# EDGAR Filing Document

**Accession Number:** 0000822977
**File Stem:** 0001410368-25-027907
**Filing Date:** 2025-11
**Character Count:** 163877
**Document Hash:** 4336fd918ef1960dd9a2c807f6984f5e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-027907.hdr.sgml**: 20251121

**ACCESSION NUMBER**: 0001410368-25-027907

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251121

**DATE AS OF CHANGE**: 20251121

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05349
- **FILM NUMBER:** 251505277

**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 Dynamic Global Equity Fund (Series ID: S000009338)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025589 | Institutional   | GAPIX           |
| C000025590 | Service         | GAPSX           |
| C000025591 | Class A         | GAPAX           |
| C000025593 | Class C         | GAXCX           |
| C000058975 | Class R         | GAPRX           |
| C000058976 | Investor Shares | GAPTX           |
| C000161534 | Class R6 Shares | GAPUX           |
| C000201786 | Class P Shares  | GADPX           |

## Nport-Ex

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

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

---

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

---

---

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

---

---

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

---

------

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

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

**ADDITIONAL INVESTMENT INFORMATION** 

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

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

---

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

---

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

---

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

---

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

---

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

---

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

**CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS** 

---

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

---

(a) Payments made annually.

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

------

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS** 

---

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

---

(a) Payments made annually.

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

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

---

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

---

(a) Payments made quarterly.

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

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

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

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

---

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

---

------

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

---

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

---

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

---

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

---

------

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

---

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

---

------

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

---

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

---

**EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS** 

---

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

---

------

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**EXCHANGE TRADED OPTIONS ON FUTURES** 

---

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

---

---

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

---

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

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

---

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

---

---

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

---

---

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

---

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

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

**ADDITIONAL INVESTMENT INFORMATION** 

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

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

---

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

---

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

---

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

---

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

---

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

---

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

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

---

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

---

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

---

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

---

**EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS** 

---

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

---

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**EXCHANGE TRADED OPTIONS ON FUTURES** 

---

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

---

---

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

---

------

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

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

---

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

---

---

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

---

---

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

---

------

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

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

**ADDITIONAL INVESTMENT INFORMATION** 

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

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

---

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

---

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

---

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

---

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

---

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

---

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

**CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS** 

---

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

---

(a) Payments made annually.

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

------

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS** 

---

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

---

(a) Payments made quarterly.

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

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

---

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

---

(a) Payments made quarterly.

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

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

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

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

---

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

---

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

---

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

---

------

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

---

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

---

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

---

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

---

------

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

---

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

---

------

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

---

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

---

**EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS** 

---

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

---

------

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**EXCHANGE TRADED OPTIONS ON FUTURES** 

---

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

---

---

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

---

------

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

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

---

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

---

---

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

---

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

(a) Represents an affiliated issuer.

------

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

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

**ADDITIONAL INVESTMENT INFORMATION** 

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

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

---

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

---

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

---

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

---

---

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

---

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

**CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS** 

---

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

---

(a) Payments made annually.

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

------

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS** 

---

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

---

(a) Payments made quarterly.

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

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

---

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

---

(a) Payments made annually.

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

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

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

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

---

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

---

------

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

---

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

---

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

---

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

---

------

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

---

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

---

------

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

---

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

---

**EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS** 

---

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

---

------

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**EXCHANGE TRADED OPTIONS ON FUTURES** 

---

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

---

---

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

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** CHICAGO

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60606

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

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

- **a. Name of Series:** Goldman Sachs Dynamic Global Equity Fund

- **b. EDGAR series identifier (if any):** S000009338

- **c. LEI of Series:** 5493004NJD3E28ZMJL46

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $438967101.66

**Total Liabilities:** $363605.27

**Net Assets:** $438603496.39

**Cash Not Reported:** $15494272.90

**Currency Risk Metrics (dv01):**

- 

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

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

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000058976 | 0.57%                | 3.53%                | 3.88%                |
| Class ID C000201786 | 0.59%                | 3.56%                | 3.84%                |
| Class ID C000161534 | 0.59%                | 3.56%                | 3.88%                |
| Class ID C000058975 | 0.52%                | 3.52%                | 3.78%                |
| Class ID C000025590 | 0.56%                | 3.51%                | 3.81%                |
| Class ID C000025591 | 0.56%                | 3.51%                | 3.85%                |
| Class ID C000025589 | 0.55%                | 3.57%                | 3.89%                |
| Class ID C000025593 | 0.45%                | 3.49%                | 3.76%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $14212.62                | $1791618.09                                |
| Month 2  | $126408.96               | $12778733.27                               |
| Month 3  | $2254.01                 | $13907446.94                               |

**Designated Index Information**

- **Index Name:** MSCI ACWI (Net, USD, Unhedged)

- **Index Identifier:** MSWEACXIQO

### Schedule of Portfolio Investments

| Name                                                 | Title                                                | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Morgan Stanley & Co. LLC                             | FXO004030 CALL CHF PUT SEK                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |   1300000 | OU      | $8.17         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                          | 3 MONTH SOFR OPT JUN27C 96.5                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       149 | NC      | $238400.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO004413 CALL USD PUT CLP                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    982000 | OU      | $9975.16      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                               | S+P 500 INDEX                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -8 | NC      | $-16120.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs MarketBeta US Equity ETF               | Goldman Sachs MarketBeta US Equity ETF               | CUSIP: 381430123<br>LEI: 549300EMEG7T4I7JWK22 | Long             | EC               | RF                | US        |    770521 | NS      | $71196140.40  | 16.23%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                               | S+P 500 INDEX                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -10 | NC      | $-6450.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO003996 CALL JPY PUT KRW                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        | 124238000 | OU      | $356.20       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO004279 CALL USD PUT CLP                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    682000 | OU      | $5197.52      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| iShares U.S. Real Estate ETF                         | iShares U.S. Real Estate ETF                         | CUSIP: 464287739<br>LEI: 549300SJWB2CPZFPT616 | Long             | EC               | RF                | US        |     39950 | NS      | $3878346.00   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                          | 3 MONTH SOFR OPT DEC26C 96.37                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        39 | NC      | $63618.75     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                             | PURCHASED USD / SOLD JPY                             | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-1549.59     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Small Cap Equity Insights Fund         | Goldman Sachs Small Cap Equity Insights Fund         | CUSIP: 38147X499<br>LEI: UBB2S4ORVV98300HEK13 | Long             | EC               | RF                | US        |    193060 | NS      | $6017683.57   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO004180 PUT AUD CALL JPY                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |   1646000 | OU      | $2303.57      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Emerging Markets Equity Insights Fund  | Goldman Sachs Emerging Markets Equity Insights Fund  | CUSIP: 38147X259<br>LEI: 549300UHNMO4HOGWYU58 | Long             | EC               | RF                | US        |   2623117 | NS      | $28854285.23  | 6.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs ActiveBeta International Equity ETF    | Goldman Sachs ActiveBeta International Equity ETF    | CUSIP: 381430107<br>LEI: 549300XBH2SEXT65RC75 | Long             | EC               | RF                | US        |    202666 | NS      | $8331599.26   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                          | S+P500 EMINI FUT DEC25                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |       143 | NC      | $639377.99    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                          | 3 MONTH SOFR OPT SEP26C 96.62                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        34 | NC      | $34425.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                             | PURCHASED USD / SOLD NOK                             | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-686.46      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO004345 PUT CAD CALL JPY                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |    817000 | OU      | $1126.55      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                          | 3 MONTH SOFR OPT MAR27C 96.25                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        39 | NC      | $77512.50     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO004682 PUT CAD CALL JPY                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |   2389000 | OU      | $19383.91     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                               | S+P 500 INDEX                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -4 | NC      | $-16360.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                          | 3 MONTH SOFR OPT JUN27C 96.25                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        39 | NC      | $79706.25     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                          | 3 MONTH SOFR OPT JUN26C 96.62                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        36 | NC      | $24525.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG                                               | IOP016324 EQO.SPX USD                                | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DE               |  | US        |      -992 | NC      | $0.00         | 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      | $-24423.89    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                          | 3 MONTH SOFR OPT DEC25C 96.5                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       128 | NC      | $8800.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                               | S+P 500 INDEX                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -5 | NC      | $-2650.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                               | S+P 500 INDEX                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -5 | NC      | $-3700.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                               | S+P 500 INDEX                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -4 | NC      | $-5520.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                          | 3 MONTH SOFR OPT MAR26C 96.75                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       107 | NC      | $23406.25     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO004824 CALL JPY PUT KRW                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        | 171282000 | OU      | $13841.78     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO004079 CALL USD PUT CLP                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   1420000 | OU      | $399.02       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO004785 PUT AUD CALL JPY                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |   4606000 | OU      | $40581.32     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| The Montreal Exchange / Bourse De Montreal           | S+P/TSX 60 IX FUT DEC25                              | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | CA        |        29 | NC      | $153139.84    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO003944 PUT AUD CALL USD                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |   1349000 | OU      | $90.16        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                          | 3 MONTH SOFR OPT SEP26C 96.37                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        42 | NC      | $59850.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO004538 PUT NZD CALL USD                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |    518000 | OU      | $3718.74      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs MarketBeta International Equity ETF    | Goldman Sachs MarketBeta International Equity ETF    | CUSIP: 381430180<br>LEI: N/A                  | Long             | EC               | RF                | US        |    528829 | NS      | $35206632.03  | 8.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO004694 CALL USD PUT CAD                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   5980000 | OU      | $44269.94     | 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      | $-9568.93     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO004127 CALL CHF PUT NOK                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |   1132000 | OU      | $65.41        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO004725 CALL USD PUT MXN                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   1019000 | OU      | $12772.15     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO004502 CALL USD PUT KRW                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    683000 | OU      | $4477.07      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                          | 3 MONTH SOFR OPT JUN26C 97                           | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        30 | NC      | $10500.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG                                               | IOP016322 EQO.SPX USD                                | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DE               |  | US        |       992 | NC      | $46931.52     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                          | 3 MONTH SOFR OPT MAR26C 96.25                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        46 | NC      | $35362.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                          | 3 MONTH SOFR OPT JUN26C 96.25                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        42 | NC      | $54337.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO004533 CALL JPY PUT KRW                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |  82810000 | OU      | $2957.72      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO004676 CALL CHF PUTSEK                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |   2136000 | OU      | $26223.39     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                          | 3 MONTH SOFR OPT MAR27C 96                           | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        58 | NC      | $144637.50    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO004057 CALL USD PUT CAD                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   3939000 | OU      | $82.72        | 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      | $-1060.65     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                               | S+P 500 INDEX                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -8 | NC      | $-2000.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Global Infrastructure Fund             | Goldman Sachs Global Infrastructure Fund             | CUSIP: 38148U775<br>LEI: 54930073G57DO7G34278 | Long             | EC               | RF                | US        |    496104 | NS      | $6677564.05   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO004236 CALL USD PUT KRW                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    516000 | OU      | $604.75       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                             | PURCHASED USD / SOLD HKD                             | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-137.59      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO004810 PUT AUD CALL USD                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |   1883000 | OU      | $14729.99     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                          | 3 MONTH SOFR OPT DEC26C 96                           | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        60 | NC      | $143625.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO003907 PUT NZD CALL USD                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |    743000 | OU      | $240.36       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO004283 CALL USD PUT MXN                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    335000 | OU      | $181.57       | 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      | $-715.50      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO004849 PUT NZD CALL USD                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |   1041000 | OU      | $8834.93      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO003971 CALL USD PUT KRW                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    886000 | OU      | $62.02        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                             | PURCHASED USD / SOLD DKK                             | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-1322.03     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                          | 3 MONTH SOFR OPT JUN26C 97.12                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        77 | NC      | $21656.25     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO004335 CALL CHF PUT NOK                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |    559000 | OU      | $2830.64      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                          | 3 MONTH SOFR OPT SEP26C 97                           | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        42 | NC      | $24675.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                             | PURCHASED USD / SOLD NZD                             | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $188.50       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO004100 CALL USD PUT MXN                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    671000 | OU      | $4.03         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO003894 PUT AUD CALL JPY                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |   3377000 | OU      | $639.08       | 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      | $-10824.23    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                          | 3 MONTH SOFR OPT JUN26C 96.75                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       111 | NC      | $61050.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                             | PURCHASED USD / SOLD SGD                             | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $409.38       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                             | PURCHASED EUR / SOLD USD                             | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |         1 | NC      | $13577.26     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                               | S+P 500 INDEX                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -4 | NC      | $-1760.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                          | 3 MONTH SOFR OPT JUN26C 97.25                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        44 | NC      | $9900.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Financial Square Government Fund       | Goldman Sachs Financial Square Government Fund       | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | EC               | RF                | US        |  14198018 | NS      | $14198018.33  | 3.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                               | S+P 500 INDEX                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -8 | NC      | $-140.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                          | 3 MONTH SOFR OPT SEP27C 96.25                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        40 | NC      | $82750.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO004768 CALL USD PUT KRW                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   1449000 | OU      | $15699.92     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                          | 3 MONTH SOFR OPT MAR26C 97                           | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       124 | NC      | $15500.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International Small Cap Insights Fund  | Goldman Sachs International Small Cap Insights Fund  | CUSIP: 38147X234<br>LEI: 549300VMLASEOM8ZWE07 | Long             | EC               | RF                | US        |    270281 | NS      | $4519102.50   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO004310 CALL USD PUT NOK                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    219000 | OU      | $187.46       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                    | EURO STOXX 50 DEC25                                  | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |        16 | NC      | $18398.65     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO004364 CALL USD PUT MXN                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    541000 | OU      | $2547.03      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures U.S., Inc.                               | MSCI EAFE DEC25                                      | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DE               |  | US        |        10 | NC      | $-4795.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO004352 CALL USD PUT CAD                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   2987000 | OU      | $17566.55     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                          | 3 MONTH SOFR OPT SEP26C 96.5                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       158 | NC      | $190587.50    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                               | S+P 500 INDEX                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -10 | NC      | $-1100.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF   | Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF   | CUSIP: 381430503<br>LEI: 549300HE2W614QP0GH20 | Long             | EC               | RF                | US        |    135595 | NS      | $17665316.60  | 4.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO004158 CALL USD PUT SEK                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   1255000 | OU      | $1.26         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO004856 PUT NZD CALL JPY                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |   2456000 | OU      | $22314.83     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO004754 CALL USD PUT CLP                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   1896000 | OU      | $29092.22     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO003936 PUT NZD CALL JPY                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |   1877000 | OU      | $1003.31      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO004396 PUT CAD CALL JPY                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |   1155000 | OU      | $4621.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO004673 CALL CHF PUT NOK                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |   1861000 | OU      | $25743.77     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO004224 PUT AUD CALL USD                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |    698000 | OU      | $706.66       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO004191 PUT NZD CALL JPY                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |    871000 | OU      | $1929.97      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO004562 CALL USD PUT SEK                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    631000 | OU      | $2957.50      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| iShares U.S. Technology ETF                          | iShares U.S. Technology ETF                          | CUSIP: 464287721<br>LEI: 5493003RR427QZS78C77 | Long             | EC               | RF                | US        |      6536 | NS      | $1280140.96   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO004438 CALL CHF PUT NOK                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |    950000 | OU      | $7962.31      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                               | S+P 500 INDEX                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -8 | NC      | $-7640.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO004721 CALL USD PUTSEK                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   1232000 | OU      | $16271.02     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO004006 CALL USD PUT NOK                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    402000 | OU      | $0.40         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                          | 3 MONTH SOFR OPT DEC25C 97.5                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        70 | NC      | $437.50       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                          | 3 MONTH SOFR OPT MAR26C 96.62                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        38 | NC      | $11400.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                               | S+P 500 INDEX                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -5 | NC      | $-37.50       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                          | 3 MONTH SOFR OPT DEC25C 97                           | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        53 | NC      | $993.75       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                             | PURCHASED USD / SOLD ILS                             | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-1030.81     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO004202 CALL JPY PUT KRW                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |  59627000 | OU      | $633.42       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO004434 CALL CHF PUT SEK                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |   1079000 | OU      | $5714.54      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                          | 3 MONTH SOFR OPT DEC25C 96.12                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        49 | NC      | $25112.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                               | S+P 500 INDEX                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -4 | NC      | $-1620.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                          | 3 MONTH SOFR OPT SEP26C 97.25                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        34 | NC      | $13600.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs ActiveBeta Emerging Markets Equity ETF | Goldman Sachs ActiveBeta Emerging Markets Equity ETF | CUSIP: 381430206<br>LEI: 549300PZDHNP7HDURN13 | Long             | EC               | RF                | US        |    113420 | NS      | $4619596.60   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO004472 PUT AUD CALL JPY                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |   2289000 | OU      | $7062.73      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO004467 PUT NZD CALL JPY                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |   1195000 | OU      | $5731.55      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                          | 3 MONTH SOFR OPT JUN27C 96                           | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        52 | NC      | $131625.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                               | S+P 500 INDEX                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -10 | NC      | $-3000.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO004266 CALL USD PUT SEK                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    652000 | OU      | $419.24       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs MarketBeta Emerging Markets Equity ETF | Goldman Sachs MarketBeta Emerging Markets Equity ETF | CUSIP: 381430164<br>LEI: 549300W8N8I3WPW90678 | Long             | EC               | RF                | US        |    390369 | NS      | $21681094.26  | 4.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO004524 PUT AUD CALL USD                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |    953000 | OU      | $3280.38      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Large Cap Value Insights Fund          | Goldman Sachs Large Cap Value Insights Fund          | CUSIP: 38147X515<br>LEI: 549300KBU32INALWSS44 | Long             | EC               | RF                | US        |   2830636 | NS      | $71586791.60  | 16.32%            |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Large Cap Growth Insights Fund         | Goldman Sachs Large Cap Growth Insights Fund         | CUSIP: 38147X523<br>LEI: IYI7KZ6TLM47WE4G7I95 | Long             | EC               | RF                | US        |   1892578 | NS      | $73621284.47  | 16.79%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO004241 CALL CHF PUT SEK                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |    634000 | OU      | $2747.69      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International Equity Insights Fund     | Goldman Sachs International Equity Insights Fund     | CUSIP: 38147X242<br>LEI: RP210Q47MZG236IVQP58 | Long             | EC               | RF                | US        |   2745649 | NS      | $50629769.79  | 11.54%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO004033 PUT CAD CALL JPY                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |   1724000 | OU      | $558.68       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO004256 CALL USD PUT CAD                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   1808000 | OU      | $640.03       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                          | 3 MONTH SOFR OPT MAR27C 96.5                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       151 | NC      | $233106.25    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                          | 3 MONTH SOFR OPT DEC26C 96.5                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       203 | NC      | $288006.25    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                             | FXO004213 PUT NZD CALL USD                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |    382000 | OU      | $881.65       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** GOLDMAN SACHS TRUST

**Signature:** Peter Fortner

**Name of Signer:** Peter Fortner

**Title:** Vice President