# EDGAR Filing Document

**Accession Number:** 0000822977
**File Stem:** 0001410368-26-006709
**Filing Date:** 2026-1
**Character Count:** 536659
**Document Hash:** 2c24ce11a4c415fe1b4db56deacb6f0c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-006709.hdr.sgml**: 20260123

**ACCESSION NUMBER**: 0001410368-26-006709

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260123

**DATE AS OF CHANGE**: 20260123

**PERIOD START**: 20260831

**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:** 26556258

**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 Global Managed Beta Fund (Series ID: S000048066)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000151917 | Institutional Shares | GGMBX           |

## Nport-Ex

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 10.9%** | **Common Stocks – 10.9%** | **Common Stocks – 10.9%** |
| **Aerospace & Defense – 0.0%** | **Aerospace & Defense – 0.0%** | **Aerospace & Defense – 0.0%** |
| 85 | Rheinmetall AG | $145383 |
| **Air Freight & Logistics – 0.1%** | **Air Freight & Logistics – 0.1%** |  |
| 11581 | CH Robinson Worldwide, Inc. | 1839874 |
| 36285 | Deutsche Post AG | 1888429 |
| 2259 | Expeditors International of Washington, Inc. | 331847 |
| 815 | FedEx Corp. | 224679 |
| 34522 | InPost SA\* | 405359 |
|  |  | 4690188 |
| **Automobile Components – 0.0%** | **Automobile Components – 0.0%** |  |
| 4369 | Aisin Corp. | 77806 |
| 5208 | Aptiv PLC\* | 403880 |
| 1 | Aumovio SE\* | 22 |
| 18931 | Bridgestone Corp. | 888297 |
| 5439 | Continental AG | 404885 |
| 12190 | Sumitomo Electric Industries Ltd. | 480341 |
|  |  | 2255231 |
| **Automobiles – 0.1%** | **Automobiles – 0.1%** |  |
| 34213 | Rivian Automotive, Inc. Class A\* | 576831 |
| 2544 | Subaru Corp. | 56818 |
| 35808 | Suzuki Motor Corp. | 559978 |
| 6500 | Tesla, Inc.\* | 2796105 |
|  |  | 3989732 |
| **Banks – 0.8%** | **Banks – 0.8%** |  |
| 74334 | AIB Group PLC | 764853 |
| 87129 | Banco Bilbao Vizcaya Argentaria SA | 1883174 |
| 44830 | Banco BPM SpA | 646139 |
| 54802 | Banco Comercial Portugues SA Class R | 52254 |
| 197831 | Banco de Sabadell SA | 719145 |
| 132926 | Banco Santander SA | 1425883 |
| 30158 | Bank Hapoalim BM | 652800 |
| 45388 | Bank Leumi Le-Israel BM | 951844 |
| 31475 | Bank of America Corp. | 1688634 |
| 2030 | Bank of Montreal | 256203 |
| 43833 | Bankinter SA | 691011 |
| 8865 | Barclays PLC | 50289 |
| 90818 | BOC Hong Kong Holdings Ltd. | 438452 |
| 33130 | BPER Banca SpA | 399241 |
| 83485 | CaixaBank SA | 932226 |
| 14530 | Canadian Imperial Bank of Commerce | 1252380 |
| 9714 | Citigroup, Inc. | 1006370 |
| 14470 | Danske Bank AS | 664637 |
| 24898 | DBS Group Holdings Ltd. | 1042940 |
| 37574 | DNB Bank ASA | 1004741 |
| 6610 | Erste Group Bank AG | 722509 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |
| 9627 | FinecoBank Banca Fineco SpA | $236805 |
| 61347 | HSBC Holdings PLC | 869348 |
| 22108 | ING Groep NV | 573238 |
| 173790 | Intesa Sanpaolo SpA | 1127374 |
| 50336 | Israel Discount Bank Ltd. Class A | 527142 |
| 18655 | JPMorgan Chase & Co. | 5840507 |
| 4898 | KBC Group NV | 602955 |
| 13037 | Mizrahi Tefahot Bank Ltd. | 913246 |
| 479 | National Bank of Canada | 57965 |
| 99775 | NatWest Group PLC | 832770 |
| 51219 | Nordea Bank Abp | 906353 |
| 21358 | Oversea-Chinese Banking Corp. Ltd. | 305125 |
| 502 | PNC Financial Services Group, Inc. | 95741 |
| 4027 | Regions Financial Corp. | 102487 |
| 8350 | Royal Bank of Canada | 1287470 |
| 18820 | Skandinaviska Enskilda Banken AB Class A | 374524 |
| 19343 | Standard Chartered PLC | 428441 |
| 42822 | Svenska Handelsbanken AB Class A | 594662 |
| 28683 | Swedbank AB Class A | 912813 |
| 21930 | Toronto-Dominion Bank | 1841872 |
| 6491 | U.S. Bancorp | 318384 |
| 17477 | UniCredit SpA | 1301035 |
| 3925 | United Overseas Bank Ltd. | 103025 |
| 19041 | Wells Fargo & Co. | 1634670 |
|  |  | 39033677 |
| **Beverages – 0.1%** | **Beverages – 0.1%** |  |
| 4496 | Coca-Cola Co. | 328747 |
| 14224 | Coca-Cola HBC AG | 713606 |
| 17836 | Monster Beverage Corp.\* | 1337522 |
| 3703 | PepsiCo, Inc. | 550784 |
| 3471 | Suntory Beverage & Food Ltd. | 109829 |
|  |  | 3040488 |
| **Biotechnology – 0.3%** | **Biotechnology – 0.3%** |  |
| 8814 | AbbVie, Inc. | 2006948 |
| 1381 | Alnylam Pharmaceuticals, Inc.\* | 623149 |
| 319 | Amgen, Inc. | 110202 |
| 3115 | Biogen, Inc.\* | 567210 |
| 2788 | Genmab AS\* | 895741 |
| 18442 | Gilead Sciences, Inc. | 2320741 |
| 22586 | Incyte Corp.\* | 2359334 |
| 1400 | Natera, Inc.\* | 334334 |
| 650 | Regeneron Pharmaceuticals, Inc. | 507123 |
| 3038 | United Therapeutics Corp.\* | 1476468 |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Biotechnology – (continued)** | **Biotechnology – (continued)** | **Biotechnology – (continued)** |
| 1899 | Vertex Pharmaceuticals, Inc.\* | $823425 |
|  |  | 12024675 |
| **Broadline Retail – 0.4%** | **Broadline Retail – 0.4%** |  |
| 55796 | Amazon.com, Inc.\* | 13012743 |
| 2096 | Canadian Tire Corp. Ltd. Class A | 255474 |
| 14430 | eBay, Inc. | 1194660 |
| 407 | MercadoLibre, Inc.\* | 843214 |
| 7271 | Next PLC | 1359884 |
| 113889 | Pan Pacific International Holdings Corp. | 690255 |
| 22934 | Ryohin Keikaku Co. Ltd. | 454864 |
| 2507 | Sea Ltd. ADR\* | 348498 |
| 13906 | Wesfarmers Ltd. | 746250 |
|  |  | 18905842 |
| **Building Products – 0.1%** | **Building Products – 0.1%** |  |
| 6956 | Allegion PLC | 1154904 |
| 14627 | Builders FirstSource, Inc.\* | 1641588 |
| 974 | Carlisle Cos., Inc. | 309800 |
| 2467 | Cie de Saint-Gobain SA | 246224 |
| 1438 | Lennox International, Inc. | 717375 |
| 16707 | Masco Corp. | 1083783 |
| 24158 | Rockwool AS Class B | 816654 |
| 964 | Trane Technologies PLC | 406307 |
|  |  | 6376635 |
| **Capital Markets – 0.3%** | **Capital Markets – 0.3%** |  |
| 21822 | 3i Group PLC | 912487 |
| 3548 | Ameriprise Financial, Inc. | 1616966 |
| 17779 | Bank of New York Mellon Corp. | 1993026 |
| 409 | Blackstone, Inc. | 59886 |
| 1301 | Cboe Global Markets, Inc. | 335879 |
| 7858 | Charles Schwab Corp. | 728672 |
| 419 | CME Group, Inc. | 117932 |
| 3257 | Deutsche Bank AG | 115480 |
| 1778 | LPL Financial Holdings, Inc. | 633039 |
| 1254 | Moody's Corp. | 615438 |
| 9485 | Morgan Stanley | 1609225 |
| 10468 | Northern Trust Corp. | 1374867 |
| 6175 | Raymond James Financial, Inc. | 966635 |
| 9154 | Robinhood Markets, Inc. Class A\* | 1176197 |
| 41464 | SBI Holdings, Inc. | 874345 |
| 27125 | Singapore Exchange Ltd. | 353700 |
| 11451 | State Street Corp. | 1362898 |
| 5825 | T. Rowe Price Group, Inc. | 596364 |
|  |  | 15443036 |
| **Chemicals – 0.1%** | **Chemicals – 0.1%** |  |
| 20278 | Asahi Kasei Corp. | 169369 |
| 3982 | CF Industries Holdings, Inc. | 313383 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Chemicals – (continued)** | **Chemicals – (continued)** | **Chemicals – (continued)** |
| 3025 | Corteva, Inc. | $204097 |
| 290 | Ecolab, Inc. | 79796 |
| 14154 | Mitsubishi Chemical Group Corp. | 79952 |
| 17539 | Nitto Denko Corp. | 434009 |
| 3940 | RPM International, Inc. | 422565 |
| 1004 | Sherwin-Williams Co. | 345065 |
| 13188 | Yara International ASA | 481706 |
|  |  | 2529942 |
| **Commercial Services & Supplies – 0.1%** | **Commercial Services & Supplies – 0.1%** |  |
| 4262 | Cintas Corp. | 792817 |
| 17883 | Rollins, Inc. | 1099447 |
| 45788 | Securitas AB Class B | 698532 |
| 8031 | Veralto Corp. | 812898 |
|  |  | 3403694 |
| **Communications Equipment – 0.1%** | **Communications Equipment – 0.1%** |  |
| 4416 | Arista Networks, Inc.\* | 577083 |
| 2135 | Ciena Corp.\* | 435988 |
| 27300 | Cisco Systems, Inc. | 2100462 |
| 6840 | F5, Inc.\* | 1635854 |
| 622 | Motorola Solutions, Inc. | 229941 |
| 75226 | Nokia OYJ | 458136 |
| 152124 | Telefonaktiebolaget LM Ericsson Class B | 1467930 |
|  |  | 6905394 |
| **Construction & Engineering – 0.2%** | **Construction & Engineering – 0.2%** |  |
| 452 | Comfort Systems USA, Inc. | 441577 |
| 12867 | Eiffage SA | 1777933 |
| 3336 | EMCOR Group, Inc. | 2051874 |
| 2222 | HOCHTIEF AG | 786572 |
| 6559 | Stantec, Inc. | 632878 |
| 7457 | Vinci SA | 1058236 |
| 7703 | WSP Global, Inc. | 1352524 |
|  |  | 8101594 |
| **Construction Materials – 0.1%** | **Construction Materials – 0.1%** |  |
| 2520 | Buzzi SpA | 155434 |
| 7836 | Heidelberg Materials AG | 2012126 |
| 12444 | Holcim AG | 1167372 |
|  |  | 3334932 |
| **Consumer Finance – 0.1%** | **Consumer Finance – 0.1%** |  |
| 5028 | American Express Co. | 1836578 |
| 1 | Isracard Ltd. | 4 |
| 6564 | SoFi Technologies, Inc.\* | 195082 |
| 30165 | Synchrony Financial | 2333564 |
|  |  | 4365228 |
| **Consumer Staples Distribution & Retail – 0.6%** | **Consumer Staples Distribution & Retail – 0.6%** |  |
| 12750 | Aeon Co. Ltd. | 230849 |
| 32865 | Carrefour SA | 506072 |
| 74592 | Coles Group Ltd. | 1090394 |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*November 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Consumer Staples Distribution & Retail – (continued)** | **Consumer Staples Distribution & Retail – (continued)** | **Consumer Staples Distribution & Retail – (continued)** |
| 2669 | Costco Wholesale Corp. | $2438372 |
| 16615 | Dollar General Corp. | 1819176 |
| 16126 | Dollar Tree, Inc.\* | 1786922 |
| 52194 | Empire Co. Ltd. Class A | 1932461 |
| 16784 | George Weston Ltd. | 1156126 |
| 24765 | Jeronimo Martins SGPS SA | 587672 |
| 57132 | Koninklijke Ahold Delhaize NV | 2365174 |
| 35146 | Kroger Co. | 2364623 |
| 33024 | Loblaw Cos. Ltd. | 1468823 |
| 81017 | MatsukiyoCocokara & Co. | 1498922 |
| 3965 | Metro, Inc. | 286114 |
| 45096 | Seven & i Holdings Co. Ltd. | 620529 |
| 19922 | Sysco Corp. | 1518056 |
| 9885 | Target Corp. | 895779 |
| 38210 | Walmart, Inc. | 4222587 |
| 10663 | Woolworths Group Ltd. | 204846 |
|  |  | 26993497 |
| **Distributors – 0.0%** | **Distributors – 0.0%** | **Distributors – 0.0%** |
| 1353 | Genuine Parts Co. | 176431 |
| **Diversified Consumer Services – 0.0%** | **Diversified Consumer Services – 0.0%** | **Diversified Consumer Services – 0.0%** |
| 9111 | Pearson PLC | 120420 |
| **Diversified Telecommunication Services – 0.1%** | **Diversified Telecommunication Services – 0.1%** | **Diversified Telecommunication Services – 0.1%** |
| 47173 | AT&T, Inc. | 1227441 |
| 24678 | Deutsche Telekom AG | 795811 |
| 456145 | NTT, Inc. | 454596 |
| 624 | Swisscom AG | 448490 |
| 10424 | Telenor ASA | 150656 |
| 286378 | Telstra Group Ltd. | 923404 |
| 25045 | Verizon Communications, Inc. | 1029600 |
|  |  | 5029998 |
| **Electric Utilities – 0.0%** | **Electric Utilities – 0.0%** | **Electric Utilities – 0.0%** |
| 1767 | Acciona SA | 355208 |
| 16056 | Endesa SA | 582392 |
| 34798 | Enel SpA | 359604 |
| 4258 | NRG Energy, Inc. | 721688 |
|  |  | 2018892 |
| **Electrical Equipment – 0.1%** | **Electrical Equipment – 0.1%** | **Electrical Equipment – 0.1%** |
| 4510 | Fujikura Ltd. | 521934 |
| 1579 | GE Vernova, Inc. | 947037 |
| 342 | Legrand SA | 51886 |
| 16491 | Mitsubishi Electric Corp. | 445882 |
| 8140 | Prysmian SpA | 816943 |
| 2807 | Vertiv Holdings Co. Class A | 504502 |
|  |  | 3288184 |
| **Electronic Equipment, Instruments & Components – 0.1%** | **Electronic Equipment, Instruments & Components – 0.1%** | **Electronic Equipment, Instruments & Components – 0.1%** |
| 4981 | Amphenol Corp. Class A | 701823 |
| 1319 | CDW Corp. | 190226 |
| 855 | Flex Ltd.\* | 50539 |
| 6321 | Halma PLC | 298291 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Electronic Equipment, Instruments & Components – (continued)** | **Electronic Equipment, Instruments & Components – (continued)** | **Electronic Equipment, Instruments & Components – (continued)** |
| 2039 | Jabil, Inc. | $429638 |
| 1796 | Keysight Technologies, Inc.\* | 355518 |
| 3667 | TE Connectivity PLC | 829292 |
| 268 | Teledyne Technologies, Inc.\* | 133871 |
| 27506 | Yokogawa Electric Corp. | 879759 |
| 952 | Zebra Technologies Corp. Class A\* | 240618 |
|  |  | 4109575 |
| **Energy Equipment & Services – 0.0%** | **Energy Equipment & Services – 0.0%** | **Energy Equipment & Services – 0.0%** |
| 4383 | Tenaris SA | 88176 |
| **Entertainment – 0.2%** | **Entertainment – 0.2%** | **Entertainment – 0.2%** |
| 8642 | Electronic Arts, Inc. | 1745943 |
| 2448 | Live Nation Entertainment, Inc.\* | 321790 |
| 21015 | Netflix, Inc.\* | 2260794 |
| 12735 | ROBLOX Corp. Class A\* | 1210207 |
| 170 | Spotify Technology SA\* | 101808 |
| 1666 | Take-Two Interactive Software, Inc.\* | 409953 |
| 782 | Walt Disney Co. | 81695 |
| 44007 | Warner Bros Discovery, Inc.\* | 1056168 |
|  |  | 7188358 |
| **Financial Services – 0.3%** | **Financial Services – 0.3%** | **Financial Services – 0.3%** |
| 5656 | Apollo Global Management, Inc. | 745744 |
| 78685 | Banca Mediolanum SpA | 1686051 |
| 6984 | Berkshire Hathaway, Inc. Class B\* | 3588449 |
| 4251 | Block, Inc.\* | 283967 |
| 1752 | Corpay, Inc.\* | 518242 |
| 3192 | Fiserv, Inc.\* | 196212 |
| 799 | Jack Henry & Associates, Inc. | 139410 |
| 5697 | Mastercard, Inc. Class A | 3136369 |
| 16022 | PayPal Holdings, Inc. | 1004419 |
| 58161 | Poste Italiane SpA<sup>(a)</sup> | 1392197 |
| 10873 | Visa, Inc. Class A | 3636366 |
|  |  | 16327426 |
| **Food Products – 0.1%** | **Food Products – 0.1%** | **Food Products – 0.1%** |
| 8929 | Ajinomoto Co., Inc. | 207183 |
| 3636 | Associated British Foods PLC | 102879 |
| 6409 | Danone SA | 572924 |
| 30729 | Saputo, Inc. | 869678 |
| 1149833 | WH Group Ltd.<sup>(a)</sup> | 1204142 |
|  |  | 2956806 |
| **Gas Utilities – 0.0%** | **Gas Utilities – 0.0%** | **Gas Utilities – 0.0%** |
| 4644 | Osaka Gas Co. Ltd. | 162986 |
| 8655 | Tokyo Gas Co. Ltd. | 350793 |
|  |  | 513779 |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*November 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Ground Transportation – 0.0%** | **Ground Transportation – 0.0%** | **Ground Transportation – 0.0%** |
| 1564 | Seibu Holdings, Inc. | $48572 |
| 9722 | Uber Technologies, Inc.\* | 851064 |
|  |  | 899636 |
| **Health Care Equipment & Supplies – 0.1%** | **Health Care Equipment & Supplies – 0.1%** |  |
| 5688 | Abbott Laboratories | 733183 |
| 3376 | BioMerieux | 422990 |
| 9735 | Boston Scientific Corp.\* | 988881 |
| 17467 | Demant AS\* | 595298 |
| 2050 | Dexcom, Inc.\* | 130113 |
| 3805 | Fisher & Paykel Healthcare Corp. Ltd. | 81459 |
| 844 | IDEXX Laboratories, Inc.\* | 635431 |
| 1446 | Insulet Corp.\* | 473117 |
| 14016 | Koninklijke Philips NV | 395390 |
| 1459 | Medtronic PLC | 153676 |
| 3944 | Olympus Corp. | 53028 |
| 2922 | ResMed, Inc. | 747535 |
| 52494 | Smith & Nephew PLC | 872252 |
| 4352 | Solventum Corp.\* | 371051 |
| 767 | Stryker Corp. | 284695 |
| 1189 | Zimmer Biomet Holdings, Inc. | 115951 |
|  |  | 7054050 |
| **Health Care Providers & Services – 0.1%** | **Health Care Providers & Services – 0.1%** |  |
| 1979 | Cardinal Health, Inc. | 420063 |
| 7232 | CVS Health Corp. | 581163 |
| 565 | Elevance Health, Inc. | 191117 |
| 863 | Fresenius Medical Care AG | 41250 |
| 1083 | HCA Healthcare, Inc. | 550478 |
| 5125 | Humana, Inc. | 1259571 |
| 1568 | Labcorp Holdings, Inc. | 421447 |
| 414 | McKesson Corp. | 364784 |
| 2372 | Quest Diagnostics, Inc. | 448735 |
| 4366 | UnitedHealth Group, Inc. | 1439776 |
|  |  | 5718384 |
| **Health Care Technology – 0.0%** | **Health Care Technology – 0.0%** |  |
| 580 | ABIOMED, Inc.\*<sup>(b)</sup> | 592 |
| 1995 | Pro Medicus Ltd. | 348848 |
|  |  | 349440 |
| **Hotels, Restaurants & Leisure – 0.2%** | **Hotels, Restaurants & Leisure – 0.2%** |  |
| 7294 | Accor SA | 394736 |
| 503 | Airbnb, Inc. Class A\* | 58846 |
| 4381 | Amadeus IT Group SA | 322413 |
| 6090 | Aristocrat Leisure Ltd. | 232763 |
| 458 | Booking Holdings, Inc. | 2250928 |
| 8371 | Carnival Corp.\* | 215804 |
| 2228 | Domino's Pizza, Inc. | 934936 |
| 2765 | DoorDash, Inc. Class A\* | 548493 |
| 60977 | Entain PLC | 628099 |
| 7271 | Expedia Group, Inc. | 1859122 |
| 648 | Flutter Entertainment PLC\* | 135309 |
| 113608 | Lottery Corp. Ltd. | 406976 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Hotels, Restaurants & Leisure – (continued)** | **Hotels, Restaurants & Leisure – (continued)** | **Hotels, Restaurants & Leisure – (continued)** |
| 5217 | Yum! Brands, Inc. | $799297 |
| 7592 | Zensho Holdings Co. Ltd. | 457467 |
|  |  | 9245189 |
| **Household Durables – 0.0%** | **Household Durables – 0.0%** | **Household Durables – 0.0%** |
| 491 | Garmin Ltd. | 95902 |
| 107 | NVR, Inc.\* | 803280 |
| 3482 | PulteGroup, Inc. | 442876 |
|  |  | 1342058 |
| **Household Products – 0.0%** | **Household Products – 0.0%** |  |
| 8011 | Colgate-Palmolive Co. | 644004 |
| 4469 | Henkel AG & Co. KGaA | 335488 |
| 6470 | Procter & Gamble Co. | 958595 |
| 1894 | Reckitt Benckiser Group PLC | 146784 |
|  |  | 2084871 |
| **Industrial Conglomerates – 0.0%** | **Industrial Conglomerates – 0.0%** |  |
| 781 | Hitachi Ltd. | 24872 |
| 31074 | Sekisui Chemical Co. Ltd. | 529559 |
| 5890 | Smiths Group PLC | 190677 |
|  |  | 745108 |
| **Insurance – 0.8%** | **Insurance – 0.8%** |  |
| 32100 | Admiral Group PLC | 1346710 |
| 21640 | Ageas SA | 1478509 |
| 60364 | AIA Group Ltd. | 628744 |
| 3624 | Allianz SE | 1564320 |
| 9103 | Allstate Corp. | 1938757 |
| 6299 | American Financial Group, Inc. | 867498 |
| 1397 | Aon PLC Class A | 494426 |
| 9169 | Arch Capital Group Ltd.\* | 861153 |
| 2348 | ASR Nederland NV | 158532 |
| 21811 | AXA SA | 985372 |
| 2321 | Chubb Ltd. | 687434 |
| 3075 | Cincinnati Financial Corp. | 515339 |
| 27153 | Dai-ichi Life Holdings, Inc. | 211844 |
| 864 | Fairfax Financial Holdings Ltd. | 1485020 |
| 9294 | Fidelity National Financial, Inc. | 552342 |
| 13135 | Generali | 521399 |
| 20162 | Gjensidige Forsikring ASA | 563739 |
| 8702 | Great-West Lifeco, Inc. | 402579 |
| 649 | Hannover Rueck SE | 195131 |
| 13105 | Hartford Insurance Group, Inc. | 1795778 |
| 586 | Helvetia Holding AG | 152063 |
| 4286 | iA Financial Corp., Inc. | 502040 |
| 117728 | Insurance Australia Group Ltd. | 598010 |
| 1416 | Loews Corp. | 152744 |
| 16150 | Mapfre SA | 74789 |
| 192 | Markel Group, Inc.\* | 399445 |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*November 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Insurance – (continued)** | **Insurance – (continued)** | **Insurance – (continued)** |
| 3601 | Marsh & McLennan Cos., Inc. | $660603 |
| 66291 | Medibank Pvt Ltd. | 206149 |
| 6955 | MetLife, Inc. | 532475 |
| 34637 | MS&AD Insurance Group Holdings, Inc. | 768519 |
| 1317 | Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen | 829998 |
| 22585 | Phoenix Financial Ltd. | 909391 |
| 10247 | Power Corp. of Canada | 520984 |
| 7229 | Progressive Corp. | 1653923 |
| 34972 | Prudential PLC | 506718 |
| 84349 | QBE Insurance Group Ltd. | 1063735 |
| 25233 | Sampo OYJ Class A | 296787 |
| 5276 | Sompo Holdings, Inc. | 167100 |
| 44515 | Suncorp Group Ltd. | 511476 |
| 411 | Swiss Life Holding AG | 450791 |
| 3900 | Swiss Re AG | 688244 |
| 21598 | T&D Holdings, Inc. | 469205 |
| 4157 | Talanx AG | 540167 |
| 26069 | Tokio Marine Holdings, Inc. | 924170 |
| 5170 | Travelers Cos., Inc. | 1514086 |
| 24578 | Unipol Assicurazioni SpA | 564469 |
| 18799 | W.R. Berkley Corp. | 1460494 |
| 1394 | Willis Towers Watson PLC | 447474 |
| 1700 | Zurich Insurance Group AG | 1222308 |
|  |  | 36042983 |
| **Interactive Media & Services – 0.7%** | **Interactive Media & Services – 0.7%** | **Interactive Media & Services – 0.7%** |
| 29228 | Alphabet, Inc. Class C | 9356467 |
| 34267 | Alphabet, Inc. Class A | 10971608 |
| 78745 | Auto Trader Group PLC<sup>(a)</sup> | 665909 |
| 13496 | Meta Platforms, Inc. Class A | 8744733 |
| 40897 | Pinterest, Inc. Class A\* | 1068230 |
| 3460 | Reddit, Inc. Class A\* | 748986 |
|  |  | 31555933 |
| **IT Services – 0.2%** | **IT Services – 0.2%** | **IT Services – 0.2%** |
| 4152 | Accenture PLC Class A | 1038000 |
| 147 | Cloudflare, Inc. Class A\* | 29431 |
| 17051 | Cognizant Technology Solutions Corp. Class A | 1325033 |
| 16897 | Fujitsu Ltd. | 448298 |
| 3456 | Gartner, Inc.\* | 804349 |
| 5474 | GoDaddy, Inc. Class A\* | 699906 |
| 5872 | International Business Machines Corp. | 1811982 |
| 26852 | NEC Corp. | 1014539 |
| 12350 | TIS, Inc. | 408124 |
| 8473 | Twilio, Inc. Class A\* | 1098863 |
| 9959 | VeriSign, Inc. | 2509568 |
| 4087 | Wix.com Ltd.\* | 391167 |
|  |  | 11579260 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Leisure Products – 0.0%** | **Leisure Products – 0.0%** | **Leisure Products – 0.0%** |
| 25359 | Bandai Namco Holdings, Inc. | $744139 |
| **Life Sciences Tools & Services\* – 0.0%** | **Life Sciences Tools & Services\* – 0.0%** | **Life Sciences Tools & Services\* – 0.0%** |
| 7924 | Illumina, Inc. | 1041610 |
| 604 | Mettler-Toledo International, Inc. | 891939 |
| 353 | Waters Corp. | 142407 |
|  |  | 2075956 |
| **Machinery – 0.2%** | **Machinery – 0.2%** | **Machinery – 0.2%** |
| 1444 | Caterpillar, Inc. | 831397 |
| 16783 | GEA Group AG | 1137179 |
| 6858 | Graco, Inc. | 565373 |
| 1144 | Illinois Tool Works, Inc. | 285176 |
| 10782 | Knorr-Bremse AG | 1143720 |
| 7876 | Otis Worldwide Corp. | 699783 |
| 2631 | Sandvik AB | 79560 |
| 1495 | Schindler Holding AG | 520768 |
| 2598 | Snap-on, Inc. | 883450 |
| 83930 | Techtronic Industries Co. Ltd. | 987111 |
|  |  | 7133517 |
| **Marine Transportation – 0.0%** | **Marine Transportation – 0.0%** | **Marine Transportation – 0.0%** |
| 1015 | Kuehne & Nagel International AG | 203811 |
| 308974 | SITC International Holdings Co. Ltd. | 1062353 |
|  |  | 1266164 |
| **Media – 0.1%** | **Media – 0.1%** | **Media – 0.1%** |
| 23457 | Fox Corp. Class A | 1536433 |
| 24330 | Fox Corp. Class B | 1417466 |
| 17948 | News Corp. Class A | 460905 |
|  |  | 3414804 |
| **Metals & Mining – 0.1%** | **Metals & Mining – 0.1%** | **Metals & Mining – 0.1%** |
| 11283 | Endeavour Mining PLC | 522119 |
| 35902 | Fresnillo PLC | 1251861 |
| 49389 | Kinross Gold Corp. | 1390363 |
| 11428 | Lundin Gold, Inc. | 962358 |
| 9753 | Newmont Corp. | 884890 |
| 4300 | Reliance, Inc. | 1201076 |
| 1002 | Rio Tinto Ltd. | 86920 |
| 724 | Rio Tinto PLC | 51985 |
|  |  | 6351572 |
| **Mortgage Real Estate Investment Trusts (REITs) – 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) – 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) – 0.0%** |
| 12992 | Annaly Capital Management, Inc. | 296218 |
| **Multi-Utilities – 0.0%** | **Multi-Utilities – 0.0%** | **Multi-Utilities – 0.0%** |
| 56284 | Centrica PLC | 127833 |
| **Oil, Gas & Consumable Fuels – 0.1%** | **Oil, Gas & Consumable Fuels – 0.1%** | **Oil, Gas & Consumable Fuels – 0.1%** |
| 18227 | Cenovus Energy, Inc. | 325619 |
| 7895 | Devon Energy Corp. | 292589 |
| 8268 | EOG Resources, Inc. | 891704 |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*November 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Oil, Gas & Consumable Fuels – (continued)** | **Oil, Gas & Consumable Fuels – (continued)** | **Oil, Gas & Consumable Fuels – (continued)** |
| 14411 | Equinor ASA | $331392 |
| 9466 | Exxon Mobil Corp. | 1097299 |
| 2838 | Imperial Oil Ltd. | 280764 |
| 11700 | Inpex Corp. | 249562 |
| 23742 | Suncor Energy, Inc. | 1063714 |
| 1737 | TotalEnergies SE | 114271 |
|  |  | 4646914 |
| **Passenger Airlines – 0.1%** | **Passenger Airlines – 0.1%** | **Passenger Airlines – 0.1%** |
| 63055 | Deutsche Lufthansa AG | 605493 |
| 92689 | Japan Airlines Co. Ltd. | 1728699 |
| 7436 | United Airlines Holdings, Inc.\* | 758174 |
|  |  | 3092366 |
| **Personal Products – 0.0%** | **Personal Products – 0.0%** | **Personal Products – 0.0%** |
| 9261 | Estee Lauder Cos., Inc. Class A | 871182 |
| 462 | L'Oreal SA | 201518 |
| 25885 | Shiseido Co. Ltd. | 368473 |
|  |  | 1441173 |
| **Pharmaceuticals – 0.4%** | **Pharmaceuticals – 0.4%** |  |
| 58586 | Astellas Pharma, Inc. | 736684 |
| 5820 | AstraZeneca PLC | 1079080 |
| 31852 | Bayer AG | 1126882 |
| 29287 | Bristol-Myers Squibb Co. | 1440920 |
| 3327 | Eli Lilly & Co. | 3578089 |
| 50271 | GSK PLC | 1196251 |
| 9173 | Ipsen SA | 1324361 |
| 13200 | Johnson & Johnson | 2731344 |
| 13758 | Merck & Co., Inc. | 1442251 |
| 14133 | Novartis AG | 1843791 |
| 4708 | Orion OYJ Class B | 337048 |
| 19816 | Otsuka Holdings Co. Ltd. | 1122286 |
| 5584 | Roche Holding AG | 2157181 |
| 3438 | Takeda Pharmaceutical Co. Ltd. | 99125 |
|  |  | 20215293 |
| **Professional Services – 0.1%** | **Professional Services – 0.1%** | **Professional Services – 0.1%** |
| 6415 | Booz Allen Hamilton Holding Corp. | 535396 |
| 692 | Broadridge Financial Solutions, Inc. | 157838 |
| 8752 | Bureau Veritas SA | 280012 |
| 3114 | Leidos Holdings, Inc. | 595086 |
| 1514 | Paycom Software, Inc. | 244011 |
| 10003 | Randstad NV | 389277 |
| 16542 | Recruit Holdings Co. Ltd. | 846061 |
| 5083 | RELX PLC | 203848 |
| 7919 | SGS SA | 908476 |
|  |  | 4160005 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Real Estate Management & Development – 0.0%** | **Real Estate Management & Development – 0.0%** | **Real Estate Management & Development – 0.0%** |
| 2027 | FirstService Corp. | $317891 |
| 4600 | Zillow Group, Inc. Class C\* | 342148 |
|  |  | 660039 |
| **Retail REITs\* – 0.0%** | **Retail REITs\* – 0.0%** | **Retail REITs\* – 0.0%** |
| 1027 | Unibail-Rodamco-Westfield | 109088 |
| **Semiconductors & Semiconductor Equipment – 1.0%** | **Semiconductors & Semiconductor Equipment – 1.0%** | **Semiconductors & Semiconductor Equipment – 1.0%** |
| 12729 | Advantest Corp. | 1693727 |
| 6181 | Applied Materials, Inc. | 1559157 |
| 558 | ASML Holding NV | 590170 |
| 565 | Astera Labs, Inc.\* | 89027 |
| 19576 | Broadcom, Inc. | 7888345 |
| 574 | Credo Technology Group Holding Ltd.\* | 101942 |
| 1163 | KLA Corp. | 1367072 |
| 11138 | Lam Research Corp. | 1737528 |
| 1116 | Micron Technology, Inc. | 263912 |
| 76 | Monolithic Power Systems, Inc. | 70541 |
| 152900 | NVIDIA Corp. | 27063300 |
| 3265 | Qnity Electronics, Inc. Class W/I | 264759 |
| 10280 | QUALCOMM, Inc. | 1727965 |
| 3760 | SCREEN Holdings Co. Ltd. | 310109 |
| 3603 | Teradyne, Inc. | 655350 |
|  |  | 45382904 |
| **Software – 0.9%** | **Software – 0.9%** | **Software – 0.9%** |
| 4322 | Adobe, Inc.\* | 1383602 |
| 4543 | AppLovin Corp. Class A\* | 2723438 |
| 4698 | Atlassian Corp. Class A\* | 702445 |
| 3474 | Autodesk, Inc.\* | 1053803 |
| 742 | Cadence Design Systems, Inc.\* | 231385 |
| 3803 | Check Point Software Technologies Ltd.\* | 710286 |
| 221 | Constellation Software, Inc. | 540857 |
| 461 | Crowdstrike Holdings, Inc. Class A\* | 234723 |
| 23618 | Docusign, Inc.\* | 1637908 |
| 1852 | Dynatrace, Inc.\* | 82525 |
| 441 | Fair Isaac Corp.\* | 796371 |
| 12751 | Fortinet, Inc.\* | 1034489 |
| 1267 | HubSpot, Inc.\* | 465394 |
| 887 | Intuit, Inc. | 562429 |
| 41186 | Microsoft Corp. | 20263924 |
| 2242 | Nebius Group NV\* | 212698 |
| 776 | Nemetschek SE | 86723 |
| 1888 | Nice Ltd.\* | 197574 |
| 15566 | Nutanix, Inc. Class A\* | 744055 |
| 7995 | Open Text Corp. | 268550 |
| 1185 | Oracle Corp. | 239311 |
| 16797 | Palantir Technologies, Inc. Class A\* | 2829455 |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*November 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Software – (continued)** | **Software – (continued)** | **Software – (continued)** |
| 513 | PTC, Inc.\* | $89996 |
| 29822 | Sage Group PLC | 424600 |
| 4426 | Salesforce, Inc. | 1020370 |
| 1759 | SAP SE | 424640 |
| 680 | ServiceNow, Inc.\* | 552439 |
| 2614 | Trend Micro, Inc. | 130550 |
| 1688 | Workday, Inc. Class A\* | 363967 |
| 14403 | Zoom Communications, Inc.\* | 1223679 |
| 301 | Zscaler, Inc.\* | 75701 |
|  |  | 41307887 |
| **Specialty Retail – 0.5%** | **Specialty Retail – 0.5%** |  |
| 471 | AutoZone, Inc.\* | 1862489 |
| 28800 | Avolta AG | 1587415 |
| 19802 | Best Buy Co., Inc. | 1569903 |
| 270 | Carvana Co.\* | 101115 |
| 1676 | Dick's Sporting Goods, Inc. | 346211 |
| 37965 | H & M Hennes & Mauritz AB Class B | 689791 |
| 5595 | Home Depot, Inc. | 1996967 |
| 1015163 | JD Sports Fashion PLC | 1039644 |
| 412372 | Kingfisher PLC | 1669925 |
| 6651 | Lowe's Cos., Inc. | 1612734 |
| 16784 | O'Reilly Automotive, Inc.\* | 1706933 |
| 3822 | Ross Stores, Inc. | 674048 |
| 13347 | TJX Cos., Inc. | 2027676 |
| 8146 | Tractor Supply Co. | 446238 |
| 3626 | Ulta Beauty, Inc.\* | 1953798 |
| 7567 | Williams-Sonoma, Inc. | 1362136 |
| 42096 | Zalando SE\*<sup>(a)</sup> | 1133986 |
|  |  | 21781009 |
| **Technology Hardware, Storage & Peripherals – 0.6%** | **Technology Hardware, Storage & Peripherals – 0.6%** |  |
| 90715 | Apple, Inc. | 25295878 |
| 4037 | Canon, Inc. | 118777 |
| 478 | Dell Technologies, Inc. Class C | 63741 |
| 12096 | HP, Inc. | 295384 |
| 7866 | Logitech International SA | 887582 |
| 7260 | NetApp, Inc. | 809926 |
| 8377 | Pure Storage, Inc. Class A\* | 745218 |
| 2865 | Seagate Technology Holdings PLC | 792717 |
| 5425 | Western Digital Corp. | 886065 |
|  |  | 29895288 |
| **Textiles, Apparel & Luxury Goods – 0.1%** | **Textiles, Apparel & Luxury Goods – 0.1%** |  |
| 1141 | adidas AG | 212521 |
| 31049 | Asics Corp. | 743710 |
| 13707 | Deckers Outdoor Corp.\* | 1206627 |
| 6559 | Lululemon Athletica, Inc.\* | 1208037 |
| 287 | LVMH Moet Hennessy Louis Vuitton SE | 212129 |
| 5826 | NIKE, Inc. Class B | 376534 |
| 6218 | Pandora AS | 744080 |
| 17125 | Tapestry, Inc. | 1871420 |
|  |  | 6575058 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Tobacco – 0.1%** | **Tobacco – 0.1%** |  |
| 14671 | Altria Group, Inc. | $865736 |
| 12739 | Imperial Brands PLC | 541161 |
| 7537 | Philip Morris International, Inc. | 1186927 |
|  |  | 2593824 |
| **Trading Companies & Distributors – 0.1%** | **Trading Companies & Distributors – 0.1%** |  |
| 5823 | Brenntag SE | 333810 |
| 27124 | Fastenal Co. | 1095810 |
| 5164 | Ferguson Enterprises, Inc. | 1299624 |
| 8285 | Rexel SA | 315749 |
| 668 | Toromont Industries Ltd. | 78217 |
| 1339 | WW Grainger, Inc. | 1270215 |
|  |  | 4393425 |
| **Transportation Infrastructure<sup>(a)</sup> – 0.0%** | **Transportation Infrastructure<sup>(a)</sup> – 0.0%** |  |
| 4925 | Aena SME SA | 134132 |
| **Wireless Telecommunication Services – 0.0%** | **Wireless Telecommunication Services – 0.0%** | **Wireless Telecommunication Services – 0.0%** |
| 3293 | T-Mobile U.S., Inc. | 688270 |
| 375000 | Vodafone Group PLC | 467002 |
|  |  | 1155272 |
| **TOTAL COMMON STOCKS<br>(Cost $337,629,531)** | **TOTAL COMMON STOCKS<br>(Cost $337,629,531)** | $518928005 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Preferred Stocks – 0.0%** | **Preferred Stocks – 0.0%** | **Preferred Stocks – 0.0%** |
| **Household Products – 0.0%** | **Household Products – 0.0%** | **Household Products – 0.0%** |
| Henkel AG & Co. KGaA | Henkel AG & Co. KGaA | Henkel AG & Co. KGaA |
| 2615 | 2.937% | $210920 |
| **(Cost $205,112)** | **(Cost $205,112)** | **(Cost $205,112)** |
| **Units** | **Expiration**<br> **Date** | **Value** |
| **Warrants\*<sup>(b)</sup> – 0.0%** | **Warrants\*<sup>(b)</sup> – 0.0%** | **Warrants\*<sup>(b)</sup> – 0.0%** |
| Constellation Software, Inc. | Constellation Software, Inc. | Constellation Software, Inc. |
| 264 | 03/31/40 | $— |
| **(Cost $—)** | **(Cost $—)** | **(Cost $—)** |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*November 30, 2025 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| **U.S. Treasury Obligations<sup>(c)</sup> – 1.6%** | **U.S. Treasury Obligations<sup>(c)</sup> – 1.6%** | **U.S. Treasury Obligations<sup>(c)</sup> – 1.6%** | **U.S. Treasury Obligations<sup>(c)</sup> – 1.6%** |  |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
|  $ | 3100000 | 0.000% | 12/16/25 | $3094960 |
|  | 4465400 | 0.000 | 12/23/25 | 4454793 |
|  | 3800000 | 0.000 | 12/26/25 | 3789713 |
|  | 5800000 | 0.000 | 01/06/26 | 5777971 |
|  | 4700000 | 0.000 | 01/08/26 | 4681150 |
|  | 4661400 | 0.000 | 01/13/26 | 4640393 |
|  | 4500000 | 0.000 | 02/26/26 | 4459605 |
|  | 5400000 | 0.000 | 03/05/26 | 5348135 |
|  | 5000000 | 0.000 | 03/10/26 | 4949020 |
|  | 5000000 | 0.000 | 03/17/26 | 4945324 |
|  | 4690200 | 0.000 | 03/19/26 | 4637973 |
|  | 6100000 | 0.000 | 03/24/26 | 6028872 |
|  | 6642300 | 0.000 | 04/16/26 | 6550240 |
|  | 4444400 | 0.000 | 04/30/26 | 4376468 |
|  | 5000000 | 0.000 | 05/14/26 | 4916860 |
|  | 4453300 | 0.000 | 05/21/26 | 4376045 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $77,017,786)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $77,017,786)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $77,017,786)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $77,017,786)** | $77027522 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Exchange Traded Funds – 78.3%** | **Exchange Traded Funds – 78.3%** | **Exchange Traded Funds – 78.3%** |
| 150000 | Cayman Commodity GMB LLC | $3000000 |
| 1345401 | Goldman Sachs ActiveBeta Emerging Markets Equity ETF<sup>(d)</sup> | 55986979 |
| 8962588 | Goldman Sachs MarketBeta International Equity ETF<sup>(d)(e)</sup> | 607398174 |
| 3459078 | Goldman Sachs MarketBeta Russell 1000 Growth Equity ETF<sup>(d)</sup> | 220805401 |
| 7048360 | Goldman Sachs MarketBeta Russell 1000 Value Equity ETF<sup>(d)</sup> | 380047571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12981690 | Goldman Sachs MarketBeta U.S. Equity ETF<sup>(d)</sup> | 1228327508 |
| 2939720 | iShares Core MSCI EAFE ETF | 261164725 |
| 7665812 | iShares Core MSCI Emerging Markets ETF | 514375985 |
| 2622982 | iShares MSCI EAFE Small-Cap ETF | 203202416 |
| 153314 | iShares MSCI USA Quality Factor ETF | 30368437 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Shares** | **Description** | **Value** |
| **Exchange Traded Funds – (continued)** | **Exchange Traded Funds – (continued)** | **Exchange Traded Funds – (continued)** |
| 81240 | iShares U.S. Technology ETF | $16140763 |
| 2060994 | State Street SPDR Portfolio S&P 500 Growth ETF | 220608798 |
| **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $2,636,291,014)** | **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $2,636,291,014)** | $3741426757 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(d)</sup> – 6.3%** | **Investment Company<sup>(d)</sup> – 6.3%** | **Investment Company<sup>(d)</sup> – 6.3%** |
| Goldman Sachs Financial Square Government Fund — Institutional<br>Shares | Goldman Sachs Financial Square Government Fund — Institutional<br>Shares | Goldman Sachs Financial Square Government Fund — Institutional<br>Shares |
| 299542368 | 3.928% | $299542368 |
| **(Cost $299,542,368)** | **(Cost $299,542,368)** | **(Cost $299,542,368)** |
| **Securities Lending Reinvestment Vehicle<sup>(d)</sup> – 0.1%** | **Securities Lending Reinvestment Vehicle<sup>(d)</sup> – 0.1%** | **Securities Lending Reinvestment Vehicle<sup>(d)</sup> – 0.1%** |
| 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 |
| 4995600 | 3.928% | $4995600 |
| **(Cost $4,995,600)** | **(Cost $4,995,600)** | **(Cost $4,995,600)** |
| **TOTAL INVESTMENTS – 97.2%<br>(Cost $3,355,681,411)** | **TOTAL INVESTMENTS – 97.2%<br>(Cost $3,355,681,411)** | $4642131172 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 2.8%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 2.8%** | 132580294 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $4774711466 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| \* | Non-income producing security. |
| (a) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (b) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3. |
| (c) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (d) | Represents an affiliated issuer. |
| (e) | All or a portion of security is on loan. |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*November 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At November 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 | AUD | 6800000 | USD | 4419262 | 12/17/25 | $36539 |
|  | CAD | 7190000 | USD | 5126026 | 12/17/25 | 24487 |
|  | CHF | 18590000 | USD | 23093235 | 12/17/25 | 113182 |
|  | DKK | 2780000 | USD | 431540 | 12/17/25 | 943 |
|  | EUR | 9860000 | USD | 11424769 | 12/17/25 | 28644 |
|  | GBP | 3225000 | USD | 4244472 | 12/17/25 | 24475 |
|  | ILS | 640000 | USD | 193744 | 12/17/25 | 2813 |
|  | NOK | 1050000 | USD | 103474 | 12/17/25 | 296 |
|  | NZD | 90000 | USD | 50928 | 12/17/25 | 774 |
|  | SEK | 10875000 | USD | 1144699 | 12/17/25 | 8573 |
|  | SGD | 130000 | USD | 100217 | 12/17/25 | 253 |
|  | USD | 1757821 | AUD | 2680000 | 12/17/25 | 1712 |
|  | USD | 98935977 | CHF | 78590000 | 12/17/25 | 829882 |
|  | USD | 15413750 | DKK | 98100000 | 12/17/25 | 152358 |
|  | USD | 280407452 | EUR | 239360000 | 12/17/25 | 2366001 |
|  | USD | 118820638 | GBP | 88425000 | 12/17/25 | 1772045 |
|  | USD | 16171349 | HKD | 125710000 | 12/17/25 | 14014 |
|  | USD | 212027343 | JPY | 31440000000 | 12/17/25 | 10315430 |
|  | USD | 4672763 | NOK | 47100000 | 12/17/25 | 17934 |
|  | USD | 1439063 | NZD | 2450000 | 12/17/25 | 31616 |
|  | USD | 25082085 | SEK | 235650000 | 12/17/25 | 91883 |
|  | USD | 11011389 | SGD | 14090000 | 12/17/25 | 121964 |
|  **TOTAL** |  |  |  |  |  | $15955818 |
| **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | **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 | CAD | 65980000 | USD | 47966094 | 12/17/25 | $(701715) |
|  | CHF | 70000 | USD | 88462 | 12/17/25 | (1079) |
|  | DKK | 2110000 | USD | 329080 | 12/17/25 | (828) |
|  | EUR | 18590000 | USD | 21786360 | 12/17/25 | (192148) |
|  | GBP | 1035000 | USD | 1382921 | 12/17/25 | (12887) |
|  | HKD | 4240000 | USD | 545902 | 12/17/25 | (941) |
|  | ILS | 520000 | USD | 159875 | 12/17/25 | (173) |
|  | JPY | 3728000000 | USD | 25270346 | 12/17/25 | (1352344) |
|  | NOK | 1050000 | USD | 104695 | 12/17/25 | (926) |
|  | SGD | 40000 | USD | 30949 | 12/17/25 | (35) |
|  | USD | 53735050 | AUD | 82310000 | 12/17/25 | (199796) |
|  | USD | 1905910 | CHF | 1530000 | 12/17/25 | (4032) |
|  | USD | 262417 | DKK | 1690000 | 12/17/25 | (496) |
|  | USD | 15252999 | EUR | 13180000 | 12/17/25 | (56936) |
|  | USD | 7478661 | GBP | 5680000 | 12/17/25 | (39983) |
|  | USD | 5400208 | ILS | 18080000 | 12/17/25 | (152504) |
|  | USD | 1716250 | JPY | 268000000 | 12/17/25 | (3177) |
|  | USD | 49005 | NOK | 500000 | 12/17/25 | (410) |
|  | USD | 97179 | NZD | 170000 | 12/17/25 | (480) |
|  | USD | 1676127 | SEK | 15900000 | 12/17/25 | (10035) |
|  | USD | 524183 | SGD | 680000 | 12/17/25 | (1353) |
|  **TOTAL** |  |  |  |  |  | $(2732278) |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*November 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**FUTURES CONTRACTS** — At November 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:** |  |  |  |  |
|  E-Mini Russell 2000 Index | 2453 | 12/19/25 | $307250515 | $7150035 |
|  Euro Stoxx 50 Index | 172 | 12/19/25 | 11324180 | 461524 |
|  IFSC NIFTY 50 Index | 428 | 12/30/25 | 22587272 | (1683) |
|  S&P 500 E-Mini Index | 1470 | 12/19/25 | 504173250 | 13234958 |
|  S&P Toronto Stock Exchange 60 Index | 421 | 12/18/25 | 110973244 | 6215681 |
|  **Total** |  |  |  | $27060515 |
|  **Short position contracts:** |  |  |  |  |
|  FTSE 100 Index | (87) | 12/19/25 | (11223682) | (329057) |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $26731458 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Obligation/Index** | **Financing Rate<br>Paid/(Received) by<br>the Fund<sup>(a)</sup>** | **Counterparty** | **Termination<br>Date<sup>#</sup>** | **Notional<br>Amount<br>(000s)** | **Unrealized<br>Appreciation/<br>(Depreciation)\*** |
|  CIEQDUG2 Index | 0.000% | Citibank NA | 07/27/26-10/02/26 | $93492 | $(1841633) |

---

(a) Payments made monthly.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **A basket (CIEQDUG2) of Futures, Purchased Options & Common Stocks** | **A basket (CIEQDUG2) of Futures, Purchased Options & Common Stocks** | **A basket (CIEQDUG2) of Futures, Purchased Options & Common Stocks** | **A basket (CIEQDUG2) of Futures, Purchased Options & Common Stocks** |  |
| **Caption** | **Security Type** | **Shares** | **Value** | **Weight** |
|  S&P 500 E-Mini Index | Futures | (437) | $(2998583) | 1.7 |
|  Microsoft Corp. | Equitites | (375) | (184483) | 0.1 |
|  Meta Platforms Inc. | Equitites | (223) | (144463) | 0.1 |
|  Netflix, Inc. | Equitites | (739) | (79533) | 0.0 |
|  Visa, Inc. | Equitites | (151) | (50387) | 0.0 |
|  Home Depot, Inc. | Equitites | (125) | (44781) | 0.0 |
|  Costco Wholesale Corp. | Equitites | (44) | (40622) | 0.0 |
|  Linde PLC | Equitites | (98) | (40364) | 0.0 |
|  Oracle Corp. | Equitites | (184) | (37080) | 0.0 |
|  Procter & Gamble Co. | Equitites | (236) | (34897) | 0.0 |
|  Walt Disney Co. | Equitites | (326) | (34055) | 0.0 |
|  Salesforce, Inc. | Equitites | (109) | (25087) | 0.0 |
|  Intuit, Inc. | Equitites | (35) | (22403) | 0.0 |
|  ServiceNow, Inc. | Equitites | (27) | (22125) | 0.0 |
|  AT&T, Inc. | Equitites | (748) | (19462) | 0.0 |
|  Uber Technologies, Inc. | Equitites | (194) | (16941) | 0.0 |
|  Philip Morris International, Inc. | Equitites | (102) | (16004) | 0.0 |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*November 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **A basket (CIEQDUG2) of Futures, Purchased Options & Common Stocks (continued)** | **A basket (CIEQDUG2) of Futures, Purchased Options & Common Stocks (continued)** | **A basket (CIEQDUG2) of Futures, Purchased Options & Common Stocks (continued)** | **A basket (CIEQDUG2) of Futures, Purchased Options & Common Stocks (continued)** |  |
| **Caption** | **Security Type** | **Shares** | **Value** | **Weight** |
|  Apple, Inc., 01/16/26, Call | Options | (248) | $&nbsp;&nbsp;&nbsp;&nbsp;(15016) | 0.0 |
|  Verizon Communications, Inc. | Equitites | (323) | (13259) | 0.0 |
|  Apple, Inc., 01/16/26, Call | Options | (248) | (12600) | 0.0 |
|  Alphabet Inc., 12/19/25, Call | Options | (93) | (12556) | 0.0 |
|  Apple, Inc., 12/19/25, Call | Options | (202) | (11999) | 0.0 |
|  Apple, Inc., 12/19/25, Call | Options | (146) | (10833) | 0.0 |
|  Alphabet Inc., 12/19/25, Call | Options | (77) | (9655) | 0.0 |
|  Apple, Inc., 12/19/25, Call | Options | (191) | (9456) | 0.0 |
|  Alphabet Inc., 01/16/26, Call | Options | (78) | (9419) | 0.0 |
|  Texas Instruments Inc. | Equitites | (56) | (9412) | 0.0 |
|  Abbott Laboratories | Equitites | (70) | (9068) | 0.0 |
|  Apple, Inc., 01/16/26, Call | Options | (212) | (8685) | 0.0 |
|  Alphabet Inc., 12/19/25, Call | Options | (61) | (8286) | 0.0 |
|  Apple, Inc., 12/19/25, Call | Options | (107) | (7449) | 0.0 |
|  Alphabet Inc., 02/20/26, Call | Options | (77) | (7264) | 0.0 |
|  Alphabet Inc., 12/19/25, Call | Options | (62) | (7194) | 0.0 |
|  Apple, Inc., 02/20/26, Call | Options | (163) | (7090) | 0.0 |
|  Broadcom Inc, 01/16/26, Call | Options | (78) | (6956) | 0.0 |
|  Broadcom Inc, 12/19/25, Call | Options | (59) | (6754) | 0.0 |
|  Apple Inc., 03/20/26, Call | Options | (219) | (6370) | 0.0 |
|  Alphabet Inc., 02/20/26, Call | Options | (56) | (6344) | 0.0 |
|  Alphabet Inc., 01/16/26, Call | Options | (59) | (6340) | 0.0 |
|  Apple, Inc., 12/19/25, Call | Options | (116) | (6322) | 0.0 |
|  Alphabet Inc., 12/19/25, Call | Options | (52) | (6227) | 0.0 |
|  Alphabet Inc., 12/19/25, Call | Options | (50) | (6220) | 0.0 |
|  Broadcom Inc, 12/19/25, Call | Options | (65) | (6184) | 0.0 |
|  Alphabet Inc., 01/16/26, Call | Options | (55) | (6150) | 0.0 |
|  Alphabet Inc., 01/16/26, Call | Options | (53) | (6123) | 0.0 |
|  Broadcom Inc, 01/16/26, Call | Options | (57) | (6114) | 0.0 |
|  Broadcom Inc, 12/19/25, Call | Options | (49) | (6012) | 0.0 |
|  NVIDIA Corp, 05/15/26, Put | Options | (224) | (5980) | 0.0 |
|  Alphabet Inc., 02/20/26, Call | Options | (62) | (5767) | 0.0 |
|  Alphabet Inc., 01/16/26, Call | Options | (43) | (5639) | 0.0 |

---

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |
|  **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** |
|  Call CHF/Put NOK | MS & Co. Int. PLC | $14.537 | 12/17/2025 | 6389000 | $6389000 | $8 | $108731 | $(108723) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 13.881 | 03/18/2026 | 6143000 | 6143000 | 16040 | 107474 | (91434) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.209 | 06/17/2026 | 9258000 | 9258000 | 54607 | 174711 | (120104) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.297 | 09/16/2026 | 12790000 | 12790000 | 142600 | 219030 | (76430) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.709 | 12/17/2025 | 7340000 | 7340000 | 9 | 103398 | (103389) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 12.805 | 03/18/2026 | 6975000 | 6975000 | 10439 | 114554 | (104115) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.248 | 06/17/2026 | 10517000 | 10517000 | 28103 | 196666 | (168563) |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*November 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)** |  |  |  |  |  |  |
|  **Calls (continued)** | **Calls (continued)** |  |  |  |  |  |  |  |
|  Call CHF/Put SEK | MS & Co. Int. PLC | $13.045 | 09/16/2026 | 14676000 | $14676000 | $118526 | $219968 | $(101442) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.745 | 12/17/2025 | 701185000 | 701185000 | 4 | 68910 | (68906) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 11.102 | 03/18/2026 | 655617000 | 655617000 | 1813 | 58270 | (56457) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.883 | 06/17/2026 | 807229000 | 807229000 | 15793 | 82485 | (66692) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.589 | 09/16/2026 | 1176981000 | 1176981000 | 64702 | 107071 | (42369) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.501 | 12/17/2025 | 22231000 | 22231000 | 22 | 200635 | (200613) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.504 | 03/18/2026 | 19875000 | 19875000 | 3041 | 163492 | (160451) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.425 | 06/17/2026 | 29120000 | 29120000 | 152152 | 192774 | (40622) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.429 | 09/16/2026 | 41095000 | 41095000 | 287501 | 268104 | 19397 |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1148.202 | 12/17/2025 | 8012000 | 8012000 | 8 | 131717 | (131709) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1066.790 | 03/18/2026 | 7503000 | 7503000 | 9244 | 130335 | (121091) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1093.270 | 06/17/2026 | 9575000 | 9575000 | 29376 | 165245 | (135869) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1092.440 | 09/16/2026 | 13030000 | 13030000 | 82193 | 225015 | (142822) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1572.940 | 12/17/2025 | 4999000 | 4999000 | 10 | 68486 | (68476) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1559.160 | 03/18/2026 | 5674000 | 5674000 | 12693 | 63322 | (50629) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1493.850 | 06/17/2026 | 6659000 | 6659000 | 94451 | 86301 | 8150 |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1479.730 | 09/16/2026 | 9958000 | 9958000 | 212573 | 102767 | 109806 |
|  Call USD/Put MXN | MS & Co. Int. PLC | 24.722 | 12/17/2025 | 3789000 | 3789000 | 4 | 63977 | (63973) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 24.200 | 03/18/2026 | 3684000 | 3684000 | 291 | 61092 | (60801) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 22.541 | 06/17/2026 | 5275000 | 5275000 | 12734 | 79816 | (67082) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 21.614 | 09/15/2026 | 7000000 | 7000000 | 60466 | 102963 | (42497) |
|  Call USD/Put NOK | MS & Co. Int. PLC | 12.731 | 12/17/2025 | 2269000 | 2269000 | 2 | 35623 | (35621) |
|  Call USD/Put NOK | MS & Co. Int. PLC | 11.867 | 03/18/2026 | 2411000 | 2411000 | 497 | 35924 | (35427) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 12.134 | 12/17/2025 | 7081000 | 7081000 | 7 | 107341 | (107334) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 11.060 | 03/18/2026 | 7173000 | 7173000 | 667 | 111662 | (110995) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 10.537 | 06/17/2026 | 6149000 | 6149000 | 16485 | 92419 | (75934) |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*November 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)** |  |  |  |  |  |  |
|  **Calls (continued)** | **Calls (continued)** |  |  |  |  |  |  |  |
|  Call USD/Put SEK | MS & Co. Int. PLC | $10.074 | 09/16/2026 | 8468000 | $8468000 | $87915 | $109178 | $(21263) |
|  |  |  |  | 3646130000 | $3646130000 | $1514976 | $4159456 | $(2644480) |
|  **Puts** |  |  |  |  |  |  |  |  |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 83.680 | 12/17/2025 | 19059000 | 19059000 | 12 | 215980 | (215968) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 82.400 | 03/18/2026 | 18102000 | 18102000 | 5432 | 186590 | (181158) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 81.740 | 06/17/2026 | 22311000 | 22311000 | 29790 | 247996 | (218206) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 86.090 | 09/16/2026 | 31651000 | 31651000 | 140052 | 319774 | (179722) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.577 | 12/17/2025 | 7613000 | 7613000 | 5 | 67311 | (67306) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.585 | 03/18/2026 | 7676000 | 7676000 | 4204 | 63327 | (59123) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.597 | 06/17/2026 | 9287000 | 9287000 | 27057 | 85603 | (58546) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.613 | 09/16/2026 | 12942000 | 12942000 | 100739 | 109790 | (9051) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 95.080 | 12/17/2025 | 9728000 | 9728000 | 7 | 110259 | (110252) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 92.800 | 03/18/2026 | 8981000 | 8981000 | 848 | 95305 | (94457) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 94.010 | 06/17/2026 | 11261000 | 11261000 | 11507 | 124720 | (113213) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 95.680 | 09/16/2026 | 16416000 | 16416000 | 48633 | 159363 | (110730) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 76.630 | 12/17/2025 | 10592000 | 10592000 | 6 | 108501 | (108495) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 75.830 | 03/18/2026 | 9578000 | 9578000 | 4150 | 89388 | (85238) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 75.890 | 06/17/2026 | 11647000 | 11647000 | 20863 | 118092 | (97229) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 77.260 | 09/16/2026 | 16878000 | 16878000 | 71055 | 147016 | (75961) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.527 | 12/17/2025 | 4192000 | 4192000 | 12 | 33689 | (33677) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.537 | 03/18/2026 | 4201000 | 4201000 | 6322 | 31912 | (25590) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.554 | 06/17/2026 | 5047000 | 5047000 | 34231 | 43582 | (9351) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.550 | 09/16/2026 | 7151000 | 7151000 | 60769 | 53036 | 7733 |
|  |  |  |  | 244313000 | $244313000 | $565694 | $2411234 | $(1845540) |
|  **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** |  | 3890443000 | $3890443000 | $2080670 | $6570690 | $(4490020) |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*November 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts** | **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** |
|  Euro Stoxx 50 Index | $5825.000 | 12/05/2025 | (71) | $&nbsp;&nbsp;&nbsp;&nbsp;(41357500) | $(1401) | $(19675) | $18274 |
|  Euro Stoxx 50 Index | 5950.000 | 12/12/2025 | (70) | (41650000) | (975) | (5670) | 4695 |
|  Euro Stoxx 50 Index | 5800.000 | 12/19/2025 | (72) | (41760000) | (22473) | (12172) | (10301) |
|  FTSE 100 Index | 9925.000 | 12/19/2025 | (13) | (12902500) | (5248) | (3387) | (1861) |
|  FTSE 100 Index | 10000.000 | 12/19/2025 | (10) | (10000000) | (2250) | (2367) | 117 |
|  FTSE 100 Index | 10050.000 | 12/19/2025 | (1) | (1005000) | (152) | (331) | 179 |
|  FTSE 100 Index | 10200.000 | 12/19/2025 | (11) | (11220000) | (510) | (2166) | 1656 |
|  FTSE 100 Index | 10225.000 | 12/19/2025 | (11) | (11247500) | (364) | (1285) | 921 |
|  FTSE 100 Index | 10075.000 | 01/16/2026 | (1) | (1007500) | (483) | (385) | (98) |
|  FTSE 100 Index | 10150.000 | 01/16/2026 | (3) | (3045000) | (953) | (1008) | 55 |
|  Nikkei 225 Index | 52375.000 | 12/12/2025 | (6) | (31425000) | (6991) | (10348) | 3357 |
|  Nikkei 225 Index | 54500.000 | 12/12/2025 | (3) | (16350000) | (691) | (3626) | 2935 |
|  Nikkei 225 Index | 55000.000 | 12/12/2025 | (8) | (44000000) | (1332) | (8325) | 6993 |
|  Nikkei 225 Index | 55500.000 | 12/12/2025 | (6) | (33300000) | (768) | (7557) | 6789 |
|  Nikkei 225 Index | 56500.000 | 12/12/2025 | (4) | (22600000) | (282) | (7908) | 7626 |
|  Nikkei 225 Index | 53875.000 | 01/09/2026 | (3) | (16162500) | (6338) | (6709) | 371 |
|  S&P 500 Index | 6775.000 | 12/01/2025 | (39) | (26422500) | (301275) | (70743) | (230532) |
|  S&P 500 Index | 6885.000 | 12/03/2025 | (38) | (26163000) | (54150) | (30513) | (23637) |
|  S&P 500 Index | 7075.000 | 12/03/2025 | (28) | (19810000) | (350) | (37025) | 36675 |
|  S&P 500 Index | 6940.000 | 12/05/2025 | (38) | (26372000) | (26410) | (31633) | 5223 |
|  S&P 500 Index | 7150.000 | 12/10/2025 | (28) | (20020000) | (1470) | (35958) | 34488 |
|  S&P 500 Index | 6975.000 | 12/17/2025 | (29) | (20227500) | (83230) | (47978) | (35252) |
|  S&P 500 Index | 7075.000 | 12/24/2025 | (29) | (20517500) | (49300) | (39383) | (9917) |
|  |  |  | (522) | $(498565000) | $(567396) | $(386152) | $(181244) |
|  **Puts** |  |  |  |  |  |  |  |
|  Euro Stoxx 50 Index | 5275.000 | 12/05/2025 | (142) | (74905000) | (1318) | (23305) | 21987 |
|  Euro Stoxx 50 Index | 5425.000 | 12/12/2025 | (139) | (75407500) | (16290) | (55992) | 39702 |
|  Euro Stoxx 50 Index | 5150.000 | 12/19/2025 | (144) | (74160000) | (11195) | (39476) | 28281 |
|  FTSE 100 Index | 9125.000 | 12/19/2025 | (26) | (23725000) | (3958) | (18359) | 14401 |
|  FTSE 100 Index | 9175.000 | 12/19/2025 | (1) | (917500) | (172) | (538) | 366 |
|  FTSE 100 Index | 9325.000 | 12/19/2025 | (15) | (13987500) | (3773) | (11418) | 7645 |
|  FTSE 100 Index | 9350.000 | 12/19/2025 | (7) | (6545000) | (1900) | (5142) | 3242 |
|  FTSE 100 Index | 9425.000 | 12/19/2025 | (21) | (19792500) | (7227) | (6774) | (453) |
|  FTSE 100 Index | 9450.000 | 12/19/2025 | (22) | (20790000) | (8154) | (19858) | 11704 |
|  FTSE 100 Index | 9000.000 | 01/16/2026 | (2) | (1800000) | (622) | (1727) | 1105 |
|  FTSE 100 Index | 9300.000 | 01/16/2026 | (6) | (5580000) | (3296) | (3207) | (89) |
|  Nikkei 225 Index | 44250.000 | 12/12/2025 | (11) | (48675000) | (1479) | (35805) | 34326 |
|  Nikkei 225 Index | 44875.000 | 12/12/2025 | (5) | (22437500) | (2561) | (17332) | 14771 |
|  Nikkei 225 Index | 45250.000 | 12/12/2025 | (13) | (58825000) | (7324) | (48780) | 41456 |
|  Nikkei 225 Index | 46875.000 | 12/12/2025 | (7) | (32812500) | (7080) | (19850) | 12770 |
|  Nikkei 225 Index | 47500.000 | 12/12/2025 | (15) | (71250000) | (19877) | (49474) | 29597 |
|  Nikkei 225 Index | 43000.000 | 01/09/2026 | (6) | (25800000) | (4494) | (26465) | 21971 |
|  S&P 500 Index | 6390.000 | 12/01/2025 | (78) | (49842000) | (780) | (54782) | 54002 |
|  S&P 500 Index | 6450.000 | 12/03/2025 | (56) | (36120000) | (2660) | (167932) | 165272 |
|  S&P 500 Index | 6635.000 | 12/03/2025 | (77) | (51089500) | (13668) | (78500) | 64832 |
|  S&P 500 Index | 6680.000 | 12/05/2025 | (76) | (50768000) | (56620) | (77574) | 20954 |
|  S&P 500 Index | 6575.000 | 12/10/2025 | (57) | (37477500) | (47880) | (196316) | 148436 |
|  S&P 500 Index | 6200.000 | 12/17/2025 | (58) | (35960000) | (29000) | (245069) | 216069 |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*November 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** |
|  **Puts (continued)** | **Puts (continued)** | **Puts (continued)** | **Puts (continued)** | **Puts (continued)** | **Puts (continued)** | **Puts (continued)** | **Puts (continued)** |
|  S&P 500 Index | $6450.000 | 12/24/2025 | (58) | $(37410000) | $(113680) | $(185940) | $72260 |
|  |  |  | (1042) | $(876077000) | $(365008) | $(1389615) | $1024607 |
|  **Total written option contracts** | **Total written option contracts** | **Total written option contracts** | (1564) | $(1374642000) | $(932404) | $(1775767) | $843363 |

---

**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** |  |  |  |  |  |  |
|  **Calls** | **Calls** |  |  |  |  |  |  |
|  3 Month SOFR | $95.875 | 12/12/2025 | 1950 | $4875000 | $1913437 | $2763799 | $(850362) |
|  3 Month SOFR | 96.125 | 12/12/2025 | 772 | 1930000 | 289500 | 870291 | (580791) |
|  3 Month SOFR | 96.500 | 12/12/2025 | 1019 | 2547500 | 6369 | 1614489 | (1608120) |
|  3 Month SOFR | 97.000 | 12/12/2025 | 1763 | 4407500 | 11019 | 267905 | (256886) |
|  3 Month SOFR | 97.250 | 12/12/2025 | 1442 | 3605000 | 9013 | 1373245 | (1364232) |
|  3 Month SOFR | 97.500 | 12/12/2025 | 3234 | 8085000 | 20212 | 3177500 | (3157288) |
|  3 Month SOFR | 96.000 | 03/13/2026 | 1922 | 4805000 | 2162250 | 2752934 | (590684) |
|  3 Month SOFR | 96.250 | 03/13/2026 | 727 | 1817500 | 386219 | 910437 | (524218) |
|  3 Month SOFR | 96.625 | 03/13/2026 | 615 | 1537500 | 88406 | 916239 | (827833) |
|  3 Month SOFR | 96.750 | 03/13/2026 | 480 | 1200000 | 48000 | 781114 | (733114) |
|  3 Month SOFR | 97.000 | 03/13/2026 | 1854 | 4635000 | 92700 | 749897 | (657197) |
|  3 Month SOFR | 97.250 | 03/13/2026 | 1368 | 3420000 | 42750 | 1371174 | (1328424) |
|  3 Month SOFR | 97.500 | 03/13/2026 | 363 | 907500 | 9075 | 118686 | (109611) |
|  3 Month SOFR | 96.000 | 06/12/2026 | 1712 | 4280000 | 2985300 | 2734522 | 250778 |
|  3 Month SOFR | 96.250 | 06/12/2026 | 658 | 1645000 | 748475 | 935558 | (187083) |
|  3 Month SOFR | 96.500 | 06/12/2026 | 408 | 1020000 | 283050 | 449600 | (166550) |
|  3 Month SOFR | 96.625 | 06/12/2026 | 580 | 1450000 | 315375 | 914846 | (599471) |
|  3 Month SOFR | 96.750 | 06/12/2026 | 494 | 1235000 | 209950 | 766846 | (556896) |
|  3 Month SOFR | 97.000 | 06/12/2026 | 998 | 2495000 | 255738 | 663131 | (407393) |
|  3 Month SOFR | 97.125 | 06/12/2026 | 408 | 1020000 | 81600 | 209900 | (128300) |
|  3 Month SOFR | 97.250 | 06/12/2026 | 1469 | 3672500 | 229531 | 700654 | (471123) |
|  3 Month SOFR | 96.000 | 09/11/2026 | 1600 | 4000000 | 3500000 | 2747337 | 752663 |
|  3 Month SOFR | 96.375 | 09/11/2026 | 658 | 1645000 | 875963 | 947402 | (71439) |
|  3 Month SOFR | 96.500 | 09/11/2026 | 1245 | 3112500 | 1377281 | 1413440 | (36159) |
|  3 Month SOFR | 96.625 | 09/11/2026 | 559 | 1397500 | 513581 | 930634 | (417053) |
|  3 Month SOFR | 97.000 | 09/11/2026 | 1398 | 3495000 | 733950 | 1086190 | (352240) |
|  3 Month SOFR | 97.250 | 09/11/2026 | 1143 | 2857500 | 414338 | 745190 | (330852) |
|  3 Month SOFR | 96.000 | 12/11/2026 | 2008 | 5020000 | 4869400 | 4045036 | 824364 |
|  3 Month SOFR | 96.375 | 12/11/2026 | 620 | 1550000 | 992000 | 962438 | 29562 |
|  3 Month SOFR | 96.500 | 12/11/2026 | 2891 | 7227500 | 3975125 | 4082654 | (107529) |
|  3 Month SOFR | 96.000 | 03/12/2027 | 1952 | 4880000 | 5002000 | 4103026 | 898974 |
|  3 Month SOFR | 96.250 | 03/12/2027 | 1302 | 3255000 | 2644688 | 2606552 | 38136 |
|  3 Month SOFR | 96.500 | 03/12/2027 | 1232 | 3080000 | 1917300 | 1641665 | 275635 |
|  3 Month SOFR | 96.000 | 06/11/2027 | 1731 | 4327500 | 4533056 | 3725043 | 808013 |
|  3 Month SOFR | 96.250 | 06/11/2027 | 1302 | 3255000 | 2742338 | 2671652 | 70686 |
|  3 Month SOFR | 96.500 | 06/11/2027 | 780 | 1950000 | 1287000 | 1074029 | 212971 |
|  3 Month SOFR | 96.250 | 09/10/2027 | 1323 | 3307500 | 2844450 | 2681668 | 162782 |
|  **TOTAL** |  |  | 45980 | $114950000 | $48410439 | $60506723 | $(12096284) |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*November 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| AUD | — Australian Dollar |
| CAD | — Canadian Dollar |
| CHF | — Swiss Franc |
| DKK | — Denmark Krone |
| EUR | — Euro |
| GBP | — British Pound |
| HKD | — Hong Kong Dollar |
| ILS | — Israeli Shekel |
| JPY | — Japanese Yen |
| NOK | — Norwegian Krone |
| NZD | — New Zealand Dollar |
| SEK | — Swedish Krona |
| SGD | — Singapore Dollar |
| USD | — U.S. Dollar |
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | — American Depositary Receipt |
| ETF | — Exchange Traded Fund |
| LLC | — Limited Liability Company |
| MSCI | — Morgan Stanley Capital International |
| PLC | — Public Limited Company |
| SpA | — Stand-by Purchase Agreement |
| SPDR | — Standard and Poor's Depository Receipt |
| **Abbreviations:** | **Abbreviations:** |
| MS & Co. Int. PLC | — Morgan Stanley & Co. International PLC |
| SOFR | — Secured Overnight Financing Rate |

---

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

------

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

## Consolidated Schedule of Investments
*November 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 40.4%** | **Common Stocks – 40.4%** | **Common Stocks – 40.4%** |
| **Aerospace & Defense – 0.9%** | **Aerospace & Defense – 0.9%** | **Aerospace & Defense – 0.9%** |
| 1331 | Axon Enterprise, Inc.\* | $718926 |
| 12820 | Boeing Co.\* | 2422980 |
| 4280 | General Dynamics Corp. | 1462176 |
| 17979 | General Electric Co. | 5365833 |
| 6835 | Howmet Aerospace, Inc. | 1398373 |
| 665 | Huntington Ingalls Industries, Inc. | 208557 |
| 3172 | L3Harris Technologies, Inc. | 884005 |
| 3483 | Lockheed Martin Corp. | 1594726 |
| 2282 | Northrop Grumman Corp. | 1305875 |
| 22694 | RTX Corp. | 3969408 |
| 3021 | Textron, Inc. | 251226 |
| 955 | TransDigm Group, Inc. | 1298962 |
|  |  | 20881047 |
| **Air Freight & Logistics – 0.1%** | **Air Freight & Logistics – 0.1%** | **Air Freight & Logistics – 0.1%** |
| 2002 | CH Robinson Worldwide, Inc. | 318058 |
| 2301 | Expeditors International of Washington, Inc. | 338017 |
| 3680 | FedEx Corp. | 1014502 |
| 12479 | United Parcel Service, Inc. Class B | 1195363 |
|  |  | 2865940 |
| **Automobile Components\* – 0.0%** | **Automobile Components\* – 0.0%** | **Automobile Components\* – 0.0%** |
| 3692 | Aptiv PLC | 286315 |
| **Automobiles – 0.9%** | **Automobiles – 0.9%** | **Automobiles – 0.9%** |
| 66274 | Ford Motor Co. | 880118 |
| 16142 | General Motors Co. | 1186760 |
| 47576 | Tesla, Inc.\* | 20465768 |
|  |  | 22532646 |
| **Banks – 1.4%** | **Banks – 1.4%** | **Banks – 1.4%** |
| 115533 | Bank of America Corp. | 6198345 |
| 31211 | Citigroup, Inc. | 3233460 |
| 7313 | Citizens Financial Group, Inc. | 395633 |
| 11222 | Fifth Third Bancorp | 487708 |
| 26663 | Huntington Bancshares, Inc. | 434607 |
| 46620 | JPMorgan Chase & Co. | 14595790 |
| 15802 | KeyCorp | 290441 |
| 6677 | PNC Financial Services Group, Inc. | 1273437 |
| 15128 | Regions Financial Corp. | 385008 |
| 21861 | Truist Financial Corp. | 1016537 |
| 26384 | U.S. Bancorp | 1294135 |
| 54312 | Wells Fargo & Co. | 4662685 |
|  |  | 34267786 |
| **Beverages – 0.4%** | **Beverages – 0.4%** | **Beverages – 0.4%** |
| 2986 | Brown-Forman Corp. Class B | 86534 |
| 65669 | Coca-Cola Co. | 4801717 |
| 2421 | Constellation Brands, Inc. Class A | 330176 |
| 23031 | Keurig Dr. Pepper, Inc. | 642565 |
| 2872 | Molson Coors Beverage Co. Class B | 133577 |
| 12085 | Monster Beverage Corp.\* | 906254 |
| 23212 | PepsiCo, Inc. | 3452553 |
|  |  | 10353376 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Biotechnology – 0.7%** | **Biotechnology – 0.7%** | **Biotechnology – 0.7%** |
| 29951 | AbbVie, Inc. | $6819843 |
| 9127 | Amgen, Inc. | 3153013 |
| 2486 | Biogen, Inc.\* | 452676 |
| 21037 | Gilead Sciences, Inc. | 2647296 |
| 2781 | Incyte Corp.\* | 290503 |
| 5871 | Moderna, Inc.\* | 152529 |
| 1727 | Regeneron Pharmaceuticals, Inc. | 1347388 |
| 4347 | Vertex Pharmaceuticals, Inc.\* | 1884903 |
|  |  | 16748151 |
| **Broadline Retail – 1.6%** | **Broadline Retail – 1.6%** | **Broadline Retail – 1.6%** |
| 164542 | Amazon.com, Inc.\* | 38374485 |
| 7748 | eBay, Inc. | 641457 |
|  |  | 39015942 |
| **Building Products – 0.2%** | **Building Products – 0.2%** | **Building Products – 0.2%** |
| 1937 | A.O. Smith Corp. | 127803 |
| 1455 | Allegion PLC | 241574 |
| 1874 | Builders FirstSource, Inc.\* | 210319 |
| 13563 | Carrier Global Corp. | 744337 |
| 11095 | Johnson Controls International PLC | 1290459 |
| 542 | Lennox International, Inc. | 270388 |
| 3550 | Masco Corp. | 230289 |
| 3773 | Trane Technologies PLC | 1590244 |
|  |  | 4705413 |
| **Capital Markets – 1.2%** | **Capital Markets – 1.2%** | **Capital Markets – 1.2%** |
| 1598 | Ameriprise Financial, Inc. | 728272 |
| 11957 | Bank of New York Mellon Corp. | 1340380 |
| 2442 | Blackrock, Inc. | 2557507 |
| 12497 | Blackstone, Inc. | 1829811 |
| 1773 | Cboe Global Markets, Inc. | 457735 |
| 28929 | Charles Schwab Corp. | 2682586 |
| 6110 | CME Group, Inc. | 1719721 |
| 3834 | Coinbase Global, Inc. Class A\* | 1045992 |
| 641 | FactSet Research Systems, Inc. | 177730 |
| 5193 | Franklin Resources, Inc. | 117310 |
| 7549 | Interactive Brokers Group, Inc. Class A | 490836 |
| 9705 | Intercontinental Exchange, Inc. | 1526596 |
| 7561 | Invesco Ltd. | 184866 |
| 11631 | KKR & Co., Inc. | 1422588 |
| 2616 | Moody's Corp. | 1283880 |
| 20569 | Morgan Stanley | 3489737 |
| 1312 | MSCI, Inc. | 739601 |
| 7685 | Nasdaq, Inc. | 698720 |
| 3242 | Northern Trust Corp. | 425804 |
| 3009 | Raymond James Financial, Inc. | 471029 |
| 13122 | Robinhood Markets, Inc. Class A\* | 1686046 |
| 5298 | S&P Global, Inc. | 2642801 |
| 4810 | State Street Corp. | 572486 |
|  |  | 28292034 |
| **Chemicals – 0.4%** | **Chemicals – 0.4%** | **Chemicals – 0.4%** |
| 3773 | Air Products & Chemicals, Inc. | 984942 |
| 1995 | Albemarle Corp. | 259330 |
| 2746 | CF Industries Holdings, Inc. | 216110 |

---

------

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Chemicals – (continued)** | **Chemicals – (continued)** | **Chemicals – (continued)** |
| 11514 | Corteva, Inc. | $776850 |
| 12018 | Dow, Inc. | 286629 |
| 7099 | DuPont de Nemours, Inc. | 282327 |
| 4328 | Ecolab, Inc. | 1190893 |
| 4345 | International Flavors & Fragrances, Inc. | 301891 |
| 7950 | Linde PLC | 3262044 |
| 4363 | LyondellBasell Industries NV Class A | 213743 |
| 5381 | Mosaic Co. | 131781 |
| 3827 | PPG Industries, Inc. | 382853 |
| 3931 | Sherwin-Williams Co. | 1351045 |
| 2691 | Solstice Advanced Materials, Inc.\* | 128307 |
|  |  | 9768745 |
| **Commercial Services & Supplies – 0.2%** | **Commercial Services & Supplies – 0.2%** | **Commercial Services & Supplies – 0.2%** |
| 5807 | Cintas Corp. | 1080218 |
| 15082 | Copart, Inc.\* | 587896 |
| 3441 | Republic Services, Inc. | 746903 |
| 4976 | Rollins, Inc. | 305925 |
| 4207 | Veralto Corp. | 425833 |
| 6283 | Waste Management, Inc. | 1368877 |
|  |  | 4515652 |
| **Communications Equipment – 0.4%** | **Communications Equipment – 0.4%** | **Communications Equipment – 0.4%** |
| 17473 | Arista Networks, Inc.\* | 2283371 |
| 67139 | Cisco Systems, Inc. | 5165675 |
| 974 | F5, Inc.\* | 232942 |
| 2825 | Motorola Solutions, Inc. | 1044346 |
|  |  | 8726334 |
| **Construction & Engineering – 0.1%** | **Construction & Engineering – 0.1%** | **Construction & Engineering – 0.1%** |
| 759 | EMCOR Group, Inc. | 466838 |
| 2526 | Quanta Services, Inc. | 1174287 |
|  |  | 1641125 |
| **Construction Materials – 0.1%** | **Construction Materials – 0.1%** | **Construction Materials – 0.1%** |
| 1022 | Martin Marietta Materials, Inc. | 636951 |
| 2240 | Vulcan Materials Co. | 665818 |
|  |  | 1302769 |
| **Consumer Finance – 0.3%** | **Consumer Finance – 0.3%** | **Consumer Finance – 0.3%** |
| 9203 | American Express Co. | 3361580 |
| 10842 | Capital One Financial Corp. | 2375157 |
| 6308 | Synchrony Financial | 487987 |
|  |  | 6224724 |
| **Consumer Staples Distribution & Retail – 0.7%** | **Consumer Staples Distribution & Retail – 0.7%** | **Consumer Staples Distribution & Retail – 0.7%** |
| 7519 | Costco Wholesale Corp. | 6869283 |
| 3731 | Dollar General Corp. | 408507 |
| 3291 | Dollar Tree, Inc.\* | 364676 |
| 10313 | Kroger Co. | 693859 |
| 8096 | Sysco Corp. | 616915 |
| 7703 | Target Corp. | 698046 |
| 74416 | Walmart, Inc. | 8223712 |
|  |  | 17874998 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** |
| 39085 | Amcor PLC | $333004 |
| 1322 | Avery Dennison Corp. | 227873 |
| 4614 | Ball Corp. | 228532 |
| 8952 | International Paper Co. | 353425 |
| 1515 | Packaging Corp. of America | 309166 |
| 8852 | Smurfit WestRock PLC | 315928 |
|  |  | 1767928 |
| **Distributors – 0.0%** | **Distributors – 0.0%** | **Distributors – 0.0%** |
| 2358 | Genuine Parts Co. | 307483 |
| 4362 | LKQ Corp. | 129508 |
| 557 | Pool Corp. | 135685 |
|  |  | 572676 |
| **Diversified Telecommunication Services – 0.3%** | **Diversified Telecommunication Services – 0.3%** | **Diversified Telecommunication Services – 0.3%** |
| 121229 | AT&T, Inc. | 3154379 |
| 71484 | Verizon Communications, Inc. | 2938707 |
|  |  | 6093086 |
| **Electric Utilities – 0.6%** | **Electric Utilities – 0.6%** | **Electric Utilities – 0.6%** |
| 4357 | Alliant Energy Corp. | 302681 |
| 9067 | American Electric Power Co., Inc. | 1122223 |
| 5297 | Constellation Energy Corp. | 1930015 |
| 13184 | Duke Energy Corp. | 1634025 |
| 6525 | Edison International | 384257 |
| 7569 | Entergy Corp. | 738129 |
| 3902 | Evergy, Inc. | 302990 |
| 6292 | Eversource Energy | 422697 |
| 17124 | Exelon Corp. | 806883 |
| 8810 | FirstEnergy Corp. | 420413 |
| 34914 | NextEra Energy, Inc. | 3012729 |
| 3279 | NRG Energy, Inc. | 555758 |
| 37263 | PG&E Corp. | 600679 |
| 2025 | Pinnacle West Capital Corp. | 183991 |
| 12538 | PPL Corp. | 462652 |
| 18650 | Southern Co. | 1699388 |
| 10027 | Xcel Energy, Inc. | 823317 |
|  |  | 15402827 |
| **Electrical Equipment – 0.3%** | **Electrical Equipment – 0.3%** | **Electrical Equipment – 0.3%** |
| 3916 | AMETEK, Inc. | 774937 |
| 6600 | Eaton Corp. PLC | 2282874 |
| 9542 | Emerson Electric Co. | 1272712 |
| 4615 | GE Vernova, Inc. | 2767939 |
| 995 | Generac Holdings, Inc.\* | 150872 |
| 901 | Hubbell, Inc. | 388718 |
| 1906 | Rockwell Automation, Inc. | 754509 |
|  |  | 8392561 |
| **Electronic Equipment, Instruments & Components – 0.3%** | **Electronic Equipment, Instruments & Components – 0.3%** | **Electronic Equipment, Instruments & Components – 0.3%** |
| 20700 | Amphenol Corp. Class A | 2916630 |
| 2222 | CDW Corp. | 320457 |
| 13216 | Corning, Inc. | 1112787 |
| 1820 | Jabil, Inc. | 383492 |
| 2918 | Keysight Technologies, Inc.\* | 577618 |
| 5010 | TE Connectivity PLC | 1133011 |
| 795 | Teledyne Technologies, Inc.\* | 397118 |
| 4035 | Trimble, Inc.\* | 328530 |

---

------

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

*November 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Electronic Equipment, Instruments & Components – (continued)** | **Electronic Equipment, Instruments & Components – (continued)** | **Electronic Equipment, Instruments & Components – (continued)** |
| 862 | Zebra Technologies Corp. Class A\* | $217871 |
|  |  | 7387514 |
| **Energy Equipment & Services – 0.1%** | **Energy Equipment & Services – 0.1%** | **Energy Equipment & Services – 0.1%** |
| 16715 | Baker Hughes Co. | 839093 |
| 14455 | Halliburton Co. | 379010 |
| 25295 | SLB Ltd. | 916691 |
|  |  | 2134794 |
| **Entertainment – 0.6%** | **Entertainment – 0.6%** | **Entertainment – 0.6%** |
| 3818 | Electronic Arts, Inc. | 771351 |
| 2674 | Live Nation Entertainment, Inc.\* | 351497 |
| 72043 | Netflix, Inc.\* | 7750386 |
| 2940 | Take-Two Interactive Software, Inc.\* | 723446 |
| 1170 | TKO Group Holdings, Inc. | 226851 |
| 30483 | Walt Disney Co. | 3184559 |
| 41975 | Warner Bros Discovery, Inc.\* | 1007400 |
|  |  | 14015490 |
| **Financial Services – 1.5%** | **Financial Services – 1.5%** | **Financial Services – 1.5%** |
| 7801 | Apollo Global Management, Inc. | 1028562 |
| 31089 | Berkshire Hathaway, Inc. Class B\* | 15973839 |
| 9318 | Block, Inc.\* | 622442 |
| 1197 | Corpay, Inc.\* | 354073 |
| 9216 | Fiserv, Inc.\* | 566507 |
| 4113 | Global Payments, Inc. | 311601 |
| 1235 | Jack Henry & Associates, Inc. | 215483 |
| 13996 | Mastercard, Inc. Class A | 7705218 |
| 16198 | PayPal Holdings, Inc. | 1015453 |
| 28800 | Visa, Inc. Class A | 9631872 |
|  |  | 37425050 |
| **Food Products – 0.2%** | **Food Products – 0.2%** | **Food Products – 0.2%** |
| 8146 | Archer-Daniels-Midland Co. | 494788 |
| 2374 | Bunge Global SA | 228070 |
| 3336 | Campbell's Co. | 101681 |
| 8122 | Conagra Brands, Inc. | 144978 |
| 9065 | General Mills, Inc. | 429228 |
| 2511 | Hershey Co. | 472269 |
| 4941 | Hormel Foods Corp. | 114681 |
| 1809 | J.M. Smucker Co. | 188462 |
| 4558 | Kellanova | 381231 |
| 14448 | Kraft Heinz Co. | 368568 |
| 2363 | Lamb Weston Holdings, Inc. | 139559 |
| 4290 | McCormick & Co., Inc. | 289489 |
| 21938 | Mondelez International, Inc. Class A | 1262971 |
| 4845 | Tyson Foods, Inc. Class A | 281252 |
|  |  | 4897227 |
| **Gas Utilities – 0.0%** | **Gas Utilities – 0.0%** | **Gas Utilities – 0.0%** |
| 2722 | Atmos Energy Corp. | 480079 |
| **Ground Transportation – 0.3%** | **Ground Transportation – 0.3%** | **Ground Transportation – 0.3%** |
| 31607 | CSX Corp. | 1117624 |
| 1297 | JB Hunt Transport Services, Inc. | 225626 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Ground Transportation – (continued)** | **Ground Transportation – (continued)** | **Ground Transportation – (continued)** |
| 3804 | Norfolk Southern Corp. | $1111110 |
| 3136 | Old Dominion Freight Line, Inc. | 424269 |
| 35357 | Uber Technologies, Inc.\* | 3095152 |
| 10055 | Union Pacific Corp. | 2331051 |
|  |  | 8304832 |
| **Health Care Equipment & Supplies – 0.9%** | **Health Care Equipment & Supplies – 0.9%** | **Health Care Equipment & Supplies – 0.9%** |
| 29508 | Abbott Laboratories | 3803581 |
| 1143 | Align Technology, Inc.\* | 168238 |
| 8708 | Baxter International, Inc. | 163188 |
| 4860 | Becton Dickinson & Co. | 942937 |
| 25122 | Boston Scientific Corp.\* | 2551893 |
| 3383 | Cooper Cos., Inc.\* | 263637 |
| 6649 | Dexcom, Inc.\* | 422012 |
| 9954 | Edwards Lifesciences Corp.\* | 862713 |
| 7741 | GE HealthCare Technologies, Inc. | 619203 |
| 3771 | Hologic, Inc.\* | 282712 |
| 1356 | IDEXX Laboratories, Inc.\* | 1020905 |
| 1193 | Insulet Corp.\* | 390338 |
| 6078 | Intuitive Surgical, Inc.\* | 3485611 |
| 21723 | Medtronic PLC | 2288083 |
| 2482 | ResMed, Inc. | 634970 |
| 2499 | Solventum Corp.\* | 213065 |
| 1670 | STERIS PLC | 444688 |
| 5834 | Stryker Corp. | 2165464 |
| 3359 | Zimmer Biomet Holdings, Inc. | 327570 |
|  |  | 21050808 |
| **Health Care Providers & Services – 0.7%** | **Health Care Providers & Services – 0.7%** | **Health Care Providers & Services – 0.7%** |
| 4049 | Cardinal Health, Inc. | 859441 |
| 3287 | Cencora, Inc. | 1212673 |
| 7910 | Centene Corp.\* | 311180 |
| 4526 | Cigna Group | 1254969 |
| 21503 | CVS Health Corp. | 1727981 |
| 606 | DaVita, Inc.\* | 72526 |
| 3818 | Elevance Health, Inc. | 1291477 |
| 2777 | HCA Healthcare, Inc. | 1411521 |
| 1748 | Henry Schein, Inc.\* | 130349 |
| 2039 | Humana, Inc. | 501125 |
| 1409 | Labcorp Holdings, Inc. | 378711 |
| 2109 | McKesson Corp. | 1858282 |
| 919 | Molina Healthcare, Inc.\* | 136251 |
| 1896 | Quest Diagnostics, Inc. | 358685 |
| 15355 | UnitedHealth Group, Inc. | 5063618 |
| 956 | Universal Health Services, Inc. Class B | 232910 |
|  |  | 16801699 |
| **Health Care REITs – 0.1%** | **Health Care REITs – 0.1%** | **Health Care REITs – 0.1%** |
| 2639 | Alexandria Real Estate Equities, Inc. | 141635 |
| 11782 | Healthpeak Properties, Inc. | 215139 |
| 7705 | Ventas, Inc. | 621254 |
| 11339 | Welltower, Inc. | 2361007 |
|  |  | 3339035 |
| **Hotel & Resort REITs – 0.0%** | **Hotel & Resort REITs – 0.0%** | **Hotel & Resort REITs – 0.0%** |
| 10841 | Host Hotels & Resorts, Inc. | 191127 |

---

------

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

*November 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Hotels, Restaurants & Leisure – 0.7%** | **Hotels, Restaurants & Leisure – 0.7%** | **Hotels, Restaurants & Leisure – 0.7%** |
| 7275 | Airbnb, Inc. Class A\* | $851102 |
| 549 | Booking Holdings, Inc. | 2698165 |
| 18407 | Carnival Corp.\* | 474532 |
| 22734 | Chipotle Mexican Grill, Inc.\* | 784778 |
| 1984 | Darden Restaurants, Inc. | 356287 |
| 530 | Domino's Pizza, Inc. | 222404 |
| 6276 | DoorDash, Inc. Class A\* | 1244970 |
| 2004 | Expedia Group, Inc. | 512403 |
| 3988 | Hilton Worldwide Holdings, Inc. | 1136699 |
| 5237 | Las Vegas Sands Corp. | 356954 |
| 3820 | Marriott International, Inc. Class A | 1164298 |
| 12099 | McDonald's Corp. | 3772710 |
| 3461 | MGM Resorts International\* | 122139 |
| 7662 | Norwegian Cruise Line Holdings Ltd.\* | 141440 |
| 4283 | Royal Caribbean Cruises Ltd. | 1140349 |
| 19272 | Starbucks Corp. | 1678784 |
| 1431 | Wynn Resorts Ltd. | 184141 |
| 4705 | Yum! Brands, Inc. | 720853 |
|  |  | 17563008 |
| **Household Durables – 0.1%** | **Household Durables – 0.1%** | **Household Durables – 0.1%** |
| 4701 | DR Horton, Inc. | 747506 |
| 2774 | Garmin Ltd. | 541818 |
| 885 | Mohawk Industries, Inc.\* | 102571 |
| 49 | NVR, Inc.\* | 367857 |
| 3345 | PulteGroup, Inc. | 425451 |
|  |  | 2185203 |
| **Household Products – 0.3%** | **Household Products – 0.3%** | **Household Products – 0.3%** |
| 4130 | Church & Dwight Co., Inc. | 351711 |
| 2074 | Clorox Co. | 223868 |
| 13703 | Colgate-Palmolive Co. | 1101584 |
| 5625 | Kimberly-Clark Corp. | 613800 |
| 39713 | Procter & Gamble Co. | 5883878 |
|  |  | 8174841 |
| **Independent Power and Renewable Electricity Producers – 0.0%** | **Independent Power and Renewable Electricity Producers – 0.0%** | **Independent Power and Renewable Electricity Producers – 0.0%** |
| 12072 | AES Corp. | 169732 |
| 5400 | Vistra Corp. | 965844 |
|  |  | 1135576 |
| **Industrial Conglomerates – 0.1%** | **Industrial Conglomerates – 0.1%** | **Industrial Conglomerates – 0.1%** |
| 9030 | 3M Co. | 1553612 |
| 10764 | Honeywell International, Inc. | 2068733 |
|  |  | 3622345 |
| **Industrial REITs – 0.1%** | **Industrial REITs – 0.1%** | **Industrial REITs – 0.1%** |
| 15735 | Prologis, Inc. | 2022420 |
| **Insurance – 0.7%** | **Insurance – 0.7%** | **Insurance – 0.7%** |
| 8161 | Aflac, Inc. | 900240 |
| 4468 | Allstate Corp. | 951595 |
| 9393 | American International Group, Inc. | 715371 |
| 3656 | Aon PLC Class A | 1293931 |
| 6302 | Arch Capital Group Ltd.\* | 591884 |
| 4346 | Arthur J Gallagher & Co. | 1076157 |
| 855 | Assurant, Inc. | 195077 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Insurance – (continued)** | **Insurance – (continued)** | **Insurance – (continued)** |
| 4968 | Brown & Brown, Inc. | $399576 |
| 6286 | Chubb Ltd. | 1861787 |
| 2651 | Cincinnati Financial Corp. | 444281 |
| 431 | Erie Indemnity Co. Class A | 127356 |
| 711 | Everest Group Ltd. | 223460 |
| 1373 | Globe Life, Inc. | 184984 |
| 4767 | Hartford Insurance Group, Inc. | 653222 |
| 2884 | Loews Corp. | 311097 |
| 8335 | Marsh & McLennan Cos., Inc. | 1529056 |
| 9471 | MetLife, Inc. | 725100 |
| 3437 | Principal Financial Group, Inc. | 291526 |
| 9939 | Progressive Corp. | 2273944 |
| 5968 | Prudential Financial, Inc. | 646036 |
| 3817 | Travelers Cos., Inc. | 1117847 |
| 5080 | W.R. Berkley Corp. | 394665 |
| 1654 | Willis Towers Watson PLC | 530934 |
|  |  | 17439126 |
| **Interactive Media & Services – 3.3%** | **Interactive Media & Services – 3.3%** | **Interactive Media & Services – 3.3%** |
| 79173 | Alphabet, Inc. Class C | 25344861 |
| 98623 | Alphabet, Inc. Class A | 31577112 |
| 4080 | Match Group, Inc. | 135905 |
| 36773 | Meta Platforms, Inc. Class A | 23827065 |
|  |  | 80884943 |
| **IT Services – 0.4%** | **IT Services – 0.4%** | **IT Services – 0.4%** |
| 10560 | Accenture PLC Class A | 2640000 |
| 2431 | Akamai Technologies, Inc.\* | 217623 |
| 8280 | Cognizant Technology Solutions |  |
|  | Corp. Class A | 643439 |
| 944 | EPAM Systems, Inc.\* | 176528 |
| 1284 | Gartner, Inc.\* | 298838 |
| 2347 | GoDaddy, Inc. Class A\* | 300087 |
| 15793 | International Business Machines Corp. | 4873404 |
| 1425 | VeriSign, Inc. | 359086 |
|  |  | 9509005 |
| **Leisure Products – 0.0%** | **Leisure Products – 0.0%** | **Leisure Products – 0.0%** |
| 2259 | Hasbro, Inc. | 186593 |
| **Life Sciences Tools & Services – 0.4%** | **Life Sciences Tools & Services – 0.4%** | **Life Sciences Tools & Services – 0.4%** |
| 4816 | Agilent Technologies, Inc. | 739256 |
| 2658 | Bio-Techne Corp. | 171467 |
| 834 | Charles River Laboratories International, Inc.\* | 148569 |
| 10805 | Danaher Corp. | 2450358 |
| 2882 | IQVIA Holdings, Inc.\* | 662889 |
| 349 | Mettler-Toledo International, Inc.\* | 515375 |
| 1968 | Revvity, Inc. | 205479 |
| 6402 | Thermo Fisher Scientific, Inc. | 3782493 |
| 1009 | Waters Corp.\* | 407051 |
| 1219 | West Pharmaceutical Services, Inc. | 337968 |
|  |  | 9420905 |

---

------

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

*November 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Machinery – 0.7%** | **Machinery – 0.7%** | **Machinery – 0.7%** |
| 7943 | Caterpillar, Inc. | $4573262 |
| 2336 | Cummins, Inc. | 1163281 |
| 4270 | Deere & Co. | 1983372 |
| 2325 | Dover Corp. | 430776 |
| 5736 | Fortive Corp. | 306761 |
| 1276 | IDEX Corp. | 221935 |
| 4497 | Illinois Tool Works, Inc. | 1121012 |
| 6132 | Ingersoll Rand, Inc. | 492645 |
| 910 | Nordson Corp. | 216271 |
| 6654 | Otis Worldwide Corp. | 591208 |
| 8903 | PACCAR, Inc. | 938554 |
| 2166 | Parker-Hannifin Corp. | 1866442 |
| 2779 | Pentair PLC | 292462 |
| 884 | Snap-on, Inc. | 300604 |
| 2624 | Stanley Black & Decker, Inc. | 187669 |
| 2898 | Westinghouse Air Brake Technologies Corp. | 604378 |
| 4127 | Xylem, Inc. | 580545 |
|  |  | 15871177 |
| **Media – 0.1%** | **Media – 0.1%** | **Media – 0.1%** |
| 1575 | Charter Communications, Inc. Class A\* | 315189 |
| 62438 | Comcast Corp. Class A | 1666470 |
| 3560 | Fox Corp. Class A | 233180 |
| 2516 | Fox Corp. Class B | 146582 |
| 6382 | News Corp. Class A | 163890 |
| 2110 | News Corp. Class B | 62097 |
| 5420 | Omnicom Group, Inc. | 388181 |
| 5235 | Paramount Skydance Corp. Class B | 83865 |
| 7556 | Trade Desk, Inc. Class A\* | 298915 |
|  |  | 3358369 |
| **Metals & Mining – 0.2%** | **Metals & Mining – 0.2%** | **Metals & Mining – 0.2%** |
| 24342 | Freeport-McMoRan, Inc. | 1046219 |
| 18623 | Newmont Corp. | 1689665 |
| 3892 | Nucor Corp. | 620735 |
| 2346 | Steel Dynamics, Inc. | 393729 |
|  |  | 3750348 |
| **Multi-Utilities – 0.2%** | **Multi-Utilities – 0.2%** | **Multi-Utilities – 0.2%** |
| 4585 | Ameren Corp. | 487615 |
| 11069 | CenterPoint Energy, Inc. | 442539 |
| 5075 | CMS Energy Corp. | 382858 |
| 6115 | Consolidated Edison, Inc. | 613701 |
| 14469 | Dominion Energy, Inc. | 908219 |
| 3519 | DTE Energy Co. | 482208 |
| 7983 | NiSource, Inc. | 352290 |
| 8461 | Public Service Enterprise Group, Inc. | 706663 |
| 11062 | Sempra | 1047793 |
| 5457 | WEC Energy Group, Inc. | 611566 |
|  |  | 6035452 |
| **Office REITs – 0.0%** | **Office REITs – 0.0%** | **Office REITs – 0.0%** |
| 2497 | BXP, Inc. | 180683 |
| **Oil, Gas & Consumable Fuels – 1.1%** | **Oil, Gas & Consumable Fuels – 1.1%** | **Oil, Gas & Consumable Fuels – 1.1%** |
| 6066 | APA Corp. | 151468 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Oil, Gas & Consumable Fuels – (continued)** | **Oil, Gas & Consumable Fuels – (continued)** | **Oil, Gas & Consumable Fuels – (continued)** |
| 32629 | Chevron Corp. | $4931221 |
| 21175 | ConocoPhillips | 1878011 |
| 12938 | Coterra Energy, Inc. | 347256 |
| 10763 | Devon Energy Corp. | 398877 |
| 3190 | Diamondback Energy, Inc. | 486762 |
| 9257 | EOG Resources, Inc. | 998367 |
| 10580 | EQT Corp. | 643899 |
| 4038 | Expand Energy Corp. | 492353 |
| 72280 | Exxon Mobil Corp. | 8378697 |
| 33153 | Kinder Morgan, Inc. | 905740 |
| 5154 | Marathon Petroleum Corp. | 998484 |
| 12184 | Occidental Petroleum Corp. | 511728 |
| 10677 | ONEOK, Inc. | 777499 |
| 6852 | Phillips 66 | 938450 |
| 3648 | Targa Resources Corp. | 639531 |
| 327 | Texas Pacific Land Corp. | 282623 |
| 5267 | Valero Energy Corp. | 930995 |
| 20704 | Williams Cos., Inc. | 1261495 |
|  |  | 25953456 |
| **Passenger Airlines – 0.1%** | **Passenger Airlines – 0.1%** | **Passenger Airlines – 0.1%** |
| 10997 | Delta Air Lines, Inc. | 704908 |
| 8904 | Southwest Airlines Co. | 309948 |
| 5489 | United Airlines Holdings, Inc.\* | 559658 |
|  |  | 1574514 |
| **Personal Products – 0.0%** | **Personal Products – 0.0%** | **Personal Products – 0.0%** |
| 4168 | Estee Lauder Cos., Inc. Class A | 392084 |
| 32536 | Kenvue, Inc. | 564499 |
|  |  | 956583 |
| **Pharmaceuticals – 1.3%** | **Pharmaceuticals – 1.3%** | **Pharmaceuticals – 1.3%** |
| 34509 | Bristol-Myers Squibb Co. | 1697843 |
| 13479 | Eli Lilly & Co. | 14496260 |
| 40831 | Johnson & Johnson | 8448750 |
| 42348 | Merck & Co., Inc. | 4439341 |
| 96394 | Pfizer, Inc. | 2481182 |
| 19766 | Viatris, Inc. | 211299 |
| 7514 | Zoetis, Inc. | 963144 |
|  |  | 32737819 |
| **Professional Services – 0.2%** | **Professional Services – 0.2%** | **Professional Services – 0.2%** |
| 6867 | Automatic Data Processing, Inc. | 1753145 |
| 1986 | Broadridge Financial Solutions, Inc. | 452987 |
| 2707 | Dayforce, Inc.\* | 187054 |
| 2099 | Equifax, Inc. | 445765 |
| 2027 | Jacobs Solutions, Inc. | 273260 |
| 2175 | Leidos Holdings, Inc. | 415642 |
| 5497 | Paychex, Inc. | 613960 |
| 849 | Paycom Software, Inc. | 136833 |
| 2369 | Verisk Analytics, Inc. | 533191 |
|  |  | 4811837 |

---

------

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

*November 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Real Estate Management & Development\* – 0.1%** | **Real Estate Management & Development\* – 0.1%** | **Real Estate Management & Development\* – 0.1%** |
| 4969 | CBRE Group, Inc. Class A | $804133 |
| 7183 | CoStar Group, Inc. | 494191 |
|  |  | 1298324 |
| **Residential REITs – 0.1%** | **Residential REITs – 0.1%** | **Residential REITs – 0.1%** |
| 2411 | AvalonBay Communities, Inc. | 438657 |
| 1812 | Camden Property Trust | 192688 |
| 5892 | Equity Residential | 363831 |
| 1092 | Essex Property Trust, Inc. | 287873 |
| 9562 | Invitation Homes, Inc. | 269649 |
| 1985 | Mid-America Apartment Communities, Inc. | 269742 |
| 5112 | UDR, Inc. | 186179 |
|  |  | 2008619 |
| **Retail REITs – 0.1%** | **Retail REITs – 0.1%** | **Retail REITs – 0.1%** |
| 1331 | Federal Realty Investment Trust | 131410 |
| 11481 | Kimco Realty Corp. | 237197 |
| 15501 | Realty Income Corp. | 893013 |
| 2770 | Regency Centers Corp. | 197113 |
| 5535 | Simon Property Group, Inc. | 1031281 |
|  |  | 2490014 |
| **Semiconductors & Semiconductor Equipment – 5.7%** | **Semiconductors & Semiconductor Equipment – 5.7%** | **Semiconductors & Semiconductor Equipment – 5.7%** |
| 27514 | Advanced Micro Devices, Inc.\* | 5985120 |
| 8413 | Analog Devices, Inc. | 2232305 |
| 13606 | Applied Materials, Inc. | 3432113 |
| 79744 | Broadcom, Inc. | 32133642 |
| 1818 | First Solar, Inc.\* | 496169 |
| 74209 | Intel Corp.\* | 3009917 |
| 2237 | KLA Corp. | 2629526 |
| 21458 | Lam Research Corp. | 3347448 |
| 9150 | Microchip Technology, Inc. | 490257 |
| 18974 | Micron Technology, Inc. | 4486972 |
| 812 | Monolithic Power Systems, Inc. | 753674 |
| 413682 | NVIDIA Corp. | 73221714 |
| 4274 | NXP Semiconductors NV | 833174 |
| 6934 | ON Semiconductor Corp.\* | 348364 |
| 3550 | Qnity Electronics, Inc. Class W/I | 287870 |
| 18286 | QUALCOMM, Inc. | 3073694 |
| 2516 | Skyworks Solutions, Inc. | 165930 |
| 2697 | Teradyne, Inc. | 490557 |
| 15414 | Texas Instruments, Inc. | 2593714 |
|  |  | 140012160 |
| **Software – 4.2%** | **Software – 4.2%** | **Software – 4.2%** |
| 7192 | Adobe, Inc.\* | 2302375 |
| 4590 | AppLovin Corp. Class A\* | 2751613 |
| 3628 | Autodesk, Inc.\* | 1100518 |
| 4620 | Cadence Design Systems, Inc.\* | 1440701 |
| 4226 | Crowdstrike Holdings, Inc. Class A\* | 2151710 |
| 5481 | Datadog, Inc. Class A\* | 877015 |
| 407 | Fair Isaac Corp.\* | 734973 |
| 11043 | Fortinet, Inc.\* | 895919 |
| 9502 | Gen Digital, Inc. | 250568 |
| 4729 | Intuit, Inc. | 2998564 |
| 126023 | Microsoft Corp. | 62004576 |
| 28097 | Oracle Corp. | 5674189 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Software – (continued)** | **Software – (continued)** | **Software – (continued)** |
| 38558 | Palantir Technologies, Inc. Class A\* | $6495095 |
| 11324 | Palo Alto Networks, Inc.\* | 2153032 |
| 2031 | PTC, Inc.\* | 356298 |
| 1825 | Roper Technologies, Inc. | 814352 |
| 16208 | Salesforce, Inc. | 3736592 |
| 3526 | ServiceNow, Inc.\* | 2864558 |
| 3137 | Synopsys, Inc.\* | 1311297 |
| 733 | Tyler Technologies, Inc.\* | 344232 |
| 3662 | Workday, Inc. Class A\* | 789600 |
|  |  | 102047777 |
| **Specialized REITs – 0.3%** | **Specialized REITs – 0.3%** | **Specialized REITs – 0.3%** |
| 7939 | American Tower Corp. | 1439103 |
| 7383 | Crown Castle, Inc. | 673920 |
| 5435 | Digital Realty Trust, Inc. | 870252 |
| 1659 | Equinix, Inc. | 1249741 |
| 3599 | Extra Space Storage, Inc. | 479279 |
| 5007 | Iron Mountain, Inc. | 432354 |
| 2677 | Public Storage | 734944 |
| 1821 | SBA Communications Corp. | 353766 |
| 18079 | VICI Properties, Inc. | 521037 |
| 12233 | Weyerhaeuser Co. | 271695 |
|  |  | 7026091 |
| **Specialty Retail – 0.7%** | **Specialty Retail – 0.7%** | **Specialty Retail – 0.7%** |
| 284 | AutoZone, Inc.\* | 1123030 |
| 3332 | Best Buy Co., Inc. | 264161 |
| 16868 | Home Depot, Inc. | 6020527 |
| 9502 | Lowe's Cos., Inc. | 2304045 |
| 14386 | O'Reilly Automotive, Inc.\* | 1463056 |
| 5545 | Ross Stores, Inc. | 977916 |
| 18914 | TJX Cos., Inc. | 2873415 |
| 8985 | Tractor Supply Co. | 492198 |
| 762 | Ulta Beauty, Inc.\* | 410588 |
| 2085 | Williams-Sonoma, Inc. | 375321 |
|  |  | 16304257 |
| **Technology Hardware, Storage & Peripherals – 3.1%** | **Technology Hardware, Storage & Peripherals – 3.1%** | **Technology Hardware, Storage & Peripherals – 3.1%** |
| 251607 | Apple, Inc. | 70160612 |
| 5140 | Dell Technologies, Inc. Class C | 685419 |
| 22248 | Hewlett Packard Enterprise Co. | 486564 |
| 15925 | HP, Inc. | 388888 |
| 3393 | NetApp, Inc. | 378523 |
| 3606 | Seagate Technology Holdings PLC | 997744 |
| 8500 | Super Micro Computer, Inc.\* | 287725 |
| 5882 | Western Digital Corp. | 960707 |
|  |  | 74346182 |
| **Textiles, Apparel & Luxury Goods – 0.1%** | **Textiles, Apparel & Luxury Goods – 0.1%** | **Textiles, Apparel & Luxury Goods – 0.1%** |
| 2515 | Deckers Outdoor Corp.\* | 221395 |
| 1849 | Lululemon Athletica, Inc.\* | 340549 |
| 20142 | NIKE, Inc. Class B | 1301777 |
| 656 | Ralph Lauren Corp. | 240969 |
| 3529 | Tapestry, Inc. | 385649 |
|  |  | 2490339 |

---

------

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

*November 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Tobacco – 0.2%** | **Tobacco – 0.2%** | **Tobacco – 0.2%** |
| 28481 | Altria Group, Inc. | $1680664 |
| 26391 | Philip Morris International, Inc. | 4156054 |
|  |  | 5836718 |
| **Trading Companies & Distributors – 0.1%** | **Trading Companies & Distributors – 0.1%** | **Trading Companies & Distributors – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19457 | Fastenal Co. | 786063 |
| 1091 | United Rentals, Inc. | 889361 |
| 746 | WW Grainger, Inc. | 707678 |
|  |  | 2383102 |
| **Water Utilities – 0.0%** | **Water Utilities – 0.0%** | **Water Utilities – 0.0%** |
| 3308 | American Water Works Co., Inc. | 430272 |
| **Wireless Telecommunication Services – 0.1%** | **Wireless Telecommunication Services – 0.1%** | **Wireless Telecommunication Services – 0.1%** |
| 8205 | T-Mobile U.S., Inc. | 1714927 |
| **TOTAL COMMON STOCKS<br>(Cost $950,573,918)** | **TOTAL COMMON STOCKS<br>(Cost $950,573,918)** | $984022715 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **U.S. Treasury Obligations<sup>(a)</sup> – 41.4%** | **U.S. Treasury Obligations<sup>(a)</sup> – 41.4%** | **U.S. Treasury Obligations<sup>(a)</sup> – 41.4%** | **U.S. Treasury Obligations<sup>(a)</sup> – 41.4%** | **U.S. Treasury Obligations<sup>(a)</sup> – 41.4%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
|  $ | 42000000 | 0.000% | 12/11/25 | $41954397 |
|  | 36000000 | 0.000 | 12/18/25 | 35933529 |
|  | 7000000 | 0.000 | 01/06/26 | 6973413 |
|  | 103000000 | 0.000 | 01/20/26 | 102457074 |
|  | 126000000 | 0.000 | 01/22/26 | 125312463 |
|  | 52000000 | 0.000 | 02/03/26 | 51654854 |
|  | 87000000 | 0.000 | 02/24/26 | 86240319 |
|  | 120000000 | 0.000 | 03/19/26 | 118663745 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **U.S. Treasury Obligations<sup>(a)</sup> – (continued)** | **U.S. Treasury Obligations<sup>(a)</sup> – (continued)** | **U.S. Treasury Obligations<sup>(a)</sup> – (continued)** | **U.S. Treasury Obligations<sup>(a)</sup> – (continued)** | **U.S. Treasury Obligations<sup>(a)</sup> – (continued)** |
|  U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |
|  $ | 85000000 | 0.000% | 03/26/26 | $83994917 |
|  | 165000000 | 0.000 | 04/23/26 | 162598872 |
|  | 115000000 | 0.000 | 05/14/26 | 113087770 |
|  | 81000000 | 0.000 | 06/11/26 | 79458474 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $1,008,291,457)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $1,008,291,457)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $1,008,291,457)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $1,008,291,457)** | $1008329827 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(b)</sup> – 12.7%** | **Investment Company<sup>(b)</sup> – 12.7%** | **Investment Company<sup>(b)</sup> – 12.7%** |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 309441572 | 3.928% | $309441572 |
| **(Cost $309,441,572)** | **(Cost $309,441,572)** |  |
| **TOTAL INVESTMENTS – 94.5%<br>(Cost $2,268,306,947)** | **TOTAL INVESTMENTS – 94.5%<br>(Cost $2,268,306,947)** | $2301794114 |
| **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 5.5%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 5.5%** | 134243596 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $2436037710 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| \* | Non-income producing security. |
| (a) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (b) | Represents an affiliated issuer. |

---

------

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

*November 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At November 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 | CHF | 51610000 | USD | 64209695 | 12/17/25 | $216512 |
|  | EUR | 33120000 | USD | 38316290 | 12/17/25 | 156023 |
|  | GBP | 9140000 | USD | 11996999 | 12/17/25 | 101662 |
|  | USD | 12953540 | AUD | 19570000 | 12/17/25 | 130007 |
|  | USD | 40087001 | CAD | 55430000 | 12/17/25 | 380051 |
|  | USD | 53142790 | CHF | 41990000 | 12/17/25 | 725498 |
|  | USD | 22039454 | EUR | 18760000 | 12/17/25 | 247770 |
|  | USD | 44080384 | GBP | 32760000 | 12/17/25 | 715815 |
|  | USD | 51279707 | JPY | 7531050000 | 12/17/25 | 2962197 |
|  | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66159553 | NZD | 112090000 | 12/17/25 | 1767430 |
|  **TOTAL** |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;7402965 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  MS & Co. Int. PLC | AUD | 40050000 | USD | 26272600 | 12/17/25 | $(29244) |
|  | CAD | 17470000 | USD | 12587770 | 12/17/25 | (73240) |
|  | CHF | 31790000 | USD | 39771405 | 12/17/25 | (87058) |
|  | EUR | 18760000 | USD | 22107872 | 12/17/25 | (316187) |
|  | GBP | 9710000 | USD | 13059925 | 12/17/25 | (206752) |
|  | JPY | 11171140000 | USD | 75803385 | 12/17/25 | (4131881) |
|  | NZD | 88890000 | USD | 51688255 | 12/17/25 | (623790) |
|  | USD | 32792197 | AUD | 50130000 | 12/17/25 | (56229) |
|  | USD | 54068855 | CAD | 75610000 | 12/17/25 | (93917) |
|  | USD | 37543448 | GBP | 28400000 | 12/17/25 | (49767) |
|  | USD | 23325929 | JPY | 3640090000 | 12/17/25 | (28064) |
|  | USD | 22172501 | NZD | 38720000 | 12/17/25 | (70902) |
|  **TOTAL** |  |  |  |  |  | $(5767031) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional**<br> **Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  10 Year U.K. Long Gilt | 178 | 03/27/26 | $21577957 | $84343 |
|  10 Year U.S. Treasury Notes | 12943 | 03/20/26 | 1467008156 | 268470 |
|  20 Year U.S. Treasury Bonds | 57 | 03/20/26 | 6693938 | 5231 |
|  5 Year German Euro-Bund | 9 | 12/08/25 | 1345913 | (77) |
|  Canada 10 Year Government Bonds | 15 | 03/20/26 | 1319618 | 4910 |
|  CBOE Volatility Index | 25 | 01/21/26 | 496675 | (63564) |
|  Japan 10 Year Government Bonds | 31 | 12/15/25 | 26817515 | (136923) |
|  S&P 500 E-Mini Index | 1422 | 12/19/25 | 487710450 | 7267022 |
|  **Total** |  |  |  | $7429412 |
|  **Short position contracts:** |  |  |  |  |
|  2 Year U.S. Treasury Notes | (195) | 03/31/26 | (40727578) | 13182 |
|  5 Year U.S. Treasury Notes | (56) | 03/31/26 | (6146875) | (973) |
|  Australian 10 Year Government Bonds | (240) | 12/15/25 | (17572570) | 73647 |
|  **Total** |  |  |  | $85856 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $7515268 |

---

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

**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)** |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  S&P 500 Index | $6890.000 | 12/05/2025 | 1 | $689000 | $2255 | $3431 | $(1176) |
|  S&P 500 Index | 6930.000 | 12/05/2025 | 13 | 9009000 | 12545 | 23323 | (10778) |
|  S&P 500 Index | 6955.000 | 12/05/2025 | 2 | 1391000 | 1000 | 4422 | (3422) |

---

------

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

*November 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of**<br> **Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts (continued)** |  |  |  |  |  |  |  |
|  **Calls (continued)** |  |  |  |  |  |  |  |
|  S&P 500 Index | $6960.000 | 12/05/2025 | 18 | $12528000 | $7740 | $56178 | $(48438) |
|  S&P 500 Index | 6965.000 | 12/05/2025 | 33 | 22984500 | 12210 | 76873 | (64663) |
|  S&P 500 Index | 7040.000 | 12/05/2025 | 29 | 20416000 | 1015 | 71159 | (70144) |
|  S&P 500 Index | 6815.000 | 12/12/2025 | 19 | 12948500 | 178790 | 62579 | 116211 |
|  S&P 500 Index | 6880.000 | 12/12/2025 | 2 | 1376000 | 11140 | 5162 | 5978 |
|  S&P 500 Index | 6885.000 | 12/12/2025 | 23 | 15835500 | 121785 | 77953 | 43832 |
|  S&P 500 Index | 6975.000 | 12/12/2025 | 5 | 3487500 | 9000 | 11255 | (2255) |
|  S&P 500 Index | 7000.000 | 12/12/2025 | 1 | 700000 | 1250 | 2641 | (1391) |
|  S&P 500 Index | 7010.000 | 12/12/2025 | 13 | 9113000 | 13845 | 35253 | (21408) |
|  S&P 500 Index | 7050.000 | 12/12/2025 | 30 | 21150000 | 16350 | 106670 | (90320) |
|  S&P 500 Index | 6850.000 | 12/19/2025 | 10 | 6850000 | 94800 | 36080 | 58720 |
|  S&P 500 Index | 6920.000 | 12/19/2025 | 28 | 19376000 | 160020 | 98128 | 61892 |
|  S&P 500 Index | 6960.000 | 12/26/2025 | 22 | 15312000 | 114950 | 74816 | 40134 |
|  |  |  | 249 | $173166000 | $758695 | $745923 | $12772 |
|  **Puts** |  |  |  |  |  |  |  |
|  S&P 500 Index | 5000.000 | 12/01/2025 | 500 | 250000000 | 1250 | 83625 | (82375) |
|  S&P 500 Index | 5000.000 | 12/02/2025 | 500 | 250000000 | 1250 | 68625 | (67375) |
|  S&P 500 Index | 4800.000 | 12/03/2025 | 500 | 240000000 | 1250 | 87492 | (86242) |
|  S&P 500 Index | 4800.000 | 12/04/2025 | 501 | 240480000 | 2505 | 76277 | (73772) |
|  S&P 500 Index | 4400.000 | 12/05/2025 | 501 | 220440000 | 1253 | 67549 | (66296) |
|  S&P 500 Index | 4600.000 | 12/09/2025 | 497 | 228620000 | 4970 | 53303 | (48333) |
|  S&P 500 Index | 4400.000 | 12/10/2025 | 505 | 222200000 | 3787 | 114633 | (110846) |
|  S&P 500 Index | 4800.000 | 12/10/2025 | 495 | 237600000 | 7425 | 73384 | (65959) |
|  S&P 500 Index | 4800.000 | 12/11/2025 | 496 | 238080000 | 8680 | 68076 | (59396) |
|  S&P 500 Index | 4600.000 | 12/12/2025 | 503 | 231380000 | 7545 | 100000 | (92455) |
|  S&P 500 Index | 4600.000 | 12/15/2025 | 507 | 233220000 | 10140 | 109005 | (98865) |
|  S&P 500 Index | 4600.000 | 12/16/2025 | 512 | 235520000 | 15360 | 113845 | (98485) |
|  S&P 500 Index | 4350.000 | 12/19/2025 | 547 | 237945000 | 17778 | 187211 | (169433) |
|  S&P 500 Index | 4450.000 | 12/19/2025 | 514 | 228730000 | 19275 | 159854 | (140579) |
|  S&P 500 Index | 4500.000 | 12/19/2025 | 519 | 233550000 | 19463 | 147906 | (128443) |
|  S&P 500 Index | 4400.000 | 12/22/2025 | 553 | 243320000 | 22120 | 210000 | (187880) |
|  S&P 500 Index | 4400.000 | 12/23/2025 | 546 | 240240000 | 24570 | 104487 | (79917) |
|  S&P 500 Index | 4800.000 | 12/24/2025 | 540 | 259200000 | 51300 | 125199 | (73899) |
|  S&P 500 Index | 5000.000 | 12/26/2025 | 534 | 267000000 | 76095 | 111749 | (35654) |
|  S&P 500 Index | 5000.000 | 12/29/2025 | 536 | 268000000 | 91120 | 92569 | (1449) |
|  |  |  | 10306 | $4805525000 | $387136 | $2154789 | $(1767653) |
|  **Total purchased option contracts** | **Total purchased option contracts** |  | 10555 | $4978691000 | $1145831 | $2900712 | $(1754881) |
|  **Written option contracts** |  |  |  |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |
|  S&P 500 Index | 5875.000 | 12/01/2025 | (2221) | (1304837500) | (5553) | (794563) | 789010 |
|  S&P 500 Index | 6125.000 | 12/02/2025 | (2197) | (1345662500) | (21970) | (654706) | 632736 |
|  S&P 500 Index | 6200.000 | 12/03/2025 | (2171) | (1346020000) | (43420) | (516698) | 473278 |
|  S&P 500 Index | 6340.000 | 12/04/2025 | (2147) | (1361198000) | (101982) | (296286) | 194304 |
|  S&P 500 Index | 6465.000 | 12/05/2025 | (2142) | (1384803000) | (315945) | (391986) | 76041 |
|  S&P 500 Index | 6500.000 | 12/05/2025 | (122) | (79300000) | (19215) | (291988) | 272773 |
|  S&P 500 Index | 6520.000 | 12/05/2025 | (44) | (28688000) | (7810) | (220386) | 212576 |
|  S&P 500 Index | 6530.000 | 12/05/2025 | (47) | (30691000) | (9048) | (135083) | 126035 |
|  S&P 500 Index | 6550.000 | 12/05/2025 | (3) | (1965000) | (667) | (11787) | 11120 |

---

------

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

*November 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of**<br> **Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts (continued)** |  |  |  |  |  |  |  |
|  **Puts (continued)** |  |  |  |  |  |  |  |
|  S&P 500 Index | $6595.000 | 12/05/2025 | (25) | $(16487500) | $(7750) | $(75975) | $68225 |
|  S&P 500 Index | 6615.000 | 12/05/2025 | (10) | (6615000) | (3700) | (30590) | 26890 |
|  S&P 500 Index | 6725.000 | 12/05/2025 | (10) | (6725000) | (11649) | (13892) | 2243 |
|  S&P 500 Index | 6300.000 | 12/12/2025 | (1) | (630000) | (350) | (5879) | 5529 |
|  S&P 500 Index | 6435.000 | 12/12/2025 | (38) | (24453000) | (22990) | (127761) | 104771 |
|  S&P 500 Index | 6515.000 | 12/12/2025 | (25) | (16287500) | (22625) | (70361) | 47736 |
|  S&P 500 Index | 6550.000 | 12/12/2025 | (44) | (28820000) | (47960) | (162736) | 114776 |
|  S&P 500 Index | 6570.000 | 12/12/2025 | (4) | (2628000) | (4880) | (15036) | 10156 |
|  S&P 500 Index | 6640.000 | 12/12/2025 | (68) | (45152000) | (127160) | (187039) | 59879 |
|  S&P 500 Index | 6655.000 | 12/12/2025 | (3) | (1996500) | (6435) | (7198) | 763 |
|  S&P 500 Index | 6270.000 | 12/19/2025 | (46) | (28842000) | (36340) | (228844) | 192504 |
|  S&P 500 Index | 6390.000 | 12/19/2025 | (31) | (19809000) | (36425) | (126257) | 89832 |
|  S&P 500 Index | 6465.000 | 12/19/2025 | (16) | (10344000) | (25040) | (56708) | 31668 |
|  S&P 500 Index | 6590.000 | 12/19/2025 | (28) | (18452000) | (73080) | (97039) | 23959 |
|  S&P 500 Index | 6605.000 | 12/19/2025 | (4) | (2642000) | (11500) | (12517) | 1017 |
|  S&P 500 Index | 6440.000 | 12/26/2025 | (36) | (23184000) | (72540) | (145843) | 73303 |
|  S&P 500 Index | 6565.000 | 12/26/2025 | (16) | (10504000) | (50480) | (63868) | 13388 |
|  S&P 500 Index | 6585.000 | 12/26/2025 | (2) | (1317000) | (6970) | (7459) | 489 |
|  **Total written option contracts** |  |  | (11501) | $(7148053500) | $(1093484) | $(4748485) | $3655001 |
|  **TOTAL** |  |  | (946) | $(2169362500) | $52347 | $(1847773) | $1900120 |

---

**EXCHANGE TRADED OPTIONS ON FUTURES** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of**<br> **Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  3 Month SOFR | $96.063 | 12/12/2025 | 79 | $197500 | $40487 | $62366 | $(21879) |
|  3 Month SOFR | 96.125 | 12/12/2025 | 72 | 180000 | 27000 | 64941 | (37941) |
|  3 Month SOFR | 96.313 | 12/12/2025 | 78 | 195000 | 975 | 68403 | (67428) |
|  3 Month SOFR | 96.438 | 03/13/2026 | 75 | 187500 | 21094 | 63897 | (42803) |
|  3 Month SOFR | 96.500 | 03/13/2026 | 70 | 175000 | 15750 | 68387 | (52637) |
|  3 Month SOFR | 96.938 | 03/13/2026 | 59 | 147500 | 3319 | 63541 | (60222) |
|  3 Month SOFR | 96.438 | 06/12/2026 | 76 | 190000 | 59850 | 58099 | 1751 |
|  3 Month SOFR | 96.625 | 06/12/2026 | 813 | 2032500 | 442069 | 1137814 | (695745) |
|  3 Month SOFR | 96.750 | 06/12/2026 | 78 | 195000 | 33150 | 58653 | (25503) |
|  3 Month SOFR | 96.813 | 06/12/2026 | 75 | 187500 | 28125 | 69522 | (41397) |
|  3 Month SOFR | 97.000 | 06/12/2026 | 1676 | 4190000 | 429475 | 2377996 | (1948521) |
|  3 Month SOFR | 96.125 | 09/11/2026 | 802 | 2005000 | 1513775 | 1032646 | 481129 |
|  3 Month SOFR | 96.375 | 09/11/2026 | 1679 | 4197500 | 2235169 | 2470706 | (235537) |
|  3 Month SOFR | 96.813 | 09/11/2026 | 79 | 197500 | 54806 | 51505 | 3301 |
|  3 Month SOFR | 96.875 | 09/11/2026 | 160 | 400000 | 101000 | 108164 | (7164) |
|  3 Month SOFR | 96.125 | 12/11/2026 | 818 | 2045000 | 1748475 | 1095678 | 652797 |
|  3 Month SOFR | 96.500 | 12/11/2026 | 806 | 2015000 | 1108250 | 1089680 | 18570 |
|  3 Month SOFR | 96.625 | 12/11/2026 | 787 | 1967500 | 924725 | 1024643 | (99918) |
|  3 Month SOFR | 96.750 | 03/12/2027 | 776 | 1940000 | 902100 | 1095371 | (193271) |
|  3 Month SOFR | 96.875 | 03/12/2027 | 792 | 1980000 | 792000 | 1096423 | (304423) |
|  3 Month SOFR | 97.000 | 03/12/2027 | 757 | 1892500 | 643450 | 1165371 | (521921) |
|  3 Month SOFR | 96.750 | 06/11/2027 | 794 | 1985000 | 1002425 | 1023831 | (21406) |
|  3 Month SOFR | 96.875 | 06/11/2027 | 815 | 2037500 | 891406 | 887910 | 3496 |

---

------

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

*November 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of**<br> **Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts (continued)** |  |  |  |  |  |  |  |
|  **Calls (continued)** |  |  |  |  |  |  |  |
|  3 Month SOFR | $97.000 | 06/11/2027 | 810 | $2025000 | $759375 | $980183 | $(220808) |
|  3 Month SOFR | 96.875 | 09/10/2027 | 828 | 2070000 | 947025 | 858872 | 88153 |
|  3 Month SOFR | 97.000 | 09/10/2027 | 836 | 2090000 | 831820 | 837639 | (5819) |
|  |  |  | 14690 | $36725000 | $15557095 | $18912241 | $(3355146) |
|  **Puts** |  |  |  |  |  |  |  |
|  3 Month SOFR | 96.063 | 12/12/2025 | 79 | 197500 | 494 | 61380 | (60886) |
|  3 Month SOFR | 96.125 | 12/12/2025 | 72 | 180000 | 1350 | 75741 | (74391) |
|  3 Month SOFR | 96.313 | 12/12/2025 | 78 | 195000 | 9750 | 67428 | (57678) |
|  3 Month SOFR | 96.438 | 03/13/2026 | 75 | 187500 | 18750 | 63897 | (45147) |
|  3 Month SOFR | 96.500 | 03/13/2026 | 70 | 175000 | 24500 | 71012 | (46512) |
|  3 Month SOFR | 96.938 | 03/13/2026 | 59 | 147500 | 74855 | 67965 | 6890 |
|  3 Month SOFR | 96.438 | 06/12/2026 | 76 | 190000 | 11400 | 57149 | (45749) |
|  3 Month SOFR | 96.625 | 06/12/2026 | 813 | 2032500 | 299794 | 1302686 | (1002892) |
|  3 Month SOFR | 96.750 | 06/12/2026 | 78 | 195000 | 43875 | 56703 | (12828) |
|  3 Month SOFR | 96.813 | 06/12/2026 | 75 | 187500 | 49687 | 69522 | (19835) |
|  3 Month SOFR | 97.000 | 06/12/2026 | 1676 | 4190000 | 1686475 | 2492735 | (806260) |
|  3 Month SOFR | 96.125 | 09/11/2026 | 802 | 2005000 | 40100 | 1226121 | (1186021) |
|  3 Month SOFR | 96.375 | 09/11/2026 | 1679 | 4197500 | 188888 | 2539225 | (2350337) |
|  3 Month SOFR | 96.813 | 09/11/2026 | 79 | 197500 | 43450 | 51505 | (8055) |
|  3 Month SOFR | 96.875 | 09/11/2026 | 160 | 400000 | 103000 | 112576 | (9576) |
|  3 Month SOFR | 96.125 | 12/11/2026 | 818 | 2045000 | 81800 | 1238828 | (1157028) |
|  3 Month SOFR | 96.500 | 12/11/2026 | 806 | 2015000 | 211575 | 1200505 | (988930) |
|  3 Month SOFR | 96.625 | 12/11/2026 | 787 | 1967500 | 290206 | 1184144 | (893938) |
|  3 Month SOFR | 96.750 | 03/12/2027 | 776 | 1940000 | 460750 | 1078221 | (617471) |
|  3 Month SOFR | 96.875 | 03/12/2027 | 792 | 1980000 | 579150 | 951952 | (372802) |
|  3 Month SOFR | 97.000 | 03/12/2027 | 757 | 1892500 | 671838 | 1174834 | (502996) |
|  3 Month SOFR | 96.750 | 06/11/2027 | 794 | 1985000 | 560762 | 954356 | (393594) |
|  3 Month SOFR | 96.875 | 06/11/2027 | 815 | 2037500 | 682563 | 826785 | (144222) |
|  3 Month SOFR | 97.000 | 06/11/2027 | 810 | 2025000 | 799875 | 892588 | (92713) |
|  3 Month SOFR | 96.875 | 09/10/2027 | 828 | 2070000 | 786600 | 881373 | (94773) |
|  3 Month SOFR | 97.000 | 09/10/2027 | 836 | 2090000 | 919600 | 931689 | (12089) |
|  |  |  | 14690 | $36725000 | $8641087 | $19630920 | $(10989833) |
|  **Total purchased option contracts** |  |  | 29380 | $73450000 | $24198182 | $38543161 | $(14344979) |
|  **Written option contracts** |  |  |  |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |
|  10 Year U.S. Treasury Notes | 112.250 | 12/03/2025 | (355) | (355000) | (355) | (4855) | 4500 |
|  10 Year U.S. Treasury Notes | 112.500 | 12/03/2025 | (355) | (355000) | (355) | (10402) | 10047 |
|  10 Year U.S. Treasury Notes | 112.750 | 12/03/2025 | (356) | (356000) | (5563) | (10431) | 4868 |
|  10 Year U.S. Treasury Notes | 113.000 | 12/03/2025 | (356) | (356000) | (22250) | (15993) | (6257) |
|  10 Year U.S. Treasury Notes | 112.500 | 12/05/2025 | (354) | (354000) | (5531) | (10372) | 4841 |
|  10 Year U.S. Treasury Notes | 112.750 | 12/05/2025 | (1070) | (1070000) | (33438) | (31351) | (2087) |
|  |  |  | (2846) | $(2846000) | $(67492) | $(83404) | $15912 |
|  **Calls** |  |  |  |  |  |  |  |
|  10 Year U.S. Treasury Notes | 114.250 | 12/03/2025 | (712) | (712000) | (712) | (20839) | 20127 |
|  10 Year U.S. Treasury Notes | 114.500 | 12/03/2025 | (356) | (356000) | (411625) | (10431) | (401194) |
|  10 Year U.S. Treasury Notes | 114.750 | 12/03/2025 | (355) | (355000) | (355) | (4855) | 4500 |
|  10 Year U.S. Treasury Notes | 114.250 | 12/05/2025 | (1070) | (1070000) | (16719) | (14632) | (2087) |

---

------

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

*November 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of**<br> **Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts (continued)** |  |  |  |  |  |  |  |
|  **Calls (continued)** |  |  |  |  |  |  |  |
|  10 Year U.S. Treasury Notes | $114.500 | 12/05/2025 | (354) | $(354000) | $(5531) | $(10372) | $4841 |
|  |  |  | (2847) | $(2847000) | $(434942) | $(61129) | $(373813) |
|  **Total written option contracts** |  |  | (5693) | $(5693000) | $(502434) | $(144533) | $(357901) |
|  **TOTAL** |  |  | 23687 | $67757000 | $23695748 | $38398628 | $(14702880) |

---

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| AUD | — Australian Dollar |
| CAD | — Canadian Dollar |
| CHF | — Swiss Franc |
| EUR | — Euro |
| GBP | — British Pound |
| JPY | — Japanese Yen |
| NZD | — New Zealand Dollar |
| USD | — U.S. Dollar |
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| PLC | — Public Limited Company |
| **Abbreviations:** | **Abbreviations:** |
| MS & Co. Int. PLC | — Morgan Stanley & Co. International PLC |
| SOFR | — Secured Overnight Financing Rate |

---

------

GOLDMAN SACHS STRATEGIC VOLATILITY PREMIUM FUND

## Consolidated Schedule of Investments
*November 30, 2025 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **U.S. Treasury Obligations<sup>(a)</sup> – 63.1%** | **U.S. Treasury Obligations<sup>(a)</sup> – 63.1%** | **U.S. Treasury Obligations<sup>(a)</sup> – 63.1%** | **U.S. Treasury Obligations<sup>(a)</sup> – 63.1%** | **U.S. Treasury Obligations<sup>(a)</sup> – 63.1%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
|  $ | 7700000 | 0.000% | 12/02/25 | $7699168 |
|  | 26000000 | 0.000 | 12/11/25 | 25971770 |
|  | 24062900 | 0.000 | 12/16/25 | 24023776 |
|  | 21326200 | 0.000 | 12/30/25 | 21259655 |
|  | 30000000 | 0.000 | 01/20/26 | 29841866 |
|  | 34000000 | 0.000 | 01/22/26 | 33814474 |
|  | 21389600 | 0.000 | 01/29/26 | 21256209 |
|  | 26462400 | 0.000 | 02/03/26 | 26286758 |
|  | 24225700 | 0.000 | 02/19/26 | 24025980 |
|  | 30000000 | 0.000 | 02/24/26 | 29738041 |
|  | 37312300 | 0.000 | 04/16/26 | 36795166 |
|  | 26000000 | 0.000 | 05/14/26 | 25567670 |
|  | 20000000 | 0.000 | 05/21/26 | 19653045 |
| **TOTAL U.S. TREASURY OBLIGATIONS <br>(Cost $325,900,899)** | **TOTAL U.S. TREASURY OBLIGATIONS <br>(Cost $325,900,899)** | **TOTAL U.S. TREASURY OBLIGATIONS <br>(Cost $325,900,899)** | **TOTAL U.S. TREASURY OBLIGATIONS <br>(Cost $325,900,899)** | $325933578 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Companies<sup>(b)</sup> – 32.9%** | **Investment Companies<sup>(b)</sup> – 32.9%** | **Investment Companies<sup>(b)</sup> – 32.9%** |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5501863 | 3.928% | $5501863 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Companies<sup>(b)</sup> – (continued)** | **Investment Companies<sup>(b)</sup> – (continued)** | **Investment Companies<sup>(b)</sup> – (continued)** |
|  Goldman Sachs Financial Square Treasury Instruments Fund — Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund — Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund — Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164453807 | 3.800% | $164453807 |
| **TOTAL INVESTMENT COMPANIES<br>(Cost $169,955,670)** | **TOTAL INVESTMENT COMPANIES<br>(Cost $169,955,670)** | $169955670 |
| **TOTAL INVESTMENTS – 96.0%<br>(Cost $495,856,569)** | **TOTAL INVESTMENTS – 96.0%<br>(Cost $495,856,569)** | $495889248 |
| **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 4.0%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 4.0%** | 20641615 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $516530863 |

---

---

| | |
|:---|:---|
| <br> The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | <br> The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (b) | Represents an affiliated issuer. |

---

------

GOLDMAN SACHS STRATEGIC VOLATILITY PREMIUM FUND

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

**ADDITIONAL INVESTMENT INFORMATION** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **Contracts** | **Expiration**<br> **Date** | **Notional**<br> **Amount** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  2 Year U.S. Treasury Notes | 1647 | 03/31/26 | $343991393 | $(104482) |
|  5 Year U.S. Treasury Notes | 1570 | 03/31/26 | 172332031 | 10152 |
|  S&P 500 E-Mini Index | 2 | 12/19/25 | 685950 | 19763 |
|  **Total** |  |  |  | $(74567) |
|  **Short position contracts:** |  |  |  |  |
|  10 Year U.S. Treasury Notes | (5) | 03/20/26 | (566719) | (10) |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $(74577) |

---

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

**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)** |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |
|  S&P 500 Index | $5000.000 | 12/01/2025 | 106 | $53000000 | $265 | $17729 | $(17464) |
|  S&P 500 Index | 5000.000 | 12/02/2025 | 106 | 53000000 | 265 | 14549 | (14284) |
|  S&P 500 Index | 4800.000 | 12/03/2025 | 105 | 50400000 | 262 | 18374 | (18112) |
|  S&P 500 Index | 4800.000 | 12/04/2025 | 106 | 50880000 | 530 | 16139 | (15609) |
|  S&P 500 Index | 4400.000 | 12/05/2025 | 105 | 46200000 | 263 | 14157 | (13894) |
|  S&P 500 Index | 4600.000 | 12/09/2025 | 106 | 48760000 | 1060 | 11369 | (10309) |
|  S&P 500 Index | 4400.000 | 12/10/2025 | 106 | 46640000 | 795 | 24062 | (23267) |
|  S&P 500 Index | 4800.000 | 12/10/2025 | 105 | 50400000 | 1575 | 15566 | (13991) |
|  S&P 500 Index | 4800.000 | 12/11/2025 | 105 | 50400000 | 1838 | 14412 | (12574) |
|  S&P 500 Index | 4600.000 | 12/12/2025 | 106 | 48760000 | 1590 | 21074 | (19484) |
|  S&P 500 Index | 4600.000 | 12/15/2025 | 108 | 49680000 | 2160 | 23220 | (21060) |
|  S&P 500 Index | 4600.000 | 12/16/2025 | 109 | 50140000 | 3270 | 24236 | (20966) |
|  S&P 500 Index | 4350.000 | 12/19/2025 | 115 | 50025000 | 3738 | 39359 | (35621) |
|  S&P 500 Index | 4450.000 | 12/19/2025 | 109 | 48505000 | 4088 | 33900 | (29812) |
|  S&P 500 Index | 4500.000 | 12/19/2025 | 110 | 49500000 | 4125 | 31348 | (27223) |
|  S&P 500 Index | 4400.000 | 12/22/2025 | 117 | 51480000 | 4680 | 44430 | (39750) |
|  S&P 500 Index | 4400.000 | 12/23/2025 | 117 | 51480000 | 5265 | 22419 | (17154) |
|  S&P 500 Index | 4800.000 | 12/24/2025 | 115 | 55200000 | 10925 | 26691 | (15766) |
|  S&P 500 Index | 5000.000 | 12/26/2025 | 114 | 57000000 | 16245 | 23885 | (7640) |
|  S&P 500 Index | 5000.000 | 12/29/2025 | 114 | 57000000 | 19380 | 19717 | (337) |
|  **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** | 2184 | $1018450000 | $82319 | $456636 | $(374317) |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |
|  S&P 500 Index | 5875.000 | 12/01/2025 | (468) | (274950000) | (1170) | (167427) | 166257 |
|  S&P 500 Index | 6125.000 | 12/02/2025 | (469) | (287262500) | (4690) | (139645) | 134955 |
|  S&P 500 Index | 6200.000 | 12/03/2025 | (462) | (286440000) | (9240) | (109841) | 100601 |
|  S&P 500 Index | 6340.000 | 12/04/2025 | (458) | (290372000) | (21755) | (63090) | 41335 |
|  S&P 500 Index | 6465.000 | 12/05/2025 | (455) | (294157500) | (67112) | (83151) | 16039 |
|  **Total written option contracts** | **Total written option contracts** | **Total written option contracts** | (2312) | $(1433182000) | $(103967) | $(563154) | $459187 |
|  **TOTAL** | **TOTAL** | **TOTAL** | (128) | $(414732000) | $(21648) | $(106518) | $84870 |

---

**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** |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  3 Month SOFR | $96.063 | 12/12/2025 | 16 | $40000 | $8200 | $12631 | $(4431) |
|  3 Month SOFR | 96.125 | 12/12/2025 | 15 | 37500 | 5625 | 13529 | (7904) |
|  3 Month SOFR | 96.313 | 12/12/2025 | 17 | 42500 | 212 | 14908 | (14696) |
|  3 Month SOFR | 96.438 | 03/13/2026 | 16 | 40000 | 4500 | 13631 | (9131) |
|  3 Month SOFR | 96.500 | 03/13/2026 | 15 | 37500 | 3375 | 14654 | (11279) |
|  3 Month SOFR | 96.938 | 03/13/2026 | 13 | 32500 | 731 | 14000 | (13269) |
|  3 Month SOFR | 96.438 | 06/12/2026 | 16 | 40000 | 12600 | 12231 | 369 |
|  3 Month SOFR | 96.750 | 06/12/2026 | 17 | 42500 | 7225 | 12783 | (5558) |
|  3 Month SOFR | 96.813 | 06/12/2026 | 16 | 40000 | 6000 | 14831 | (8831) |
|  3 Month SOFR | 96.813 | 09/11/2026 | 17 | 42500 | 11793 | 11084 | 709 |
|  3 Month SOFR | 96.875 | 09/11/2026 | 34 | 85000 | 21463 | 23017 | (1554) |
|  |  |  | 192 | $480000 | $81724 | $157299 | $(75575) |

---

------

GOLDMAN SACHS STRATEGIC VOLATILITY PREMIUM FUND

*November 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise**<br> **Price** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
|  **Purchased option contracts (continued)** | **Purchased option contracts (continued)** | **Purchased option contracts (continued)** |  |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |
|  3 Month SOFR | $96.063 | 12/12/2025 | 16 | $40000 | $100 | $12431 | $(12331) |
|  3 Month SOFR | 96.125 | 12/12/2025 | 15 | 37500 | 281 | 15779 | (15498) |
|  3 Month SOFR | 96.313 | 12/12/2025 | 17 | 42500 | 2125 | 14696 | (12571) |
|  3 Month SOFR | 96.438 | 03/13/2026 | 16 | 40000 | 4000 | 13631 | (9631) |
|  3 Month SOFR | 96.500 | 03/13/2026 | 15 | 37500 | 5250 | 15217 | (9967) |
|  3 Month SOFR | 96.938 | 03/13/2026 | 13 | 32500 | 16494 | 14976 | 1518 |
|  3 Month SOFR | 96.438 | 06/12/2026 | 16 | 40000 | 2400 | 12031 | (9631) |
|  3 Month SOFR | 96.750 | 06/12/2026 | 17 | 42500 | 9562 | 12358 | (2796) |
|  3 Month SOFR | 96.813 | 06/12/2026 | 16 | 40000 | 10600 | 14831 | (4231) |
|  3 Month SOFR | 96.813 | 09/11/2026 | 17 | 42500 | 9350 | 11083 | (1733) |
|  3 Month SOFR | 96.875 | 09/11/2026 | 34 | 85000 | 21888 | 23973 | (2085) |
|  |  |  | 192 | $480000 | $82050 | $161006 | $(78956) |
|  **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** | 384 | $960000 | $163774 | $318305 | $(154531) |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |
|  10 Year U.S. Treasury Notes | 112.250 | 12/03/2025 | (76) | (76000) | (76) | (1039) | 963 |
|  10 Year U.S. Treasury Notes | 112.500 | 12/03/2025 | (76) | (76000) | (76) | (2227) | 2151 |
|  10 Year U.S. Treasury Notes | 112.750 | 12/03/2025 | (76) | (76000) | (1188) | (2227) | 1039 |
|  10 Year U.S. Treasury Notes | 113.000 | 12/03/2025 | (76) | (76000) | (4750) | (3414) | (1336) |
|  10 Year U.S. Treasury Notes | 112.500 | 12/05/2025 | (76) | (76000) | (1188) | (2227) | 1039 |
|  10 Year U.S. Treasury Notes | 112.750 | 12/05/2025 | (227) | (227000) | (7093) | (6651) | (442) |
|  |  |  | (607) | $(607000) | $(14371) | $(17785) | $3414 |
|  **Calls** |  |  |  |  |  |  |  |
|  10 Year U.S. Treasury Notes | 114.250 | 12/03/2025 | (152) | (152000) | (152) | (4455) | 4303 |
|  10 Year U.S. Treasury Notes | 114.500 | 12/03/2025 | (76) | (76000) | (87875) | (2227) | (85648) |
|  10 Year U.S. Treasury Notes | 114.750 | 12/03/2025 | (76) | (76000) | (76) | (1039) | 963 |
|  10 Year U.S. Treasury Notes | 114.250 | 12/05/2025 | (227) | (227000) | (3547) | (3104) | (443) |
|  10 Year U.S. Treasury Notes | 114.500 | 12/05/2025 | (76) | (76000) | (1188) | (2227) | 1039 |
|  |  |  | (607) | $(607000) | $(92838) | $(13052) | $(79786) |
|  **Total written option contracts** | **Total written option contracts** | **Total written option contracts** | (1214) | $(1214000) | $(107209) | $(30837) | $(76372) |
|  **TOTAL** | **TOTAL** | **TOTAL** | (830) | $(254000) | $56565 | $287468 | $(230903) |

---

---

| | |
|:---|:---|
| **Abbreviation:** | **Abbreviation:** |
| SOFR | — Secured Overnight Financing Rate |

---

------

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

## Consolidated Schedule of Investments
*November 30, 2025 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Sovereign Debt Obligations – 2.9%** | **Sovereign Debt Obligations – 2.9%** | **Sovereign Debt Obligations – 2.9%** | **Sovereign Debt Obligations – 2.9%** | **Sovereign Debt Obligations – 2.9%** |
|  **British Pound – 2.9%** | **British Pound – 2.9%** | **British Pound – 2.9%** | **British Pound – 2.9%** | **British Pound – 2.9%** |
|  U.K. Gilts | U.K. Gilts | U.K. Gilts | U.K. Gilts | U.K. Gilts |
|  GBP | 104064815 | 4.375% | 03/07/30 | $140348606 |
| **(Cost $139,510,782)** | **(Cost $139,510,782)** | **(Cost $139,510,782)** | **(Cost $139,510,782)** |  |
| **Agency Debentures<sup>(a)(b)</sup> – 1.4%** | **Agency Debentures<sup>(a)(b)</sup> – 1.4%** | **Agency Debentures<sup>(a)(b)</sup> – 1.4%** | **Agency Debentures<sup>(a)(b)</sup> – 1.4%** | **Agency Debentures<sup>(a)(b)</sup> – 1.4%** |
|  **Sovereign – 1.4%** | **Sovereign – 1.4%** | **Sovereign – 1.4%** | **Sovereign – 1.4%** | **Sovereign – 1.4%** |
|  Federal Home Loan Banks (Secured Overnight Financing Rate + 0.180%) | Federal Home Loan Banks (Secured Overnight Financing Rate + 0.180%) | Federal Home Loan Banks (Secured Overnight Financing Rate + 0.180%) | Federal Home Loan Banks (Secured Overnight Financing Rate + 0.180%) | Federal Home Loan Banks (Secured Overnight Financing Rate + 0.180%) |
|  $ | 69835000 | 4.230% | 10/08/27 | $69881437 |
| **(Cost $69,835,000)** | **(Cost $69,835,000)** | **(Cost $69,835,000)** | **(Cost $69,835,000)** |  |
| **U.S. Treasury Obligations – 5.8%** | **U.S. Treasury Obligations – 5.8%** | **U.S. Treasury Obligations – 5.8%** | **U.S. Treasury Obligations – 5.8%** | **U.S. Treasury Obligations – 5.8%** |
|  U.S. Treasury Bills<sup>(c)</sup> | U.S. Treasury Bills<sup>(c)</sup> | U.S. Treasury Bills<sup>(c)</sup> | U.S. Treasury Bills<sup>(c)</sup> | U.S. Treasury Bills<sup>(c)</sup> |
|  $ | 41461500 | 0.000% | 01/20/26 | $41242951 |
|  | 2211200 | 0.000 | 02/24/26 | 2191892 |
|  | 21458600 | 0.000 | 03/24/26 | 21208385 |
|  | 6669600 | 0.000 | 03/26/26 | 6590735 |
|  | 5253300 | 0.000 | 05/28/26 | 5158530 |
|  | 24036100 | 0.000 | 08/06/26 | 23453491 |
|  | 22111100 | 0.000 | 10/29/26 | 21401302 |
|  U.S. Treasury Floating Rate Notes<sup>(b)</sup> (3 mo. Treasury money market yield + 0.182%) | U.S. Treasury Floating Rate Notes<sup>(b)</sup> (3 mo. Treasury money market yield + 0.182%) | U.S. Treasury Floating Rate Notes<sup>(b)</sup> (3 mo. Treasury money market yield + 0.182%) | U.S. Treasury Floating Rate Notes<sup>(b)</sup> (3 mo. Treasury money market yield + 0.182%) | U.S. Treasury Floating Rate Notes<sup>(b)</sup> (3 mo. Treasury money market yield + 0.182%) |
|  | 1567800 | 3.962 | 07/31/26 | 1567886 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  | 34009000 | 4.500 | 03/31/26 | 34080738 |
|  | 37462100 | 0.750 | 04/30/26 | 36993824 |
|  | 9520200 | 4.875 | 04/30/26 | 9562223 |
|  | 22956000 | 4.875 | 05/31/26 | 23076160 |
|  | 1800600 | 0.875 | 06/30/26 | 1771059 |
|  | 18999900 | 4.625 | 06/30/26 | 19093415 |
|  | 34774000 | 0.625 | 07/31/26 | 34070370 |
|  | 385300 | 1.875 | 07/31/26 | 380679 |
|  | 3687800 | 4.375 | 07/31/26 | 3702782 |
|  | 470500 | 0.750 | 08/31/26 | 460300 |
|  | 588200 | 0.875 | 09/30/26 | 574736 |
|  | 204600 | 3.500 | 09/30/26 | 204288 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $286,601,597)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $286,601,597)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $286,601,597)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $286,601,597)** | $286785746 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Exchange Traded Funds – 11.1%** | **Exchange Traded Funds – 11.1%** | **Exchange Traded Funds – 11.1%** |
| 167620 | Alerian MLP ETF<sup>(d)</sup> | $7988769 |
| 1410482 | Goldman Sachs Access Treasury 0-1 Year ETF<sup>(e)</sup> | 141330296 |
| 1595010 | Goldman Sachs Energy Infrastructure Fund — Class R6<sup>(e)</sup> | 22043037 |
| 30118 | iShares 7-10 Year Treasury Bond ETF | 2936505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197850 | iShares Core MSCI Emerging Markets ETF | 13275735 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Exchange Traded Funds – (continued)** | **Exchange Traded Funds – (continued)** | **Exchange Traded Funds – (continued)** |
| 19804 | iShares Core S&P 500 ETF | $13602972 |
| 178533 | iShares Gold Trust | 14177306 |
| 864052 | iShares MSCI Mexico ETF<sup>(d)</sup> | 59118438 |
| 3022199 | Sprott Physical Uranium Trust | 54347462 |
| 1355512 | State Street Health Care Select Sector SPDR ETF | 213696467 |
| 11309 | Vanguard Real Estate ETF | 1032964 |
| **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $485,782,194)** | **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $485,782,194)** | $543549951 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Companies<sup>(e)</sup> – 20.5%** | **Investment Companies<sup>(e)</sup> – 20.5%** | **Investment Companies<sup>(e)</sup> – 20.5%** |
| 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 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997576967 | 3.928% | $997576967 |
| Goldman Sachs MLP Energy Infrastructure Fund — Class R6 | Goldman Sachs MLP Energy Infrastructure Fund — Class R6 | Goldman Sachs MLP Energy Infrastructure Fund — Class R6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127080 | 1.758 | 4841744 |
| **TOTAL INVESTMENT COMPANIES<br>(Cost $1,001,639,176)** | **TOTAL INVESTMENT COMPANIES<br>(Cost $1,001,639,176)** | $1002418711 |
| **TOTAL INVESTMENTS BEFORE SHORT-TERM<br>INVESTMENTS – 40.3%<br>(Cost $1,913,533,749)** | **TOTAL INVESTMENTS BEFORE SHORT-TERM<br>INVESTMENTS – 40.3%<br>(Cost $1,913,533,749)** | $1973103014 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Short-term Investments – 55.2%** | **Short-term Investments – 55.2%** | **Short-term Investments – 55.2%** | **Short-term Investments – 55.2%** |
| **Certificates of Deposit – 14.8%** | **Certificates of Deposit – 14.8%** | **Certificates of Deposit – 14.8%** | **Certificates of Deposit – 14.8%** |
| Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
| 21000000 | 4.000% | 04/24/26 | $20999704 |
| Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA |
| 5991000 | 4.030 | 03/06/26 | 5992529 |
| 15132000 | 4.420 | 05/27/26 | 15163291 |
| (Secured Overnight Financing Rate + 0.320%) | (Secured Overnight Financing Rate + 0.320%) | (Secured Overnight Financing Rate + 0.320%) | (Secured Overnight Financing Rate + 0.320%) |
| 8352000 | 4.440 <sup>(b)</sup> | 08/24/26 | 8352504 |
| Bank of America NA | Bank of America NA | Bank of America NA | Bank of America NA |
| 12740000 | 4.490 <sup>(b)</sup> | 07/09/26 | 12740233 |
| 12888000 | 4.350 | 07/24/26 | 12917911 |
| Bank of Montreal | Bank of Montreal | Bank of Montreal | Bank of Montreal |
| 14700000 | 4.540 | 12/17/25 | 14703484 |
| (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) |
| 7639000 | 4.520 <sup>(a)(b)</sup> | 09/08/26 | 7642101 |
| Bank of New York Mellon<sup>(b)</sup> (Secured Overnight Financing Rate + 0.250%) | Bank of New York Mellon<sup>(b)</sup> (Secured Overnight Financing Rate + 0.250%) | Bank of New York Mellon<sup>(b)</sup> (Secured Overnight Financing Rate + 0.250%) | Bank of New York Mellon<sup>(b)</sup> (Secured Overnight Financing Rate + 0.250%) |
| 6487000 | 4.370 | 03/26/26 | 6488986 |
| Barclays Bank PLC<sup>(b)</sup> | Barclays Bank PLC<sup>(b)</sup> | Barclays Bank PLC<sup>(b)</sup> | Barclays Bank PLC<sup>(b)</sup> |
| 20725000 | 4.460 | 12/31/25 | 20729227 |
| (Secured Overnight Financing Rate + 0.370%) | (Secured Overnight Financing Rate + 0.370%) | (Secured Overnight Financing Rate + 0.370%) | (Secured Overnight Financing Rate + 0.370%) |
| 16000000 | 4.500 | 09/25/26 | 15999800 |
| 15394000 | 4.490 | 10/09/26 | 15392614 |
| (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) |
| 15000000 | 4.520 | 05/08/26 | 15008914 |

---

------

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Short-term Investments – (continued)** | **Short-term Investments – (continued)** | **Short-term Investments – (continued)** | **Short-term Investments – (continued)** |
| **Certificates of Deposit – (continued)** | **Certificates of Deposit – (continued)** | **Certificates of Deposit – (continued)** | **Certificates of Deposit – (continued)** |
| Bayerische Landesbank<sup>(b)</sup>  | Bayerische Landesbank<sup>(b)</sup>  | Bayerische Landesbank<sup>(b)</sup>  | Bayerische Landesbank<sup>(b)</sup>  |
| (Secured Overnight Financing Rate + 0.390%) | (Secured Overnight Financing Rate + 0.390%) | (Secured Overnight Financing Rate + 0.390%) | (Secured Overnight Financing Rate + 0.390%) |
| 20131000 | 4.510% | 01/28/26 | $20140566 |
| (Secured Overnight Financing Rate + 0.440%) | (Secured Overnight Financing Rate + 0.440%) | (Secured Overnight Financing Rate + 0.440%) | (Secured Overnight Financing Rate + 0.440%) |
| 4020000 | 4.560 | 07/16/26 | 4024217 |
| (Secured Overnight Financing Rate + 0.530%) | (Secured Overnight Financing Rate + 0.530%) | (Secured Overnight Financing Rate + 0.530%) | (Secured Overnight Financing Rate + 0.530%) |
| 12924000 | 4.650 | 04/27/26 | 12923995 |
| Cabot Trail Funding LLC<sup>(b)</sup>  | Cabot Trail Funding LLC<sup>(b)</sup>  | Cabot Trail Funding LLC<sup>(b)</sup>  | Cabot Trail Funding LLC<sup>(b)</sup>  |
| 3216000 | 4.320 | 04/22/26 | 3216291 |
| Credit Industriel et Commercial<sup>(b)</sup>  | Credit Industriel et Commercial<sup>(b)</sup>  | Credit Industriel et Commercial<sup>(b)</sup>  | Credit Industriel et Commercial<sup>(b)</sup>  |
| 9000000 | 4.600 | 05/12/26 | 9015490 |
| Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
| 15100000 | 4.440 | 08/03/26 | 15146887 |
| (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) |
| 5758000 | 4.504 <sup>(b)</sup> | 10/27/26 | 5760164 |
| ING U.S. Funding LLC<sup>(b)(f)</sup>  | ING U.S. Funding LLC<sup>(b)(f)</sup>  | ING U.S. Funding LLC<sup>(b)(f)</sup>  | ING U.S. Funding LLC<sup>(b)(f)</sup>  |
| 3777000 | 4.300 | 02/17/26 | 3777360 |
| (Secured Overnight Financing Rate + 0.250%) | (Secured Overnight Financing Rate + 0.250%) | (Secured Overnight Financing Rate + 0.250%) | (Secured Overnight Financing Rate + 0.250%) |
| 7351000 | 4.370 | 12/23/25 | 7351667 |
| Kookmin Bank<sup>(b)</sup> (Secured Overnight Financing Rate + 0.600%) | Kookmin Bank<sup>(b)</sup> (Secured Overnight Financing Rate + 0.600%) | Kookmin Bank<sup>(b)</sup> (Secured Overnight Financing Rate + 0.600%) | Kookmin Bank<sup>(b)</sup> (Secured Overnight Financing Rate + 0.600%) |
| 13600000 | 4.720 | 02/06/26 | 13610381 |
| Korea Development Bank | Korea Development Bank | Korea Development Bank | Korea Development Bank |
| 16791000 | 4.310 | 02/10/26 | 16800745 |
| La Fayette Asset Securitization LLC<sup>(f)</sup>  | La Fayette Asset Securitization LLC<sup>(f)</sup>  | La Fayette Asset Securitization LLC<sup>(f)</sup>  | La Fayette Asset Securitization LLC<sup>(f)</sup>  |
| 1447000 | 4.250 | 07/13/26 | 1447343 |
| (Secured Overnight Financing Rate + 0.180%) | (Secured Overnight Financing Rate + 0.180%) | (Secured Overnight Financing Rate + 0.180%) | (Secured Overnight Financing Rate + 0.180%) |
| 2987000 | 4.300 <sup>(b)</sup> | 01/14/26 | 2987016 |
| Landesbank Hessen-Thueringen Girozentrale | Landesbank Hessen-Thueringen Girozentrale | Landesbank Hessen-Thueringen Girozentrale | Landesbank Hessen-Thueringen Girozentrale |
| 5036000 | 4.540 | 12/16/25 | 5037213 |
| Lloyds Bank Corporate Markets PLC | Lloyds Bank Corporate Markets PLC | Lloyds Bank Corporate Markets PLC | Lloyds Bank Corporate Markets PLC |
| 20727000 | 4.170 | 08/18/26 | 20757154 |
| Macquarie Bank Ltd.<sup>(b)(f)</sup>  | Macquarie Bank Ltd.<sup>(b)(f)</sup>  | Macquarie Bank Ltd.<sup>(b)(f)</sup>  | Macquarie Bank Ltd.<sup>(b)(f)</sup>  |
| (Secured Overnight Financing Rate + 0.340%) | (Secured Overnight Financing Rate + 0.340%) | (Secured Overnight Financing Rate + 0.340%) | (Secured Overnight Financing Rate + 0.340%) |
| 14098000 | 4.460 | 09/10/26 | 14099039 |
| (Secured Overnight Financing Rate + 0.430%) | (Secured Overnight Financing Rate + 0.430%) | (Secured Overnight Financing Rate + 0.430%) | (Secured Overnight Financing Rate + 0.430%) |
| 12593000 | 4.550 | 01/13/26 | 12598110 |
| Mizuho Bank Ltd.<sup>(b)</sup>  | Mizuho Bank Ltd.<sup>(b)</sup>  | Mizuho Bank Ltd.<sup>(b)</sup>  | Mizuho Bank Ltd.<sup>(b)</sup>  |
| (Secured Overnight Financing Rate + 0.190%) | (Secured Overnight Financing Rate + 0.190%) | (Secured Overnight Financing Rate + 0.190%) | (Secured Overnight Financing Rate + 0.190%) |
| 4636000 | 4.200 | 03/17/26 | 4635941 |
| (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) |
| 29985000 | 4.520 | 10/14/26 | 30006475 |
| National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait |
| 9000000 | 4.480 | 12/02/25 | 9000495 |
| 13000000 | 4.420 | 08/19/26 | 13027524 |
| (Secured Overnight Financing Rate + 0.590%) | (Secured Overnight Financing Rate + 0.590%) | (Secured Overnight Financing Rate + 0.590%) | (Secured Overnight Financing Rate + 0.590%) |
| 14400000 | 4.710 <sup>(b)</sup> | 03/26/26 | 14411971 |
| (Secured Overnight Financing Rate + 0.630%) | (Secured Overnight Financing Rate + 0.630%) | (Secured Overnight Financing Rate + 0.630%) | (Secured Overnight Financing Rate + 0.630%) |
| 18400000 | 4.750 <sup>(b)</sup> | 12/12/25 | 18399965 |
| Old Line Funding LLC<sup>(b)(f)</sup>  | Old Line Funding LLC<sup>(b)(f)</sup>  | Old Line Funding LLC<sup>(b)(f)</sup>  | Old Line Funding LLC<sup>(b)(f)</sup>  |
| 14000000 | 4.310 | 02/04/26 | 13999985 |
| Oversea-Chinese Banking Corp. Ltd.<sup>(b)</sup> (Secured Overnight Financing Rate + 0.150%) | Oversea-Chinese Banking Corp. Ltd.<sup>(b)</sup> (Secured Overnight Financing Rate + 0.150%) | Oversea-Chinese Banking Corp. Ltd.<sup>(b)</sup> (Secured Overnight Financing Rate + 0.150%) | Oversea-Chinese Banking Corp. Ltd.<sup>(b)</sup> (Secured Overnight Financing Rate + 0.150%) |
| 5348000 | 4.270 | 01/16/26 | 5348440 |
| Paradelle Funding LLC<sup>(b)</sup>  | Paradelle Funding LLC<sup>(b)</sup>  | Paradelle Funding LLC<sup>(b)</sup>  | Paradelle Funding LLC<sup>(b)</sup>  |
| (Secured Overnight Financing Rate + 0.340%) | (Secured Overnight Financing Rate + 0.340%) | (Secured Overnight Financing Rate + 0.340%) | (Secured Overnight Financing Rate + 0.340%) |
| 2000000 | 4.460 | 07/30/26 | 2000000 |
| (Secured Overnight Financing Rate + 0.380%) | (Secured Overnight Financing Rate + 0.380%) | (Secured Overnight Financing Rate + 0.380%) | (Secured Overnight Financing Rate + 0.380%) |
| 30000000 | 4.500 | 01/02/26 | 30007452 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Short-term Investments – (continued)** | **Short-term Investments – (continued)** | **Short-term Investments – (continued)** | **Short-term Investments – (continued)** |
| **Certificates of Deposit – (continued)** | **Certificates of Deposit – (continued)** | **Certificates of Deposit – (continued)** | **Certificates of Deposit – (continued)** |
| Park Avenue Collateralized Notes Co. LLC<sup>(a)(b)</sup>  | Park Avenue Collateralized Notes Co. LLC<sup>(a)(b)</sup>  | Park Avenue Collateralized Notes Co. LLC<sup>(a)(b)</sup>  | Park Avenue Collateralized Notes Co. LLC<sup>(a)(b)</sup>  |
| (Secured Overnight Financing Rate + 0.280%) | (Secured Overnight Financing Rate + 0.280%) | (Secured Overnight Financing Rate + 0.280%) | (Secured Overnight Financing Rate + 0.280%) |
| 16000000 | 4.400% | 04/24/26 | $16006560 |
| (Secured Overnight Financing Rate + 0.300%) | (Secured Overnight Financing Rate + 0.300%) | (Secured Overnight Financing Rate + 0.300%) | (Secured Overnight Financing Rate + 0.300%) |
| 16969000 | 4.420 | 06/03/26 | 16970508 |
| Podium Funding Trust<sup>(b)</sup>  | Podium Funding Trust<sup>(b)</sup>  | Podium Funding Trust<sup>(b)</sup>  | Podium Funding Trust<sup>(b)</sup>  |
| 2774000 | 4.290 | 02/10/26 | 2774108 |
| 4448000 | 4.340 | 04/22/26 | 4448046 |
| (Secured Overnight Financing Rate + 0.200%) | (Secured Overnight Financing Rate + 0.200%) | (Secured Overnight Financing Rate + 0.200%) | (Secured Overnight Financing Rate + 0.200%) |
| 3031000 | 4.320 | 12/15/25 | 3031131 |
| Ridgefield Funding Co. LLC<sup>(b)(f)</sup> (Secured Overnight Financing Rate + 0.260%) | Ridgefield Funding Co. LLC<sup>(b)(f)</sup> (Secured Overnight Financing Rate + 0.260%) | Ridgefield Funding Co. LLC<sup>(b)(f)</sup> (Secured Overnight Financing Rate + 0.260%) | Ridgefield Funding Co. LLC<sup>(b)(f)</sup> (Secured Overnight Financing Rate + 0.260%) |
| 14250000 | 4.380 | 02/02/26 | 14252400 |
| Royal Bank of Canada<sup>(f)</sup>  | Royal Bank of Canada<sup>(f)</sup>  | Royal Bank of Canada<sup>(f)</sup>  | Royal Bank of Canada<sup>(f)</sup>  |
| 4115000 | 4.110 | 01/26/26 | 4114999 |
| 4334000 | 4.280 <sup>(b)</sup> | 01/30/26 | 4333999 |
| Salisbury Receivables Co. LLC<sup>(b)(f)</sup>  | Salisbury Receivables Co. LLC<sup>(b)(f)</sup>  | Salisbury Receivables Co. LLC<sup>(b)(f)</sup>  | Salisbury Receivables Co. LLC<sup>(b)(f)</sup>  |
| 5296000 | 4.270 | 02/04/26 | 5295994 |
| Standard Chartered Bank<sup>(a)(b)</sup>  | Standard Chartered Bank<sup>(a)(b)</sup>  | Standard Chartered Bank<sup>(a)(b)</sup>  | Standard Chartered Bank<sup>(a)(b)</sup>  |
| (Secured Overnight Financing Rate + 0.430%) | (Secured Overnight Financing Rate + 0.430%) | (Secured Overnight Financing Rate + 0.430%) | (Secured Overnight Financing Rate + 0.430%) |
| 16040000 | 4.550 | 10/14/26 | 16043802 |
| (Secured Overnight Financing Rate + 0.440%) | (Secured Overnight Financing Rate + 0.440%) | (Secured Overnight Financing Rate + 0.440%) | (Secured Overnight Financing Rate + 0.440%) |
| 9734000 | 4.560 | 10/30/26 | 9736437 |
| Swedbank AB<sup>(b)</sup>  | Swedbank AB<sup>(b)</sup>  | Swedbank AB<sup>(b)</sup>  | Swedbank AB<sup>(b)</sup>  |
| 9103000 | 4.310 | 02/27/26 | 9104341 |
| (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) |
| 18804000 | 4.520 | 04/10/26 | 18821217 |
| Thunder Bay Funding LLC | Thunder Bay Funding LLC | Thunder Bay Funding LLC | Thunder Bay Funding LLC |
| 14000000 | 4.310 <sup>(b)(f)</sup> | 02/06/26 | 13999985 |
| 24728000 | 4.230 | 03/19/26 | 24727965 |
| Toronto-Dominion Bank<sup>(b)</sup>  | Toronto-Dominion Bank<sup>(b)</sup>  | Toronto-Dominion Bank<sup>(b)</sup>  | Toronto-Dominion Bank<sup>(b)</sup>  |
| 4957000 | 4.310 | 04/10/26 | 4961878 |
| (Secured Overnight Financing Rate + 0.390%) | (Secured Overnight Financing Rate + 0.390%) | (Secured Overnight Financing Rate + 0.390%) | (Secured Overnight Financing Rate + 0.390%) |
| 7616000 | 4.510 <sup>(a)</sup> | 08/18/26 | 7619946 |
| (Secured Overnight Financing Rate + 0.450%) | (Secured Overnight Financing Rate + 0.450%) | (Secured Overnight Financing Rate + 0.450%) | (Secured Overnight Financing Rate + 0.450%) |
| 19051000 | 4.570 | 04/23/26 | 19072838 |
| Versailles Commercial Paper LLC | Versailles Commercial Paper LLC | Versailles Commercial Paper LLC | Versailles Commercial Paper LLC |
| 11243000 | 4.340 <sup>(b)</sup> | 02/10/26 | 11242977 |
| 9276000 | 4.230 | 03/02/26 | 9275994 |
| Wells Fargo Bank NA<sup>(b)</sup> (Secured Overnight Financing Rate + 0.270%) | Wells Fargo Bank NA<sup>(b)</sup> (Secured Overnight Financing Rate + 0.270%) | Wells Fargo Bank NA<sup>(b)</sup> (Secured Overnight Financing Rate + 0.270%) | Wells Fargo Bank NA<sup>(b)</sup> (Secured Overnight Financing Rate + 0.270%) |
| 9199000 | 4.390 | 03/03/26 | 9202476 |
| Westpac Banking Corp.<sup>(b)(f)</sup> (Secured Overnight Financing Rate + 0.400%) | Westpac Banking Corp.<sup>(b)(f)</sup> (Secured Overnight Financing Rate + 0.400%) | Westpac Banking Corp.<sup>(b)(f)</sup> (Secured Overnight Financing Rate + 0.400%) | Westpac Banking Corp.<sup>(b)(f)</sup> (Secured Overnight Financing Rate + 0.400%) |
| 15924000 | 4.520 | 04/10/26 | 15938327 |
|  |  |  | 722639112 |
| **Commercial Paper – 40.4%** | **Commercial Paper – 40.4%** | **Commercial Paper – 40.4%** | **Commercial Paper – 40.4%** |
| AbbVie, Inc.<sup>(c)(f)</sup>  | AbbVie, Inc.<sup>(c)(f)</sup>  | AbbVie, Inc.<sup>(c)(f)</sup>  | AbbVie, Inc.<sup>(c)(f)</sup>  |
| 14898000 | 0.000 | 12/11/25 | 14876118 |
| Agence Centrale des Organismes de Securite Sociale<sup>(c)</sup>  | Agence Centrale des Organismes de Securite Sociale<sup>(c)</sup>  | Agence Centrale des Organismes de Securite Sociale<sup>(c)</sup>  | Agence Centrale des Organismes de Securite Sociale<sup>(c)</sup>  |
| 29685059 | 0.000 | 02/06/26 | 29453381 |
| Albion Capital Corp. SA/Albion Capital LLC<sup>(c)</sup>  | Albion Capital Corp. SA/Albion Capital LLC<sup>(c)</sup>  | Albion Capital Corp. SA/Albion Capital LLC<sup>(c)</sup>  | Albion Capital Corp. SA/Albion Capital LLC<sup>(c)</sup>  |
| 30171000 | 0.000 | 12/15/25 | 30113995 |
| 7099000 | 0.000 | 12/22/25 | 7080050 |
| 1364000 | 0.000 | 02/17/26 | 1351948 |
| 7169000 | 0.000 | 02/20/26 | 7103461 |
| 21360000 | 0.000 | 05/15/26 | 20964470 |

---

------

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

*November 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Short-term Investments – (continued)** | **Short-term Investments – (continued)** | **Short-term Investments – (continued)** | **Short-term Investments – (continued)** |
| **Commercial Paper – (continued)** | **Commercial Paper – (continued)** | **Commercial Paper – (continued)** | **Commercial Paper – (continued)** |
| 10855000 | 0.000% | 05/21/26 | $10647026 |
| Alimentation Couche-Tard, Inc.<sup>(c)(f)</sup>  | Alimentation Couche-Tard, Inc.<sup>(c)(f)</sup>  | Alimentation Couche-Tard, Inc.<sup>(c)(f)</sup>  | Alimentation Couche-Tard, Inc.<sup>(c)(f)</sup>  |
| 30000000 | 0.000 | 12/10/25 | 29958777 |
| 4703000 | 0.000 | 01/22/26 | 4673110 |
| American Honda Finance Corp.<sup>(c)</sup>  | American Honda Finance Corp.<sup>(c)</sup>  | American Honda Finance Corp.<sup>(c)</sup>  | American Honda Finance Corp.<sup>(c)</sup>  |
| 6000000 | 0.000 | 01/13/26 | 5968536 |
| 51459000 | 0.000 | 02/04/26 | 51056200 |
| 11391000 | 0.000 | 02/12/26 | 11291731 |
| Antalis SA<sup>(f)</sup>  | Antalis SA<sup>(f)</sup>  | Antalis SA<sup>(f)</sup>  | Antalis SA<sup>(f)</sup>  |
| 25500000 | 0.000 <sup>(c)</sup> | 01/06/26 | 25390110 |
| 13394000 | 0.044 | 02/05/26 | 13291210 |
| 6262000 | 0.000 <sup>(c)</sup> | 02/12/26 | 6209130 |
| 18743000 | 0.000 <sup>(c)</sup> | 03/03/26 | 18545569 |
| 1763000 | 0.000 <sup>(c)</sup> | 03/11/26 | 1742852 |
| ANZ New Zealand International Ltd.<sup>(c)(f)</sup>  | ANZ New Zealand International Ltd.<sup>(c)(f)</sup>  | ANZ New Zealand International Ltd.<sup>(c)(f)</sup>  | ANZ New Zealand International Ltd.<sup>(c)(f)</sup>  |
| 8301000 | 0.000 | 05/22/26 | 8145981 |
| Banco Santander SA<sup>(c)(f)</sup>  | Banco Santander SA<sup>(c)(f)</sup>  | Banco Santander SA<sup>(c)(f)</sup>  | Banco Santander SA<sup>(c)(f)</sup>  |
| 17300000 | 0.000 | 05/11/26 | 16993740 |
| Bank of Montreal<sup>(c)</sup>  | Bank of Montreal<sup>(c)</sup>  | Bank of Montreal<sup>(c)</sup>  | Bank of Montreal<sup>(c)</sup>  |
| 17742000 | 0.000 | 01/23/26 | 17633573 |
| Bank of New Zealand<sup>(c)(f)</sup>  | Bank of New Zealand<sup>(c)(f)</sup>  | Bank of New Zealand<sup>(c)(f)</sup>  | Bank of New Zealand<sup>(c)(f)</sup>  |
| 7794000 | 0.000 | 06/10/26 | 7633724 |
| Barclays Bank PLC<sup>(c)(f)</sup>  | Barclays Bank PLC<sup>(c)(f)</sup>  | Barclays Bank PLC<sup>(c)(f)</sup>  | Barclays Bank PLC<sup>(c)(f)</sup>  |
| 10000000 | 0.000 | 02/06/26 | 9922763 |
| 5500000 | 0.000 | 03/23/26 | 5430631 |
| 7178000 | 0.000 | 05/05/26 | 7053972 |
| Bell Telephone Co. of Canada or Bell Canada<sup>(c)(f)</sup>  | Bell Telephone Co. of Canada or Bell Canada<sup>(c)(f)</sup>  | Bell Telephone Co. of Canada or Bell Canada<sup>(c)(f)</sup>  | Bell Telephone Co. of Canada or Bell Canada<sup>(c)(f)</sup>  |
| 13234000 | 0.000 | 03/03/26 | 13094598 |
| Brighthouse Financial Short Term Funding LLC<sup>(c)(f)</sup>  | Brighthouse Financial Short Term Funding LLC<sup>(c)(f)</sup>  | Brighthouse Financial Short Term Funding LLC<sup>(c)(f)</sup>  | Brighthouse Financial Short Term Funding LLC<sup>(c)(f)</sup>  |
| 3210000 | 0.000 | 08/06/26 | 3121797 |
| CBRE Services, Inc.<sup>(c)(f)</sup>  | CBRE Services, Inc.<sup>(c)(f)</sup>  | CBRE Services, Inc.<sup>(c)(f)</sup>  | CBRE Services, Inc.<sup>(c)(f)</sup>  |
| 15732000 | 0.000 | 12/29/25 | 15677135 |
| Charles Schwab Corp.<sup>(c)(f)</sup>  | Charles Schwab Corp.<sup>(c)(f)</sup>  | Charles Schwab Corp.<sup>(c)(f)</sup>  | Charles Schwab Corp.<sup>(c)(f)</sup>  |
| 17396000 | 0.000 | 05/15/26 | 17083615 |
| 34600000 | 0.000 | 07/16/26 | 33762199 |
| Chevron Corp.<sup>(c)(f)</sup>  | Chevron Corp.<sup>(c)(f)</sup>  | Chevron Corp.<sup>(c)(f)</sup>  | Chevron Corp.<sup>(c)(f)</sup>  |
| 48550000 | 0.000 | 01/27/26 | 48237663 |
| Collateralized Commercial Paper III<sup>(c)</sup>  | Collateralized Commercial Paper III<sup>(c)</sup>  | Collateralized Commercial Paper III<sup>(c)</sup>  | Collateralized Commercial Paper III<sup>(c)</sup>  |
| 10000000 | 0.000 | 02/12/26 | 9916872 |
| 30000000 | 0.000 | 02/17/26 | 29734961 |
| Deutsche Bank AG<sup>(c)</sup>  | Deutsche Bank AG<sup>(c)</sup>  | Deutsche Bank AG<sup>(c)</sup>  | Deutsche Bank AG<sup>(c)</sup>  |
| 12000000 | 0.000 | 03/13/26 | 11865412 |
| 6000000 | 0.000 | 04/27/26 | 5904107 |
| 11000000 | 0.000 | 05/08/26 | 10811439 |
| Dollarama, Inc. | Dollarama, Inc. | Dollarama, Inc. | Dollarama, Inc. |
| 45561000 | 0.000 <sup>(f)</sup> | 12/08/25 | 45506272 |
| Emerson Electric Co.<sup>(c)(f)</sup>  | Emerson Electric Co.<sup>(c)(f)</sup>  | Emerson Electric Co.<sup>(c)(f)</sup>  | Emerson Electric Co.<sup>(c)(f)</sup>  |
| 29744000 | 0.000 | 12/15/25 | 29689241 |
| Enel Finance America LLC<sup>(c)(f)</sup>  | Enel Finance America LLC<sup>(c)(f)</sup>  | Enel Finance America LLC<sup>(c)(f)</sup>  | Enel Finance America LLC<sup>(c)(f)</sup>  |
| 11542000 | 0.000 | 01/09/26 | 11487060 |
| 20000000 | 0.000 | 03/06/26 | 19779282 |
| Entergy Corp.<sup>(c)(f)</sup>  | Entergy Corp.<sup>(c)(f)</sup>  | Entergy Corp.<sup>(c)(f)</sup>  | Entergy Corp.<sup>(c)(f)</sup>  |
| 14576000 | 0.000 | 12/05/25 | 14564521 |
| 12349000 | 0.000 | 12/09/25 | 12333680 |
| 10257000 | 0.000 | 12/17/25 | 10234982 |
| Equitable Short Term Funding LLC<sup>(c)(f)</sup>  | Equitable Short Term Funding LLC<sup>(c)(f)</sup>  | Equitable Short Term Funding LLC<sup>(c)(f)</sup>  | Equitable Short Term Funding LLC<sup>(c)(f)</sup>  |
| 14000000 | 0.000 | 03/09/26 | 13848244 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Short-term Investments – (continued)** | **Short-term Investments – (continued)** | **Short-term Investments – (continued)** | **Short-term Investments – (continued)** |
| **Commercial Paper – (continued)** | **Commercial Paper – (continued)** | **Commercial Paper – (continued)** | **Commercial Paper – (continued)** |
| Erste Abwicklungsanstalt<sup>(c)(f)</sup>  | Erste Abwicklungsanstalt<sup>(c)(f)</sup>  | Erste Abwicklungsanstalt<sup>(c)(f)</sup>  | Erste Abwicklungsanstalt<sup>(c)(f)</sup>  |
| 25810000 | 0.000% | 01/29/26 | $25637236 |
| First Abu Dhabi Bank PJSC<sup>(c)(f)</sup>  | First Abu Dhabi Bank PJSC<sup>(c)(f)</sup>  | First Abu Dhabi Bank PJSC<sup>(c)(f)</sup>  | First Abu Dhabi Bank PJSC<sup>(c)(f)</sup>  |
| 25075000 | 0.000 | 02/12/26 | 24866501 |
| General Motors Financial Co., Inc.<sup>(c)(f)</sup>  | General Motors Financial Co., Inc.<sup>(c)(f)</sup>  | General Motors Financial Co., Inc.<sup>(c)(f)</sup>  | General Motors Financial Co., Inc.<sup>(c)(f)</sup>  |
| 9481000 | 0.000 | 03/26/26 | 9353110 |
| 25000000 | 0.000 | 04/13/26 | 24611110 |
| 19533000 | 0.000 | 04/20/26 | 19213423 |
| 8201000 | 0.000 | 06/22/26 | 8010347 |
| 7093000 | 0.000 | 08/12/26 | 6889004 |
| 3100000 | 0.000 | 09/09/26 | 3001420 |
| Gotham Funding Corp.<sup>(c)(f)</sup>  | Gotham Funding Corp.<sup>(c)(f)</sup>  | Gotham Funding Corp.<sup>(c)(f)</sup>  | Gotham Funding Corp.<sup>(c)(f)</sup>  |
| 4203000 | 0.000 | 02/06/26 | 4170773 |
| Hannover Funding Co. LLC<sup>(c)(f)</sup>  | Hannover Funding Co. LLC<sup>(c)(f)</sup>  | Hannover Funding Co. LLC<sup>(c)(f)</sup>  | Hannover Funding Co. LLC<sup>(c)(f)</sup>  |
| 16358000 | 0.000 | 02/11/26 | 16218105 |
| 7000000 | 0.000 | 02/19/26 | 6933879 |
| 20000000 | 0.000 | 02/27/26 | 19793244 |
| Honeywell International, Inc.<sup>(c)(f)</sup>  | Honeywell International, Inc.<sup>(c)(f)</sup>  | Honeywell International, Inc.<sup>(c)(f)</sup>  | Honeywell International, Inc.<sup>(c)(f)</sup>  |
| 34434000 | 0.000 | 12/18/25 | 34359151 |
| 5872000 | 0.000 | 01/16/26 | 5840702 |
| 9948000 | 0.000 | 03/04/26 | 9844063 |
| Hyundai Capital America<sup>(c)(f)</sup>  | Hyundai Capital America<sup>(c)(f)</sup>  | Hyundai Capital America<sup>(c)(f)</sup>  | Hyundai Capital America<sup>(c)(f)</sup>  |
| 21034000 | 0.000 | 01/20/26 | 20907655 |
| Jackson National Life Short Term Funding LLC<sup>(c)(f)</sup>  | Jackson National Life Short Term Funding LLC<sup>(c)(f)</sup>  | Jackson National Life Short Term Funding LLC<sup>(c)(f)</sup>  | Jackson National Life Short Term Funding LLC<sup>(c)(f)</sup>  |
| 21599000 | 0.000 | 02/13/26 | 21417303 |
| Kreditanstalt fuer Wiederaufbau<sup>(c)(f)</sup>  | Kreditanstalt fuer Wiederaufbau<sup>(c)(f)</sup>  | Kreditanstalt fuer Wiederaufbau<sup>(c)(f)</sup>  | Kreditanstalt fuer Wiederaufbau<sup>(c)(f)</sup>  |
| 20000000 | 0.000 | 02/25/26 | 19810612 |
| Liberty Street Funding LLC<sup>(c)(f)</sup>  | Liberty Street Funding LLC<sup>(c)(f)</sup>  | Liberty Street Funding LLC<sup>(c)(f)</sup>  | Liberty Street Funding LLC<sup>(c)(f)</sup>  |
| 13333000 | 0.000 | 05/26/26 | 13077700 |
| Lime Funding LLC<sup>(c)(f)</sup>  | Lime Funding LLC<sup>(c)(f)</sup>  | Lime Funding LLC<sup>(c)(f)</sup>  | Lime Funding LLC<sup>(c)(f)</sup>  |
| 28434000 | 0.000 | 01/16/26 | 28280112 |
| 18278000 | 0.000 | 02/18/26 | 18114242 |
| Lloyds Bank Corporate Markets PLC<sup>(c)</sup>  | Lloyds Bank Corporate Markets PLC<sup>(c)</sup>  | Lloyds Bank Corporate Markets PLC<sup>(c)</sup>  | Lloyds Bank Corporate Markets PLC<sup>(c)</sup>  |
| 4334000 | 0.000 | 05/26/26 | 4340578 |
| LMA-Americas LLC<sup>(c)(f)</sup>  | LMA-Americas LLC<sup>(c)(f)</sup>  | LMA-Americas LLC<sup>(c)(f)</sup>  | LMA-Americas LLC<sup>(c)(f)</sup>  |
| 25000000 | 0.000 | 02/24/26 | 24760323 |
| 2177000 | 0.000 | 03/13/26 | 2152141 |
| 2177000 | 0.000 | 03/16/26 | 2151438 |
| 2121000 | 0.000 | 03/17/26 | 2095867 |
| 2120000 | 0.000 | 03/18/26 | 2094650 |
| LSEGA Financing PLC<sup>(c)(f)</sup>  | LSEGA Financing PLC<sup>(c)(f)</sup>  | LSEGA Financing PLC<sup>(c)(f)</sup>  | LSEGA Financing PLC<sup>(c)(f)</sup>  |
| 31000000 | 0.000 | 12/12/25 | 30951138 |
| LVMH Moet Hennessy Louis Vuitton SE<sup>(c)(f)</sup>  | LVMH Moet Hennessy Louis Vuitton SE<sup>(c)(f)</sup>  | LVMH Moet Hennessy Louis Vuitton SE<sup>(c)(f)</sup>  | LVMH Moet Hennessy Louis Vuitton SE<sup>(c)(f)</sup>  |
| 11051000 | 0.000 | 03/12/26 | 10928705 |
| LVMH Moet Hennessy Louis Vuitton, Inc.<sup>(c)(f)</sup>  | LVMH Moet Hennessy Louis Vuitton, Inc.<sup>(c)(f)</sup>  | LVMH Moet Hennessy Louis Vuitton, Inc.<sup>(c)(f)</sup>  | LVMH Moet Hennessy Louis Vuitton, Inc.<sup>(c)(f)</sup>  |
| 30000000 | 0.000 | 12/22/25 | 29922186 |
| Macquarie Bank Ltd.<sup>(c)(f)</sup>  | Macquarie Bank Ltd.<sup>(c)(f)</sup>  | Macquarie Bank Ltd.<sup>(c)(f)</sup>  | Macquarie Bank Ltd.<sup>(c)(f)</sup>  |
| 15302000 | 0.000 | 04/01/26 | 15097639 |
| Macquarie Group Ltd.<sup>(c)</sup>  | Macquarie Group Ltd.<sup>(c)</sup>  | Macquarie Group Ltd.<sup>(c)</sup>  | Macquarie Group Ltd.<sup>(c)</sup>  |
| 4617000 | 0.000 | 01/22/26 | 4589361 |
| 2500000 | 0.000 | 01/29/26 | 2483137 |
| 21830000 | 0.000 | 02/06/26 | 21664315 |
| Mitsubishi UFJ Trust & Banking Corp.<sup>(c)</sup>  | Mitsubishi UFJ Trust & Banking Corp.<sup>(c)</sup>  | Mitsubishi UFJ Trust & Banking Corp.<sup>(c)</sup>  | Mitsubishi UFJ Trust & Banking Corp.<sup>(c)</sup>  |
| 5000000 | 0.000 | 02/24/26 | 4951704 |
| 4000000 | 0.000 | 02/25/26 | 3960929 |
| Motorola Solutions, Inc.<sup>(c)</sup>  | Motorola Solutions, Inc.<sup>(c)</sup>  | Motorola Solutions, Inc.<sup>(c)</sup>  | Motorola Solutions, Inc.<sup>(c)</sup>  |
| 10000000 | 0.000 | 12/03/25 | 9994034 |

---

------

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

*November 30, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Short-term Investments – (continued)** | **Short-term Investments – (continued)** | **Short-term Investments – (continued)** | **Short-term Investments – (continued)** |
| **Commercial Paper – (continued)** | **Commercial Paper – (continued)** | **Commercial Paper – (continued)** | **Commercial Paper – (continued)** |
| National Bank of Canada<sup>(c)(f)</sup>  | National Bank of Canada<sup>(c)(f)</sup>  | National Bank of Canada<sup>(c)(f)</sup>  | National Bank of Canada<sup>(c)(f)</sup>  |
| 21185000 | 0.000% | 01/16/26 | $21072071 |
| NatWest Markets PLC<sup>(c)(f)</sup>  | NatWest Markets PLC<sup>(c)(f)</sup>  | NatWest Markets PLC<sup>(c)(f)</sup>  | NatWest Markets PLC<sup>(c)(f)</sup>  |
| 2210000 | 0.000 | 06/23/26 | 2161419 |
| Nestle Finance International Ltd.<sup>(c)(f)</sup>  | Nestle Finance International Ltd.<sup>(c)(f)</sup>  | Nestle Finance International Ltd.<sup>(c)(f)</sup>  | Nestle Finance International Ltd.<sup>(c)(f)</sup>  |
| 25750000 | 0.000 | 01/09/26 | 25633018 |
| Nieuw Amsterdam Receivables Corp. BV<sup>(c)(f)</sup>  | Nieuw Amsterdam Receivables Corp. BV<sup>(c)(f)</sup>  | Nieuw Amsterdam Receivables Corp. BV<sup>(c)(f)</sup>  | Nieuw Amsterdam Receivables Corp. BV<sup>(c)(f)</sup>  |
| 30075000 | 0.000 | 02/06/26 | 29844983 |
| Old Line Funding LLC<sup>(c)(f)</sup>  | Old Line Funding LLC<sup>(c)(f)</sup>  | Old Line Funding LLC<sup>(c)(f)</sup>  | Old Line Funding LLC<sup>(c)(f)</sup>  |
| 45000000 | 0.000 | 02/03/26 | 44668683 |
| Oracle Corp.<sup>(c)(f)</sup>  | Oracle Corp.<sup>(c)(f)</sup>  | Oracle Corp.<sup>(c)(f)</sup>  | Oracle Corp.<sup>(c)(f)</sup>  |
| 38128000 | 0.000 | 01/16/26 | 37918856 |
| Paradelle Funding LLC<sup>(c)</sup>  | Paradelle Funding LLC<sup>(c)</sup>  | Paradelle Funding LLC<sup>(c)</sup>  | Paradelle Funding LLC<sup>(c)</sup>  |
| 4583000 | 0.000 | 04/21/26 | 4511799 |
| 25991000 | 0.000 | 06/09/26 | 25454972 |
| Parker-Hannifin Corp.<sup>(c)(f)</sup>  | Parker-Hannifin Corp.<sup>(c)(f)</sup>  | Parker-Hannifin Corp.<sup>(c)(f)</sup>  | Parker-Hannifin Corp.<sup>(c)(f)</sup>  |
| 3239000 | 0.000 | 12/19/25 | 3231329 |
| Penske Truck Leasing Co. LP<sup>(c)</sup>  | Penske Truck Leasing Co. LP<sup>(c)</sup>  | Penske Truck Leasing Co. LP<sup>(c)</sup>  | Penske Truck Leasing Co. LP<sup>(c)</sup>  |
| 31521000 | 0.000 | 07/17/26 | 30706702 |
| PepsiCo, Inc.<sup>(c)(f)</sup>  | PepsiCo, Inc.<sup>(c)(f)</sup>  | PepsiCo, Inc.<sup>(c)(f)</sup>  | PepsiCo, Inc.<sup>(c)(f)</sup>  |
| 50000000 | 0.000 | 01/26/26 | 49686155 |
| Podium Funding Trust<sup>(c)</sup>  | Podium Funding Trust<sup>(c)</sup>  | Podium Funding Trust<sup>(c)</sup>  | Podium Funding Trust<sup>(c)</sup>  |
| 15000000 | 0.000 | 04/01/26 | 14799534 |
| 7195000 | 0.000 | 05/07/26 | 7071033 |
| 3140000 | 0.000 | 06/04/26 | 3076672 |
| Pure Grove Funding<sup>(c)(f)</sup>  | Pure Grove Funding<sup>(c)(f)</sup>  | Pure Grove Funding<sup>(c)(f)</sup>  | Pure Grove Funding<sup>(c)(f)</sup>  |
| 15519000 | 0.000 | 01/07/26 | 15450693 |
| 10422000 | 0.000 | 05/27/26 | 10219292 |
| 30000000 | 0.000 | 11/06/26 | 28934925 |
| Salisbury Receivables Co. LLC<sup>(c)(f)</sup>  | Salisbury Receivables Co. LLC<sup>(c)(f)</sup>  | Salisbury Receivables Co. LLC<sup>(c)(f)</sup>  | Salisbury Receivables Co. LLC<sup>(c)(f)</sup>  |
| 19916000 | 0.000 | 02/02/26 | 19771993 |
| 6388000 | 0.000 | 02/03/26 | 6341122 |
| 3091000 | 0.000 | 02/18/26 | 3063345 |
| Sanofi SA<sup>(c)(f)</sup>  | Sanofi SA<sup>(c)(f)</sup>  | Sanofi SA<sup>(c)(f)</sup>  | Sanofi SA<sup>(c)(f)</sup>  |
| 15510000 | 0.000 | 12/29/25 | 15458180 |
| Societe Generale SA<sup>(c)(f)</sup>  | Societe Generale SA<sup>(c)(f)</sup>  | Societe Generale SA<sup>(c)(f)</sup>  | Societe Generale SA<sup>(c)(f)</sup>  |
| 3000000 | 0.000 | 06/01/26 | 2941183 |
| Spire, Inc.<sup>(c)(f)</sup>  | Spire, Inc.<sup>(c)(f)</sup>  | Spire, Inc.<sup>(c)(f)</sup>  | Spire, Inc.<sup>(c)(f)</sup>  |
| 14000000 | 0.000 | 12/01/25 | 13995269 |
| SSM Health Care Corp.<sup>(c)</sup>  | SSM Health Care Corp.<sup>(c)</sup>  | SSM Health Care Corp.<sup>(c)</sup>  | SSM Health Care Corp.<sup>(c)</sup>  |
| 8911000 | 0.000 | 01/22/26 | 8857656 |
| Starbird Funding Corp.<sup>(c)(f)</sup>  | Starbird Funding Corp.<sup>(c)(f)</sup>  | Starbird Funding Corp.<sup>(c)(f)</sup>  | Starbird Funding Corp.<sup>(c)(f)</sup>  |
| 23500000 | 0.000 | 02/02/26 | 23330079 |
| Sumitomo Mitsui Trust Bank Ltd.<sup>(c)</sup>  | Sumitomo Mitsui Trust Bank Ltd.<sup>(c)</sup>  | Sumitomo Mitsui Trust Bank Ltd.<sup>(c)</sup>  | Sumitomo Mitsui Trust Bank Ltd.<sup>(c)</sup>  |
| 7000000 | 0.000 | 02/17/26 | 6937392 |
| Suncor Energy, Inc.<sup>(c)(f)</sup>  | Suncor Energy, Inc.<sup>(c)(f)</sup>  | Suncor Energy, Inc.<sup>(c)(f)</sup>  | Suncor Energy, Inc.<sup>(c)(f)</sup>  |
| 23928000 | 0.000 | 12/11/25 | 23892594 |
| Sysco Corp.<sup>(c)(f)</sup>  | Sysco Corp.<sup>(c)(f)</sup>  | Sysco Corp.<sup>(c)(f)</sup>  | Sysco Corp.<sup>(c)(f)</sup>  |
| 24500000 | 0.000 | 02/17/26 | 24278618 |
| Thunder Bay Funding LLC<sup>(c)(f)</sup>  | Thunder Bay Funding LLC<sup>(c)(f)</sup>  | Thunder Bay Funding LLC<sup>(c)(f)</sup>  | Thunder Bay Funding LLC<sup>(c)(f)</sup>  |
| 16000000 | 0.000 | 02/09/26 | 15872634 |
| Toronto-Dominion Bank<sup>(c)(f)</sup>  | Toronto-Dominion Bank<sup>(c)(f)</sup>  | Toronto-Dominion Bank<sup>(c)(f)</sup>  | Toronto-Dominion Bank<sup>(c)(f)</sup>  |
| 7513000 | 0.000 | 12/17/25 | 7497366 |
| TotalEnergies Capital SA<sup>(c)(f)</sup>  | TotalEnergies Capital SA<sup>(c)(f)</sup>  | TotalEnergies Capital SA<sup>(c)(f)</sup>  | TotalEnergies Capital SA<sup>(c)(f)</sup>  |
| 8408000 | 0.000 | 12/29/25 | 8379616 |
| 15543000 | 0.000 | 12/30/25 | 15488833 |
| 27442000 | 0.000 | 01/16/26 | 27295344 |
| 10998000 | 0.000 | 01/20/26 | 10934405 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Short-term Investments – (continued)** | **Short-term Investments – (continued)** | **Short-term Investments – (continued)** | **Short-term Investments – (continued)** | **Short-term Investments – (continued)** |
|  **Commercial Paper – (continued)** | **Commercial Paper – (continued)** | **Commercial Paper – (continued)** | **Commercial Paper – (continued)** | **Commercial Paper – (continued)** |
|  Toyota Industries Commercial Finance, Inc.<sup>(c)(f)</sup>  | Toyota Industries Commercial Finance, Inc.<sup>(c)(f)</sup>  | Toyota Industries Commercial Finance, Inc.<sup>(c)(f)</sup>  | Toyota Industries Commercial Finance, Inc.<sup>(c)(f)</sup>  | Toyota Industries Commercial Finance, Inc.<sup>(c)(f)</sup>  |
|  $ | 13307000 | 0.000% | 12/03/25 | $13299789 |
|  | 19750000 | 0.000 | 02/06/26 | 19601253 |
|  VW Credit, Inc.<sup>(c)(f)</sup>  | VW Credit, Inc.<sup>(c)(f)</sup>  | VW Credit, Inc.<sup>(c)(f)</sup>  | VW Credit, Inc.<sup>(c)(f)</sup>  | VW Credit, Inc.<sup>(c)(f)</sup>  |
|  | 25610000 | 0.000 | 02/05/26 | 25410024 |
|  | 16602000 | 0.000 | 03/16/26 | 16399887 |
|  | 1233000 | 0.000 | 03/24/26 | 1216881 |
|  | 16818000 | 0.000 | 04/07/26 | 16571700 |
|  | 9275000 | 0.000 | 07/01/26 | 9052384 |
|  | 25118000 | 0.000 | 09/24/26 | 24288995 |
|  Walt Disney Co.<sup>(c)(f)</sup>  | Walt Disney Co.<sup>(c)(f)</sup>  | Walt Disney Co.<sup>(c)(f)</sup>  | Walt Disney Co.<sup>(c)(f)</sup>  | Walt Disney Co.<sup>(c)(f)</sup>  |
|  | 11336000 | 0.000 | 02/20/26 | 11233741 |
|  | 24000000 | 0.000 | 05/22/26 | 23553946 |
|  |  |  |  | 1981079340 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $2,703,322,803)** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $2,703,322,803)** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $2,703,322,803)** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $2,703,322,803)** | $2703718452 |
| **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT – 95.5%<br>(Cost $4,616,856,552)** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT – 95.5%<br>(Cost $4,616,856,552)** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT – 95.5%<br>(Cost $4,616,856,552)** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT – 95.5%<br>(Cost $4,616,856,552)** | $4676821466 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Securities Lending Reinvestment Vehicle<sup>(e)</sup> – 0.1%** | **Securities Lending Reinvestment Vehicle<sup>(e)</sup> – 0.1%** | **Securities Lending Reinvestment Vehicle<sup>(e)</sup> – 0.1%** |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7823790 | 3.928% | $7823790 |
| **(Cost $7,823,790)** | **(Cost $7,823,790)** | **(Cost $7,823,790)** |
| **TOTAL INVESTMENTS – 97.0%<br>(Cost $4,694,515,342)** | **TOTAL INVESTMENTS – 97.0%<br>(Cost $4,694,515,342)** | $4754526693 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 3.0%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 3.0%** | 146258329 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $4900785022 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates. |
| (b) | Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on November 30, 2025. |
| (c) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (d) | All or a portion of security is on loan. |
| (e) | Represents an affiliated issuer. |
| (f) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com | For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com |

---

------

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

*November 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION** 

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  MS & Co. Int. PLC | USD | 140305727 | GBP | 106757128 | 02/04/26 | $(1005139) |
|  | USD | 50384512 | MXN | 955500000 | 12/17/25 | (1721364) |
|  **TOTAL** |  |  |  |  |  | $(2726503) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional**<br> **Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  10 Year U.S. Treasury Notes | 7323 | 03/20/26 | $830016281 | $(907740) |
|  2 Year U.S. Treasury Notes | 6529 | 03/31/26 | 1363642866 | (381534) |
|  5 Year U.S. Treasury Notes | 4614 | 03/31/26 | 506458594 | 36241 |
|  E-Mini Nasdaq 100 Index | 26 | 12/19/25 | 13250640 | 575412 |
|  E-Mini Russell 2000 Index | 116 | 12/19/25 | 14529580 | 307978 |
|  Eurex STOXX Europe 600 Index | 43 | 12/19/25 | 1439971 | 12161 |
|  FTSE/JSE Top 40 Index | 558 | 12/18/25 | 33796155 | 1824086 |
|  IFSC NIFTY 50 Index | 1804 | 12/30/25 | 95204296 | (7093) |
|  MEX Bolsa Index | 252 | 12/19/25 | 8736624 | 178662 |
|  Mini-MDAX Index | 1178 | 12/19/25 | 40965759 | (871011) |
|  S&P 500 E-Mini Index | 98 | 12/19/25 | 33611550 | 1186842 |
|  TOPIX Futures | 63 | 12/11/25 | 13630070 | 1084057 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $3038061 |

---

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

**CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made**<br> **by the Fund<sup>(a)</sup>** | **Payments**<br> **Received**<br> **by Fund<sup>(a)</sup>** | **Termination**<br> **Date** | **Notional**<br> **Amount**<br> **(000s)** | **Notional**<br> **Amount**<br> **(000s)** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)\*** |
|  1M BID Average | 13.403% | 01/02/30 | BRL | 553127 | $1241932 |
|  12M GBP | 3.815 | 04/10/30 | GBP | 79900 | 693191 |
|  12M GBP | 3.815 | 04/14/30 |  | 106604 | 935751 |
|  **TOTAL** |  |  |  |  | $2870874 |

---

(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 TACTICAL TILT OVERLAY FUND

*November 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Obligation/Index** | **Financing Rate<br>Paid/(Received) by<br>the Fund<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 | ESTR+0.320% | JPMorgan Securities, Inc. | 02/03/26 | EUR | 40183 | $4369388 |
|  SXDR Index | ESTR+0.480 | JPMorgan Securities, Inc. | 02/03/26 | EUR | 107326 | 11637293 |
|  SXDR Index | ESTR+0.495 | JPMorgan Securities, Inc. | 02/03/26 | EUR | 53467 | 5795871 |
|  **TOTAL** |  |  |  |  |  | $21802552 |

---

(a) Payments made quarterly.

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

\* 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 November 30, 2025, the Fund had the following purchased and written options:

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid<br>(Received) by<br>Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  XLV Index | MS & Co. Int. PLC | $135.000 | 06/18/2026 | 634382 | $8564157000 | $16608613 | $6553610 | $10055003 |
|  **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  XLV Index | MS & Co. Int. PLC | 146.000 | 06/18/2026 | (1268764) | (18523954400) | (21521737) | (6489220) | (15032517) |
|  **Puts** |  |  |  |  |  |  |  |  |
|  TOPX Index | JPMorgan Securities, Inc. | 2503.355 | 12/19/2025 | (9528481) | (2385317055376) | (41263) | (6128998) | 6087735 |
|  **Total written option contracts** | **Total written option contracts** | **Total written option contracts** | **Total written option contracts** | (10797245) | $(2403841009776) | $(21563000) | $(12618218) | $(8944782) |
|  **TOTAL** | **TOTAL** | **TOTAL** | **TOTAL** | (10162863) | $(2395276852776) | $(4954387) | $(6064608) | $1110221 |

---

**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) by<br>Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  Call EUR/Put GBP | MS & Co. Int. PLC | $0.874 | 12/11/2025 | 73960000 | $73960000 | $412020 | $1273813 | $(861793) |
|  **Puts** | **Puts** | **Puts** | **Puts** |  |  |  |  |  |
|  Put USD/Call INR | Deutsche Bank AG | 88.650 | 01/02/2026 | 148650000 | 148650000 | 220299 | 713520 | (493221) |
|  **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** | 222610000 | $222610000 | $632319 | $1987333 | $(1355014) |

---

------

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

*November 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) by<br>Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  Call EUR/Put GBP | MS & Co. Int. PLC | $0.905 | 12/11/2025 | (73960000) | $(73960000) | $(429) | $(401984) | $401555 |
|  **TOTAL** | **TOTAL** | **TOTAL** | **TOTAL** | 148650000 | $148650000 | $631890 | $1585349 | $(953459) |

---

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| BRL | — Brazil Real |
| EUR | — Euro |
| GBP | — British Pound |
| MXN | — Mexican Peso |
| USD | — U.S. Dollar |
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ETF | — Exchange Traded Fund |
| LLC | — Limited Liability Company |
| LP | — Limited Partnership |
| MLP | — Master Limited Partnership |
| MSCI | — Morgan Stanley Capital International |
| PLC | — Public Limited Company |
| SPDR | — Standard and Poor's Depository Receipt |
| **Abbreviations:** | **Abbreviations:** |
| ESTR | — Euro short-term rate |
| MS & Co. Int. PLC | — Morgan Stanley & Co. International PLC |
| TOPX | — Tokyo Stock Price Index |

---

------

GOLDMAN SACHS ALLOCATION FUNDS

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

**NOTES TO THE SCHEDULE OF INVESTMENTS** 

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

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

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

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

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

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

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

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

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

------

GOLDMAN SACHS ALLOCATION FUNDS

*November 30, 2025 (Unaudited)* 

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

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

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

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

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

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

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

------

GOLDMAN SACHS ALLOCATION FUNDS

*November 30, 2025 (Unaudited)* 

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

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

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

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

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

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

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

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

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

------

GOLDMAN SACHS ALLOCATION FUNDS

*November 30, 2025 (Unaudited)* 

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

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

---

| | | | |
|:---|:---|:---|:---|
| **GLOBAL MANAGED BETA FUND**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br> **Level 3** |
| **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $— | $522119 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 2948873 | 33951884 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia and Oceania | 81459 | 6471756 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 2797713 | 83165342 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 379115037 | 8548310 | 592 |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 843214 | 481706 |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 77027522 |  |  |
|  Securities Lending Reinvestment Vehicle | 4995600 |  |  |
|  Preferred Stocks |  | 210920 |  |
|  Exchange Traded Funds | 3741426757 |  |  |
|  Investment Company | 299542368 |  |  |
| **Total** | $4508778543 | $133352037 | $592 |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(b)</sup> | $— | $15955818 | $— |
|  Futures Contracts<sup>(b)</sup> | 27062198 |  |  |
|  Purchased Option Contracts | 48410439 | 2080670 |  |
| **Total** | $75472637 | $18036488 | $— |
| **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(b)</sup> | $— | $(2732278) | $— |
|  Futures Contracts<sup>(b)</sup> | (330740) |  |  |
|  Total Return Swap Contracts<sup>(b)</sup> |  | (1841633) |  |
|  Written Option Contracts | (932404) |  |  |
| **Total** | $(1263144) | $(4573911) | $— |
| <br> (a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Fund utilizes fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification.<br>(b) Amount shown represents unrealized gain (loss) at period end. | <br> (a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Fund utilizes fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification.<br>(b) Amount shown represents unrealized gain (loss) at period end. | <br> (a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Fund utilizes fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification.<br>(b) Amount shown represents unrealized gain (loss) at period end. | <br> (a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Fund utilizes fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification.<br>(b) Amount shown represents unrealized gain (loss) at period end. |

---

------

GOLDMAN SACHS ALLOCATION FUNDS

*November 30, 2025 (Unaudited)* 

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

---

| | | | |
|:---|:---|:---|:---|
| **STRATEGIC FACTOR ALLOCATION FUND**<br>**Investment Type** | <br> **Level 1** | <br> **Level 2** | <br> **Level 3** |
| **Assets** | **Assets** | **Assets** | **Assets** |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | $1008329827 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 4606185 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 979416530 |  |  |
|  Investment Company | 309441572 |  |  |
| **Total** | $2301794114 | $— | $— |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(b)</sup> | $— | $7402965 | $— |
|  Futures Contracts<sup>(b)</sup> | 7716805 |  |  |
|  Purchased Option Contracts | 25344013 |  |  |
| **Total** | $33060818 | $7402965 | $— |
| **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(b)</sup> | $— | $(5767031) | $— |
|  Futures Contracts<sup>(b)</sup> | (201537) |  |  |
|  Written Option Contracts | (1595918) |  |  |
| **Total** | $(1797455) | $(5767031) | $— |
| <br> (a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile.<br> (b) Amount shown represents unrealized gain (loss) at period end. | <br> (a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile.<br> (b) Amount shown represents unrealized gain (loss) at period end. | <br> (a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile.<br> (b) Amount shown represents unrealized gain (loss) at period end. | <br> (a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile.<br> (b) Amount shown represents unrealized gain (loss) at period end. |
| **STRATEGIC VOLATILITY PREMIUM FUND** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | **Assets** | **Assets** | **Assets** |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | $325933578 | $— | $— |
|  Investment Companies | 169955670 |  |  |
| **Total** | $495889248 | $— | $— |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Futures Contracts<sup>(a)</sup> | $29915 | $— | $— |
|  Purchased Option Contracts | 246093 |  |  |
| **Total** | $276008 | $— | $— |

---

------

GOLDMAN SACHS ALLOCATION FUNDS

*November 30, 2025 (Unaudited)* 

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

---

| | | | |
|:---|:---|:---|:---|
| **STRATEGIC VOLATILITY PREMIUM FUND (continued)**<br>**Derivative Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Liabilities** |  |  |  |
|  Futures Contracts<sup>(a)</sup> | $(104492) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Written Option Contracts | (211176) |  |  |
| **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(315668) | $— | $— |
| <br> (a) Amount shown represents unrealized gain (loss) at period end. | <br> (a) Amount shown represents unrealized gain (loss) at period end. | <br> (a) Amount shown represents unrealized gain (loss) at period end. | <br> (a) Amount shown represents unrealized gain (loss) at period end. |
| **TACTICAL TILT OVERLAY FUND** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | **Assets** | **Assets** | **Assets** |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | $286785746 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations | 140348606 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agency Debentures |  | 69881437 |  |
|  Securities Lending Reinvestment Vehicle | 7823790 |  |  |
|  Exchange Traded Funds | 543549951 |  |  |
|  Investment Companies | 1002418711 |  |  |
|  Short-term Investments |  | 2703718452 |  |
| **Total** | $1980926804 | $2773599889 | $— |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Futures Contracts<sup>(a)</sup> | $5205439 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | 2870874 |  |
|  Total Return Swap Contracts<sup>(a)</sup> |  | 21802552 |  |
|  Purchased Option Contracts |  | 17240932 |  |
| **Total** | $5205439 | $41914358 | $— |
| **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $(2726503) | $— |
|  Futures Contracts<sup>(a)</sup> | (2167378) |  |  |
|  Written Option Contracts |  | (21563429) |  |
| **Total** | $(2167378) | $(24289932) | $— |

---

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

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

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

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

------

GOLDMAN SACHS ALLOCATION FUNDS

*November 30, 2025 (Unaudited)* 

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

**Commodity Sector Risk** — Exposure to the commodities markets may subject the Fund to greater volatility than investments in more traditional securities. The value of commodity-linked investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, business, political and regulatory developments. The prices of energy, industrial metals, precious metals, agriculture and livestock sector commodities may fluctuate widely due to factors such as changes in value, supply and demand and governmental regulatory policies. The commodity-linked investments in which the Subsidiary enter into may involve counterparties in the financial services sector, and events affecting the financial services sector may cause the Subsidiaries', and therefore a Funds', share values to fluctuate.

**Counterparty Risk** — Many of the protections afforded to cleared transactions, such as the security afforded by transacting through a clearing house, might not be available in connection with over the counter ("OTC") transactions. Therefore, in those instances in which the Fund enters into uncleared OTC transactions, the Fund will be subject to the risk that its direct counterparty will not perform its obligations under the transactions and that the Fund will sustain losses.

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

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

**Investments in ETFs Risk** — The Fund may invest directly in ETFs, including affiliated ETFs. The Fund's investments in ETFs will be subject to the restrictions applicable to investments by an investment company in other investment companies, unless relief is otherwise provided under the terms of an SEC exemptive order or SEC exemptive rule.

**Large Shareholder Transactions Risk** — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund's NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs.

------

GOLDMAN SACHS ALLOCATION FUNDS

*November 30, 2025 (Unaudited)* 

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

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

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

**Liquidity Risk** — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors' interests because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect a Fund's NAV and dilute remaining investors' interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. Redemptions by large shareholders may have a negative impact on a Fund's liquidity.

**Management Risk** — A strategy used by the Investment Adviser may fail to produce the intended results.

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

**Option Writing Risk** — Writing (selling) options may limit the opportunity to profit from an increase or decrease in the market value of a reference security in exchange for up-front cash (the premium) at the time of selling the option. In a sharp rising or falling market, the Fund could significantly underperform the market or other portfolios without an option writing strategy. The Fund could also experience a sudden, significant permanent loss due to dramatic movements in the market value of reference security, which may far exceed the premiums received for writing the option. Such significant losses could cause significant deteriorations in the Fund's NAV. Furthermore, the premium received from the Fund's option writing strategies may not fully protect it against market movements because the Fund will continue to bear the risk of movements in the value of its portfolio investments.

**Stock Risk** — Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.

------

GOLDMAN SACHS ALLOCATION FUNDS

*November 30, 2025 (Unaudited)* 

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

**Subsidiary Risk** — The Subsidiary is not registered under the Act, as amended ("Investment Company Act") and is not subject to all the investor protections of the Investment Company Act. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to operate as described in the Prospectus and the SAI and could adversely affect the Fund.

**Tax Risk** — The Strategic Factor Allocation, Strategic Volatility Premium and Tactical Tilt Overlay Funds will seek to gain exposure to the commodity markets primarily through investments in the Subsidiary and/or commodity index-linked structured notes, as applicable. Historically, the Internal Revenue Service ("IRS") issued private letter rulings ("PLRs") in which the IRS specifically concluded that income and gains from investments in commodity index-linked structured notes (the "Notes Rulings") or a wholly-owned foreign subsidiary that invests in commodity-linked instruments are "qualifying income" for purposes of compliance with Subchapter M of the Code. However, the Tactical Tilt Overlay Fund has not received a PLR, and is not able to rely on PLRs issued to other taxpayers. Treasury regulations generally treat the Tactical Tilt Overlay Fund's income inclusion with respect to a subsidiary as qualifying income either if (A) there is a current distribution out of the earnings and profits of the subsidiary that are attributable to such income inclusion or (B) such inclusion is derived with respect to the Tactical Tilt Overlay Fund's business of investing in stock, securities, or currencies.

The IRS also issued a revenue procedure, which states that the IRS will not in the future issue PLRs that would require a determination of whether an asset (such as a commodity index-linked note) is a "security" under the Investment Company Act of 1940. In connection with issuing such revenue procedure, the IRS has revoked the Notes Ruling on a prospective basis. In light of the revocation of the Notes Rulings, the Tactical Tilt Overlay Fund has limited its investments in commodity index-linked structured notes. The Tactical Tilt Overlay Fund has obtained an opinion of counsel that the Fund's income from investments in the Subsidiary should constitute "qualifying income." However, no assurances can be provided that the IRS would not be able to successfully assert that the Tactical Tilt Overlay Fund's income from such investments was not "qualifying income," in which case the Tactical Tilt Overlay Fund would fail to qualify as a regulated investment company ("RIC") under Subchapter M of the Code if over 10% of its gross income were derived from these investments. If the Tactical Tilt Overlay Fund failed to qualify as a RIC, it would be subject to federal and state income tax on all of its taxable income at regular corporate tax rates with no deduction for any distributions paid to shareholders, which would significantly adversely affect the returns to, and could cause substantial losses for, Tactical Tilt Overlay Fund shareholders.

## 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 Global Managed Beta Fund

- **b. EDGAR series identifier (if any):** S000048066

- **c. LEI of Series:** 5493005YV1ZAFT4HDQ82

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

- **a. Date of fiscal year-end:** 2026-08-31

- **b. Date as of which information is reported:** 2025-11-30

**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:** $6018255429.67

**Total Liabilities:** $1246365400.85

**Net Assets:** $4771890028.82

**Cash Not Reported:** $1353924518.40

**Currency Risk Metrics (dv01):**

- 

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

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

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

- **3-Month:** -0.02000000 | **1-Year:** -0.02000000 | **5-Year:** -0.02000000 | **10-Year:** -0.02000000 | **30-Year:** -0.02000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000151917 | 3.61%                | 2.34%                | 0.28%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $28329.90                | $125618086.95                              |
| Month 2  | $1445630.59              | $72324898.93                               |
| Month 3  | $2377547.55              | $520263.83                                 |

**Designated Index Information**

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

- **Index Identifier:** MSC1000756

### Schedule of Portfolio Investments

| Name                                                      | Title                                                                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |    Balance | Units   | Value (USD)    | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AT&T Inc                                                  | AT&T Inc                                                                            | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |      47173 | NS      | $1227441.46    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                                       | Abbott Laboratories                                                                 | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |       5688 | NS      | $733183.20     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                                                | AbbVie Inc                                                                          | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |       8814 | NS      | $2006947.80    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA ABIOMED INC                                        | CONTRA ABIOMED INC                                                                  | CUSIP: 003CVR016<br>LEI: N/A                  | N/A              | DE               |  | US        |        580 | NS      | $591.60        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Adobe Inc                                                 | Adobe Inc                                                                           | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |       4322 | NS      | $1383601.86    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbnb Inc                                                | Airbnb Inc                                                                          | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |        503 | NS      | $58845.97      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Allstate Corp/The                                         | Allstate Corp/The                                                                   | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |       9103 | NS      | $1938756.94    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Alnylam Pharmaceuticals Inc                               | Alnylam Pharmaceuticals Inc                                                         | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |       1381 | NS      | $623148.63     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                              | Alphabet Inc                                                                        | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      29228 | NS      | $9356467.36    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                              | Alphabet Inc                                                                        | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      34267 | NS      | $10971608.06   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc                                          | Altria Group Inc                                                                    | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |      14671 | NS      | $865735.71     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                                            | Amazon.com Inc                                                                      | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      55796 | NS      | $13012743.12   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co                                       | American Express Co                                                                 | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |       5028 | NS      | $1836577.56    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| American Financial Group Inc/OH                           | American Financial Group Inc/OH                                                     | CUSIP: 025932104<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EC               | CORP              | US        |       6299 | NS      | $867498.28     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameriprise Financial Inc                                  | Ameriprise Financial Inc                                                            | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |       3548 | NS      | $1616965.52    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                                                 | Amgen Inc                                                                           | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |        319 | NS      | $110201.74     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corp                                             | Amphenol Corp                                                                       | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |       4981 | NS      | $701822.90     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Annaly Capital Management Inc                             | Annaly Capital Management Inc                                                       | CUSIP: 035710839<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EC               |  | US        |      12992 | NS      | $296217.60     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc                                       | Elevance Health Inc                                                                 | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |        565 | NS      | $191116.90     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Global Management Inc                              | Apollo Global Management Inc                                                        | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Long             | EC               | CORP              | US        |       5656 | NS      | $745743.60     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                                                 | Apple Inc                                                                           | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      90715 | NS      | $25295877.75   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc                                     | Applied Materials Inc                                                               | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |       6181 | NS      | $1559157.25    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| AppLovin Corp                                             | AppLovin Corp                                                                       | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |       4543 | NS      | $2723437.64    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc                                       | Arista Networks Inc                                                                 | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |       4416 | NS      | $577082.88     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Halma PLC                                                 | Halma PLC                                                                           | CUSIP: 000000000<br>LEI: 2138007FRGLUR9KGBT40 | Long             | EC               | CORP              | GB        |       6321 | NS      | $298291.18     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered PLC                                    | Standard Chartered PLC                                                              | CUSIP: 000000000<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | EC               | CORP              | GB        |      19343 | NS      | $428440.55     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Imperial Brands PLC                                       | Imperial Brands PLC                                                                 | CUSIP: 000000000<br>LEI: 549300DFVPOB67JL3A42 | Long             | EC               | CORP              | GB        |      12739 | NS      | $541161.59     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Astera Labs Inc                                           | Astera Labs Inc                                                                     | CUSIP: 04626A103<br>LEI: 529900LJL8TUEGF7HG20 | Long             | EC               | CORP              | US        |        565 | NS      | $89027.05      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlassian Corp                                            | Atlassian Corp                                                                      | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Long             | EC               | CORP              | US        |       4698 | NS      | $702444.96     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Autodesk Inc                                              | Autodesk Inc                                                                        | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |       3474 | NS      | $1053803.16    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoZone Inc                                              | AutoZone Inc                                                                        | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |        471 | NS      | $1862489.43    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Holdings PLC                                         | HSBC Holdings PLC                                                                   | CUSIP: 000000000<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | EC               | CORP              | GB        |      61347 | NS      | $869347.50     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America Corp                                      | Bank of America Corp                                                                | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |      31475 | NS      | $1688633.75    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Montreal                                          | Bank of Montreal                                                                    | CUSIP: 063671101<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | EC               | CORP              | CA        |       2030 | NS      | $256203.16     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of New York Mellon Corp/The                          | Bank of New York Mellon Corp/The                                                    | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |      17779 | NS      | $1993025.90    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Associated British Foods PLC                              | Associated British Foods PLC                                                        | CUSIP: 000000000<br>LEI: GBQKSY6W7G0OHCQ8OQ72 | Long             | EC               | CORP              | GB        |       3636 | NS      | $102878.74     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Pearson PLC                                               | Pearson PLC                                                                         | CUSIP: 000000000<br>LEI: 2138004JBXWWJKIURC57 | Long             | EC               | CORP              | GB        |       9111 | NS      | $120419.84     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Prudential PLC                                            | Prudential PLC                                                                      | CUSIP: 000000000<br>LEI: 5493001Z3ZE83NGK8Y12 | Long             | EC               | CORP              | GB        |      34972 | NS      | $506717.65     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Rio Tinto PLC                                             | Rio Tinto PLC                                                                       | CUSIP: 000000000<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |        724 | NS      | $51984.88      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| W R Berkley Corp                                          | W R Berkley Corp                                                                    | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |      18799 | NS      | $1460494.31    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc                                    | Berkshire Hathaway Inc                                                              | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |       6984 | NS      | $3588449.04    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Best Buy Co Inc                                           | Best Buy Co Inc                                                                     | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               | CORP              | US        |      19802 | NS      | $1569902.56    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Biogen Inc                                                | Biogen Inc                                                                          | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |       3115 | NS      | $567210.35     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Smith & Nephew PLC                                        | Smith & Nephew PLC                                                                  | CUSIP: 000000000<br>LEI: 213800ZTMDN8S67S1H61 | Long             | EC               | CORP              | GB        |      52494 | NS      | $872251.63     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Blackstone Inc                                            | Blackstone Inc                                                                      | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |        409 | NS      | $59885.78      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc                                      | Booking Holdings Inc                                                                | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |        458 | NS      | $2250928.02    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                                           | AstraZeneca PLC                                                                     | CUSIP: 000000000<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |       5820 | NS      | $1079080.04    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Booz Allen Hamilton Holding Corp                          | Booz Allen Hamilton Holding Corp                                                    | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               | CORP              | US        |       6415 | NS      | $535395.90     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp                                    | Boston Scientific Corp                                                              | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |       9735 | NS      | $988881.30     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co                                   | Bristol-Myers Squibb Co                                                             | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |      29287 | NS      | $1440920.40    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions Inc                        | Broadridge Financial Solutions Inc                                                  | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |        692 | NS      | $157838.28     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                              | Broadcom Inc                                                                        | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      19576 | NS      | $7888344.96    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Builders FirstSource Inc                                  | Builders FirstSource Inc                                                            | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |      14627 | NS      | $1641588.21    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Cboe Global Markets Inc                                   | Cboe Global Markets Inc                                                             | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |       1301 | NS      | $335879.17     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CDW Corp/DE                                               | CDW Corp/DE                                                                         | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Long             | EC               | CORP              | US        |       1319 | NS      | $190226.18     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings Inc                                | CF Industries Holdings Inc                                                          | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |       3982 | NS      | $313383.40     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CH Robinson Worldwide Inc                                 | CH Robinson Worldwide Inc                                                           | CUSIP: 12541W209<br>LEI: 529900WNWN5L0OVDHA79 | Long             | EC               | CORP              | US        |      11581 | NS      | $1839873.47    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                                             | CME Group Inc                                                                       | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |        419 | NS      | $117931.74     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                                           | CVS Health Corp                                                                     | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |       7232 | NS      | $581163.52     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems Inc                                | Cadence Design Systems Inc                                                          | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |        742 | NS      | $231385.28     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Imperial Bank of Commerce                        | Canadian Imperial Bank of Commerce                                                  | CUSIP: 136069101<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | EC               | CORP              | CA        |      14530 | NS      | $1252380.05    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Tire Corp Ltd                                    | Canadian Tire Corp Ltd                                                              | CUSIP: 136681202<br>LEI: 549300RLHDA7VQYMUB14 | Long             | EC               | CORP              | CA        |       2096 | NS      | $255473.67     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health Inc                                       | Cardinal Health Inc                                                                 | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |       1979 | NS      | $420062.54     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlisle Cos Inc                                          | Carlisle Cos Inc                                                                    | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |        974 | NS      | $309800.18     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Carnival Corp                                             | Carnival Corp                                                                       | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | EC               | CORP              | PA        |       8371 | NS      | $215804.38     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Carvana Co                                                | Carvana Co                                                                          | CUSIP: 146869102<br>LEI: 5493003WEAK2PJ5WS063 | Long             | EC               | CORP              | US        |        270 | NS      | $101115.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                                           | Caterpillar Inc                                                                     | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |       1444 | NS      | $831397.44     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Cenovus Energy Inc                                        | Cenovus Energy Inc                                                                  | CUSIP: 15135U109<br>LEI: 549300F4XPHJ7NOSP309 | Long             | EC               | CORP              | CA        |      18227 | NS      | $325619.56     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ciena Corp                                                | Ciena Corp                                                                          | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |       2135 | NS      | $435988.35     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cincinnati Financial Corp                                 | Cincinnati Financial Corp                                                           | CUSIP: 172062101<br>LEI: 254900Q4WEDMZBOZ0002 | Long             | EC               | CORP              | US        |       3075 | NS      | $515339.25     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc                                         | Cisco Systems Inc                                                                   | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |      27300 | NS      | $2100462.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corp                                               | Cintas Corp                                                                         | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       4262 | NS      | $792817.24     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                                             | Citigroup Inc                                                                       | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |       9714 | NS      | $1006370.40    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Cloudflare Inc                                            | Cloudflare Inc                                                                      | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Long             | EC               | CORP              | US        |        147 | NS      | $29430.87      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The                                          | Coca-Cola Co/The                                                                    | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |       4496 | NS      | $328747.52     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions Corp                       | Cognizant Technology Solutions Corp                                                 | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |      17051 | NS      | $1325033.21    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co                                      | Colgate-Palmolive Co                                                                | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |       8011 | NS      | $644004.29     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Comfort Systems USA Inc                                   | Comfort Systems USA Inc                                                             | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |        452 | NS      | $441576.88     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Software Inc/Canada                         | Constellation Software Inc/Canada                                                   | CUSIP: 21037X100<br>LEI: 549300B6PYHMCTDWQV29 | Long             | EC               | CORP              | CA        |        221 | NS      | $540856.56     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION SOFTWARE INC                                | CONSTELLATION SOFTWARE INC                                                          | CUSIP: 000000000<br>LEI: 549300B6PYHMCTDWQV29 | N/A              | DE               |  | CA        |        264 | NS      | $0.00          | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Corpay Inc                                                | Corpay Inc                                                                          | CUSIP: 219948106<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |       1752 | NS      | $518241.60     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                                               | Corteva Inc                                                                         | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |       3025 | NS      | $204096.75     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp                                     | Costco Wholesale Corp                                                               | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |       2669 | NS      | $2438371.71    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Crowdstrike Holdings Inc                                  | Crowdstrike Holdings Inc                                                            | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |        461 | NS      | $234722.76     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Deckers Outdoor Corp                                      | Deckers Outdoor Corp                                                                | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |      13707 | NS      | $1206627.21    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Dell Technologies Inc                                     | Dell Technologies Inc                                                               | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |        478 | NS      | $63741.30      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corp                                         | Devon Energy Corp                                                                   | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |       7895 | NS      | $292588.70     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Dexcom Inc                                                | Dexcom Inc                                                                          | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |       2050 | NS      | $130113.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Dick's Sporting Goods Inc                                 | Dick's Sporting Goods Inc                                                           | CUSIP: 253393102<br>LEI: 529900SSBV5I4LWSK313 | Long             | EC               | CORP              | US        |       1676 | NS      | $346211.32     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co/The                                        | Walt Disney Co/The                                                                  | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |        782 | NS      | $81695.54      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Docusign Inc                                              | Docusign Inc                                                                        | CUSIP: 256163106<br>LEI: 549300Q7PVDWRZ39JG09 | Long             | EC               | CORP              | US        |      23618 | NS      | $1637908.30    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar General Corp                                       | Dollar General Corp                                                                 | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |      16615 | NS      | $1819176.35    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar Tree Inc                                           | Dollar Tree Inc                                                                     | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |      16126 | NS      | $1786922.06    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Domino's Pizza Inc                                        | Domino's Pizza Inc                                                                  | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |       2228 | NS      | $934935.64     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| DoorDash Inc                                              | DoorDash Inc                                                                        | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |       2765 | NS      | $548493.05     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED USD / SOLD HKD                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $11101.13      | 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      | $149883.90     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED USD / SOLD NOK                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $15459.73      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED CAD / SOLD USD                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |          1 | NC      | $-701714.96    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED USD / SOLD SEK                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $78901.77      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED USD / SOLD JPY                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $9774623.35    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED USD / SOLD NZD                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $31245.91      | 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      | $1717152.50    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED USD / SOLD SGD                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $121049.69     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED USD / SOLD EUR                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $2294932.74    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED USD / SOLD AUD                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-196190.29    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED USD / SOLD CHF                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $458095.80     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED EUR / SOLD USD                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $-185060.44    | -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      | $-151990.39    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED JPY / SOLD USD                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |          1 | NC      | $-1291530.92   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED USD / SOLD CHF                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $324987.79     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED EUR / SOLD USD                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $-7087.81      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED CHF / SOLD USD                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |          1 | NC      | $-1079.39      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED DKK / SOLD USD                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | DK        |          1 | NC      | $-828.29       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED GBP / SOLD USD                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |          1 | NC      | $-12887.03     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED AUD / SOLD USD                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |          1 | NC      | $8709.48       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED HKD / SOLD USD                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | HK        |          1 | NC      | $-814.74       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED USD / SOLD EUR                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $8148.94       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED USD / SOLD JPY                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $188253.09     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED NOK / SOLD USD                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NO        |          1 | NC      | $-917.53       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED ILS / SOLD USD                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IL        |          1 | NC      | $2812.59       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED USD / SOLD SEK                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $1219.88       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED SGD / SOLD USD                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | SG        |          1 | NC      | $-35.21        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED USD / SOLD NZD                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $7.19          | 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      | $363.21        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED USD / SOLD HKD                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $1262.64       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED USD / SOLD DKK                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $2474.12       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED USD / SOLD AUD                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $1711.65       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED USD / SOLD SEK                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $11761.31      | 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      | $37201.79      | 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      | $-104.12       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED USD / SOLD GBP                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $54892.20      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED USD / SOLD JPY                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $190010.74     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED USD / SOLD SGD                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $914.35        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED USD / SOLD NOK                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $2474.34       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED USD / SOLD EUR                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $62919.01      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED USD / SOLD SEK                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-3405.00      | -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      | $-108.99       | -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      | $-317.24       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED USD / SOLD AUD                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-970.43       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED USD / SOLD HKD                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $1153.40       | 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      | $395.69        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED USD / SOLD EUR                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-52182.41     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED NOK / SOLD USD                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NO        |          1 | NC      | $25.49         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED USD / SOLD GBP                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-39711.56     | -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      | $-212.33       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED USD / SOLD SGD                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-1229.78      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED USD / SOLD JPY                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $131387.12     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED AUD / SOLD USD                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |          1 | NC      | $10503.67      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED JPY / SOLD USD                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |          1 | NC      | $-60812.75     | -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      | $25110.06      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED ILS / SOLD USD                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IL        |          1 | NC      | $-173.13       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED DKK / SOLD USD                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | DK        |          1 | NC      | $943.48        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED NZD / SOLD USD                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |          1 | NC      | $206.28        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED SGD / SOLD USD                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | SG        |          1 | NC      | $253.43        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED NOK / SOLD USD                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NO        |          1 | NC      | $271.37        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED USD / SOLD HKD                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $321.76        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED CHF / SOLD USD                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |          1 | NC      | $1501.17       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED GBP / SOLD USD                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |          1 | NC      | $14752.32      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED SEK / SOLD USD                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | SE        |          1 | NC      | $7877.62       | 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      | $-13.05        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED AUD / SOLD USD                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |          1 | NC      | $17325.70      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED USD / SOLD HKD                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $175.21        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED USD / SOLD EUR                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-870.56       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED GBP / SOLD USD                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |          1 | NC      | $9723.02       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED NZD / SOLD USD                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |          1 | NC      | $567.85        | 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      | $-147.05       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED USD / SOLD JPY                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $3945.66       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED SEK / SOLD USD                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | SE        |          1 | NC      | $695.23        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED NOK / SOLD USD                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NO        |          1 | NC      | $-7.51         | -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      | $9200.41       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED EUR / SOLD USD                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |          1 | NC      | $3533.92       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED USD / SOLD JPY                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $27209.72      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED CHF / SOLD USD                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |          1 | NC      | $111680.45     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED USD / SOLD AUD                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-2636.09      | -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      | $-165.51       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED HKD / SOLD USD                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | HK        |          1 | NC      | $-126.10       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED USD / SOLD EUR                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-3883.12      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED USD / SOLD NOK                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-409.58       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED USD / SOLD SGD                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-123.48       | -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      | $-50.86        | -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      | $-371.12       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED CAD / SOLD USD                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |          1 | NC      | $24487.44      | 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      | $-4031.50      | -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      | $-270.79       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED USD / SOLD JPY                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-3177.20      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                  | PURCHASED USD / SOLD SEK                                                            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |          1 | NC      | $-6630.44      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Dynatrace Inc                                             | Dynatrace Inc                                                                       | CUSIP: 268150109<br>LEI: 6488T0Z33CE9L61EX904 | Long             | EC               | CORP              | US        |       1852 | NS      | $82525.12      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc                                         | EOG Resources Inc                                                                   | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |       8268 | NS      | $891703.80     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc                                                  | eBay Inc                                                                            | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |      14430 | NS      | $1194659.70    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc                                                | Ecolab Inc                                                                          | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |        290 | NS      | $79796.40      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts Inc                                       | Electronic Arts Inc                                                                 | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |       8642 | NS      | $1745943.26    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| EMCOR Group Inc                                           | EMCOR Group Inc                                                                     | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |       3336 | NS      | $2051873.52    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Empire Co Ltd                                             | Empire Co Ltd                                                                       | CUSIP: 291843407<br>LEI: 549300TX0ZUSTEF7C719 | Long             | EC               | CORP              | CA        |      52194 | NS      | $1932460.95    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Expedia Group Inc                                         | Expedia Group Inc                                                                   | CUSIP: 30212P303<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | EC               | CORP              | US        |       7271 | NS      | $1859121.99    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Expeditors International of Washington Inc                | Expeditors International of Washington Inc                                          | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |       2259 | NS      | $331847.10     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp                                          | Exxon Mobil Corp                                                                    | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |       9466 | NS      | $1097298.72    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                                        | Meta Platforms Inc                                                                  | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      13496 | NS      | $8744733.20    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Fair Isaac Corp                                           | Fair Isaac Corp                                                                     | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |        441 | NS      | $796371.03     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Fairfax Financial Holdings Ltd                            | Fairfax Financial Holdings Ltd                                                      | CUSIP: 303901102<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | EC               | CORP              | CA        |        864 | NS      | $1485020.29    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co                                               | Fastenal Co                                                                         | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |      27124 | NS      | $1095809.60    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays PLC                                              | Barclays PLC                                                                        | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | Long             | EC               | CORP              | GB        |       8865 | NS      | $50289.45      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FedEx Corp                                                | FedEx Corp                                                                          | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |        815 | NS      | $224679.20     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferguson Enterprises Inc                                  | Ferguson Enterprises Inc                                                            | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |       5164 | NS      | $1299623.88    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| F5 Inc                                                    | F5 Inc                                                                              | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |       6840 | NS      | $1635854.40    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Financial Inc                           | Fidelity National Financial Inc                                                     | CUSIP: 31620R303<br>LEI: 549300CAZYIH39SYQ287 | Long             | EC               | CORP              | US        |       9294 | NS      | $552342.42     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Next PLC                                                  | Next PLC                                                                            | CUSIP: 000000000<br>LEI: 213800WQD8ECPZP9PH98 | Long             | EC               | CORP              | GB        |       7271 | NS      | $1359884.48    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Kingfisher PLC                                            | Kingfisher PLC                                                                      | CUSIP: 000000000<br>LEI: 213800KBMEV7I92FY281 | Long             | EC               | CORP              | GB        |     412372 | NS      | $1669924.88    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| FirstService Corp                                         | FirstService Corp                                                                   | CUSIP: 33767E202<br>LEI: 5493000XUDIV75BCF118 | Long             | EC               | CORP              | CA        |       2027 | NS      | $317891.39     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                                                | Fiserv Inc                                                                          | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |       3192 | NS      | $196212.24     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet Inc                                              | Fortinet Inc                                                                        | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |      12751 | NS      | $1034488.63    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corp                                                  | Fox Corp                                                                            | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |      23457 | NS      | $1536433.50    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corp                                                  | Fox Corp                                                                            | CUSIP: 35137L204<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |      24330 | NS      | $1417465.80    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Gartner Inc                                               | Gartner Inc                                                                         | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |       3456 | NS      | $804349.44     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova Inc                                            | GE Vernova Inc                                                                      | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |       1579 | NS      | $947036.83     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Genuine Parts Co                                          | Genuine Parts Co                                                                    | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Long             | EC               | CORP              | US        |       1353 | NS      | $176431.20     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc                                       | Gilead Sciences Inc                                                                 | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      18442 | NS      | $2320741.28    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| GoDaddy Inc                                               | GoDaddy Inc                                                                         | CUSIP: 380237107<br>LEI: 549300J8H1TB0I2CB447 | Long             | EC               | CORP              | US        |       5474 | NS      | $699905.64     | 0.01%             |  |  |  | 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        |  298690497 | NS      | $298690496.88  | 6.26%             |  |  |  | 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        |   12981690 | NS      | $1228327507.80 | 25.74%            |  |  |  | No            |                  1 | 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        |    8962588 | NS      | $607398173.80  | 12.73%            |  |  |  | No            |                  1 | On Loan: —       |
| Goldman Sachs ActiveBeta Emerging Markets Equity ETF      | Goldman Sachs ActiveBeta Emerging Markets Equity ETF                                | CUSIP: 381430206<br>LEI: 549300PZDHNP7HDURN13 | Long             | EC               | RF                | US        |    1345401 | NS      | $55986979.05   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs MarketBeta Russell 1000 Value Equity ETF    | Goldman Sachs MarketBeta Russell 1000 Value Equity ETF                              | CUSIP: 38149W580<br>LEI: N/A                  | Long             | EC               | RF                | US        |    7048360 | NS      | $380047571.20  | 7.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs MarketBeta Russell 1000 Growth Equity ETF   | Goldman Sachs MarketBeta Russell 1000 Growth Equity ETF                             | CUSIP: 38149W598<br>LEI: N/A                  | Long             | EC               | RF                | US        |    3459078 | NS      | $220805401.42  | 4.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Graco Inc                                                 | Graco Inc                                                                           | CUSIP: 384109104<br>LEI: 4T5VJ4S81BRT6Q7GGT78 | Long             | EC               | CORP              | US        |       6858 | NS      | $565373.52     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| WW Grainger Inc                                           | WW Grainger Inc                                                                     | CUSIP: 384802104<br>LEI: 549300TWZSP6O1IH2V34 | Long             | EC               | CORP              | US        |       1339 | NS      | $1270215.57    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Great-West Lifeco Inc                                     | Great-West Lifeco Inc                                                               | CUSIP: 39138C106<br>LEI: 549300X81X4VZEESFU46 | Long             | EC               | CORP              | CA        |       8702 | NS      | $402579.20     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| adidas AG                                                 | adidas AG                                                                           | CUSIP: 000000000<br>LEI: 549300JSX0Z4CW0V5023 | Long             | EC               | CORP              | DE        |       1141 | NS      | $212521.06     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HCA Healthcare Inc                                        | HCA Healthcare Inc                                                                  | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |       1083 | NS      | $550478.07     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| HP Inc                                                    | HP Inc                                                                              | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |      12096 | NS      | $295384.32     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Generali                                                  | Generali                                                                            | CUSIP: 000000000<br>LEI: 549300X5UKJVE386ZB61 | Long             | EC               | CORP              | IT        |      13135 | NS      | $521399.38     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| L'Oreal SA                                                | L'Oreal SA                                                                          | CUSIP: 000000000<br>LEI: 529900JI1GG6F7RKVI53 | Long             | EC               | CORP              | FR        |        462 | NS      | $201517.78     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitton SE                       | LVMH Moet Hennessy Louis Vuitton SE                                                 | CUSIP: 000000000<br>LEI: IOG4E947OATN0KJYSD45 | Long             | EC               | CORP              | FR        |        287 | NS      | $212128.43     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                                       | Intesa Sanpaolo SpA                                                                 | CUSIP: 000000000<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | EC               | CORP              | IT        |     173790 | NS      | $1127374.12    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BPER Banca SPA                                            | BPER Banca SPA                                                                      | CUSIP: 000000000<br>LEI: N747OI7JINV7RUUH6190 | Long             | EC               | CORP              | IT        |      33130 | NS      | $399241.12     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Hartford Insurance Group Inc/The                          | Hartford Insurance Group Inc/The                                                    | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |      13105 | NS      | $1795778.15    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Jack Henry & Associates Inc                               | Jack Henry & Associates Inc                                                         | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |        799 | NS      | $139409.52     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The                                        | Home Depot Inc/The                                                                  | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |       5595 | NS      | $1996967.40    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| HubSpot Inc                                               | HubSpot Inc                                                                         | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |       1267 | NS      | $465394.44     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc                                                | Humana Inc                                                                          | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |       5125 | NS      | $1259571.25    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| KBC Group NV                                              | KBC Group NV                                                                        | CUSIP: 000000000<br>LEI: 213800X3Q9LSAKRUWY91 | Long             | EC               | CORP              | BE        |       4898 | NS      | $602955.02     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| iA Financial Corp Inc                                     | iA Financial Corp Inc                                                               | CUSIP: 45075E104<br>LEI: 549300ZXLJVHQAIXV215 | Long             | EC               | CORP              | CA        |       4286 | NS      | $502039.67     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Hannover Rueck SE                                         | Hannover Rueck SE                                                                   | CUSIP: 000000000<br>LEI: 529900KIN5BE45V5KB18 | Long             | EC               | CORP              | DE        |        649 | NS      | $195131.31     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IDEXX Laboratories Inc                                    | IDEXX Laboratories Inc                                                              | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |        844 | NS      | $635430.72     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Illinois Tool Works Inc                                   | Illinois Tool Works Inc                                                             | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | EC               | CORP              | US        |       1144 | NS      | $285176.32     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Illumina Inc                                              | Illumina Inc                                                                        | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |       7924 | NS      | $1041609.80    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Imperial Oil Ltd                                          | Imperial Oil Ltd                                                                    | CUSIP: 453038408<br>LEI: 549300JZNB745JT5WY51 | Long             | EC               | CORP              | CA        |       2838 | NS      | $280763.89     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Incyte Corp                                               | Incyte Corp                                                                         | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               | CORP              | US        |      22586 | NS      | $2359333.56    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| GEA Group AG                                              | GEA Group AG                                                                        | CUSIP: 000000000<br>LEI: 549300PHUU0ZZWO8EO07 | Long             | EC               | CORP              | DE        |      16783 | NS      | $1137179.04    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Insulet Corp                                              | Insulet Corp                                                                        | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |       1446 | NS      | $473116.74     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Danske Bank A/S                                           | Danske Bank A/S                                                                     | CUSIP: 000000000<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | EC               | CORP              | DK        |      14470 | NS      | $664637.08     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| International Business Machines Corp                      | International Business Machines Corp                                                | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |       5872 | NS      | $1811981.76    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Genmab A/S                                                | Genmab A/S                                                                          | CUSIP: 000000000<br>LEI: 529900MTJPDPE4MHJ122 | Long             | EC               | CORP              | DK        |       2788 | NS      | $895740.65     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Continental AG                                            | Continental AG                                                                      | CUSIP: 000000000<br>LEI: 529900A7YD9C0LLXM621 | Long             | EC               | CORP              | DE        |       5439 | NS      | $404884.99     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Intuit Inc                                                | Intuit Inc                                                                          | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |        887 | NS      | $562428.96     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Post AG                                          | Deutsche Post AG                                                                    | CUSIP: 000000000<br>LEI: 8ER8GIG7CSMVD8VUFE78 | Long             | EC               | CORP              | DE        |      36285 | NS      | $1888428.85    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| iShares U.S. Technology ETF                               | iShares U.S. Technology ETF                                                         | CUSIP: 464287721<br>LEI: 5493003RR427QZS78C77 | Long             | EC               | RF                | US        |      81240 | NS      | $16140763.20   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI EAFE Small-Cap ETF                           | iShares MSCI EAFE Small-Cap ETF                                                     | CUSIP: 464288273<br>LEI: 549300MJV5OZGVS4LX86 | Long             | EC               | RF                | US        |    2622982 | NS      | $203202415.54  | 4.26%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI USA Quality Factor ETF                       | iShares MSCI USA Quality Factor ETF                                                 | CUSIP: 46432F339<br>LEI: 5493007KMK0CQLE2O168 | Long             | EC               | RF                | US        |     153314 | NS      | $30368437.12   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core MSCI EAFE ETF                                | iShares Core MSCI EAFE ETF                                                          | CUSIP: 46432F842<br>LEI: 5493009FT582MI7Y3I36 | Long             | EC               | RF                | US        |    2939720 | NS      | $261164724.80  | 5.47%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core MSCI Emerging Markets ETF                    | iShares Core MSCI Emerging Markets ETF                                              | CUSIP: 46434G103<br>LEI: 5493007C24Z3ZDJ0VD06 | Long             | EC               | RF                | US        |    7665812 | NS      | $514375985.20  | 10.78%            |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                                       | JPMorgan Chase & Co                                                                 | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      18655 | NS      | $5840507.40    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Jabil Inc                                                 | Jabil Inc                                                                           | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |       2039 | NS      | $429637.69     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Telenor ASA                                               | Telenor ASA                                                                         | CUSIP: 000000000<br>LEI: 549300IM1QSBY4SLPM26 | Long             | EC               | CORP              | NO        |      10424 | NS      | $150655.81     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Johnson & Johnson                                         | Johnson & Johnson                                                                   | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      13200 | NS      | $2731344.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Skandinaviska Enskilda Banken AB                          | Skandinaviska Enskilda Banken AB                                                    | CUSIP: 000000000<br>LEI: F3JS33DEI6XQ4ZBPTN86 | Long             | EC               | CORP              | SE        |      18820 | NS      | $374524.08     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| KLA Corp                                                  | KLA Corp                                                                            | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |       1163 | NS      | $1367071.61    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                                                    | SAP SE                                                                              | CUSIP: 000000000<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |       1759 | NS      | $424640.11     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Swedbank AB                                               | Swedbank AB                                                                         | CUSIP: 000000000<br>LEI: M312WZV08Y7LYUC71685 | Long             | EC               | CORP              | SE        |      28683 | NS      | $912812.65     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Keysight Technologies Inc                                 | Keysight Technologies Inc                                                           | CUSIP: 49338L103<br>LEI: 549300GLKVIO8YRCYN02 | Long             | EC               | CORP              | US        |       1796 | NS      | $355518.20     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinross Gold Corp                                         | Kinross Gold Corp                                                                   | CUSIP: 496902404<br>LEI: 254900O9KHF2A1ZXPT47 | Long             | EC               | CORP              | CA        |      49389 | NS      | $1390363.35    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Henkel AG & Co KGaA                                       | Henkel AG & Co KGaA                                                                 | CUSIP: 000000000<br>LEI: 549300VZCL1HTH4O4Y49 | Long             | EC               | CORP              | DE        |       4469 | NS      | $335487.42     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Kroger Co/The                                             | Kroger Co/The                                                                       | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |      35146 | NS      | $2364622.88    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| LPL Financial Holdings Inc                                | LPL Financial Holdings Inc                                                          | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |       1778 | NS      | $633039.12     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Labcorp Holdings Inc                                      | Labcorp Holdings Inc                                                                | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       1568 | NS      | $421447.04     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Bayer AG                                                  | Bayer AG                                                                            | CUSIP: 000000000<br>LEI: 549300J4U55H3WP1XT59 | Long             | EC               | CORP              | DE        |      31852 | NS      | $1126881.69    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Henkel AG & Co KGaA                                       | Henkel AG & Co KGaA                                                                 | CUSIP: 000000000<br>LEI: 549300VZCL1HTH4O4Y49 | Long             | EP               | CORP              | DE        |       2615 | NS      | $210919.68     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HOCHTIEF AG                                               | HOCHTIEF AG                                                                         | CUSIP: 000000000<br>LEI: 529900Y25S8NZIYTT924 | Long             | EC               | CORP              | DE        |       2222 | NS      | $786571.57     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Heidelberg Materials AG                                   | Heidelberg Materials AG                                                             | CUSIP: 000000000<br>LEI: LZ2C6E0W5W7LQMX5ZI37 | Long             | EC               | CORP              | DE        |       7836 | NS      | $2012126.41    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Lam Research Corp                                         | Lam Research Corp                                                                   | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |      11138 | NS      | $1737528.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresenius Medical Care AG                                 | Fresenius Medical Care AG                                                           | CUSIP: 000000000<br>LEI: 549300CP8NY40UP89Q40 | Long             | EC               | CORP              | DE        |        863 | NS      | $41249.96      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Estee Lauder Cos Inc/The                                  | Estee Lauder Cos Inc/The                                                            | CUSIP: 518439104<br>LEI: 549300VFZ8XJ9NUPU221 | Long             | EC               | CORP              | US        |       9261 | NS      | $871182.27     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Randstad NV                                               | Randstad NV                                                                         | CUSIP: 000000000<br>LEI: 7245009EAAUUQJ0U4T57 | Long             | EC               | CORP              | NL        |      10003 | NS      | $389276.84     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Allianz SE                                                | Allianz SE                                                                          | CUSIP: 000000000<br>LEI: 529900K9B0N5BT694847 | Long             | EC               | CORP              | DE        |       3624 | NS      | $1564320.25    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Leidos Holdings Inc                                       | Leidos Holdings Inc                                                                 | CUSIP: 525327102<br>LEI: 549300IUTGTP6EJP8124 | Long             | EC               | CORP              | US        |       3114 | NS      | $595085.40     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennox International Inc                                  | Lennox International Inc                                                            | CUSIP: 526107107<br>LEI: S7DWAC87RDMPBF77GJ92 | Long             | EC               | CORP              | US        |       1438 | NS      | $717375.06     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Endesa SA                                                 | Endesa SA                                                                           | CUSIP: 000000000<br>LEI: 549300LHK07F2CHV4X31 | Long             | EC               | CORP              | ES        |      16056 | NS      | $582391.88     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Lufthansa AG                                     | Deutsche Lufthansa AG                                                               | CUSIP: 000000000<br>LEI: 529900PH63HYJ86ASW55 | Long             | EC               | CORP              | DE        |      63055 | NS      | $605493.11     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Erste Group Bank AG                                       | Erste Group Bank AG                                                                 | CUSIP: 000000000<br>LEI: PQOH26KWDF7CG10L6792 | Long             | EC               | CORP              | AT        |       6610 | NS      | $722509.36     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen                           | CUSIP: 000000000<br>LEI: 529900MUF4C20K50JS49 | Long             | EC               | CORP              | DE        |       1317 | NS      | $829997.75     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Eli Lilly & Co                                            | Eli Lilly & Co                                                                      | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |       3327 | NS      | $3578088.69    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Rheinmetall AG                                            | Rheinmetall AG                                                                      | CUSIP: 000000000<br>LEI: 5299001OU9CSE29O6S05 | Long             | EC               | CORP              | DE        |         85 | NS      | $145383.07     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Live Nation Entertainment Inc                             | Live Nation Entertainment Inc                                                       | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |       2448 | NS      | $321789.60     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Loblaw Cos Ltd                                            | Loblaw Cos Ltd                                                                      | CUSIP: 539481101<br>LEI: 5493008LN3O1DIDTSH67 | Long             | EC               | CORP              | CA        |      33024 | NS      | $1468823.01    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Loews Corp                                                | Loews Corp                                                                          | CUSIP: 540424108<br>LEI: R8V1FN4M5ITGZOG7BS19 | Long             | EC               | CORP              | US        |       1416 | NS      | $152743.92     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Bankinter SA                                              | Bankinter SA                                                                        | CUSIP: 000000000<br>LEI: VWMYAEQSTOPNV0SUGU82 | Long             | EC               | CORP              | ES        |      43833 | NS      | $691010.47     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Lowe's Cos Inc                                            | Lowe's Cos Inc                                                                      | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |       6651 | NS      | $1612734.48    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Lululemon Athletica Inc                                   | Lululemon Athletica Inc                                                             | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | US        |       6559 | NS      | $1208036.62    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA                        | Banco Bilbao Vizcaya Argentaria SA                                                  | CUSIP: 000000000<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | EC               | CORP              | ES        |      87129 | NS      | $1883173.99    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Lundin Gold Inc                                           | Lundin Gold Inc                                                                     | CUSIP: 550371108<br>LEI: 549300ZOV16K515FC525 | Long             | EC               | CORP              | CA        |      11428 | NS      | $962357.89     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Swisscom AG                                               | Swisscom AG                                                                         | CUSIP: 000000000<br>LEI: 5493005SL9HHOXS3B739 | Long             | EC               | CORP              | CH        |        624 | NS      | $448490.59     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Securitas AB                                              | Securitas AB                                                                        | CUSIP: 000000000<br>LEI: 635400TTYKE8EIWDS617 | Long             | EC               | CORP              | SE        |      45788 | NS      | $698532.38     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Acciona SA                                                | Acciona SA                                                                          | CUSIP: 000000000<br>LEI: 54930002KP75TLLLNO21 | Long             | EC               | CORP              | ES        |       1767 | NS      | $355207.89     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Nemetschek SE                                             | Nemetschek SE                                                                       | CUSIP: 000000000<br>LEI: 529900R0S2IX1S358J38 | Long             | EC               | CORP              | DE        |        776 | NS      | $86723.22      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Carrefour SA                                              | Carrefour SA                                                                        | CUSIP: 000000000<br>LEI: 549300B8P6MUJ1YWTS08 | Long             | EC               | CORP              | FR        |      32865 | NS      | $506072.39     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| H & M Hennes & Mauritz AB                                 | H & M Hennes & Mauritz AB                                                           | CUSIP: 000000000<br>LEI: 529900O5RR7R39FRDM42 | Long             | EC               | CORP              | SE        |      37965 | NS      | $689790.78     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Markel Group Inc                                          | Markel Group Inc                                                                    | CUSIP: 570535104<br>LEI: 549300SCNO12JLWIK605 | Long             | EC               | CORP              | US        |        192 | NS      | $399444.48     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Santander SA                                        | Banco Santander SA                                                                  | CUSIP: 000000000<br>LEI: 5493006QMFDDMYWIAM13 | Long             | EC               | CORP              | ES        |     132926 | NS      | $1425883.15    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Marsh & McLennan Cos Inc                                  | Marsh & McLennan Cos Inc                                                            | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |       3601 | NS      | $660603.45     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Masco Corp                                                | Masco Corp                                                                          | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               | CORP              | US        |      16707 | NS      | $1083783.09    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Bank AG                                          | Deutsche Bank AG                                                                    | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | EC               | CORP              | DE        |       3257 | NS      | $115479.65     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Mastercard Inc                                            | Mastercard Inc                                                                      | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |       5697 | NS      | $3136369.41    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Buzzi SpA                                                 | Buzzi SpA                                                                           | CUSIP: 000000000<br>LEI: 5299003DX5YLKSVJ6K59 | Long             | EC               | CORP              | IT        |       2520 | NS      | $155433.94     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| McKesson Corp                                             | McKesson Corp                                                                       | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |        414 | NS      | $364783.68     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Telekom AG                                       | Deutsche Telekom AG                                                                 | CUSIP: 000000000<br>LEI: 549300V9QSIG4WX4GJ96 | Long             | EC               | CORP              | DE        |      24678 | NS      | $795810.63     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Accor SA                                                  | Accor SA                                                                            | CUSIP: 000000000<br>LEI: 969500QZC2Q0TK11NV07 | Long             | EC               | CORP              | FR        |       7294 | NS      | $394736.01     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MercadoLibre Inc                                          | MercadoLibre Inc                                                                    | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |        407 | NS      | $843214.46     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                                            | Merck & Co Inc                                                                      | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      13758 | NS      | $1442251.14    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Nokia Oyj                                                 | Nokia Oyj                                                                           | CUSIP: 000000000<br>LEI: 549300A0JPRWG1KI7U06 | Long             | EC               | CORP              | FI        |      75226 | NS      | $458135.43     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MetLife Inc                                               | MetLife Inc                                                                         | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |       6955 | NS      | $532474.80     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Metro Inc/CN                                              | Metro Inc/CN                                                                        | CUSIP: 59162N109<br>LEI: 549300KQ7DCG4IXSNW78 | Long             | EC               | CORP              | CA        |       3965 | NS      | $286114.42     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Mettler-Toledo International Inc                          | Mettler-Toledo International Inc                                                    | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |        604 | NS      | $891938.88     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                                            | Microsoft Corp                                                                      | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      41186 | NS      | $20263923.86   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc                                     | Micron Technology Inc                                                               | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |       1116 | NS      | $263911.68     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Telefonaktiebolaget LM Ericsson                           | Telefonaktiebolaget LM Ericsson                                                     | CUSIP: 000000000<br>LEI: 549300W9JLPW15XIFM52 | Long             | EC               | CORP              | SE        |     152124 | NS      | $1467929.80    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Zurich Insurance Group AG                                 | Zurich Insurance Group AG                                                           | CUSIP: 000000000<br>LEI: 529900QVNRBND50TXP03 | Long             | EC               | CORP              | CH        |       1700 | NS      | $1222307.86    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Koninklijke Philips NV                                    | Koninklijke Philips NV                                                              | CUSIP: 000000000<br>LEI: H1FJE8H61JGM1JSGM897 | Long             | EC               | CORP              | NL        |      14016 | NS      | $395389.67     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Aisin Corp                                                | Aisin Corp                                                                          | CUSIP: 000000000<br>LEI: 3538004IOK08PDY6I723 | Long             | EC               | CORP              | JP        |       4369 | NS      | $77805.95      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ajinomoto Co Inc                                          | Ajinomoto Co Inc                                                                    | CUSIP: 000000000<br>LEI: 353800UT0TLROREPIC92 | Long             | EC               | CORP              | JP        |       8929 | NS      | $207182.86     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Zensho Holdings Co Ltd                                    | Zensho Holdings Co Ltd                                                              | CUSIP: 000000000<br>LEI: 353800DYF3UDM49ITT03 | Long             | EC               | CORP              | JP        |       7592 | NS      | $457466.50     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Asahi Kasei Corp                                          | Asahi Kasei Corp                                                                    | CUSIP: 000000000<br>LEI: 353800GPI4Z3MGDGN142 | Long             | EC               | CORP              | JP        |      20278 | NS      | $169369.02     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Asics Corp                                                | Asics Corp                                                                          | CUSIP: 000000000<br>LEI: 3538002LJMRZ83SU0B85 | Long             | EC               | CORP              | JP        |      31049 | NS      | $743710.30     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Hapoalim BM                                          | Bank Hapoalim BM                                                                    | CUSIP: 000000000<br>LEI: B6ARUI4946ST4S7WOU88 | Long             | EC               | CORP              | IL        |      30158 | NS      | $652800.44     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Leumi Le-Israel BM                                   | Bank Leumi Le-Israel BM                                                             | CUSIP: 000000000<br>LEI: 7JDSZWRGUQY2DSTWCR57 | Long             | EC               | CORP              | IL        |      45388 | NS      | $951844.00     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Telstra Group Ltd                                         | Telstra Group Ltd                                                                   | CUSIP: 000000000<br>LEI: 894500WRW54CVN62K416 | Long             | EC               | CORP              | AU        |     286378 | NS      | $923404.17     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Monolithic Power Systems Inc                              | Monolithic Power Systems Inc                                                        | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |         76 | NS      | $70540.92      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Monster Beverage Corp                                     | Monster Beverage Corp                                                               | CUSIP: 61174X109<br>LEI: 52990090AP0E7HCB6F33 | Long             | EC               | CORP              | US        |      17836 | NS      | $1337521.64    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Trend Micro Inc/Japan                                     | Trend Micro Inc/Japan                                                               | CUSIP: 000000000<br>LEI: 3538005O5UJ5RNAGVE16 | Long             | EC               | CORP              | JP        |       2614 | NS      | $130550.51     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bridgestone Corp                                          | Bridgestone Corp                                                                    | CUSIP: 000000000<br>LEI: 549300DHPOF90OYYD780 | Long             | EC               | CORP              | JP        |      18931 | NS      | $888296.42     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Moody's Corp                                              | Moody's Corp                                                                        | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |       1254 | NS      | $615438.12     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Canon Inc                                                 | Canon Inc                                                                           | CUSIP: 000000000<br>LEI: 529900JH1GSC035SSP77 | Long             | EC               | CORP              | JP        |       4037 | NS      | $118776.58     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley                                            | Morgan Stanley                                                                      | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |       9485 | NS      | $1609225.10    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| DBS Group Holdings Ltd                                    | DBS Group Holdings Ltd                                                              | CUSIP: 000000000<br>LEI: 5493007FKT78NKPM5V55 | Long             | EC               | CORP              | SG        |      24898 | NS      | $1042939.45    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Motorola Solutions Inc                                    | Motorola Solutions Inc                                                              | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |        622 | NS      | $229940.96     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto Ltd                                             | Rio Tinto Ltd                                                                       | CUSIP: 000000000<br>LEI: 529900X2VMAQT2PE0V24 | Long             | EC               | CORP              | AU        |       1002 | NS      | $86920.19      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SCREEN Holdings Co Ltd                                    | SCREEN Holdings Co Ltd                                                              | CUSIP: 000000000<br>LEI: 353800ND89FTQ9XQ0R07 | Long             | EC               | CORP              | JP        |       3760 | NS      | $310109.18     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Aristocrat Leisure Ltd                                    | Aristocrat Leisure Ltd                                                              | CUSIP: 000000000<br>LEI: 529900TE2HO3OZKYKC27 | Long             | EC               | CORP              | AU        |       6090 | NS      | $232763.29     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Pan Pacific International Holdings Corp                   | Pan Pacific International Holdings Corp                                             | CUSIP: 000000000<br>LEI: 529900QLHJM2E18A5763 | Long             | EC               | CORP              | JP        |     113889 | NS      | $690254.69     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Insurance Australia Group Ltd                             | Insurance Australia Group Ltd                                                       | CUSIP: 000000000<br>LEI: 549300PFEWKNHRG25N08 | Long             | EC               | CORP              | AU        |     117728 | NS      | $598009.54     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Pro Medicus Ltd                                           | Pro Medicus Ltd                                                                     | CUSIP: 000000000<br>LEI: 98450085A903D1BMFF27 | Long             | EC               | CORP              | AU        |       1995 | NS      | $348848.38     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| NRG Energy Inc                                            | NRG Energy Inc                                                                      | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |       4258 | NS      | $721688.42     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NVR Inc                                                   | NVR Inc                                                                             | CUSIP: 62944T105<br>LEI: 529900RWXR4JI3JYTV70 | Long             | EC               | CORP              | US        |        107 | NS      | $803280.03     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Singapore Exchange Ltd                                    | Singapore Exchange Ltd                                                              | CUSIP: 000000000<br>LEI: 549300IQ650PPXM76X03 | Long             | EC               | CORP              | SG        |      27125 | NS      | $353700.47     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| SBI Holdings Inc                                          | SBI Holdings Inc                                                                    | CUSIP: 000000000<br>LEI: 353800L6LMHYIPSMRQ17 | Long             | EC               | CORP              | JP        |      41464 | NS      | $874345.40     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Natera Inc                                                | Natera Inc                                                                          | CUSIP: 632307104<br>LEI: 529900CQ3OZ0A0VYVU59 | Long             | EC               | CORP              | US        |       1400 | NS      | $334334.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| National Bank of Canada                                   | National Bank of Canada                                                             | CUSIP: 633067103<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | EC               | CORP              | CA        |        479 | NS      | $57965.36      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fisher & Paykel Healthcare Corp Ltd                       | Fisher & Paykel Healthcare Corp Ltd                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | NZ        |       3805 | NS      | $81458.72      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Subaru Corp                                               | Subaru Corp                                                                         | CUSIP: 000000000<br>LEI: 549300N244BVAEE6HH86 | Long             | EC               | CORP              | JP        |       2544 | NS      | $56817.99      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fujikura Ltd                                              | Fujikura Ltd                                                                        | CUSIP: 000000000<br>LEI: 353800PSDZ8VRCKVPL51 | Long             | EC               | CORP              | JP        |       4510 | NS      | $521934.06     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Fujitsu Ltd                                               | Fujitsu Ltd                                                                         | CUSIP: 000000000<br>LEI: 3538000246DHJLRTUZ24 | Long             | EC               | CORP              | JP        |      16897 | NS      | $448297.96     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| NetApp Inc                                                | NetApp Inc                                                                          | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |       7260 | NS      | $809925.60     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                                               | Netflix Inc                                                                         | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |      21015 | NS      | $2260793.70    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Hitachi Ltd                                               | Hitachi Ltd                                                                         | CUSIP: 000000000<br>LEI: 549300T6IPOCDWLKC615 | Long             | EC               | CORP              | JP        |        781 | NS      | $24871.67      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Israel Discount Bank Ltd                                  | Israel Discount Bank Ltd                                                            | CUSIP: 000000000<br>LEI: 549300XWZ7BG5G23OF51 | Long             | EC               | CORP              | IL        |      50336 | NS      | $527141.82     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Phoenix Financial Ltd                                     | Phoenix Financial Ltd                                                               | CUSIP: 000000000<br>LEI: 254900IUA68QTCFYHE30 | Long             | EC               | CORP              | IL        |      22585 | NS      | $909390.47     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Aeon Co Ltd                                               | Aeon Co Ltd                                                                         | CUSIP: 000000000<br>LEI: 5299009MXFL34SA71416 | Long             | EC               | CORP              | JP        |      12750 | NS      | $230848.86     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokio Marine Holdings Inc                                 | Tokio Marine Holdings Inc                                                           | CUSIP: 000000000<br>LEI: 5299009QN2NZ191KLS29 | Long             | EC               | CORP              | JP        |      26069 | NS      | $924169.58     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Newmont Corp                                              | Newmont Corp                                                                        | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |       9753 | NS      | $884889.69     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| News Corp                                                 | News Corp                                                                           | CUSIP: 65249B109<br>LEI: 549300ITS31QK8VRBQ14 | Long             | EC               | CORP              | US        |      17948 | NS      | $460904.64     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BOC Hong Kong Holdings Ltd                                | BOC Hong Kong Holdings Ltd                                                          | CUSIP: 000000000<br>LEI: 254900JB98W77JDJMW15 | Long             | EC               | CORP              | HK        |      90818 | NS      | $438452.33     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| NIKE Inc                                                  | NIKE Inc                                                                            | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |       5826 | NS      | $376534.38     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncorp Group Ltd                                         | Suncorp Group Ltd                                                                   | CUSIP: 000000000<br>LEI: 549300BVOKRTHDIWVT46 | Long             | EC               | CORP              | AU        |      44515 | NS      | $511476.14     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Electric Corp                                  | Mitsubishi Electric Corp                                                            | CUSIP: 000000000<br>LEI: 549300TRXM9Y6561AX39 | Long             | EC               | CORP              | JP        |      16491 | NS      | $445882.55     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| NEC Corp                                                  | NEC Corp                                                                            | CUSIP: 000000000<br>LEI: 5493000QYMPFRTEY4K28 | Long             | EC               | CORP              | JP        |      26852 | NS      | $1014538.81    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| NTT Inc                                                   | NTT Inc                                                                             | CUSIP: 000000000<br>LEI: 353800VHQU5VIXVUA841 | Long             | EC               | CORP              | JP        |     456145 | NS      | $454595.63     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Nitto Denko Corp                                          | Nitto Denko Corp                                                                    | CUSIP: 000000000<br>LEI: 3538009GX5P09USH2J25 | Long             | EC               | CORP              | JP        |      17539 | NS      | $434008.70     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Nice Ltd                                                  | Nice Ltd                                                                            | CUSIP: 000000000<br>LEI: 254900YTY4EF5Z4W0A51 | Long             | EC               | CORP              | IL        |       1888 | NS      | $197573.78     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Northern Trust Corp                                       | Northern Trust Corp                                                                 | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |      10468 | NS      | $1374867.12    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Olympus Corp                                              | Olympus Corp                                                                        | CUSIP: 000000000<br>LEI: 5299000Y52IFDI1I2A21 | Long             | EC               | CORP              | JP        |       3944 | NS      | $53027.83      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Osaka Gas Co Ltd                                          | Osaka Gas Co Ltd                                                                    | CUSIP: 000000000<br>LEI: 353800024KMNOPQRWZ02 | Long             | EC               | CORP              | JP        |       4644 | NS      | $162986.41     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Nutanix Inc                                               | Nutanix Inc                                                                         | CUSIP: 67059N108<br>LEI: 549300X7J6E8TKVIXW09 | Long             | EC               | CORP              | US        |      15566 | NS      | $744054.80     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                                               | NVIDIA Corp                                                                         | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     152900 | NS      | $27063300.00   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc                                   | O'Reilly Automotive Inc                                                             | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |      16784 | NS      | $1706932.80    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| QBE Insurance Group Ltd                                   | QBE Insurance Group Ltd                                                             | CUSIP: 000000000<br>LEI: 549300D2FBW76FPUSG65 | Long             | EC               | CORP              | AU        |      84349 | NS      | $1063735.36    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| T&D Holdings Inc                                          | T&D Holdings Inc                                                                    | CUSIP: 000000000<br>LEI: 3538008ARJ1MACEWA242 | Long             | EC               | CORP              | JP        |      21598 | NS      | $469205.21     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Ryohin Keikaku Co Ltd                                     | Ryohin Keikaku Co Ltd                                                               | CUSIP: 000000000<br>LEI: 549300PMNF56J66BY371 | Long             | EC               | CORP              | JP        |      22934 | NS      | $454863.78     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Sekisui Chemical Co Ltd                                   | Sekisui Chemical Co Ltd                                                             | CUSIP: 000000000<br>LEI: 529900KQIVT7NWFNMI70 | Long             | EC               | CORP              | JP        |      31074 | NS      | $529559.57     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Shiseido Co Ltd                                           | Shiseido Co Ltd                                                                     | CUSIP: 000000000<br>LEI: 5299008QCD0YDT5OF506 | Long             | EC               | CORP              | JP        |      25885 | NS      | $368472.67     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Open Text Corp                                            | Open Text Corp                                                                      | CUSIP: 683715106<br>LEI: 549300HP7ONDQODZJV16 | Long             | EC               | CORP              | CA        |       7995 | NS      | $268550.07     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                                               | Oracle Corp                                                                         | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |       1185 | NS      | $239310.75     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumitomo Electric Industries Ltd                          | Sumitomo Electric Industries Ltd                                                    | CUSIP: 000000000<br>LEI: 5493005SP87FL5TOS202 | Long             | EC               | CORP              | JP        |      12190 | NS      | $480341.31     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Suzuki Motor Corp                                         | Suzuki Motor Corp                                                                   | CUSIP: 000000000<br>LEI: 353800D83H0V3ZV1SV24 | Long             | EC               | CORP              | JP        |      35808 | NS      | $559977.66     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Takeda Pharmaceutical Co Ltd                              | Takeda Pharmaceutical Co Ltd                                                        | CUSIP: 000000000<br>LEI: 549300ZLMVP4X0OGR454 | Long             | EC               | CORP              | JP        |       3438 | NS      | $99125.29      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Advantest Corp                                            | Advantest Corp                                                                      | CUSIP: 000000000<br>LEI: 353800EMK32PDKS9XR54 | Long             | EC               | CORP              | JP        |      12729 | NS      | $1693727.56    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Otis Worldwide Corp                                       | Otis Worldwide Corp                                                                 | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |       7876 | NS      | $699782.60     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokyo Gas Co Ltd                                          | Tokyo Gas Co Ltd                                                                    | CUSIP: 000000000<br>LEI: 353800678EIJLOQSWZ83 | Long             | EC               | CORP              | JP        |       8655 | NS      | $350792.67     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Mizrahi Tefahot Bank Ltd                                  | Mizrahi Tefahot Bank Ltd                                                            | CUSIP: 000000000<br>LEI: YZO9YEGEO4VYDZMDWF93 | Long             | EC               | CORP              | IL        |      13037 | NS      | $913245.94     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| United Overseas Bank Ltd                                  | United Overseas Bank Ltd                                                            | CUSIP: 000000000<br>LEI: IO66REGK3RCBAMA8HR66 | Long             | EC               | CORP              | SG        |       3925 | NS      | $103024.94     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc/The                      | PNC Financial Services Group Inc/The                                                | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |        502 | NS      | $95741.44      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC Inc                                                   | PTC Inc                                                                             | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Long             | EC               | CORP              | US        |        513 | NS      | $89995.59      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Wesfarmers Ltd                                            | Wesfarmers Ltd                                                                      | CUSIP: 000000000<br>LEI: 5493003L32ZX9557ST85 | Long             | EC               | CORP              | AU        |      13906 | NS      | $746250.27     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Palantir Technologies Inc                                 | Palantir Technologies Inc                                                           | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |      16797 | NS      | $2829454.65    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Woolworths Group Ltd                                      | Woolworths Group Ltd                                                                | CUSIP: 000000000<br>LEI: QNWEWQBS7HP85QHXQL92 | Long             | EC               | CORP              | AU        |      10663 | NS      | $204845.61     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Astellas Pharma Inc                                       | Astellas Pharma Inc                                                                 | CUSIP: 000000000<br>LEI: 529900IB708DY2HBBB35 | Long             | EC               | CORP              | JP        |      58586 | NS      | $736684.41     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Yokogawa Electric Corp                                    | Yokogawa Electric Corp                                                              | CUSIP: 000000000<br>LEI: 529900MV0U7C9WWF4L22 | Long             | EC               | CORP              | JP        |      27506 | NS      | $879758.54     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Paycom Software Inc                                       | Paycom Software Inc                                                                 | CUSIP: 70432V102<br>LEI: 254900LSB0HNJUDC6Q18 | Long             | EC               | CORP              | US        |       1514 | NS      | $244011.38     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| PayPal Holdings Inc                                       | PayPal Holdings Inc                                                                 | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |      16022 | NS      | $1004419.18    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AXA SA                                                    | AXA SA                                                                              | CUSIP: 000000000<br>LEI: F5WCUMTUM4RKZ1MAIE39 | Long             | EC               | CORP              | FR        |      21811 | NS      | $985371.67     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Novartis AG                                               | Novartis AG                                                                         | CUSIP: 000000000<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |      14133 | NS      | $1843791.41    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                                          | Roche Holding AG                                                                    | CUSIP: 000000000<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |       1191 | NS      | $474207.47     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                                          | Roche Holding AG                                                                    | CUSIP: 000000000<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |       4393 | NS      | $1682972.49    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Holcim AG                                                 | Holcim AG                                                                           | CUSIP: 000000000<br>LEI: 529900EHPFPYHV6IQO98 | Long             | EC               | CORP              | CH        |      12444 | NS      | $1167372.20    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Equinor ASA                                               | Equinor ASA                                                                         | CUSIP: 000000000<br>LEI: OW6OFBNCKXC4US5C7523 | Long             | EC               | CORP              | NO        |      14411 | NS      | $331392.60     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| PepsiCo Inc                                               | PepsiCo Inc                                                                         | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |       3703 | NS      | $550784.22     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Enel SpA                                                  | Enel SpA                                                                            | CUSIP: 000000000<br>LEI: WOCMU6HCI0OJWNPRZS33 | Long             | EC               | CORP              | IT        |      34798 | NS      | $359603.58     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Philip Morris International Inc                           | Philip Morris International Inc                                                     | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |       7537 | NS      | $1186926.76    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinterest Inc                                             | Pinterest Inc                                                                       | CUSIP: 72352L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      40897 | NS      | $1068229.64    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Cie de Saint-Gobain SA                                    | Cie de Saint-Gobain SA                                                              | CUSIP: 000000000<br>LEI: NFONVGN05Z0FMN5PEC35 | Long             | EC               | CORP              | FR        |       2467 | NS      | $246223.69     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Power Corp of Canada                                      | Power Corp of Canada                                                                | CUSIP: 739239101<br>LEI: 549300BE2CB8T87IJV50 | Long             | EC               | CORP              | CA        |      10247 | NS      | $520984.19     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| T Rowe Price Group Inc                                    | T Rowe Price Group Inc                                                              | CUSIP: 74144T108<br>LEI: 549300SIV6FPS9Y7IH33 | Long             | EC               | CORP              | US        |       5825 | NS      | $596363.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The                                   | Procter & Gamble Co/The                                                             | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |       6470 | NS      | $958595.20     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The                                      | Progressive Corp/The                                                                | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |       7229 | NS      | $1653922.91    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Swiss Life Holding AG                                     | Swiss Life Holding AG                                                               | CUSIP: 000000000<br>LEI: 5493000KUC3Z24U77V93 | Long             | EC               | CORP              | CH        |        411 | NS      | $450790.89     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| PulteGroup Inc                                            | PulteGroup Inc                                                                      | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       3482 | NS      | $442875.58     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Pure Storage Inc                                          | Pure Storage Inc                                                                    | CUSIP: 74624M102<br>LEI: 549300NPDB0BZTK3WO90 | Long             | EC               | CORP              | US        |       8377 | NS      | $745217.92     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Qnity Electronics Inc                                     | Qnity Electronics Inc                                                               | CUSIP: 74743L100<br>LEI: 254900RSUG4J9TFFZX53 | Long             | EC               | CORP              | US        |       3265 | NS      | $264758.85     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                                              | QUALCOMM Inc                                                                        | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      10280 | NS      | $1727965.20    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Inc                                     | Quest Diagnostics Inc                                                               | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |       2372 | NS      | $448734.96     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| RPM International Inc                                     | RPM International Inc                                                               | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |       3940 | NS      | $422565.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Raymond James Financial Inc                               | Raymond James Financial Inc                                                         | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |       6175 | NS      | $966634.50     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Reddit Inc                                                | Reddit Inc                                                                          | CUSIP: 75734B100<br>LEI: 529900APN1YHPBHPI679 | Long             | EC               | CORP              | US        |       3460 | NS      | $748986.20     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals Inc                             | Regeneron Pharmaceuticals Inc                                                       | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |        650 | NS      | $507123.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Regions Financial Corp                                    | Regions Financial Corp                                                              | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |       4027 | NS      | $102487.15     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Inc                                              | Reliance Inc                                                                        | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |       4300 | NS      | $1201076.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ResMed Inc                                                | ResMed Inc                                                                          | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |       2922 | NS      | $747535.26     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Rivian Automotive Inc                                     | Rivian Automotive Inc                                                               | CUSIP: 76954A103<br>LEI: 25490004LNKJ84MFYY24 | Long             | EC               | CORP              | US        |      34213 | NS      | $576831.18     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Robinhood Markets Inc                                     | Robinhood Markets Inc                                                               | CUSIP: 770700102<br>LEI: 213800FS5AO3YWIE6F63 | Long             | EC               | CORP              | US        |       9154 | NS      | $1176197.46    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ROBLOX Corp                                               | ROBLOX Corp                                                                         | CUSIP: 771049103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      12735 | NS      | $1210207.05    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Yara International ASA                                    | Yara International ASA                                                              | CUSIP: 000000000<br>LEI: 213800WKOUWXWFJ5Z514 | Long             | EC               | CORP              | NO        |      13188 | NS      | $481706.09     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Rollins Inc                                               | Rollins Inc                                                                         | CUSIP: 775711104<br>LEI: 549300F2A0BXT4SGWD84 | Long             | EC               | CORP              | US        |      17883 | NS      | $1099446.84    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Ross Stores Inc                                           | Ross Stores Inc                                                                     | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |       3822 | NS      | $674047.92     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Bank of Canada                                      | Royal Bank of Canada                                                                | CUSIP: 780087102<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | EC               | CORP              | CA        |       8350 | NS      | $1287469.68    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street SPDR Portfolio S&P 500 Growth ETF            | State Street SPDR Portfolio S&P 500 Growth ETF                                      | CUSIP: 78464A409<br>LEI: 549300VUPJJVH7HVPB06 | Long             | EC               | RF                | US        |    2060994 | NS      | $220608797.76  | 4.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                                            | Salesforce Inc                                                                      | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |       4426 | NS      | $1020370.04    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Saputo Inc                                                | Saputo Inc                                                                          | CUSIP: 802912105<br>LEI: 549300HH4U1DPY0TBT90 | Long             | EC               | CORP              | CA        |      30729 | NS      | $869678.31     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The                                   | Charles Schwab Corp/The                                                             | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |       7858 | NS      | $728672.34     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Sea Ltd                                                   | Sea Ltd                                                                             | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |       2507 | NS      | $348498.07     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                                            | ServiceNow Inc                                                                      | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |        680 | NS      | $552438.80     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Sherwin-Williams Co/The                                   | Sherwin-Williams Co/The                                                             | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |       1004 | NS      | $345064.76     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap-on Inc                                               | Snap-on Inc                                                                         | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |       2598 | NS      | $883449.90     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SoFi Technologies Inc                                     | SoFi Technologies Inc                                                               | CUSIP: 83406F102<br>LEI: 549300SW81JCMVZDDY09 | Long             | EC               | CORP              | US        |       6564 | NS      | $195082.08     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Solventum Corp                                            | Solventum Corp                                                                      | CUSIP: 83444M101<br>LEI: 254900I70403OSGY4M28 | Long             | EC               | CORP              | US        |       4352 | NS      | $371051.52     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Block Inc                                                 | Block Inc                                                                           | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Long             | EC               | CORP              | US        |       4251 | NS      | $283966.80     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Stantec Inc                                               | Stantec Inc                                                                         | CUSIP: 85472N109<br>LEI: 549300MZ7NGUZDCP2T16 | Long             | EC               | CORP              | CA        |       6559 | NS      | $632878.14     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp                                         | State Street Corp                                                                   | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |      11451 | NS      | $1362898.02    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corp                                              | Stryker Corp                                                                        | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |        767 | NS      | $284695.06     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc                                         | Suncor Energy Inc                                                                   | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |      23742 | NS      | $1063713.64    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Synchrony Financial                                       | Synchrony Financial                                                                 | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |      30165 | NS      | $2333564.40    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Sysco Corp                                                | Sysco Corp                                                                          | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |      19922 | NS      | $1518056.40    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos Inc/The                                           | TJX Cos Inc/The                                                                     | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      13347 | NS      | $2027676.24    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                                           | T-Mobile US Inc                                                                     | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |       3293 | NS      | $688269.93     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Take-Two Interactive Software Inc                         | Take-Two Interactive Software Inc                                                   | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |       1666 | NS      | $409952.62     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Tapestry Inc                                              | Tapestry Inc                                                                        | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               | CORP              | US        |      17125 | NS      | $1871420.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp                                               | Target Corp                                                                         | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |       9885 | NS      | $895778.70     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Teledyne Technologies Inc                                 | Teledyne Technologies Inc                                                           | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |        268 | NS      | $133871.36     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradyne Inc                                              | Teradyne Inc                                                                        | CUSIP: 880770102<br>LEI: C3X4YJ278QNZHRJULN75 | Long             | EC               | CORP              | US        |       3603 | NS      | $655349.67     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                                                 | Tesla Inc                                                                           | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |       6500 | NS      | $2796105.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Toromont Industries Ltd                                   | Toromont Industries Ltd                                                             | CUSIP: 891102105<br>LEI: 5493008W5EPRSLQ0B737 | Long             | EC               | CORP              | CA        |        668 | NS      | $78217.35      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Toronto-Dominion Bank/The                                 | Toronto-Dominion Bank/The                                                           | CUSIP: 891160509<br>LEI: PT3QB789TSUIDF371261 | Long             | EC               | CORP              | CA        |      21930 | NS      | $1841872.05    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Tractor Supply Co                                         | Tractor Supply Co                                                                   | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |       8146 | NS      | $446237.88     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Cos Inc/The                                     | Travelers Cos Inc/The                                                               | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |       5170 | NS      | $1514086.20    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Twilio Inc                                                | Twilio Inc                                                                          | CUSIP: 90138F102<br>LEI: 5493004W8TRGD63APX93 | Long             | EC               | CORP              | US        |       8473 | NS      | $1098863.37    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| US Bancorp                                                | US Bancorp                                                                          | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |       6491 | NS      | $318383.55     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc                                     | Uber Technologies Inc                                                               | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |       9722 | NS      | $851063.88     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Ulta Beauty Inc                                           | Ulta Beauty Inc                                                                     | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |       3626 | NS      | $1953797.58    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| United Airlines Holdings Inc                              | United Airlines Holdings Inc                                                        | CUSIP: 910047109<br>LEI: 98450079DA0B78DD6764 | Long             | EC               | CORP              | US        |       7436 | NS      | $758174.56     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                    | U.S. Treasury Bills                                                                 | CUSIP: 912797NU7<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    3800000 | PA      | $3789713.10    | 0.08%             | 2025-12-26      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| United States Treasury                                    | U.S. Treasury Bills                                                                 | CUSIP: 912797PV3<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    4690200 | PA      | $4637972.47    | 0.10%             | 2026-03-19      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| United States Treasury                                    | U.S. Treasury Bills                                                                 | CUSIP: 912797QD2<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    6642300 | PA      | $6550240.38    | 0.14%             | 2026-04-16      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| United States Treasury                                    | U.S. Treasury Bills                                                                 | CUSIP: 912797QN0<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    5000000 | PA      | $4916859.55    | 0.10%             | 2026-05-14      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| United States Treasury                                    | U.S. Treasury Bills                                                                 | CUSIP: 912797RH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    4700000 | PA      | $4681150.27    | 0.10%             | 2026-01-08      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| United States Treasury                                    | U.S. Treasury Bills                                                                 | CUSIP: 912797RU3<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    4500000 | PA      | $4459604.45    | 0.09%             | 2026-02-26      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| United States Treasury                                    | U.S. Treasury Bills                                                                 | CUSIP: 912797RV1<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    5400000 | PA      | $5348135.00    | 0.11%             | 2026-03-05      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| United States Treasury                                    | U.S. Treasury Bills                                                                 | CUSIP: 912797RX7<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    3100000 | PA      | $3094959.71    | 0.06%             | 2025-12-16      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| United States Treasury                                    | U.S. Treasury Bills                                                                 | CUSIP: 912797RY5<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    4465400 | PA      | $4454793.16    | 0.09%             | 2025-12-23      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| United States Treasury                                    | U.S. Treasury Bills                                                                 | CUSIP: 912797SE8<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    5800000 | PA      | $5777970.90    | 0.12%             | 2026-01-06      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| United States Treasury                                    | U.S. Treasury Bills                                                                 | CUSIP: 912797SF5<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    4661400 | PA      | $4640393.03    | 0.10%             | 2026-01-13      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| United States Treasury                                    | U.S. Treasury Bills                                                                 | CUSIP: 912797SN8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    4444400 | PA      | $4376468.28    | 0.09%             | 2026-04-30      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| United States Treasury                                    | U.S. Treasury Bills                                                                 | CUSIP: 912797SV0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    4453300 | PA      | $4376045.22    | 0.09%             | 2026-05-21      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| United States Treasury                                    | U.S. Treasury Bills                                                                 | CUSIP: 912797SY4<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    5000000 | PA      | $4949020.10    | 0.10%             | 2026-03-10      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| United States Treasury                                    | U.S. Treasury Bills                                                                 | CUSIP: 912797SZ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    5000000 | PA      | $4945324.40    | 0.10%             | 2026-03-17      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| United States Treasury                                    | U.S. Treasury Bills                                                                 | CUSIP: 912797TA5<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    6100000 | PA      | $6028871.87    | 0.13%             | 2026-03-24      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| United Therapeutics Corp                                  | United Therapeutics Corp                                                            | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |       3038 | NS      | $1476468.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc                                    | UnitedHealth Group Inc                                                              | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |       4366 | NS      | $1439775.82    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Veralto Corp                                              | Veralto Corp                                                                        | CUSIP: 92338C103<br>LEI: 635400FJE6GSOJUSNY27 | Long             | EC               | CORP              | US        |       8031 | NS      | $812897.82     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| VeriSign Inc                                              | VeriSign Inc                                                                        | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               | CORP              | US        |       9959 | NS      | $2509568.41    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc                                | Verizon Communications Inc                                                          | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |      25045 | NS      | $1029599.95    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Inc                                | Vertex Pharmaceuticals Inc                                                          | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |       1899 | NS      | $823425.39     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co                                        | Vertiv Holdings Co                                                                  | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |       2807 | NS      | $504502.11     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                                  | Visa Inc                                                                            | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      10873 | NS      | $3636366.12    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| WSP Global Inc                                            | WSP Global Inc                                                                      | CUSIP: 92938W202<br>LEI: 549300IQ87LU6X6ERQ78 | Long             | EC               | CORP              | CA        |       7703 | NS      | $1352524.32    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                               | Walmart Inc                                                                         | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |      38210 | NS      | $4222587.10    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Bros Discovery Inc                                 | Warner Bros Discovery Inc                                                           | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |      44007 | NS      | $1056168.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Waters Corp                                               | Waters Corp                                                                         | CUSIP: 941848103<br>LEI: 5T547R1474YC9HOD8Q74 | Long             | EC               | CORP              | US        |        353 | NS      | $142407.26     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co                                          | Wells Fargo & Co                                                                    | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |      19041 | NS      | $1634669.85    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CAYMAN COMMODITY GMB, LLC                                 | CAYMAN COMMODITY GMB, LLC                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | RF                | US        |     150000 | NS      | $3000000.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Digital Corp                                      | Western Digital Corp                                                                | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Long             | EC               | CORP              | US        |       5425 | NS      | $886065.25     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| George Weston Ltd                                         | George Weston Ltd                                                                   | CUSIP: 961148509<br>LEI: 549300FAHC3L1QKNT280 | Long             | EC               | CORP              | CA        |      16784 | NS      | $1156125.69    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams-Sonoma Inc                                       | Williams-Sonoma Inc                                                                 | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               | CORP              | US        |       7567 | NS      | $1362135.67    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Workday Inc                                               | Workday Inc                                                                         | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |       1688 | NS      | $363966.56     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum! Brands Inc                                           | Yum! Brands Inc                                                                     | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |       5217 | NS      | $799296.57     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Zebra Technologies Corp                                   | Zebra Technologies Corp                                                             | CUSIP: 989207105<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | EC               | CORP              | US        |        952 | NS      | $240618.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Zillow Group Inc                                          | Zillow Group Inc                                                                    | CUSIP: 98954M200<br>LEI: 2549002XEELQDIR6FU05 | Long             | EC               | CORP              | US        |       4600 | NS      | $342148.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings Inc                                | Zimmer Biomet Holdings Inc                                                          | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |       1189 | NS      | $115951.28     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Zscaler Inc                                               | Zscaler Inc                                                                         | CUSIP: 98980G102<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | EC               | CORP              | US        |        301 | NS      | $75701.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoom Communications Inc                                   | Zoom Communications Inc                                                             | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               | CORP              | US        |      14403 | NS      | $1223678.88    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Citibank NA                                               | Long: ES128220  TRS USD R E CIEQDUG2 INDEX / Short: ES128220  TRS USD P F   .00000  | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DE               |  | US        |   87440551 | OU      | $-1722428.82   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                               | Long: ES128812  TRS USD R E RE .CIEQDUG2 / Short: ES128812  TRS USD P F   .00000 PF | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DE               |  | US        |    3021881 | OU      | $-59526.26     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                               | Long: ES129202  TRS USD R E .CIEQDUG2 / Short: ES129202  TRS USD P F   .00000       | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DE               |  | US        |    3029582 | OU      | $-59677.78     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Swiss Re AG                                               | Swiss Re AG                                                                         | CUSIP: 000000000<br>LEI: 529900PS9YW3YY29F326 | Long             | EC               | CORP              | CH        |       3900 | NS      | $688244.28     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Unipol Assicurazioni SpA                                  | Unipol Assicurazioni SpA                                                            | CUSIP: 000000000<br>LEI: 8156005CE5E7340CCA86 | Long             | EC               | CORP              | IT        |      24578 | NS      | $564469.37     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ASML Holding NV                                           | ASML Holding NV                                                                     | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |        558 | NS      | $590170.11     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Suntory Beverage & Food Ltd                               | Suntory Beverage & Food Ltd                                                         | CUSIP: 000000000<br>LEI: 549300FONLMVK7YYYH41 | Long             | EC               | CORP              | JP        |       3471 | NS      | $109829.21     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Vodafone Group PLC                                        | Vodafone Group PLC                                                                  | CUSIP: 000000000<br>LEI: 213800TB53ELEUKM7Q61 | Long             | EC               | CORP              | GB        |     375000 | NS      | $467002.47     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Poste Italiane SpA                                        | Poste Italiane SpA                                                                  | CUSIP: 000000000<br>LEI: 815600354DEDBD0BA991 | Long             | EC               | CORP              | IT        |      58161 | NS      | $1392197.29    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Banca Mediolanum SpA                                      | Banca Mediolanum SpA                                                                | CUSIP: 000000000<br>LEI: 7LVZJ6XRIE7VNZ4UBX81 | Long             | EC               | CORP              | IT        |      78685 | NS      | $1686050.83    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Knorr-Bremse AG                                           | Knorr-Bremse AG                                                                     | CUSIP: 000000000<br>LEI: 5299001GRRO0Z25YZT52 | Long             | EC               | CORP              | DE        |      10782 | NS      | $1143719.72    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Helvetia Holding AG                                       | Helvetia Holding AG                                                                 | CUSIP: 000000000<br>LEI: 529900SUJBXTORH0LT80 | Long             | EC               | CORP              | CH        |        586 | NS      | $152063.29     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DNB Bank ASA                                              | DNB Bank ASA                                                                        | CUSIP: 000000000<br>LEI: 549300GKFG0RYRRQ1414 | Long             | EC               | CORP              | NO        |      37574 | NS      | $1004741.42    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| SGS SA                                                    | SGS SA                                                                              | CUSIP: 000000000<br>LEI: 2138007JNS19JHNA2336 | Long             | EC               | CORP              | CH        |       7919 | NS      | $908475.68     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Tenaris SA                                                | Tenaris SA                                                                          | CUSIP: 000000000<br>LEI: 549300Y7C05BKC4HZB40 | Long             | EC               | CORP              | LU        |       4383 | NS      | $88176.30      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Sampo Oyj                                                 | Sampo Oyj                                                                           | CUSIP: 000000000<br>LEI: 743700UF3RL386WIDA22 | Long             | EC               | CORP              | FI        |      25233 | NS      | $296786.49     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Aena SME SA                                               | Aena SME SA                                                                         | CUSIP: 000000000<br>LEI: 959800R7QMXKF0NFMT29 | Long             | EC               | CORP              | ES        |       4925 | NS      | $134131.89     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Aumovio SE                                                | Aumovio SE                                                                          | CUSIP: 000000000<br>LEI: 391200IGI9RQ7VTOK384 | Long             | EC               | CORP              | DE        |          0 | NS      | $21.52         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                               | 3 MONTH SOFR OPT DEC25C 97.5                                                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       3234 | NC      | $20212.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                               | 3 MONTH SOFR OPT MAR26C 97.25                                                       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       1368 | NC      | $42750.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                               | 3 MONTH SOFR OPT DEC25C 97.25                                                       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       1442 | NC      | $9012.50       | 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        |        480 | NC      | $48000.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                               | 3 MONTH SOFR OPT DEC25C 96.5                                                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       1019 | NC      | $6368.75       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                               | 3 MONTH SOFR OPT JUN26C 96.75                                                       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        494 | NC      | $209950.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                               | 3 MONTH SOFR OPT MAR26C 96.62                                                       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        615 | NC      | $88406.25      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                               | 3 MONTH SOFR OPT JUN26C 96.62                                                       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        580 | NC      | $315375.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                               | 3 MONTH SOFR OPT SEP26C 96.62                                                       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        559 | NC      | $513581.25     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                               | 3 MONTH SOFR OPT MAR26C 96                                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       1922 | NC      | $2162250.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                               | 3 MONTH SOFR OPT DEC25C 95.87                                                       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       1950 | NC      | $1913437.50    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                               | 3 MONTH SOFR OPT JUN26C 96                                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       1712 | NC      | $2985300.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                               | 3 MONTH SOFR OPT SEP26C 96                                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       1600 | NC      | $3500000.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                               | 3 MONTH SOFR OPT MAR26C 96.25                                                       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        727 | NC      | $386218.75     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                               | 3 MONTH SOFR OPT SEP26C 96.37                                                       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        658 | NC      | $875962.50     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                               | 3 MONTH SOFR OPT JUN26C 96.25                                                       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        658 | NC      | $748475.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                               | 3 MONTH SOFR OPT DEC26C 96.37                                                       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        620 | NC      | $992000.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                               | 3 MONTH SOFR OPT DEC25C 96.12                                                       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        772 | NC      | $289500.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                         | EURO STOXX 50 PR                                                                    | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |        -72 | NC      | $-22473.66     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                               | 3 MONTH SOFR OPT JUN26C 97                                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        998 | NC      | $255737.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                               | 3 MONTH SOFR OPT JUN26C 96.5                                                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        408 | NC      | $283050.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                               | 3 MONTH SOFR OPT SEP26C 96.5                                                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       1245 | NC      | $1377281.25    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                               | 3 MONTH SOFR OPT MAR26C 97.5                                                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        363 | NC      | $9075.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                               | 3 MONTH SOFR OPT MAR27C 96.5                                                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       1232 | NC      | $1917300.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                               | 3 MONTH SOFR OPT DEC26C 96.5                                                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       2891 | NC      | $3975125.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                         | EURO STOXX 50 DEC25                                                                 | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |        172 | NC      | $461524.44     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                               | S+P500 EMINI FUT DEC25                                                              | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |       1478 | NC      | $13260150.21   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| The Montreal Exchange / Bourse De Montreal                | S+P/TSX 60 IX FUT DEC25                                                             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | CA        |        421 | NC      | $6077100.13    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                               | E-MINI RUSS 2000 DEC25                                                              | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |       2453 | NC      | $7150034.76    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                               | 3 MONTH SOFR OPT MAR26C 97                                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       1854 | NC      | $92700.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                               | 3 MONTH SOFR OPT JUN27C 96.5                                                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        780 | NC      | $1287000.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                               | 3 MONTH SOFR OPT JUN26C 97.12                                                       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        408 | NC      | $81600.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                               | 3 MONTH SOFR OPT DEC25C 97                                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       1763 | NC      | $11018.75      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe - Financial Products Division          | FTSE 100 IDX FUT DEC25                                                              | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | GB        |        -87 | NC      | $-329057.39    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                               | 3 MONTH SOFR OPT JUN27C 96                                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       1731 | NC      | $4533056.25    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                               | 3 MONTH SOFR OPT DEC26C 96                                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       2008 | NC      | $4869400.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                               | 3 MONTH SOFR OPT SEP26C 97                                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       1398 | NC      | $733950.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                               | 3 MONTH SOFR OPT MAR27C 96                                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       1952 | NC      | $5002000.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                               | 3 MONTH SOFR OPT MAR27C 96.25                                                       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       1302 | NC      | $2644687.50    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                               | 3 MONTH SOFR OPT SEP27C 96.25                                                       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       1323 | NC      | $2844450.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                               | 3 MONTH SOFR OPT JUN27C 96.25                                                       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       1302 | NC      | $2742337.50    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                               | 3 MONTH SOFR OPT JUN26C 97.25                                                       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       1469 | NC      | $229531.25     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                               | 3 MONTH SOFR OPT SEP26C 97.25                                                       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       1143 | NC      | $414337.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                         | EURO STOXX 50 PR                                                                    | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |       -144 | NC      | $-11195.06     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Japan Exchange Group                                      | NIKKEI 225                                                                          | CUSIP: 000000000<br>LEI: 353800578ADEGIJTVW07 | N/A              | DE               |  | JP        |         -6 | NC      | $-4494.09      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Japan Exchange Group                                      | NIKKEI 225                                                                          | CUSIP: 000000000<br>LEI: 353800578ADEGIJTVW07 | N/A              | DE               |  | JP        |         -3 | NC      | $-691.40       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Japan Exchange Group                                      | NIKKEI 225                                                                          | CUSIP: 000000000<br>LEI: 353800578ADEGIJTVW07 | N/A              | DE               |  | JP        |         -5 | NC      | $-2560.74      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe                                        | FTSE 100 INDEX                                                                      | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DE               |  | GB        |         -1 | NC      | $-152.23       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe                                        | FTSE 100 INDEX                                                                      | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DE               |  | GB        |         -1 | NC      | $-172.08       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe                                        | FTSE 100 INDEX                                                                      | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DE               |  | GB        |        -11 | NC      | $-509.62       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe                                        | FTSE 100 INDEX                                                                      | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DE               |  | GB        |         -7 | NC      | $-1899.51      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Japan Exchange Group                                      | NIKKEI 225                                                                          | CUSIP: 000000000<br>LEI: 353800578ADEGIJTVW07 | N/A              | DE               |  | JP        |         -7 | NC      | $-7080.44      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Japan Exchange Group                                      | NIKKEI 225                                                                          | CUSIP: 000000000<br>LEI: 353800578ADEGIJTVW07 | N/A              | DE               |  | JP        |         -4 | NC      | $-281.68       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                         | EURO STOXX 50 PRICE INDEX                                                           | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |       -138 | NC      | $-16.01        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                         | EURO STOXX 50 PRICE INDEX                                                           | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |        -69 | NC      | $-8.01         | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                    | S+P 500 INDEX                                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -56 | NC      | $-2660.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                    | S+P 500 INDEX                                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -28 | NC      | $-350.00       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Japan Exchange Group                                      | NIKKEI 225                                                                          | CUSIP: 000000000<br>LEI: 353800578ADEGIJTVW07 | N/A              | DE               |  | JP        |        -13 | NC      | $-7323.71      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Japan Exchange Group                                      | NIKKEI 225                                                                          | CUSIP: 000000000<br>LEI: 353800578ADEGIJTVW07 | N/A              | DE               |  | JP        |         -6 | NC      | $-768.22       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe                                        | FTSE 100 INDEX                                                                      | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DE               |  | GB        |        -15 | NC      | $-3772.55      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                         | EURO STOXX 50 WKLY INDEX                                                            | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |        -71 | NC      | $-1400.54      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                         | EURO STOXX 50 WKLY INDEX                                                            | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |       -142 | NC      | $-1318.16      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                    | S+P 500 INDEX                                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -28 | NC      | $-1470.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                    | S+P 500 INDEX                                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -57 | NC      | $-47880.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Japan Exchange Group                                      | NIKKEI 225                                                                          | CUSIP: 000000000<br>LEI: 353800578ADEGIJTVW07 | N/A              | DE               |  | JP        |        -15 | NC      | $-19877.72     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Japan Exchange Group                                      | NIKKEI 225                                                                          | CUSIP: 000000000<br>LEI: 353800578ADEGIJTVW07 | N/A              | DE               |  | JP        |         -8 | NC      | $-1331.58      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe                                        | FTSE 100 INDEX                                                                      | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DE               |  | GB        |        -11 | NC      | $-364.02       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe                                        | FTSE 100 INDEX                                                                      | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DE               |  | GB        |        -22 | NC      | $-8153.99      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                         | STOXX W OPTIONS W2                                                                  | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |        -70 | NC      | $-974.69       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                         | STOXX W OPTIONS W2                                                                  | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |       -139 | NC      | $-16290.15     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                    | S+P 500 INDEX                                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -58 | NC      | $-29000.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                    | S+P 500 INDEX                                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -29 | NC      | $-83230.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| National Stock Exchange Of India                          | IFSC NIFTY 50 FUT DEC25                                                             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | IN        |        428 | NC      | $-1682.88      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Japan Exchange Group                                      | NIKKEI 225                                                                          | CUSIP: 000000000<br>LEI: 353800578ADEGIJTVW07 | N/A              | DE               |  | JP        |         -6 | NC      | $-6990.81      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Japan Exchange Group                                      | NIKKEI 225                                                                          | CUSIP: 000000000<br>LEI: 353800578ADEGIJTVW07 | N/A              | DE               |  | JP        |        -11 | NC      | $-1478.83      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                    | S+P 500 INDEX                                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -78 | NC      | $-195.00       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                    | S+P 500 INDEX                                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -39 | NC      | $-425490.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe                                        | FTSE 100 INDEX                                                                      | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DE               |  | GB        |         -1 | NC      | $-483.15       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Japan Exchange Group                                      | NIKKEI 225                                                                          | CUSIP: 000000000<br>LEI: 353800578ADEGIJTVW07 | N/A              | DE               |  | JP        |         -3 | NC      | $-6337.83      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe                                        | FTSE 100 INDEX                                                                      | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DE               |  | GB        |         -2 | NC      | $-622.14       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe                                        | FTSE 100 INDEX                                                                      | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DE               |  | GB        |        -13 | NC      | $-5248.47      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe                                        | FTSE 100 INDEX                                                                      | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DE               |  | GB        |        -26 | NC      | $-3957.86      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                    | S+P 500 INDEX                                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -78 | NC      | $-780.00       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                    | S+P 500 INDEX                                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -39 | NC      | $-301275.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                    | S+P 500 INDEX                                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -38 | NC      | $-54150.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                    | S+P 500 INDEX                                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -77 | NC      | $-13667.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                    | S+P 500 INDEX                                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -58 | NC      | $-113680.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                    | S+P 500 INDEX                                                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        -29 | NC      | $-49300.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO003999 CALL JPY PUT KRW                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |  701185000 | OU      | $4.49          | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO003975 CALL USD PUT KRW                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    4999000 | OU      | $10.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO004027 PUT CAD CALL JPY                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |    9728000 | OU      | $6.96          | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO003897 PUT AUD CALL JPY                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |   19059000 | OU      | $12.49         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO004073 CALL USD PUT CLP                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    8012000 | OU      | $8.01          | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO003948 PUT NZD CALL JPY                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |   10592000 | OU      | $6.08          | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO003938 PUT AUD CALL USD                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |    7613000 | OU      | $4.99          | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO004095 CALL USD PUT MXN                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    3789000 | OU      | $3.79          | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO004036 CALL CHF PUT SEK                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |    7340000 | OU      | $9.14          | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO004125 CALL CHF PUT NOK                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |    6389000 | OU      | $7.96          | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO003906 PUT NZD CALL USD                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |    4192000 | OU      | $12.03         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO004059 CALL USD PUT CAD                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   22231000 | OU      | $22.23         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO004160 CALL USD PUT SEK                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    7081000 | OU      | $7.08          | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO004013 CALL USD PUT NOK                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    2269000 | OU      | $2.27          | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO004232 CALL USD PUT KRW                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    5674000 | OU      | $12692.74      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO004284 CALL USD PUT MXN                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    3684000 | OU      | $291.04        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO004242 CALL CHF PUT SEK                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |    6975000 | OU      | $10439.48      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO004196 PUT NZD CALL JPY                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |    9578000 | OU      | $4150.46       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO004184 PUT AUD CALL JPY                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |   18102000 | OU      | $5431.67       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO004305 CALL USD PUT NOK                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    2411000 | OU      | $496.67        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO004209 PUT NZD CALL USD                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |    4201000 | OU      | $6322.07       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO004207 CALL JPY PUT KRW                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |  655617000 | OU      | $1813.17       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO004248 CALL USD PUT CAD                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   19875000 | OU      | $3040.88       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO004230 PUT AUD CALL USD                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |    7676000 | OU      | $4204.19       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO004262 CALL USD PUT SEK                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    7173000 | OU      | $667.09        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO004333 CALL CHF PUT NOK                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |    6143000 | OU      | $16040.18      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO004340 PUT CAD CALL JPY                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |    8981000 | OU      | $848.32        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO004274 CALL USD PUT CLP                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    7503000 | OU      | $9243.70       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO004373 CALL USD PUT MXN                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    5275000 | OU      | $12733.85      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO004398 PUT CAD CALL JPY                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |   11261000 | OU      | $11507.18      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO004360 CALL USD PUT CAD                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   29120000 | OU      | $152152.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO004403 CALL USD PUT CLP                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    9575000 | OU      | $29376.10      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO004548 CALL JPY PUT KRW                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |  807229000 | OU      | $15792.66      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO004475 PUT AUD CALL JPY                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |   22311000 | OU      | $29789.55      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO004429 CALL CHF PUT SEK                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |   10517000 | OU      | $28102.95      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO004451 CALL CHF PUT NOK                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |    9258000 | OU      | $54607.33      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO004511 PUT AUD CALL USD                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |    9287000 | OU      | $27057.23      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO004418 CALL USD PUT SEK                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    6149000 | OU      | $16485.47      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO004459 PUT NZD CALL JPY                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |   11647000 | OU      | $20863.25      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO004498 CALL USD PUT KRW                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    6659000 | OU      | $94451.26      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO004544 PUT NZD CALL USD                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |    5047000 | OU      | $34230.61      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO004688 PUT CAD CALL JPY                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |   16416000 | OU      | $48633.04      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO004668 CALL CHF PUT SEK                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |   14676000 | OU      | $118526.39     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO004751 CALL USD PUT CLP                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   13030000 | OU      | $82193.24      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO004733 CALL USD PUT MXN                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    7000000 | OU      | $60466.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO004711 CALL USD PUT SEK                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    8468000 | OU      | $87914.78      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO004698 CALL USD PUT CAD                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |   41095000 | OU      | $287500.62     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO004678 CALL CHF PUT NOK                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |   12790000 | OU      | $142599.50     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO004783 PUT AUD CALL JPY                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |   31651000 | OU      | $140051.97     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO004765 CALL USD PUT KRW                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |    9958000 | OU      | $212573.43     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO004809 PUT AUD CALL USD                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |   12942000 | OU      | $100738.42     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO004822 CALL JPY PUT KRW                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        | 1176981000 | OU      | $64701.74      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO004854 PUT NZD CALL USD                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |    7151000 | OU      | $60768.51      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | FXO004847 PUT NZD CALL JPY                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |   16878000 | OU      | $71055.09      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Techtronic Industries Co Ltd                              | Techtronic Industries Co Ltd                                                        | CUSIP: 000000000<br>LEI: 549300HZW2SBE758OK89 | Long             | EC               | CORP              | HK        |      83930 | NS      | $987110.97     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Admiral Group PLC                                         | Admiral Group PLC                                                                   | CUSIP: 000000000<br>LEI: 213800FGVM7Z9EJB2685 | Long             | EC               | CORP              | GB        |      32100 | NS      | $1346710.41    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Centrica PLC                                              | Centrica PLC                                                                        | CUSIP: 000000000<br>LEI: E26EDV109X6EEPBKVH76 | Long             | EC               | CORP              | GB        |      56284 | NS      | $127832.80     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Oversea-Chinese Banking Corp Ltd                          | Oversea-Chinese Banking Corp Ltd                                                    | CUSIP: 000000000<br>LEI: 5493007O3QFXCPOGWK22 | Long             | EC               | CORP              | SG        |      21358 | NS      | $305125.45     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Seven & i Holdings Co Ltd                                 | Seven & i Holdings Co Ltd                                                           | CUSIP: 000000000<br>LEI: 52990037G8JRM3TWGY86 | Long             | EC               | CORP              | JP        |      45096 | NS      | $620528.51     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bandai Namco Holdings Inc                                 | Bandai Namco Holdings Inc                                                           | CUSIP: 000000000<br>LEI: 3538008EFEM34VRJDQ95 | Long             | EC               | CORP              | JP        |      25359 | NS      | $744138.68     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Chemical Group Corp                            | Mitsubishi Chemical Group Corp                                                      | CUSIP: 000000000<br>LEI: 353800YNKX4RQUGAR072 | Long             | EC               | CORP              | JP        |      14154 | NS      | $79952.31      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ipsen SA                                                  | Ipsen SA                                                                            | CUSIP: 000000000<br>LEI: 549300M6SGDPB4Z94P11 | Long             | EC               | CORP              | FR        |       9173 | NS      | $1324361.18    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Avolta AG                                                 | Avolta AG                                                                           | CUSIP: 000000000<br>LEI: 549300X53WDBVW7TIF57 | Long             | EC               | CORP              | CH        |      28800 | NS      | $1587414.98    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Inpex Corp                                                | Inpex Corp                                                                          | CUSIP: 000000000<br>LEI: 353800VHYYADPR6MXQ47 | Long             | EC               | CORP              | JP        |      11700 | NS      | $249561.75     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Schindler Holding AG                                      | Schindler Holding AG                                                                | CUSIP: 000000000<br>LEI: 5299007DRLI319H7Q933 | Long             | EC               | CORP              | CH        |        736 | NS      | $263132.84     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Schindler Holding AG                                      | Schindler Holding AG                                                                | CUSIP: 000000000<br>LEI: 5299007DRLI319H7Q933 | Long             | EC               | CORP              | CH        |        759 | NS      | $257635.05     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Legrand SA                                                | Legrand SA                                                                          | CUSIP: 000000000<br>LEI: 969500XXRPGD7HCAFA90 | Long             | EC               | CORP              | FR        |        342 | NS      | $51886.01      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Eiffage SA                                                | Eiffage SA                                                                          | CUSIP: 000000000<br>LEI: 969500OQXKE5WDM9M994 | Long             | EC               | CORP              | FR        |      12867 | NS      | $1777933.05    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Kuehne + Nagel International AG                           | Kuehne + Nagel International AG                                                     | CUSIP: 000000000<br>LEI: 529900Q0YED3805QXQ66 | Long             | EC               | CORP              | CH        |       1015 | NS      | $203810.46     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TotalEnergies SE                                          | TotalEnergies SE                                                                    | CUSIP: 000000000<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |       1737 | NS      | $114271.56     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Orion Oyj                                                 | Orion Oyj                                                                           | CUSIP: 000000000<br>LEI: 74370029VAHCXDR7B745 | Long             | EC               | CORP              | FI        |       4708 | NS      | $337048.13     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Logitech International SA                                 | Logitech International SA                                                           | CUSIP: 000000000<br>LEI: 549300SN6PRK6IJJC215 | Long             | EC               | CORP              | CH        |       7866 | NS      | $887581.99     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Mapfre SA                                                 | Mapfre SA                                                                           | CUSIP: 000000000<br>LEI: 95980020140005693107 | Long             | EC               | CORP              | ES        |      16150 | NS      | $74788.73      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Rexel SA                                                  | Rexel SA                                                                            | CUSIP: 000000000<br>LEI: 969500N6AVPA51648T62 | Long             | EC               | CORP              | FR        |       8285 | NS      | $315748.97     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Sandvik AB                                                | Sandvik AB                                                                          | CUSIP: 000000000<br>LEI: 5299008ZUAXN43LVZF54 | Long             | EC               | CORP              | SE        |       2631 | NS      | $79559.98      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Prysmian SpA                                              | Prysmian SpA                                                                        | CUSIP: 000000000<br>LEI: 529900X0H1IO3RS1A464 | Long             | EC               | CORP              | IT        |       8140 | NS      | $816942.65     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Smiths Group PLC                                          | Smiths Group PLC                                                                    | CUSIP: 000000000<br>LEI: 213800MJL6IPZS3ASA11 | Long             | EC               | CORP              | GB        |       5890 | NS      | $190676.64     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco de Sabadell SA                                      | Banco de Sabadell SA                                                                | CUSIP: 000000000<br>LEI: SI5RG2M0WQQLZCXKRM20 | Long             | EC               | CORP              | ES        |     197831 | NS      | $719144.90     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Vinci SA                                                  | Vinci SA                                                                            | CUSIP: 000000000<br>LEI: 213800WFQ334R8UXUG83 | Long             | EC               | CORP              | FR        |       7457 | NS      | $1058236.20    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Jeronimo Martins SGPS SA                                  | Jeronimo Martins SGPS SA                                                            | CUSIP: 000000000<br>LEI: 259400A8SZP10GB5IB19 | Long             | EC               | CORP              | PT        |      24765 | NS      | $587672.37     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Danone SA                                                 | Danone SA                                                                           | CUSIP: 000000000<br>LEI: 969500KMUQ2B6CBAF162 | Long             | EC               | CORP              | FR        |       6409 | NS      | $572924.62     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| 3i Group PLC                                              | 3i Group PLC                                                                        | CUSIP: 000000000<br>LEI: 35GDVHRBMFE7NWATNM84 | Long             | EC               | CORP              | GB        |      21822 | NS      | $912486.86     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| MatsukiyoCocokara & Co                                    | MatsukiyoCocokara & Co                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      81017 | NS      | $1498922.12    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Reckitt Benckiser Group PLC                               | Reckitt Benckiser Group PLC                                                         | CUSIP: 000000000<br>LEI: 5493003JFSMOJG48V108 | Long             | EC               | CORP              | GB        |       1894 | NS      | $146783.91     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CaixaBank SA                                              | CaixaBank SA                                                                        | CUSIP: 000000000<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | EC               | CORP              | ES        |      83485 | NS      | $932226.32     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Bureau Veritas SA                                         | Bureau Veritas SA                                                                   | CUSIP: 000000000<br>LEI: 969500TPU5T3HA5D1F11 | Long             | EC               | CORP              | FR        |       8752 | NS      | $280011.78     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| RELX PLC                                                  | RELX PLC                                                                            | CUSIP: 000000000<br>LEI: 549300WSX3VBUFFJOO66 | Long             | EC               | CORP              | GB        |       5083 | NS      | $203848.14     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TIS Inc                                                   | TIS Inc                                                                             | CUSIP: 000000000<br>LEI: 35380064HYEZXBQHDF07 | Long             | EC               | CORP              | JP        |      12350 | NS      | $408123.75     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MS&AD Insurance Group Holdings Inc                        | MS&AD Insurance Group Holdings Inc                                                  | CUSIP: 000000000<br>LEI: 529900CXROT5S2HMMP26 | Long             | EC               | CORP              | JP        |      34637 | NS      | $768518.86     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Fresnillo PLC                                             | Fresnillo PLC                                                                       | CUSIP: 000000000<br>LEI: 549300JXWH1UV5J0XV81 | Long             | EC               | CORP              | GB        |      35902 | NS      | $1251861.32    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Amadeus IT Group SA                                       | Amadeus IT Group SA                                                                 | CUSIP: 000000000<br>LEI: 9598004A3FTY3TEHHN09 | Long             | EC               | CORP              | ES        |       4381 | NS      | $322413.47     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Pandora A/S                                               | Pandora A/S                                                                         | CUSIP: 000000000<br>LEI: 5299007OWYZ6I1E46843 | Long             | EC               | CORP              | DK        |       6218 | NS      | $744079.89     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Gjensidige Forsikring ASA                                 | Gjensidige Forsikring ASA                                                           | CUSIP: 000000000<br>LEI: 5967007LIEEXZX6FAO47 | Long             | EC               | CORP              | NO        |      20162 | NS      | $563738.54     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Ltd                                             | AIA Group Ltd                                                                       | CUSIP: 000000000<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |      60364 | NS      | $628744.21     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Brenntag SE                                               | Brenntag SE                                                                         | CUSIP: 000000000<br>LEI: NNROIXVWJ7CPSR27SV97 | Long             | EC               | CORP              | DE        |       5823 | NS      | $333809.95     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Otsuka Holdings Co Ltd                                    | Otsuka Holdings Co Ltd                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      19816 | NS      | $1122286.16    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Entain PLC                                                | Entain PLC                                                                          | CUSIP: 000000000<br>LEI: 213800GNI3K45LQR8L28 | Long             | EC               | CORP              | IM        |      60977 | NS      | $628098.98     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Dai-ichi Life Holdings Inc                                | Dai-ichi Life Holdings Inc                                                          | CUSIP: 000000000<br>LEI: 549300ZUFXI7JXZVTZ25 | Long             | EC               | CORP              | JP        |      27153 | NS      | $211843.79     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SITC International Holdings Co Ltd                        | SITC International Holdings Co Ltd                                                  | CUSIP: 000000000<br>LEI: 529900JUV4MOM9CE3V12 | Long             | EC               | CORP              | KY        |     308974 | NS      | $1062353.27    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Sompo Holdings Inc                                        | Sompo Holdings Inc                                                                  | CUSIP: 000000000<br>LEI: 353800CWW4SRGEYEB512 | Long             | EC               | CORP              | JP        |       5276 | NS      | $167099.94     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ageas SA/NV                                               | Ageas SA/NV                                                                         | CUSIP: 000000000<br>LEI: 5493005DJBML6LY3RV36 | Long             | EC               | CORP              | BE        |      21640 | NS      | $1478508.51    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Airlines Co Ltd                                     | Japan Airlines Co Ltd                                                               | CUSIP: 000000000<br>LEI: 3538002MH5L1QZZ93477 | Long             | EC               | CORP              | JP        |      92689 | NS      | $1728698.87    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Sage Group PLC/The                                        | Sage Group PLC/The                                                                  | CUSIP: 000000000<br>LEI: 2138005RN5XYLTF8G138 | Long             | EC               | CORP              | GB        |      29822 | NS      | $424600.39     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Talanx AG                                                 | Talanx AG                                                                           | CUSIP: 000000000<br>LEI: 5299006ZIILJ6VJVSJ32 | Long             | EC               | CORP              | DE        |       4157 | NS      | $540166.88     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Coca-Cola HBC AG                                          | Coca-Cola HBC AG                                                                    | CUSIP: 000000000<br>LEI: 549300EFP3TNG7JGVE49 | Long             | EC               | CORP              | CH        |      14224 | NS      | $713605.92     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Koninklijke Ahold Delhaize NV                             | Koninklijke Ahold Delhaize NV                                                       | CUSIP: 000000000<br>LEI: 724500C9GNBV20UYRX36 | Long             | EC               | CORP              | NL        |      57132 | NS      | $2365173.87    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| ASR Nederland NV                                          | ASR Nederland NV                                                                    | CUSIP: 000000000<br>LEI: 7245000G0HS48PZWUD53 | Long             | EC               | CORP              | NL        |       2348 | NS      | $158532.44     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AIB Group PLC                                             | AIB Group PLC                                                                       | CUSIP: 000000000<br>LEI: 635400AKJBGNS5WNQL34 | Long             | EC               | CORP              | IE        |      74334 | NS      | $764852.91     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BioMerieux                                                | BioMerieux                                                                          | CUSIP: 000000000<br>LEI: 549300AK8Y0LBIQ4T071 | Long             | EC               | CORP              | FR        |       3376 | NS      | $422989.69     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Unibail-Rodamco-Westfield                                 | Unibail-Rodamco-Westfield                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | FR        |       1027 | NS      | $109087.99     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Nordea Bank Abp                                           | Nordea Bank Abp                                                                     | CUSIP: 000000000<br>LEI: 529900ODI3047E2LIV03 | Long             | EC               | CORP              | FI        |      51219 | NS      | $906352.64     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Isracard Ltd                                              | Isracard Ltd                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |          1 | NS      | $3.53          | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Seibu Holdings Inc                                        | Seibu Holdings Inc                                                                  | CUSIP: 000000000<br>LEI: 353800JY9TYV9WTCN620 | Long             | EC               | CORP              | JP        |       1564 | NS      | $48571.80      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Endeavour Mining PLC                                      | Endeavour Mining PLC                                                                | CUSIP: 000000000<br>LEI: 529900NI5MXQ91GHXR07 | Long             | EC               | CORP              | GB        |      11283 | NS      | $522118.54     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| WH Group Ltd                                              | WH Group Ltd                                                                        | CUSIP: 000000000<br>LEI: 254900A4AYEDRWYSE928 | Long             | EC               | CORP              | KY        |    1149833 | NS      | $1204141.94    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| NatWest Group PLC                                         | NatWest Group PLC                                                                   | CUSIP: 000000000<br>LEI: 2138005O9XJIJN4JPN90 | Long             | EC               | CORP              | GB        |      99775 | NS      | $832770.29     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| JD Sports Fashion PLC                                     | JD Sports Fashion PLC                                                               | CUSIP: 000000000<br>LEI: 213800HROV6Y9MUU8375 | Long             | EC               | CORP              | GB        |    1015163 | NS      | $1039643.83    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| InPost SA                                                 | InPost SA                                                                           | CUSIP: 000000000<br>LEI: 2221003M23QLERR89585 | Long             | EC               | CORP              | LU        |      34522 | NS      | $405358.96     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| GSK PLC                                                   | GSK PLC                                                                             | CUSIP: 000000000<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |      50271 | NS      | $1196250.87    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| FinecoBank Banca Fineco SpA                               | FinecoBank Banca Fineco SpA                                                         | CUSIP: 000000000<br>LEI: 549300L7YCATGO57ZE10 | Long             | EC               | CORP              | IT        |       9627 | NS      | $236805.35     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Lottery Corp Ltd/The                                      | Lottery Corp Ltd/The                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     113608 | NS      | $406976.07     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Recruit Holdings Co Ltd                                   | Recruit Holdings Co Ltd                                                             | CUSIP: 000000000<br>LEI: 353800R2LRSMVVC4I806 | Long             | EC               | CORP              | JP        |      16542 | NS      | $846061.21     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Zalando SE                                                | Zalando SE                                                                          | CUSIP: 000000000<br>LEI: 529900YRFFGH5AXU4S86 | Long             | EC               | CORP              | DE        |      42096 | NS      | $1133986.25    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| ROCKWOOL A/S                                              | ROCKWOOL A/S                                                                        | CUSIP: 000000000<br>LEI: 213800QRC7LNX935OZ09 | Long             | EC               | CORP              | DK        |      24158 | NS      | $816653.82     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Medibank Pvt Ltd                                          | Medibank Pvt Ltd                                                                    | CUSIP: 000000000<br>LEI: BDYVSUPTML83OLINBJ17 | Long             | EC               | CORP              | AU        |      66291 | NS      | $206149.22     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Auto Trader Group PLC                                     | Auto Trader Group PLC                                                               | CUSIP: 000000000<br>LEI: 213800QLK9BZILB1DI86 | Long             | EC               | CORP              | GB        |      78745 | NS      | $665909.01     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Svenska Handelsbanken AB                                  | Svenska Handelsbanken AB                                                            | CUSIP: 000000000<br>LEI: NHBDILHZTYCNBV5UYZ31 | Long             | EC               | CORP              | SE        |      42822 | NS      | $594661.66     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco BPM SpA                                             | Banco BPM SpA                                                                       | CUSIP: 000000000<br>LEI: 815600E4E6DCD2D25E30 | Long             | EC               | CORP              | IT        |      44830 | NS      | $646138.84     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| UniCredit SpA                                             | UniCredit SpA                                                                       | CUSIP: 000000000<br>LEI: 549300TRUWO2CD2G5692 | Long             | EC               | CORP              | IT        |      17477 | NS      | $1301034.71    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Coles Group Ltd                                           | Coles Group Ltd                                                                     | CUSIP: 000000000<br>LEI: 549300OHQRG2HN8LZ793 | Long             | EC               | CORP              | AU        |      74592 | NS      | $1090393.90    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Demant A/S                                                | Demant A/S                                                                          | CUSIP: 000000000<br>LEI: 213800RM6L9LN78BVA56 | Long             | EC               | CORP              | DK        |      17467 | NS      | $595297.70     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ING Groep NV                                              | ING Groep NV                                                                        | CUSIP: 000000000<br>LEI: 549300NYKK9MWM7GGW15 | Long             | EC               | CORP              | NL        |      22108 | NS      | $573237.68     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Comercial Portugues SA                              | Banco Comercial Portugues SA                                                        | CUSIP: 000000000<br>LEI: JU1U6S0DG9YLT7N8ZV32 | Long             | EC               | CORP              | PT        |      54802 | NS      | $52253.59      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Allegion plc                                              | Allegion plc                                                                        | CUSIP: 000000000<br>LEI: 984500560CAC2E6FB757 | Long             | EC               | CORP              | IE        |       6956 | NS      | $1154904.68    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon PLC                                                   | Aon PLC                                                                             | CUSIP: 000000000<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | IE        |       1397 | NS      | $494426.24     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd                                    | Arch Capital Group Ltd                                                              | CUSIP: 000000000<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |       9169 | NS      | $861152.48     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                                             | Accenture PLC                                                                       | CUSIP: 000000000<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |       4152 | NS      | $1038000.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Credo Technology Group Holding Ltd                        | Credo Technology Group Holding Ltd                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |        574 | NS      | $101942.40     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptiv PLC                                                 | Aptiv PLC                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JE        |       5208 | NS      | $403880.40     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Flutter Entertainment PLC                                 | Flutter Entertainment PLC                                                           | CUSIP: 000000000<br>LEI: 635400EG4YIJLJMZJ782 | Long             | EC               | CORP              | IE        |        648 | NS      | $135308.88     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                                             | Medtronic PLC                                                                       | CUSIP: 000000000<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |       1459 | NS      | $153676.47     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagate Technology Holdings PLC                           | Seagate Technology Holdings PLC                                                     | CUSIP: 000000000<br>LEI: 635400RUXIFEZSRU8X70 | Long             | EC               | CORP              | IE        |       2865 | NS      | $792716.85     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| TE Connectivity PLC                                       | TE Connectivity PLC                                                                 | CUSIP: 000000000<br>LEI: 6367003TB6K484NFHE54 | Long             | EC               | CORP              | IE        |       3667 | NS      | $829292.05     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies PLC                                    | Trane Technologies PLC                                                              | CUSIP: 000000000<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | IE        |        964 | NS      | $406306.72     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Willis Towers Watson PLC                                  | Willis Towers Watson PLC                                                            | CUSIP: 000000000<br>LEI: 549300WHC56FF48KL350 | Long             | EC               | CORP              | IE        |       1394 | NS      | $447474.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                                                 | Chubb Ltd                                                                           | CUSIP: 000000000<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |       2321 | NS      | $687433.78     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Garmin Ltd                                                | Garmin Ltd                                                                          | CUSIP: 000000000<br>LEI: 2549001E0HIPIJQ0W046 | Long             | EC               | CORP              | CH        |        491 | NS      | $95902.12      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology SA                                     | Spotify Technology SA                                                               | CUSIP: 000000000<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | LU        |        170 | NS      | $101807.90     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Check Point Software Technologies Ltd                     | Check Point Software Technologies Ltd                                               | CUSIP: 000000000<br>LEI: 2549003ZVBH73EPNS513 | Long             | EC               | CORP              | IL        |       3803 | NS      | $710286.31     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Wix.com Ltd                                               | Wix.com Ltd                                                                         | CUSIP: 000000000<br>LEI: 5493008P6N29Q1AG9464 | Long             | EC               | CORP              | IL        |       4087 | NS      | $391166.77     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Nebius Group NV                                           | Nebius Group NV                                                                     | CUSIP: 000000000<br>LEI: 549300GGZHJ5Q1B18P93 | Long             | EC               | CORP              | NL        |       2242 | NS      | $212698.54     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Flex Ltd                                                  | Flex Ltd                                                                            | CUSIP: 000000000<br>LEI: 549300EAQH74YHD07T53 | Long             | EC               | CORP              | SG        |        855 | NS      | $50539.05      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Citibank NA                                               | CITIBANK NA DDCA                                                                    | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | STIV             | RF                | US        |    4995121 | NS      | $4995121.15    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-31

**Name of Applicant:** GOLDMAN SACHS TRUST

**Signature:** Allison Fracchiolla

**Name of Signer:** Allison Fracchiolla

**Title:** Vice President