# EDGAR Filing Document

**Accession Number:** 0000822977
**File Stem:** 0001410368-25-027908
**Filing Date:** 2025-11
**Character Count:** 191671
**Document Hash:** 340d3139b9b57214f08ebd3f574a1a9a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-027908.hdr.sgml**: 20251121

**ACCESSION NUMBER**: 0001410368-25-027908

**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:** 251505279

**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 Growth and Income Strategy Portfolio (Series ID: S000009325)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025511 | Institutional   | GOIIX           |
| C000025512 | Service         | GOISX           |
| C000025513 | Class A         | GOIAX           |
| C000025515 | Class C         | GOICX           |
| C000058961 | Class R         | GPIRX           |
| C000058962 | Investor Shares | GPITX           |
| C000161532 | Class R6 Shares | GOIUX           |
| C000201784 | Class P Shares  | GGSPX           |

## 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 Growth and Income Strategy Portfolio

- **b. EDGAR series identifier (if any):** S000009325

- **c. LEI of Series:** 54930065W0W48GS6Q788

**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:** $1026925003.82

**Total Liabilities:** $783031.46

**Net Assets:** $1026141972.36

**Cash Not Reported:** $29032563.05

**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:** 1.60000000 | **1-Year:** 155.58000000 | **5-Year:** 1837.32000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000025511 | 0.37%                | 2.62%                | 2.55%                |
| Class ID C000025513 | 0.31%                | 2.57%                | 2.59%                |
| Class ID C000201784 | 0.37%                | 2.56%                | 2.61%                |
| Class ID C000025512 | 0.31%                | 2.58%                | 2.56%                |
| Class ID C000025515 | 0.25%                | 2.53%                | 2.50%                |
| Class ID C000058961 | 0.31%                | 2.60%                | 2.50%                |
| Class ID C000161532 | 0.37%                | 2.62%                | 2.61%                |
| Class ID C000058962 | 0.37%                | 2.59%                | 2.61%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-345451.98              | $1934966.97                                |
| Month 2  | $1759608.64              | $21115797.48                               |
| Month 3  | $1413.45                 | $22152764.51                               |

**Designated Index Information**

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

- **Index Identifier:** CU2MFAW1O7

### 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                                 | FXO004358 CALL USD PUT CAD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   6042000 | OU      | $35533.00     | 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        |       142 | NC      | $227200.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004661 CALL CHF PUT SEK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |   3088000 | OU      | $37910.96     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004480 PUT AUD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |   4629000 | OU      | $14282.81     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX                                                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -12 | NC      | $-24180.00    | -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        |   1254213 | NS      | $115889281.20 | 11.29%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004832 PUT NZD CALL USD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |   1505000 | OU      | $12772.88     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003853 CALL USD PUT CAD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   2586000 | OU      | $2236.89      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD CHF                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-45394.08    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX                                                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -15 | NC      | $-9675.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003887 PUT NZD CALL USD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |    483000 | OU      | $605.96       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003952 PUT NZD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |   1315000 | OU      | $702.91       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004000 CALL JPY PUT KRW                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |  90652000 | OU      | $259.91       | 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        |     69277 | NS      | $6725411.16   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT DEC26C 96.37                                                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        96 | NC      | $156600.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | IOP014746 EQO. TOPX JPY                                                                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | JP        |   -118645 | NC      | $-7781.44     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD NZD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $1005.31      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003976 CALL USD PUT KRW                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    646000 | OU      | $45.22        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004748 CALL USD PUT CLP                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   2742000 | OU      | $42073.25     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004052 CALL USD PUT CAD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   2874000 | OU      | $60.35        | 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        |    350545 | NS      | $10926484.53  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003796 PUT NZD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |   1087000 | OU      | $3179.30      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003809 CALL CHF PUT NOK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |    779000 | OU      | $55.78        | 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        |   3151823 | NS      | $34670052.11  | 3.38%             |  |  |  | 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        |    395959 | NS      | $16277874.49  | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | S+P500 EMINI FUT DEC25                                                                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |       179 | NC      | $796962.12    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT SEP26C 96.62                                                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        83 | NC      | $84037.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004078 CALL USD PUT CLP                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   1036000 | OU      | $291.12       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003795 CALL CHF PUT SEK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |    902000 | OU      | $2.26         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures Europe - Financial Products Division         | LONG GILT FUTURE DEC25                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |         6 | NC      | $1927.71      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003957 PUT AUD CALL USD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |    878000 | OU      | $522.29       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                 | Long: SR233648  IRS GBP R F  3.82920 2 CCPOIS / Short: SR233648  IRS GBP P V 00MSONIA 1 CCPOIS | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   5500000 | OU      | $1551.88      | 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        |        63 | NC      | $125212.50    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX                                                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -6 | NC      | $-24540.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003754 CALL USD PUT SEK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    855000 | OU      | $0.86         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT JUN27C 96.25                                                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        63 | NC      | $128756.25    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT JUN26C 96.62                                                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        87 | NC      | $59268.75     | 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      | $-3273.89     | -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      | $-6299.11     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003836 PUT CAD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |   1068000 | OU      | $2883.91      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003729 PUT NZD CALL USD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |    450000 | OU      | $945.46       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                       | IOP015819 EQO XLV.P USD                                                                        | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DE               |  | US        |    -16146 | NC      | $-86593.11    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004114 CALL USD PUT MXN                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    448000 | OU      | $95.42        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| South African Futures Exchange                           | FTSE/JSE TOP 40 DEC25                                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | ZA        |         9 | NC      | $21432.30     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004093 CALL USD PUT MXN                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    490000 | OU      | $2.94         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                        | MINI MDAX FUT DEC25                                                                            | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |        16 | NC      | $-4550.06     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD EUR                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-116506.52   | -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        |       123 | NC      | $8456.25      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX                                                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -8 | NC      | $-4240.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX                                                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -8 | NC      | $-5920.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004402 CALL USD PUT CLP                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   1987000 | OU      | $20183.95     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX                                                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -6 | NC      | $-8280.00     | -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        |        37 | NC      | $8093.75      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004008 CALL USD PUT NOK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    293000 | OU      | $0.29         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003856 CALL USD PUT MXN                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    434000 | OU      | $0.87         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004083 CALL USD PUT CAD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   2596000 | OU      | $789.18       | 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        |       101 | NC      | $143925.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003898 PUT AUD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |   2464000 | OU      | $466.30       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                   | OPS09366A SWAPTION                                                                             | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DIR              |  | US        |  14500000 | NC      | $73339.55     | 0.01%             |  |  |  | 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        |   1043261 | NS      | $69454788.10  | 6.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs High Yield Fund                            | Goldman Sachs High Yield Fund                                                                  | CUSIP: 38148U874<br>LEI: VJJ3YDJ4UOKOJN1I8J86 | Long             | EC               | RF                | US        |   1671041 | NS      | $9575062.67   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD AUD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-51842.35    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004816 PUT AUD CALL USD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |   2723000 | OU      | $21300.99     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003832 PUT CAD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |   1165000 | OU      | $946.77       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004846 PUT NZD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |   3551000 | OU      | $32263.83     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT JUN26C 96.5                                                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       158 | NC      | $134300.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004124 CALL CHF PUT NOK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |    826000 | OU      | $47.74        | 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        |        88 | NC      | $30800.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD HKD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-656.55      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT MAR26C 96.25                                                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       112 | NC      | $86100.00     | 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        |       101 | NC      | $130668.75    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD SEK                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-5050.71     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003947 PUT AUD CALL USD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |    984000 | OU      | $65.76        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004143 CALL CHF PUT SEK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |    856000 | OU      | $284.96       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Health Care Select Sector SPDR Fund                      | Health Care Select Sector SPDR Fund                                                            | CUSIP: 81369Y209<br>LEI: 549300EJNY3KKJHPOY44 | Long             | EC               | RF                | US        |     17067 | NS      | $2375214.39   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT MAR27C 96                                                                     | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       172 | NC      | $428925.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003716 PUT AUD CALL USD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |    830000 | OU      | $965.51       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003797 CALL CHF PUT SEK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |    819000 | OU      | $201.65       | 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      | $-3411.45     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004591 CALL EUR PUT GBP                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | DE        |   -950000 | OU      | $-2119.16     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004048 PUT CAD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |   1126000 | OU      | $1787.26      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX                                                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -12 | NC      | $-3000.00     | -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        |    742631 | NS      | $9995814.11   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004436 CALL CHF PUT SEK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |   2182000 | OU      | $11556.20     | 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        |       177 | NC      | $423693.75    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD SGD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $1960.72      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                   | IOP016288 EQO.SPX USD                                                                          | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DE               |  | US        |      -580 | NC      | $-4058.22     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004142 CALL CHF PUT NOK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |    748000 | OU      | $653.99       | 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        |        74 | NC      | $20812.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003757 PUT AUD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |   2252000 | OU      | $1041.61      | 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        |       123 | NC      | $72262.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003874 CALL USD PUT NOK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    265000 | OU      | $23.32        | 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        |        38 | NC      | $20900.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Inflation Protected Securities Fund        | Goldman Sachs Inflation Protected Securities Fund                                              | CUSIP: 38147X580<br>LEI: 4OEORIROX7OTX3PIXA40 | Long             | EC               | RF                | US        |   3100870 | NS      | $29954399.59  | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD MXN                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-21280.13    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004781 PUT AUD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |   6660000 | OU      | $58678.16     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004462 PUT NZD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |   2417000 | OU      | $11592.59     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX                                                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -6 | NC      | $-2640.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004772 CALL USD PUT KRW                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   2095000 | OU      | $22699.33     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004453CALL CHF PUT NOK                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |   1921000 | OU      | $16100.63     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004666 CALL CHF PUT NOK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |   2691000 | OU      | $37225.41     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT JUN26C 97.25                                                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        72 | NC      | $16200.00     | 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        |  18581136 | NS      | $18581135.92  | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003784 PUT NZD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |   1196000 | OU      | $1265.42      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| iShares MSCI Mexico ETF                                  | iShares MSCI Mexico ETF                                                                        | CUSIP: 464286822<br>LEI: 549300SQ92O6OZ19G545 | Long             | EC               | RF                | US        |      3887 | NS      | $265132.27    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX                                                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -12 | NC      | $-210.00      | -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        |        64 | NC      | $132400.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003989 CALL USD PUT KRW                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    586000 | OU      | $397.31       | 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        |       147 | NC      | $18375.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG                                                   | OPS09368A SWAPTION                                                                             | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DIR              |  | US        | -14500000 | NC      | $-25122.70    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                          | Long: BX003297  CDS USD R V 03MEVENT 1 CCPCDX / Short: BX003297  CDS USD P F  5.00000 2 CCPCDX | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | GB        |   4700000 | OU      | $-376275.89   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003759 CALL USD PUT SEK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    789000 | OU      | $27.62        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International Small Cap Insights Fund      | Goldman Sachs International Small Cap Insights Fund                                            | CUSIP: 38147X234<br>LEI: 549300VMLASEOM8ZWE07 | Long             | EC               | RF                | US        |    438570 | NS      | $7332896.19   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003961 CALL JPY PUTY KRW                                                                    | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |  81755000 | OU      | $1091.84      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| National Stock Exchange Of India                         | IFSC NIFTY 50 FUT OCT25                                                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | IN        |        16 | NC      | $-16088.40    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004691 CALL USD PUT CAD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   8647000 | OU      | $64013.74     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                        | EURO STOXX 50 DEC25                                                                            | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |        38 | NC      | $43804.43     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004820 CALL JPY PUT KRW                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        | 247647000 | OU      | $20013.05     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003820 CALL JPY PUT KRW                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |  90652000 | OU      | $875.96       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures U.S., Inc.                                   | MSCI EAFE DEC25                                                                                | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DE               |  | US        |        20 | NC      | $-9591.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004546 PUT NZD CALL USD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |   1047000 | OU      | $7516.46      | 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        |       311 | NC      | $375143.75    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX                                                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -15 | NC      | $-1650.00     | -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        |    223124 | NS      | $29068594.72  | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | Long: ES128629  TRS EUR R E .SXDR INDEX / Short: ES128629  TRS EUR P V 00MESTR ESTRON +49.5    | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |    601827 | OU      | $-11701.69    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003813 CALL CHF PUT NOK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |    710000 | OU      | $717.98       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004679 PUT CAD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |   3454000 | OU      | $28025.13     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004371 CALL USD PUT MXN                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   1094000 | OU      | $5150.55      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003823 CALL JPY PUT KRW                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |  82317000 | OU      | $2219.83      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003922 PUT NZD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |   1177000 | OU      | $2266.14      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004709 CALL USD PUT SEK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   1782000 | OU      | $23534.87     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD ILS                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-4638.64     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004025 PUT CAD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |   1258000 | OU      | $407.67       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004585 CALL EUR PUT GBP                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | DE        |    950000 | OU      | $10746.38     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Global Core Fixed Income                   | Goldman Sachs Global Core Fixed Income                                                         | CUSIP: 38147X549<br>LEI: S7AVHSYYPK5PCOCQSV77 | Long             | EC               | RF                | US        |  21296853 | NS      | $243635999.27 | 23.74%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003868 CALL USD PUT CLP                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    962000 | OU      | $334.78       | 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        |     16184 | NS      | $3169798.24   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004155 CALL USD PUT SEK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    797000 | OU      | $23.11        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX                                                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -12 | NC      | $-11460.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004722 CALL USD PUT MXN                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   1473000 | OU      | $18462.58     | 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        |       382 | NC      | $2387.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004555 CALL JPY PUT KRW                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        | 167485000 | OU      | $5982.05      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004409 PUT CAD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |   2336000 | OU      | $9346.02      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004500 CALL USD PUT KRW                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   1382000 | OU      | $9059.01      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004419 CALL USD PUT SEK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   1276000 | OU      | $5980.61      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                   | Long: ES127664  TRS EUR R E .SXDR INDEX / Short: ES127664  TRS EUR P V 00MESTR ESTRON +47 BPS  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | DE        |    583985 | OU      | $6775.54      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT MAR26C 96.62                                                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        92 | NC      | $27600.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX                                                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -8 | NC      | $-60.00       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Emerging Markets Debt Fund                 | Goldman Sachs Emerging Markets Debt Fund                                                       | CUSIP: 38148U882<br>LEI: XC6LIVZDLLKYZ7FKO621 | Long             | EC               | RF                | US        |   2784562 | NS      | $28263299.51  | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG                                                   | IOP016286 EQO.SPX USD                                                                          | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DE               |  | US        |       580 | NC      | $22724.88     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT DEC25C 97                                                                     | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        86 | NC      | $1612.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003860 CALL USD PUT MXN                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    398000 | OU      | $48.95        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003900 PUT NZD CALL USD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |    542000 | OU      | $175.34       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                       | IOP015820 EQO XLV.P USD                                                                        | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DE               |  | US        |      8073 | NC      | $94725.54     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003883 PUT AUD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |   2222000 | OU      | $2914.13      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003712 PUT AUD CALL USD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |    914000 | OU      | $205.03       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004097 CALL USD PUT CLP                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    944000 | OU      | $1568.93      | 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        |       119 | NC      | $60987.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003740 CALL USD PUT KRW                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    627000 | OU      | $1295.38      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004162 CALL USD PUT SEK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    874000 | OU      | $0.87         | 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      | $32160.65     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003871 CALL USD PUT CLP                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    881000 | OU      | $1621.92      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003850 CALL USD PUT CAD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   2835000 | OU      | $459.27       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX                                                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -6 | NC      | $-2430.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                                   | Long: ES127871  TRS EUR R E .SXDR INDEX / Short: ES127871  TRS EUR P V 00MESTR ESTRON +48 BPS  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | DE        |   1315999 | OU      | $15268.53     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT SEP26C 97.25                                                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        56 | NC      | $22400.00     | 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        |    130954 | NS      | $5333756.42   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003724 PUT NZD CALL USD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |    497000 | OU      | $376.88       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Access Investment Grade Corporate Bond Etf | Goldman Sachs Access Investment Grade Corporate Bond Etf                                       | CUSIP: 381430479<br>LEI: 549300KGVZT18SX98G95 | Long             | EC               | RF                | US        |    440706 | NS      | $20576519.07  | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | PURCHASED USD / SOLD JPY                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-7391.37     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003737 CALL USD PUT KRW                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    688000 | OU      | $374.27       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT MAR26C 97.5                                                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       140 | NC      | $7875.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR OPT JUN27C 96                                                                     | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       153 | NC      | $387281.25    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004053 CALL CHF PUT SEK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |    949000 | OU      | $5.97         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                                   | S+P 500 INDEX                                                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -16 | NC      | $-4800.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs MarketBeta Emerging Markets Equity ETF     | Goldman Sachs MarketBeta Emerging Markets Equity ETF                                           | CUSIP: 381430164<br>LEI: 549300W8N8I3WPW90678 | Long             | EC               | RF                | US        |    533159 | NS      | $29611650.86  | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Large Cap Value Insights Fund              | Goldman Sachs Large Cap Value Insights Fund                                                    | CUSIP: 38147X515<br>LEI: 549300KBU32INALWSS44 | Long             | EC               | RF                | US        |   3798691 | NS      | $96068904.39  | 9.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003762 PUT AUD CALL JPY                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |   2057000 | OU      | $4170.46      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Large Cap Growth Insights Fund             | Goldman Sachs Large Cap Growth Insights Fund                                                   | CUSIP: 38147X523<br>LEI: IYI7KZ6TLM47WE4G7I95 | Long             | EC               | RF                | US        |   2550522 | NS      | $99215291.10  | 9.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Energy Infrastructure Fund                 | Goldman Sachs Energy Infrastructure Fund                                                       | CUSIP: 38148U239<br>LEI: 5493004HQKOKO2ODA746 | Long             | EC               | RF                | US        |     26661 | NS      | $376459.74    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003778 CALL USD PUT NOK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    261000 | OU      | $40.46        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO004513 PUT AUD CALL USD                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |   1927000 | OU      | $6633.05      | 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        |   4591543 | NS      | $84668051.04  | 8.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs High Yield Floating Rate Fund              | Goldman Sachs High Yield Floating Rate Fund                                                    | CUSIP: 38145L166<br>LEI: 20OHG0KU8S4HBIU77D72 | Long             | EC               | RF                | US        |   1139799 | NS      | $9904850.23   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | FXO003777 CALL USD PUT NOK                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    284000 | OU      | $0.57         | 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        |       315 | NC      | $486281.25    | 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        |       393 | NC      | $557568.75    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Managed Futures Strategy Fund              | Goldman Sachs Managed Futures Strategy Fund                                                    | CUSIP: 38150C879<br>LEI: 3J24L49YUVS4LPAV0F85 | Long             | EC               | RF                | US        |   1019811 | NS      | $9239489.12   | 0.90%             |  |  |  | No            |                  1 | 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