 | 02/01/31 | 43992 |
|  |  |  | 32158725 |
| **Retailing<sup>(a)</sup> – 1.7%** | **Retailing<sup>(a)</sup> – 1.7%** | **Retailing<sup>(a)</sup> – 1.7%** | **Retailing<sup>(a)</sup> – 1.7%** |
| 7-Eleven, Inc.<sup>(b)</sup>  | 7-Eleven, Inc.<sup>(b)</sup>  | 7-Eleven, Inc.<sup>(b)</sup>  | 7-Eleven, Inc.<sup>(b)</sup>  |
| 1280000 | 2.500 | 02/10/41 | 847680 |
| AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. |
| 1425000 | 4.750 | 06/01/30 | 1417861 |
| 1525000 | 2.400 | 08/01/31 | 1311790 |
| 2326000 | 5.890 | 03/15/35 | 2358192 |
| Dollar General Corp. | Dollar General Corp. | Dollar General Corp. | Dollar General Corp. |
| 1178000 | 3.500 | 04/03/30 | 1118075 |
| 3100000 | 5.450 | 07/05/33 | 3171982 |
| Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. |
| 1450000 | 4.250 | 04/01/52 | 1134639 |
|  |  |  | 11360219 |
| **Savings & Loans<sup>(a)(b)(c)</sup> – 0.4%** | **Savings & Loans<sup>(a)(b)(c)</sup> – 0.4%** | **Savings & Loans<sup>(a)(b)(c)</sup> – 0.4%** | **Savings & Loans<sup>(a)(b)(c)</sup> – 0.4%** |
| Nationwide Building Society (3 mo. USD LIBOR + 1.855%) | Nationwide Building Society (3 mo. USD LIBOR + 1.855%) | Nationwide Building Society (3 mo. USD LIBOR + 1.855%) | Nationwide Building Society (3 mo. USD LIBOR + 1.855%) |
| 2525000 | 3.960 | 07/18/30 | 2462127 |
| **Semiconductors<sup>(a)</sup> – 1.6%** | **Semiconductors<sup>(a)</sup> – 1.6%** | **Semiconductors<sup>(a)</sup> – 1.6%** | **Semiconductors<sup>(a)</sup> – 1.6%** |
| Broadcom Corp./Broadcom Cayman Finance Ltd. | Broadcom Corp./Broadcom Cayman Finance Ltd. | Broadcom Corp./Broadcom Cayman Finance Ltd. | Broadcom Corp./Broadcom Cayman Finance Ltd. |
| 625000 | 3.875 | 01/15/27 | 621112 |
| Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| 1530000 | 2.600 <sup>(b)</sup> | 02/15/33 | 1308991 |
| 2364000 | 3.137 <sup>(b)</sup> | 11/15/35 | 1994058 |
| 1306000 | 3.187 <sup>(b)</sup> | 11/15/36 | 1082556 |
| Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
| 549000 | 5.150 | 02/21/34 | 547205 |
| 1610000 | 5.700 | 02/10/53 | 1496914 |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Semiconductors<sup>(a)</sup> – (continued)** | **Semiconductors<sup>(a)</sup> – (continued)** | **Semiconductors<sup>(a)</sup> – (continued)** | **Semiconductors<sup>(a)</sup> – (continued)** |
| NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. |
| 525000 | 4.400% | 06/01/27 | $526060 |
| 1435000 | 2.650 | 02/15/32 | 1247862 |
| 1301000 | 5.000 | 01/15/33 | 1296837 |
|  |  |  | 10121595 |
| **Software<sup>(a)</sup> – 5.3%** | **Software<sup>(a)</sup> – 5.3%** | **Software<sup>(a)</sup> – 5.3%** | **Software<sup>(a)</sup> – 5.3%** |
| AppLovin Corp. | AppLovin Corp. | AppLovin Corp. | AppLovin Corp. |
| 1226000 | 5.375 | 12/01/31 | 1247663 |
| 3112000 | 5.500 | 12/01/34 | 3160547 |
| Constellation Software, Inc.<sup>(b)</sup>  | Constellation Software, Inc.<sup>(b)</sup>  | Constellation Software, Inc.<sup>(b)</sup>  | Constellation Software, Inc.<sup>(b)</sup>  |
| 780000 | 5.461 | 02/16/34 | 795522 |
| MSCI, Inc. | MSCI, Inc. | MSCI, Inc. | MSCI, Inc. |
| 3500000 | 4.000 <sup>(b)</sup> | 11/15/29 | 3384815 |
| 2795000 | 3.875 <sup>(b)</sup> | 02/15/31 | 2634651 |
| 2125000 | 3.625 <sup>(b)</sup> | 11/01/31 | 1959271 |
| 830000 | 3.250 <sup>(b)</sup> | 08/15/33 | 727354 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 2062000 | 2.950 | 04/01/30 | 1924382 |
| 825000 | 4.650 | 05/06/30 | 832895 |
| 3200000 | 2.875 | 03/25/31 | 2917472 |
| 425000 | 3.600 | 04/01/40 | 340145 |
| 950000 | 4.000 | 11/15/47 | 726836 |
| 2775000 | 6.900 | 11/09/52 | 3085661 |
| Paychex, Inc. | Paychex, Inc. | Paychex, Inc. | Paychex, Inc. |
| 4175000 | 5.100 | 04/15/30 | 4275158 |
| 276000 | 5.350 | 04/15/32 | 283325 |
| Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
| 1325000 | 4.850 | 04/01/30 | 1343682 |
| 867000 | 5.000 | 04/01/32 | 878046 |
| 2746000 | 5.150 | 04/01/35 | 2768215 |
| VMware LLC | VMware LLC | VMware LLC | VMware LLC |
| 1075000 | 1.800 | 08/15/28 | 994526 |
|  |  |  | 34280166 |
| **Telecommunication Services – 2.5%** | **Telecommunication Services – 2.5%** | **Telecommunication Services – 2.5%** | **Telecommunication Services – 2.5%** |
| AT&T, Inc. | AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
| 175000 | 4.900 <sup>(a)</sup> | 08/15/37 | 167697 |
| 925000 | 4.850 <sup>(a)</sup> | 03/01/39 | 874634 |
| 886000 | 4.750 <sup>(a)</sup> | 05/15/46 | 773186 |
| British Telecommunications PLC | British Telecommunications PLC | British Telecommunications PLC | British Telecommunications PLC |
| 1415000 | 9.625 | 12/15/30 | 1740662 |
| Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. |
| 2628000 | 3.800 <sup>(a)</sup> | 03/15/32 | 2442069 |
| 300000 | 4.500 <sup>(a)</sup> | 03/15/42 | 255897 |
| T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
| 2191000 | 3.875 <sup>(a)</sup> | 04/15/30 | 2127351 |
| 380000 | 2.875 <sup>(a)</sup> | 02/15/31 | 346032 |
| 3275000 | 3.500 <sup>(a)</sup> | 04/15/31 | 3076797 |
| 1800000 | 5.050 <sup>(a)</sup> | 07/15/33 | 1810692 |
| Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
| 475000 | 3.150 <sup>(a)</sup> | 03/22/30 | 449778 |
| 2800000 | 2.550 <sup>(a)</sup> | 03/21/31 | 2511740 |
|  |  |  | 16576535 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Transportation<sup>(a)</sup> – 0.2%** | **Transportation<sup>(a)</sup> – 0.2%** | **Transportation<sup>(a)</sup> – 0.2%** | **Transportation<sup>(a)</sup> – 0.2%** |
| Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC |
| 1225000 | 5.750% | 05/01/40 | $1281080 |
| **Trucking & Leasing<sup>(a)(b)</sup> – 0.8%** | **Trucking & Leasing<sup>(a)(b)</sup> – 0.8%** | **Trucking & Leasing<sup>(a)(b)</sup> – 0.8%** | **Trucking & Leasing<sup>(a)(b)</sup> – 0.8%** |
| Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. |
| 3675000 | 4.400 | 07/01/27 | 3672868 |
| 525000 | 5.875 | 11/15/27 | 540582 |
| 836000 | 5.250 | 07/01/29 | 856039 |
|  |  |  | 5069489 |
| **TOTAL CORPORATE OBLIGATIONS<br>(Cost $586,447,770)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $586,447,770)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $586,447,770)** | $584807279 |
| **Sovereign Debt Obligations – 1.7%** | **Sovereign Debt Obligations – 1.7%** | **Sovereign Debt Obligations – 1.7%** | **Sovereign Debt Obligations – 1.7%** |
| **Euro – 0.3%** | **Euro – 0.3%** | **Euro – 0.3%** | **Euro – 0.3%** |
| Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
| 130000 | 1.350 %<sup>(a)</sup> | 09/18/27 | $148654 |
| 1152000 | 1.450 <sup>(a)</sup> | 10/25/33 | 1065584 |
| Peru Government International Bonds<sup>(a)</sup>  | Peru Government International Bonds<sup>(a)</sup>  | Peru Government International Bonds<sup>(a)</sup>  | Peru Government International Bonds<sup>(a)</sup>  |
| 100000 | 1.250 | 03/11/33 | 97991 |
| Philippines Government International Bonds | Philippines Government International Bonds | Philippines Government International Bonds | Philippines Government International Bonds |
| 450000 | 0.700 | 02/03/29 | 491319 |
| Romania Government International Bonds<sup>(b)</sup>  | Romania Government International Bonds<sup>(b)</sup>  | Romania Government International Bonds<sup>(b)</sup>  | Romania Government International Bonds<sup>(b)</sup>  |
| 90000 | 2.124 | 07/16/31 | 88192 |
|  |  |  | 1891740 |
| **Sovereign – 0.5%** | **Sovereign – 0.5%** | **Sovereign – 0.5%** | **Sovereign – 0.5%** |
| Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
| 2540000 | 3.250 <sup>(a)</sup> | 04/16/30 | 2341880 |
| 802000 | 3.500 <sup>(a)</sup> | 02/12/34 | 676888 |
| Romania Government International Bonds<sup>(b)</sup>  | Romania Government International Bonds<sup>(b)</sup>  | Romania Government International Bonds<sup>(b)</sup>  | Romania Government International Bonds<sup>(b)</sup>  |
| 160000 | 3.000 | 02/27/27 | 154080 |
|  |  |  | 3172848 |
| **United States Dollar – 0.9%** | **United States Dollar – 0.9%** | **United States Dollar – 0.9%** | **United States Dollar – 0.9%** |
| Chile Government International Bonds | Chile Government International Bonds | Chile Government International Bonds | Chile Government International Bonds |
| 150000 | 3.625 | 10/30/42 | 120338 |
| 200000 | 3.500 <sup>(a)</sup> | 01/25/50 | 142500 |
| Export-Import Bank of Korea | Export-Import Bank of Korea | Export-Import Bank of Korea | Export-Import Bank of Korea |
| 390000 | 5.125 | 01/11/33 | 401692 |
| Hungary Government International Bonds<sup>(b)</sup>  | Hungary Government International Bonds<sup>(b)</sup>  | Hungary Government International Bonds<sup>(b)</sup>  | Hungary Government International Bonds<sup>(b)</sup>  |
| 470000 | 3.125 | 09/21/51 | 277417 |
| Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
| 1399000 | 3.771 <sup>(a)</sup> | 05/24/61 | 824011 |
| 440000 | 3.750 <sup>(a)</sup> | 04/19/71 | 249920 |
| Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |
| 380000 | 2.252 <sup>(a)</sup> | 09/29/32 | 289902 |
| 650000 | 6.853 <sup>(a)</sup> | 03/28/54 | 595319 |
| 200000 | 3.870 <sup>(a)</sup> | 07/23/60 | 114000 |
| 390000 | 4.500 <sup>(a)</sup> | 01/19/63 | 250331 |
| Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
| 630000 | 5.500 <sup>(a)</sup> | 03/30/36 | 631260 |
| 430000 | 2.780 <sup>(a)</sup> | 12/01/60 | 230910 |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** |
| **United States Dollar – (continued)** | **United States Dollar – (continued)** | **United States Dollar – (continued)** | **United States Dollar – (continued)** |
| Philippines Government International Bonds | Philippines Government International Bonds | Philippines Government International Bonds | Philippines Government International Bonds |
| 210000 | 2.650% | 12/10/45 | $136054 |
| Republic of Poland Government International Bonds | Republic of Poland Government International Bonds | Republic of Poland Government International Bonds | Republic of Poland Government International Bonds |
| 570000 | 5.125 <sup>(a)</sup> | 09/18/34 | 571140 |
| 700000 | 5.500 <sup>(a)</sup> | 03/18/54 | 647500 |
| Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
| 70000 | 6.375 | 01/30/34 | 68530 |
| 560000 | 6.125 | 01/22/44 | 503961 |
| State of Israel | State of Israel | State of Israel | State of Israel |
| 400000 | 3.800 | 05/13/60 | 259600 |
|  |  |  | 6314385 |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $13,514,783)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $13,514,783)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $13,514,783)** | $11378973 |
| **Municipal Debt Obligations – 0.5%** | **Municipal Debt Obligations – 0.5%** | **Municipal Debt Obligations – 0.5%** | **Municipal Debt Obligations – 0.5%** |
| **California – 0.1%** | **California – 0.1%** | **California – 0.1%** | **California – 0.1%** |
| California State GO Bonds Build America Taxable Series 2009 | California State GO Bonds Build America Taxable Series 2009 | California State GO Bonds Build America Taxable Series 2009 | California State GO Bonds Build America Taxable Series 2009 |
| 455000 | 7.300% | 10/01/39 | $526234 |
| **Illinois – 0.3%** | **Illinois – 0.3%** | **Illinois – 0.3%** | **Illinois – 0.3%** |
| Illinois State GO Bonds Build America Series 2010 | Illinois State GO Bonds Build America Series 2010 | Illinois State GO Bonds Build America Series 2010 | Illinois State GO Bonds Build America Series 2010 |
| 1250000 | 6.630 | 02/01/35 | 1313064 |
| Illinois State GO Bonds Taxable-Pension Series 2003 | Illinois State GO Bonds Taxable-Pension Series 2003 | Illinois State GO Bonds Taxable-Pension Series 2003 | Illinois State GO Bonds Taxable-Pension Series 2003 |
| 872549 | 5.100 | 06/01/33 | 875153 |
|  |  |  | 2188217 |
| **Pennsylvania – 0.1%** | **Pennsylvania – 0.1%** | **Pennsylvania – 0.1%** | **Pennsylvania – 0.1%** |
| Pennsylvania Commonwealth Financing Authority RB (Taxable) Series A | Pennsylvania Commonwealth Financing Authority RB (Taxable) Series A | Pennsylvania Commonwealth Financing Authority RB (Taxable) Series A | Pennsylvania Commonwealth Financing Authority RB (Taxable) Series A |
| 335000 | 2.991 | 06/01/42 | 247268 |
| **TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $2,903,977)** | **TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $2,903,977)** | **TOTAL MUNICIPAL DEBT OBLIGATIONS<br>(Cost $2,903,977)** | $2961719 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **U.S. Treasury Obligations – 0.2%** | **U.S. Treasury Obligations – 0.2%** | **U.S. Treasury Obligations – 0.2%** | **U.S. Treasury Obligations – 0.2%** | **U.S. Treasury Obligations – 0.2%** |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  $ | 1160000 | 4.750% | 11/15/53 | $1149850 |
| **(Cost $1,190,614)** | **(Cost $1,190,614)** | **(Cost $1,190,614)** | **(Cost $1,190,614)** |  |
| **Shares** | **Shares** | **Dividend**<br> **Rate** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(e)</sup> –1.7%** | **Investment Company<sup>(e)</sup> –1.7%** | **Investment Company<sup>(e)</sup> –1.7%** | **Investment Company<sup>(e)</sup> –1.7%** | **Investment Company<sup>(e)</sup> –1.7%** |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
|  | 10749221 | 4.231% | 4.231% | $10749221 |
| **(Cost $10,749,221)** | **(Cost $10,749,221)** | **(Cost $10,749,221)** | **(Cost $10,749,221)** |  |
| **TOTAL INVESTMENTS – 93.9%<br>(Cost $614,806,365)** | **TOTAL INVESTMENTS – 93.9%<br>(Cost $614,806,365)** | **TOTAL INVESTMENTS – 93.9%<br>(Cost $614,806,365)** | **TOTAL INVESTMENTS – 93.9%<br>(Cost $614,806,365)** | $611047042 |
| **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 6.1%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 6.1%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 6.1%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 6.1%** | 40036158 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $651083200 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates. |
| (b) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (c) | Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2025. |
| (d) | Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on June 30, 2025. |
| (e) | Represents an affiliated issuer. |

---

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION** 

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized**<br> **Loss** |
|  MS & Co. Int. PLC | USD | 1834899 | EUR | 1558075 | 09/23/25 | $(10731) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  10 Year U.S. Treasury Notes | 116 | 09/19/25 | $13006500 | $115013 |
|  2 Year U.S. Treasury Notes | 42 | 09/30/25 | 8736985 | 1075 |
|  20 Year U.S. Treasury Bonds | 303 | 09/19/25 | 34987031 | 1206816 |
|  5 Year U.S. Treasury Notes | 124 | 09/30/25 | 13516000 | 135144 |
|  Ultra Long U.S. Treasury Bonds | 543 | 09/19/25 | 64684875 | 2536761 |
|  **Total** |  |  |  | $3994809 |
|  **Short position contracts:** |  |  |  |  |
|  Ultra 10-Year U.S. Treasury Notes | (91) | 09/19/25 | (10398172) | (176557) |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $3818252 |

---

**SWAP CONTRACTS** — At June 30, 2025, the Fund had the following swap contracts:

**CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made**<br> **by the Fund** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)<sup>(a)</sup>** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  12M SOFR<sup>(b)</sup> <br> 3.620%<sup>(b)</sup> | 06/30/27 | $18670 | $74181 | $(10688) | $84869 |
|  12M SOFR<sup>(c)</sup> <br> 3.368<sup>(c)</sup> | 06/23/28 | 20220 | 31376 | 1168 | 30208 |
|  3.620%<sup>(b)</sup> <br> 12M SOFR<sup>(b)</sup> | 11/30/29 | 20970 | (219820) | (14903) | (204917) |
| 3.600<sup>(b)</sup> <br> 12M SOFR<sup>(b)</sup> | 11/30/29 | 17830 | (172933) | 20046 | (192979) |
| 3.600<sup>(b)</sup> <br> 12M SOFR<sup>(b)</sup> | 06/23/30 | 21370 | (52713) | 1115 | (53828) |
|  12M SOFR<sup>(b)</sup> <br> 3.845<sup>(b)</sup> | 05/21/32 | 6810 | 93684 | (4516) | 98200 |
|  12M SOFR<sup>(b)</sup> <br> 4.098<sup>(b)</sup> | 06/24/35 | 5200 | 19279 | (174) | 19453 |
| 2.000<sup>(b)</sup> <br> 6M EURO<sup>(d)</sup> | 09/17/35 | 1010 | 65274 | 58855 | 6419 |
| 4.213<sup>(b)</sup> <br> 12M SOFR<sup>(b)</sup> | 05/21/55 | $3930 | (34691) | 24761 | (59452) |
|  TOTAL |  |  | $(196363) | $75664 | $(272027) |

---

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2025.

(b) Payments made annually.

(c) Payments made at maturity. (d)Payments made semi-annually.

------

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced**<br> **Obligation/Index** | **Financing Rate<br>Received/(Paid) by<br>the Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>June 30,<br>2025<sup>(b)</sup>**  | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Protection Purchased:** | **Protection Purchased:** | **Protection Purchased:** | **Protection Purchased:** | **Protection Purchased:** |  |  |  |
|  CDX.NA.IG Index 44 | &nbsp;&nbsp;&nbsp;&nbsp;(1.000)% | &nbsp;&nbsp;&nbsp;&nbsp;0.908% | 06/20/35 | $34200 | $(258605) | $(91388) | $(167217) |
|  **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** | **Protection Sold:** |  |  |  |
|  AT&T, Inc., 3.800%, 02/15/27 | 1.000 | 0.296 | 06/20/26 | 2375 | 16785 | 8546 | 8239 |
|  CDX.NA.IG Index 41 | 1.000 | 0.334 | 12/20/28 | 15145 | 334779 | 153392 | 181387 |
|  CDX.NA.IG Index 42 | 1.000 | 0.397 | 06/20/29 | 346355 | 7837340 | 6053707 | 1783633 |
|  CDX.NA.IG Index 43 | 1.000 | 0.453 | 12/20/29 | 181674 | 4146747 | 3512025 | 634722 |
|  CDX.NA.IG Index 44 | 1.000 | 0.510 | 06/20/30 | 22348 | 501766 | 197232 | 304534 |
|  Republic of Chile, 3.240%, 02/06/28 | 1.000 | 0.538 | 06/20/30 | 2630 | 56267 | 48216 | 8051 |
|  Republic of Indonesia, 2.150%, 07/28/31 | 1.000 | 0.777 | 06/20/30 | 2700 | 28027 | 14656 | 13371 |
|  Republic of Peru, 8.750%, 11/21/33 | 1.000 | 0.822 | 06/20/30 | 2680 | 22426 | 13347 | 9079 |
|  Republic of the Philippines, 9.500%, 02/02/30 | 1.000 | 0.633 | 06/20/30 | 2690 | 45502 | 31522 | 13980 |
| **TOTA L** |  |  |  |  | $12731034 | $9941255 | $2789779 |

---

(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.

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| EUR | — Euro |
| USD | — U.S. Dollar |
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| CMT | — Constant Maturity Treasury Indexes |
| GO | — General Obligation |
| LIBOR | — London Interbank Offered Rate |
| LLC | — Limited Liability Company |
| LP | — Limited Partnership |
| PLC | — Public Limited Company |
| RB | — Revenue Bond |
| REIT | — Real Estate Investment Trust |
| SOFR | — Secured Overnight Financing Rate |
| **Abbreviations:** | **Abbreviations:** |
| CDX.NA.IG Ind 41 | —CDX North America Investment Grade Index 41 |
| CDX.NA.IG Ind 42 | —CDX North America Investment Grade Index 42 |
| CDX.NA.IG Ind 43 | —CDX North America Investment Grade Index 43 |
| CDX.NA.IG Ind 44 | —CDX North America Investment Grade Index 44 |
| EURO | —Euro Offered Rate |
| MS & Co. Int. PLC | —Morgan Stanley & Co. International PLC |
| SOFR | —Secured Overnight Financing Rate |

---

------

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – 83.1%** | **Corporate Obligations – 83.1%** | **Corporate Obligations – 83.1%** | **Corporate Obligations – 83.1%** |
| **Advertising – 1.2%** | **Advertising – 1.2%** | **Advertising – 1.2%** | **Advertising – 1.2%** |
| Clear Channel Outdoor Holdings, Inc.<sup>(a)(b)</sup> (B/B2) | Clear Channel Outdoor Holdings, Inc.<sup>(a)(b)</sup> (B/B2) | Clear Channel Outdoor Holdings, Inc.<sup>(a)(b)</sup> (B/B2) | Clear Channel Outdoor Holdings, Inc.<sup>(a)(b)</sup> (B/B2) |
| 146000 | 7.875% | 04/01/30 | $150687 |
| Outfront Media Capital LLC/Outfront Media Capital Corp.<sup>(a)(b)</sup> (B/B2) | Outfront Media Capital LLC/Outfront Media Capital Corp.<sup>(a)(b)</sup> (B/B2) | Outfront Media Capital LLC/Outfront Media Capital Corp.<sup>(a)(b)</sup> (B/B2) | Outfront Media Capital LLC/Outfront Media Capital Corp.<sup>(a)(b)</sup> (B/B2) |
| 43000 | 4.250 | 01/15/29 | 41183 |
| 258000 | 4.625 | 03/15/30 | 246591 |
| Outfront Media Capital LLC/Outfront Media Capital Corp.<sup>(a)(b)</sup> (BB/Ba1) | Outfront Media Capital LLC/Outfront Media Capital Corp.<sup>(a)(b)</sup> (BB/Ba1) | Outfront Media Capital LLC/Outfront Media Capital Corp.<sup>(a)(b)</sup> (BB/Ba1) | Outfront Media Capital LLC/Outfront Media Capital Corp.<sup>(a)(b)</sup> (BB/Ba1) |
| 10000 | 7.375 | 02/15/31 | 10590 |
|  |  |  | 449051 |
| **Aerospace & Defense – 0.9%** | **Aerospace & Defense – 0.9%** | **Aerospace & Defense – 0.9%** | **Aerospace & Defense – 0.9%** |
| Bombardier, Inc.<sup>(a)(b)</sup> (BB-/B1) | Bombardier, Inc.<sup>(a)(b)</sup> (BB-/B1) | Bombardier, Inc.<sup>(a)(b)</sup> (BB-/B1) | Bombardier, Inc.<sup>(a)(b)</sup> (BB-/B1) |
| 102000 | 6.000 | 02/15/28 | 102511 |
| 79000 | 7.000 | 06/01/32 | 82302 |
| TransDigm, Inc.<sup>(a)</sup> (B/B3) | TransDigm, Inc.<sup>(a)</sup> (B/B3) | TransDigm, Inc.<sup>(a)</sup> (B/B3) | TransDigm, Inc.<sup>(a)</sup> (B/B3) |
| 153000 | 4.625 | 01/15/29 | 150087 |
|  |  |  | 334900 |
| **Airlines – 0.4%** | **Airlines – 0.4%** | **Airlines – 0.4%** | **Airlines – 0.4%** |
| OneSky Flight LLC<sup>(a)(b)</sup> (B/B3) | OneSky Flight LLC<sup>(a)(b)</sup> (B/B3) | OneSky Flight LLC<sup>(a)(b)</sup> (B/B3) | OneSky Flight LLC<sup>(a)(b)</sup> (B/B3) |
| 82000 | 8.875 | 12/15/29 | 85354 |
| VistaJet Malta Finance PLC/Vista Management Holding, Inc.<sup>(a)(b)</sup> (B/B3) | VistaJet Malta Finance PLC/Vista Management Holding, Inc.<sup>(a)(b)</sup> (B/B3) | VistaJet Malta Finance PLC/Vista Management Holding, Inc.<sup>(a)(b)</sup> (B/B3) | VistaJet Malta Finance PLC/Vista Management Holding, Inc.<sup>(a)(b)</sup> (B/B3) |
| 23000 | 9.500 | 06/01/28 | 23624 |
| 45000 | 6.375 | 02/01/30 | 42105 |
|  |  |  | 151083 |
| **Automotive<sup>(a)(b)</sup> – 1.2%** | **Automotive<sup>(a)(b)</sup> – 1.2%** | **Automotive<sup>(a)(b)</sup> – 1.2%** | **Automotive<sup>(a)(b)</sup> – 1.2%** |
| Allison Transmission, Inc. (NR/Ba2) | Allison Transmission, Inc. (NR/Ba2) | Allison Transmission, Inc. (NR/Ba2) | Allison Transmission, Inc. (NR/Ba2) |
| 244000 | 3.750 | 01/30/31 | 223775 |
| Clarios Global LP/Clarios U.S. Finance Co. (BB-/B1) | Clarios Global LP/Clarios U.S. Finance Co. (BB-/B1) | Clarios Global LP/Clarios U.S. Finance Co. (BB-/B1) | Clarios Global LP/Clarios U.S. Finance Co. (BB-/B1) |
| 37000 | 6.750 | 02/15/30 | 38474 |
| Phinia, Inc. (BB/Ba2) | Phinia, Inc. (BB/Ba2) | Phinia, Inc. (BB/Ba2) | Phinia, Inc. (BB/Ba2) |
| 46000 | 6.625 | 10/15/32 | 46706 |
| Phinia, Inc. (BB+/Baa3) | Phinia, Inc. (BB+/Baa3) | Phinia, Inc. (BB+/Baa3) | Phinia, Inc. (BB+/Baa3) |
| 119000 | 6.750 | 04/15/29 | 122710 |
|  |  |  | 431665 |
| **Banks<sup>(a)</sup> – 1.4%** | **Banks<sup>(a)</sup> – 1.4%** | **Banks<sup>(a)</sup> – 1.4%** | **Banks<sup>(a)</sup> – 1.4%** |
| Freedom Mortgage Corp.<sup>(b)</sup> (B/B2) | Freedom Mortgage Corp.<sup>(b)</sup> (B/B2) | Freedom Mortgage Corp.<sup>(b)</sup> (B/B2) | Freedom Mortgage Corp.<sup>(b)</sup> (B/B2) |
| 129000 | 6.625 | 01/15/27 | 129335 |
| JPMorgan Chase & Co.<sup>(c)</sup> (BBB/Baa2) (5 yr. CMT + 2.152%) | JPMorgan Chase & Co.<sup>(c)</sup> (BBB/Baa2) (5 yr. CMT + 2.152%) | JPMorgan Chase & Co.<sup>(c)</sup> (BBB/Baa2) (5 yr. CMT + 2.152%) | JPMorgan Chase & Co.<sup>(c)</sup> (BBB/Baa2) (5 yr. CMT + 2.152%) |
| 88000 | 6.500 | 04/01/30 | 90795 |
| UBS Group AG<sup>(b)(c)</sup> (BB/NR) (5 yr. CMT + 3.098%) | UBS Group AG<sup>(b)(c)</sup> (BB/NR) (5 yr. CMT + 3.098%) | UBS Group AG<sup>(b)(c)</sup> (BB/NR) (5 yr. CMT + 3.098%) | UBS Group AG<sup>(b)(c)</sup> (BB/NR) (5 yr. CMT + 3.098%) |
| 256000 | 3.875 | 06/02/26 | 249933 |
| Walker & Dunlop, Inc.<sup>(b)</sup> (BB/Ba2) | Walker & Dunlop, Inc.<sup>(b)</sup> (BB/Ba2) | Walker & Dunlop, Inc.<sup>(b)</sup> (BB/Ba2) | Walker & Dunlop, Inc.<sup>(b)</sup> (BB/Ba2) |
| 37000 | 6.625 | 04/01/33 | 38125 |
|  |  |  | 508188 |
| **Building Materials – 2.2%** | **Building Materials – 2.2%** | **Building Materials – 2.2%** | **Building Materials – 2.2%** |
| Builders FirstSource, Inc.<sup>(a)(b)</sup> (BB-/Ba2) | Builders FirstSource, Inc.<sup>(a)(b)</sup> (BB-/Ba2) | Builders FirstSource, Inc.<sup>(a)(b)</sup> (BB-/Ba2) | Builders FirstSource, Inc.<sup>(a)(b)</sup> (BB-/Ba2) |
| 209000 | 4.250 | 02/01/32 | 193542 |
| 45000 | 6.750 | 05/15/35 | 46336 |
| Quikrete Holdings, Inc.<sup>(a)(b)</sup> (B+/B2) | Quikrete Holdings, Inc.<sup>(a)(b)</sup> (B+/B2) | Quikrete Holdings, Inc.<sup>(a)(b)</sup> (B+/B2) | Quikrete Holdings, Inc.<sup>(a)(b)</sup> (B+/B2) |
| 28000 | 6.750 | 03/01/33 | 28883 |
| Quikrete Holdings, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Quikrete Holdings, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Quikrete Holdings, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Quikrete Holdings, Inc.<sup>(a)(b)</sup> (BB/Ba3) |
| 106000 | 6.375 | 03/01/32 | 109067 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Building Materials – (continued)** | **Building Materials – (continued)** | **Building Materials – (continued)** | **Building Materials – (continued)** |
| Smyrna Ready Mix Concrete LLC<sup>(a)(b)</sup> (BB-/Ba3) | Smyrna Ready Mix Concrete LLC<sup>(a)(b)</sup> (BB-/Ba3) | Smyrna Ready Mix Concrete LLC<sup>(a)(b)</sup> (BB-/Ba3) | Smyrna Ready Mix Concrete LLC<sup>(a)(b)</sup> (BB-/Ba3) |
| 139000 | 8.875% | 11/15/31 | $145826 |
| Standard Building Solutions, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Standard Building Solutions, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Standard Building Solutions, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Standard Building Solutions, Inc.<sup>(a)(b)</sup> (BB/Ba3) |
| 111000 | 6.500 | 08/15/32 | 113634 |
| Standard Industries, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Standard Industries, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Standard Industries, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Standard Industries, Inc.<sup>(a)(b)</sup> (BB/Ba3) |
| 89000 | 5.000 | 02/15/27 | 88731 |
| 88000 | 4.375 | 07/15/30 | 83288 |
|  |  |  | 809307 |
| **Chemicals – 3.4%** | **Chemicals – 3.4%** | **Chemicals – 3.4%** | **Chemicals – 3.4%** |
| Avient Corp.<sup>(a)(b)</sup> (BB-/Ba3) | Avient Corp.<sup>(a)(b)</sup> (BB-/Ba3) | Avient Corp.<sup>(a)(b)</sup> (BB-/Ba3) | Avient Corp.<sup>(a)(b)</sup> (BB-/Ba3) |
| 94000 | 7.125 | 08/01/30 | 96917 |
| 46000 | 6.250 | 11/01/31 | 46364 |
| Celanese U.S. Holdings LLC<sup>(a)</sup> (BB+/Ba1) | Celanese U.S. Holdings LLC<sup>(a)</sup> (BB+/Ba1) | Celanese U.S. Holdings LLC<sup>(a)</sup> (BB+/Ba1) | Celanese U.S. Holdings LLC<sup>(a)</sup> (BB+/Ba1) |
| 60000 | 6.750 | 04/15/33 | 60616 |
| 125000 | 7.200 | 11/15/33 | 132756 |
| Chemours Co.<sup>(a)(b)</sup> (BB-/B1) | Chemours Co.<sup>(a)(b)</sup> (BB-/B1) | Chemours Co.<sup>(a)(b)</sup> (BB-/B1) | Chemours Co.<sup>(a)(b)</sup> (BB-/B1) |
| 150000 | 4.625 | 11/15/29 | 130746 |
| FMC Corp.<sup>(a)(c)</sup> (BB/Ba1) (5 yr. CMT + 4.366%) | FMC Corp.<sup>(a)(c)</sup> (BB/Ba1) (5 yr. CMT + 4.366%) | FMC Corp.<sup>(a)(c)</sup> (BB/Ba1) (5 yr. CMT + 4.366%) | FMC Corp.<sup>(a)(c)</sup> (BB/Ba1) (5 yr. CMT + 4.366%) |
| 60000 | 8.450 | 11/01/55 | 61547 |
| Ingevity Corp.<sup>(a)(b)</sup> (NR/Ba3) | Ingevity Corp.<sup>(a)(b)</sup> (NR/Ba3) | Ingevity Corp.<sup>(a)(b)</sup> (NR/Ba3) | Ingevity Corp.<sup>(a)(b)</sup> (NR/Ba3) |
| 317000 | 3.875 | 11/01/28 | 302073 |
| Methanex U.S. Operations, Inc.<sup>(a)(b)</sup> (BB/Ba2) | Methanex U.S. Operations, Inc.<sup>(a)(b)</sup> (BB/Ba2) | Methanex U.S. Operations, Inc.<sup>(a)(b)</sup> (BB/Ba2) | Methanex U.S. Operations, Inc.<sup>(a)(b)</sup> (BB/Ba2) |
| 60000 | 6.250 | 03/15/32 | 59797 |
| Olympus Water U.S. Holding Corp.<sup>(a)(b)</sup> (B-/B3) | Olympus Water U.S. Holding Corp.<sup>(a)(b)</sup> (B-/B3) | Olympus Water U.S. Holding Corp.<sup>(a)(b)</sup> (B-/B3) | Olympus Water U.S. Holding Corp.<sup>(a)(b)</sup> (B-/B3) |
| 200000 | 4.250 | 10/01/28 | 190344 |
| WR Grace Holdings LLC<sup>(a)(b)</sup> (B-/B2) | WR Grace Holdings LLC<sup>(a)(b)</sup> (B-/B2) | WR Grace Holdings LLC<sup>(a)(b)</sup> (B-/B2) | WR Grace Holdings LLC<sup>(a)(b)</sup> (B-/B2) |
| 208000 | 4.875 | 06/15/27 | 206401 |
|  |  |  | 1287561 |
| **Commercial Services – 2.8%** | **Commercial Services – 2.8%** | **Commercial Services – 2.8%** | **Commercial Services – 2.8%** |
| APi Group DE, Inc.<sup>(a)(b)</sup> (B+/B1) | APi Group DE, Inc.<sup>(a)(b)</sup> (B+/B1) | APi Group DE, Inc.<sup>(a)(b)</sup> (B+/B1) | APi Group DE, Inc.<sup>(a)(b)</sup> (B+/B1) |
| 396000 | 4.125 | 07/15/29 | 377646 |
| 26000 | 4.750 | 10/15/29 | 25555 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc.<sup>(a)(b)</sup> (B+/B1) | Avis Budget Car Rental LLC/Avis Budget Finance, Inc.<sup>(a)(b)</sup> (B+/B1) | Avis Budget Car Rental LLC/Avis Budget Finance, Inc.<sup>(a)(b)</sup> (B+/B1) | Avis Budget Car Rental LLC/Avis Budget Finance, Inc.<sup>(a)(b)</sup> (B+/B1) |
| 40000 | 8.375 | 06/15/32 | 41850 |
| Garda World Security Corp.<sup>(a)(b)</sup> (B/B1) | Garda World Security Corp.<sup>(a)(b)</sup> (B/B1) | Garda World Security Corp.<sup>(a)(b)</sup> (B/B1) | Garda World Security Corp.<sup>(a)(b)</sup> (B/B1) |
| 79000 | 7.750 | 02/15/28 | 81727 |
| Garda World Security Corp.<sup>(a)(b)</sup> (CCC+/Caa2) | Garda World Security Corp.<sup>(a)(b)</sup> (CCC+/Caa2) | Garda World Security Corp.<sup>(a)(b)</sup> (CCC+/Caa2) | Garda World Security Corp.<sup>(a)(b)</sup> (CCC+/Caa2) |
| 51000 | 8.375 | 11/15/32 | 52396 |
| Hertz Corp.<sup>(a)(b)</sup> (B/Ba3) | Hertz Corp.<sup>(a)(b)</sup> (B/Ba3) | Hertz Corp.<sup>(a)(b)</sup> (B/Ba3) | Hertz Corp.<sup>(a)(b)</sup> (B/Ba3) |
| 73000 | 12.625 | 07/15/29 | 76344 |
| Mavis Tire Express Services Topco Corp.<sup>(a)(b)</sup> (CCC/Caa2) | Mavis Tire Express Services Topco Corp.<sup>(a)(b)</sup> (CCC/Caa2) | Mavis Tire Express Services Topco Corp.<sup>(a)(b)</sup> (CCC/Caa2) | Mavis Tire Express Services Topco Corp.<sup>(a)(b)</sup> (CCC/Caa2) |
| 38000 | 6.500 | 05/15/29 | 37354 |
| Neptune Bidco U.S., Inc.<sup>(a)(b)</sup> (B/B2) | Neptune Bidco U.S., Inc.<sup>(a)(b)</sup> (B/B2) | Neptune Bidco U.S., Inc.<sup>(a)(b)</sup> (B/B2) | Neptune Bidco U.S., Inc.<sup>(a)(b)</sup> (B/B2) |
| 120000 | 9.290 | 04/15/29 | 116855 |
| NESCO Holdings II, Inc.<sup>(a)(b)</sup> (B/B3) | NESCO Holdings II, Inc.<sup>(a)(b)</sup> (B/B3) | NESCO Holdings II, Inc.<sup>(a)(b)</sup> (B/B3) | NESCO Holdings II, Inc.<sup>(a)(b)</sup> (B/B3) |
| 46000 | 5.500 | 04/15/29 | 44708 |
| Service Corp. International<sup>(a)</sup> (BB/Ba3) | Service Corp. International<sup>(a)</sup> (BB/Ba3) | Service Corp. International<sup>(a)</sup> (BB/Ba3) | Service Corp. International<sup>(a)</sup> (BB/Ba3) |
| 39000 | 5.750 | 10/15/32 | 39429 |
| VT Topco, Inc.<sup>(a)(b)</sup> (B/B2) | VT Topco, Inc.<sup>(a)(b)</sup> (B/B2) | VT Topco, Inc.<sup>(a)(b)</sup> (B/B2) | VT Topco, Inc.<sup>(a)(b)</sup> (B/B2) |
| 124000 | 8.500 | 08/15/30 | 131699 |
| Williams Scotsman, Inc.<sup>(a)(b)</sup> (BB-/B2) | Williams Scotsman, Inc.<sup>(a)(b)</sup> (BB-/B2) | Williams Scotsman, Inc.<sup>(a)(b)</sup> (BB-/B2) | Williams Scotsman, Inc.<sup>(a)(b)</sup> (BB-/B2) |
| 23000 | 6.625 | 04/15/30 | 23887 |
|  |  |  | 1049450 |

---

------

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Computers<sup>(a)(b)</sup> – 1.3%** | **Computers<sup>(a)(b)</sup> – 1.3%** | **Computers<sup>(a)(b)</sup> – 1.3%** | **Computers<sup>(a)(b)</sup> – 1.3%** |
| Ahead DB Holdings LLC (CCC+/Caa1) | Ahead DB Holdings LLC (CCC+/Caa1) | Ahead DB Holdings LLC (CCC+/Caa1) | Ahead DB Holdings LLC (CCC+/Caa1) |
| 44000 | 6.625% | 05/01/28 | $44113 |
| CACI International, Inc. (BB-/Ba2) | CACI International, Inc. (BB-/Ba2) | CACI International, Inc. (BB-/Ba2) | CACI International, Inc. (BB-/Ba2) |
| 30000 | 6.375 | 06/15/33 | 30990 |
| Diebold Nixdorf, Inc. (B/B2) | Diebold Nixdorf, Inc. (B/B2) | Diebold Nixdorf, Inc. (B/B2) | Diebold Nixdorf, Inc. (B/B2) |
| 88000 | 7.750 | 03/31/30 | 93642 |
| McAfee Corp. (CCC+/Caa1) | McAfee Corp. (CCC+/Caa1) | McAfee Corp. (CCC+/Caa1) | McAfee Corp. (CCC+/Caa1) |
| 205000 | 7.375 | 02/15/30 | 193522 |
| Seagate Data Storage Technology Pte. Ltd. (BB/Ba3) | Seagate Data Storage Technology Pte. Ltd. (BB/Ba3) | Seagate Data Storage Technology Pte. Ltd. (BB/Ba3) | Seagate Data Storage Technology Pte. Ltd. (BB/Ba3) |
| 35000 | 5.875 | 07/15/30 | 35627 |
| Virtusa Corp. (B-/Caa1) | Virtusa Corp. (B-/Caa1) | Virtusa Corp. (B-/Caa1) | Virtusa Corp. (B-/Caa1) |
| 105000 | 7.125 | 12/15/28 | 100040 |
|  |  |  | 497934 |
| **Distribution & Wholesale<sup>(a)(b)</sup> – 0.4%** | **Distribution & Wholesale<sup>(a)(b)</sup> – 0.4%** | **Distribution & Wholesale<sup>(a)(b)</sup> – 0.4%** | **Distribution & Wholesale<sup>(a)(b)</sup> – 0.4%** |
| American Builders & Contractors Supply Co., Inc. (BB-/Ba3) | American Builders & Contractors Supply Co., Inc. (BB-/Ba3) | American Builders & Contractors Supply Co., Inc. (BB-/Ba3) | American Builders & Contractors Supply Co., Inc. (BB-/Ba3) |
| 156000 | 3.875 | 11/15/29 | 147797 |
| **Diversified Financial Services – 2.6%** | **Diversified Financial Services – 2.6%** | **Diversified Financial Services – 2.6%** | **Diversified Financial Services – 2.6%** |
| Coinbase Global, Inc.<sup>(a)(b)</sup> (BB-/B1) | Coinbase Global, Inc.<sup>(a)(b)</sup> (BB-/B1) | Coinbase Global, Inc.<sup>(a)(b)</sup> (BB-/B1) | Coinbase Global, Inc.<sup>(a)(b)</sup> (BB-/B1) |
| 97000 | 3.375 | 10/01/28 | 90937 |
| Credit Acceptance Corp.<sup>(a)(b)</sup> (BB/Ba3) | Credit Acceptance Corp.<sup>(a)(b)</sup> (BB/Ba3) | Credit Acceptance Corp.<sup>(a)(b)</sup> (BB/Ba3) | Credit Acceptance Corp.<sup>(a)(b)</sup> (BB/Ba3) |
| 42000 | 6.625 | 03/15/30 | 42593 |
| Focus Financial Partners LLC<sup>(a)(b)</sup> (B/B2) | Focus Financial Partners LLC<sup>(a)(b)</sup> (B/B2) | Focus Financial Partners LLC<sup>(a)(b)</sup> (B/B2) | Focus Financial Partners LLC<sup>(a)(b)</sup> (B/B2) |
| 79000 | 6.750 | 09/15/31 | 80662 |
| Freedom Mortgage Holdings LLC<sup>(a)(b)</sup> (B/B2) | Freedom Mortgage Holdings LLC<sup>(a)(b)</sup> (B/B2) | Freedom Mortgage Holdings LLC<sup>(a)(b)</sup> (B/B2) | Freedom Mortgage Holdings LLC<sup>(a)(b)</sup> (B/B2) |
| 13000 | 9.250 | 02/01/29 | 13500 |
| Jane Street Group/JSG Finance, Inc.<sup>(a)(b)</sup> (BB/Ba1) | Jane Street Group/JSG Finance, Inc.<sup>(a)(b)</sup> (BB/Ba1) | Jane Street Group/JSG Finance, Inc.<sup>(a)(b)</sup> (BB/Ba1) | Jane Street Group/JSG Finance, Inc.<sup>(a)(b)</sup> (BB/Ba1) |
| 83000 | 6.125 | 11/01/32 | 83734 |
| 55000 | 6.750 | 05/01/33 | 56688 |
| OneMain Finance Corp.<sup>(a)</sup> (BB/Ba2) | OneMain Finance Corp.<sup>(a)</sup> (BB/Ba2) | OneMain Finance Corp.<sup>(a)</sup> (BB/Ba2) | OneMain Finance Corp.<sup>(a)</sup> (BB/Ba2) |
| 95000 | 9.000 | 01/15/29 | 99658 |
| PennyMac Financial Services, Inc.<sup>(a)(b)</sup> (B+/Ba3) | PennyMac Financial Services, Inc.<sup>(a)(b)</sup> (B+/Ba3) | PennyMac Financial Services, Inc.<sup>(a)(b)</sup> (B+/Ba3) | PennyMac Financial Services, Inc.<sup>(a)(b)</sup> (B+/Ba3) |
| 65000 | 6.875 | 02/15/33 | 66611 |
| Rocket Cos., Inc.<sup>(a)(b)</sup> (BB/Ba1) | Rocket Cos., Inc.<sup>(a)(b)</sup> (BB/Ba1) | Rocket Cos., Inc.<sup>(a)(b)</sup> (BB/Ba1) | Rocket Cos., Inc.<sup>(a)(b)</sup> (BB/Ba1) |
| 45000 | 6.125 | 08/01/30 | 45858 |
| 80000 | 6.375 | 08/01/33 | 81872 |
| Stonex Escrow Issuer LLC<sup>(a)(b)</sup> (BB-/Ba3) | Stonex Escrow Issuer LLC<sup>(a)(b)</sup> (BB-/Ba3) | Stonex Escrow Issuer LLC<sup>(a)(b)</sup> (BB-/Ba3) | Stonex Escrow Issuer LLC<sup>(a)(b)</sup> (BB-/Ba3) |
| 40000 | 6.875 | 07/15/32 | 40420 |
| United Wholesale Mortgage LLC<sup>(a)(b)</sup> (NR/Ba3) | United Wholesale Mortgage LLC<sup>(a)(b)</sup> (NR/Ba3) | United Wholesale Mortgage LLC<sup>(a)(b)</sup> (NR/Ba3) | United Wholesale Mortgage LLC<sup>(a)(b)</sup> (NR/Ba3) |
| 128000 | 5.500 | 04/15/29 | 124385 |
| UWM Holdings LLC<sup>(a)(b)</sup> (NR/Ba3) | UWM Holdings LLC<sup>(a)(b)</sup> (NR/Ba3) | UWM Holdings LLC<sup>(a)(b)</sup> (NR/Ba3) | UWM Holdings LLC<sup>(a)(b)</sup> (NR/Ba3) |
| 65000 | 6.625 | 02/01/30 | 65086 |
| VFH Parent LLC/Valor Co-Issuer, Inc.<sup>(a)(b)</sup> (B+/B1) | VFH Parent LLC/Valor Co-Issuer, Inc.<sup>(a)(b)</sup> (B+/B1) | VFH Parent LLC/Valor Co-Issuer, Inc.<sup>(a)(b)</sup> (B+/B1) | VFH Parent LLC/Valor Co-Issuer, Inc.<sup>(a)(b)</sup> (B+/B1) |
| 69000 | 7.500 | 06/15/31 | 72401 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;964405 |
| **Electrical – 2.3%** | **Electrical – 2.3%** | **Electrical – 2.3%** | **Electrical – 2.3%** |
| California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<sup>(a)(b)</sup> (BB-/NR) | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<sup>(a)(b)</sup> (BB-/NR) | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<sup>(a)(b)</sup> (BB-/NR) | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<sup>(a)(b)</sup> (BB-/NR) |
| 160000 | 6.375 | 02/15/32 | 159974 |
| Lightning Power LLC<sup>(a)(b)</sup> (BB/Ba3) | Lightning Power LLC<sup>(a)(b)</sup> (BB/Ba3) | Lightning Power LLC<sup>(a)(b)</sup> (BB/Ba3) | Lightning Power LLC<sup>(a)(b)</sup> (BB/Ba3) |
| 46000 | 7.250 | 08/15/32 | 48413 |
| NRG Energy, Inc.<sup>(a)</sup> (BB/Ba2) | NRG Energy, Inc.<sup>(a)</sup> (BB/Ba2) | NRG Energy, Inc.<sup>(a)</sup> (BB/Ba2) | NRG Energy, Inc.<sup>(a)</sup> (BB/Ba2) |
| 60000 | 5.750 | 01/15/28 | 60306 |
| 73000 | 3.375 <sup>(b)</sup> | 02/15/29 | 68886 |
| 169000 | 5.750 <sup>(b)</sup> | 07/15/29 | 169215 |
| 61000 | 3.625 <sup>(b)</sup> | 02/15/31 | 56161 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Electrical – (continued)** | **Electrical – (continued)** | **Electrical – (continued)** | **Electrical – (continued)** |
| Pike Corp.<sup>(a)(b)</sup> (B/B3) | Pike Corp.<sup>(a)(b)</sup> (B/B3) | Pike Corp.<sup>(a)(b)</sup> (B/B3) | Pike Corp.<sup>(a)(b)</sup> (B/B3) |
| 213000 | 5.500% | 09/01/28 | $212717 |
| Vistra Operations Co. LLC<sup>(a)(b)</sup> (BB+/Ba2) | Vistra Operations Co. LLC<sup>(a)(b)</sup> (BB+/Ba2) | Vistra Operations Co. LLC<sup>(a)(b)</sup> (BB+/Ba2) | Vistra Operations Co. LLC<sup>(a)(b)</sup> (BB+/Ba2) |
| 70000 | 4.375 | 05/01/29 | 68209 |
|  |  |  | 843881 |
| **Electrical Components & Equipment – 0.8%** | **Electrical Components & Equipment – 0.8%** | **Electrical Components & Equipment – 0.8%** | **Electrical Components & Equipment – 0.8%** |
| WESCO Distribution, Inc.<sup>(a)(b)</sup> (BB/Ba3) | WESCO Distribution, Inc.<sup>(a)(b)</sup> (BB/Ba3) | WESCO Distribution, Inc.<sup>(a)(b)</sup> (BB/Ba3) | WESCO Distribution, Inc.<sup>(a)(b)</sup> (BB/Ba3) |
| 209000 | 7.250 | 06/15/28 | 211477 |
| 13000 | 6.375 | 03/15/29 | 13385 |
| 87000 | 6.625 | 03/15/32 | 90421 |
|  |  |  | 315283 |
| **Electronics<sup>(a)(b)</sup> – 1.1%** | **Electronics<sup>(a)(b)</sup> – 1.1%** | **Electronics<sup>(a)(b)</sup> – 1.1%** | **Electronics<sup>(a)(b)</sup> – 1.1%** |
| Atkore, Inc. (BB+/Ba2) | Atkore, Inc. (BB+/Ba2) | Atkore, Inc. (BB+/Ba2) | Atkore, Inc. (BB+/Ba2) |
| 245000 | 4.250 | 06/01/31 | 226463 |
| Sensata Technologies BV (BB+/Ba2) | Sensata Technologies BV (BB+/Ba2) | Sensata Technologies BV (BB+/Ba2) | Sensata Technologies BV (BB+/Ba2) |
| 200000 | 4.000 | 04/15/29 | 190150 |
|  |  |  | 416613 |
| **Engineering & Construction – 1.1%** | **Engineering & Construction – 1.1%** | **Engineering & Construction – 1.1%** | **Engineering & Construction – 1.1%** |
| Arcosa, Inc.<sup>(a)(b)</sup> (B+/Ba3) | Arcosa, Inc.<sup>(a)(b)</sup> (B+/Ba3) | Arcosa, Inc.<sup>(a)(b)</sup> (B+/Ba3) | Arcosa, Inc.<sup>(a)(b)</sup> (B+/Ba3) |
| 42000 | 6.875 | 08/15/32 | 43530 |
| Global Infrastructure Solutions, Inc.<sup>(a)(b)</sup> (BB/B1) | Global Infrastructure Solutions, Inc.<sup>(a)(b)</sup> (BB/B1) | Global Infrastructure Solutions, Inc.<sup>(a)(b)</sup> (BB/B1) | Global Infrastructure Solutions, Inc.<sup>(a)(b)</sup> (BB/B1) |
| 238000 | 5.625 | 06/01/29 | 236401 |
| 129000 | 7.500 | 04/15/32 | 131358 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;411289 |
| **Entertainment – 2.3%** | **Entertainment – 2.3%** | **Entertainment – 2.3%** | **Entertainment – 2.3%** |
| Boyne USA, Inc.<sup>(a)(b)</sup> (B/B1) | Boyne USA, Inc.<sup>(a)(b)</sup> (B/B1) | Boyne USA, Inc.<sup>(a)(b)</sup> (B/B1) | Boyne USA, Inc.<sup>(a)(b)</sup> (B/B1) |
| 207000 | 4.750 | 05/15/29 | 200833 |
| Caesars Entertainment, Inc.<sup>(a)(b)</sup> (B-/B3) | Caesars Entertainment, Inc.<sup>(a)(b)</sup> (B-/B3) | Caesars Entertainment, Inc.<sup>(a)(b)</sup> (B-/B3) | Caesars Entertainment, Inc.<sup>(a)(b)</sup> (B-/B3) |
| 81000 | 4.625 | 10/15/29 | 77312 |
| Caesars Entertainment, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Caesars Entertainment, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Caesars Entertainment, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Caesars Entertainment, Inc.<sup>(a)(b)</sup> (BB-/Ba3) |
| 147000 | 7.000 | 02/15/30 | 152307 |
| Cinemark USA, Inc.<sup>(a)(b)</sup> (BB-/B2) | Cinemark USA, Inc.<sup>(a)(b)</sup> (BB-/B2) | Cinemark USA, Inc.<sup>(a)(b)</sup> (BB-/B2) | Cinemark USA, Inc.<sup>(a)(b)</sup> (BB-/B2) |
| 202000 | 5.250 | 07/15/28 | 201153 |
| 37000 | 7.000 | 08/01/32 | 38447 |
| Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.<sup>(a)(b)</sup> (B+/B1) | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.<sup>(a)(b)</sup> (B+/B1) | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.<sup>(a)(b)</sup> (B+/B1) | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.<sup>(a)(b)</sup> (B+/B1) |
| 28000 | 6.625 | 02/01/33 | 28058 |
| SeaWorld Parks & Entertainment, Inc.<sup>(a)(b)</sup> (B+/B2) | SeaWorld Parks & Entertainment, Inc.<sup>(a)(b)</sup> (B+/B2) | SeaWorld Parks & Entertainment, Inc.<sup>(a)(b)</sup> (B+/B2) | SeaWorld Parks & Entertainment, Inc.<sup>(a)(b)</sup> (B+/B2) |
| 169000 | 5.250 | 08/15/29 | 165277 |
|  |  |  | 863387 |
| **Environmental<sup>(a)(b)</sup> – 0.6%** | **Environmental<sup>(a)(b)</sup> – 0.6%** | **Environmental<sup>(a)(b)</sup> – 0.6%** | **Environmental<sup>(a)(b)</sup> – 0.6%** |
| Madison IAQ LLC (CCC+/Caa1) | Madison IAQ LLC (CCC+/Caa1) | Madison IAQ LLC (CCC+/Caa1) | Madison IAQ LLC (CCC+/Caa1) |
| 210000 | 5.875 | 06/30/29 | 206356 |
| Waste Pro USA, Inc. (B-/B3) | Waste Pro USA, Inc. (B-/B3) | Waste Pro USA, Inc. (B-/B3) | Waste Pro USA, Inc. (B-/B3) |
| 28000 | 7.000 | 02/01/33 | 29121 |
|  |  |  | 235477 |
| **Food & Drug Retailing – 1.6%** | **Food & Drug Retailing – 1.6%** | **Food & Drug Retailing – 1.6%** | **Food & Drug Retailing – 1.6%** |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons<br>LLC<sup>(a)(b)</sup> (BB+/Ba2) | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons<br>LLC<sup>(a)(b)</sup> (BB+/Ba2) | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons<br>LLC<sup>(a)(b)</sup> (BB+/Ba2) | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons<br>LLC<sup>(a)(b)</sup> (BB+/Ba2) |
| 83000 | 6.250 | 03/15/33 | 85668 |

---

------

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Food & Drug Retailing – (continued)** | **Food & Drug Retailing – (continued)** | **Food & Drug Retailing – (continued)** | **Food & Drug Retailing – (continued)** |
| Chobani Holdco II LLC<sup>(a)(b)(d)</sup> (CCC+/Caa1) (PIK 9.500%, Cash 8.750%) | Chobani Holdco II LLC<sup>(a)(b)(d)</sup> (CCC+/Caa1) (PIK 9.500%, Cash 8.750%) | Chobani Holdco II LLC<sup>(a)(b)(d)</sup> (CCC+/Caa1) (PIK 9.500%, Cash 8.750%) | Chobani Holdco II LLC<sup>(a)(b)(d)</sup> (CCC+/Caa1) (PIK 9.500%, Cash 8.750%) |
| 18839 | 8.750% | 10/01/29 | $20201 |
| Performance Food Group, Inc.<sup>(a)(b)</sup> (BB/B1) | Performance Food Group, Inc.<sup>(a)(b)</sup> (BB/B1) | Performance Food Group, Inc.<sup>(a)(b)</sup> (BB/B1) | Performance Food Group, Inc.<sup>(a)(b)</sup> (BB/B1) |
| 150000 | 4.250 | 08/01/29 | 144698 |
| Post Holdings, Inc.<sup>(a)(b)</sup> (B+/B2) | Post Holdings, Inc.<sup>(a)(b)</sup> (B+/B2) | Post Holdings, Inc.<sup>(a)(b)</sup> (B+/B2) | Post Holdings, Inc.<sup>(a)(b)</sup> (B+/B2) |
| 107000 | 5.500 | 12/15/29 | 106575 |
| 117000 | 6.375 | 03/01/33 | 118100 |
| Post Holdings, Inc.<sup>(a)(b)</sup> (BB/Ba1) | Post Holdings, Inc.<sup>(a)(b)</sup> (BB/Ba1) | Post Holdings, Inc.<sup>(a)(b)</sup> (BB/Ba1) | Post Holdings, Inc.<sup>(a)(b)</sup> (BB/Ba1) |
| 46000 | 6.250 | 02/15/32 | 47319 |
| U.S. Foods, Inc.<sup>(a)(b)</sup> (BB+/Ba3) | U.S. Foods, Inc.<sup>(a)(b)</sup> (BB+/Ba3) | U.S. Foods, Inc.<sup>(a)(b)</sup> (BB+/Ba3) | U.S. Foods, Inc.<sup>(a)(b)</sup> (BB+/Ba3) |
| 78000 | 4.625 | 06/01/30 | 75971 |
|  |  |  | 598532 |
| **Healthcare Providers & Services – 1.7%** | **Healthcare Providers & Services – 1.7%** | **Healthcare Providers & Services – 1.7%** | **Healthcare Providers & Services – 1.7%** |
| DaVita, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | DaVita, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | DaVita, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | DaVita, Inc.<sup>(a)(b)</sup> (BB-/Ba3) |
| 89000 | 6.875 | 09/01/32 | 92290 |
| 55000 | 6.750 | 07/15/33 | 56786 |
| Insulet Corp.<sup>(a)(b)</sup> (B+/B2) | Insulet Corp.<sup>(a)(b)</sup> (B+/B2) | Insulet Corp.<sup>(a)(b)</sup> (B+/B2) | Insulet Corp.<sup>(a)(b)</sup> (B+/B2) |
| 13000 | 6.500 | 04/01/33 | 13556 |
| Medline Borrower LP<sup>(a)(b)</sup> (B/B3) | Medline Borrower LP<sup>(a)(b)</sup> (B/B3) | Medline Borrower LP<sup>(a)(b)</sup> (B/B3) | Medline Borrower LP<sup>(a)(b)</sup> (B/B3) |
| 174000 | 5.250 | 10/01/29 | 172660 |
| Medline Borrower LP<sup>(a)(b)</sup> (BB-/Ba3) | Medline Borrower LP<sup>(a)(b)</sup> (BB-/Ba3) | Medline Borrower LP<sup>(a)(b)</sup> (BB-/Ba3) | Medline Borrower LP<sup>(a)(b)</sup> (BB-/Ba3) |
| 95000 | 3.875 | 04/01/29 | 91213 |
| Molina Healthcare, Inc.<sup>(a)(b)</sup> (BB/Ba2) | Molina Healthcare, Inc.<sup>(a)(b)</sup> (BB/Ba2) | Molina Healthcare, Inc.<sup>(a)(b)</sup> (BB/Ba2) | Molina Healthcare, Inc.<sup>(a)(b)</sup> (BB/Ba2) |
| 88000 | 6.250 | 01/15/33 | 89572 |
| Select Medical Corp.<sup>(a)(b)</sup> (B/B1) | Select Medical Corp.<sup>(a)(b)</sup> (B/B1) | Select Medical Corp.<sup>(a)(b)</sup> (B/B1) | Select Medical Corp.<sup>(a)(b)</sup> (B/B1) |
| 111000 | 6.250 | 12/01/32 | 111671 |
|  |  |  | 627748 |
| **Home Builders<sup>(a)</sup> – 1.9%** | **Home Builders<sup>(a)</sup> – 1.9%** | **Home Builders<sup>(a)</sup> – 1.9%** | **Home Builders<sup>(a)</sup> – 1.9%** |
| Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC<sup>(b)</sup> (B+/B1) | Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC<sup>(b)</sup> (B+/B1) | Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC<sup>(b)</sup> (B+/B1) | Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC<sup>(b)</sup> (B+/B1) |
| 130000 | 4.875 | 02/15/30 | 116902 |
| Century Communities, Inc.<sup>(b)</sup> (BB/Ba2) | Century Communities, Inc.<sup>(b)</sup> (BB/Ba2) | Century Communities, Inc.<sup>(b)</sup> (BB/Ba2) | Century Communities, Inc.<sup>(b)</sup> (BB/Ba2) |
| 184000 | 3.875 | 08/15/29 | 170327 |
| Forestar Group, Inc.<sup>(b)</sup> (BB-/Ba3) | Forestar Group, Inc.<sup>(b)</sup> (BB-/Ba3) | Forestar Group, Inc.<sup>(b)</sup> (BB-/Ba3) | Forestar Group, Inc.<sup>(b)</sup> (BB-/Ba3) |
| 125000 | 6.500 | 03/15/33 | 125946 |
| KB Home (BB+/Ba1) | KB Home (BB+/Ba1) | KB Home (BB+/Ba1) | KB Home (BB+/Ba1) |
| 76000 | 7.250 | 07/15/30 | 78628 |
| LGI Homes, Inc.<sup>(b)</sup> (BB-/Ba3) | LGI Homes, Inc.<sup>(b)</sup> (BB-/Ba3) | LGI Homes, Inc.<sup>(b)</sup> (BB-/Ba3) | LGI Homes, Inc.<sup>(b)</sup> (BB-/Ba3) |
| 100000 | 4.000 | 07/15/29 | 89413 |
| Taylor Morrison Communities, Inc.<sup>(b)</sup> (BB+/Ba1) | Taylor Morrison Communities, Inc.<sup>(b)</sup> (BB+/Ba1) | Taylor Morrison Communities, Inc.<sup>(b)</sup> (BB+/Ba1) | Taylor Morrison Communities, Inc.<sup>(b)</sup> (BB+/Ba1) |
| 128000 | 5.875 | 06/15/27 | 130047 |
|  |  |  | 711263 |
| **Household Products<sup>(a)(b)</sup> – 0.1%** | **Household Products<sup>(a)(b)</sup> – 0.1%** | **Household Products<sup>(a)(b)</sup> – 0.1%** | **Household Products<sup>(a)(b)</sup> – 0.1%** |
| Kronos Acquisition Holdings, Inc. (CCC+/B2) | Kronos Acquisition Holdings, Inc. (CCC+/B2) | Kronos Acquisition Holdings, Inc. (CCC+/B2) | Kronos Acquisition Holdings, Inc. (CCC+/B2) |
| 42000 | 8.250 | 06/30/31 | 38141 |
| **Housewares – 0.6%** | **Housewares – 0.6%** | **Housewares – 0.6%** | **Housewares – 0.6%** |
| Newell Brands, Inc.<sup>(a)</sup> (B+/B1) | Newell Brands, Inc.<sup>(a)</sup> (B+/B1) | Newell Brands, Inc.<sup>(a)</sup> (B+/B1) | Newell Brands, Inc.<sup>(a)</sup> (B+/B1) |
| 13000 | 6.375 | 05/15/30 | 12642 |
| 23000 | 6.625 | 05/15/32 | 22001 |
| Scotts Miracle-Gro Co.<sup>(a)</sup> (B-/B2) | Scotts Miracle-Gro Co.<sup>(a)</sup> (B-/B2) | Scotts Miracle-Gro Co.<sup>(a)</sup> (B-/B2) | Scotts Miracle-Gro Co.<sup>(a)</sup> (B-/B2) |
| 212000 | 4.375 | 02/01/32 | 194618 |
|  |  |  | 229261 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Insurance<sup>(a)(b)</sup> – 2.6%** | **Insurance<sup>(a)(b)</sup> – 2.6%** | **Insurance<sup>(a)(b)</sup> – 2.6%** | **Insurance<sup>(a)(b)</sup> – 2.6%** |
| Acrisure LLC/Acrisure Finance, Inc. (B/B2) | Acrisure LLC/Acrisure Finance, Inc. (B/B2) | Acrisure LLC/Acrisure Finance, Inc. (B/B2) | Acrisure LLC/Acrisure Finance, Inc. (B/B2) |
| 220000 | 4.250% | 02/15/29 | $211475 |
| Acrisure LLC/Acrisure Finance, Inc. (CCC+/Caa2) | Acrisure LLC/Acrisure Finance, Inc. (CCC+/Caa2) | Acrisure LLC/Acrisure Finance, Inc. (CCC+/Caa2) | Acrisure LLC/Acrisure Finance, Inc. (CCC+/Caa2) |
| 83000 | 6.000 | 08/01/29 | 80919 |
| Acrisure LLC/Acrisure Finance, Inc. (NR/NR) | Acrisure LLC/Acrisure Finance, Inc. (NR/NR) | Acrisure LLC/Acrisure Finance, Inc. (NR/NR) | Acrisure LLC/Acrisure Finance, Inc. (NR/NR) |
| 30000 | 6.750 | 07/01/32 | 30423 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer (B/B2) | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer (B/B2) | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer (B/B2) | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer (B/B2) |
| 133000 | 6.750 | 04/15/28 | 135173 |
| APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC (BB+/NR) | APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC (BB+/NR) | APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC (BB+/NR) | APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC (BB+/NR) |
| 133000 | 7.875 | 11/01/29 | 136061 |
| HUB International Ltd. (B/Caa1) | HUB International Ltd. (B/Caa1) | HUB International Ltd. (B/Caa1) | HUB International Ltd. (B/Caa1) |
| 120000 | 7.375 | 01/31/32 | 125533 |
| Panther Escrow Issuer LLC (B/B2) | Panther Escrow Issuer LLC (B/B2) | Panther Escrow Issuer LLC (B/B2) | Panther Escrow Issuer LLC (B/B2) |
| 128000 | 7.125 | 06/01/31 | 133009 |
| Ryan Specialty LLC (BB-/B1) | Ryan Specialty LLC (BB-/B1) | Ryan Specialty LLC (BB-/B1) | Ryan Specialty LLC (BB-/B1) |
| 60000 | 5.875 | 08/01/32 | 60429 |
| USI, Inc. (CCC+/Caa1) | USI, Inc. (CCC+/Caa1) | USI, Inc. (CCC+/Caa1) | USI, Inc. (CCC+/Caa1) |
| 42000 | 7.500 | 01/15/32 | 44324 |
|  |  |  | 957346 |
| **Internet – 2.2%** | **Internet – 2.2%** | **Internet – 2.2%** | **Internet – 2.2%** |
| ANGI Group LLC<sup>(a)(b)</sup> (B/B2) | ANGI Group LLC<sup>(a)(b)</sup> (B/B2) | ANGI Group LLC<sup>(a)(b)</sup> (B/B2) | ANGI Group LLC<sup>(a)(b)</sup> (B/B2) |
| 271000 | 3.875 | 08/15/28 | 253065 |
| Gen Digital, Inc.<sup>(a)(b)</sup> (BB-/B1) | Gen Digital, Inc.<sup>(a)(b)</sup> (BB-/B1) | Gen Digital, Inc.<sup>(a)(b)</sup> (BB-/B1) | Gen Digital, Inc.<sup>(a)(b)</sup> (BB-/B1) |
| 138000 | 7.125 | 09/30/30 | 143160 |
| 37000 | 6.250 | 04/01/33 | 38036 |
| GrubHub Holdings, Inc.<sup>(a)(b)</sup> (B-/B3) | GrubHub Holdings, Inc.<sup>(a)(b)</sup> (B-/B3) | GrubHub Holdings, Inc.<sup>(a)(b)</sup> (B-/B3) | GrubHub Holdings, Inc.<sup>(a)(b)</sup> (B-/B3) |
| 108000 | 5.500 | 07/01/27 | 104760 |
| Match Group Holdings II LLC<sup>(a)(b)</sup> (BB/Ba2) | Match Group Holdings II LLC<sup>(a)(b)</sup> (BB/Ba2) | Match Group Holdings II LLC<sup>(a)(b)</sup> (BB/Ba2) | Match Group Holdings II LLC<sup>(a)(b)</sup> (BB/Ba2) |
| 117000 | 4.625 | 06/01/28 | 114114 |
| 49000 | 4.125 | 08/01/30 | 45945 |
| Snap, Inc.<sup>(a)(b)</sup> (B+/B1) | Snap, Inc.<sup>(a)(b)</sup> (B+/B1) | Snap, Inc.<sup>(a)(b)</sup> (B+/B1) | Snap, Inc.<sup>(a)(b)</sup> (B+/B1) |
| 106000 | 6.875 | 03/01/33 | 108709 |
|  |  |  | 807789 |
| **Iron/Steel – 0.6%** | **Iron/Steel – 0.6%** | **Iron/Steel – 0.6%** | **Iron/Steel – 0.6%** |
| Cleveland-Cliffs, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Cleveland-Cliffs, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Cleveland-Cliffs, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | Cleveland-Cliffs, Inc.<sup>(a)(b)</sup> (BB-/Ba3) |
| 119000 | 6.750 | 04/15/30 | 114773 |
| Cleveland-Cliffs, Inc. <sup>(a)(b)</sup> (NR/Ba3) | Cleveland-Cliffs, Inc. <sup>(a)(b)</sup> (NR/Ba3) | Cleveland-Cliffs, Inc. <sup>(a)(b)</sup> (NR/Ba3) | Cleveland-Cliffs, Inc. <sup>(a)(b)</sup> (NR/Ba3) |
| 46000 | 6.875 | 11/01/29 | 45297 |
| 65000 | 7.375 | 05/01/33 | 61002 |
|  |  |  | 221072 |
| **Leisure Time – 2.8%** | **Leisure Time – 2.8%** | **Leisure Time – 2.8%** | **Leisure Time – 2.8%** |
| Carnival Corp.<sup>(a)(b)</sup> (BB+/Ba3) | Carnival Corp.<sup>(a)(b)</sup> (BB+/Ba3) | Carnival Corp.<sup>(a)(b)</sup> (BB+/Ba3) | Carnival Corp.<sup>(a)(b)</sup> (BB+/Ba3) |
| 172000 | 6.000 | 05/01/29 | 173725 |
| 162000 | 5.750 | 03/15/30 | 164829 |
| 250000 | 5.875 | 06/15/31 | 254628 |
| 88000 | 6.125 | 02/15/33 | 89955 |
| MajorDrive Holdings IV LLC<sup>(a)(b)</sup> (CCC/Caa2) | MajorDrive Holdings IV LLC<sup>(a)(b)</sup> (CCC/Caa2) | MajorDrive Holdings IV LLC<sup>(a)(b)</sup> (CCC/Caa2) | MajorDrive Holdings IV LLC<sup>(a)(b)</sup> (CCC/Caa2) |
| 155000 | 6.375 | 06/01/29 | 122566 |
| Royal Caribbean Cruises Ltd.<sup>(a)(b)</sup> (BBB-/Baa3) | Royal Caribbean Cruises Ltd.<sup>(a)(b)</sup> (BBB-/Baa3) | Royal Caribbean Cruises Ltd.<sup>(a)(b)</sup> (BBB-/Baa3) | Royal Caribbean Cruises Ltd.<sup>(a)(b)</sup> (BBB-/Baa3) |
| 87000 | 6.250 | 03/15/32 | 89429 |
| Viking Cruises Ltd.<sup>(a)(b)</sup> (BB-/B1) | Viking Cruises Ltd.<sup>(a)(b)</sup> (BB-/B1) | Viking Cruises Ltd.<sup>(a)(b)</sup> (BB-/B1) | Viking Cruises Ltd.<sup>(a)(b)</sup> (BB-/B1) |
| 37000 | 7.000 | 02/15/29 | 37315 |

---

------

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Leisure Time – (continued)** | **Leisure Time – (continued)** | **Leisure Time – (continued)** | **Leisure Time – (continued)** |
| Viking Ocean Cruises Ship VII Ltd.<sup>(a)(b)</sup> (BB+/Ba1) | Viking Ocean Cruises Ship VII Ltd.<sup>(a)(b)</sup> (BB+/Ba1) | Viking Ocean Cruises Ship VII Ltd.<sup>(a)(b)</sup> (BB+/Ba1) | Viking Ocean Cruises Ship VII Ltd.<sup>(a)(b)</sup> (BB+/Ba1) |
| 43000 | 5.625% | 02/15/29 | $42945 |
| VOC Escrow Ltd. <sup>(a)(b)</sup> (BB+/Ba1) | VOC Escrow Ltd. <sup>(a)(b)</sup> (BB+/Ba1) | VOC Escrow Ltd. <sup>(a)(b)</sup> (BB+/Ba1) | VOC Escrow Ltd. <sup>(a)(b)</sup> (BB+/Ba1) |
| 62000 | 5.000 | 02/15/28 | 61669 |
|  |  |  | 1037061 |
| **Lodging – 1.9%** | **Lodging – 1.9%** | **Lodging – 1.9%** | **Lodging – 1.9%** |
| Genting New York LLC/GENNY Capital, Inc.<sup>(a)(b)</sup> (BB+/NR) | Genting New York LLC/GENNY Capital, Inc.<sup>(a)(b)</sup> (BB+/NR) | Genting New York LLC/GENNY Capital, Inc.<sup>(a)(b)</sup> (BB+/NR) | Genting New York LLC/GENNY Capital, Inc.<sup>(a)(b)</sup> (BB+/NR) |
| 200000 | 7.250 | 10/01/29 | 207572 |
| Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>(a)(b)</sup> (B/B2) | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>(a)(b)</sup> (B/B2) | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>(a)(b)</sup> (B/B2) | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>(a)(b)</sup> (B/B2) |
| 155000 | 5.000 | 06/01/29 | 149012 |
| 164000 | 4.875 | 07/01/31 | 151105 |
| Travel & Leisure Co.<sup>(a)(b)</sup> (BB-/Ba3) | Travel & Leisure Co.<sup>(a)(b)</sup> (BB-/Ba3) | Travel & Leisure Co.<sup>(a)(b)</sup> (BB-/Ba3) | Travel & Leisure Co.<sup>(a)(b)</sup> (BB-/Ba3) |
| 212000 | 4.500 | 12/01/29 | 204097 |
|  |  |  | 711786 |
| **Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.1%** | **Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.1%** | **Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.1%** | **Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.1%** |
| Terex Corp. (BB-/Ba3) | Terex Corp. (BB-/Ba3) | Terex Corp. (BB-/Ba3) | Terex Corp. (BB-/Ba3) |
| 37000 | 6.250 | 10/15/32 | 37080 |
| **Machinery-Diversified<sup>(a)(b)</sup> – 1.8%** | **Machinery-Diversified<sup>(a)(b)</sup> – 1.8%** | **Machinery-Diversified<sup>(a)(b)</sup> – 1.8%** | **Machinery-Diversified<sup>(a)(b)</sup> – 1.8%** |
| Chart Industries, Inc. (B+/B2) | Chart Industries, Inc. (B+/B2) | Chart Industries, Inc. (B+/B2) | Chart Industries, Inc. (B+/B2) |
| 83000 | 9.500 | 01/01/31 | 88526 |
| Chart Industries, Inc. (BB-/Ba2) | Chart Industries, Inc. (BB-/Ba2) | Chart Industries, Inc. (BB-/Ba2) | Chart Industries, Inc. (BB-/Ba2) |
| 207000 | 7.500 | 01/01/30 | 216814 |
| Esab Corp. (BB+/Ba1) | Esab Corp. (BB+/Ba1) | Esab Corp. (BB+/Ba1) | Esab Corp. (BB+/Ba1) |
| 65000 | 6.250 | 04/15/29 | 66574 |
| Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC (B-/B3) | Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC (B-/B3) | Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC (B-/B3) | Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC (B-/B3) |
| 85000 | 9.000 | 02/15/29 | 88857 |
| TK Elevator Holdco GmbH (CCC+/Caa1) | TK Elevator Holdco GmbH (CCC+/Caa1) | TK Elevator Holdco GmbH (CCC+/Caa1) | TK Elevator Holdco GmbH (CCC+/Caa1) |
| 200000 | 7.625 | 07/15/28 | 200168 |
|  |  |  | 660939 |
| **Media – 7.6%** | **Media – 7.6%** | **Media – 7.6%** | **Media – 7.6%** |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(a)(b)</sup> (BB-/B1) | CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(a)(b)</sup> (BB-/B1) | CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(a)(b)</sup> (BB-/B1) | CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(a)(b)</sup> (BB-/B1) |
| 512000 | 4.750 | 03/01/30 | 496261 |
| 171000 | 4.250 | 02/01/31 | 159572 |
| 483000 | 4.250 | 01/15/34 | 429875 |
| CSC Holdings LLC<sup>(a)(b)</sup> (CCC+/Caa1) | CSC Holdings LLC<sup>(a)(b)</sup> (CCC+/Caa1) | CSC Holdings LLC<sup>(a)(b)</sup> (CCC+/Caa1) | CSC Holdings LLC<sup>(a)(b)</sup> (CCC+/Caa1) |
| 200000 | 4.500 | 11/15/31 | 140776 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>(a)(b)</sup> (BB-/B1) | Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>(a)(b)</sup> (BB-/B1) | Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>(a)(b)</sup> (BB-/B1) | Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>(a)(b)</sup> (BB-/B1) |
| 155000 | 10.000 | 02/15/31 | 150522 |
| DISH Network Corp.<sup>(a)(b)</sup> (B/Caa1) | DISH Network Corp.<sup>(a)(b)</sup> (B/Caa1) | DISH Network Corp.<sup>(a)(b)</sup> (B/Caa1) | DISH Network Corp.<sup>(a)(b)</sup> (B/Caa1) |
| 97000 | 11.750 | 11/15/27 | 99871 |
| GCI LLC<sup>(a)(b)</sup> (B+/B3) | GCI LLC<sup>(a)(b)</sup> (B+/B3) | GCI LLC<sup>(a)(b)</sup> (B+/B3) | GCI LLC<sup>(a)(b)</sup> (B+/B3) |
| 238000 | 4.750 | 10/15/28 | 230175 |
| Gray Media, Inc.<sup>(a)(b)</sup> (B/Ba3) | Gray Media, Inc.<sup>(a)(b)</sup> (B/Ba3) | Gray Media, Inc.<sup>(a)(b)</sup> (B/Ba3) | Gray Media, Inc.<sup>(a)(b)</sup> (B/Ba3) |
| 97000 | 10.500 | 07/15/29 | 104231 |
| McGraw-Hill Education, Inc.<sup>(a)(b)</sup> (B/B1) | McGraw-Hill Education, Inc.<sup>(a)(b)</sup> (B/B1) | McGraw-Hill Education, Inc.<sup>(a)(b)</sup> (B/B1) | McGraw-Hill Education, Inc.<sup>(a)(b)</sup> (B/B1) |
| 133000 | 7.375 | 09/01/31 | 138734 |
| Midcontinent Communications<sup>(a)(b)</sup> (B+/B3) | Midcontinent Communications<sup>(a)(b)</sup> (B+/B3) | Midcontinent Communications<sup>(a)(b)</sup> (B+/B3) | Midcontinent Communications<sup>(a)(b)</sup> (B+/B3) |
| 128000 | 8.000 | 08/15/32 | 135712 |
| Nexstar Media, Inc.<sup>(a)(b)</sup> (BB+/B2) | Nexstar Media, Inc.<sup>(a)(b)</sup> (BB+/B2) | Nexstar Media, Inc.<sup>(a)(b)</sup> (BB+/B2) | Nexstar Media, Inc.<sup>(a)(b)</sup> (BB+/B2) |
| 120000 | 4.750 | 11/01/28 | 116881 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Media – (continued)** | **Media – (continued)** | **Media – (continued)** | **Media – (continued)** |
| Sinclair Television Group, Inc.<sup>(a)(b)</sup> (B+/B2) | Sinclair Television Group, Inc.<sup>(a)(b)</sup> (B+/B2) | Sinclair Television Group, Inc.<sup>(a)(b)</sup> (B+/B2) | Sinclair Television Group, Inc.<sup>(a)(b)</sup> (B+/B2) |
| 171000 | 8.125% | 02/15/33 | $173199 |
| Sirius XM Radio LLC <sup>(a)(b)</sup> (BB+/Ba3) | Sirius XM Radio LLC <sup>(a)(b)</sup> (BB+/Ba3) | Sirius XM Radio LLC <sup>(a)(b)</sup> (BB+/Ba3) | Sirius XM Radio LLC <sup>(a)(b)</sup> (BB+/Ba3) |
| 127000 | 4.125 | 07/01/30 | 116787 |
| Sunrise HoldCo IV BV<sup>(a)(b)</sup> (B/B3) | Sunrise HoldCo IV BV<sup>(a)(b)</sup> (B/B3) | Sunrise HoldCo IV BV<sup>(a)(b)</sup> (B/B3) | Sunrise HoldCo IV BV<sup>(a)(b)</sup> (B/B3) |
| 200000 | 5.500 | 01/15/28 | 198178 |
| TEGNA, Inc.<sup>(a)</sup> (BB+/Ba3) | TEGNA, Inc.<sup>(a)</sup> (BB+/Ba3) | TEGNA, Inc.<sup>(a)</sup> (BB+/Ba3) | TEGNA, Inc.<sup>(a)</sup> (BB+/Ba3) |
| 150000 | 5.000 | 09/15/29 | 143263 |
|  |  |  | 2834037 |
| **Metal Fabricate & Hardware<sup>(a)(b)</sup> – 0.4%** | **Metal Fabricate & Hardware<sup>(a)(b)</sup> – 0.4%** | **Metal Fabricate & Hardware<sup>(a)(b)</sup> – 0.4%** | **Metal Fabricate & Hardware<sup>(a)(b)</sup> – 0.4%** |
| Roller Bearing Co. of America, Inc. (B+/Ba3) | Roller Bearing Co. of America, Inc. (B+/Ba3) | Roller Bearing Co. of America, Inc. (B+/Ba3) | Roller Bearing Co. of America, Inc. (B+/Ba3) |
| 168000 | 4.375 | 10/15/29 | 162681 |
| **Mining<sup>(a)(b)</sup> – 0.1%** | **Mining<sup>(a)(b)</sup> – 0.1%** | **Mining<sup>(a)(b)</sup> – 0.1%** | **Mining<sup>(a)(b)</sup> – 0.1%** |
| Novelis Corp. (BB/B1) | Novelis Corp. (BB/B1) | Novelis Corp. (BB/B1) | Novelis Corp. (BB/B1) |
| 23000 | 6.875 | 01/30/30 | 23782 |
| **Miscellaneous Manufacturing – 1.0%** | **Miscellaneous Manufacturing – 1.0%** | **Miscellaneous Manufacturing – 1.0%** | **Miscellaneous Manufacturing – 1.0%** |
| Amsted Industries, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Amsted Industries, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Amsted Industries, Inc.<sup>(a)(b)</sup> (BB/Ba3) | Amsted Industries, Inc.<sup>(a)(b)</sup> (BB/Ba3) |
| 23000 | 6.375 | 03/15/33 | 23366 |
| Axon Enterprise, Inc.<sup>(a)(b)</sup> (BB+/Ba3) | Axon Enterprise, Inc.<sup>(a)(b)</sup> (BB+/Ba3) | Axon Enterprise, Inc.<sup>(a)(b)</sup> (BB+/Ba3) | Axon Enterprise, Inc.<sup>(a)(b)</sup> (BB+/Ba3) |
| 37000 | 6.125 | 03/15/30 | 38064 |
| 37000 | 6.250 | 03/15/33 | 38222 |
| Hillenbrand, Inc.<sup>(a)</sup> (BB+/Ba1) | Hillenbrand, Inc.<sup>(a)</sup> (BB+/Ba1) | Hillenbrand, Inc.<sup>(a)</sup> (BB+/Ba1) | Hillenbrand, Inc.<sup>(a)</sup> (BB+/Ba1) |
| 304000 | 3.750 | 03/01/31 | 272509 |
|  |  |  | 372161 |
| **Oil Field Services – 8.6%** | **Oil Field Services – 8.6%** | **Oil Field Services – 8.6%** | **Oil Field Services – 8.6%** |
| Archrock Partners LP/Archrock Partners Finance Corp.<sup>(a)(b)</sup> (BB-/B1) | Archrock Partners LP/Archrock Partners Finance Corp.<sup>(a)(b)</sup> (BB-/B1) | Archrock Partners LP/Archrock Partners Finance Corp.<sup>(a)(b)</sup> (BB-/B1) | Archrock Partners LP/Archrock Partners Finance Corp.<sup>(a)(b)</sup> (BB-/B1) |
| 222000 | 6.250 | 04/01/28 | 222952 |
| 60000 | 6.625 | 09/01/32 | 61160 |
| Aris Water Holdings LLC<sup>(a)(b)</sup> (B+/B2) | Aris Water Holdings LLC<sup>(a)(b)</sup> (B+/B2) | Aris Water Holdings LLC<sup>(a)(b)</sup> (B+/B2) | Aris Water Holdings LLC<sup>(a)(b)</sup> (B+/B2) |
| 65000 | 7.250 | 04/01/30 | 67003 |
| Chord Energy Corp.<sup>(a)(b)</sup> (BB/Ba2) | Chord Energy Corp.<sup>(a)(b)</sup> (BB/Ba2) | Chord Energy Corp.<sup>(a)(b)</sup> (BB/Ba2) | Chord Energy Corp.<sup>(a)(b)</sup> (BB/Ba2) |
| 88000 | 6.750 | 03/15/33 | 90031 |
| Civitas Resources, Inc.<sup>(a)(b)</sup> (BB-/B1) | Civitas Resources, Inc.<sup>(a)(b)</sup> (BB-/B1) | Civitas Resources, Inc.<sup>(a)(b)</sup> (BB-/B1) | Civitas Resources, Inc.<sup>(a)(b)</sup> (BB-/B1) |
| 196000 | 8.375 | 07/01/28 | 200930 |
| CNX Resources Corp.<sup>(a)(b)</sup> (BB/B1) | CNX Resources Corp.<sup>(a)(b)</sup> (BB/B1) | CNX Resources Corp.<sup>(a)(b)</sup> (BB/B1) | CNX Resources Corp.<sup>(a)(b)</sup> (BB/B1) |
| 163000 | 6.000 | 01/15/29 | 163618 |
| 83000 | 7.375 | 01/15/31 | 86513 |
| 37000 | 7.250 | 03/01/32 | 38356 |
| Crescent Energy Finance LLC<sup>(a)(b)</sup> (BB-/B1) | Crescent Energy Finance LLC<sup>(a)(b)</sup> (BB-/B1) | Crescent Energy Finance LLC<sup>(a)(b)</sup> (BB-/B1) | Crescent Energy Finance LLC<sup>(a)(b)</sup> (BB-/B1) |
| 236000 | 7.625 | 04/01/32 | 230513 |
| 103000 | 7.375 | 01/15/33 | 98570 |
| EQT Corp.<sup>(a)(b)</sup> (BBB-/Baa3) | EQT Corp.<sup>(a)(b)</sup> (BBB-/Baa3) | EQT Corp.<sup>(a)(b)</sup> (BBB-/Baa3) | EQT Corp.<sup>(a)(b)</sup> (BBB-/Baa3) |
| 66000 | 7.500 | 06/01/27 | 67288 |
| Gulfport Energy Operating Corp.<sup>(a)(b)</sup> (BB-/B3) | Gulfport Energy Operating Corp.<sup>(a)(b)</sup> (BB-/B3) | Gulfport Energy Operating Corp.<sup>(a)(b)</sup> (BB-/B3) | Gulfport Energy Operating Corp.<sup>(a)(b)</sup> (BB-/B3) |
| 128000 | 6.750 | 09/01/29 | 131305 |
| Kodiak Gas Services LLC<sup>(a)(b)</sup> (BB-/B2) | Kodiak Gas Services LLC<sup>(a)(b)</sup> (BB-/B2) | Kodiak Gas Services LLC<sup>(a)(b)</sup> (BB-/B2) | Kodiak Gas Services LLC<sup>(a)(b)</sup> (BB-/B2) |
| 168000 | 7.250 | 02/15/29 | 173912 |
| Matador Resources Co.<sup>(a)(b)</sup> (BB-/B1) | Matador Resources Co.<sup>(a)(b)</sup> (BB-/B1) | Matador Resources Co.<sup>(a)(b)</sup> (BB-/B1) | Matador Resources Co.<sup>(a)(b)</sup> (BB-/B1) |
| 128000 | 6.875 | 04/15/28 | 130569 |
| 51000 | 6.500 | 04/15/32 | 50998 |
| 67000 | 6.250 | 04/15/33 | 66614 |
| Noble Finance II LLC<sup>(a)(b)</sup> (BB-/B1) | Noble Finance II LLC<sup>(a)(b)</sup> (BB-/B1) | Noble Finance II LLC<sup>(a)(b)</sup> (BB-/B1) | Noble Finance II LLC<sup>(a)(b)</sup> (BB-/B1) |
| 198000 | 8.000 | 04/15/30 | 201643 |

---

------

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Oil Field Services – (continued)** | **Oil Field Services – (continued)** | **Oil Field Services – (continued)** | **Oil Field Services – (continued)** |
| Permian Resources Operating LLC<sup>(a)(b)</sup> (BB+/Ba2) | Permian Resources Operating LLC<sup>(a)(b)</sup> (BB+/Ba2) | Permian Resources Operating LLC<sup>(a)(b)</sup> (BB+/Ba2) | Permian Resources Operating LLC<sup>(a)(b)</sup> (BB+/Ba2) |
| 79000 | 5.875% | 07/01/29 | $79289 |
| 118000 | 7.000 | 01/15/32 | 122313 |
| 28000 | 6.250 | 02/01/33 | 28257 |
| Sitio Royalties Operating Partnership LP/Sitio Finance Corp.<sup>(a)(b)</sup> (B/B3) | Sitio Royalties Operating Partnership LP/Sitio Finance Corp.<sup>(a)(b)</sup> (B/B3) | Sitio Royalties Operating Partnership LP/Sitio Finance Corp.<sup>(a)(b)</sup> (B/B3) | Sitio Royalties Operating Partnership LP/Sitio Finance Corp.<sup>(a)(b)</sup> (B/B3) |
| 88000 | 7.875 | 11/01/28 | 92123 |
| SM Energy Co.<sup>(a)(b)</sup> (BB-/B1) | SM Energy Co.<sup>(a)(b)</sup> (BB-/B1) | SM Energy Co.<sup>(a)(b)</sup> (BB-/B1) | SM Energy Co.<sup>(a)(b)</sup> (BB-/B1) |
| 46000 | 6.750 | 08/01/29 | 45843 |
| Sunoco LP<sup>(a)(b)</sup> (BB+/Ba1) | Sunoco LP<sup>(a)(b)</sup> (BB+/Ba1) | Sunoco LP<sup>(a)(b)</sup> (BB+/Ba1) | Sunoco LP<sup>(a)(b)</sup> (BB+/Ba1) |
| 74000 | 7.000 | 05/01/29 | 77068 |
| 37000 | 6.250 | 07/01/33 | 37611 |
| Sunoco LP/Sunoco Finance Corp.<sup>(a)</sup> (BB+/Ba1) | Sunoco LP/Sunoco Finance Corp.<sup>(a)</sup> (BB+/Ba1) | Sunoco LP/Sunoco Finance Corp.<sup>(a)</sup> (BB+/Ba1) | Sunoco LP/Sunoco Finance Corp.<sup>(a)</sup> (BB+/Ba1) |
| 210000 | 4.500 | 04/30/30 | 201886 |
| Tidewater, Inc.<sup>(a)(b)</sup> (BB-/B3) | Tidewater, Inc.<sup>(a)(b)</sup> (BB-/B3) | Tidewater, Inc.<sup>(a)(b)</sup> (BB-/B3) | Tidewater, Inc.<sup>(a)(b)</sup> (BB-/B3) |
| 45000 | 9.125 | 07/15/30 | 46294 |
| Transocean Poseidon Ltd.<sup>(a)(b)</sup> (B/B1) | Transocean Poseidon Ltd.<sup>(a)(b)</sup> (B/B1) | Transocean Poseidon Ltd.<sup>(a)(b)</sup> (B/B1) | Transocean Poseidon Ltd.<sup>(a)(b)</sup> (B/B1) |
| 75600 | 6.875 | 02/01/27 | 75726 |
| Transocean Titan Financing Ltd.<sup>(a)(b)</sup> (B/B1) | Transocean Titan Financing Ltd.<sup>(a)(b)</sup> (B/B1) | Transocean Titan Financing Ltd.<sup>(a)(b)</sup> (B/B1) | Transocean Titan Financing Ltd.<sup>(a)(b)</sup> (B/B1) |
| 112191 | 8.375 | 02/01/28 | 114755 |
| USA Compression Partners LP/USA Compression Finance Corp.<sup>(a)(b)</sup> (B+/B1) | USA Compression Partners LP/USA Compression Finance Corp.<sup>(a)(b)</sup> (B+/B1) | USA Compression Partners LP/USA Compression Finance Corp.<sup>(a)(b)</sup> (B+/B1) | USA Compression Partners LP/USA Compression Finance Corp.<sup>(a)(b)</sup> (B+/B1) |
| 208000 | 7.125 | 03/15/29 | 213208 |
|  |  |  | 3216348 |
| **Packaging<sup>(a)(b)</sup> – 1.3%** | **Packaging<sup>(a)(b)</sup> – 1.3%** | **Packaging<sup>(a)(b)</sup> – 1.3%** | **Packaging<sup>(a)(b)</sup> – 1.3%** |
| Clearwater Paper Corp. (B/B1) | Clearwater Paper Corp. (B/B1) | Clearwater Paper Corp. (B/B1) | Clearwater Paper Corp. (B/B1) |
| 128000 | 4.750 | 08/15/28 | 121571 |
| Clydesdale Acquisition Holdings, Inc. (B+/B2) | Clydesdale Acquisition Holdings, Inc. (B+/B2) | Clydesdale Acquisition Holdings, Inc. (B+/B2) | Clydesdale Acquisition Holdings, Inc. (B+/B2) |
| 46000 | 6.750 | 04/15/32 | 47144 |
| Crown Americas LLC (BB+/Ba2) | Crown Americas LLC (BB+/Ba2) | Crown Americas LLC (BB+/Ba2) | Crown Americas LLC (BB+/Ba2) |
| 65000 | 5.875 | 06/01/33 | 65450 |
| Efesto Bidco SpA Efesto U.S. LLC (B-/B3) | Efesto Bidco SpA Efesto U.S. LLC (B-/B3) | Efesto Bidco SpA Efesto U.S. LLC (B-/B3) | Efesto Bidco SpA Efesto U.S. LLC (B-/B3) |
| 201000 | 7.500 | 02/15/32 | 204097 |
| Mauser Packaging Solutions Holding Co. (B/B2) | Mauser Packaging Solutions Holding Co. (B/B2) | Mauser Packaging Solutions Holding Co. (B/B2) | Mauser Packaging Solutions Holding Co. (B/B2) |
| 55000 | 7.875 | 04/15/27 | 55943 |
|  |  |  | 494205 |
| **Pharmaceuticals – 1.1%** | **Pharmaceuticals – 1.1%** | **Pharmaceuticals – 1.1%** | **Pharmaceuticals – 1.1%** |
| 1261229 BC Ltd.<sup>(a)(b)</sup> (B/Caa1) | 1261229 BC Ltd.<sup>(a)(b)</sup> (B/Caa1) | 1261229 BC Ltd.<sup>(a)(b)</sup> (B/Caa1) | 1261229 BC Ltd.<sup>(a)(b)</sup> (B/Caa1) |
| 220000 | 10.000 | 04/15/32 | 221971 |
| AdaptHealth LLC<sup>(a)(b)</sup> (B+/B1) | AdaptHealth LLC<sup>(a)(b)</sup> (B+/B1) | AdaptHealth LLC<sup>(a)(b)</sup> (B+/B1) | AdaptHealth LLC<sup>(a)(b)</sup> (B+/B1) |
| 118000 | 6.125 | 08/01/28 | 118072 |
| 35000 | 4.625 | 08/01/29 | 33000 |
| 45000 | 5.125 | 03/01/30 | 42789 |
|  |  |  | 415832 |
| **Pipelines – 6.7%** | **Pipelines – 6.7%** | **Pipelines – 6.7%** | **Pipelines – 6.7%** |
| Antero Midstream Partners LP/Antero Midstream Finance Corp.<sup>(a)(b)</sup> (BB+/Ba3) | Antero Midstream Partners LP/Antero Midstream Finance Corp.<sup>(a)(b)</sup> (BB+/Ba3) | Antero Midstream Partners LP/Antero Midstream Finance Corp.<sup>(a)(b)</sup> (BB+/Ba3) | Antero Midstream Partners LP/Antero Midstream Finance Corp.<sup>(a)(b)</sup> (BB+/Ba3) |
| 111000 | 5.375 | 06/15/29 | 110231 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp.<sup>(a)(b)</sup> (B+/B2) | Blue Racer Midstream LLC/Blue Racer Finance Corp.<sup>(a)(b)</sup> (B+/B2) | Blue Racer Midstream LLC/Blue Racer Finance Corp.<sup>(a)(b)</sup> (B+/B2) | Blue Racer Midstream LLC/Blue Racer Finance Corp.<sup>(a)(b)</sup> (B+/B2) |
| 46000 | 7.000 | 07/15/29 | 48029 |
| Buckeye Partners LP<sup>(a)(b)</sup> (BB-/Ba3) | Buckeye Partners LP<sup>(a)(b)</sup> (BB-/Ba3) | Buckeye Partners LP<sup>(a)(b)</sup> (BB-/Ba3) | Buckeye Partners LP<sup>(a)(b)</sup> (BB-/Ba3) |
| 74000 | 6.875 | 07/01/29 | 76642 |
| 37000 | 6.750 | 02/01/30 | 38417 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Pipelines – (continued)** | **Pipelines – (continued)** | **Pipelines – (continued)** | **Pipelines – (continued)** |
| CNX Midstream Partners LP<sup>(a)(b)</sup> (BB/B1) | CNX Midstream Partners LP<sup>(a)(b)</sup> (BB/B1) | CNX Midstream Partners LP<sup>(a)(b)</sup> (BB/B1) | CNX Midstream Partners LP<sup>(a)(b)</sup> (BB/B1) |
| 44000 | 4.750% | 04/15/30 | $41639 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC<sup>(a)(b)</sup> (BB/Ba2) | CQP Holdco LP/BIP-V Chinook Holdco LLC<sup>(a)(b)</sup> (BB/Ba2) | CQP Holdco LP/BIP-V Chinook Holdco LLC<sup>(a)(b)</sup> (BB/Ba2) | CQP Holdco LP/BIP-V Chinook Holdco LLC<sup>(a)(b)</sup> (BB/Ba2) |
| 250000 | 7.500 | 12/15/33 | 271212 |
| Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>(a)(b)</sup> (BB-/B2) | Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>(a)(b)</sup> (BB-/B2) | Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>(a)(b)</sup> (BB-/B2) | Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>(a)(b)</sup> (BB-/B2) |
| 51000 | 8.625 | 03/15/29 | 52953 |
| 105000 | 7.375 | 06/30/33 | 104535 |
| Genesis Energy LP/Genesis Energy Finance Corp.<sup>(a)</sup> (B/B3) | Genesis Energy LP/Genesis Energy Finance Corp.<sup>(a)</sup> (B/B3) | Genesis Energy LP/Genesis Energy Finance Corp.<sup>(a)</sup> (B/B3) | Genesis Energy LP/Genesis Energy Finance Corp.<sup>(a)</sup> (B/B3) |
| 65000 | 7.875 | 05/15/32 | 67598 |
| 74000 | 8.000 | 05/15/33 | 77462 |
| Global Partners LP/GLP Finance Corp.<sup>(a)</sup> (B+/B1) | Global Partners LP/GLP Finance Corp.<sup>(a)</sup> (B+/B1) | Global Partners LP/GLP Finance Corp.<sup>(a)</sup> (B+/B1) | Global Partners LP/GLP Finance Corp.<sup>(a)</sup> (B+/B1) |
| 115000 | 6.875 | 01/15/29 | 117037 |
| 60000 | 8.250 <sup>(b)</sup> | 01/15/32 | 63128 |
| Hess Midstream Operations LP<sup>(a)(b)</sup> (BB+/Ba2) | Hess Midstream Operations LP<sup>(a)(b)</sup> (BB+/Ba2) | Hess Midstream Operations LP<sup>(a)(b)</sup> (BB+/Ba2) | Hess Midstream Operations LP<sup>(a)(b)</sup> (BB+/Ba2) |
| 93000 | 5.875 | 03/01/28 | 94380 |
| 32000 | 6.500 | 06/01/29 | 32888 |
| Howard Midstream Energy Partners LLC<sup>(a)(b)</sup> (B+/B1) | Howard Midstream Energy Partners LLC<sup>(a)(b)</sup> (B+/B1) | Howard Midstream Energy Partners LLC<sup>(a)(b)</sup> (B+/B1) | Howard Midstream Energy Partners LLC<sup>(a)(b)</sup> (B+/B1) |
| 120000 | 8.875 | 07/15/28 | 125950 |
| 65000 | 7.375 | 07/15/32 | 68362 |
| Kinetik Holdings LP<sup>(a)(b)</sup> (BB+/Ba1) | Kinetik Holdings LP<sup>(a)(b)</sup> (BB+/Ba1) | Kinetik Holdings LP<sup>(a)(b)</sup> (BB+/Ba1) | Kinetik Holdings LP<sup>(a)(b)</sup> (BB+/Ba1) |
| 271000 | 5.875 | 06/15/30 | 273396 |
| NuStar Logistics LP<sup>(a)</sup> (NR/Ba1) | NuStar Logistics LP<sup>(a)</sup> (NR/Ba1) | NuStar Logistics LP<sup>(a)</sup> (NR/Ba1) | NuStar Logistics LP<sup>(a)</sup> (NR/Ba1) |
| 106000 | 6.000 | 06/01/26 | 106418 |
| Prairie Acquiror LP<sup>(a)(b)</sup> (B-/B3) | Prairie Acquiror LP<sup>(a)(b)</sup> (B-/B3) | Prairie Acquiror LP<sup>(a)(b)</sup> (B-/B3) | Prairie Acquiror LP<sup>(a)(b)</sup> (B-/B3) |
| 32000 | 9.000 | 08/01/29 | 33352 |
| Rockies Express Pipeline LLC<sup>(a)(b)</sup> (BB/Ba2) | Rockies Express Pipeline LLC<sup>(a)(b)</sup> (BB/Ba2) | Rockies Express Pipeline LLC<sup>(a)(b)</sup> (BB/Ba2) | Rockies Express Pipeline LLC<sup>(a)(b)</sup> (BB/Ba2) |
| 28000 | 6.750 | 03/15/33 | 29241 |
| Summit Midstream Holdings LLC<sup>(a)(b)</sup> (B+/B3) | Summit Midstream Holdings LLC<sup>(a)(b)</sup> (B+/B3) | Summit Midstream Holdings LLC<sup>(a)(b)</sup> (B+/B3) | Summit Midstream Holdings LLC<sup>(a)(b)</sup> (B+/B3) |
| 60000 | 8.625 | 10/31/29 | 61189 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<sup>(a)(b)</sup> (B+/B1) | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<sup>(a)(b)</sup> (B+/B1) | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<sup>(a)(b)</sup> (B+/B1) | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<sup>(a)(b)</sup> (B+/B1) |
| 60000 | 7.375 | 02/15/29 | 61652 |
| 139000 | 6.000 | 12/31/30 | 136485 |
| 129000 | 6.000 | 09/01/31 | 125825 |
| TransMontaigne Partners LLC<sup>(a)(b)</sup> (CCC+/Caa1) | TransMontaigne Partners LLC<sup>(a)(b)</sup> (CCC+/Caa1) | TransMontaigne Partners LLC<sup>(a)(b)</sup> (CCC+/Caa1) | TransMontaigne Partners LLC<sup>(a)(b)</sup> (CCC+/Caa1) |
| 51000 | 8.500 | 06/15/30 | 53069 |
| Venture Global LNG, Inc.<sup>(a)(b)</sup> (BB/B1) | Venture Global LNG, Inc.<sup>(a)(b)</sup> (BB/B1) | Venture Global LNG, Inc.<sup>(a)(b)</sup> (BB/B1) | Venture Global LNG, Inc.<sup>(a)(b)</sup> (BB/B1) |
| 126000 | 8.125 | 06/01/28 | 130130 |
| 40000 | 6.500 <sup>(a)</sup> | 01/15/34 | 40000 |
| 40000 | 6.750 <sup>(a)</sup> | 01/15/36 | 40000 |
|  |  |  | 2481220 |
| **Real Estate Investment Trust<sup>(a)(b)</sup> – 0.6%** | **Real Estate Investment Trust<sup>(a)(b)</sup> – 0.6%** | **Real Estate Investment Trust<sup>(a)(b)</sup> – 0.6%** | **Real Estate Investment Trust<sup>(a)(b)</sup> – 0.6%** |
| Iron Mountain Information Management Services, Inc. (BB-/Ba3) | Iron Mountain Information Management Services, Inc. (BB-/Ba3) | Iron Mountain Information Management Services, Inc. (BB-/Ba3) | Iron Mountain Information Management Services, Inc. (BB-/Ba3) |
| 97000 | 5.000 | 07/15/32 | 93048 |
| RHP Hotel Properties LP/RHP Finance Corp. (BB/Ba3) | RHP Hotel Properties LP/RHP Finance Corp. (BB/Ba3) | RHP Hotel Properties LP/RHP Finance Corp. (BB/Ba3) | RHP Hotel Properties LP/RHP Finance Corp. (BB/Ba3) |
| 15000 | 6.500 | 06/15/33 | 15443 |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC (B/B2) | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC (B/B2) | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC (B/B2) | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC (B/B2) |
| 116000 | 4.750 | 04/15/28 | 113619 |
|  |  |  | 222110 |
| **Retailing – 6.4%** | **Retailing – 6.4%** | **Retailing – 6.4%** | **Retailing – 6.4%** |
| 1011778 BC ULC/New Red Finance, Inc.<sup>(a)(b)</sup> (B+/B2) | 1011778 BC ULC/New Red Finance, Inc.<sup>(a)(b)</sup> (B+/B2) | 1011778 BC ULC/New Red Finance, Inc.<sup>(a)(b)</sup> (B+/B2) | 1011778 BC ULC/New Red Finance, Inc.<sup>(a)(b)</sup> (B+/B2) |
| 163000 | 4.375 | 01/15/28 | 159957 |
| 257000 | 4.000 | 10/15/30 | 239665 |

---

------

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Retailing – (continued)** | **Retailing – (continued)** | **Retailing – (continued)** | **Retailing – (continued)** |
| Asbury Automotive Group, Inc.<sup>(a)</sup> (BB/B1) | Asbury Automotive Group, Inc.<sup>(a)</sup> (BB/B1) | Asbury Automotive Group, Inc.<sup>(a)</sup> (BB/B1) | Asbury Automotive Group, Inc.<sup>(a)</sup> (BB/B1) |
| 62000 | 4.625 %<sup>(b)</sup> | 11/15/29 | $59865 |
| 122000 | 4.750 | 03/01/30 | 118041 |
| 26000 | 5.000 <sup>(b)</sup> | 02/15/32 | 24764 |
| Cougar JV Subsidiary LLC<sup>(a)(b)</sup> (B+/B2) | Cougar JV Subsidiary LLC<sup>(a)(b)</sup> (B+/B2) | Cougar JV Subsidiary LLC<sup>(a)(b)</sup> (B+/B2) | Cougar JV Subsidiary LLC<sup>(a)(b)</sup> (B+/B2) |
| 37000 | 8.000 | 05/15/32 | 39455 |
| Foundation Building Materials, Inc.<sup>(a)(b)</sup> (CCC+/Caa2) | Foundation Building Materials, Inc.<sup>(a)(b)</sup> (CCC+/Caa2) | Foundation Building Materials, Inc.<sup>(a)(b)</sup> (CCC+/Caa2) | Foundation Building Materials, Inc.<sup>(a)(b)</sup> (CCC+/Caa2) |
| 85000 | 6.000 | 03/01/29 | 78038 |
| Group 1 Automotive, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Group 1 Automotive, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Group 1 Automotive, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Group 1 Automotive, Inc.<sup>(a)(b)</sup> (BB+/Ba2) |
| 165000 | 4.000 | 08/15/28 | 159459 |
| 18000 | 6.375 | 01/15/30 | 18525 |
| Ken Garff Automotive LLC<sup>(a)(b)</sup> (BB-/B1) | Ken Garff Automotive LLC<sup>(a)(b)</sup> (BB-/B1) | Ken Garff Automotive LLC<sup>(a)(b)</sup> (BB-/B1) | Ken Garff Automotive LLC<sup>(a)(b)</sup> (BB-/B1) |
| 81000 | 4.875 | 09/15/28 | 80053 |
| LCM Investments Holdings II LLC<sup>(a)(b)</sup> (BB-/B2) | LCM Investments Holdings II LLC<sup>(a)(b)</sup> (BB-/B2) | LCM Investments Holdings II LLC<sup>(a)(b)</sup> (BB-/B2) | LCM Investments Holdings II LLC<sup>(a)(b)</sup> (BB-/B2) |
| 257000 | 4.875 | 05/01/29 | 249886 |
| 37000 | 8.250 | 08/01/31 | 39309 |
| Lithia Motors, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Lithia Motors, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Lithia Motors, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Lithia Motors, Inc.<sup>(a)(b)</sup> (BB+/Ba2) |
| 145000 | 3.875 | 06/01/29 | 138384 |
| 162000 | 4.375 | 01/15/31 | 153971 |
| Murphy Oil USA, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Murphy Oil USA, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Murphy Oil USA, Inc.<sup>(a)(b)</sup> (BB+/Ba2) | Murphy Oil USA, Inc.<sup>(a)(b)</sup> (BB+/Ba2) |
| 163000 | 3.750 | 02/15/31 | 150323 |
| Penske Automotive Group, Inc.<sup>(a)</sup> (BB-/Ba3) | Penske Automotive Group, Inc.<sup>(a)</sup> (BB-/Ba3) | Penske Automotive Group, Inc.<sup>(a)</sup> (BB-/Ba3) | Penske Automotive Group, Inc.<sup>(a)</sup> (BB-/Ba3) |
| 303000 | 3.750 | 06/15/29 | 287711 |
| QXO Building Products, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | QXO Building Products, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | QXO Building Products, Inc.<sup>(a)(b)</sup> (BB-/Ba3) | QXO Building Products, Inc.<sup>(a)(b)</sup> (BB-/Ba3) |
| 132000 | 6.750 | 04/30/32 | 136281 |
| Sonic Automotive, Inc.<sup>(a)(b)</sup> (BB-/B1) | Sonic Automotive, Inc.<sup>(a)(b)</sup> (BB-/B1) | Sonic Automotive, Inc.<sup>(a)(b)</sup> (BB-/B1) | Sonic Automotive, Inc.<sup>(a)(b)</sup> (BB-/B1) |
| 146000 | 4.625 | 11/15/29 | 141566 |
| 58000 | 4.875 | 11/15/31 | 55098 |
| Staples, Inc.<sup>(a)(b)</sup> (B-/B3) | Staples, Inc.<sup>(a)(b)</sup> (B-/B3) | Staples, Inc.<sup>(a)(b)</sup> (B-/B3) | Staples, Inc.<sup>(a)(b)</sup> (B-/B3) |
| 45000 | 10.750 | 09/01/29 | 42740 |
|  |  |  | 2373091 |
| **Semiconductors<sup>(a)(b)</sup> – 0.3%** | **Semiconductors<sup>(a)(b)</sup> – 0.3%** | **Semiconductors<sup>(a)(b)</sup> – 0.3%** | **Semiconductors<sup>(a)(b)</sup> – 0.3%** |
| ON Semiconductor Corp. (BB/Ba2) | ON Semiconductor Corp. (BB/Ba2) | ON Semiconductor Corp. (BB/Ba2) | ON Semiconductor Corp. (BB/Ba2) |
| 119000 | 3.875 | 09/01/28 | 115097 |
| **Software – 3.0%** | **Software – 3.0%** | **Software – 3.0%** | **Software – 3.0%** |
| AthenaHealth Group, Inc.<sup>(a)(b)</sup> (CCC/Caa2) | AthenaHealth Group, Inc.<sup>(a)(b)</sup> (CCC/Caa2) | AthenaHealth Group, Inc.<sup>(a)(b)</sup> (CCC/Caa2) | AthenaHealth Group, Inc.<sup>(a)(b)</sup> (CCC/Caa2) |
| 126000 | 6.500 | 02/15/30 | 123970 |
| Castle U.S. Holding Corp.<sup>(a)(b)</sup> (NR/Ca) | Castle U.S. Holding Corp.<sup>(a)(b)</sup> (NR/Ca) | Castle U.S. Holding Corp.<sup>(a)(b)</sup> (NR/Ca) | Castle U.S. Holding Corp.<sup>(a)(b)</sup> (NR/Ca) |
| 111000 | 9.500 | 02/15/28 | 49357 |
| Cloud Software Group, Inc.<sup>(a)(b)</sup> (B/B2) | Cloud Software Group, Inc.<sup>(a)(b)</sup> (B/B2) | Cloud Software Group, Inc.<sup>(a)(b)</sup> (B/B2) | Cloud Software Group, Inc.<sup>(a)(b)</sup> (B/B2) |
| 93000 | 6.500 | 03/31/29 | 93845 |
| 83000 | 8.250 | 06/30/32 | 88361 |
| CoreWeave, Inc.<sup>(a)(b)</sup> (B/B1) | CoreWeave, Inc.<sup>(a)(b)</sup> (B/B1) | CoreWeave, Inc.<sup>(a)(b)</sup> (B/B1) | CoreWeave, Inc.<sup>(a)(b)</sup> (B/B1) |
| 80000 | 9.250 | 06/01/30 | 81790 |
| Fair Isaac Corp.<sup>(a)(b)</sup> (BB+/Ba1) | Fair Isaac Corp.<sup>(a)(b)</sup> (BB+/Ba1) | Fair Isaac Corp.<sup>(a)(b)</sup> (BB+/Ba1) | Fair Isaac Corp.<sup>(a)(b)</sup> (BB+/Ba1) |
| 35000 | 6.000 | 05/15/33 | 35402 |
| Open Text Corp.<sup>(a)(b)</sup> (BB/Ba3) | Open Text Corp.<sup>(a)(b)</sup> (BB/Ba3) | Open Text Corp.<sup>(a)(b)</sup> (BB/Ba3) | Open Text Corp.<sup>(a)(b)</sup> (BB/Ba3) |
| 201000 | 3.875 | 02/15/28 | 194946 |
| 132000 | 3.875 | 12/01/29 | 124373 |
| Twilio, Inc.<sup>(a)</sup> (BB+/Ba2) | Twilio, Inc.<sup>(a)</sup> (BB+/Ba2) | Twilio, Inc.<sup>(a)</sup> (BB+/Ba2) | Twilio, Inc.<sup>(a)</sup> (BB+/Ba2) |
| 136000 | 3.625 | 03/15/29 | 129452 |
| ZoomInfo Technologies LLC/ZoomInfo Finance Corp.<sup>(a)(b)</sup> (B+/B1) | ZoomInfo Technologies LLC/ZoomInfo Finance Corp.<sup>(a)(b)</sup> (B+/B1) | ZoomInfo Technologies LLC/ZoomInfo Finance Corp.<sup>(a)(b)</sup> (B+/B1) | ZoomInfo Technologies LLC/ZoomInfo Finance Corp.<sup>(a)(b)</sup> (B+/B1) |
| 212000 | 3.875 | 02/01/29 | 199465 |
|  |  |  | 1120961 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Telecommunication Services<sup>(a)</sup> – 1.1%** | **Telecommunication Services<sup>(a)</sup> – 1.1%** | **Telecommunication Services<sup>(a)</sup> – 1.1%** | **Telecommunication Services<sup>(a)</sup> – 1.1%** |
| EchoStar Corp. (B/Caa1) | EchoStar Corp. (B/Caa1) | EchoStar Corp. (B/Caa1) | EchoStar Corp. (B/Caa1) |
| 231000 | 10.750% | 11/30/29 | $237489 |
| Frontier Communications Holdings LLC<sup>(b)</sup> (CCC+/Caa1) | Frontier Communications Holdings LLC<sup>(b)</sup> (CCC+/Caa1) | Frontier Communications Holdings LLC<sup>(b)</sup> (CCC+/Caa1) | Frontier Communications Holdings LLC<sup>(b)</sup> (CCC+/Caa1) |
| 93000 | 6.750 | 05/01/29 | 94238 |
| Windstream Services LLC/Windstream Escrow Finance Corp.<sup>(b)</sup> (B-/B3) | Windstream Services LLC/Windstream Escrow Finance Corp.<sup>(b)</sup> (B-/B3) | Windstream Services LLC/Windstream Escrow Finance Corp.<sup>(b)</sup> (B-/B3) | Windstream Services LLC/Windstream Escrow Finance Corp.<sup>(b)</sup> (B-/B3) |
| 74000 | 8.250 | 10/01/31 | 77503 |
|  |  |  | 409230 |
| **Transportation<sup>(a)(b)</sup> – 1.0%** | **Transportation<sup>(a)(b)</sup> – 1.0%** | **Transportation<sup>(a)(b)</sup> – 1.0%** | **Transportation<sup>(a)(b)</sup> – 1.0%** |
| Beacon Mobility Corp. (B/B1) | Beacon Mobility Corp. (B/B1) | Beacon Mobility Corp. (B/B1) | Beacon Mobility Corp. (B/B1) |
| 55000 | 7.250 | 08/01/30 | 56130 |
| Rand Parent LLC (BB-/Ba1) | Rand Parent LLC (BB-/Ba1) | Rand Parent LLC (BB-/Ba1) | Rand Parent LLC (BB-/Ba1) |
| 94000 | 8.500 | 02/15/30 | 94308 |
| XPO, Inc. (BB-/Ba3) | XPO, Inc. (BB-/Ba3) | XPO, Inc. (BB-/Ba3) | XPO, Inc. (BB-/Ba3) |
| 217000 | 7.125 | 02/01/32 | 227277 |
|  |  |  | 377715 |
| **TOTAL CORPORATE OBLIGATIONS** | **TOTAL CORPORATE OBLIGATIONS** | **TOTAL CORPORATE OBLIGATIONS** | **TOTAL CORPORATE OBLIGATIONS** |
| **(Cost $30,689,242)** | **(Cost $30,689,242)** | **(Cost $30,689,242)** | $30973759 |
| **Bank Loans<sup>(e)</sup> – 14.5%** | **Bank Loans<sup>(e)</sup> – 14.5%** | **Bank Loans<sup>(e)</sup> – 14.5%** | **Bank Loans<sup>(e)</sup> – 14.5%** |
| **Aerospace & Defense – 0.5%** | **Aerospace & Defense – 0.5%** | **Aerospace & Defense – 0.5%** | **Aerospace & Defense – 0.5%** |
| Propulsion (BC) Finco SARL (NR/B2)(3 mo. USD Term SOFR + 3.250%) | Propulsion (BC) Finco SARL (NR/B2)(3 mo. USD Term SOFR + 3.250%) | Propulsion (BC) Finco SARL (NR/B2)(3 mo. USD Term SOFR + 3.250%) | Propulsion (BC) Finco SARL (NR/B2)(3 mo. USD Term SOFR + 3.250%) |
| 180275 | 7.546% | 09/14/29 | $180585 |
| **Airlines – 0.3%** | **Airlines – 0.3%** | **Airlines – 0.3%** | **Airlines – 0.3%** |
| Vista Management Holding, Inc. (BB-/Ba3)(3 mo. USD Term SOFR + 3.750%) | Vista Management Holding, Inc. (BB-/Ba3)(3 mo. USD Term SOFR + 3.750%) | Vista Management Holding, Inc. (BB-/Ba3)(3 mo. USD Term SOFR + 3.750%) | Vista Management Holding, Inc. (BB-/Ba3)(3 mo. USD Term SOFR + 3.750%) |
| 100000 | 8.048 | 04/01/31 | 100167 |
| **Automotive – 0.5%** | **Automotive – 0.5%** | **Automotive – 0.5%** | **Automotive – 0.5%** |
| First Brands Group LLC (B+/B1) (3 mo. USD Term SOFR + 5.000%) | First Brands Group LLC (B+/B1) (3 mo. USD Term SOFR + 5.000%) | First Brands Group LLC (B+/B1) (3 mo. USD Term SOFR + 5.000%) | First Brands Group LLC (B+/B1) (3 mo. USD Term SOFR + 5.000%) |
| 189544 | 9.541 | 03/30/27 | 178619 |
| **Automotive - Parts – 0.3%** | **Automotive - Parts – 0.3%** | **Automotive - Parts – 0.3%** | **Automotive - Parts – 0.3%** |
| Mavis Tire Express Services Corp. (B-/B2)(3 mo. USD Term SOFR + 3.000%) | Mavis Tire Express Services Corp. (B-/B2)(3 mo. USD Term SOFR + 3.000%) | Mavis Tire Express Services Corp. (B-/B2)(3 mo. USD Term SOFR + 3.000%) | Mavis Tire Express Services Corp. (B-/B2)(3 mo. USD Term SOFR + 3.000%) |
| 117951 | 7.333 | 05/04/28 | 117820 |
| **Building & Construction – 1.0%** | **Building & Construction – 1.0%** | **Building & Construction – 1.0%** | **Building & Construction – 1.0%** |
| AAL Delaware Holdco, Inc. (B/B2)(1 mo. USD Term SOFR + 2.750%) | AAL Delaware Holdco, Inc. (B/B2)(1 mo. USD Term SOFR + 2.750%) | AAL Delaware Holdco, Inc. (B/B2)(1 mo. USD Term SOFR + 2.750%) | AAL Delaware Holdco, Inc. (B/B2)(1 mo. USD Term SOFR + 2.750%) |
| 99251 | 7.077 | 07/30/31 | 99190 |
| Construction Partners, Inc. (B+/B1)(1 mo. USD Term SOFR + 2.500%) | Construction Partners, Inc. (B+/B1)(1 mo. USD Term SOFR + 2.500%) | Construction Partners, Inc. (B+/B1)(1 mo. USD Term SOFR + 2.500%) | Construction Partners, Inc. (B+/B1)(1 mo. USD Term SOFR + 2.500%) |
| 24875 | 6.827 | 11/03/31 | 24937 |
| Cube Industrials Buyer, Inc. (B/B3)(3 mo. USD Term SOFR + 3.250%) | Cube Industrials Buyer, Inc. (B/B3)(3 mo. USD Term SOFR + 3.250%) | Cube Industrials Buyer, Inc. (B/B3)(3 mo. USD Term SOFR + 3.250%) | Cube Industrials Buyer, Inc. (B/B3)(3 mo. USD Term SOFR + 3.250%) |
| 49875 | 7.522 | 10/17/31 | 50077 |
| DG Investment Intermediate Holdings 2, Inc. (B-/B2)(1 mo. USD Term SOFR + 3.500%) | DG Investment Intermediate Holdings 2, Inc. (B-/B2)(1 mo. USD Term SOFR + 3.500%) | DG Investment Intermediate Holdings 2, Inc. (B-/B2)(1 mo. USD Term SOFR + 3.500%) | DG Investment Intermediate Holdings 2, Inc. (B-/B2)(1 mo. USD Term SOFR + 3.500%) |
| 141974 | 7.941 | 03/31/28 | 141831 |
| TRC Cos. LLC (B/B3)(1 mo. USD Term SOFR + 3.000%) | TRC Cos. LLC (B/B3)(1 mo. USD Term SOFR + 3.000%) | TRC Cos. LLC (B/B3)(1 mo. USD Term SOFR + 3.000%) | TRC Cos. LLC (B/B3)(1 mo. USD Term SOFR + 3.000%) |
| 69117 | 7.327 | 12/08/28 | 68892 |
|  |  |  | 384927 |

---

------

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Bank Loans<sup>(e)</sup> – (continued)** | **Bank Loans<sup>(e)</sup> – (continued)** | **Bank Loans<sup>(e)</sup> – (continued)** | **Bank Loans<sup>(e)</sup> – (continued)** |
| **Building Materials – 0.4%** | **Building Materials – 0.4%** | **Building Materials – 0.4%** | **Building Materials – 0.4%** |
| Icebox Holdco III, Inc. (B-/B2)(3 mo. USD Term SOFR + 3.500%) | Icebox Holdco III, Inc. (B-/B2)(3 mo. USD Term SOFR + 3.500%) | Icebox Holdco III, Inc. (B-/B2)(3 mo. USD Term SOFR + 3.500%) | Icebox Holdco III, Inc. (B-/B2)(3 mo. USD Term SOFR + 3.500%) |
| 94471 | 8.057% | 12/22/28 | $94678 |
| Icebox Holdco III, Inc. (CCC/Caa2)(3 mo. USD Term SOFR + 6.750%) | Icebox Holdco III, Inc. (CCC/Caa2)(3 mo. USD Term SOFR + 6.750%) | Icebox Holdco III, Inc. (CCC/Caa2)(3 mo. USD Term SOFR + 6.750%) | Icebox Holdco III, Inc. (CCC/Caa2)(3 mo. USD Term SOFR + 6.750%) |
| 50000 | 11.307 | 12/21/29 | 49958 |
|  |  |  | 144636 |
| **Capital Goods – Others – 1.2%** | **Capital Goods – Others – 1.2%** | **Capital Goods – Others – 1.2%** | **Capital Goods – Others – 1.2%** |
| Engineered Machinery Holdings, Inc. (B-/B1)<br>(3 mo. EUR EURIBOR + 3.750%) | Engineered Machinery Holdings, Inc. (B-/B1)<br>(3 mo. EUR EURIBOR + 3.750%) | Engineered Machinery Holdings, Inc. (B-/B1)<br>(3 mo. EUR EURIBOR + 3.750%) | Engineered Machinery Holdings, Inc. (B-/B1)<br>(3 mo. EUR EURIBOR + 3.750%) |
| 70954 | 5.730 | 05/21/28 | 83580 |
| (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) |
| 70227 | 8.057 | 05/19/28 | 70616 |
| Terex Corp. (BBB-/Baa3)(1 mo. USD Term SOFR + 1.000%) | Terex Corp. (BBB-/Baa3)(1 mo. USD Term SOFR + 1.000%) | Terex Corp. (BBB-/Baa3)(1 mo. USD Term SOFR + 1.000%) | Terex Corp. (BBB-/Baa3)(1 mo. USD Term SOFR + 1.000%) |
| 174562 | 6.327 | 10/08/31 | 175418 |
| Titan Acquisition Ltd. (B-/B3)((3 mo. USD Term SOFR + 4.500%) – (6 mo. USD Term SOFR + 4.500%)) | Titan Acquisition Ltd. (B-/B3)((3 mo. USD Term SOFR + 4.500%) – (6 mo. USD Term SOFR + 4.500%)) | Titan Acquisition Ltd. (B-/B3)((3 mo. USD Term SOFR + 4.500%) – (6 mo. USD Term SOFR + 4.500%)) | Titan Acquisition Ltd. (B-/B3)((3 mo. USD Term SOFR + 4.500%) – (6 mo. USD Term SOFR + 4.500%)) |
| 123750 | 8.666–8.796 | 02/15/29 | 123992 |
|  |  |  | 453606 |
| **Commercial Services – 1.5%** | **Commercial Services – 1.5%** | **Commercial Services – 1.5%** | **Commercial Services – 1.5%** |
| Ankura Consulting Group LLC (B-/B3)(3 mo. USD Term SOFR + 3.500%) | Ankura Consulting Group LLC (B-/B3)(3 mo. USD Term SOFR + 3.500%) | Ankura Consulting Group LLC (B-/B3)(3 mo. USD Term SOFR + 3.500%) | Ankura Consulting Group LLC (B-/B3)(3 mo. USD Term SOFR + 3.500%) |
| 148504 | 7.802 | 12/29/31 | 148244 |
| Holding Socotec (B/B2)(3 mo. USD Term SOFR + 3.750%) | Holding Socotec (B/B2)(3 mo. USD Term SOFR + 3.750%) | Holding Socotec (B/B2)(3 mo. USD Term SOFR + 3.750%) | Holding Socotec (B/B2)(3 mo. USD Term SOFR + 3.750%) |
| 99000 | 8.040 | 06/30/28 | 99082 |
| Holding Socotec SAS (B/B2)(3 mo. EUR EURIBOR + 3.250%) | Holding Socotec SAS (B/B2)(3 mo. EUR EURIBOR + 3.250%) | Holding Socotec SAS (B/B2)(3 mo. EUR EURIBOR + 3.250%) | Holding Socotec SAS (B/B2)(3 mo. EUR EURIBOR + 3.250%) |
| 75000 | 5.230 | 06/02/28 | 88291 |
| Teneo Holdings LLC (B/B2)(1 mo. USD Term SOFR + 4.750%) | Teneo Holdings LLC (B/B2)(1 mo. USD Term SOFR + 4.750%) | Teneo Holdings LLC (B/B2)(1 mo. USD Term SOFR + 4.750%) | Teneo Holdings LLC (B/B2)(1 mo. USD Term SOFR + 4.750%) |
| 223304 | 9.077 | 03/13/31 | 225258 |
|  |  |  | 560875 |
| **Containers & Packaging – 0.7%** | **Containers & Packaging – 0.7%** | **Containers & Packaging – 0.7%** | **Containers & Packaging – 0.7%** |
| Charter NEX U.S., Inc. (B/B2)(1 mo. USD Term SOFR + 2.750%) | Charter NEX U.S., Inc. (B/B2)(1 mo. USD Term SOFR + 2.750%) | Charter NEX U.S., Inc. (B/B2)(1 mo. USD Term SOFR + 2.750%) | Charter NEX U.S., Inc. (B/B2)(1 mo. USD Term SOFR + 2.750%) |
| 138668 | 7.061 | 11/29/30 | 139102 |
| Clydesdale Acquisition Holdings, Inc. (B+/B2)(1 mo. USD Term SOFR + 3.175%) | Clydesdale Acquisition Holdings, Inc. (B+/B2)(1 mo. USD Term SOFR + 3.175%) | Clydesdale Acquisition Holdings, Inc. (B+/B2)(1 mo. USD Term SOFR + 3.175%) | Clydesdale Acquisition Holdings, Inc. (B+/B2)(1 mo. USD Term SOFR + 3.175%) |
| 118808 | 7.502 | 04/13/29 | 118522 |
|  |  |  | 257624 |
| **Diversified Financial Services – 0.6%** | **Diversified Financial Services – 0.6%** | **Diversified Financial Services – 0.6%** | **Diversified Financial Services – 0.6%** |
| DRW Holdings LLC (BB-/Ba3)(1 mo. USD Term SOFR + 3.500%) | DRW Holdings LLC (BB-/Ba3)(1 mo. USD Term SOFR + 3.500%) | DRW Holdings LLC (BB-/Ba3)(1 mo. USD Term SOFR + 3.500%) | DRW Holdings LLC (BB-/Ba3)(1 mo. USD Term SOFR + 3.500%) |
| 188348 | 7.827 | 06/26/31 | 188583 |
| FNZ Group Services Ltd. (B-/B3)(3 mo. USD Term SOFR + 5.000%) | FNZ Group Services Ltd. (B-/B3)(3 mo. USD Term SOFR + 5.000%) | FNZ Group Services Ltd. (B-/B3)(3 mo. USD Term SOFR + 5.000%) | FNZ Group Services Ltd. (B-/B3)(3 mo. USD Term SOFR + 5.000%) |
| 49875 | 9.260 | 11/05/31 | 40835 |
|  |  |  | 229418 |
| **Diversified Manufacturing – 0.5%** | **Diversified Manufacturing – 0.5%** | **Diversified Manufacturing – 0.5%** | **Diversified Manufacturing – 0.5%** |
| SPX Flow, Inc. (B/B1)(1 mo. USD Term SOFR + 3.000%) | SPX Flow, Inc. (B/B1)(1 mo. USD Term SOFR + 3.000%) | SPX Flow, Inc. (B/B1)(1 mo. USD Term SOFR + 3.000%) | SPX Flow, Inc. (B/B1)(1 mo. USD Term SOFR + 3.000%) |
| 189343 | 7.327 | 04/05/29 | 189904 |
| **Energy - Exploration & Production – 0.4%** | **Energy - Exploration & Production – 0.4%** | **Energy - Exploration & Production – 0.4%** | **Energy - Exploration & Production – 0.4%** |
| Kohler Energy Co. LLC (B/B1)(3 mo. USD Term SOFR + 3.750%) | Kohler Energy Co. LLC (B/B1)(3 mo. USD Term SOFR + 3.750%) | Kohler Energy Co. LLC (B/B1)(3 mo. USD Term SOFR + 3.750%) | Kohler Energy Co. LLC (B/B1)(3 mo. USD Term SOFR + 3.750%) |
| 137392 | 8.046 | 05/01/31 | 137350 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Bank Loans<sup>(e)</sup> – (continued)** | **Bank Loans<sup>(e)</sup> – (continued)** | **Bank Loans<sup>(e)</sup> – (continued)** | **Bank Loans<sup>(e)</sup> – (continued)** |
| **Entertainment – 0.4%** | **Entertainment – 0.4%** | **Entertainment – 0.4%** | **Entertainment – 0.4%** |
| Alterra Mountain Co. (B+/B1)(1 mo. USD Term SOFR + 3.000%) | Alterra Mountain Co. (B+/B1)(1 mo. USD Term SOFR + 3.000%) | Alterra Mountain Co. (B+/B1)(1 mo. USD Term SOFR + 3.000%) | Alterra Mountain Co. (B+/B1)(1 mo. USD Term SOFR + 3.000%) |
| 19850 | 7.327% | 05/31/30 | $19888 |
| Crown Finance U.S., Inc. (B/B3)(1 mo. USD Term SOFR + 5.250%) | Crown Finance U.S., Inc. (B/B3)(1 mo. USD Term SOFR + 5.250%) | Crown Finance U.S., Inc. (B/B3)(1 mo. USD Term SOFR + 5.250%) | Crown Finance U.S., Inc. (B/B3)(1 mo. USD Term SOFR + 5.250%) |
| 124375 | 9.566 | 12/02/31 | 124219 |
|  |  |  | 144107 |
| **Food & Beverages<sup>(f)</sup> – 0.2%** | **Food & Beverages<sup>(f)</sup> – 0.2%** | **Food & Beverages<sup>(f)</sup> – 0.2%** | **Food & Beverages<sup>(f)</sup> – 0.2%** |
| Sazerac Co., Inc. (NR/NR) | Sazerac Co., Inc. (NR/NR) | Sazerac Co., Inc. (NR/NR) | Sazerac Co., Inc. (NR/NR) |
| 75000 | 0.000 | 06/26/32 | 74906 |
| **Healthcare – 0.4%** | **Healthcare – 0.4%** | **Healthcare – 0.4%** | **Healthcare – 0.4%** |
| Onex TSG Intermediate Corp. (B/B2)(3 mo. USD Term SOFR + 4.750%) | Onex TSG Intermediate Corp. (B/B2)(3 mo. USD Term SOFR + 4.750%) | Onex TSG Intermediate Corp. (B/B2)(3 mo. USD Term SOFR + 4.750%) | Onex TSG Intermediate Corp. (B/B2)(3 mo. USD Term SOFR + 4.750%) |
| 164607 | 9.344 | 02/28/28 | 164864 |
| **Internet – 0.3%** | **Internet – 0.3%** | **Internet – 0.3%** | **Internet – 0.3%** |
| Plano HoldCo, Inc. (B+/B2)(3 mo. USD Term SOFR + 3.500%) | Plano HoldCo, Inc. (B+/B2)(3 mo. USD Term SOFR + 3.500%) | Plano HoldCo, Inc. (B+/B2)(3 mo. USD Term SOFR + 3.500%) | Plano HoldCo, Inc. (B+/B2)(3 mo. USD Term SOFR + 3.500%) |
| 99750 | 7.796 | 10/02/31 | 94513 |
| **Machinery – 0.7%** | **Machinery – 0.7%** | **Machinery – 0.7%** | **Machinery – 0.7%** |
| Apex Tool Group LLC (CCC-/Caa2)<sup>(g)</sup> (1 mo. USD Term SOFR + 7.500%) | Apex Tool Group LLC (CCC-/Caa2)<sup>(g)</sup> (1 mo. USD Term SOFR + 7.500%) | Apex Tool Group LLC (CCC-/Caa2)<sup>(g)</sup> (1 mo. USD Term SOFR + 7.500%) | Apex Tool Group LLC (CCC-/Caa2)<sup>(g)</sup> (1 mo. USD Term SOFR + 7.500%) |
| 60167 | 7.500 | 02/08/30 | 46930 |
| Apex Tool Group LLC (CCC+/B3)(1 mo. USD Term SOFR + 4.000%) | Apex Tool Group LLC (CCC+/B3)(1 mo. USD Term SOFR + 4.000%) | Apex Tool Group LLC (CCC+/B3)(1 mo. USD Term SOFR + 4.000%) | Apex Tool Group LLC (CCC+/B3)(1 mo. USD Term SOFR + 4.000%) |
| 25423 | 9.677 | 02/08/29 | 21864 |
| TK Elevator Midco GmbH (B/B2)(3 mo. USD Term SOFR + 3.000%) | TK Elevator Midco GmbH (B/B2)(3 mo. USD Term SOFR + 3.000%) | TK Elevator Midco GmbH (B/B2)(3 mo. USD Term SOFR + 3.000%) | TK Elevator Midco GmbH (B/B2)(3 mo. USD Term SOFR + 3.000%) |
| 202418 | 7.237 | 04/30/30 | 202855 |
|  |  |  | 271649 |
| **Midstream – 0.1%** | **Midstream – 0.1%** | **Midstream – 0.1%** | **Midstream – 0.1%** |
| AL GCX Fund VIII Holdings LLC (BB/Ba3)(1 mo. USD Term SOFR + 2.000%) | AL GCX Fund VIII Holdings LLC (BB/Ba3)(1 mo. USD Term SOFR + 2.000%) | AL GCX Fund VIII Holdings LLC (BB/Ba3)(1 mo. USD Term SOFR + 2.000%) | AL GCX Fund VIII Holdings LLC (BB/Ba3)(1 mo. USD Term SOFR + 2.000%) |
| 50000 | 6.313 | 01/30/32 | 49907 |
| **Mining – 0.1%** | **Mining – 0.1%** | **Mining – 0.1%** | **Mining – 0.1%** |
| PMHC II, Inc. (B-/B3)(3 mo. USD Term SOFR + 4.250%) | PMHC II, Inc. (B-/B3)(3 mo. USD Term SOFR + 4.250%) | PMHC II, Inc. (B-/B3)(3 mo. USD Term SOFR + 4.250%) | PMHC II, Inc. (B-/B3)(3 mo. USD Term SOFR + 4.250%) |
| 48128 | 8.642 | 04/23/29 | 41925 |
| **Oil Field Services – 0.5%** | **Oil Field Services – 0.5%** | **Oil Field Services – 0.5%** | **Oil Field Services – 0.5%** |
| ChampionX Corp. (BBB/Ba1)(1 mo. USD Term SOFR + 2.750%) | ChampionX Corp. (BBB/Ba1)(1 mo. USD Term SOFR + 2.750%) | ChampionX Corp. (BBB/Ba1)(1 mo. USD Term SOFR + 2.750%) | ChampionX Corp. (BBB/Ba1)(1 mo. USD Term SOFR + 2.750%) |
| 168988 | 7.177 | 06/07/29 | 168988 |
| **Pharmaceuticals – 0.6%** | **Pharmaceuticals – 0.6%** | **Pharmaceuticals – 0.6%** | **Pharmaceuticals – 0.6%** |
| Covetrus, Inc. (B-/B2)(3 mo. USD Term SOFR + 5.000%) | Covetrus, Inc. (B-/B2)(3 mo. USD Term SOFR + 5.000%) | Covetrus, Inc. (B-/B2)(3 mo. USD Term SOFR + 5.000%) | Covetrus, Inc. (B-/B2)(3 mo. USD Term SOFR + 5.000%) |
| 268812 | 9.296 | 10/13/29 | 241539 |
| **Pipelines – 0.1%** | **Pipelines – 0.1%** | **Pipelines – 0.1%** | **Pipelines – 0.1%** |
| Prairie ECI Acquiror LP (B-/B3)(1 mo. USD Term SOFR + 4.250%) | Prairie ECI Acquiror LP (B-/B3)(1 mo. USD Term SOFR + 4.250%) | Prairie ECI Acquiror LP (B-/B3)(1 mo. USD Term SOFR + 4.250%) | Prairie ECI Acquiror LP (B-/B3)(1 mo. USD Term SOFR + 4.250%) |
| 24813 | 8.577 | 08/01/29 | 24944 |
| **Retailers – 0.8%** | **Retailers – 0.8%** | **Retailers – 0.8%** | **Retailers – 0.8%** |
| BCPE Empire Holdings, Inc. (B-/B3)(1 mo. USD Term SOFR + 3.250%) | BCPE Empire Holdings, Inc. (B-/B3)(1 mo. USD Term SOFR + 3.250%) | BCPE Empire Holdings, Inc. (B-/B3)(1 mo. USD Term SOFR + 3.250%) | BCPE Empire Holdings, Inc. (B-/B3)(1 mo. USD Term SOFR + 3.250%) |
| 142901 | 7.577 | 12/11/30 | 141937 |

---

------

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

*June 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Bank Loans<sup>(e)</sup> – (continued)** | **Bank Loans<sup>(e)</sup> – (continued)** | **Bank Loans<sup>(e)</sup> – (continued)** | **Bank Loans<sup>(e)</sup> – (continued)** |
| **Retailers – (continued)** | **Retailers – (continued)** | **Retailers – (continued)** | **Retailers – (continued)** |
| Harbor Freight Tools USA, Inc. (BB-/B2)(1 mo. USD Term SOFR + 2.250%) | Harbor Freight Tools USA, Inc. (BB-/B2)(1 mo. USD Term SOFR + 2.250%) | Harbor Freight Tools USA, Inc. (BB-/B2)(1 mo. USD Term SOFR + 2.250%) | Harbor Freight Tools USA, Inc. (BB-/B2)(1 mo. USD Term SOFR + 2.250%) |
| 148875 | 6.577% | 06/11/31 | $145525 |
|  |  |  | 287462 |
| **Technology – 0.5%** | **Technology – 0.5%** | **Technology – 0.5%** | **Technology – 0.5%** |
| McAfee LLC (B-/B1)(1 mo. USD Term SOFR + 2.250%) | McAfee LLC (B-/B1)(1 mo. USD Term SOFR + 2.250%) | McAfee LLC (B-/B1)(1 mo. USD Term SOFR + 2.250%) | McAfee LLC (B-/B1)(1 mo. USD Term SOFR + 2.250%) |
| 24813 | 7.316 | 03/01/29 | 24063 |
| Pitney Bowes, Inc. (BB/Ba2)(1 mo. USD Term SOFR + 3.750%) | Pitney Bowes, Inc. (BB/Ba2)(1 mo. USD Term SOFR + 3.750%) | Pitney Bowes, Inc. (BB/Ba2)(1 mo. USD Term SOFR + 3.750%) | Pitney Bowes, Inc. (BB/Ba2)(1 mo. USD Term SOFR + 3.750%) |
| 149625 | 8.077 | 03/19/32 | 149188 |
|  |  |  | 173251 |
| **Technology - Software – 1.6%** | **Technology - Software – 1.6%** | **Technology - Software – 1.6%** | **Technology - Software – 1.6%** |
| Ahead DB Holdings LLC (B/B1)(3 mo. USD Term SOFR + 3.000%) | Ahead DB Holdings LLC (B/B1)(3 mo. USD Term SOFR + 3.000%) | Ahead DB Holdings LLC (B/B1)(3 mo. USD Term SOFR + 3.000%) | Ahead DB Holdings LLC (B/B1)(3 mo. USD Term SOFR + 3.000%) |
| 142975 | 7.310 | 02/03/31 | 143005 |
| Clover Holdings 2 LLC (B/B2)(3 mo. USD Term SOFR + 4.000%) | Clover Holdings 2 LLC (B/B2)(3 mo. USD Term SOFR + 4.000%) | Clover Holdings 2 LLC (B/B2)(3 mo. USD Term SOFR + 4.000%) | Clover Holdings 2 LLC (B/B2)(3 mo. USD Term SOFR + 4.000%) |
| 175000 | 8.307 | 12/09/31 | 175054 |
| ConnectWise LLC (NR/B2)(3 mo. USD Term SOFR + 3.500%) | ConnectWise LLC (NR/B2)(3 mo. USD Term SOFR + 3.500%) | ConnectWise LLC (NR/B2)(3 mo. USD Term SOFR + 3.500%) | ConnectWise LLC (NR/B2)(3 mo. USD Term SOFR + 3.500%) |
| 173205 | 8.057 | 09/29/28 | 173928 |
| Virtusa Corp. (B+/B1)(1 mo. USD Term SOFR + 3.250%) | Virtusa Corp. (B+/B1)(1 mo. USD Term SOFR + 3.250%) | Virtusa Corp. (B+/B1)(1 mo. USD Term SOFR + 3.250%) | Virtusa Corp. (B+/B1)(1 mo. USD Term SOFR + 3.250%) |
| 115310 | 7.577 | 02/15/29 | 115252 |
|  |  |  | 607239 |
| **Wireless Telecommunication Services – 0.3%** | **Wireless Telecommunication Services – 0.3%** | **Wireless Telecommunication Services – 0.3%** | **Wireless Telecommunication Services – 0.3%** |
| Zayo Group Holdings, Inc. (B-/B3)(1 mo. USD Term SOFR + 3.000%) | Zayo Group Holdings, Inc. (B-/B3)(1 mo. USD Term SOFR + 3.000%) | Zayo Group Holdings, Inc. (B-/B3)(1 mo. USD Term SOFR + 3.000%) | Zayo Group Holdings, Inc. (B-/B3)(1 mo. USD Term SOFR + 3.000%) |
| 125000 | 7.441 | 03/09/27 | 118650 |
| **TOTAL BANK LOANS** | **TOTAL BANK LOANS** | **TOTAL BANK LOANS** | **TOTAL BANK LOANS** |
| **(Cost $5,433,285)** | **(Cost $5,433,285)** | **(Cost $5,433,285)** | $5399475 |
| **Shares** | **Description** | **Description** | **Value** |
| **Common Stocks – 0.2%** | **Common Stocks – 0.2%** | **Common Stocks – 0.2%** | **Common Stocks – 0.2%** |
| **Energy Equipment & Services – 0.1%** | **Energy Equipment & Services – 0.1%** | **Energy Equipment & Services – 0.1%** | **Energy Equipment & Services – 0.1%** |
| 1721 | Noble Corp. PLC | Noble Corp. PLC | $45692 |
| **Oil, Gas & Consumable Fuels<sup>(h)</sup> – 0.1%** | **Oil, Gas & Consumable Fuels<sup>(h)</sup> – 0.1%** | **Oil, Gas & Consumable Fuels<sup>(h)</sup> – 0.1%** | **Oil, Gas & Consumable Fuels<sup>(h)</sup> – 0.1%** |
| 1141924 | Prairie Provident Resources, Inc. | Prairie Provident Resources, Inc. | 25157 |
| **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** |
| **(Cost $2,957,473)** | **(Cost $2,957,473)** | **(Cost $2,957,473)** | $70849 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Investment Company<sup>(i)</sup> –0.0%** | **Investment Company<sup>(i)</sup> –0.0%** | **Investment Company<sup>(i)</sup> –0.0%** |
| Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 1581 | 4.231% | $1581 |
| **(Cost $1,581)** | **(Cost $1,581)** | **(Cost $1,581)** |
| **TOTAL INVESTMENTS – 97.8%** | **TOTAL INVESTMENTS – 97.8%** |  |
| **(Cost $39,081,581)** | **(Cost $39,081,581)** | $36445664 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES – 2.2%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 2.2%** | $813964 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $37259628 |

---

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

(a) Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final
maturity dates.

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

(c) Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date
disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2025.

(d) Pay-in-kind securities.

(e) Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The
degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan
positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on June 30, 2025. Bank Loans typically have rates of
interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the Secured Overnight Financing Rate ("SOFR"), and secondarily
the prime rate offered by one or more major United States banks (the "Prime Rate") and the certificate of deposit ("CD") rate or other base lending rates used by commercial lenders.

(f) This position represents an unsettled loan commitment at period end. Certain details associated with this
purchase are not known prior to the settlement date, including coupon rate.

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

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

(i) Represents an affiliated issuer.

------

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

*June 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  MS & Co. Int. PLC | USD 172,929 | EUR 146,726 | 09/23/25 | $(876) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  2 Year U.S. Treasury Notes | 32 | 09/30/25 | $6656750 | $22766 |
|  **Short position contracts:** |  |  |  |  |
|  10 Year U.S. Treasury Notes | (33) | 09/19/25 | (3700125) | (54935) |
|  5 Year U.S. Treasury Notes | (17) | 09/30/25 | (1853000) | (17794) |
|  Ultra 10-Year U.S. Treasury Notes | (4) | 09/19/25 | (457062) | (8154) |
|  **Total** |  |  |  | $(80883) |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $(58117) |

---

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| EUR | — Euro |
| USD | — U.S. Dollar |
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| CMT | — Constant Maturity Treasury Indexes |
| EURIBOR | — Euro Interbank Offered Rate |
| LLC | — Limited Liability Company |
| LP | — Limited Partnership |
| NR | — Not Rated |
| PIK | — Payment in kind |
| PLC | — Public Limited Company |
| SOFR | — Secured Overnight Financing Rate |
| USD | — U.S. Dollar |
| **Abbreviation:** | **Abbreviation:** |
| MS & Co. Int. PLC | — Morgan Stanley & Co. International PLC |

---

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

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

*June 30, 2025 (Unaudited)* 

**NOTES TO THE SCHEDULE OF INVESTMENTS** 

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

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

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

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

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

The Board of Trustees ("Trustees") has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds' investments that do not have readily available market quotations, the Trustees have designated 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:

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

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

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

*June 30, 2025 (Unaudited)* 

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

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

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

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

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

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

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

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

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

*June 30, 2025 (Unaudited)* 

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

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

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

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

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

&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.

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

*June 30, 2025 (Unaudited)* 

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

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

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

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

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

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

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

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

*June 30, 2025 (Unaudited)* 

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

the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, a Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement.

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

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

**Fair Value Hierarchy** — The following is a summary of the Funds' investments and derivatives classified in the fair value hierarchy as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | $— | $— | $— |
| **EMERGING MARKETS CREDIT FUND** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | **Assets** | **Assets** | **Assets** |
|  Fixed Income | Fixed Income | Fixed Income | Fixed Income |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $24381965 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 1103415 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 60666 |  |  |
|  Investment Company | 173417 |  |  |
| **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234083 | $&nbsp;&nbsp;&nbsp;&nbsp;25485380 | $— |
| **Derivative Type** |  |  |  |
| **Assets<sup>(a)</sup>** |  |  |  |
|  Futures Contracts | $8885 | $— | $— |
|  Interest Rate Swap Contracts |  | 1668 |  |
| **Total** | $8885 | $1668 | $— |
| **Liabilities<sup>(a)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $(3783) | $— |
|  Futures Contracts | (12878) |  |  |
|  Interest Rate Swap Contracts |  | (926) |  |
| **Total** | $(12878) | $(4709) | $— |

---

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

*June 30, 2025 (Unaudited)* 

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

---

| | | | |
|:---|:---|:---|:---|
|  | $— | $— | $— |
| **EMERGING MARKETS DEBT FUND** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations | $— | $&nbsp;&nbsp;&nbsp;&nbsp;254053663 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations |  | 91897264 |  |
|  Common Stock and/or Other Equity Investments<sup>(b)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia |  | 49621 |  |
|  Investment Company | 16743810 |  |  |
| **Total** | $16743810 | $346000548 | $— |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup>  | $— | $1952820 | $— |
|  Futures Contracts<sup>(a)</sup>  | 431990 |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup>  |  | 412185 |  |
|  Credit Default Swap Contracts<sup>(a)</sup>  |  | 3400 |  |
|  Purchased Option Contracts |  | 366446 |  |
| **Total** | $431990 | $2734851 | $— |
| **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup>  | $— | $(2096650) | $— |
|  Futures Contracts<sup>(a)</sup>  | (69113) |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup>  |  | (244248) |  |
|  Written Option Contracts |  | (490161) |  |
| **Total** | $(69113) | $(2831059) | $— |

---

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

*June 30, 2025 (Unaudited)* 

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

---

| | | | |
|:---|:---|:---|:---|
|  | $— | $— | $— |
| **HIGH YIELD FUND** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $1810120435 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 87137461 |  |
|  Securities Lending Reinvestment Vehicle | 69687981 |  |  |
|  Common Stock and/or Other Equity Investments<sup>(b)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe |  | 9849662 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 1023883 | 951215 |  |
|  Preferred Stocks |  | 1020000 |  |
|  Rights |  | 994312 |  |
|  Warrants |  | 55405 | 19789 |
|  Exchange Traded Funds | 19805625 |  |  |
|  Investment Company | 41173606 |  |  |
|  Short-term Investments |  | 8128002 |  |
| **Total** | $131691095 | $1918256492 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19789 |
| **Liabilities** |  |  |  |
|  Fixed Income<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded Loan Committments | $— | $(2143) | $— |
| **Derivative Type** |  |  |  |
| **Assets<sup>(a)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $52732 | $— |
|  Futures Contracts | 2226617 |  |  |
|  Credit Default Swap Contracts |  | 4896856 |  |
| **Total** | $2226617 | $4949588 | $— |
| **Liabilities<sup>(a)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $(610657) | $— |

---

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

*June 30, 2025 (Unaudited)* 

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

---

| | | | |
|:---|:---|:---|:---|
|  | $— | $— | $— |
| **HIGH YIELD FLOATING RATE FUND** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans | $— | $1511016026 | $15861152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations |  | 87690687 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 15638444 |  |
|  Common Stock and/or Other Equity Investments<sup>(b)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe |  | 3856516 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 677897 | 3488368 | 163 |
|  Securities Lending Reinvestment Vehicle | 6630866 |  |  |
|  Rights |  | 1483359 |  |
|  Preferred Stocks |  |  | 125510 |
|  Warrants |  | 76501 | 163 |
|  Exchange Traded Funds | 76545376 |  |  |
|  Investment Company | 60668454 |  |  |
| **Total** | $144522593 | $1623249901 | $15986988 |
| **Liabilities** |  |  |  |
|  Fixed Income<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded Loan Committments | $— | $6613 | $— |
| **Derivative Type** |  |  |  |
| **Assets<sup>(a)</sup>** |  |  |  |
|  Futures Contracts | $441567 | $— | $— |
|  Credit Default Swap Contracts |  | 868804 |  |
| **Total** | $441567 | $868804 | $— |
| **Liabilities<sup>(a)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $(314578) | $— |
|  Futures Contracts | (338997) |  |  |
| **Total** | $(338997) | $(314578) | $— |
| **INVESTMENT GRADE CREDIT FUND** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $584807279 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 11378973 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations |  | 2961719 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 1149850 |  |  |
|  Investment Company | 10749221 |  |  |
| **Total** | $11899071 | $599147971 | $— |

---

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

*June 30, 2025 (Unaudited)* 

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

---

| | | | |
|:---|:---|:---|:---|
|  | $— | $— | $— |
| **INVESTMENT GRADE CREDIT FUND (continued)** |  |  |  |
| **Derivative Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets<sup>(a)</sup>** |  |  |  |
|  Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;3994809 | $— | $— |
|  Interest Rate Swap Contracts |  | 239149 |  |
|  Credit Default Swap Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2956996 |  |
| **Total** | $3994809 | $3196145 | $— |
| **Liabilities<sup>(a)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $(10731) | $— |
|  Futures Contracts | (176557) |  |  |
|  Interest Rate Swap Contracts |  | (511176) |  |
|  Credit Default Swap Contracts |  | (167217) |  |
| **Total** | $(176557) | $(689124) | $— |
| **SHORT DURATION HIGH YIELD FUND** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $30973759 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 5352545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46930 |
|  Common Stock and/or Other Equity Investments<sup>(b)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 70849 |  |  |
|  Investment Company | 1581 |  |  |
| **Total** | $72430 | $36326304 | $46930 |
| **Derivative Type** |  |  |  |
| **Assets<sup>(a)</sup>** |  |  |  |
|  Futures Contracts | $22766 | $— | $— |
| **Liabilities<sup>(a)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $(876) | $— |
|  Futures Contracts | (80883) |  |  |
| **Total** | $(80883) | $(876) | $— |

---

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

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

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

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

*June 30, 2025 (Unaudited)* 

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

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

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

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

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

**Foreign Risk** — Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which the Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

*June 30, 2025 (Unaudited)* 

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

limit or prevent the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund's liquidity and performance. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.

**Interest Rate Risk** — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of a Fund's investments, which would make it harder for the Fund to sell its investments at an advantageous time.

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

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

**Leverage Risk** — Leverage creates exposure to potential gains and losses in excess of the initial amount invested. Borrowing and the use of derivatives may result in leverage and may make a Fund more volatile. When a Fund uses leverage, the sum of that Fund's investment exposure may significantly exceed the amount of assets invested in the Fund, although these exposures may vary over time. Relatively small market movements may result in large changes in the value of a leveraged investment. The use of leverage may cause a Fund to liquidate portfolio positions to satisfy its obligations when it may not be advantageous to do so. The use of leverage by a Fund can substantially increase the adverse impact to which the Fund's investment portfolio may be subject.

**Liquidity Risk** — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors' interests because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

*June 30, 2025 (Unaudited)* 

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

unfavorable conditions, such sales may adversely affect a Fund's NAV and dilute remaining investors' interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with the Funds' investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund's liquidity.

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

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

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

**Non-Diversification Risk** — Local Emerging Markets Debt Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in one or more issuers or in fewer issuers than diversified funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

------

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

*June 30, 2025 (Unaudited)* 

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** CHICAGO

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60606

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

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

- **a. Name of Series:** Goldman Sachs Emerging Markets Debt Fund

- **b. EDGAR series identifier (if any):** S000009301

- **c. LEI of Series:** XC6LIVZDLLKYZ7FKO621

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

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

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $378960375.08

**Total Liabilities:** $6513089.29

**Net Assets:** $372447285.79

**Delayed Delivery Securities:** $1860000.00

**Cash Not Reported:** $6946322.76

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -279.57000000 | **1-Year:** -4763.25000000 | **5-Year:** -19017.45000000 | **10-Year:** -45875.26000000 | **30-Year:** -38238.01000000

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

- **3-Month:** -437.21000000 | **1-Year:** -11961.94000000 | **5-Year:** -43251.89000000 | **10-Year:** -50468.51000000 | **30-Year:** -21989.80000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000025381 | -0.76%               | 1.44%                | 2.76%                |
| Class ID C000037783 | -0.74%               | 1.25%                | 2.68%                |
| Class ID C000161284 | -0.65%               | 1.34%                | 2.76%                |
| Class ID C000090759 | -0.76%               | 1.44%                | 2.76%                |
| Class ID C000202032 | -0.65%               | 1.34%                | 2.77%                |
| Class ID C000025382 | -0.67%               | 1.31%                | 2.74%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3896234.70             | $-1445947.73                               |
| Month 2  | $-704638.08              | $4226413.99                                |
| Month 3  | $-495098.90              | $8385408.21                                |

**Designated Index Information**

- **Index Name:** Securities Only Portfolio

- **Index Identifier:** Securities Only Portfolio_PV100228

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| INVERSIONES CMPC SA                                     | Inversiones CMPC SA                                                                                                                    | CUSIP: 000000000<br>LEI: 549300G475ACIABB4385 | Long             | DBT              | CORP              | CL        |      200000 | PA      | $189750.00    | 0.05%             | 2030-01-13      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD AUD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-947.15      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PTCITNZUS202507100592 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | LU        |     4868000 | OU      | $1741.80      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | CWBNPEUGB2025070908425 GOLDMAN                                                                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | LU        |     -648000 | OU      | $-14361.72    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PWBNPUSCA202508061332 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | LU        |    -2148000 | OU      | $-3479.76     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MONGOLIA INTL BOND                                      | Mongolia Government International Bond                                                                                                 | CUSIP: 60937LAF2<br>LEI: N/A                  | Long             | DBT              | NUSS              | MN        |      460000 | PA      | $430013.75    | 0.12%             | 2027-07-07      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                    | PWRBCUSCA202507221367 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | US        |     -739000 | OU      | $-6300.71     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S                                | Petroleos de Venezuela SA                                                                                                              | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |     9920000 | PA      | $1244960.00   | 0.33%             | 2027-04-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                     | Petroleos Mexicanos                                                                                                                    | CUSIP: 71654QCK6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |      240000 | PA      | $230604.00    | 0.06%             | 2028-02-12      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | CWCHAEUSE20250722111 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |     -645000 | OU      | $-6147.37     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NAVOI MINING METALLURGIC                                | Navoi Mining & Metallurgical Combinat                                                                                                  | CUSIP: 63890CAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | UZ        |      520000 | PA      | $531538.80    | 0.14%             | 2028-10-17      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $2317.22      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                     | Petroleos Mexicanos                                                                                                                    | CUSIP: 71654QDB5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |      514000 | PA      | $510402.00    | 0.14%             | 2027-01-23      | Fixed         | 6.49%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED MXN / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | MX        |           1 | NC      | $4893.10      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED TWD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | TW        |           1 | NC      | $-987.59      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED AUD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |           1 | NC      | $10242.80     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Colombia Government International Bonds                 | Colombia Government International Bonds                                                                                                | CUSIP: 195325CU7<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     1380000 | PA      | $930120.00    | 0.25%             | 2045-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED INR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IN        |           1 | NC      | $-63.28       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $2552.57      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Panama Notas del Tesoro                                 | Panama Notas del Tesoro                                                                                                                | CUSIP: 000000000<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     1460000 | PA      | $1446670.20   | 0.39%             | 2026-04-17      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Ivory Coast Government International Bonds              | Ivory Coast Government International Bonds                                                                                             | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |      890000 | PA      | $853848.20    | 0.23%             | 2037-01-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Colombia Government International Bonds                 | Colombia Government International Bonds                                                                                                | CUSIP: 195325DT9<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     1230000 | PA      | $701973.30    | 0.19%             | 2051-05-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: SR232876  IRS PLN R F  4.75000 2 CCPVANILLA / Short: SR232876  IRS PLN P V 06MWIBOR 1 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    12310000 | OU      | $38115.97     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Ukraine Government International Bonds                  | Ukraine Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      150000 | PA      | $76200.00     | 0.02%             | 2035-02-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED INR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IN        |           1 | NC      | $550.73       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                   | Sri Lanka Government International Bond                                                                                                | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |     1635421 | PA      | $1320602.46   | 0.35%             | 2033-03-15      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED NZD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |           1 | NC      | $2299.10      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PETRONAS CAPITAL LTD                                    | Petronas Capital Ltd                                                                                                                   | CUSIP: 000000000<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |      920000 | PA      | $883899.20    | 0.24%             | 2030-04-21      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-628.79      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | CWDEUUSCN20250708717 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |     -738000 | OU      | $-895.19      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Lebanese Republic                                       | Lebanon Government International Bond                                                                                                  | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |      270000 | PA      | $51030.00     | 0.01%             | 2027-11-29      | None          | 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      | $-13514.23    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Hungary Government International Bonds                  | Hungary Government International Bonds                                                                                                 | CUSIP: 445545AF3<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |      180000 | PA      | $202352.40    | 0.05%             | 2041-03-29      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                      | Ukraine Government International Bond                                                                                                  | CUSIP: 903724CG5<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      232801 | PA      | $108834.47    | 0.03%             | 2036-02-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED INR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IN        |           1 | NC      | $-109.44      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD KRW                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $306.78       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CAD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |           1 | NC      | $2503.80      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CZK / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CZ        |           1 | NC      | $35166.17     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Chile Government International Bonds                    | Chile Government International Bonds                                                                                                   | CUSIP: 168863DW5<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |      890000 | PA      | $687080.00    | 0.18%             | 2052-01-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD ILS                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-8346.11     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CZK                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-10106.22    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Romania Government International Bonds                  | Romania Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     1080000 | PA      | $999410.40    | 0.27%             | 2035-03-24      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                  | US 10YR ULTRA FUT SEP25                                                                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |           5 | NC      | $15763.55     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Bank AG                                        | PWDEUUSCN20250708717 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |     -738000 | OU      | $-2532.82     | -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      | $-2118.58     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Sunac Services Holdings Ltd                             | Sunac Services Holdings Ltd                                                                                                            | CUSIP: 000000000<br>LEI: 549300K4OFRSVPWF2W77 | Long             | EC               | CORP              | KY        |      224816 | NS      | $49620.62     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| SITIOS LATINOAMERICA                                    | Sitios Latinoamerica SAB de CV                                                                                                         | CUSIP: 000000000<br>LEI: 984500D2C0CDC0BFDD35 | Long             | DBT              | CORP              | MX        |      390000 | PA      | $381810.00    | 0.10%             | 2032-04-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                     | Petroleos Mexicanos                                                                                                                    | CUSIP: 71654QDC3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |      330000 | PA      | $318417.00    | 0.09%             | 2030-01-23      | Fixed         | 6.84%                 | No            |                  2 | On Loan: No      |
| GRUPO NUTRESA SA                                        | Grupo Nutresa SA                                                                                                                       | CUSIP: 40055CAB9<br>LEI: 254900KKAX7B7RJUE255 | Long             | DBT              | CORP              | CO        |      320000 | PA      | $346136.00    | 0.09%             | 2035-05-12      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                             | CWCITAUNZ202507031076 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |    -1139000 | OU      | $-2820.87     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                   | Sri Lanka Government International Bond                                                                                                | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |      631576 | PA      | $591786.98    | 0.16%             | 2028-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Argentina Republic Government International Bonds       | Argentina Republic Government International Bonds                                                                                      | CUSIP: 040114HU7<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |     4350000 | PA      | $3090675.00   | 0.83%             | 2038-01-09      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $9319.68      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED NZD / SOLD AUD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |           1 | NC      | $-1566.91     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD AUD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-4353.34     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE                                | Banco Mercantil del Norte SA/Grand Cayman                                                                                              | CUSIP: 05971PAE8<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |     1100000 | PA      | $1111550.00   | 0.30%             | 2035-05-20      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Nigeria Government International Bonds                  | Nigeria Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |      520000 | PA      | $415350.00    | 0.11%             | 2047-11-28      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD NZD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-23607.35    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PWBOAAUNZ2025071010775 GOLDMAN                                                                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |    -1133000 | OU      | $-1811.27     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ABU DHABI CRUDE OIL                                     | Abu Dhabi Crude Oil Pipeline LLC                                                                                                       | CUSIP: 00401MAB2<br>LEI: 549300DONDFW2383FV66 | Long             | DBT              | CORP              | AE        |     2280000 | PA      | $2037750.00   | 0.55%             | 2047-11-02      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CAD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |           1 | NC      | $1188.74      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Colombia Government International Bonds                 | Colombia Government International Bonds                                                                                                | CUSIP: 195325DS1<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     2810000 | PA      | $2310522.50   | 0.62%             | 2031-04-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | CWMSIAUNZ2025071510775 GOLDMAN                                                                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |    -1139000 | OU      | $-3473.05     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: SR232890  IRS HUF R F  6.25000 2 CCPVANILLA / Short: SR232890  IRS HUF P V 06MBUBOR 1 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |  1129360000 | OU      | $15988.92     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED SEK / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | SE        |           1 | NC      | $5238.52      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                      | Ukraine Government International Bond                                                                                                  | CUSIP: 903724CA8<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     1697309 | PA      | $874114.14    | 0.23%             | 2034-02-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD                                         | IHS Holding Ltd                                                                                                                        | CUSIP: 44963HAB1<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |      400000 | PA      | $389750.00    | 0.10%             | 2028-11-29      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD TWD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-3250.78     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BENIN INTL GOV BOND                                     | Benin Government International Bond                                                                                                    | CUSIP: 000000000<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |      400000 | PA      | $377000.00    | 0.10%             | 2038-02-13      | Fixed         | 7.96%                 | No            |                  2 | On Loan: No      |
| AUTORIDAD CANAL DE PANAM                                | Autoridad del Canal de Panama                                                                                                          | CUSIP: 05330GAA2<br>LEI: 549300W1ISP1PW2J2P64 | Long             | DBT              | CORP              | PA        |      380000 | PA      | $357264.60    | 0.10%             | 2035-07-29      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-2137.64     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED EUR / SOLD CHF                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $-1440.63     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chile Government International Bonds                    | Chile Government International Bonds                                                                                                   | CUSIP: 168863DQ8<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |      904000 | PA      | $548276.00    | 0.15%             | 2061-01-22      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PTHSBAUUS202507220645 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | LU        |     4582000 | OU      | $8956.46      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD PLN                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-26416.37    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD KRW                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-2287.79     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PWBOAUSCN20250724716 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |     -740000 | OU      | $-3712.58     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED ILS / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IL        |           1 | NC      | $21479.49     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Senegal Government International Bonds                  | Senegal Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 549300NP14ZLQGWIUZ97 | Long             | DBT              | NUSS              | SN        |      200000 | PA      | $119750.00    | 0.03%             | 2048-03-13      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED GBP / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |           1 | NC      | $-2719.62     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD INR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $440.36       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-3540.67     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED NZD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |           1 | NC      | $3047.72      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PTBNPEUUS202508181137 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | LU        |     1296000 | OU      | $2636.48      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| YUZHOU GROUP                                            | Yuzhou Group Holdings Co Ltd                                                                                                           | CUSIP: 000000000<br>LEI: 213800MP59KHGJSPHE82 | Long             | DBT              | CORP              | KY        |     2020000 | PA      | $30300.00     | 0.01%             | 2025-09-29      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| REDE D'OR FINANCE SARL                                  | Rede D'or Finance Sarl                                                                                                                 | CUSIP: 000000000<br>LEI: 549300FDE772OLJUCP79 | Long             | DBT              | CORP              | LU        |      330000 | PA      | $325668.75    | 0.09%             | 2028-01-17      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Republic of Senegal                                     | Senegal Government International Bond                                                                                                  | CUSIP: 000000000<br>LEI: 549300NP14ZLQGWIUZ97 | Long             | DBT              | NUSS              | SN        |      230000 | PA      | $214033.63    | 0.06%             | 2028-03-13      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PT PERTAMINA (PERSERO)                                  | Pertamina Persero PT                                                                                                                   | CUSIP: 000000000<br>LEI: 254900NDAKGNZ2IBBL45 | Long             | DBT              | CORP              | ID        |      330000 | PA      | $343488.75    | 0.09%             | 2041-05-27      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | CWCHAUSCN20250710729 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |    -1555000 | OU      | $-82.42       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD KRW                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-7649.11     | -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      | $32.15        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: BR233950  IRS USD R V 00MSOFR 1 CCPOIS / Short: BR233950  IRS USD P F  3.75000 2 CCPOIS                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |     1690000 | OU      | $-10159.94    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $3018.41      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED AUD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |           1 | NC      | $3433.38      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD AUD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-7305.49     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                    | CWRBCUSCA202507151361 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | LU        |    -1487000 | OU      | $-7143.55     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FIEMEX ENERGIA - BANC AC                                | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |      715860 | PA      | $723752.60    | 0.19%             | 2041-01-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| UZBEKISTAN INTL BOND                                    | Republic of Uzbekistan International Bond                                                                                              | CUSIP: 91824PAD9<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |  9450000000 | PA      | $757646.89    | 0.20%             | 2028-02-25      | Fixed         | 15.50%                | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED TRY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | TR        |           1 | NC      | $1750.20      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD ILS                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-6943.82     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S                                | Petroleos de Venezuela SA                                                                                                              | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |     2180000 | PA      | $268140.00    | 0.07%             | 2037-04-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CAD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-2346.98     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AZULE ENERGY FINANCE PLC                                | Azule Energy Finance Plc                                                                                                               | CUSIP: 05501YAA6<br>LEI: 2138006X6O82RJSQDB63 | Long             | DBT              | CORP              | GB        |      930000 | PA      | $916050.00    | 0.25%             | 2030-01-23      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $29472.29     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds                                                                                | CUSIP: 836205AY0<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |      290000 | PA      | $288840.00    | 0.08%             | 2030-06-22      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED MXN / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | MX        |           1 | NC      | $3953.01      | 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      | $-307.16      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CZK / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CZ        |           1 | NC      | $5386.82      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED KRW / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | KR        |           1 | NC      | $866.29       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Republic of Kenya Government International Bonds        | Republic of Kenya Government International Bonds                                                                                       | CUSIP: 000000000<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |     1020000 | PA      | $822966.60    | 0.22%             | 2048-02-28      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Panama Government International Bonds                   | Panama Government International Bonds                                                                                                  | CUSIP: 698299BW3<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |      470000 | PA      | $468590.00    | 0.13%             | 2036-01-31      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds                                                                                | CUSIP: 836205AS3<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     1140000 | PA      | $863550.00    | 0.23%             | 2044-07-24      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Peru Government International Bonds                     | Peru Government International Bonds                                                                                                    | CUSIP: 715638DR0<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     2390000 | PA      | $1283430.00   | 0.34%             | 2121-07-28      | Fixed         | 3.23%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PWBOAEUCH2025070909385 GOLDMAN                                                                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |     -645000 | OU      | $-4824.59     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CHF / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |           1 | NC      | $4438.25      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BANCO BRADESCO (CAYMAN)                                 | Banco Bradesco SA/Cayman Islands                                                                                                       | CUSIP: 05947KBB5<br>LEI: 549300CTUU1RFXHQJE44 | Long             | DBT              | CORP              | KY        |      490000 | PA      | $507885.00    | 0.14%             | 2030-01-22      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | CWBARUSCN20250710748 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | LU        |    -1446000 | OU      | $-1.45        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OMAN GOV INTERNTL BOND                                  | Oman Government International Bond                                                                                                     | CUSIP: 682051AJ6<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |     1420000 | PA      | $1463310.00   | 0.39%             | 2048-01-17      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FIEMEX ENERGIA - BANC AC                                | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple                                                                       | CUSIP: 05974EAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |      248563 | PA      | $251302.98    | 0.07%             | 2041-01-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CN        |           1 | NC      | $5853.70      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                                | OCP SA                                                                                                                                 | CUSIP: 000000000<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |     1320000 | PA      | $1315340.40   | 0.35%             | 2054-05-02      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF JORDAN                                       | Jordan Government International Bond                                                                                                   | CUSIP: 418097AL5<br>LEI: 5493000JZ4MYPVMBVN50 | Long             | DBT              | NUSS              | JO        |      300000 | PA      | $287250.00    | 0.08%             | 2030-07-07      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-7969.55     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED NZD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |           1 | NC      | $1438.74      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CHF / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |           1 | NC      | $16093.26     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Turkiye Government International Bonds                  | Turkiye Government International Bonds                                                                                                 | CUSIP: 900123CB4<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |      980000 | PA      | $690655.00    | 0.19%             | 2043-04-16      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MEXICO CITY ARPT TRUST                                  | Mexico City Airport Trust                                                                                                              | CUSIP: 59284MAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |      620000 | PA      | $615350.00    | 0.17%             | 2026-10-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-5713.85     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CZECHOSLOVAK GROUP                                      | Czechoslovak Group AS                                                                                                                  | CUSIP: 000000000<br>LEI: 315700SWFD7G70AVG768 | Long             | DBT              | CORP              | CZ        |      720000 | PA      | $725850.00    | 0.19%             | 2031-01-10      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PWMSIEUGB202507290854 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |     -640000 | OU      | $-1877.18     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $732.02       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                            | Ecopetrol SA                                                                                                                           | CUSIP: 279158AN9<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |      210000 | PA      | $207480.00    | 0.06%             | 2030-04-29      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Oriental Republic of Uruguay                            | Oriental Republic of Uruguay                                                                                                           | CUSIP: 760942BG6<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |      520000 | PA      | $471120.00    | 0.13%             | 2060-09-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-384.86      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Angola Government International Bonds                   | Angola Government International Bonds                                                                                                  | CUSIP: 000000000<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |     1130000 | PA      | $895525.00    | 0.24%             | 2048-05-08      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Minejesa Capital BV                                     | Minejesa Capital BV                                                                                                                    | CUSIP: 000000000<br>LEI: 549300KS7ERCP10BKC35 | Long             | DBT              | CORP              | NL        |      292078 | PA      | $285506.25    | 0.08%             | 2030-08-10      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CAD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $333.33       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ROMANIA                                                 | Romanian Government International Bond                                                                                                 | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      250000 | PA      | $279671.99    | 0.08%             | 2030-05-26      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED NZD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |           1 | NC      | $10565.13     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD NOK                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-496.40      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| INVERSIONES CMPC SA                                     | Inversiones CMPC SA                                                                                                                    | CUSIP: 46128MAT8<br>LEI: 549300G475ACIABB4385 | Long             | DBT              | CORP              | CL        |      200000 | PA      | $204625.00    | 0.05%             | 2034-02-26      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |           1 | NC      | $-99.35       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Eskom Holdings SOC Ltd.                                 | Eskom Holdings SOC Ltd.                                                                                                                | CUSIP: 000000000<br>LEI: 3789001900ED06F65111 | Long             | DBT              | CORP              | ZA        |      520000 | PA      | $525850.00    | 0.14%             | 2028-08-10      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-1158.08     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED AUD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |           1 | NC      | $3624.50      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | CWBOAUSJP202508011585 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | LU        |    -3118000 | OU      | $-40.53       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | Long: BR230955  IRS BRL R V 00MBRCDI IR230955_FLO CCPNDFPREDISWAP / Short: BR230955  IRS BRL P F 13.75000 IR230955_FIX CCPNDFPREDISWAP | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | GB        |    67690000 | OU      | $40888.09     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                     | Petroleos Mexicanos                                                                                                                    | CUSIP: 71654QDF6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     1673000 | PA      | $1202719.70   | 0.32%             | 2060-01-28      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD PEN                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-2464.93     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MONGOLIA INTL BOND                                      | Mongolia Government International Bond                                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | MN        |      700000 | PA      | $654368.75    | 0.18%             | 2027-07-07      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD JPY                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-1346.37     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Turkiye Government International Bonds                  | Turkiye Government International Bonds                                                                                                 | CUSIP: 900123DL1<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     1530000 | PA      | $1528133.40   | 0.41%             | 2032-07-17      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-2234.82     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |           1 | NC      | $1762.80      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD NZD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-3106.36     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| COSTA RICA GOVERNMENT                                   | Costa Rica Government International Bond                                                                                               | CUSIP: 000000000<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |      470000 | PA      | $420297.50    | 0.11%             | 2043-04-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| DP WORLD CRESCENT LTD                                   | DP World Crescent Ltd                                                                                                                  | CUSIP: 260979AA7<br>LEI: 21380096JRTWB8TL9236 | Long             | DBT              | CORP              | KY        |     1510000 | PA      | $1519437.50   | 0.41%             | 2035-05-08      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PARAGUAY                                    | Paraguay Government International Bond                                                                                                 | CUSIP: 699149AJ9<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |      340000 | PA      | $337790.00    | 0.09%             | 2031-04-28      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD AUD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-4688.56     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD AUD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-1386.28     | -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      | $-3830.55     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PWBOAUSCN20250630717 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |     -725000 | OU      | $-1194.08     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UZBEKISTAN INTL BOND                                    | Republic of Uzbekistan International Bond                                                                                              | CUSIP: 000000000<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |      310000 | PA      | $374067.42    | 0.10%             | 2027-05-29      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD AUD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-2738.82     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CN        |           1 | NC      | $995.90       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CHF / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |           1 | NC      | $17642.42     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Nigeria Government International Bonds                  | Nigeria Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |     1815000 | PA      | $1796850.00   | 0.48%             | 2027-11-28      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| KOSMOS ENERGY LTD                                       | Kosmos Energy Ltd                                                                                                                      | CUSIP: 500688AF3<br>LEI: 213800YDFJ3OT9B5P157 | Long             | DBT              | CORP              | US        |      730000 | PA      | $644181.20    | 0.17%             | 2027-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PTSTANZUS202507280588 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | LU        |     3710000 | OU      | $3516.52      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED MXN / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | MX        |           1 | NC      | $2299.15      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BANCO DEL ESTADO -CHILE                                 | Banco del Estado de Chile                                                                                                              | CUSIP: 000000000<br>LEI: 5493004R4EJC0W0XVQ72 | Long             | DBT              | CORP              | CL        |      910000 | PA      | $950094.60    | 0.26%             | 2029-05-02      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: BR233969  IRS EUR R V 06MEURIB 1 CCPVANILLA / Short: BR233969  IRS EUR P F  2.25000 2 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |     1500000 | OU      | $118438.46    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| BBVA BANCOMER SA TEXAS                                  | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX                                                           | CUSIP: 05533UAF5<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |      550000 | PA      | $529034.00    | 0.14%             | 2033-01-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE                                | Banco Mercantil del Norte SA/Grand Cayman                                                                                              | CUSIP: 05973KAA5<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |      790000 | PA      | $771237.50    | 0.21%             | 2027-01-24      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED ILS / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IL        |           1 | NC      | $9399.76      | 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      | $-3957.74     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED INR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IN        |           1 | NC      | $2942.95      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF KENYA                                       | Republic of Kenya Government International Bond                                                                                        | CUSIP: 491798AM6<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |      550000 | PA      | $557733.00    | 0.15%             | 2031-02-16      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED TRY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | TR        |           1 | NC      | $1077.07      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WINDFALL MINING GROUP                                   | Windfall Mining Group Inc / Groupe Minier Windfall Inc                                                                                 | CUSIP: 973244AA4<br>LEI: 984500E4L49391BFF948 | Long             | DBT              | CORP              | CA        |      920000 | PA      | $936946.40    | 0.25%             | 2032-05-13      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Saudi Government International Bonds                    | Saudi Government International Bonds                                                                                                   | CUSIP: 000000000<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |      200000 | PA      | $136000.00    | 0.04%             | 2055-01-21      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Eskom Holdings SOC Ltd.                                 | Eskom Holdings SOC Ltd.                                                                                                                | CUSIP: 000000000<br>LEI: 3789001900ED06F65111 | Long             | DBT              | CORP              | ZA        |     1920000 | PA      | $1868640.00   | 0.50%             | 2027-07-23      | Fixed         | 4.31%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | PWCHANZUS202507240589 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | LU        |    -2434000 | OU      | $-2179.48     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA                                    | YPF SA                                                                                                                                 | CUSIP: 984245BB5<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |      520000 | PA      | $523016.00    | 0.14%             | 2034-01-17      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |           1 | NC      | $-683.34      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PT PERTAMINA (PERSERO)                                  | Pertamina Persero PT                                                                                                                   | CUSIP: 69370RAJ6<br>LEI: 254900NDAKGNZ2IBBL45 | Long             | DBT              | CORP              | ID        |      620000 | PA      | $432791.00    | 0.12%             | 2060-02-25      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Iraq International Bonds                                | Iraq International Bonds                                                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | IQ        |     1016250 | PA      | $1001006.25   | 0.27%             | 2028-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| BANCO DO BRASIL (CAYMAN)                                | Banco do Brasil SA/Cayman                                                                                                              | CUSIP: 000000000<br>LEI: QE0Q0253K88YAGNPE356 | Long             | DBT              | CORP              | BR        |      310000 | PA      | $312278.50    | 0.08%             | 2025-10-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED TWD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | TW        |           1 | NC      | $-1231.28     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED KRW / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | KR        |           1 | NC      | $1861.87      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED MXN / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | MX        |           1 | NC      | $1344.08      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                   | Sri Lanka Government International Bond                                                                                                | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |      747693 | PA      | $607500.56    | 0.16%             | 2036-05-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED INR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IN        |           1 | NC      | $-312.20      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED INR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IN        |           1 | NC      | $-428.89      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| COSTA RICA GOVERNMENT                                   | Costa Rica Government International Bond                                                                                               | CUSIP: 221597CV7<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |      460000 | PA      | $476261.00    | 0.13%             | 2054-11-13      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $3345.46      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SANTOS FINANCE LTD                                      | Santos Finance Ltd                                                                                                                     | CUSIP: 000000000<br>LEI: 213800BKUBSWG53XNS94 | Long             | DBT              | CORP              | AU        |      363000 | PA      | $396356.07    | 0.11%             | 2033-09-19      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MEXICO CITY ARPT TRUST                                  | Mexico City Airport Trust                                                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |     1109000 | PA      | $914010.08    | 0.25%             | 2047-07-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                                   | Venezuela Government International Bond                                                                                                | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |     1920000 | PA      | $361920.00    | 0.10%             | 2031-08-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GALAXY PIPELINE ASSETS                                  | Galaxy Pipeline Assets Bidco Ltd                                                                                                       | CUSIP: 36321PAD2<br>LEI: 549300L82YB0C6JQIC26 | Long             | DBT              | CORP              | JE        |      375946 | PA      | $332569.79    | 0.09%             | 2034-03-31      | Fixed         | 2.16%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD INR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-365.26      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PTBNPEUUS202507311167 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | LU        |     2562000 | OU      | $15696.15     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD KRW                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-891.75      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |           1 | NC      | $2038.45      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED EUR / SOLD PLN                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $1823.02      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                                   | Guatemala Government Bond                                                                                                              | CUSIP: 000000000<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |     1120000 | PA      | $889476.00    | 0.24%             | 2041-10-07      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Peru Government International Bonds                     | Peru Government International Bonds                                                                                                    | CUSIP: 715638BM3<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |      550000 | PA      | $523534.00    | 0.14%             | 2050-11-18      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CZK / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CZ        |           1 | NC      | $5046.15      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Indonesia Government International Bonds                | Indonesia Government International Bonds                                                                                               | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |      926000 | PA      | $1032837.25   | 0.28%             | 2037-02-17      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Hungary Government International Bonds                  | Hungary Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |      200000 | PA      | $203546.00    | 0.05%             | 2052-09-25      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                                  | Egypt Government International Bond                                                                                                    | CUSIP: 03846JAH3<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     1090000 | PA      | $1101445.00   | 0.30%             | 2030-02-04      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-8337.82     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: SR232880  IRS ZAR R F  9.25000 2 CCPVANILLA / Short: SR232880  IRS ZAR P V 03MJIBAR 1 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    23050000 | OU      | $69676.07     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED KRW / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | KR        |           1 | NC      | $9273.15      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| KOSMOS ENERGY LTD                                       | Kosmos Energy Ltd                                                                                                                      | CUSIP: 500688AJ5<br>LEI: 213800YDFJ3OT9B5P157 | Long             | DBT              | CORP              | US        |      310000 | PA      | $229400.00    | 0.06%             | 2031-10-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CN        |           1 | NC      | $1312.04      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Oman Government International Bonds                     | Oman Government International Bonds                                                                                                    | CUSIP: 000000000<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |     1840000 | PA      | $1882320.00   | 0.51%             | 2028-01-17      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: SR232867  IRS CNY R F  1.50000 CCPNDF / Short: SR232867  IRS CNY P V 01MCNRR CCPNDF                                              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | CN        |   117500000 | OU      | $14431.74     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                      | Dominican Republic International Bond                                                                                                  | CUSIP: 25714PET1<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     2020000 | PA      | $2117364.00   | 0.57%             | 2031-02-03      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | Long: SR232871  IRS MXN R F  8.25000 2 CCPOIS / Short: SR232871  IRS MXN P V 00MTIEF 1 CCPOIS                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    28250000 | OU      | $22724.66     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED KRW / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | KR        |           1 | NC      | $-164.41      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Republic of Poland Government International Bonds       | Republic of Poland Government International Bonds                                                                                      | CUSIP: 857524AH5<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     1260000 | PA      | $1283940.00   | 0.34%             | 2035-02-12      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED AUD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |           1 | NC      | $6249.15      | 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      | $-3207.25     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Republic of Turkiye                                     | Republic of Turkiye                                                                                                                    | CUSIP: 900123DN7<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |      290000 | PA      | $273687.50    | 0.07%             | 2035-01-03      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bonds                   | Mexico Government International Bonds                                                                                                  | CUSIP: 91087BAZ3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |      950000 | PA      | $937175.00    | 0.25%             | 2036-05-07      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                                | Republic of South Africa Government International Bond                                                                                 | CUSIP: 836205AP9<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |      530000 | PA      | $460570.00    | 0.12%             | 2041-03-08      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Bahrain Government International Bonds                  | Bahrain Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 549300RODM1WN85LFQ95 | Long             | DBT              | NUSS              | BH        |     1230000 | PA      | $1120074.90   | 0.30%             | 2033-01-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PTDEUEUUS202507031134 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |     2567000 | OU      | $3.03         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |           1 | NC      | $-15142.20    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF SENEGAL                                     | Senegal Government International Bond                                                                                                  | CUSIP: 000000000<br>LEI: 549300NP14ZLQGWIUZ97 | Long             | DBT              | NUSS              | SN        |     1180000 | PA      | $866934.20    | 0.23%             | 2031-06-10      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD KRW                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-912.80      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-1292.72     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | CWCHAUSCN20250710754 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |    -3082000 | OU      | $-3.08        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |           1 | NC      | $217.59       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Republic of Kenya Government International Bonds        | Republic of Kenya Government International Bonds                                                                                       | CUSIP: 000000000<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |      510000 | PA      | $411666.90    | 0.11%             | 2034-01-23      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | CWBOAUSCN20250630717 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | LU        |     -725000 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD ZAR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-74.51       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED AUD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |           1 | NC      | $20733.39     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED PLN / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | PL        |           1 | NC      | $-767.26      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED NZD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |           1 | NC      | $288.35       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED INR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IN        |           1 | NC      | $919.81       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BANCO LATINOAMERICANO SA                                | Banco Latinoamericano de Comercio Exterior SA                                                                                          | CUSIP: 05968CAC6<br>LEI: 549300CN3134K4LC0651 | Long             | DBT              | NUSS              | PA        |     1970000 | PA      | $1957648.10   | 0.53%             | 2025-09-14      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Colombia Government International Bonds                 | Colombia Government International Bonds                                                                                                | CUSIP: 195325BR5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |      720000 | PA      | $530820.00    | 0.14%             | 2044-02-26      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Serbia International Bonds                              | Serbia International Bonds                                                                                                             | CUSIP: 000000000<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |      460000 | PA      | $483347.30    | 0.13%             | 2033-09-26      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| STATE OF ISRAEL                                         | State of Israel                                                                                                                        | CUSIP: 000000000<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |      670000 | PA      | $434830.00    | 0.12%             | 2060-05-13      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR                                     | Ecuador Government International Bond                                                                                                  | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |      589000 | PA      | $427614.00    | 0.11%             | 2030-07-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CAD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-2622.74     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $10925.12     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED NZD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |           1 | NC      | $11696.36     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ADD HERO HOLDINGS                                       | Add Hero Holdings Ltd                                                                                                                  | CUSIP: 000000000<br>LEI: 254900WMSDP48LFA7478 | Long             | DBT              | CORP              | VG        |       49828 | PA      | $747.42       | 0.00%             | 2030-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Panama Government International Bonds                   | Panama Government International Bonds                                                                                                  | CUSIP: 698299BH6<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     1510000 | PA      | $1016320.60   | 0.27%             | 2050-04-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CHINA AOYUAN GROUP LTD                                  | China Aoyuan Group Ltd                                                                                                                 | CUSIP: 000000000<br>LEI: 549300YSOKQO5QD6MP25 | Long             | DBT              | CORP              | KY        |       35892 | PA      | $430.71       | 0.00%             | 2031-09-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                     | Petroleos Mexicanos                                                                                                                    | CUSIP: 71654QCG5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |      180000 | PA      | $178740.00    | 0.05%             | 2027-03-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                     | Petroleos Mexicanos                                                                                                                    | CUSIP: 71643VAB1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |      170000 | PA      | $157828.00    | 0.04%             | 2032-02-16      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $1033.80      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| INDO ASAHAN/MINERAL IND                                 | Indonesia Asahan Aluminium PT / Mineral Industri Indonesia Persero PT                                                                  | CUSIP: 74445PAG7<br>LEI: 2549008P48EB9SN2OI80 | Long             | DBT              | CORP              | ID        |      560000 | PA      | $522480.00    | 0.14%             | 2050-05-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED KRW / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | KR        |           1 | NC      | $821.24       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK NEGARA INDONESIA                                   | Bank Negara Indonesia Persero Tbk PT                                                                                                   | CUSIP: 000000000<br>LEI: 549300HZ8J3MLVXQ8F85 | Long             | DBT              | CORP              | ID        |      278000 | PA      | $266185.00    | 0.07%             | 2027-03-24      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED INR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IN        |           1 | NC      | $223.39       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | CWDEUEUSE202507101097 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | LU        |     -648000 | OU      | $-12183.23    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED ILS / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IL        |           1 | NC      | $16525.39     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD ZAR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-2018.93     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds                                                                                | CUSIP: 836205AV6<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |      430000 | PA      | $300462.50    | 0.08%             | 2046-10-12      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                             | Ivory Coast Government International Bond                                                                                              | CUSIP: 221625AU0<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |      680000 | PA      | $652378.40    | 0.18%             | 2037-01-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED HUF / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | HU        |           1 | NC      | $5547.29      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED INR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IN        |           1 | NC      | $30.27        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CAD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |           1 | NC      | $1386.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | CWDEUUSCN20250708732 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | LU        |    -3106023 | OU      | $-24.85       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PWBNPAUUS202507220645 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | LU        |    -4582000 | OU      | $-8956.46     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | CWBNPUSCN20250710729 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | LU        |    -1555000 | OU      | $-82.42       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED AUD / SOLD NZD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |           1 | NC      | $487.97       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PWCITEUUS202507141128 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |    -2582000 | OU      | $-133.83      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD KRW                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-4851.04     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PTCITUSCN20250710707 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | LU        |     1541000 | OU      | $621.02       | 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      | $-3049.21     | -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      | $-9586.99     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED KRW / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | KR        |           1 | NC      | $-5.24        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-2821.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED ILS / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IL        |           1 | NC      | $4081.39      | 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      | $-17926.29    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD INR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-3257.99     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| INVERSIONES CMPC SA                                     | Inversiones CMPC SA                                                                                                                    | CUSIP: 46128MAS0<br>LEI: 549300G475ACIABB4385 | Long             | DBT              | CORP              | CL        |      540000 | PA      | $554007.60    | 0.15%             | 2033-06-23      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED KRW / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | KR        |           1 | NC      | $1946.88      | 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      | $-6668.13     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: BR233944  IRS USD R V 00MSOFR 1 CCPOIS / Short: BR233944  IRS USD P F  3.75000 2 CCPOIS                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |     1400000 | OU      | $-10775.10    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PETRONAS CAPITAL LTD                                    | Petronas Capital Ltd                                                                                                                   | CUSIP: 716743AW9<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |     1130000 | PA      | $1156566.30   | 0.31%             | 2035-04-03      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-2554.87     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED NZD / SOLD AUD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |           1 | NC      | $-466.34      | -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      | $-1651.35     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: BR234544  IRS PLN R V 06MWIBOR 1 CCPVANILLA / Short: BR234544  IRS PLN P F  4.25000 2 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    21160000 | OU      | $-10946.48    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD HUF                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-1622.91     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                | Republic of South Africa Government International Bond                                                                                 | CUSIP: 836205BF0<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |      590000 | PA      | $583952.50    | 0.16%             | 2036-11-19      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                | Republic of South Africa Government International Bond                                                                                 | CUSIP: 836205BG8<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |      390000 | PA      | $371670.00    | 0.10%             | 2054-11-19      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-878.85      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED INR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IN        |           1 | NC      | $832.05       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CAD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |           1 | NC      | $2729.49      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                                   | Venezuela Government International Bond                                                                                                | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |      176000 | PA      | $35200.00     | 0.01%             | 2026-10-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | CTCHAUSCN20250708754 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |     3091000 | OU      | $3.09         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | CWBARUSTW202506263225 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | LU        |           0 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                    | PWRBCUSCA202507151361 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | LU        |    -1487000 | OU      | $-7292.25     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD JPY                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-132.37      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CN        |           1 | NC      | $1373.44      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CAD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-450.06      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED NZD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |           1 | NC      | $10145.70     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | CWBOAUSSG20250729127 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |     -744000 | OU      | $-4004.21     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD NZD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-32793.54    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CHF                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-7345.10     | -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      | $-24823.32    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED NZD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |           1 | NC      | $9725.05      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Uruguay Government International Bonds                  | Uruguay Government International Bonds                                                                                                 | CUSIP: 760942BD3<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |     1410000 | PA      | $1249260.00   | 0.34%             | 2055-04-20      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CN        |           1 | NC      | $5168.98      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Egypt Government International Bonds                    | Egypt Government International Bonds                                                                                                   | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     1800000 | PA      | $1470600.00   | 0.39%             | 2049-03-01      | Fixed         | 8.70%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $5654.75      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                      | Ukraine Government International Bond                                                                                                  | CUSIP: 903724CE0<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     1456099 | PA      | $557685.92    | 0.15%             | 2034-02-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH OF BAHAMAS                                 | Bahamas Government International Bond                                                                                                  | CUSIP: 056732AP5<br>LEI: 549300W13SXC7EKNJC20 | Long             | DBT              | NUSS              | BS        |      800000 | PA      | $814400.00    | 0.22%             | 2036-06-24      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-2494.52     | -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      | $-7131.81     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morocco Government International Bonds                  | Morocco Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 529900F3MBW9XY5K1X07 | Long             | DBT              | NUSS              | MA        |     1230000 | PA      | $834862.50    | 0.22%             | 2050-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Egypt Government International Bonds                    | Egypt Government International Bonds                                                                                                   | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |      210000 | PA      | $170257.50    | 0.05%             | 2047-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bonds                   | Mexico Government International Bonds                                                                                                  | CUSIP: 91087BAQ3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     1240000 | PA      | $953870.00    | 0.26%             | 2041-08-14      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-275.96      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Saudi Government International Bonds                    | Saudi Government International Bonds                                                                                                   | CUSIP: 000000000<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |      810000 | PA      | $665722.80    | 0.18%             | 2046-10-26      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CHF                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-4759.48     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Mexico Government International Bonds                   | Mexico Government International Bonds                                                                                                  | CUSIP: 91087BAP5<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |      760000 | PA      | $431680.00    | 0.12%             | 2071-04-19      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-4524.04     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Nigeria Government International Bonds                  | Nigeria Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |     1320000 | PA      | $1256481.60   | 0.34%             | 2028-09-28      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Dominican Republic International Bonds                  | Dominican Republic International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |      199000 | PA      | $197209.00    | 0.05%             | 2045-01-27      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $5502.65      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                                  | Egypt Government International Bond                                                                                                    | CUSIP: 03846JX62<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     1870000 | PA      | $1555840.00   | 0.42%             | 2050-05-29      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | CWBARUSCN202507077217 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | LU        |    -2151000 | OU      | $-436.65      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                      | Ukraine Government International Bond                                                                                                  | CUSIP: 903724CD2<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      223742 | PA      | $107002.37    | 0.03%             | 2030-02-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                 | Romanian Government International Bond                                                                                                 | CUSIP: 77586RAH3<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     1050000 | PA      | $897225.00    | 0.24%             | 2031-02-14      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Panama Government International Bonds                   | Panama Government International Bonds                                                                                                  | CUSIP: 698299BS2<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |      570000 | PA      | $365868.75    | 0.10%             | 2063-01-19      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED INR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IN        |           1 | NC      | $-581.24      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-541.77      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PWCITAUNZ202507031076 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | LU        |    -1139000 | OU      | $-367.32      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED TWD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | TW        |           1 | NC      | $-1151.40     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD NZD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-1473.64     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-30666.95    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| SAUDI ARABIAN OIL CO                                    | Saudi Arabian Oil Co                                                                                                                   | CUSIP: 80414L2P9<br>LEI: 5586006WD91QHB7J4X50 | Long             | DBT              | CORP              | SA        |     1030000 | PA      | $959239.00    | 0.26%             | 2054-07-17      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED INR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IN        |           1 | NC      | $-260.95      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Hungary Government International Bonds                  | Hungary Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |     1310000 | PA      | $1259918.70   | 0.34%             | 2036-03-26      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                                   | Guatemala Government Bond                                                                                                              | CUSIP: 401494AY5<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |      220000 | PA      | $223520.00    | 0.06%             | 2031-08-06      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| OMAN GOV INTERNTL BOND                                  | Oman Government International Bond                                                                                                     | CUSIP: 68205LAD5<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |      740000 | PA      | $771716.40    | 0.21%             | 2027-10-28      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| AEROPUERTO INTL TOCUMEN                                 | Aeropuerto Internacional de Tocumen SA                                                                                                 | CUSIP: 00787CAD4<br>LEI: 254900FO1PHX49ZIGB14 | Long             | DBT              | CORP              | PA        |      940000 | PA      | $708525.00    | 0.19%             | 2041-08-11      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED NZD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |           1 | NC      | $21786.64     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD KRW                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-480.70      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |           1 | NC      | $-3026.72     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                      | Dominican Republic International Bond                                                                                                  | CUSIP: 25714PFB9<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     2419000 | PA      | $2467682.38   | 0.66%             | 2037-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF MOROCCO                                      | Morocco Government International Bond                                                                                                  | CUSIP: 000000000<br>LEI: 529900F3MBW9XY5K1X07 | Long             | DBT              | NUSS              | MA        |      100000 | PA      | $101267.24    | 0.03%             | 2031-11-27      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Costa Rica Government International Bonds               | Costa Rica Government International Bonds                                                                                              | CUSIP: 000000000<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |      930000 | PA      | $950692.50    | 0.26%             | 2044-04-04      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-1783.95     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| KINGDOM OF BAHRAIN                                      | Bahrain Government International Bond                                                                                                  | CUSIP: 05675M2C7<br>LEI: 549300RODM1WN85LFQ95 | Long             | DBT              | NUSS              | BH        |      630000 | PA      | $654255.00    | 0.18%             | 2030-05-14      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED GBP / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |           1 | NC      | $-4145.73     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CAD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-5951.73     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED NOK / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NO        |           1 | NC      | $488.53       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | CTBOAUSMX202508081895 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | LU        |     1492000 | OU      | $16498.54     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED SEK / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | SE        |           1 | NC      | $2347.72      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TRANSNET SOC LTD                                        | Transnet SOC Ltd                                                                                                                       | CUSIP: 000000000<br>LEI: 378900B07CD6F01EA796 | Long             | DBT              | CORP              | ZA        |      650000 | PA      | $672548.50    | 0.18%             | 2028-02-06      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Turkiye Government International Bonds                  | Turkiye Government International Bonds                                                                                                 | CUSIP: 900123CY4<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |      780000 | PA      | $742365.00    | 0.20%             | 2030-03-13      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CAD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |           1 | NC      | $627.10       | 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      | $-16160.84    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | PTCHANZUS202507240603 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | LU        |     2454000 | OU      | $8195.68      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Peru Government International Bonds                     | Peru Government International Bonds                                                                                                    | CUSIP: 715638EB4<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |      840000 | PA      | $838572.00    | 0.23%             | 2035-02-08      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-5735.99     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PTCITNZUS202507280601 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | LU        |     4980000 | OU      | $15153.51     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Paraguay Government International Bonds                 | Paraguay Government International Bonds                                                                                                | CUSIP: 000000000<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |     1390000 | PA      | $1189145.00   | 0.32%             | 2050-03-30      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | CTCHAUSCN20250710729 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | LU        |     3110000 | OU      | $164.83       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD INR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $815.83       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Nigeria Government International Bonds                  | Nigeria Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |     1320000 | PA      | $1249380.00   | 0.34%             | 2032-02-16      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                                 | Hungary Government International Bond                                                                                                  | CUSIP: 445545AV8<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |      200000 | PA      | $201350.00    | 0.05%             | 2030-09-26      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CN        |           1 | NC      | $1264.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-362.64      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Mexico Government International Bonds                   | Mexico Government International Bonds                                                                                                  | CUSIP: 91087BAV2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |      610000 | PA      | $623725.00    | 0.17%             | 2035-02-09      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED NZD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |           1 | NC      | $8981.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Egypt Government International Bonds                    | Egypt Government International Bonds                                                                                                   | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |      200000 | PA      | $163350.00    | 0.04%             | 2051-09-30      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| UZBEKISTAN INTL BOND                                    | Republic of Uzbekistan International Bond                                                                                              | CUSIP: 91822QVX2<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |      550000 | PA      | $585860.00    | 0.16%             | 2028-10-12      | Fixed         | 7.85%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PTBARUSCN20250710707 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | LU        |     1541000 | OU      | $621.02       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: BR233965  IRS EUR R V 06MEURIB 1 CCPVANILLA / Short: BR233965  IRS EUR P F  2.00000 2 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |      780000 | OU      | $26012.84     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CAD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |           1 | NC      | $1030.57      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                     | Petroleos Mexicanos                                                                                                                    | CUSIP: 71654QBX9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |      370000 | PA      | $244200.00    | 0.07%             | 2046-01-23      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF MOROCCO                                      | Morocco Government International Bond                                                                                                  | CUSIP: 000000000<br>LEI: 529900F3MBW9XY5K1X07 | Long             | DBT              | NUSS              | MA        |      270000 | PA      | $254137.50    | 0.07%             | 2027-12-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $28618.78     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| AKBANK TAS                                              | Akbank TAS                                                                                                                             | CUSIP: 00971YAL4<br>LEI: 789000TUMN63Z28TJ497 | Long             | DBT              | CORP              | TR        |     1230000 | PA      | $1246912.50   | 0.33%             | 2030-01-20      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD NZD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-84205.99    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |           1 | NC      | $2642.88      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED PLN / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | PL        |           1 | NC      | $321.94       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED ZAR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | ZA        |           1 | NC      | $70.22        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ROMANIA                                                 | Romanian Government International Bond                                                                                                 | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      260000 | PA      | $307545.83    | 0.08%             | 2031-03-22      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-9194.19     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Republic of Poland Government International Bonds       | Republic of Poland Government International Bonds                                                                                      | CUSIP: 731011AZ5<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     1840000 | PA      | $1702000.00   | 0.46%             | 2054-03-18      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-7234.60     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| IVORY COAST                                             | Ivory Coast Government International Bond                                                                                              | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |      362000 | PA      | $361323.06    | 0.10%             | 2028-03-03      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| GOVT OF BERMUDA                                         | Bermuda Government International Bond                                                                                                  | CUSIP: 000000000<br>LEI: 549300FP5PUZXX9FVJ40 | Long             | DBT              | NUSS              | BM        |      580000 | PA      | $382220.00    | 0.10%             | 2050-08-20      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Romania Government International Bonds                  | Romania Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     1340000 | PA      | $839808.42    | 0.23%             | 2051-02-14      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PTBNPEUUS202508181156 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |     1284000 | OU      | $6396.32      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| KINGSTON AIRPORT REV FIN                                | Kingston Airport Revenue Finance Ltd                                                                                                   | CUSIP: 49647QAA6<br>LEI: 254900SK2YRR95AVHU30 | Long             | DBT              | CORP              | KY        |     1020000 | PA      | $1028925.00   | 0.28%             | 2036-12-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ISLAMIC REP OF PAKISTAN                                 | Pakistan Government International Bond                                                                                                 | CUSIP: 000000000<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |      500000 | PA      | $408750.00    | 0.11%             | 2036-03-31      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| BONOS DE TESORERIA                                      | Peru Government Bond                                                                                                                   | CUSIP: 000000000<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     2770000 | PA      | $737887.34    | 0.20%             | 2034-08-12      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CHF / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |           1 | NC      | $1608.76      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA                                       | Ghana Government International Bond                                                                                                    | CUSIP: 374422AL7<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |      225672 | PA      | $218363.05    | 0.06%             | 2026-07-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD NZD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-51615.50    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| KINGDOM OF JORDAN                                       | Jordan Government International Bond                                                                                                   | CUSIP: 000000000<br>LEI: 5493000JZ4MYPVMBVN50 | Long             | DBT              | NUSS              | JO        |      330000 | PA      | $340098.00    | 0.09%             | 2028-01-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-3306.89     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF SERBIA                                      | Serbia International Bond                                                                                                              | CUSIP: 000000000<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |      240000 | PA      | $231733.05    | 0.06%             | 2033-03-03      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED MXN / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | MX        |           1 | NC      | $7990.95      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MAGYAR EXPORT-IMPORT BAN                                | Magyar Export-Import Bank Zrt                                                                                                          | CUSIP: 55977YAA6<br>LEI: 529900O4UGETQ9Q3AA63 | Long             | DBT              | NUSS              | HU        |      790000 | PA      | $805310.20    | 0.22%             | 2027-12-04      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED KRW / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | KR        |           1 | NC      | $163.19       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| EASY TACTIC LTD                                         | Easy Tactic Ltd                                                                                                                        | CUSIP: 000000000<br>LEI: 549300WYFMC41MKE6E16 | Long             | DBT              | CORP              | VG        |      441612 | PA      | $10488.30     | 0.00%             | 2028-07-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Turkiye Government International Bonds                  | Turkiye Government International Bonds                                                                                                 | CUSIP: 900123DP2<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     1100000 | PA      | $1100066.00   | 0.30%             | 2032-02-12      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-9107.57     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                             | CTCITUSCN202507217208 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |      774000 | OU      | $685.76       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |           1 | NC      | $547.98       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CAD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-5183.28     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-5207.27     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED NZD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |           1 | NC      | $31932.51     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                                   | Guatemala Government Bond                                                                                                              | CUSIP: 000000000<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |      470000 | PA      | $466240.00    | 0.13%             | 2029-08-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED NZD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |           1 | NC      | $15487.31     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-8711.71     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PWBOAUSSG20250729127 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |     -744000 | OU      | $-4713.24     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                  | US 2YR NOTE (CBT) SEP25                                                                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         118 | NC      | $93246.24     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD KRW                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-6477.29     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CN        |           1 | NC      | $1248.85      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | CTDEUEUUS202509171142 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | LU        |     1421000 | OU      | $65469.99     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| MONGOLIA INTL BOND                                      | Mongolia Government International Bond                                                                                                 | CUSIP: 60937LAH8<br>LEI: N/A                  | Long             | DBT              | NUSS              | MN        |      200000 | PA      | $207500.00    | 0.06%             | 2029-06-05      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED ILS / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IL        |           1 | NC      | $6864.23      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Dominican Republic International Bonds                  | Dominican Republic International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |      150000 | PA      | $157230.00    | 0.04%             | 2031-02-03      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| MEXICO CITY ARPT TRUST                                  | Mexico City Airport Trust                                                                                                              | CUSIP: 59284MAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |     1310000 | PA      | $1270045.00   | 0.34%             | 2028-04-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $1704.07      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | CWBAREUPL20250703426 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |     -648000 | OU      | $-683.16      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-5422.13     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: BR232878  IRS KRW R V 03MKSDA 1 CCPNDF / Short: BR232878  IRS KRW P F  2.50000 2 CCPNDF                                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  1682690000 | OU      | $-3090.96     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED ILS / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IL        |           1 | NC      | $4358.27      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD PLN                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-5288.81     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CEMEX SAB DE CV                                         | Cemex SAB de CV                                                                                                                        | CUSIP: 151290CC5<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |      880000 | PA      | $890120.00    | 0.24%             | 2030-06-10      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED ZAR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | ZA        |           1 | NC      | $541.76       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD BRL                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-28504.89    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PTBNPEUUS2025081511175 GOLDMAN                                                                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | LU        |     2589000 | OU      | $1872.53      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-432.03      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| KINGSTON AIRPORT REV FIN                                | Kingston Airport Revenue Finance Ltd                                                                                                   | CUSIP: 000000000<br>LEI: 254900SK2YRR95AVHU30 | Long             | DBT              | CORP              | KY        |      400000 | PA      | $403500.00    | 0.11%             | 2036-12-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | Long: SR230955  IRS BRL R F 13.75000 2 CCPNDFPREDISWAP / Short: SR230955  IRS BRL P V 00MBRCDI 1 CCPNDFPREDISWAP                       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | GB        |    59240000 | OU      | $-35783.87    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD SGD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-876.34      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PTSTAEUUS202507141111 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | LU        |     2533000 | OU      | $11.93        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TELECOMMUNICATIONS CO TE                                | Telecommunications co Telekom Srbija AD Belgrade                                                                                       | CUSIP: 87945BAA8<br>LEI: 254900OVY0XI1DFYC092 | Long             | DBT              | CORP              | RS        |      420000 | PA      | $419107.50    | 0.11%             | 2029-10-28      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD TWD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $894.87       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GALAXY PIPELINE ASSETS                                  | Galaxy Pipeline Assets Bidco Ltd                                                                                                       | CUSIP: 000000000<br>LEI: 549300L82YB0C6JQIC26 | Long             | DBT              | CORP              | JE        |      580000 | PA      | $491550.00    | 0.13%             | 2036-03-31      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                   | Sri Lanka Government International Bond                                                                                                | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |      861204 | PA      | $587448.78    | 0.16%             | 2035-06-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PTSTANZUS2025071006025 GOLDMAN                                                                                                         | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | LU        |     4907000 | OU      | $7983.14      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PTHSBUSCN202507087085 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | LU        |     3091000 | OU      | $1094.21      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $2817.45      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DP WORLD LTD UAE                                        | DP World Ltd/United Arab Emirates                                                                                                      | CUSIP: 000000000<br>LEI: 549300M3U2DNF4QVSS04 | Long             | DBT              | CORP              | AE        |      730000 | PA      | $598828.13    | 0.16%             | 2049-09-30      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PTBNPAUUS202508050648 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |     4604000 | OU      | $18483.75     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-5053.85     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PWUBSEUPL20250707428 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | LU        |     -647000 | OU      | $-6177.86     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                                   | Guatemala Government Bond                                                                                                              | CUSIP: 401494AX7<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |      350000 | PA      | $371875.00    | 0.10%             | 2032-10-04      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD HUF                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-3163.10     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Turkiye Government International Bonds                  | Turkiye Government International Bonds                                                                                                 | CUSIP: 900123DD9<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     2550000 | PA      | $2442262.50   | 0.66%             | 2033-09-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-6913.87     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | CTDEUUSCN20250710748 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | LU        |     1446000 | OU      | $1.45         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD COP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-288.40      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD HUF                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-19413.53    | -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      | $95.47        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Argentina Republic Government International Bonds       | Argentina Republic Government International Bonds                                                                                      | CUSIP: 040114HW3<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |      908822 | PA      | $593914.92    | 0.16%             | 2046-07-09      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED AUD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |           1 | NC      | $2727.92      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CLP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-404.66      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED MXN / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | MX        |           1 | NC      | $1510.61      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| KINGDOM OF MOROCCO                                      | Morocco Government International Bond                                                                                                  | CUSIP: 617726AK0<br>LEI: 529900F3MBW9XY5K1X07 | Long             | DBT              | NUSS              | MA        |      420000 | PA      | $395325.00    | 0.11%             | 2027-12-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PWBOAUSIN20250729858 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |     -744000 | OU      | $-4280.98     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chile Government International Bonds                    | Chile Government International Bonds                                                                                                   | CUSIP: 168863DL9<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |      390000 | PA      | $277875.00    | 0.07%             | 2050-01-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MEXICO CITY ARPT TRUST                                  | Mexico City Airport Trust                                                                                                              | CUSIP: 59284MAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |      280000 | PA      | $231245.00    | 0.06%             | 2046-10-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PTBNPUSCA202508061362 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |     1432000 | OU      | $12272.24     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ABU DHABI GOVT INT'L                                    | Abu Dhabi Government International Bond                                                                                                | CUSIP: 29135LAU4<br>LEI: 213800FER4348CINTA77 | Long             | DBT              | NUSS              | AE        |      360000 | PA      | $357300.00    | 0.10%             | 2054-04-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-1822.05     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD NZD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-831.59      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | PWCHAEUSE2025070310935 GOLDMAN                                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |     -647000 | OU      | $-0.77        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD INR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-4337.07     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD MXN                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-2932.13     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD NZD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-4466.50     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CN        |           1 | NC      | $1081.55      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PTHSBUSIN20250812853 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |      721000 | OU      | $3128.42      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD AUD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-1859.37     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | CWCHAEUSE2025070310935 GOLDMAN                                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |     -647000 | OU      | $-14321.26    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PWUBSUSJP202508011441 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | LU        |    -1169561 | OU      | $-17270.90    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD INR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-1547.36     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Argentina Republic Government International Bonds       | Argentina Republic Government International Bonds                                                                                      | CUSIP: 040114HX1<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |       44413 | PA      | $37046.16     | 0.01%             | 2029-07-09      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Costa Rica Government International Bonds               | Costa Rica Government International Bonds                                                                                              | CUSIP: 000000000<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |      660000 | PA      | $679140.00    | 0.18%             | 2031-02-19      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CZK / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CZ        |           1 | NC      | $17476.10     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HUNGARY                                                 | Hungary Government International Bond                                                                                                  | CUSIP: 445545AU0<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |     1450000 | PA      | $1394566.50   | 0.37%             | 2036-03-26      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FANTASIA HOLDINGS GROUP                                 | Fantasia Holdings Group Co Ltd                                                                                                         | CUSIP: 000000000<br>LEI: 5493005JQNLB3I01JW62 | Long             | DBT              | CORP              | KY        |      340000 | PA      | $9350.00      | 0.00%             | 2024-03-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD TRY                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-2087.06     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TRINIDAD & TOBAGO                                       | Trinidad & Tobago Government International Bond                                                                                        | CUSIP: 896292AM1<br>LEI: N/A                  | Long             | DBT              | NUSS              | TT        |      900000 | PA      | $883800.00    | 0.24%             | 2034-06-26      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | CWBOAAUNZ2025072410785 GOLDMAN                                                                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |    -1144000 | OU      | $-3713.42     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                                   | Guatemala Government Bond                                                                                                              | CUSIP: 401494AZ2<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |      200000 | PA      | $201400.00    | 0.05%             | 2037-02-06      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-26308.02    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                                  | Egypt Government International Bond                                                                                                    | CUSIP: 03846JAG5<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |      270000 | PA      | $272092.50    | 0.07%             | 2033-02-04      | Fixed         | 9.45%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PTDEUEUUS202507181135 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |     1934000 | OU      | $631.05       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SAMARCO MINERACAO SA                                    | Samarco Mineracao SA                                                                                                                   | CUSIP: 000000000<br>LEI: 529900U8HKV15GJC4O60 | Long             | DBT              | CORP              | BR        |      971518 | PA      | $952694.84    | 0.26%             | 2031-06-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD KRW                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-161.58      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Romania Government International Bonds                  | Romania Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     1240000 | PA      | $1213960.00   | 0.33%             | 2034-01-30      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |           1 | NC      | $196.61       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Nigeria Government International Bonds                  | Nigeria Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |     1518000 | PA      | $1442570.58   | 0.39%             | 2030-02-23      | Fixed         | 7.14%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | CWBOAUSCN20250724716 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |     -740000 | OU      | $-2077.18     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds                                                                                | CUSIP: 836205BB9<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     1130000 | PA      | $848630.00    | 0.23%             | 2049-09-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ADD HERO HOLDINGS                                       | Add Hero Holdings Ltd                                                                                                                  | CUSIP: 000000000<br>LEI: 254900WMSDP48LFA7478 | Long             | DBT              | CORP              | VG        |       61328 | PA      | $919.93       | 0.00%             | 2029-09-30      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED NZD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |           1 | NC      | $1857.11      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                                   | Venezuela Government International Bond                                                                                                | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |     2310000 | PA      | $370755.00    | 0.10%             | 2025-04-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                                  | Egypt Government International Bond                                                                                                    | CUSIP: 03846JX54<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |      700000 | PA      | $647850.00    | 0.17%             | 2032-05-29      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-2224.58     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PWBNPEUUS202508181137 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |    -1296000 | OU      | $-2636.48     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED INR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IN        |           1 | NC      | $-659.57      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                      | Ukraine Government International Bond                                                                                                  | CUSIP: 903724CF7<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      576562 | PA      | $270173.38    | 0.07%             | 2035-02-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                   | Mexico Government International Bond                                                                                                   | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     1110000 | PA      | $692334.60    | 0.19%             | 2051-10-25      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED NZD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |           1 | NC      | $5100.54      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Nigeria Government International Bonds                  | Nigeria Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |     1215000 | PA      | $1006141.50   | 0.27%             | 2051-09-28      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| BRF SA                                                  | BRF SA                                                                                                                                 | CUSIP: 000000000<br>LEI: 254900MTXR9LUVQFU480 | Long             | DBT              | CORP              | BR        |      860000 | PA      | $819795.00    | 0.22%             | 2030-01-24      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CN        |           1 | NC      | $1588.23      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD PLN                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-11932.80    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-8457.90     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| KINGDOM OF MOROCCO                                      | Morocco Government International Bond                                                                                                  | CUSIP: 617726AN4<br>LEI: 529900F3MBW9XY5K1X07 | Long             | DBT              | NUSS              | MA        |      670000 | PA      | $686415.00    | 0.18%             | 2028-03-08      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD KRW                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-13053.11    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PWCITUSJP202508011441 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | LU        |    -1948439 | OU      | $-28772.60    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |           1 | NC      | $2426.10      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED KRW / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | KR        |           1 | NC      | $1534.80      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |           1 | NC      | $5743.08      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-8306.86     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PWCITEUGB202507010842 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | LU        |     -642000 | OU      | $-0.75        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CN        |           1 | NC      | $569.66       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $26998.61     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ISLAMIC REP OF PAKISTAN                                 | Pakistan Government International Bond                                                                                                 | CUSIP: 000000000<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |     1480000 | PA      | $1210908.18   | 0.33%             | 2051-04-08      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Ukraine Government International Bonds                  | Ukraine Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      420000 | PA      | $208425.00    | 0.06%             | 2036-02-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| Lebanese Republic                                       | Lebanon Government International Bond                                                                                                  | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |      585000 | PA      | $110565.00    | 0.03%             | 2029-05-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Morocco Government International Bonds                  | Morocco Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 529900F3MBW9XY5K1X07 | Long             | DBT              | NUSS              | MA        |      280000 | PA      | $294613.20    | 0.08%             | 2033-09-08      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | PWCHAAUNZ202507071078 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | LU        |    -1135000 | OU      | $-1086.89     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | Long: SR232862  IRS CLP R F  5.75000 2 CCPNDFCAMARAPROMEDIO / Short: SR232862  IRS CLP P V 00MCLICP 1 CCPNDFCAMARAPROMEDIO             | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |  1375040000 | OU      | $72937.01     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                     | Petroleos Mexicanos                                                                                                                    | CUSIP: 71654QCL4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     1210000 | PA      | $842039.00    | 0.23%             | 2048-02-12      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CN        |           1 | NC      | $1094.94      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA AOYUAN GROUP LTD                                  | China Aoyuan Group Ltd                                                                                                                 | CUSIP: 000000000<br>LEI: 549300YSOKQO5QD6MP25 | Long             | DBT              | CORP              | KY        |       90223 | PA      | $676.67       | 0.00%             | 2099-12-31      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Egypt Government International Bonds                    | Egypt Government International Bonds                                                                                                   | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     1100000 | PA      | $975150.00    | 0.26%             | 2033-09-30      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PWHSBEUUS202507241151 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | LU        |    -1940000 | OU      | $-3587.80     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD AUD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-14487.27    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD MXN                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-19529.25    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD NZD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-1450.46     | -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      | $-14132.26    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CN        |           1 | NC      | $382.60       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED KRW / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | KR        |           1 | NC      | $110.98       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Republic of Paraguay                                    | Paraguay Government International Bond                                                                                                 | CUSIP: 699149AD2<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |      605000 | PA      | $603487.50    | 0.16%             | 2027-03-27      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Peru Government International Bonds                     | Peru Government International Bonds                                                                                                    | CUSIP: 715638DW9<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |      200000 | PA      | $123176.00    | 0.03%             | 2072-01-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD NZD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-4804.06     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PWDEUEUUS2025081511175 GOLDMAN                                                                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |    -2589000 | OU      | $-1872.53     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| RAIZEN FUELS FINANCE                                    | Raizen Fuels Finance SA                                                                                                                | CUSIP: 75102XAE6<br>LEI: 52990010NH26VC32Q522 | Long             | DBT              | CORP              | LU        |      300000 | PA      | $293812.50    | 0.08%             | 2037-02-25      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PWCITNZUS202507240601 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | LU        |    -7375500 | OU      | $-20554.50    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |           1 | NC      | $15110.90     | 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      | $-20744.68    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD INR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-686.46      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | Long: SR230956  IRS BRL R F 13.25000 2 CCPNDFPREDISWAP / Short: SR230956  IRS BRL P V 00MBRCDI 1 CCPNDFPREDISWAP                       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | GB        |    11180000 | OU      | $10976.06     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NIAGARA ENERGY SAC                                      | Niagara Energy SAC                                                                                                                     | CUSIP: 65345YAA0<br>LEI: 254900V9UGCG42YQ6848 | Long             | DBT              | CORP              | PE        |      610000 | PA      | $602756.25    | 0.16%             | 2034-10-03      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED SGD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | SG        |           1 | NC      | $11828.83     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED TWD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | TW        |           1 | NC      | $1692.21      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CN        |           1 | NC      | $66.47        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ecuador Government International Bonds                  | Ecuador Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |     2310000 | PA      | $1451257.50   | 0.39%             | 2040-07-31      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $38980.83     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD KRW                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-1953.96     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bahrain Government International Bonds                  | Bahrain Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 549300RODM1WN85LFQ95 | Long             | DBT              | NUSS              | BH        |     1110000 | PA      | $1128736.80   | 0.30%             | 2029-09-20      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PWSTANZUS2025073105965 GOLDMAN                                                                                                         | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | LU        |    -4907000 | OU      | $-11823.66    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED INR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IN        |           1 | NC      | $-58.21       | -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      | $-3020.61     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TENGIZCHEVROIL FIN CO IN                                | Tengizchevroil Finance Co International Ltd                                                                                            | CUSIP: 88034QAB3<br>LEI: 5493001VEV2XTJIBZH31 | Long             | DBT              | CORP              | BM        |     1280000 | PA      | $1270464.00   | 0.34%             | 2025-08-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD INR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-5118.44     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                      | Dominican Republic International Bond                                                                                                  | CUSIP: 25714PEP9<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |      940000 | PA      | $935770.00    | 0.25%             | 2029-02-22      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: SR233967  IRS EUR R F  2.00000 2 CCPVANILLA / Short: SR233967  IRS EUR P V 06MEURIB 1 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |     1760000 | OU      | $-113744.92   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Dominican Republic International Bonds                  | Dominican Republic International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |      840000 | PA      | $706335.00    | 0.19%             | 2060-01-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PWBNPUSIN20250812853 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | LU        |     -721000 | OU      | $-3128.42     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD NOK                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-1863.90     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED INR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IN        |           1 | NC      | $-67.18       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED INR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IN        |           1 | NC      | $674.74       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-28058.25    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | CTBARUSCN20250804719 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | LU        |     2947000 | OU      | $5914.63      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $11192.35     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED AUD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |           1 | NC      | $21937.91     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD JPY                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-1617.09     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PWDEUEUSE202507101097 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | LU        |     -648000 | OU      | $-234.34      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF KENYA                                       | Republic of Kenya Government International Bond                                                                                        | CUSIP: 491798AK0<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |      200000 | PA      | $185741.00    | 0.05%             | 2032-05-22      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| El Salvador Government International Bonds              | El Salvador Government International Bonds                                                                                             | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |      830000 | PA      | $694087.50    | 0.19%             | 2050-01-20      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF UZBEKISTAN                                  | Republic of Uzbekistan International Bond                                                                                              | CUSIP: 000000000<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |     1120000 | PA      | $1098720.00   | 0.30%             | 2029-02-20      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD INR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-3186.74     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD NZD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-64.04       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CHF / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |           1 | NC      | $4659.10      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CAD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |           1 | NC      | $840.72       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Saudi Government International Bonds                    | Saudi Government International Bonds                                                                                                   | CUSIP: 000000000<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |     1160000 | PA      | $964609.60    | 0.26%             | 2047-10-04      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| BENIN INTL GOV BOND                                     | Benin Government International Bond                                                                                                    | CUSIP: 000000000<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |      530000 | PA      | $555445.78    | 0.15%             | 2032-01-19      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $4429.12      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PAKISTAN WATER & POWER                                  | Pakistan Water & Power Development Authority                                                                                           | CUSIP: 000000000<br>LEI: 213800UA74QOTK6IES10 | Long             | DBT              | NUSS              | PK        |      590000 | PA      | $472000.00    | 0.13%             | 2031-06-04      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S                                | Petroleos de Venezuela SA                                                                                                              | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |     2570000 | PA      | $322535.00    | 0.09%             | 2027-04-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TRANSNET SOC LTD                                        | Transnet SOC Ltd                                                                                                                       | CUSIP: 89378TAD5<br>LEI: 378900B07CD6F01EA796 | Long             | DBT              | CORP              | ZA        |     1260000 | PA      | $1303709.40   | 0.35%             | 2028-02-06      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| LEBANESE REPUBLIC                                       | Lebanon Government International Bond                                                                                                  | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |     1083000 | PA      | $204687.00    | 0.05%             | 2031-11-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | PWCHAUSCN202507087085 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | LU        |    -3091000 | OU      | $-1094.21     | -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      | $-2658.47     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED NZD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |           1 | NC      | $3685.41      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | Long: BR230956  IRS BRL R V 00MBRCDI IR230956_FLO CCPNDFPREDISWAP / Short: BR230956  IRS BRL P F 13.25000 IR230956_FIX CCPNDFPREDISWAP | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | GB        |    11180000 | OU      | $-10976.06    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-1207.90     | -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      | $-47012.47    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Pakistan Government International Bonds                 | Pakistan Government International Bonds                                                                                                | CUSIP: 000000000<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |     1170000 | PA      | $1105650.00   | 0.30%             | 2027-12-05      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED ILS / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IL        |           1 | NC      | $8309.62      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Lebanon Government International Bonds                  | Lebanon Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |      245000 | PA      | $46305.00     | 0.01%             | 2027-03-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD MXN                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-1374.18     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-2277.25     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HUNGARY                                                 | Hungary Government International Bond                                                                                                  | CUSIP: 445545AT3<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |      580000 | PA      | $590283.40    | 0.16%             | 2052-09-25      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NBK TIER 1 LTD                                          | NBK Tier 1 Ltd                                                                                                                         | CUSIP: 000000000<br>LEI: 5493000G4QCCEE8YHF19 | Long             | DBT              | CORP              | AE        |      220000 | PA      | $212025.00    | 0.06%             | 2026-08-24      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CN        |           1 | NC      | $1432.74      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $10402.81     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Argentina Republic Government International Bonds       | Argentina Republic Government International Bonds                                                                                      | CUSIP: 040114HT0<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |     2415877 | PA      | $1621053.47   | 0.44%             | 2035-07-09      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| DP WORLD LTD UAE                                        | DP World Ltd/United Arab Emirates                                                                                                      | CUSIP: 000000000<br>LEI: 549300M3U2DNF4QVSS04 | Long             | DBT              | CORP              | AE        |     2401000 | PA      | $2238182.19   | 0.60%             | 2048-09-25      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED NZD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |           1 | NC      | $2835.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Indonesia Government International Bonds                | Indonesia Government International Bonds                                                                                               | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |      450000 | PA      | $404662.50    | 0.11%             | 2043-04-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CAD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-705.53      | -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      | $-30413.77    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $6231.16      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-2518.08     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD KRW                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-1290.88     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Brazil Government International Bonds                   | Brazil Government International Bonds                                                                                                  | CUSIP: 105756BR0<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     1518000 | PA      | $1351020.00   | 0.36%             | 2041-01-07      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| OMAN GOV INTERNTL BOND                                  | Oman Government International Bond                                                                                                     | CUSIP: 68205LAE3<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |      680000 | PA      | $768808.00    | 0.21%             | 2032-10-28      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Ecuador Government International Bonds                  | Ecuador Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |     1282817 | PA      | $1112202.34   | 0.30%             | 2030-07-31      | Fixed         | 6.90%                 | 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        |    16676832 | NS      | $16676831.55  | 4.48%             |  |  |  | No            |                  1 | On Loan: No      |
| JSW HYDRO ENERGY LTD                                    | JSW Hydro Energy Ltd                                                                                                                   | CUSIP: 000000000<br>LEI: 3358006ZP5KO7VUH2790 | Long             | DBT              | CORP              | IN        |      631900 | PA      | $578188.50    | 0.16%             | 2031-05-18      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Egypt Government International Bonds                    | Egypt Government International Bonds                                                                                                   | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     1850000 | PA      | $1539200.00   | 0.41%             | 2050-05-29      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Republic of Angola                                      | Angolan Government International Bond                                                                                                  | CUSIP: 035198AB6<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |      880000 | PA      | $830940.00    | 0.22%             | 2028-05-09      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                                   | Indonesia Government International Bond                                                                                                | CUSIP: 455780CX2<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |     1490000 | PA      | $935109.10    | 0.25%             | 2071-03-12      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| NE PROPERTY BV                                          | NE Property BV                                                                                                                         | CUSIP: 000000000<br>LEI: 7245006AG9J70KOIJH36 | Long             | DBT              | CORP              | NL        |      450000 | PA      | $533624.01    | 0.14%             | 2027-07-14      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD JPY                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-1457.25     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| KINGDOM OF BAHRAIN                                      | Bahrain Government International Bond                                                                                                  | CUSIP: 05675M2A1<br>LEI: 549300RODM1WN85LFQ95 | Long             | DBT              | NUSS              | BH        |      560000 | PA      | $531473.60    | 0.14%             | 2031-09-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA                                       | Ghana Government International Bond                                                                                                    | CUSIP: 374422AM5<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     1925526 | PA      | $1797959.90   | 0.48%             | 2029-07-03      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-2962.75     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD MXN                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-3263.73     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                                   | Guatemala Government Bond                                                                                                              | CUSIP: 000000000<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |      430000 | PA      | $456875.00    | 0.12%             | 2032-10-04      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| FANTASIA HOLDINGS GROUP                                 | Fantasia Holdings Group Co Ltd                                                                                                         | CUSIP: 000000000<br>LEI: 5493005JQNLB3I01JW62 | Long             | DBT              | CORP              | KY        |      200000 | PA      | $5500.00      | 0.00%             | 2023-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                             | CWCITAUNZ202507171075 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | LU        |    -1134000 | OU      | $-4735.54     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED INR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IN        |           1 | NC      | $-325.23      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: SR232895  IRS CZK R F  3.50000 2 CCPVANILLA / Short: SR232895  IRS CZK P V 06MPRIBO 1 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    11690000 | OU      | $-271.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Hungary Government International Bonds                  | Hungary Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |     1960000 | PA      | $1156890.00   | 0.31%             | 2051-09-21      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-2867.52     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ROMANIA                                                 | Romanian Government International Bond                                                                                                 | CUSIP: 77586RAS9<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      740000 | PA      | $749945.60    | 0.20%             | 2053-01-17      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Romania Government International Bonds                  | Romania Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      560000 | PA      | $478520.00    | 0.13%             | 2031-02-14      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CAD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-1186.60     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $1450.90      | 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      | $727.47       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | CWBOAEUPL202507304241 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | LU        |     -637000 | OU      | $-5628.41     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PWBOAEUUS202509171063 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |    -1421000 | OU      | $-200.86      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | PTCHAEUUS202509171063 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | LU        |     1421000 | OU      | $200.86       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Argentina Republic Government International Bonds       | Argentina Republic Government International Bonds                                                                                      | CUSIP: 040114HS2<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |      928116 | PA      | $735624.55    | 0.20%             | 2030-07-09      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CLP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CL        |           1 | NC      | $545.49       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MONGOLIA INTL BOND                                      | Mongolia Government International Bond                                                                                                 | CUSIP: 60937LAG0<br>LEI: N/A                  | Long             | DBT              | NUSS              | MN        |      720000 | PA      | $753300.00    | 0.20%             | 2028-01-19      | Fixed         | 8.65%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-5639.36     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED KRW / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | KR        |           1 | NC      | $-119.30      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED NZD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |           1 | NC      | $23274.97     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED EUR / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $20031.07     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Peru Government International Bonds                     | Peru Government International Bonds                                                                                                    | CUSIP: 715638DQ2<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     1580000 | PA      | $848460.00    | 0.23%             | 2060-12-01      | Fixed         | 2.78%                 | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PWSTAEUUS202507181135 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | LU        |    -1934000 | OU      | $-631.05      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $10375.16     | 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      | $-6250.34     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PWDEUEUUS202507141111 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |    -2533000 | OU      | $-11.93       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PWBNPAUUS202507220637 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |    -4569000 | OU      | $-4233.98     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GRUPO NUTRESA SA                                        | Grupo Nutresa SA                                                                                                                       | CUSIP: 40055CAA1<br>LEI: 254900KKAX7B7RJUE255 | Long             | DBT              | CORP              | CO        |     1454000 | PA      | $1523792.00   | 0.41%             | 2030-05-12      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED SGD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | SG        |           1 | NC      | $2783.23      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |           1 | NC      | $17931.36     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TRINIDAD & TOBAGO                                       | Trinidad & Tobago Government International Bond                                                                                        | CUSIP: 896292AK5<br>LEI: N/A                  | Long             | DBT              | NUSS              | TT        |     1560000 | PA      | $1463482.80   | 0.39%             | 2030-06-26      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: SR232893  IRS INR R F  6.00000 2 CCPNDFOIS / Short: SR232893  IRS INR P V 00MMIBOR 1 CCPNDFOIS                                   | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   659580000 | OU      | $66094.14     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED NOK / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NO        |           1 | NC      | $-237.01      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED PLN / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | PL        |           1 | NC      | $11553.39     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CA MAGNUM HOLDINGS                                      | CA Magnum Holdings                                                                                                                     | CUSIP: 000000000<br>LEI: 549300ZRDHFR078MFZ78 | Long             | DBT              | CORP              | MU        |      830000 | PA      | $822716.75    | 0.22%             | 2026-10-31      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED TWD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | TW        |           1 | NC      | $4764.11      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD INR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $564.45       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-2194.33     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD ZAR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-657.58      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Colombia Government International Bonds                 | Colombia Government International Bonds                                                                                                | CUSIP: 195325DZ5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     1300000 | PA      | $1029925.00   | 0.28%             | 2032-04-22      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | CTHSBUSIN20250812853 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | LU        |      721000 | OU      | $7971.38      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD ILS                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-24798.97    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Mexico Government International Bonds                   | Mexico Government International Bonds                                                                                                  | CUSIP: 91087BAN0<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     2125000 | PA      | $1251625.00   | 0.34%             | 2061-05-24      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $1565.43      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $7051.27      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: SR232896  IRS HUF R F  6.75000 2 CCPVANILLA / Short: SR232896  IRS HUF P V 06MBUBOR 1 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    99370000 | OU      | $3793.67      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NAVOI MINING METALLURGIC                                | Navoi Mining & Metallurgical Combinat                                                                                                  | CUSIP: 63890CAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | UZ        |      610000 | PA      | $623731.10    | 0.17%             | 2031-10-17      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Lebanese Republic                                       | Lebanon Government International Bond                                                                                                  | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |      173000 | PA      | $32697.00     | 0.01%             | 2028-11-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Bahrain Government International Bonds                  | Bahrain Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 549300RODM1WN85LFQ95 | Long             | DBT              | NUSS              | BH        |      230000 | PA      | $213325.00    | 0.06%             | 2032-09-16      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Brazil Government International Bonds                   | Brazil Government International Bonds                                                                                                  | CUSIP: 105756CB4<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     2510000 | PA      | $1761769.00   | 0.47%             | 2050-01-14      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD KRW                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-2763.71     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PTCITNZUS202508040605 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |     7419000 | OU      | $37340.22     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED BRL / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | BR        |           1 | NC      | $81226.71     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-596.71      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Colombia Government International Bonds                 | Colombia Government International Bonds                                                                                                | CUSIP: 195325DR3<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     2290000 | PA      | $1976270.00   | 0.53%             | 2030-01-30      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $36997.26     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PTUBSNZUS2025073105965 GOLDMAN                                                                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |     4907000 | OU      | $11823.66     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD KRW                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-340.57      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Turkiye Government International Bonds                  | Turkiye Government International Bonds                                                                                                 | CUSIP: 900123DA5<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     2200000 | PA      | $2115300.00   | 0.57%             | 2031-01-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| YAPI VE KREDI BANKASI AS                                | Yapi ve Kredi Bankasi AS                                                                                                               | CUSIP: 984848AU5<br>LEI: B85ZYWEZ5IZCZ2WNIO12 | Long             | DBT              | CORP              | TR        |      630000 | PA      | $628897.50    | 0.17%             | 2030-03-03      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD MXN                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-4229.93     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED TWD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | TW        |           1 | NC      | $2335.61      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PWBOANZUS202507030598 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | LU        |    -4928000 | OU      | $-817.05      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED KRW / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | KR        |           1 | NC      | $949.16       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| VIET NAM DEBT AND ASSET                                 | Viet Nam Debt & Asset Trading Corp                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | VN        |      280000 | PA      | $273582.40    | 0.07%             | 2025-10-10      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PWBNPEUGB2025070908425 GOLDMAN                                                                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | LU        |     -648000 | OU      | $-14.50       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                                | OCP SA                                                                                                                                 | CUSIP: 000000000<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |     1150000 | PA      | $872562.50    | 0.23%             | 2051-06-23      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CHINA AOYUAN GROUP LTD                                  | China Aoyuan Group Ltd                                                                                                                 | CUSIP: 000000000<br>LEI: 549300YSOKQO5QD6MP25 | Long             | DBT              | CORP              | KY        |        8063 | PA      | $133.12       | 0.00%             | 2028-09-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF RWANDA                                      | Rwanda International Government Bond                                                                                                   | CUSIP: 000000000<br>LEI: 213800DQC28OBRZDYJ87 | Long             | DBT              | NUSS              | RW        |      810000 | PA      | $688500.00    | 0.18%             | 2031-08-09      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Saudi Government International Bonds                    | Saudi Government International Bonds                                                                                                   | CUSIP: 000000000<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |     1060000 | PA      | $1009279.00   | 0.27%             | 2054-01-16      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR                                 | El Salvador Government International Bond                                                                                              | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |      810000 | PA      | $746820.00    | 0.20%             | 2041-02-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | Long: SR232868  IRS CLP R F  5.50000 2 CCPNDFCAMARAPROMEDIO / Short: SR232868  IRS CLP P V 00MCLICP 1 CCPNDFCAMARAPROMEDIO             | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   408090000 | OU      | $9767.26      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: BR232881  IRS THB R V 00MTHOR 1 CCPNDFOIS / Short: BR232881  IRS THB P F  2.00000 2 CCPNDFOIS                                    | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   112700000 | OU      | $-121460.33   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PWBARUSJP2025080113775 GOLDMAN                                                                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | LU        |    -1823000 | OU      | $-4668.70     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| El Salvador Government International Bonds              | El Salvador Government International Bonds                                                                                             | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |      240000 | PA      | $254625.60    | 0.07%             | 2030-04-17      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $1275.73      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Jordan Government International Bonds                   | Jordan Government International Bonds                                                                                                  | CUSIP: 000000000<br>LEI: 5493000JZ4MYPVMBVN50 | Long             | DBT              | NUSS              | JO        |     1045000 | PA      | $1036148.85   | 0.28%             | 2027-01-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-341.29      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                            | Ecopetrol SA                                                                                                                           | CUSIP: 279158AP4<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |       20000 | PA      | $16830.00     | 0.00%             | 2031-11-02      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA                                       | Ghana Government International Bond                                                                                                    | CUSIP: 374422AP8<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     2532244 | PA      | $1958310.90   | 0.53%             | 2035-07-03      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Republic of El Salvador                                 | El Salvador Government International Bond                                                                                              | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |      630000 | PA      | $638190.00    | 0.17%             | 2032-04-10      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| DUBAI GOVT INT'L BONDS                                  | Emirate of Dubai Government International Bonds                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | AE        |     1890000 | PA      | $1334283.30   | 0.36%             | 2050-09-09      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Ivory Coast Government International Bonds              | Ivory Coast Government International Bonds                                                                                             | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     2220000 | PA      | $2018823.60   | 0.54%             | 2033-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Colombia Government International Bonds                 | Colombia Government International Bonds                                                                                                | CUSIP: 195325DP7<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |      570000 | PA      | $540360.00    | 0.15%             | 2029-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED INR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IN        |           1 | NC      | $4274.80      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED SEK / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | SE        |           1 | NC      | $4562.92      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED ILS / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IL        |           1 | NC      | $12552.38     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD HUF                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-691.43      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Saudi Government International Bonds                    | Saudi Government International Bonds                                                                                                   | CUSIP: 000000000<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |     1270000 | PA      | $809625.00    | 0.22%             | 2051-11-17      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-13498.90    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD AUD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-6237.22     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $57156.84     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD                                         | IHS Holding Ltd                                                                                                                        | CUSIP: 44963HAD7<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |      360000 | PA      | $363376.80    | 0.10%             | 2031-11-29      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| YAPI VE KREDI BANKASI AS                                | Yapi ve Kredi Bankasi AS                                                                                                               | CUSIP: 984848AR2<br>LEI: B85ZYWEZ5IZCZ2WNIO12 | Long             | DBT              | CORP              | TR        |      370000 | PA      | $384063.70    | 0.10%             | 2034-01-17      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | CWCHAEUCH202507010933 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | LU        |     -640000 | OU      | $-1644.98     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CZK                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-1237.74     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Republic of South Africa                                | Republic of South Africa Government Bond                                                                                               | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     8230000 | PA      | $404337.47    | 0.11%             | 2037-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD AUD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-15824.50    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | CTBNPUSCN202507077217 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | LU        |     2151000 | OU      | $436.65       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Dominican Republic                                      | Dominican Republic International Bond                                                                                                  | CUSIP: 25714PEB0<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |      360000 | PA      | $338715.00    | 0.09%             | 2049-06-05      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Nigeria Government International Bonds                  | Nigeria Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |     1070000 | PA      | $1076687.50   | 0.29%             | 2029-03-24      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| ADANI PORTS AND SPECIAL                                 | Adani Ports & Special Economic Zone Ltd                                                                                                | CUSIP: 000000000<br>LEI: 335800QOAXP5TM7OYP69 | Long             | DBT              | CORP              | IN        |      270000 | PA      | $252787.50    | 0.07%             | 2029-07-03      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Republic of Poland Government International Bonds       | Republic of Poland Government International Bonds                                                                                      | CUSIP: 731011AW2<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |      690000 | PA      | $641872.50    | 0.17%             | 2053-04-04      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CZK / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CZ        |           1 | NC      | $12608.95     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ADNOC MURBAN RSC LTD                                    | Adnoc Murban Rsc Ltd                                                                                                                   | CUSIP: 00723L2C2<br>LEI: 213800OWGH7RAYG61M70 | Long             | DBT              | CORP              | AE        |      760000 | PA      | $688275.00    | 0.18%             | 2054-09-11      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $244.17       | 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      | $-1833.87     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |           1 | NC      | $293.92       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |           1 | NC      | $93.19        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                                | Saudi Government International Bond                                                                                                    | CUSIP: 80413TBE8<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |     1360000 | PA      | $1154640.00   | 0.31%             | 2053-01-18      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED AUD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |           1 | NC      | $1373.81      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED KRW / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | KR        |           1 | NC      | $658.40       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                  | CWUBSAUNZ202507221082 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |    -1146000 | OU      | $-2432.42     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Zambia Government International Bonds                   | Zambia Government International Bonds                                                                                                  | CUSIP: 000000000<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |      461147 | PA      | $423102.05    | 0.11%             | 2033-06-30      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| Banco de Bogota SA                                      | Banco de Bogota SA                                                                                                                     | CUSIP: 059514AC3<br>LEI: 549300LYHE7LWSKDZT53 | Long             | DBT              | CORP              | CO        |      350000 | PA      | $351050.00    | 0.09%             | 2026-05-12      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds                                                                                | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |      200000 | PA      | $190600.00    | 0.05%             | 2054-11-19      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CN        |           1 | NC      | $548.34       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD TRY                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-27763.43    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-3287.01     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |           1 | NC      | $1191.94      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR                                     | Ecuador Government International Bond                                                                                                  | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |     1992467 | PA      | $1447527.28   | 0.39%             | 2035-07-31      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD KRW                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-434.12      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED COP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CO        |           1 | NC      | $521.01       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD TWD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-4014.74     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED ZAR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | ZA        |           1 | NC      | $301.40       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED INR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IN        |           1 | NC      | $-71.51       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LATAM AIRLINES GROUP SA                                 | Latam Airlines Group SA                                                                                                                | CUSIP: 51817RAD8<br>LEI: 549300HX3UUDPEFTG707 | Long             | DBT              | CORP              | CL        |      980000 | PA      | $995219.40    | 0.27%             | 2030-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED NOK / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NO        |           1 | NC      | $-649.03      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |           1 | NC      | $2812.98      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $28979.17     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Uruguay Government International Bonds                  | Uruguay Government International Bonds                                                                                                 | CUSIP: 760942BE1<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |     1925920 | PA      | $2033771.52   | 0.55%             | 2034-10-28      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD JPY                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $1003.34      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $25463.18     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CN        |           1 | NC      | $3140.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| KINGDOM OF BAHRAIN                                      | Bahrain Government International Bond                                                                                                  | CUSIP: 05675M2D5<br>LEI: 549300RODM1WN85LFQ95 | Long             | DBT              | NUSS              | BH        |      820000 | PA      | $760550.00    | 0.20%             | 2032-09-16      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                                        | Peruvian Government International Bond                                                                                                 | CUSIP: 000000000<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |      580000 | PA      | $568349.88    | 0.15%             | 2033-03-11      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-14370.53    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CLP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CL        |           1 | NC      | $2751.38      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Pakistan Government International Bonds                 | Pakistan Government International Bonds                                                                                                | CUSIP: 000000000<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |     1210000 | PA      | $1077202.50   | 0.29%             | 2031-04-08      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                  | US 10YR NOTE (CBT)SEP25                                                                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |          57 | NC      | $53822.35     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Argentina Republic Government International Bonds       | Argentina Republic Government International Bonds                                                                                      | CUSIP: 040114HV5<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |     5094455 | PA      | $3161109.33   | 0.85%             | 2041-07-09      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PWUBSAUNZ202507221082 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |    -1146000 | OU      | $-4310.48     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Turkiye Government International Bonds                  | Turkiye Government International Bonds                                                                                                 | CUSIP: 900123DC1<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     1280000 | PA      | $1217920.00   | 0.33%             | 2031-06-26      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED BRL / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | BR        |           1 | NC      | $27152.28     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BANCOLOMBIA SA                                          | Bancolombia SA                                                                                                                         | CUSIP: 05968LAN2<br>LEI: 54930052NWJRPNMP1W58 | Long             | DBT              | CORP              | CO        |      550000 | PA      | $577615.50    | 0.16%             | 2034-12-24      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                      | Dominican Republic International Bond                                                                                                  | CUSIP: 25714PEZ7<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |      150000 | PA      | $151275.00    | 0.04%             | 2036-06-01      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD JPY                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $603.21       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-22907.60    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| TURKIYE GARANTI BANKASI                                 | Turkiye Garanti Bankasi AS                                                                                                             | CUSIP: 900148AF4<br>LEI: 5493002XSS7K7RHN1V37 | Long             | DBT              | CORP              | TR        |      950000 | PA      | $964345.00    | 0.26%             | 2034-02-28      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CZK                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-11910.26    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Romania Government International Bonds                  | Romania Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      450000 | PA      | $463972.50    | 0.12%             | 2028-02-17      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-366.92      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED EUR / SOLD SEK                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $8591.39      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                             | CTCITUSCN20250708732 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | LU        |     3106000 | OU      | $24.85        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| RED SUN PROPERTIES GRP                                  | Redsun Properties Group Ltd                                                                                                            | CUSIP: 000000000<br>LEI: 549300TYWIIKAOK07L47 | Long             | DBT              | CORP              | KY        |      220000 | PA      | $3300.00      | 0.00%             | 2023-04-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CHF / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |           1 | NC      | $6688.41      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA                                       | Ghana Government International Bond                                                                                                    | CUSIP: 374422AN3<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |      379495 | PA      | $315549.69    | 0.08%             | 2030-01-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PTHSBEUUS202507241168 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | LU        |     1921000 | OU      | $10433.97     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BIMBO BAKERIES USA INC                                  | Bimbo Bakeries USA Inc                                                                                                                 | CUSIP: 09031WAC7<br>LEI: 549300HOXXHHT7926W92 | Long             | DBT              | CORP              | US        |     1060000 | PA      | $1105527.00   | 0.30%             | 2029-01-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PWUBSNZUS2025071006025 GOLDMAN                                                                                                         | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | LU        |    -4907000 | OU      | $-7983.14     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ROMANIA                                                 | Romanian Government International Bond                                                                                                 | CUSIP: 77586RAQ3<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     1420000 | PA      | $1464091.00   | 0.39%             | 2028-02-17      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED NOK / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NO        |           1 | NC      | $-123.83      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CZK                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-19897.81    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CZK                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-5815.63     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ISLAMIC REP OF PAKISTAN                                 | Pakistan Government International Bond                                                                                                 | CUSIP: 000000000<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |      320000 | PA      | $319244.80    | 0.09%             | 2025-09-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED HUF / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | HU        |           1 | NC      | $16153.49     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |           1 | NC      | $279.07       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED PLN / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | PL        |           1 | NC      | $1556.12      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-4563.72     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bahrain Government International Bonds                  | Bahrain Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 549300RODM1WN85LFQ95 | Long             | DBT              | NUSS              | BH        |      450000 | PA      | $427077.00    | 0.11%             | 2031-09-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD ZAR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-124.31      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds                                                                                | CUSIP: 836205BE3<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |      900000 | PA      | $810900.00    | 0.22%             | 2052-04-20      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-10089.97    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED KRW / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | KR        |           1 | NC      | $2258.81      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $7800.51      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR                                 | El Salvador Government International Bond                                                                                              | CUSIP: 283875CG5<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |      470000 | PA      | $486450.00    | 0.13%             | 2054-11-21      | Fixed         | 9.65%                 | No            |                  2 | On Loan: No      |
| Guatemala Government Bonds                              | Guatemala Government Bonds                                                                                                             | CUSIP: 000000000<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |      381000 | PA      | $344900.25    | 0.09%             | 2050-06-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CZK                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-5344.02     | -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      | $-956.67      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| STATE OF MINAS GERAIS                                   | Brazil Minas SPE via State of Minas Gerais                                                                                             | CUSIP: 105860AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     1050000 | PA      | $1040434.50   | 0.28%             | 2028-02-15      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD SGD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-505.27      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED NOK / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NO        |           1 | NC      | $-4756.69     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Banco de Bogota SA                                      | Banco de Bogota SA                                                                                                                     | CUSIP: 000000000<br>LEI: 549300LYHE7LWSKDZT53 | Long             | DBT              | CORP              | CO        |      660000 | PA      | $661980.00    | 0.18%             | 2026-05-12      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                            | Ecopetrol SA                                                                                                                           | CUSIP: 279158AT6<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |      110000 | PA      | $116201.80    | 0.03%             | 2029-01-19      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-6863.16     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED SEK / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | SE        |           1 | NC      | $-365.37      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $6460.05      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: BR233964  IRS EUR R V 06MEURIB 1 CCPVANILLA / Short: BR233964  IRS EUR P F  2.00000 2 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |      630000 | OU      | $9986.56      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | CWBOAUSCA202507301364 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | LU        |     -746000 | OU      | $-3989.61     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-1269.74     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD MXN                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-59214.75    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| ROMANIA                                                 | Romanian Government International Bond                                                                                                 | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      380000 | PA      | $481584.51    | 0.13%             | 2029-09-27      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED KRW / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | KR        |           1 | NC      | $343.53       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $3650.43      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD AUD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-2078.69     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PWBOAEUUS202507031134 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |    -2567000 | OU      | $-3.03        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | CWBOAUSCN202507217208 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |     -774000 | OU      | $-685.76      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | CWBNPUSIN20250812853 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | LU        |     -721000 | OU      | $-7971.38     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CNTL AMR BOTTLING CORP                                  | Central American Bottling Corp / CBC Bottling Holdco SL / Beliv Holdco SL                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |     1000000 | PA      | $968800.00    | 0.26%             | 2029-04-27      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Santos Finance Ltd                                      | Santos Finance Ltd                                                                                                                     | CUSIP: 000000000<br>LEI: 213800BKUBSWG53XNS94 | Long             | DBT              | CORP              | AU        |      680000 | PA      | $686154.00    | 0.18%             | 2029-03-13      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                     | Petroleos Mexicanos                                                                                                                    | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |      654000 | PA      | $589646.40    | 0.16%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Hungary Government International Bonds                  | Hungary Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |     1770000 | PA      | $1467799.05   | 0.39%             | 2031-09-22      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PARAGUAY                                    | Paraguay Government International Bond                                                                                                 | CUSIP: 699149AK6<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |     2509000 | PA      | $2137065.84   | 0.57%             | 2033-01-29      | Fixed         | 2.74%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED MXN / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | MX        |           1 | NC      | $1365.69      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                             | CTCITUSCN20250710754 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | LU        |     3082000 | OU      | $3.08         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BENIN INTL GOV BOND                                     | Benin Government International Bond                                                                                                    | CUSIP: 08205QAC2<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |      430000 | PA      | $412370.00    | 0.11%             | 2041-01-23      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| ITAU UNIBANCO HLDG SA/KY                                | Itau Unibanco Holding SA/Cayman Island                                                                                                 | CUSIP: 46556M2A9<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | DBT              | CORP              | BR        |      200000 | PA      | $197750.00    | 0.05%             | 2031-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED TRY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | TR        |           1 | NC      | $979.20       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| KINGDOM OF MOROCCO                                      | Morocco Government International Bond                                                                                                  | CUSIP: 617726AL8<br>LEI: 529900F3MBW9XY5K1X07 | Long             | DBT              | NUSS              | MA        |      490000 | PA      | $414785.00    | 0.11%             | 2032-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                     | Petroleos Mexicanos                                                                                                                    | CUSIP: 71654QCP5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |      360000 | PA      | $352400.40    | 0.09%             | 2029-01-23      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CZK                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-17707.57    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                  | US ULTRA BOND CBT SEP25                                                                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         -37 | NC      | $-56073.59    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED PLN / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | PL        |           1 | NC      | $-41.84       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED SEK / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | SE        |           1 | NC      | $-2731.69     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Egypt Government International Bonds                    | Egypt Government International Bonds                                                                                                   | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |      820000 | PA      | $595935.00    | 0.16%             | 2061-02-16      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PTBOANZUS202507240601 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | LU        |     4917000 | OU      | $13703.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD TWD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-8832.44     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Turkiye Government International Bonds                  | Turkiye Government International Bonds                                                                                                 | CUSIP: 900123CM0<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     2000000 | PA      | $1499500.00   | 0.40%             | 2047-05-11      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Dominican Republic International Bonds                  | Dominican Republic International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |      940000 | PA      | $867150.00    | 0.23%             | 2032-09-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-518.11      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CHF / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |           1 | NC      | $11971.64     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |           1 | NC      | $26062.19     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Romania Government International Bonds                  | Romania Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      460000 | PA      | $466182.40    | 0.13%             | 2053-01-17      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED INR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IN        |           1 | NC      | $-2130.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ROMANIA                                                 | Romanian Government International Bond                                                                                                 | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      140000 | PA      | $99442.59     | 0.03%             | 2050-01-28      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                             | Ivory Coast Government International Bond                                                                                              | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |      114467 | PA      | $108793.81    | 0.03%             | 2032-12-31      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CN        |           1 | NC      | $2771.32      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Serbia International Bonds                              | Serbia International Bonds                                                                                                             | CUSIP: 000000000<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |     1920000 | PA      | $1618620.10   | 0.43%             | 2030-12-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| ADD HERO HOLDINGS                                       | Add Hero Holdings Ltd                                                                                                                  | CUSIP: 000000000<br>LEI: 254900WMSDP48LFA7478 | Long             | DBT              | CORP              | VG        |       65523 | PA      | $1441.50      | 0.00%             | 2031-09-30      | Fixed         | 9.80%                 | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | CWSTAEUUS202507141188 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | LU        |    -2533000 | OU      | $-10660.94    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |           1 | NC      | $273.07       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-2372.01     | -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      | $-895.34      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CN        |           1 | NC      | $398.45       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| KINGDOM OF JORDAN                                       | Jordan Government International Bond                                                                                                   | CUSIP: 41809JAB1<br>LEI: 5493000JZ4MYPVMBVN50 | Long             | DBT              | NUSS              | JO        |      480000 | PA      | $489825.60    | 0.13%             | 2029-01-13      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD INR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-2028.41     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED NOK / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NO        |           1 | NC      | $1465.42      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PWCITUSCN20250710707 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |    -3082000 | OU      | $-1242.05     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LATAM AIRLINES GROUP SA                                 | Latam Airlines Group SA                                                                                                                | CUSIP: 000000000<br>LEI: 549300HX3UUDPEFTG707 | Long             | DBT              | CORP              | CL        |      130000 | PA      | $132018.90    | 0.04%             | 2030-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-2274.76     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Turkiye Government International Bonds                  | Turkiye Government International Bonds                                                                                                 | CUSIP: 900123DK3<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     1902000 | PA      | $1949550.00   | 0.52%             | 2034-05-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Angola Government International Bonds                   | Angola Government International Bonds                                                                                                  | CUSIP: 000000000<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |     1050000 | PA      | $813750.00    | 0.22%             | 2049-11-26      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| REDE D'OR FINANCE SARL                                  | Rede D'or Finance Sarl                                                                                                                 | CUSIP: 75735GAA6<br>LEI: 549300FDE772OLJUCP79 | Long             | DBT              | CORP              | LU        |      256000 | PA      | $242320.00    | 0.07%             | 2030-01-22      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                      | Dominican Republic International Bond                                                                                                  | CUSIP: 25714PED6<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     2040000 | PA      | $1938000.00   | 0.52%             | 2030-01-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $13850.98     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF UZBEKISTAN                                  | Republic of Uzbekistan International Bond                                                                                              | CUSIP: 000000000<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |     1000000 | PA      | $888750.00    | 0.24%             | 2030-11-25      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                                   | Venezuela Government International Bond                                                                                                | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |     3721000 | PA      | $656756.50    | 0.18%             | 2028-05-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |           1 | NC      | $1588.01      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD KRW                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-9525.49     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR                                     | Ecuador Government International Bond                                                                                                  | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |     1462360 | PA      | $1061673.36   | 0.29%             | 2030-07-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED AUD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |           1 | NC      | $15041.77     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |           1 | NC      | $197.30       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | Long: SR232874  IRS MXN R F  8.50000 2 CCPOIS / Short: SR232874  IRS MXN P V 00MTIEF 1 CCPOIS                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    40970000 | OU      | $73032.03     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                  | CWUBSEUPL20250707428 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |     -647000 | OU      | $-442.80      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |           1 | NC      | $459.94       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CHF / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |           1 | NC      | $8317.33      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED PLN / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | PL        |           1 | NC      | $9271.95      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-4185.95     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                   | Sri Lanka Government International Bond                                                                                                | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |     1295891 | PA      | $1055665.21   | 0.28%             | 2038-02-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED GBP / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |           1 | NC      | $-4934.21     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD TWD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-2224.11     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |           1 | NC      | $12.44        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF SERBIA                                      | Serbia International Bond                                                                                                              | CUSIP: 817477AH5<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |      680000 | PA      | $714513.40    | 0.19%             | 2033-09-26      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                                 | Hungary Government International Bond                                                                                                  | CUSIP: 445545AX4<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |      490000 | PA      | $493920.00    | 0.13%             | 2055-09-23      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SERBIA                                      | Serbia International Bond                                                                                                              | CUSIP: 817477AJ1<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |      480000 | PA      | $483780.00    | 0.13%             | 2034-06-12      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD THB                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-4451.29     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chile Government International Bonds                    | Chile Government International Bonds                                                                                                   | CUSIP: 168863EA2<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |      280000 | PA      | $263200.00    | 0.07%             | 2054-01-05      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED KRW / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | KR        |           1 | NC      | $-143.56      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD ZAR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-339.66      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                                   | Guatemala Government Bond                                                                                                              | CUSIP: 000000000<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |      920000 | PA      | $899760.00    | 0.24%             | 2030-06-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | CWBOAEUCH2025070909385 GOLDMAN                                                                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |     -645000 | OU      | $-1227.80     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |           1 | NC      | $-14.84       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $14384.83     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED KRW / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | KR        |           1 | NC      | $-531.63      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED BRL / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | BR        |           1 | NC      | $2658.96      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                                   | Indonesia Government International Bond                                                                                                | CUSIP: 455780DG8<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |     1260000 | PA      | $795690.00    | 0.21%             | 2061-09-23      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PWBNPEUUS20250714115 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | LU        |    -2587000 | OU      | $-1596.82     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: BR232865  IRS CNY R V 01MCNRR CCPNDF / Short: BR232865  IRS CNY P F  1.50000 CCPNDF                                              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | CN        |    40880000 | OU      | $-7070.08     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | PWCHAEUSE20250722111 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |     -645000 | OU      | $-3100.66     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PETRONAS CAPITAL LTD                                    | Petronas Capital Ltd                                                                                                                   | CUSIP: 716743AR0<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |     1020000 | PA      | $864225.60    | 0.23%             | 2050-04-21      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Angola Government International Bonds                   | Angola Government International Bonds                                                                                                  | CUSIP: 000000000<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |      320000 | PA      | $302160.00    | 0.08%             | 2028-05-09      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Brazil Government International Bonds                   | Brazil Government International Bonds                                                                                                  | CUSIP: 105756CL2<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     1660000 | PA      | $1675770.00   | 0.45%             | 2035-03-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| GALAXY PIPELINE ASSETS                                  | Galaxy Pipeline Assets Bidco Ltd                                                                                                       | CUSIP: 000000000<br>LEI: 549300L82YB0C6JQIC26 | Long             | DBT              | CORP              | JE        |     2010000 | PA      | $1559880.60   | 0.42%             | 2040-09-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD TWD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-3749.90     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CLP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-229.41      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: SR232879  IRS ZAR R F  8.00000 2 CCPVANILLA / Short: SR232879  IRS ZAR P V 03MJIBAR 1 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    38580000 | OU      | $56402.26     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PTSTAEUUS202507241151 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | LU        |     1940000 | OU      | $3587.80      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| QATAR ENERGY                                            | QatarEnergy                                                                                                                            | CUSIP: 74730DAD5<br>LEI: 254900QTESJKJ3P87J26 | Long             | DBT              | CORP              | QA        |      207000 | PA      | $139750.88    | 0.04%             | 2051-07-12      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CHF                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-8820.35     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED INR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IN        |           1 | NC      | $-165.33      | -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      | $-79236.02    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-8518.29     | -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      | $-62837.22    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| LEBANESE REPUBLIC                                       | Lebanon Government International Bond                                                                                                  | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |      665000 | PA      | $125618.50    | 0.03%             | 2028-03-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED RON / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | RO        |           1 | NC      | $-18575.75    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-20670.17    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-553.02      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PWCITAUNZ202507171075 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | LU        |    -1134000 | OU      | $-1732.26     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PWBOAEUPL202507304241 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | LU        |     -637000 | OU      | $-2833.34     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BANCO DEL ESTADO -CHILE                                 | Banco del Estado de Chile                                                                                                              | CUSIP: 05957AAC3<br>LEI: 5493004R4EJC0W0XVQ72 | Long             | DBT              | CORP              | CL        |      600000 | PA      | $626436.00    | 0.17%             | 2029-05-02      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| VALE OVERSEAS LIMITED                                   | Vale Overseas Ltd                                                                                                                      | CUSIP: 91911TAR4<br>LEI: 254900BA3U6G5DNV5V04 | Long             | DBT              | CORP              | KY        |      710000 | PA      | $741467.20    | 0.20%             | 2033-06-12      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-1606.68     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                                     | Nigeria Government International Bond                                                                                                  | CUSIP: 65412JAH6<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |      690000 | PA      | $595470.00    | 0.16%             | 2038-02-23      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CAD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |           1 | NC      | $-1816.87     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Oman Government International Bonds                     | Oman Government International Bonds                                                                                                    | CUSIP: 000000000<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |      250000 | PA      | $257625.00    | 0.07%             | 2048-01-17      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CN        |           1 | NC      | $1492.39      | 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      | $-2213.94     | -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      | $-540.98      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Kingdom of Morocco                                      | Morocco Government International Bond                                                                                                  | CUSIP: 000000000<br>LEI: 529900F3MBW9XY5K1X07 | Long             | DBT              | NUSS              | MA        |      510000 | PA      | $455971.88    | 0.12%             | 2042-12-11      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD KRW                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-2176.74     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PWMSIUSSG202507211285 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | LU        |     -741000 | OU      | $-9881.98     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BANK GOSPODARSTWA KRAJOW                                | Bank Gospodarstwa Krajowego                                                                                                            | CUSIP: 06237MAB9<br>LEI: 259400BCOV9JJIGLYF05 | Long             | DBT              | NUSS              | PL        |     1380000 | PA      | $1450863.00   | 0.39%             | 2028-10-31      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD BRL                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-2474.08     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD JPY                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-216.69      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ADANI ELECTRICITY MUMBAI                                | Adani Electricity Mumbai Ltd                                                                                                           | CUSIP: 000000000<br>LEI: 335800AIC1B5EBFVUC38 | Long             | DBT              | CORP              | IN        |      262000 | PA      | $233835.00    | 0.06%             | 2030-02-12      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-14330.11    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Colombia Government International Bonds                 | Colombia Government International Bonds                                                                                                | CUSIP: 195325DX0<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     2320000 | PA      | $1219392.00   | 0.33%             | 2061-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-2190.10     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED NZD / SOLD AUD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |           1 | NC      | $56.38        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD AUD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-3974.23     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| VALE OVERSEAS LIMITED                                   | Vale Overseas Ltd                                                                                                                      | CUSIP: 91911TAS2<br>LEI: 254900BA3U6G5DNV5V04 | Long             | DBT              | CORP              | KY        |      150000 | PA      | $146626.50    | 0.04%             | 2054-06-28      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF KAZAKHSTAN                                  | Kazakhstan Government International Bond                                                                                               | CUSIP: 000000000<br>LEI: 5493007OEK8EF02UO833 | Long             | DBT              | NUSS              | KZ        |     1510000 | PA      | $1459075.25   | 0.39%             | 2035-04-09      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CN        |           1 | NC      | $1324.25      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Egypt Government International Bonds                    | Egypt Government International Bonds                                                                                                   | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     1240000 | PA      | $1147620.00   | 0.31%             | 2032-05-29      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED PLN / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | PL        |           1 | NC      | $13034.94     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: BR232883  IRS ZAR R V 03MJIBAR 1 CCPVANILLA / Short: BR232883  IRS ZAR P F  7.50000 2 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    63190000 | OU      | $-37042.55    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |           1 | NC      | $-1515.90     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Ivory Coast Government International Bonds              | Ivory Coast Government International Bonds                                                                                             | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |      290000 | PA      | $286012.50    | 0.08%             | 2033-01-30      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| CODELCO INC                                             | Corp Nacional del Cobre de Chile                                                                                                       | CUSIP: 21987BBL1<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | CORP              | CL        |      480000 | PA      | $495883.20    | 0.13%             | 2035-01-13      | Fixed         | 6.33%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD ILS                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-4267.48     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $23688.51     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD INR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-3023.12     | -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      | $-3485.33     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                     | Petroleos Mexicanos                                                                                                                    | CUSIP: 71654QCC4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     1550000 | PA      | $1122820.00   | 0.30%             | 2047-09-21      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | CWCHAEUUS202509171142 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |    -1421000 | OU      | $-65469.99    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                                   | Argentine Republic Government International Bond                                                                                       | CUSIP: 000000000<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |      108079 | PA      | $104586.77    | 0.03%             | 2029-07-09      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                                   | Guatemala Government Bond                                                                                                              | CUSIP: 401494AV1<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |      416000 | PA      | $412672.00    | 0.11%             | 2029-08-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | CWBOAAUNZ2025071010775 GOLDMAN                                                                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |    -1133000 | OU      | $-3165.43     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Oman Government International Bonds                     | Oman Government International Bonds                                                                                                    | CUSIP: 000000000<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |     1500000 | PA      | $1518000.00   | 0.41%             | 2047-03-08      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-18946.16    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PTBOAEUUS20250714115 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |     2587000 | OU      | $1596.82      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |           1 | NC      | $-114.82      | -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      | $-131695.85   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $52653.38     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Peru Government International Bonds                     | Peru Government International Bonds                                                                                                    | CUSIP: 715638AU6<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |      190000 | PA      | $205956.20    | 0.06%             | 2037-03-14      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD JPY                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-2764.84     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED NZD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |           1 | NC      | $5154.25      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD PLN                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-39080.85    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Republic of Kenya Government International Bonds        | Republic of Kenya Government International Bonds                                                                                       | CUSIP: 000000000<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |      980000 | PA      | $910130.90    | 0.24%             | 2032-05-22      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED KRW / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | KR        |           1 | NC      | $831.78       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                         | Long: BS006909  CDS USD R V 03MEVENT 1 CCPCORPORATE / Short: BS006909  CDS USD P F  1.00000 2 CCPCORPORATE                             | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |     1680000 | OU      | $87418.80     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $21.97        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PTBOANZUS202507030598 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | LU        |     4928000 | OU      | $817.05       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                    | CWRBCUSCA202507221367 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | US        |     -739000 | OU      | $-2720.26     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED HUF / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | HU        |           1 | NC      | $40535.09     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Panama Government International Bonds                   | Panama Government International Bonds                                                                                                  | CUSIP: 698299BL7<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     3101000 | PA      | $1767570.00   | 0.47%             | 2060-07-23      | Fixed         | 3.87%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-6237.62     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD ILS                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-3894.09     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-20370.61    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds                                                                                | CUSIP: 836205BA1<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     2220000 | PA      | $2135018.40   | 0.57%             | 2029-09-30      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-1767.66     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PTBOAUSJP202508011441 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | LU        |     3118000 | OU      | $46043.51     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED KRW / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | KR        |           1 | NC      | $2043.88      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD INR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $81.40        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CN        |           1 | NC      | $1602.04      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PTCITEUUS202507241148 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |     2587000 | OU      | $3906.71      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                   | Sri Lanka Government International Bond                                                                                                | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |      750232 | PA      | $668085.35    | 0.18%             | 2030-01-15      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| RELIANCE INDUSTRIES LTD                                 | Reliance Industries Ltd                                                                                                                | CUSIP: 759470BB2<br>LEI: 5493003UOETFYRONLG31 | Long             | DBT              | CORP              | IN        |      770000 | PA      | $682258.50    | 0.18%             | 2032-01-12      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| RAIZEN FUELS FINANCE                                    | Raizen Fuels Finance SA                                                                                                                | CUSIP: 000000000<br>LEI: 52990010NH26VC32Q522 | Long             | DBT              | CORP              | LU        |      200000 | PA      | $187250.00    | 0.05%             | 2035-01-17      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S                                | Petroleos de Venezuela SA                                                                                                              | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |    13100000 | PA      | $1644050.00   | 0.44%             | 2024-05-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                                 | Hungary Government International Bond                                                                                                  | CUSIP: 445545AS5<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |     1360000 | PA      | $1413407.20   | 0.38%             | 2032-09-22      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Republic of Guatemala                                   | Guatemala Government Bond                                                                                                              | CUSIP: 401494AR0<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |     1090000 | PA      | $986722.50    | 0.26%             | 2050-06-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| COSTA RICA GOVERNMENT                                   | Costa Rica Government International Bond                                                                                               | CUSIP: 221597CR6<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |     2343000 | PA      | $2434377.00   | 0.65%             | 2034-04-03      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| Sri Lanka Government International Bonds                | Sri Lanka Government International Bonds                                                                                               | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |      120000 | PA      | $106860.60    | 0.03%             | 2030-01-15      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                     | Petroleos Mexicanos                                                                                                                    | CUSIP: 71654QDL3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |      320000 | PA      | $330745.60    | 0.09%             | 2029-06-02      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                                 | Hungary Government International Bond                                                                                                  | CUSIP: 445545AQ9<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |      630000 | PA      | $617242.50    | 0.17%             | 2034-06-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD NZD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-4701.72     | -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      | $-664.34      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD BRL                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-1951.15     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED SGD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | SG        |           1 | NC      | $455.87       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD ZAR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-49.04       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PTBNPEUUS202508071165 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | LU        |     1281000 | OU      | $8127.24      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CAD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |           1 | NC      | $4435.03      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD ILS                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-21517.14    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                      | Dominican Republic International Bond                                                                                                  | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |      980000 | PA      | $988330.00    | 0.27%             | 2036-06-01      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                             | Ivory Coast Government International Bond                                                                                              | CUSIP: 221625AV8<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |      370000 | PA      | $356217.50    | 0.10%             | 2036-04-01      | Fixed         | 8.07%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-5092.32     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Mexico Government International Bonds                   | Mexico Government International Bonds                                                                                                  | CUSIP: 91087BAX8<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     1250000 | PA      | $1149375.00   | 0.31%             | 2053-05-04      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                             | CWCITEUGB202507010842 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |     -642000 | OU      | $-14296.80    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: BR230025  IRS CZK R V 06MPRIBO 1 CCPVANILLA / Short: BR230025  IRS CZK P F  3.75000 2 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    20050000 | OU      | $8084.94      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CN        |           1 | NC      | $28509.13     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| KAZMUNAYGAS NATIONAL CO                                 | KazMunayGas National Co JSC                                                                                                            | CUSIP: 48126PAA0<br>LEI: 2138001H1M69RFJCSH88 | Long             | DBT              | CORP              | KZ        |     1840000 | PA      | $1588159.20   | 0.43%             | 2033-04-14      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                  | US LONG BOND(CBT) SEP25                                                                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |          84 | NC      | $226541.29    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic of El Salvador                                 | El Salvador Government International Bond                                                                                              | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |      380000 | PA      | $396292.50    | 0.11%             | 2029-02-28      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CN        |           1 | NC      | $5681.68      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | CWCHAAUNZ202507071078 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | LU        |    -1135000 | OU      | $-2138.67     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Colombia Government International Bonds                 | Colombia Government International Bonds                                                                                                | CUSIP: 195325EG6<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |      580000 | PA      | $577245.00    | 0.15%             | 2034-02-02      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| MV24 CAPITAL BV                                         | MV24 Capital BV                                                                                                                        | CUSIP: 55388RAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |      739643 | PA      | $716351.84    | 0.19%             | 2034-06-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BIMBO BAKERIES USA INC                                  | Bimbo Bakeries USA Inc                                                                                                                 | CUSIP: 09031WAD5<br>LEI: 549300HOXXHHT7926W92 | Long             | DBT              | CORP              | US        |      340000 | PA      | $363494.00    | 0.10%             | 2034-01-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD KRW                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $21.75        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chile Government International Bonds                    | Chile Government International Bonds                                                                                                   | CUSIP: 168863DU9<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |     3200000 | PA      | $1948800.00   | 0.52%             | 2071-09-21      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Zambia Government International Bonds                   | Zambia Government International Bonds                                                                                                  | CUSIP: 000000000<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |     2167926 | PA      | $1468770.01   | 0.39%             | 2053-12-31      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PTBNPAUUS202507220637 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | LU        |     4569000 | OU      | $4233.98      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-2176.05     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CHF / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |           1 | NC      | $8695.57      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Brazil Government International Bonds                   | Brazil Government International Bonds                                                                                                  | CUSIP: 105756CF5<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     1290000 | PA      | $1279035.00   | 0.34%             | 2033-10-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD MXN                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-10174.72    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| STATE OF ISRAEL                                         | State of Israel                                                                                                                        | CUSIP: 46513JXN6<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |      200000 | PA      | $130000.00    | 0.03%             | 2050-01-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Angola Government International Bonds                   | Angola Government International Bonds                                                                                                  | CUSIP: 000000000<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |      900000 | PA      | $814500.00    | 0.22%             | 2029-11-26      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED NOK / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NO        |           1 | NC      | $-33.99       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED AUD / SOLD NZD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |           1 | NC      | $-617.46      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Oman Government International Bonds                     | Oman Government International Bonds                                                                                                    | CUSIP: 000000000<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |      520000 | PA      | $551314.40    | 0.15%             | 2031-01-25      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CHF / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |           1 | NC      | $2574.68      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BIMBO BAKERIES USA INC                                  | Bimbo Bakeries USA Inc                                                                                                                 | CUSIP: 09031WAE3<br>LEI: 549300HOXXHHT7926W92 | Long             | DBT              | CORP              | US        |      340000 | PA      | $335920.00    | 0.09%             | 2036-01-09      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S                                | Petroleos de Venezuela SA                                                                                                              | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |       77934 | PA      | $9858.65      | 0.00%             | 2026-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD KRW                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-14393.40    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $24061.17     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |           1 | NC      | $-1320.90     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Republic of Azerbaijan International Bonds              | Republic of Azerbaijan International Bonds                                                                                             | CUSIP: 000000000<br>LEI: 549300P74FF45UQVU281 | Long             | DBT              | NUSS              | AZ        |     2580000 | PA      | $2317162.50   | 0.62%             | 2032-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                      | Ukraine Government International Bond                                                                                                  | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      648000 | PA      | $463320.00    | 0.12%             | 2041-08-01      | Variable      | 7.75%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                                | OCP SA                                                                                                                                 | CUSIP: 67091TAF2<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |     1190000 | PA      | $1231102.60   | 0.33%             | 2034-05-02      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $3165.52      | 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      | $-1478.01     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PWBOAAUNZ2025072410785 GOLDMAN                                                                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |    -1144000 | OU      | $-3187.13     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                         | Long: BS006917  CDS USD R V 03MEVENT 1 CCPCORPORATE / Short: BS006917  CDS USD P F  1.00000 2 CCPCORPORATE                             | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | GB        |     2000000 | OU      | $-44781.60    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF UZBEKISTAN                                  | Republic of Uzbekistan International Bond                                                                                              | CUSIP: 91822Q2C0<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |      200000 | PA      | $177750.00    | 0.05%             | 2030-11-25      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds                                                                                | CUSIP: 836205BC7<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     1290000 | PA      | $1258801.35   | 0.34%             | 2032-04-20      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BANCO DAVIVIENDA SA                                     | Banco Davivienda SA                                                                                                                    | CUSIP: 059501AG1<br>LEI: 549300P161V4IPKAQS70 | Long             | DBT              | CORP              | CO        |      400000 | PA      | $402320.00    | 0.11%             | 2035-07-02      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| AEROPUERTO INTL TOCUMEN                                 | Aeropuerto Internacional de Tocumen SA                                                                                                 | CUSIP: 00787CAE2<br>LEI: 254900FO1PHX49ZIGB14 | Long             | DBT              | CORP              | PA        |     2130000 | PA      | $1502715.00   | 0.40%             | 2061-08-11      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PWCITNZUS202507280588 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | LU        |    -3710000 | OU      | $-3516.52     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PWBOAUSCA202507301364 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | LU        |     -746000 | OU      | $-6258.19     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Dominican Republic International Bonds                  | Dominican Republic International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |      610000 | PA      | $607255.00    | 0.16%             | 2029-02-22      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| KALLPA GENERACION SA                                    | Kallpa Generacion SA                                                                                                                   | CUSIP: 48344FAB6<br>LEI: 549300NG1PWEI5BZG095 | Long             | DBT              | CORP              | PE        |      310000 | PA      | $316562.70    | 0.08%             | 2032-01-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PWBNPEUUS202507241148 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | LU        |    -2587000 | OU      | $-3906.71     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                                      | Angolan Government International Bond                                                                                                  | CUSIP: 035198AF7<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |      450000 | PA      | $396787.50    | 0.11%             | 2032-04-14      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD NZD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-7760.62     | -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      | $-9856.96     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD NOK                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-37.72       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EMPRESA DE LOS FERROCARR                                | Empresa de los Ferrocarriles del Estado                                                                                                | CUSIP: 292487AA3<br>LEI: 8755006LY8XNRFOGWN86 | Long             | DBT              | CORP              | CL        |      600000 | PA      | $355050.00    | 0.10%             | 2050-08-18      | Fixed         | 3.07%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                            | Ecopetrol SA                                                                                                                           | CUSIP: 279158AW9<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |       15000 | PA      | $14718.75     | 0.00%             | 2032-02-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PWBAREUPL20250703426 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |     -648000 | OU      | $-2972.33     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CHF / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |           1 | NC      | $12162.91     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                 | Mexican Bonos                                                                                                                          | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    60000000 | PA      | $3191515.89   | 0.86%             | 2029-03-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED MXN / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | MX        |           1 | NC      | $14030.01     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED INR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IN        |           1 | NC      | $7339.60      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MEXICO CITY ARPT TRUST                                  | Mexico City Airport Trust                                                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |      522000 | PA      | $431106.75    | 0.12%             | 2046-10-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NAVOI MINING METALLURGIC                                | Navoi Mining & Metallurgical Combinat                                                                                                  | CUSIP: 63890CAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | UZ        |      200000 | PA      | $203100.00    | 0.05%             | 2030-05-14      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PWMSIAUNZ2025071510775 GOLDMAN                                                                                                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |    -1139000 | OU      | $-2140.21     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |           1 | NC      | $1348.75      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD KRW                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-817.26      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD TRY                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-1031.78     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | Long: SR232869  IRS COP R F  8.75000 2 CCPNDFOIS / Short: SR232869  IRS COP P V 00MCPIBR 1 CCPNDFOIS                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |  4727380000 | OU      | $1714.59      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | Long: BR232866  IRS COP R V 00MCPIBR 1 CCPNDFOIS / Short: BR232866  IRS COP P F  8.25000 2 CCPNDFOIS                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        | 13960350000 | OU      | $3808.54      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CEMEX SAB DE CV                                         | Cemex SAB de CV                                                                                                                        | CUSIP: 000000000<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |      400000 | PA      | $401200.00    | 0.11%             | 2029-11-19      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-1564.94     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED PLN / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | PL        |           1 | NC      | $26491.42     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED KRW / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | KR        |           1 | NC      | $95.59        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ROMANIA                                                 | Romanian Government International Bond                                                                                                 | CUSIP: 77586RAL4<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |       20000 | PA      | $17143.80     | 0.00%             | 2032-03-27      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-9054.35     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $4572.27      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD AUD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-16859.18    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Brazil Government International Bonds                   | Brazil Government International Bonds                                                                                                  | CUSIP: 105756CJ7<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     1350000 | PA      | $1289925.00   | 0.35%             | 2054-05-13      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CN        |           1 | NC      | $467.46       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ATL TRANSMISION SUR                                     | Atlantica Transmision Sur SA                                                                                                           | CUSIP: 00289LAA3<br>LEI: 549300PQCSQSSZTVDH16 | Long             | DBT              | CORP              | PE        |      690382 | PA      | $724763.02    | 0.19%             | 2043-04-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TELECOMMUNICATIONS CO TE                                | Telecommunications co Telekom Srbija AD Belgrade                                                                                       | CUSIP: 000000000<br>LEI: 254900OVY0XI1DFYC092 | Long             | DBT              | CORP              | RS        |      200000 | PA      | $199575.00    | 0.05%             | 2029-10-28      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD INR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-266.11      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | PWCHAEUCH202507010933 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | LU        |     -640000 | OU      | $-419.16      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EIG PEARL HOLDINGS SARL                                 | EIG Pearl Holdings Sarl                                                                                                                | CUSIP: 000000000<br>LEI: 549300KIMRL45BWA5H76 | Long             | DBT              | CORP              | LU        |      943010 | PA      | $838984.59    | 0.23%             | 2036-08-31      | Fixed         | 3.54%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED INR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IN        |           1 | NC      | $-126.87      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED TRY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | TR        |           1 | NC      | $50225.96     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Panama Government International Bonds                   | Panama Government International Bonds                                                                                                  | CUSIP: 698299BM5<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     1530000 | PA      | $994021.88    | 0.27%             | 2056-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                                 | Hungary Government International Bond                                                                                                  | CUSIP: 445545AP1<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |      440000 | PA      | $443300.00    | 0.12%             | 2029-06-16      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                  | US 5YR NOTE (CBT) SEP25                                                                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |          98 | NC      | $94641.39     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                             | Long: SR232872  IRS MXN R F  8.75000 2 CCPOIS / Short: SR232872  IRS MXN P V 00MTIEF 1 CCPOIS                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    20650000 | OU      | $48470.75     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| REDE D'OR FINANCE SARL                                  | Rede D'or Finance Sarl                                                                                                                 | CUSIP: 000000000<br>LEI: 549300FDE772OLJUCP79 | Long             | DBT              | CORP              | LU        |      302000 | PA      | $285861.88    | 0.08%             | 2030-01-22      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED AUD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |           1 | NC      | $8149.93      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD INR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-747.88      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED KRW / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | KR        |           1 | NC      | $442.17       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CZK / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CZ        |           1 | NC      | $73922.27     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED SGD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | SG        |           1 | NC      | $9786.59      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                             | CWCITUSCN20250708754 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | LU        |    -3091000 | OU      | $-3.09        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BENIN INTL GOV BOND                                     | Benin Government International Bond                                                                                                    | CUSIP: 08205QAA6<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |      350000 | PA      | $329875.00    | 0.09%             | 2038-02-13      | Fixed         | 7.96%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PTCITNZUS202507240589 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | LU        |     2434000 | OU      | $2179.48      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | CWMSIUSSG202507211285 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | LU        |     -741000 | OU      | $-881.79      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD ZAR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-727.32      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CN        |           1 | NC      | $3222.64      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CN        |           1 | NC      | $987.96       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $24556.73     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | Long: SR232864  IRS COP R F  9.25000 2 CCPNDFOIS / Short: SR232864  IRS COP P V 00MCPIBR 1 CCPNDFOIS                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | GB        |   792920000 | OU      | $-752.32      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CN        |           1 | NC      | $599.42       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED AUD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |           1 | NC      | $2222.67      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |           1 | NC      | $-12244.21    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CAD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |           1 | NC      | $-419.22      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CN        |           1 | NC      | $28767.62     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds                                                                                | CUSIP: 836205AX2<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     1340000 | PA      | $1007680.00   | 0.27%             | 2047-09-27      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PWSTANZUS202507100592 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | LU        |    -4868000 | OU      | $-1741.80     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CAD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |           1 | NC      | $-341.72      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED INR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IN        |           1 | NC      | $-851.80      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| El Salvador Government International Bonds              | El Salvador Government International Bonds                                                                                             | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |      610000 | PA      | $592157.50    | 0.16%             | 2035-06-15      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED TWD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | TW        |           1 | NC      | $7403.09      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | Long: SR233890  IRS BRL R F 13.25000 2 CCPNDFPREDISWAP / Short: SR233890  IRS BRL P V 00MBRCDI 1 CCPNDFPREDISWAP                       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | GB        |    22620000 | OU      | $18077.56     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD KRW                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-1592.59     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR                                 | El Salvador Government International Bond                                                                                              | CUSIP: 283875CB6<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |      650000 | PA      | $667550.00    | 0.18%             | 2052-07-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD NZD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-61969.31    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| MONGOLIA INTL BOND                                      | Mongolia Government International Bond                                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | MN        |      400000 | PA      | $418500.00    | 0.11%             | 2028-01-19      | Fixed         | 8.65%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED KRW / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | KR        |           1 | NC      | $941.86       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| RAIZEN FUELS FINANCE                                    | Raizen Fuels Finance SA                                                                                                                | CUSIP: 75102XAC0<br>LEI: 52990010NH26VC32Q522 | Long             | DBT              | CORP              | LU        |      200000 | PA      | $185300.00    | 0.05%             | 2054-03-05      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED NZD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |           1 | NC      | $13094.83     | 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      | $-10058.19    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-13504.05    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                      | Ukraine Government International Bond                                                                                                  | CUSIP: 903724CB6<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     2588223 | PA      | $1314817.28   | 0.35%             | 2035-02-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| SASOL FINANCING USA LLC                                 | Sasol Financing USA LLC                                                                                                                | CUSIP: 80386WAC9<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |     1110000 | PA      | $1087800.00   | 0.29%             | 2026-09-18      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED NZD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |           1 | NC      | $3531.30      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF KAZAKHSTAN                                  | Kazakhstan Government International Bond                                                                                               | CUSIP: 486661BN0<br>LEI: 5493007OEK8EF02UO833 | Long             | DBT              | NUSS              | KZ        |      740000 | PA      | $740740.00    | 0.20%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                                     | Nigeria Government International Bond                                                                                                  | CUSIP: 65412AFD9<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |      310000 | PA      | $325810.00    | 0.09%             | 2034-12-09      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| Oman Government International Bonds                     | Oman Government International Bonds                                                                                                    | CUSIP: 000000000<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |     1580000 | PA      | $1653470.00   | 0.44%             | 2029-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DNO ASA                                                 | DNO ASA                                                                                                                                | CUSIP: 000000000<br>LEI: 5967007LIEEXZXH3K072 | Long             | DBT              | CORP              | NO        |     1000000 | PA      | $996205.50    | 0.27%             | 2030-03-27      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED SGD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | SG        |           1 | NC      | $3853.20      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CNH                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-297.39      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Brazil Government International Bonds                   | Brazil Government International Bonds                                                                                                  | CUSIP: 105756CH1<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     1040000 | PA      | $1031940.00   | 0.28%             | 2034-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED NZD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |           1 | NC      | $19567.38     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: SR232882  IRS THB R F  1.75000 2 CCPNDFOIS / Short: SR232882  IRS THB P V 00MTHOR 1 CCPNDFOIS                                    | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    30900000 | OU      | $10815.42     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF PARAGUAY                                    | Paraguay Government International Bond                                                                                                 | CUSIP: 699149BY5<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |      480000 | PA      | $480000.00    | 0.13%             | 2055-03-04      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| Ukraine Government International Bonds                  | Ukraine Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      400000 | PA      | $206000.00    | 0.06%             | 2034-02-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CAD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-9881.71     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                             | CWCITEUGB2025071708555 GOLDMAN                                                                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |     -643000 | OU      | $-4861.13     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | CWMSIEUGB202507290854 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |     -640000 | OU      | $-6869.43     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CLP                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-152.81      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD INR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-7692.39     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $2777.75      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PWBNPEUUS2025040810775 GOLDMAN                                                                                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | LU        |           0 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CZK / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CZ        |           1 | NC      | $3188.42      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Turkiye Government International Bonds                  | Turkiye Government International Bonds                                                                                                 | CUSIP: 900123BJ8<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     1750000 | PA      | $1442875.00   | 0.39%             | 2041-01-14      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Pertamina Persero PT                                    | Pertamina Persero PT                                                                                                                   | CUSIP: 000000000<br>LEI: 254900NDAKGNZ2IBBL45 | Long             | DBT              | CORP              | ID        |      920000 | PA      | $904948.80    | 0.24%             | 2042-05-03      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PTCITUSJP2025080113775 GOLDMAN                                                                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |     1823000 | OU      | $4668.70      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NATIONAL BANK OF UZBEKIS                                | National Bank of Uzbekistan                                                                                                            | CUSIP: 000000000<br>LEI: 253400TZJ7T1YULTGN68 | Long             | DBT              | NUSS              | UZ        |     1560000 | PA      | $1551326.40   | 0.42%             | 2025-10-21      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| NBK TIER 1 FINANCING 2                                  | NBK Tier 1 Financing 2 Ltd                                                                                                             | CUSIP: 62878WAA6<br>LEI: 549300HMWSJFNREWT164 | Long             | DBT              | CORP              | AE        |     1140000 | PA      | $1134300.00   | 0.30%             | 2025-08-27      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED MXN / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | MX        |           1 | NC      | $4732.70      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BONOS DE TESORERIA                                      | Peru Government Bond                                                                                                                   | CUSIP: 000000000<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     3040000 | PA      | $885910.06    | 0.24%             | 2032-08-12      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Hungary Government International Bonds                  | Hungary Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |      210000 | PA      | $211575.00    | 0.06%             | 2029-06-16      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                      | Ukraine Government International Bond                                                                                                  | CUSIP: 903724CC4<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     1800485 | PA      | $893490.68    | 0.24%             | 2036-02-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CHF                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-1634.90     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED NZD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |           1 | NC      | $52693.04     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| IVORY COAST                                             | Ivory Coast Government International Bond                                                                                              | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |      420000 | PA      | $473249.04    | 0.13%             | 2030-03-22      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Republic of Guatemala                                   | Guatemala Government Bond                                                                                                              | CUSIP: 401494AP4<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |     1030000 | PA      | $1013005.00   | 0.27%             | 2027-06-05      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED MXN / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | MX        |           1 | NC      | $1365.69      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NE PROPERTY BV                                          | NE Property BV                                                                                                                         | CUSIP: 000000000<br>LEI: 7245006AG9J70KOIJH36 | Long             | DBT              | CORP              | NL        |      530000 | PA      | $616222.74    | 0.17%             | 2026-10-09      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD INR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-1343.13     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| RAIZEN FUELS FINANCE                                    | Raizen Fuels Finance SA                                                                                                                | CUSIP: 75102XAD8<br>LEI: 52990010NH26VC32Q522 | Long             | DBT              | CORP              | LU        |      500000 | PA      | $468125.00    | 0.13%             | 2035-01-17      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-6255.72     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PWCITEUGB2025071708555 GOLDMAN                                                                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |     -643000 | OU      | $-1623.16     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED KRW / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | KR        |           1 | NC      | $955.90       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED NZD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |           1 | NC      | $843.08       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF SERBIA                                      | Serbia International Bond                                                                                                              | CUSIP: 000000000<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |      290000 | PA      | $258554.51    | 0.07%             | 2036-09-23      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                                | Republic of South Africa Government Bond                                                                                               | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     4910000 | PA      | $239617.60    | 0.06%             | 2040-01-31      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $21334.35     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD INR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-28.57       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | CWBOAUSIN20250729858 GOLDMAN                                                                                                           | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |     -744000 | OU      | $-4490.04     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF KENYA                                       | Republic of Kenya Government International Bond                                                                                        | CUSIP: 491798AN4<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |      653000 | PA      | $612677.25    | 0.16%             | 2036-03-05      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                                     | Nigeria Government International Bond                                                                                                  | CUSIP: 65412AFC1<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |      310000 | PA      | $323853.90    | 0.09%             | 2031-06-09      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| GNL Quintero SA                                         | GNL Quintero SA                                                                                                                        | CUSIP: 000000000<br>LEI: 549300JJJIQXE6E1QY27 | Long             | DBT              | CORP              | CL        |      561376 | PA      | $555762.24    | 0.15%             | 2029-07-31      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD KRW                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $219.09       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-1261.69     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED AUD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |           1 | NC      | $3934.54      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Senegal Government International Bonds                  | Senegal Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 549300NP14ZLQGWIUZ97 | Long             | DBT              | NUSS              | SN        |      400000 | PA      | $260400.00    | 0.07%             | 2033-05-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Jamaica Government International Bonds                  | Jamaica Government International Bonds                                                                                                 | CUSIP: 470160CB6<br>LEI: 529900Y93KNSXZI8KK56 | Long             | DBT              | NUSS              | JM        |     1060000 | PA      | $1239325.50   | 0.33%             | 2045-07-28      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                                | First Quantum Minerals Ltd                                                                                                             | CUSIP: 335934AU9<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |      600000 | PA      | $621312.00    | 0.17%             | 2031-06-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                     | Petroleos Mexicanos                                                                                                                    | CUSIP: 71654QBR2<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |      240000 | PA      | $168571.20    | 0.05%             | 2045-01-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                                        | Peruvian Government International Bond                                                                                                 | CUSIP: 715638FC1<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     1100000 | PA      | $1102200.00   | 0.30%             | 2036-03-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: BR233961  IRS EUR R V 06MEURIB 1 CCPVANILLA / Short: BR233961  IRS EUR P F  1.75000 2 CCPVANILLA                                 | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |     3520000 | OU      | $20073.07     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED USD / SOLD CAD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-1558.17     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PTDEUEUUS202507141128 GOLDMAN                                                                                                          | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | LU        |     2582000 | OU      | $133.83       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | PURCHASED CNH / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CN        |           1 | NC      | $315.24       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

**Name of Applicant:** GOLDMAN SACHS TRUST

**Signature:** Peter Fortner

**Name of Signer:** Peter Fortner

**Title:** Vice President